SUPPLEMENT TO FIDELITY'S BROADLY DIVERSIFIED INTERNATIONAL EQUITY
FUNDS DECEMBER 30, 1996 PROSPECTUS
   The following information replaces similar information found in the
"Charter" section on page P-14:    
       THE FUNDS MAY HOLD SPECIAL MEETINGS AND MAIL PROXY
MATERIALS.    These meetings may be called to elect or remove
trustees, change fundamental policies, approve a management contract,
or for other purposes. Shareholders not attending these meetings are
encouraged to vote by proxy. Fidelity will mail proxy materials in
advance, including a voting card and information about the proposals
to be voted on. The number of votes you are entitled to is based upon
the dollar value of your investment.    
   The following information replaces similar information found under
the heading "FMR and Its Affiliates" in the "Charter" section on page
P-14.    
   The funds are managed by FMR, which handles their business affairs
and, with the assistance of foreign affiliates, chooses their
investments. Affiliates assist FMR with foreign securities:    
   (small solid bullet) Fidelity Management & Research (U.K.) Inc.
(FMR U.K.), in London, England,    
   (small solid bullet) Fidelity Management & Research Far East Inc.
(FMR Far East), in Tokyo, Japan,    
   (small solid bullet) Fidelity International Investment Advisors
(FIIA), in Pembroke, Bermuda,    
   (small solid bullet) Fidelity International Investment Advisors
(U.K.) Limited (FIIAL U.K.), in London, England, and    
   (small solid bullet) Fidelity Investment Japan Ltd. (FIJ), in
Tokyo, Japan.    
   The following information replaces similar information found in the
"Investment Principles and Risks" section beginning on page P-14.     
   OVERSEAS FUND seeks long-term growth of capital by investing
primarily in securities of issuers whose principal activities are
outside of the U.S. The fund defines foreign securities as securities
of issuers whose principal activities are located outside of the
United States. Normally, at least 65% of the fund's total assets will
be invested in foreign securities. The fund expects to invest a
majority of its assets in equity securities, but may also invest in
debt securities of any quality.    
   The following information replaces similar information found under
the heading "Equity Securities" in the "Securities and Investment
Practices" section on page P-16.    
   RESTRICTIONS: With respect to 75% of total assets, each fund may
not purchase more than 10% of the outstanding voting securities of a
single issuer. This limitation does not apply to securities of other
investment companies.    
   The following information replaces similar information found under
the heading "Diversification" in the "Securities and Investment
Practices" section on page P-18.    
   RESTRICTIONS: With respect to 75% of its total assets, each fund
may not purchase a security if, as a result, more than 5% would be
invested in the securities of any issuer. This limitation does not
apply to U.S. Government securities or to securities of other
investment companies.    
   The following information replaces similar information found under
the heading "Fundamental Investment Policies and Restrictions" in the
"Investment Principals and Risks" section on page P-18.    
   INTERNATIONAL GROWTH & INCOME FUND seeks capital growth and current
income, consistent with reasonable investment risk, by investing
principally in foreign securities.    
   OVERSEAS FUND seeks long-term growth of capital primarily through
investments in foreign securities.     
   With respect to 75% of its total assets, each fund may not purchase
a security if, as a result, more than 5% would be invested in the
securities of any one issuer and may not purchase more than 10% of the
outstanding voting securities of a single issuer. These limitations do
not apply to U.S. Government securities or to securities of other
investment companies.    
   The following information supplements the information found under
the heading "Other Expenses" in the "Breakdown of Expenses" section on
page P-20.    
   Each fund has adopted a DISTRIBUTION AND SERVICE PLAN. Each plan
recognizes that FMR may use its management fee revenues, as well as
its past profits or its resources from any other source, to pay FDC
for expenses incurred in connection with the distribution of fund
shares. FMR directly, or through FDC, may make payments to third
parties, such as banks or broker-dealers, that engage in the sale of,
or provide shareholder support services for, the fund's shares.
Currently, the Board of Trustees of each fund has not authorized such
payments.    
The following information replaces similar information found in " How
to Buy Shares" on P-22:
MINIMUM INVESTMENTS 
TO OPEN AN ACCOUNT  $2,500
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts  $500
TO ADD TO AN ACCOUNT  $250
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $250
Through regular investment plans* $100
MINIMUM BALANCE $2,000
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $500
* FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE REFER TO
"INVESTOR SERVICES," PAGE P-24.
These minimums may vary for investments through Fidelity Portfolio
Advisory Services. There is no minimum account balance or initial or
subsequent investment minimums for certain retirement accounts funded
through salary reduction, or accounts opened with the proceeds of
distributions from such Fidelity retirement accounts. Refer to the
program materials for details.
The following information replaces similar information found in "How
to Sell Shares" on P-23:
IF YOU ARE SELLING SOME BUT NOT ALL OF YOUR SHARES, leave at least
$2,000 worth of shares in the account to keep it open ($500 for
retirement accounts). 
The following information replaces similar information found in
"Transaction Details" beginning on P-26:
FIDELITY RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE of
$12.00 from accounts with a value of less than $2,500, subject to an
annual maximum charge of $24.00 per shareholder. It is expected that
accounts will be valued on the second Friday in November of each year.
Accounts opened after September 30 will not be subject to the fee for
that year. The fee, which is payable to the transfer agent, is
designed to offset in part the relatively higher costs of servicing
smaller accounts. This fee will not be deducted from Fidelity
brokerage accounts, retirement accounts (except non-prototype
retirement accounts), accounts using regular investment plans, or if
total assets in Fidelity exceed $30,000. Eligibility for the $30,000
waiver is determined by aggregating Fidelity accounts maintained by
FSC or FBSI which are registered under the same social security number
or which list the same social security number for the custodian of a
Uniform Gifts/Transfers to Minors Act account.
IF YOUR ACCOUNT BALANCE FALLS BELOW $2,000, you will be given 30 days'
notice to reestablish the minimum balance. If you do not increase your
balance, Fidelity reserves the right to close your account and send
the proceeds to you. Your shares will be redeemed at the NAV on the
day your account is closed. 
 
SUPPLEMENT TO FIDELITY'S BROADLY DIVERSIFIED 
INTERNATIONAL EQUITY FUNDS
FIDELITY INTERNATIONAL GROWTH & INCOME FUND, FIDELITY DIVERSIFIED
INTERNATIONAL FUND
FIDELITY INTERNATIONAL VALUE FUND, FIDELITY OVERSEAS FUND, AND
FIDELITY WORLDWIDE FUND
FUNDS OF FIDELITY INVESTMENT TRUST
DECEMBER 30, 1996
STATEMENT OF ADDITIONAL INFORMATION
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR
INTERNATIONAL GROWTH & INCOME FUND FOUND IN THE "INVESTMENT POLICIES
AND LIMITATIONS" SECTION BEGINNING ON PAGE 2.    
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. Government or any of its agencies or instrumentalities, or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;    
   (3) borrow money, except that the fund may borrow money for
temporary or emergency purposes (not for leveraging or investment) in
an amount not exceeding 33 1/3% of its total assets (including the
amount borrowed) less liabilities (other than borrowings). Any
borrowings that come to exceed this amount will be reduced within
three days (not including Sundays and holidays) to the extent
necessary to comply with the 33 1/3% limitation;    
   (6) purchase or sell real estate unless acquired as a result of
ownership of securities or other instruments (but this shall not
prevent the fund from investing in securities or other instruments
backed by real estate or securities of companies engaged in the real
estate business);    
   (9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOR
INTERNATIONAL GROWTH & INCOME FUND FOUND IN THE "INVESTMENT POLICIES
AND LIMITATIONS" SECTION BEGINNING ON PAGE 2.    
   (xii) The fund does not currently intend to invest all of its
assets in the securities of a single open-end management investment
company managed by Fidelity Management & Research Company or an
affiliate or successor with substantially the same fundamental
investment objective, policies, and limitations as the fund.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR
DIVERSIFIED INTERNATIONAL FUND FOUND IN THE "INVESTMENT POLICIES AND
LIMITATIONS" SECTION BEGINNING ON PAGE 2.    
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. Government or any of its agencies or instrumentalities or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;    
   (9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   THE FOLLOWING INFORMATION SUPPLEMENTS SIMILAR INFORMATION FOR
DIVERSIFIED INTERNATIONAL FUND FOUND IN THE "INVESTMENT POLICIES AND
LIMITATIONS" SECTION BEGINNING ON PAGE 2.    
   (xii) The fund does not currently intend to invest all of its
assets in the securities of a single open-end management investment
company managed by Fidelity Management & Research Company or an
affiliate or successor with substantially the same fundamental
investment objective, policies, and limitations as the fund.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR
INTERNATIONAL VALUE FUND FOUND IN THE "INVESTMENT POLICIES AND
LIMITATIONS" SECTION BEGINNING ON PAGE 2.    
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. Government or any of its agencies or instrumentalities or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR OVERSEAS
FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION
BEGINNING ON PAGE 2.    
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. Government or any of its agencies or instrumentalities, or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;    
   (3) borrow money, except that the fund may borrow money for
temporary or emergency purposes (not for leveraging or investment) in
an amount not exceeding 33 1/3% of its total assets (including the
amount borrowed) less liabilities (other than borrowings). Any
borrowings that come to exceed this amount will be reduced within
three days (not including Sundays and holidays) to the extent
necessary to comply with the 33 1/3% limitation;    
   (4) underwrite securities issued by others, except to the extent
that the fund may be considered an underwriter within the meaning of
the Securities Act of 1933 in the disposition of restricted
securities;    
   (5) purchase the securities of any issuer (other than securities
issued or guaranteed by the U.S. Government or any of its agencies or
instrumentalities) if, as a result, more than 25% of the fund's total
assets would be invested in the securities of companies whose
principal business activities are in the same industry;    
   (6) purchase or sell real estate unless acquired as a result of
ownership of securities or other instruments (but this shall not
prevent the fund from investing in securities or other instruments
backed by real estate or securities of companies engaged in the real
estate business);    
   (9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOR OVERSEAS
FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION
BEGINNING ON PAGE 2.    
   (xii) The fund does not currently intend to invest all of its
assets in the securities of a single open-end management investment
company managed by Fidelity Management & Research Company or an
affiliate or successor with substantially the same fundamental
investment objective, policies, and limitations as the fund.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR
WORLDWIDE FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS"
SECTION BEGINNING ON PAGE 2.    
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. Government or any of its agencies or instrumentalities, or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;    
   (3) borrow money, except that the fund may borrow money for
temporary or emergency purposes (not for leveraging or investment) in
an amount not exceeding 33 1/3% of its total assets (including the
amount borrowed) less liabilities (other than borrowings). Any
borrowings that come to exceed this amount will be reduced within
three days (not including Sundays and holidays) to the extent
necessary to comply with the 33 1/3% limitation;    
   (5) purchase the securities of any issuer (other than securities
issued or guaranteed by the U.S. Government or any of its agencies or
instrumentalities) if, as a result, more than 25% of the fund's total
assets would be invested in the securities of companies whose
principal business activities are in the same industry;     
   (6) purchase or sell real estate unless acquired as a result of
ownership of securities or other instruments (but this shall not
prevent the fund from investing in securities or other instruments
backed by real estate or securities of companies engaged in the real
estate business);    
   (9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   THE FOLLOWING INFORMATION SUPPLEMENTS SIMILAR INFORMATION FOR
WORLDWIDE FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS"
SECTION BEGINNING ON PAGE 2.    
   (xiii) The fund does not currently intend to invest all of its
assets in the securities of a single open-end management investment
company managed by Fidelity Management & Research Company or an
affiliate or successor with substantially the same fundamental
investment objective, policies, and limitations as the fund.    
   EFFECTIVE JANUARY 1, 1997, RICHARD J. FLYNN AND EDWARD H. MALONE
RETIRED AS MEMBERS OF THE BOARD OF TRUSTEES FOR FIDELITY INVESTMENT
TRUST. THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 36.    
TRUSTEES AND OFFICERS
   The Trustees, Members of the Advisory Board, and executive officers
of the trust are listed below. Except as indicated, each individual
has held the office shown or other offices in the same company for the
last five years. All persons named as Trustees and Members of the
Advisory Board also serve in similar capacities for other funds
advised by FMR. The business address of each Trustee, Member of the
Advisory Board, and officer who is an "interested person" (as defined
in the Investment Company Act of 1940) is 82 Devonshire Street,
Boston, Massachusetts 02109, which is also the address of FMR. The
business address of all the other Trustees is Fidelity Investments,
P.O. Box 9235, Boston, Massachusetts 02205-9235. Those Trustees and
Members of the Advisory Board who are "interested persons" by virtue
of their affiliation with either the trust or FMR are indicated by an
asterisk (*).    
   *J. GARY BURKHEAD (55), Member of the Advisory Board (1997), is
Vice Chairman and a Member of the Board of Directors of FMR Corp.
(1997) and President and Chief Executive Officer of the Fidelity
Institutional Group (1997). Previously, Mr. Burkhead served as
President of Fidelity Management & Research Company.    
   WILLIAM O. McCOY (63), Trustee (1997), is the Vice President of
Finance for the University of North Carolina (16-school system, 1995).
Prior to his retirement in December 1994, Mr. McCoy was Vice Chairman
of the Board of BellSouth Corporation (telecommunications, 1984) and
President of BellSouth Enterprises (1986). He is currently a Director
of Liberty Corporation (holding company, 1984), Weeks Corporation of
Atlanta (real estate, 1994), Carolina Power and Light Company
(electric utility, 1996), and the Kenan Transport Co. (1996).
Previously, he was a Director of First American Corporation (bank
holding company, 1979-1996). In addition, Mr. McCoy serves as a member
of the Board of Visitors for the University of North Carolina at
Chapel Hill (1994) and for the Kenan-Flager Business School
(University of North Carolina at Chapel Hill, 1988).    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 36.    
   ROBERT M. GATES (53), Trustee (1997), is a consultant, author, and
lecturer (1993). Mr. Gates was Director of the Central Intelligence
Agency (CIA) from 1991-1993. From 1989 to 1991, Mr. Gates served as
Assistant to the President of the United States and Deputy National
Security Advisor. Mr. Gates is currently a Trustee for the Forum For
International Policy, a Board Member for the Virginia Neurological
Institute, and a Senior Advisor of the Harvard Journal of World
Affairs. In addition, Mr. Gates also serves as a member of the
corporate board for LucasVarity PLC (automotive components and diesel
engines), Charles Stark Draper Laboratory (non-profit), NACCO
Industries, Inc. (mining and manufacturing), and TRW Inc. (original
equipment and replacement products).    
   *ROBERT C. POZEN (51), Trustee (1997) and Senior Vice President, is
also President and a Director of FMR (1997); and President and a
Director of FMR Texas Inc. (1997), Fidelity Management & Research
(U.K.) Inc. (1997), and Fidelity Management & Research (Far East) Inc.
(1997). Previously, Mr. Pozen served as General Counsel, Managing
Director, and Senior Vice President of FMR Corp.     
   ROBERT A. LAWRENCE (44), is Vice President of certain Equity Funds
and Senior Vice President of FMR (1993).     
   RICHARD A. SPILLANE, JR. (46), is Vice President of certain Equity
Funds and Senior Vice President of FMR (1997). Since joining Fidelity
in 1988, Mr. Spillane served as Director of Research from 1988 to
1994, and was chief investment officer for Fidelity International
Limited from 1994 to 1997.    
   THE FOLLOWING INFORMATION REPLACES THE BIOGRAPHICAL INFORMATION FOR
KENNETH A. RATHGEBER IN THE "TRUSTEES AND OFFICERS" SECTION ON PAGE
37.    
   RICHARD A. SILVER (50), Treasurer (1997), is Treasurer of the
Fidelity funds and is an employee of FMR (1997). Before joining FMR,
Mr. Silver served as Executive Vice President, Fund Accounting &
Administration at First Data Investor Services Group. Inc. (1996 -
1997). Prior to 1996, Mr. Silver was Senior Vice President and Chief
Financial Officer at The Colonial Group, Inc. Mr. Silver also served
as Chairman of the Accounting/Treasurer's Committee of the Investment
Company Institute (1987 - 1993).    
   THE FOLLOWING REPLACES SIMILAR INFORMATION FOUND IN THE "TRUSTEES
AND OFFICERS" SECTION ON PAGE 38.    
   The following table sets forth information describing the
compensation of each current Trustee or Member of the Advisory Board
of each fund for his or her services as trustee for the fiscal year
ended October 31, 1996.    
COMPENSATION TABLE
      AGGREGATE COMPENSATION   
 
 
 
 
<TABLE>
<CAPTION>
<S>           
<C>        <C>      <C>     <C>      <C>       <C>     <C>     <C>      <C>       <C>    <C>     <C>       <C>             
 J. GARY    RALPH    PHYLLIS RICHARD  EDWARD C. E.      DONALD  PETER S. GERALD C. EDWARD MARVIN  THOMAS      WILLIAM       
 BURKHEAD** F. COX   BURKE   J. FLYNN JOHNSON   BRADLEY J. KIRK LYNCH**  MCDONOUGH H.     L. MANN R.          O.            
                     DAVIS            3D**      JONES                              MALONE         WILLIAMS    MCCOY         
                                                                                                              ****         
 
INTERNATIONAL 
   $ 0        $ 335 $ 324   $ 427        $ 0     $ 328   $ 331    $ 0    $ 327     $ 327  $ 327   $ 331    $ 157          
GROWTH &                                                                                            
INCOME                                                                                              
 
DIVERSIFIED      
   $ 0        $ 151 $ 142   $ 190        $ 0     $ 143   $ 145    $ 0    $ 144     $ 148  $ 148   $ 146    $ 83           
INTERNATIONAL                                                                                       
 
INTERNATIONAL    
   $ 0        $ 66  $ 57    $ 78         $ 0     $ 58    $ 59     $ 0    $ 59       $ 64  $ 64    $ 59     $ 42           
VALUE                                                                                
 
OVERSEAS         
   $ 0        $ 979 $ 888   $ 1,176   $ 0        $ 897   $ 908    $ 0    $ 900      $ 954 $ 952   $ 909    $ 461          
 
WORLDWIDE        
   $ 0        $ 255 $ 246   $ 326        $ 0     $ 249   $ 252    $ 0    $ 249      $ 249 $ 249   $ 252    $ 127          
 
</TABLE>
 
 
<TABLE>
<CAPTION>
<S>                      <C>                    <C>                 <C>             
TRUSTEES                 PENSION OR             ESTIMATED ANNUAL    TOTAL           
                         RETIREMENT             BENEFITS UPON       COMPENSATION    
                         BENEFITS ACCRUED AS    RETIREMENT          FROM THE FUND   
                         PART OF FUND           FROM THE            COMPLEX*        
                         EXPENSES FROM THE      FUND COMPLEX*                       
                         FUND COMPLEX*                                              
 
J. GARY BURKHEAD**       $ 0                    $ 0                 $ 0             
 
RALPH F. COX***           5,200                  52,000              128,000        
 
PHYLLIS BURKE DAVIS       5,200                  52,000              125,000        
 
RICHARD J. FLYNN          0                      52,000              160,500        
 
EDWARD C. JOHNSON 3D**    0                      0                   0              
 
E. BRADLEY JONES          5,200                  49,400              128,000        
 
DONALD J. KIRK            5,200                  52,000              129,500        
 
PETER S. LYNCH**          0                      0                   0              
 
GERALD C. MCDONOUGH       5,200                  52,000              128,000        
 
EDWARD H. MALONE***       5,200                  44,200              128,000        
 
MARVIN L. MANN***         5,200                  52,000              128,000        
 
THOMAS R. WILLIAMS        5,200                  52,000              125,000        
 
WILLIAM O. MCCOY****     N/A                    N/A                  0              
 
</TABLE>
 
   *  Information is as of December 31, 1995 for 219 funds in the
complex.    
   **Interested Trustees of the funds and Mr. Burkhead are compensated
by FMR.    
   *** For the fiscal year ended October 31, 1996, certain of the
non-interested trustees' aggregate compensation from a fund includes
accrued deferred compensation as follows: Cox, $903, Overseas; Malone,
$878, Overseas; and Mann, $876, Overseas.    
   ****During the period from May 1, 1996 through December 31, 1996,
William McCoy served as a Member of the Advisory Board of Fidelity
Investment Trust. Mr. McCoy was appointed to the Board of Trustees of
Fidelity Investment Trust effective January 1, 1997.    
   EFFECTIVE OCTOBER 1, 1997, THE FOLLOWING INFORMATION REPLACES
SIMILAR INFORMATION FOUND IN THE "MANAGEMENT CONTRACTS" SECTION
BEGINNING ON PAGE 39.    
   FMR is each fund's manager pursuant to management contracts dated
October 1, 1997, which were approved by shareholders on September 17,
1997.    
   The following is the fee schedule for each fund.    
GROUP FEE RATE SCHEDULE   EFFECTIVE ANNUAL FEE RATES   
 
AVERAGE GROUP     ANNUALIZED   GROUP NET        EFFECTIVE ANNUAL   
ASSETS            RATE         ASSETS           FEE RATE           
 
 0 - $3 BILLION   .5200%        $ 0.5 BILLION   .5200%             
 
 3 - 6            .4900          25             .4238              
 
 6 - 9            .4600          50             .3823              
 
 9 - 12           .4300          75             .3626              
 
 12 - 15          .4000           100           .3512              
 
 15 - 18          .3850           125           .3430              
 
 18 - 21          .3700          150            .3371              
 
 21 - 24          .3600          175            .3325              
 
 24 - 30          .3500          200            .3284              
 
 30 - 36          .3450          225            .3253              
 
 36 - 42          .3400          250            .3223              
 
 42 - 48          .3350          275            .3198              
 
 48 - 66          .3250          300            .3175              
 
 66 - 84          .3200          325            .3153              
 
 84 - 102         .3150          350            .3133              
 
 102 - 138        .3100                                            
 
 138 - 174        .3050                                            
 
 174 - 228        .3000                                            
 
 228 - 282        .2950                                            
 
 282 - 336        .2900                                            
 
 OVER 336         .2850                                            
 
   Prior to October 1, 1997, the group fee rate was based on a
schedule with breakpoints ending at .3000% for average group assets in
excess of $174 billion. The group fee rate breakpoints shown above for
average group assets in excess of $138 billion and under $228 billion
were voluntarily adopted by FMR on January 1, 1992. The additional
breakpoints shown above for average group assets in excess of $228
billion were voluntarily adopted by FMR on November 1, 1993.    
   On August 1, 1994, FMR voluntarily revised the prior extensions to
the group fee rate schedule, and added new breakpoints for average
group assets in excess of $210 billion and under $390 billion as shown
in the schedule below. The revised group fee rate schedule is
identical to the above schedule for average group assets under $210
billion.    
   On January 1, 1996, FMR voluntarily added new breakpoints to the
revised schedule for average group assets in excess of $390 billion.
The revised group fee rate schedule and its extensions provide for
lower management fee rates as FMR's assets under management increase.
Each fund's current management contract reflects the group fee rate
schedule above for average group assets under $210 billion and the
group fee rate schedule below for average group assets in excess of
$210 billion.    
GROUP FEE RATE SCHEDULE   EFFECTIVE ANNUAL FEE RATES   
 
AVERAGE GROUP          ANNUALIZED   GROUP NET       EFFECTIVE ANNUAL   
ASSETS                 RATE         ASSETS          FEE RATE           
 
 $138 - $174 BILLION   .3050%        $150 BILLION   .3371%             
 
 174 - 210             .3000          175           .3325              
 
 210 - 246             .2950          200           .3284              
 
 246 - 282             .2900          225           .3249              
 
 282 - 318             .2850          250           .3219              
 
 318 - 354             .2800          275           .3190              
 
 354 - 390             .2750          300           .3163              
 
 390 - 426             .2700          325           .3137              
 
 426 - 462             .2650          350           .3113              
 
 462 - 498             .2600          375           .3090              
 
 498 - 534             .2550          400           .3067              
 
 OVER 534              .2500          425           .3046              
 
                                       450          .3024              
 
                                      475           .3003              
 
                                      500           .2982              
 
                                      525           .2962              
 
                                      550           .2942              
 
   THE FOLLOWING INFORMATION REPLACES THE FIRST PARAGRAPH UNDER
"COMPUTING THE PERFORMANCE ADJUSTMENT FOR DIVERSIFIED INTERNATIONAL,
INTERNATIONAL VALUE, AND OVERSEAS" IN THE "MANAGEMENT CONTRACTS"
SECTION ON PAGE 41    :
   COMPUTING THE PERFORMANCE ADJUSTMENT FOR DIVERSIFIED INTERNATIONAL,
INTERNATIONAL VALUE, AND OVERSEAS. The basic fee for Diversified
International, International Value and Overseas is subject to upward
or downward adjustment, depending upon whether, and to what extent,
each fund's investment performance for the performance period exceeds,
or is exceeded by, the record of the EAFE Index (the Index) over the
same period. The performance period consists of the most recent month
plus the previous 35 months. The performance period for International
Value commenced on November 1, 1994. Starting with the twelfth month,
the performance adjustment takes effect. Each month subsequent to the
twelfth month, a new month is added to the performance period until
the performance period includes 36 months.     
   Each percentage point of difference, calculated to the nearest
0.01% (up to a maximum difference of (plus/minus)10.00) is multiplied
by a performance adjustment rate of 0.02%.    
   The performance comparison is made at the end of each month. One
twelfth (1/12) of this rate is then applied to each fund's average net
assets for the entire performance period, giving a dollar amount which
will be added to (or subtracted from) the basic fee.    
   The maximum annualized adjustment rate is (plus/minus)0.20% of a
fund's average net assets over the performance period.    
   THE FOLLOWING INFORMATION HAS BEEN ELIMINATED FROM FROM THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 42:    
   To comply with the California Code of Regulations, FMR will
reimburse each fund if and to the extent that each fund's aggregate
annual operating expenses exceed specified percentages of its average
net assets. The applicable percentages are 2 1/2% of the first $30
million, 2% of the next $70 million, and 1 1/2% of average net assets
in excess of $100 million. When calculating each fund's expenses for
purposes of this regulation, each fund may exclude interest, taxes,
brokerage commissions, and extraordinary expenses, as well as a
portion of its custodian fees attributable to investments in foreign
securities.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 42.    
       SUB-ADVISERS.    On behalf of each fund, FMR has entered into
sub-advisory agreements with FMR U.K., FMR Far East, FIJ, and FIIA.
FIIA, in turn, has entered into a sub-advisory agreement with FIIAL
U.K. Pursuant to the sub-advisory agreements, FMR may receive
investment advice and research services outside the United States from
the sub-advisers. On behalf of the funds, FMR may also grant the
sub-advisers investment management authority as well as the authority
to buy and sell securities if FMR believes it would be beneficial to
the funds.    
   FMR entered into the sub-advisory agreements with FMR U.K., FMR Far
East, FIIA , and FIIAL U.K described above with respect to Diversified
International on September 16, 1992, with respect to International
Growth & Income, Overseas, and Worldwide on March 1, 1992, following
shareholder approval of the agreements on February 19, 1992; and with
respect to International Value on September 7, 1994. FMR entered into
the sub-advisory agreements with FIJ with respect to International
Value Fund on September 7, 1994; with respect to International Growth
& Income, Diversified International Fund, Overseas Fund, and Worldwide
Fund on October 1, 1997, following shareholder approval on September
17, 1997.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"DESCRIPTION OF THE TRUST" SECTION ON PAGE 45.    
       VOTING RIGHTS.    Each fund's capital consists of shares of
beneficial interest. As a shareholder, you receive one vote for each
dollar value of net asset value you own. The shares have no preemptive
or conversion rights; the voting and dividend rights, the right of
redemption, and the privilege of exchange are described in the
Prospectus. Shares are fully paid and nonassessable, except as set
forth under the heading "Shareholder and Trustee Liability" above.
Shareholders representing 10% or more of the trust or a fund may, as
set forth in the Declaration of Trust, call meetings of the trust or a
fund for any purpose related to the trust or fund, as the case may be,
including, in the case of a meeting of the entire trust, the purpose
of voting on removal of one or more Trustees. The trust or any fund
may be terminated upon the sale of its assets to another open-end
management investment company, or upon liquidation and distribution of
its assets, if approved by vote of the holders of a majority of the
trust or the fund, as determined by the current value of each
shareholder's investment in the fund or trust. If not so terminated,
the trust and the funds will continue indefinitely. Each fund may
invest all of its assets in another investment company.    
   THE FOLLOWING INFORMATION IS NEW INFORMATION APPLICABLE TO EACH
FUND.    
DISTRIBUTION AND SERVICE PLANS
   The Trustees have approved a Distribution and Service Plans on
behalf of each fund (the Plans) pursuant to Rule 12b-1 under the 1940
Act (the Rule). The Rule provides in substance that a mutual fund may
not engage directly or indirectly in financing any activity that is
primarily intended to result in the sale of shares of the fund except
pursuant to a plan approved on behalf of the fund under the Rule. The
Plans, as approved by the Trustees, allow the funds and FMR to incur
certain expenses that might be considered to constitute indirect
payment by the funds of distribution expenses.    
   Under each Plan, if the payment of management fees by the fund to
FMR is deemed to be indirect financing by the fund of the distribution
of its shares, such payment is authorized by the Plan. Each Plan
specifically recognizes that FMR may use its management fee revenue,
as well as its past profits or its other resources, to pay FDC for
expenses incurred in connection with the distribution of fund shares.
In addition, each Plan provides that FMR, directly or through FDC, may
make payments to third parties, such as banks or broker-dealers, that
engage in the sale of fund shares, or provide shareholder support
services. Currently, the Board of Trustees has not authorized such
payments for each fund's shares.    
   Prior to approving each Plan, the Trustees carefully considered all
pertinent factors relating to the implementation of the Plan, and
determined that there is a reasonable likelihood that the Plan will
benefit the fund and its shareholders. In particular, the Trustees
noted that each Plan does not authorize payments by the fund other
than those made to FMR under its management contract with the fund. To
the extent that each Plan gives FMR and FDC greater flexibility in
connection with the distribution of shares, additional sales of fund
shares may result. Furthermore, certain shareholder support services
may be provided more effectively under the Plans by local entities
with whom shareholders have other relationships.    
   The Plans for each fund were approved by shareholders of each fund
on September 17, 1997.    
   The Glass-Steagall Act generally prohibits federally and state
chartered or supervised banks from engaging in the business of
underwriting, selling, or distributing securities. Although the scope
of this prohibition under the Glass-Steagall Act has not been clearly
defined by the courts or appropriate regulatory agencies, FDC believes
that the Glass-Steagall Act should not preclude a bank from performing
shareholder support services, or servicing and recordkeeping
functions. FDC intends to engage banks only to perform such functions.
However, changes in federal or state statutes and regulations
pertaining to the permissible activities of banks and their affiliates
or subsidiaries, as well as further judicial or administrative
decisions or interpretations, could prevent a bank from continuing to
perform all or a part of the contemplated services. If a bank were
prohibited from so acting, the Trustees would consider what actions,
if any, would be necessary to continue to provide efficient and
effective shareholder services. In such event, changes in the
operation of the funds might occur, including possible termination of
any automatic investment or redemption or other services then provided
by the bank. It is not expected that shareholders would suffer any
adverse financial consequences as a result of any of these
occurrences. In addition, state securities laws on this issue may
differ from the interpretations of federal law expressed herein, and
banks and other financial institutions may be required to register as
dealers pursuant to state law.     
   Each fund may execute portfolio transactions with, and purchase
securities issued by, depository institutions that receive payments
under the Plans. No preference for the instruments of such depository
institutions will be shown in the selection of investments.    
       
SUPPLEMENT TO FIDELITY'S INTERNATIONAL BOND FUNDS 
FEBRUARY 28, 1997 PROSPECTUS
The following information replaces similar information found in the
"Charter" section on page 12.
THE FUNDS MAY HOLD SPECIAL SHAREHOLDER MEETINGS AND MAIL PROXY
MATERIALS. These meetings may be called to elect or remove trustees,
change fundamental policies, approve a management contract, or for
other purposes. Shareholders not attending these meetings are
encouraged to vote by proxy. Fidelity will mail proxy materials in
advance, including a voting card and information about the proposals
to be voted on. The number of votes you are entitled to is based upon
the dollar value of your investment.
The following information replaces similar information found in the
"FMR and Its Affiliates" section on page 12.
   (small solid bullet)     Fidelity Investments Japan Ltd. (FIJ), in
Tokyo, Japan, serves as a sub-adviser for the funds.
The following information replaces similar information found in the
"FMR and Its Affiliates" section on page 12.
Christine Thompson is Vice President and co-manager of Global Bond,
and manager of its U.S. investments, which she has managed since
February 1996. She also manages other Fidelity funds. Since joining
Fidelity in 1985, Ms. Thompson has worked as a senior analyst and
manager.
 
SUPPLEMENT TO FIDELITY'S INTERNATIONAL BOND FUNDS 
FIDELITY GLOBAL BOND FUND
FIDELITY NEW MARKETS INCOME FUND
FUNDS OF FIDELITY INVESTMENT TRUST 
FEBRUARY 28, 1997
STATEMENT OF ADDITIONAL INFORMATION
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR FIDELITY
GLOBAL BOND FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS"
SECTION BEGINNING ON PAGE 2.    
   (2)  borrow money, except that the fund may borrow money for
temporary or emergency purposes (not for leveraging or investment) in
an amount not exceeding 33 1/3% of its total assets (including the
amount borrowed) less liabilities (other than borrowings). Any
borrowings that come to exceed this amount will be reduced within
three days (not including Sundays and holidays) to the extent
necessary to comply with the 33 1/3% limitation;    
   (5)  purchase or sell real estate unless acquired as a result of
ownership of securities or other instruments (but this shall not
prevent the fund from investing in securities or other instruments
backed by real estate or securities of companies engaged in the real
estate business);    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOR FIDELITY
GLOBAL BOND FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS"
SECTION BEGINNING ON PAGE 2.    
   (8) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   (vii) The fund does not currently intend to invest all of its
assets in the securities of a single open-end management investment
company managed by Fidelity Management & Research Company or an
affiliate or successor with substantially the same fundamental
investment objective, policies, and limitations as the fund.    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOR FIDELITY
NEW MARKETS INCOME FUND FOUND IN THE "INVESTMENT POLICIES AND
LIMITATIONS" SECTION BEGINNING ON PAGE 2.    
   (8) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   (vii) The fund does not currently intend to invest all of its
assets in the securities of a single open-end management investment
company managed by Fidelity Management & Research Company or an
affiliate or successor with substantially the same fundamental
investment objective, policies, and limitations as the fund.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 28.    
   The Trustees, Members of the Advisory Board, and executive officers
of the trust are listed below. Except as indicated, each individual
has held the office shown or other offices in the same company for the
last five years. All persons named as Trustees and Members of the
Advisory Board also serve in similar capacities for other funds
advised by FMR. The business address of each Trustee, Member of the
Advisory Board, and officer who is an "interested person" (as defined
in the Investment Company Act of 1940) is 82 Devonshire Street,
Boston, Massachusetts 02109, which is also the address of FMR. The
business address of all the other Trustees is Fidelity Investments,
P.O. Box 9235, Boston, Massachusetts 02205-9235. Those Trustees and
Members of the Advisory Board who are "interested persons" by virtue
of their affiliation with either a trust or FMR are indicated by an
asterisk (*).    
   *J. GARY BURKHEAD (55), Member of the Advisory Board (1997), is
Vice Chairman and a Member of the Board of Directors of FMR Corp.
(1997) and President and Chief Executive Officer of the Fidelity
Institutional Group (1997). Previously, Mr. Burkhead served as
President of Fidelity Management & Research Company.    
   CHRISTINE JONES THOMPSON (39), is Vice President of Fidelity Global
Bond Fund (1997), and other funds advised by FMR.    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 28:    
       ROBERT M. GATES (53), Trustee (1997), is a consultant, author,
and lecturer (1993). Mr. Gates was Director of the Central
Intelligence    Agency (CIA) from 1991-1993. From 1989 to 1991, Mr.
Gates served as Assistant to the President of the United States and
Deputy National Security Advisor. Mr. Gates is currently a Trustee for
the Forum For International Policy, a Board Member for the Virginia
Neurological Institute, and a Senior Advisor of the Harvard Journal of
World Affairs. In addition, Mr. Gates also serves as a member of the
corporate board for LucasVarity PLC (automotive components and diesel
engines), Charles Stark Draper Laboratory (non-profit), NACCO
Industries, Inc. (mining and manufacturing), and TRW Inc. (original
equipment and replacement products).    
   *ROBERT C. POZEN (51), Trustee and Senior Vice President (1997), is
also President and a Director of FMR (1997); and President and a
Director of FMR Texas Inc. (1997), Fidelity Management & Research
(U.K.) Inc. (1997), and Fidelity Management & Research (Far East) Inc.
(1997). Previously, Mr. Pozen served as General Counsel, Managing
Director, and Senior Vice President of FMR Corp.    
   DWIGHT D. CHURCHILL (43), is Vice President of Fidelity Global Bond
Fund and Fidelity New Markets Income Fund (1997), and other funds
advised by FMR. He joined Fidelity in 1993.     
   THE FOLLOWING INFORMATION REPLACES THE BIOGRAPHICAL INFORMATION FOR
KENNETH A. RATHGEBER IN THE "TRUSTEES AND OFFICERS" SECTION ON PAGE
30:    
   RICHARD A. SILVER (50), Treasurer (1997), is Treasurer of the
Fidelity funds and is an employee of FMR (1997). Before joining FMR,
Mr. Silver served as Executive Vice President, Fund Accounting &
Administration at First Data Investor Services Group, Inc.
(1996-1997). Prior to 1996, Mr. Silver was Senior Vice President and
Chief Financial Officer at The Colonial Group, Inc. Mr. Silver also
served as Chairman of the Accounting/Treasurer's Committee of the
Investment Company Institute (1987-1993).    
   THE FOLLOWING FOOTNOTE REPLACES SIMILAR INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION ON PAGE 30:    
   ** Interested trustees of the fund and Mr. Burkhead are compensated
by FMR.    
   THE FOLLOWING FOOTNOTE REPLACES SIMILAR INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION ON PAGE 30:    
   **** During the period from May 1, 1996 through December 31, 1996,
William McCoy served as a Member of the Advisory Board of Fidelity
Investment Trust. Mr. McCoy was appointed to the Board of Trustees of
Fidelity Investment Trust effective January 1, 1997.     
   EFFECTIVE OCTOBER 1, 1997, THE FOLLOWING INFORMATION REPLACES
SIMILAR INFORMATION FOUND IN THE "MANAGEMENT CONTRACTS" SECTION
BEGINNING ON PAGE 31.    
   FMR is each fund's manager pursuant to management contracts dated
October 1, 1997 which were approved by shareholders of each fund on
September 17, 1997.     
   The following is the fee schedule for each fund.    
GROUP FEE RATE SCHEDULE   EFFECTIVE ANNUAL FEE RATES   
 
AVERAGE GROUP     ANNUALIZED   GROUP NET        EFFECTIVE ANNUAL   
ASSETS            RATE         ASSETS           FEE RATE           
 
 0 - $3 BILLION   .3700%        $ 0.5 BILLION   .3700%             
 
 3 - 6            .3400          25             .2664              
 
 6 - 9            .3100          50             .2188              
 
 9 - 12           .2800          75             .1986              
 
 12 - 15          .2500          100            .1869              
 
 15 - 18          .2200          125            .1793              
 
 18 - 21          .2000          150            .1736              
 
 21 - 24          .1900          175            .1695              
 
 24 - 30          .1800          200            .1658              
 
 30 - 36          .1750          225            .1629              
 
 36 - 42          .1700          250            .1604              
 
 42 - 48          .1650          275            .1583              
 
 48 - 66          .1600          300            .1565              
 
 66 - 84          .1550          325            .1548              
 
 84 - 120         .1500          350            .1533              
 
 120 - 174        .1450          400            .1507              
 
 174 - 228        .1400                                            
 
 228 - 282        .1375                                            
 
 282 - 336        .1350                                            
 
 OVER 336         .1325                                            
 
   Prior to October 1, 1997, the group fee was based on a schedule
with breakpoints ending at .1400% for average group assets in excess
of $174 billion. The group fee rate breakpoints shown above for
average group assets in excess of $120 billion and under $228 billion
were voluntarily adopted by FMR, and went into effect on January 1,
1992. The additional breakpoints shown above for average group assets
in excess of $228 billion were voluntarily adopted by FMR on November
1, 1993.    
   On August 1, 1994, FMR voluntarily revised the prior extensions to
the group fee rate schedule, and added new breakpoints for average
group assets in excess of $156 billion and under $372 billion as shown
in the schedule below. The revised group fee rate schedule was
identical to the above schedule for average group assets under $156
billion    
   On January 1, 1996, FMR voluntarily added new breakpoints to the
revised schedule for average group assets in excess of $372 billion.
The revised group fee rate schedule and its extensions provide for
lower management fee rates as FMR's assets under management increase.
Each fund's current management contract reflects the group fee rate
schedule above for average group assets under $156 billion and the
group fee rate schedule below for average group assets in excess of
$156 billion.    
GROUP FEE RATE SCHEDULE   EFFECTIVE ANNUAL FEE RATES   
 
AVERAGE GROUP         ANNUALIZED   GROUP NET        EFFECTIVE ANNUAL   
ASSETS                RATE         ASSETS           FEE RATE           
 
 120 - $156 BILLION   .1450%        $ 150 BILLION   .1736%             
 
 156 - 192            .1400          175            .1690              
 
 192 - 228            .1350          200            .1652              
 
 228 - 264            .1300          225            .1618              
 
 264 - 300            .1275          250            .1587              
 
 300 - 336            .1250          275            .1560              
 
 336 - 372            .1225          300            .1536              
 
 372 - 408            .1200          325            .1514              
 
 408 - 444            .1175          350            .1494              
 
 444 - 480            .1150          375            .1476              
 
 480 - 516            .1125          400            .1459              
 
 OVER 516             .1100          425            .1443              
 
                                     450            .1427              
 
                                     475            .1413              
 
                                     500            .1399              
 
                                     525            .1385              
 
                                     550            .1372              
 
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 34.    
   SUB-ADVISERS. On behalf of Global Bond and New Markets Income, FMR
has entered into sub-advisory agreements with FMR U.K., FMR Far East,
FIJ, and FIIA. FIIA, in turn, has entered into a sub-advisory
agreement with FIIAL U.K. Pursuant to the sub-advisory agreements, FMR
may receive investment advice and research services outside the United
States from the sub-advisers. FMR may also grant the sub-advisers
investment management authority as well as the authority to buy and
sell securities if FMR believes it would be beneficial to the
funds.    
THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND ON PAGE 34
IN THE "MANAGEMENT CONTRACTS" SECTION.
For investment advice and research services, no fees were paid to
sub-advisers by FMR on behalf of the funds for the past three years.
THE FOLLOWING INFORMATION REPLACES THE INFORMATION FOUND ON PAGE 34 IN
THE "MANAGEMENT CONTRACTS" SECTION. 
For discretionary investment management and execution of portfolio
transactions, fees paid to FIIA and FIIAL U.K. on behalf of Fidelity
Global Bond Fund for the past three fiscal years are shown in the
table below.
FISCAL YEAR ENDED    FIIA       FIIAL U.K.   
DECEMBER                                     
 
1996                 $478,336   $185,613     
 
1995                 $0         $0           
 
1994                 $0         $0           
 
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"DESCRIPTION OF THE TRUST" SECTION ON PAGE 36.    
       VOTING RIGHTS.    Each fund's capital consists of shares of
beneficial interest. As a shareholder, you receive one vote for each
dollar value of net asset value you own. The shares have no preemptive
or conversion rights; the voting and dividend rights, the right of
redemption, and the privilege of exchange are described in the
Prospectus. Shares are fully paid and nonassessable, except as set
forth under the heading "Shareholder and Trustee Liability" above.
Shareholders representing 10% or more of the trust or a fund may, as
set forth in the Declaration of Trust, call meetings of the trust or a
fund for any purpose related to the trust or fund, as the case may be,
including, in the case of a meeting of the entire trust, the purpose
of voting on removal of one or more Trustees. The trust or any fund
may be terminated upon the sale of its assets to another open-end
management investment company, or upon liquidation and distribution of
its assets, if approved by vote of the holders of a majority of the
trust or the fund, as determined by the current value of each
shareholder's investment in the fund or trust. If not so terminated,
the trust and its funds will continue indefinitely. Each fund may
invest all of its assets in another investment company.    
 
SUPPLEMENT TO FIDELITY'S TARGETED
INTERNATIONAL EQUITY FUNDS DECEMBER 30, 1996 PROSPECTUS
   The following information replaces similar information found in
"The Funds at a Glance" section on page P-3:    
   EUROPE FUND    
       GOAL:    Long-term growth of capital.     
       STRATEGY:    Invests mainly in equity securities of European
issuers.    
       SIZE:    As of October 31, 1996, the fund had over $691 million
in assets.     
   The following information replaces similar information found in the
"Charter" section beginning on page P-25:    
       THE FUNDS MAY HOLD SPECIAL MEETINGS AND MAIL PROXY
MATERIALS.    These meetings may be called to elect or remove
trustees, change fundamental policies, approve a management contract,
or for other purposes. Shareholders not attending these meetings are
encouraged to vote by proxy. Fidelity will mail proxy materials in
advance, including a voting card and information about the proposals
to be voted on. The number of votes you are entitled to is based upon
the dollar value of your investment.    
   The following information replaces similar information found under
the heading "FMR and Its Affiliates" in the "Charter" section on page
P-25:    
   Affiliates assist FMR with foreign securities:    
(small solid bullet)    Fidelity Management & Research (U.K.) Inc.
(FMR U.K.), in London, England, serves as a sub-adviser for all the
funds.    
(small solid bullet)    Fidelity Management & Research Far East Inc.
(FMR Far East), in Tokyo, Japan, serves as a sub-adviser for all the
funds.    
(small solid bullet)    Fidelity International Investment Advisors
(FIIA), in Pembroke, Bermuda, serves as a sub-adviser for all the
funds. Currently, FIIA exercises discretionary management authority
over Southeast Asia Fund, Hong Kong and China Fund, Japan Fund, and
Pacific Basin Fund in its capacity as sub-adviser.    
(small solid bullet)    Fidelity International Investment Advisors
(U.K.) Limited (FIIAL U.K.), in London, England, serves as a
sub-adviser for all the funds. Currently, FIIAL U.K. exercises
discretionary management authority over Europe Fund, France Fund,
Germany Fund, Nordic Fund, and United Kingdom Fund in its capacity as
sub-adviser.    
(small solid bullet)    Fidelity Investment Japan Ltd. (FIJ), in
Tokyo, Japan serves as a sub-adviser for Emerging Markets Fund, Hong
Kong and China Fund, Japan Fund, Japan Small Companies Fund, Pacific
Basin Fund, and Southeast Asia Fund. Currently, FIJ exercises
discretionary management authority over Japan Small Companies
Fund.    
The following information replaces the biographical information for
Samuel Morse found in the "Charter" section beginning on page P-25:
Simon Roberts is manager of United Kingdom, which he has managed since
July 1997. Previously, he managed another Fidelity fund. Since joining
Fidelity in 1992, Mr. Roberts has worked as a manager and analyst.
Previously, Mr. Roberts was an investment analyst for Schroeder
Securities Limited from 1989 to 1992.
   Effective October 1, 1997, the following information supplements
similar information found in the "Charter" section beginning on page
P-25:    
   Trygve Toraasen is associate portfolio manager for Nordic, which he
has managed since October 1997. Mr. Toraasen joined Fidelity as a
research analyst in 1994, after receiving his MSBA from the University
of Southern California.    
   The following information replaces similar information in the
"Investment Principles and Risks" section on page P-27:    
       EUROPE FUND    seeks growth of capital over the long term by
investing in securities of issuers that have their principal
activities in Europe. FMR normally invests at least 65% of the fund's
total assets in these securities. Western European countries include
Austria, Belgium, Denmark, Germany, Finland, France, Greece, Ireland,
Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden,
Switzerland, and the United Kingdom. Eastern European countries
include Belarus, Bulgaria, the Czech Republic, Estonia, Hungary,
Latvia, Lithuania, Poland, Russia, Slovakia, Slovenia, and Turkey. FMR
expects that the fund will normally invest in at least three different
countries, although it may invest all of its assets in a single
country.    
   The fund's performance is closely tied to economic and political
conditions within Europe and the European Economic Area (formerly the
Common Market). Some European countries, particularly those in Eastern
Europe, have less stable economies than those in Western Europe. A
majority of the European economies continue to be weak, and business
and consumer confidence remains low. The movement of many Eastern
European countries toward market economies, and the movement toward a
unified common market may significantly affect European economies and
markets. Eastern European countries are considered emerging
markets.    
       EUROPE CAPITAL APPRECIATION FUND    seeks capital appreciation
over the long term by investing in securities of issuers that have
their principal activities in Eastern and Western Europe. Western and
Eastern European countries are listed above. FMR normally invests at
least 65% of the fund's total assets in the securities of Eastern and
Western European issuers. In addition, the fund's investments are
subject to the same risks as Europe Fund.    
The following information replaces the second paragraph under the
heading "France Fund" on page P-27:
Commercial, corporate, and securities laws govern the sale and resale
of securities, while contractual and corporate restrictions may also
apply. Planned privatizations and possible government incentives may
result in major changes in the market and increased investments by
private individuals. However, a future change in government, market,
or economic factors could result in an unfavorable change in the
policy on privatization. In addition, a small number of companies
represent a large percentage of the market.
The following information replaces the second paragraph under the
heading "Hong Kong and China Fund" on page P-28:
Although China has committed by treaty to preserve the economic and
social freedoms enjoyed in Hong Kong for 50 years after regaining
control of Hong Kong in 1997, the continuation of the current form of
the economic system in Hong Kong after the reversion will depend on
the actions of the government of China. Business confidence in Hong
Kong, therefore, can be significantly affected by such developments,
which in turn can affect markets and business performance. In
addition, a small number of companies represent a large percentage of
the market. For example, as of February 28, 1997, Hong Kong & Shanghai
Banking Corporation (HSBC), the largest company traded in the Hong
Kong market, represented approximately 14% of the market's total
capitalization, and the ten largest companies traded in the Hong Kong
market represented approximately 51% of the market's capitalization.
As of March 31, 1997, HSBC represented approximately 18% of the fund's
portfolio. Developments that could negatively affect the value of the
fund's investment in HSBC include, among others, further interest rate
deregulation, a decrease in earnings from HSBC's overseas
subsidiaries, and potential instability in the Hong Kong real estate
market. It is important to note that a substantial portion of the
companies listed on the Hong Kong Stock Exchange are involved in real
estate-related businesses. The securities market in China is
relatively new and China has yet to develop comprehensive securities,
corporate or commercial laws; or to adhere to internationally accepted
accounting principles. There is greater risk of expropriation,
naturalization, freezes, or confiscation in China than in many other
countries. Foreign ownership limits exist on all securities.
The following information replaces the second paragraph under the
heading "Nordic Fund" on page P-28:
The Nordic region is differentiated from the rest of Europe by its
high exposure to cyclical industries such as oil, shipping, and pulp
and paper. In addition, a small number of companies represent a large
percentage of each of the Danish, Finnish, Norwegian and Swedish
markets.
   The following information replaces similar information found under
the heading "Equity Securities" in the "Securities and Investment
Practices" section on page P-29:    
       RESTRICTIONS:    With respect to 75% of total assets, each fund
may not purchase more than 10% of the outstanding voting securities of
a single issuer. For Canada Fund, Emerging Markets Fund, Europe Fund,
Europe Capital Appreciation Fund, Japan Fund, Latin America Fund,
Pacific Basin Fund and Southeast Asia Fund, this limitation does not
apply to securities of other investment companies.    
   The following information replaces similar information found under
the heading "Diversification" in the "Securities and Investment
Practices" section beginning on page P-29:    
   With respect to 75% of its total assets, each of Canada Fund,
Emerging Markets Fund, Europe Fund, Europe Capital Appreciation Fund,
Japan Fund, Latin America Fund, Pacific Basin Fund, and Southeast Asia
Fund may not purchase a security if, as a result, more than 5% would
be invested in the securities of any issuer. This limitation does not
apply to U.S. Government securities or to securities of other
investment companies. Each fund may not invest more than 25% of its
total assets in any one industry. This limitation does not apply to
U.S. Government securities.    
   The following information replaces similar information found under
the heading "Fundamental Investment Policies and Restrictions" in the
"Investment Principals and Risks" section on page P-32:    
       EUROPE FUND    seeks growth of capital over the long-term
through investments in securities of issuers that have their principal
activities in Europe.    
       PACIFIC BASIN FUND    seeks growth of capital over the
long-term through investments in securities of issuers that have their
principal activities in the Pacific Basin.    
   With respect to 75% of its total assets, each of Canada Fund,
Emerging Markets Fund, Europe Fund, Europe Capital Appreciation Fund,
Japan Fund, Latin America Fund, Pacific Basin Fund, and Southeast Asia
Fund may not purchase a security if, as a result, more than 5% would
be invested in the securities of any issuer, and may not purchase more
than 10% of the outstanding voting securities of a single issuer.
These limitations do not apply to U.S. Government securities or to
securities of other investment companies.    
The following information replaces similar information found in the
"How to Buy Shares" section on page P-36:
MINIMUM INVESTMENTS 
TO OPEN AN ACCOUNT  $2,500
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts  $500
TO ADD TO AN ACCOUNT  $250
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $250
Through regular investment plans* $100
MINIMUM BALANCE $2,000
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $500
* FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE REFER TO
"INVESTOR SERVICES," PAGE P-38.
These minimums may vary for investments through Fidelity Portfolio
Advisory Services. There is no minimum account balance or initial or
subsequent investment minimums for certain retirement accounts funded
through salary reduction, or accounts opened with the proceeds of
distributions from such Fidelity retirement accounts. Refer to the
program materials for details.
The following information replaces similar information found in the
"How to Sell Shares" section on page P-37:
IF YOU ARE SELLING SOME BUT NOT ALL OF YOUR SHARES, leave at least
$2,000 worth of shares in the account to keep it open ($500 for
retirement accounts).
The following information replaces similar information found in the
"Transaction Details" section on page P-41:
FIDELITY RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE of
$12.00 from accounts with a value of less than $2,500 (including any
amount paid as a sales charge), subject to an annual maximum charge of
$24.00 per shareholder. It is expected that accounts will be valued on
the second Friday in November of each year. Accounts opened after
September 30 will not be subject to the fee for that year. The fee,
which is payable to the transfer agent, is designed to offset in part
the relatively higher costs of servicing smaller accounts. This fee
will not be deducted from Fidelity brokerage accounts, retirement
accounts (except non-prototype retirement accounts), accounts using
regular investment plans, or if total assets in Fidelity exceed
$30,000. Eligibility for the $30,000 waiver is determined by
aggregating Fidelity accounts maintained by FSC or FBSI which are
registered under the same social security number or which list the
same social security number for the custodian of a Uniform
Gifts/Transfers to Minors Act account.
IF YOUR ACCOUNT BALANCE FALLS BELOW $2,000, you will be given 30 days'
notice to reestablish the minimum balance. If you do not increase your
balance, Fidelity reserves the right to close your account and send
the proceeds to you. Your shares will be redeemed at the NAV on the
day your account is closed.
 
SUPPLEMENT TO FIDELITY'S TARGETED INTERNATIONAL EQUITY FUNDS
FIDELITY CANADA FUND, FIDELITY EMERGING MARKETS FUND, FIDELITY EUROPE
FUND, FIDELITY EUROPE CAPITAL APPRECIATION FUND, FIDELITY FRANCE FUND,
FIDELITY GERMANY FUND, FIDELITY HONG KONG AND CHINA FUND, FIDELITY
JAPAN FUND, FIDELITY JAPAN SMALL COMPANIES FUND, FIDELITY LATIN
AMERICA FUND, FIDELITY NORDIC FUND, FIDELITY PACIFIC BASIN FUND,
FIDELITY SOUTHEAST ASIA FUND, FIDELITY UNITED KINGDOM FUND
FUNDS OF FIDELITY INVESTMENT TRUST
DECEMBER 30, 1996
STATEMENT OF ADDITIONAL INFORMATION
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR CANADA
FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION
BEGINNING ON PAGE 2:    
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. Government or any of its agencies or instrumentalities, or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;    
   (3) borrow money, except that the fund may borrow money for
temporary or emergency purposes (not for leveraging or investment) in
an amount not exceeding 33 1/3% of its total assets (including the
amount borrowed) less liabilities (other than borrowings). Any
borrowings that come to exceed this amount will be reduced within
three days (not including Sundays and holidays) to the extent
necessary to comply with the 33 1/3% limitation;    
   (5) purchase the securities of any issuer (other than securities
issued or guaranteed by the U.S. Government or any of its agencies or
instrumentalities) if, as a result, more than 25% of the fund's total
assets would be invested in the securities of companies whose
principal business activities are in the same industry;     
   (6) purchase or sell real estate unless acquired as a result of
ownership of securities or other instruments (but this shall not
prevent the fund from investing in securities or other instruments
backed by real estate or securities of companies engaged in the real
estate business);    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOR CANADA
FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION
BEGINNING ON PAGE 2:    
   (9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   (xi) The fund does not currently intend to invest all of its assets
in the securities of a single open-end management investment company
managed by Fidelity Management & Research Company or an affiliate or
successor with substantially the same fundamental investment
objective, policies, and limitations as the fund.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR EMERGING
MARKETS FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS"
SECTION BEGINNING ON PAGE 2:    
   INVESTMENT LIMITATIONS OF EMERGING MARKETS FUND    
   (EMERGING MARKETS FUND    )
       THE FOLLOWING ARE THE FUND'S FUNDAMENTAL INVESTMENT LIMITATIONS
SET FORTH IN THEIR ENTIRETY. THE FUND MAY NOT:       
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. Government or any of its agencies or instrumentalities, or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;    
   (2) issue senior securities, except as permitted under the
Investment Company Act of 1940;    
   (3) borrow money, except that the fund may borrow money for
temporary or emergency purposes (not for leveraging or investment) in
an amount not exceeding 33 1/3% of its total assets (including the
amount borrowed) less liabilities (other than borrowings). Any
borrowings that come to exceed this amount will be reduced within
three days (not including Sundays and holidays) to the extent
necessary to comply with the 33 1/3% limitation;    
   (4) underwrite securities issued by others except to the extent
that the fund may be deemed to be an underwriter within the meaning of
the Securities Act of 1933 in the disposition of restricted
securities;    
   (5) purchase the securities of any issuer (other than securities
issued or guaranteed by the U.S. government or any of its agencies or
instrumentalities) if, as a result, more than 25% of the fund's total
assets would be invested in companies whose principal business
activities are in the same industry;     
   (6) purchase or sell real estate unless acquired as a result of
ownership of securities or other instruments (but this shall not
prevent the fund from investing in securities or other instruments
backed by real estate or securities of companies engaged in the real
estate business);    
   (7) purchase or sell physical commodities unless acquired as a
result of ownership of securities or other instruments (but this shall
not prevent the fund from purchasing or selling options and futures
contracts or from investing in securities and other instruments backed
by physical commodities); or    
   (8) lend any security or make any other loan if, as a result, more
than 33 1/3% of its total assets would be lent to other parties, but
this limitation does not apply to purchases of debt securities or to
repurchase agreements.    
   (9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
       THE FOLLOWING INVESTMENT LIMITATIONS ARE NOT FUNDAMENTAL AND
MAY BE CHANGED WITHOUT SHAREHOLDER APPROVAL.       
   (i) The fund does not currently intend to sell securities short,
unless it owns or has the right to obtain securities equivalent in
kind and amount to the securities sold short, and provided that
transactions in futures contracts and options are not deemed to
constitute selling securities short.    
   (ii) The fund does not currently intend to purchase securities on
margin, except that the fund may obtain such short-term credits as are
necessary for the clearance of transactions, and provided that margin
payments in connection with futures contracts and options on futures
contracts shall not constitute purchasing securities on margin.    
   (iii) The fund may borrow money only (a) from a bank or from a
registered investment company or portfolio for which FMR or an
affiliate serves as investment adviser or (b) by engaging in reverse
repurchase agreements with any party (reverse repurchase agreements
are treated as borrowings for purposes of fundamental investment
limitation (5)). The fund will not purchase any security while
borrowings representing more than 5% of its total assets are
outstanding. The fund will not borrow from other funds advised by FMR
or its affiliates if total outstanding borrowings immediately after
such borrowing would exceed 15% of the fund's total assets.    
   (iv) The fund does not currently intend to purchase any security
if, as a result, more than 15% of its net assets would be invested in
securities that are deemed to be illiquid because they are subject to
legal or contractual restrictions on resale or because they cannot be
sold or disposed of in the ordinary course of business at
approximately the prices at which they are valued.    
   (v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money (up to 5% of
the fund's net assets) to a registered investment company or portfolio
for which FMR or an affiliate serves as investment adviser or (b)
acquiring loans, loan participations, or other forms of direct debt
instruments and, in connection therewith, assuming any associated
unfunded commitments of the sellers. (This limitation does not apply
to purchases of debt securities or to repurchase agreements.)    
   (vi) The fund does not currently intend to purchase interests in
real estate investment trusts that are not readily marketable, or
interests in real estate limited partnerships that are not listed on
an exchange or traded on the NASDAQ National Market System if, as a
result, the sum of such interests and other investments considered
illiquid under limitation (iv) would exceed 15% as appropriate of the
fund's net assets.    
   (vii) The fund does not currently intend to (a) purchase securities
of other investment companies, except in the open market where no
commission except the ordinary broker's commission is paid, or (b)
purchase or retain securities issued by other open-end investment
companies. Limitations (a) and (b) do not apply (i) to securities
received as dividends, through offers of exchange, or as a result of a
reorganization, consolidation, or merger, or (ii) to securities of
other open-end investment companies managed by FMR or a successor or
affiliate purchased pursuant to an exemptive order granted by the
SEC.    
   (viii) The fund does not currently intend to purchase the
securities of any issuer (other than securities issued or guaranteed
by domestic or foreign governments or political subdivisions thereof)
if, as a result, more than 5% of its total assets would be invested in
the securities of business enterprises that, including predecessors,
have a record of less than three years of continuous operation.    
   (ix) The fund does not currently intend to purchase warrants,
valued at the lower of cost or market, in excess of 10% of the fund's
net assets. Included in that amount, but not to exceed 2% of net
assets, are warrants whose underlying securities are not traded on
principal domestic or foreign exchanges. Warrants acquired by the fund
in units or attached to securities are not subject to these
restrictions.    
   (x) The fund does not currently intend to invest in oil, gas, or
other mineral exploration or development programs or leases.    
   (xi) The fund does not currently intend to purchase the securities
of any issuer if those officers and Trustees of the trust and those
officers and directors of FMR who individually own more than 1/2 of 1%
of the securities of such issuer together own more than 5% of such
issuer's securities.    
   (xii) The fund does not currently intend to invest all of its
assets in the securities of a single open-end management investment
company managed by Fidelity Management & Research Company or an
affiliate or successor with substantially the same fundamental
investment objective, policies, and limitations as the fund.    
   For purposes of limitation (viii), pass-through entities and other
special purpose vehicles or pools of financial assets, such as issuers
of asset-backed securities or investment companies, are not considered
"business enterprises."    
   For the fund's limitations on futures and options transactions, see
the section entitled "Limitations on Futures and Options Transactions"
beginning on page 25.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR EUROPE
FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION
BEGINNING ON PAGE 2:    
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. Government or any of its agencies or instrumentalities, or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;     
   (3) borrow money, except that the fund may borrow money for
temporary or emergency purposes (not for leveraging or investment) in
an amount not exceeding 33 1/3% of the value of its total assets
(including the amount borrowed) less liabilities (other than
borrowings). Any borrowings that come to exceed this amount will be
reduced within three days (not including Sundays and holidays) to the
extent necessary to comply with the 33 1/3% limitation;    
   (4) underwrite securities issued by others, except to the extent
that the fund may be considered an underwriter within the meaning of
the Securities Act of 1933 in the disposition of restricted
securities;    
   (5) purchase the securities of any issuer (other than securities
issued or guaranteed by the U.S. Government or any of its agencies or
instrumentalities) if, as a result, more than 25% of the fund's total
assets would be invested in the securities of companies whose
principal business activities are in the same industry;    
   (6) purchase or sell real estate unless acquired as a result of
ownership of securities or other instruments (but this shall not
prevent the fund from investing in securities or other instruments
backed by real estate or securities of companies engaged in the real
estate business);    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOR EUROPE
FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION
BEGINNING ON PAGE 2:    
   (9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   (xi) The fund does not currently intend to invest all of its assets
in the securities of a single open-end management investment company
managed by Fidelity Management & Research Company or an affiliate or
successor with substantially the same fundamental investment
objective, policies, and limitations as the fund.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR EUROPE
CAPITAL APPRECIATION FUND FOUND IN THE "INVESTMENT POLICIES AND
LIMITATIONS" SECTION BEGINNING ON PAGE 2:    
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. government or any of its agencies or instrumentalities or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOR EUROPE
CAPITAL APPRECIATION FUND FOUND IN THE "INVESTMENT POLICIES AND
LIMITATIONS" SECTION BEGINNING ON PAGE 2:    
   (9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   (xii) The fund does not currently intend to invest all of its
assets in the securities of a single open-end management investment
company managed by Fidelity Management & Research Company or an
affiliate or successor with substantially the same fundamental
investment objective, policies, and limitations as the fund.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR JAPAN
FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION
BEGINNING ON PAGE 2:    
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. government or any of its agencies or instrumentalities or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOR JAPAN
FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION
BEGINNING ON PAGE 2:    
   (9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   (xii) The fund does not currently intend to invest all of its
assets in the securities of a single open-end management investment
company managed by Fidelity Management & Research Company or an
affiliate or successor with substantially the same fundamental
investment objective, policies, and limitations as the fund.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR LATIN
AMERICA FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS"
SECTION BEGINNING ON PAGE 2:    
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. government or any of its agencies or instrumentalities or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOR LATIN
AMERICA FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS"
SECTION BEGINNING ON PAGE 2:    
   (9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   (xii) The fund does not currently intend to invest all of its
assets in the securities of a single open-end management investment
company managed by Fidelity Management & Research Company or an
affiliate or successor with substantially the same fundamental
investment objective, policies, and limitations as the fund.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR PACIFIC
BASIN FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION
BEGINNING ON PAGE 2:    
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. Government or any of its agencies or instrumentalities, or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;     
   (3) borrow money, except that the fund may borrow money for
temporary or emergency purposes (not for leveraging or investment) in
an amount not exceeding 33 1/3% of its total assets (including the
amount borrowed) less liabilities (other than borrowings). Any
borrowings that come to exceed this amount will be reduced within
three days (not including Sundays and holidays) to the extent
necessary to comply with the 33 1/3% limitation;    
   (4) underwrite securities issued by others, except to the extent
that the fund may be considered an underwriter within the meaning of
the Securities Act of 1933 in the disposition of restricted
securities;    
   (5) purchase the securities of any issuer (other than securities
issued or guaranteed by the U.S. Government or any of its agencies or
instrumentalities) if, as a result, more than 25% of the fund's total
assets would be invested in the securities of companies whose
principal business activities are in the same industry;    
   (6) purchase or sell real estate unless acquired as a result of
ownership of securities or other instruments (but this shall not
prevent the fund from investing in securities or other instruments
backed by real estate or securities of companies engaged in the real
estate business);    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOR PACIFIC
BASIN FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION
BEGINNING ON PAGE 2:    
   (9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   (xi) The fund does not currently intend to invest all of its assets
in the securities of a single open-end management investment company
managed by Fidelity Management & Research Company or an affiliate or
successor with substantially the same fundamental investment
objective, policies, and limitations as the fund.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR
SOUTHEAST ASIA FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS"
SECTION BEGINNING ON PAGE 2:    
   (1) with respect to 75% of the fund's total assets, purchase the
securities of any issuer (other than securities issued or guaranteed
by the U.S. government or any of its agencies or instrumentalities or
securities of other investment companies) if, as a result, (a) more
than 5% of the fund's total assets would be invested in the securities
of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer;    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOR SOUTHEAST
ASIA FUND FOUND IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION
BEGINNING ON PAGE 2:    
   (9) The fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of a
single open-end management investment company managed by Fidelity
Management & Research Company or an affiliate or successor with
substantially the same fundamental investment objective, policies, and
limitations as the fund.    
   (xiv) The fund does not currently intend to invest all of its
assets in the securities of a single open-end management investment
company managed by Fidelity Management & Research Company or an
affiliate or successor with substantially the same fundamental
investment objective, policies, and limitations as the fund.    
    EFFECTIVE JANUARY 1, 1997, RICHARD J. FLYNN AND EDWARD H. MALONE
RETIRED AS MEMBERS OF THE BOARD OF TRUSTEES FOR FIDELITY INVESTMENT
TRUST. THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 58:    
   TRUSTEES AND OFFICERS    
   The Trustees, Members of the Advisory Board, and executive officers
of the trust are listed below. Except as indicated, each individual
has held the office shown or other offices in the same company for the
last five years. All persons named as Trustees and Members of the
Advisory Board also serve in similar capacities for other funds
advised by FMR. The business address of each Trustee, Member of the
Advisory Board, and officer who is an "interested person" (as defined
in the Investment Company Act of 1940) is 82 Devonshire Street,
Boston, Massachusetts 02109, which is also the address of FMR. The
business address of all the other Trustees is Fidelity Investments,
P.O. Box 9235, Boston, Massachusetts 02205-9235. Those Trustees and
Members of the Advisory Board who are "interested persons" by virtue
of their affiliation with either the trust or FMR are indicated by an
asterisk (*).    
   *J. GARY BURKHEAD (55), Member of the Advisory Board (1997), is
Vice Chairman and a Member of the Board of Directors of FMR Corp.
(1997) and President and Chief Executive Officer of the Fidelity
Institutional Group (1997). Previously, Mr. Burkhead served as
President of Fidelity Management & Research Company.    
   WILLIAM O. McCOY (62), Trustee (1997), is the Vice President of
Finance for the University of North Carolina (16-school system, 1995).
Prior to his retirement in December 1994, Mr. McCoy was Vice Chairman
of the Board of BellSouth Corporation (telecommunications, 1984) and
President of BellSouth Enterprises (1986). He is currently a Director
of Liberty Corporation (holding company, 1984), Weeks Corporation of
Atlanta (real estate, 1994), Carolina Power and Light Company
(electric utility, 1996), and the Kenan Transport Co. (1996).
Previously, he was a Director of First American Corporation (bank
holding company, 1979-1996). In addition, Mr. McCoy serves as a member
of the Board of Visitors for the University of North Carolina at
Chapel Hill (1994) and for the Kenan-Flager Business School
(University of North Carolina at Chapel Hill, 1988).    
   THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 58:    
   ROBERT M. GATES (53), Trustee (1997), is a consultant, author, and
lecturer (1993). Mr. Gates was Director of the Central Intelligence
Agency (CIA) from 1991-1993. From 1989 to 1991, Mr. Gates served as
Assistant to the President of the United States and Deputy National
Security Advisor. Mr. Gates is currently a Trustee for the Forum For
International Policy, a Board Member for the Virginia Neurological
Institute, and a Senior Advisor of the Harvard Journal of World
Affairs. In addition, Mr. Gates also serves as a member of the
corporate board for LucasVarity PLC (automotive components and diesel
engines), Charles Stark Draper Laboratory (non-profit), NACCO
Industries, Inc. (mining and manufacturing), and TRW Inc. (original
equipment and replacement products).    
   *ROBERT C. POZEN (51), Trustee (1997) and Senior Vice President, is
also President and a Director of FMR (1997); and President and a
Director of FMR Texas Inc. (1997), Fidelity Management & Research
(U.K.) Inc. (1997), and Fidelity Management & Research (Far East) Inc.
(1997). Previously, Mr. Pozen served as General Counsel, Managing
Director, and Senior Vice President of FMR Corp.     
   RICHARD A. SPILLANE, JR. (46), is Vice President of certain Equity
Funds and Senior Vice President of FMR (1997). Since joining Fidelity
in 1988, Mr. Spillane served as Director of Research from 1988 to
1994, and was chief investment officer for Fidelity International
Limited from 1994 to 1997.    
   THE FOLLOWING INFORMATION REPLACES THE BIOGRAPHICAL INFORMATION FOR
KENNETH A. RATHGEBER IN THE "TRUSTEES AND OFFICERS" SECTION ON PAGE
60:    
   RICHARD A. SILVER (50), Treasurer (1997), is Treasurer of the
Fidelity funds and is an employee of FMR (1997). Before joining FMR,
Mr. Silver served as Executive Vice President, Fund Accounting &
Administration at First Data Investor Services Group. Inc. (1996 -
1997). Prior to 1996, Mr. Silver was Senior Vice President and Chief
Financial Officer at The Colonial Group, Inc. Mr. Silver also served
as Chairman of the Accounting/Treasurer's Committee of the Investment
Company Institute (1987 - 1993).    
   THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION ON PAGES 61 AND 62:    
   The following table sets forth information describing the
compensation of each current trustee or Member of the Advisory Board
of each fund for his or her services as trustee for the fiscal year
ended October 31, 1996.    
COMPENSATION TABLE               
 
      AGGREGATE COMPENSATION   
 
 
 
 
<TABLE>
<CAPTION>
<S>               
<C>        <C>    <C>     <C>      <C>          <C>      <C>     <C>      <C>        <C>     <C>        <C>      <C>        
J. GARY    RALPH  PHYLLIS RICHARD  EDWARD C.    E.       DONALD  PETER S. GERALD C.  EDWARD  MARVIN L.  THOMAS   WILLIAM    
BURKHEAD** F. COX BURKE   J. FLYNN JOHNSON 3D** BRADLEY  J. KIRK LYNCH**  MCDONOUGH  H.      MANN       R.       O.         
                  DAVIS                         JONES                                MALONE             WILLIAMS MCCOY+     
 
CANADA FUND       
$ 0        $ 58   $ 58    $ 75     $ 0          $ 59     $ 59    $ 0      $ 58       $ 57    $ 57       $ 59     $ 20       
 
EMERGING          
$ 0        $ 451  $ 424   $ 560    $ 0          $ 428    $ 433   $ 0      $ 429      $ 440   $ 440      $ 434    $ 222      
MARKETS FUND                             
 
EUROPE FUND       
$ 0        $ 186  $ 180   $ 239      $ 0        $ 182    $ 185   $ 0      $ 183      $ 182   $ 182      $ 185    $ 91       
 
EUROPE CAPITAL    
$ 0        $ 59   $ 58    $ 77       $ 0        $ 59     $ 60    $ 0      $ 59       $ 58    $ 58       $ 60     $ 25       
APPRECIATION                             
FUND                                      
 
FRANCE FUND       
$ 0        $ 2    $ 2     $ 2        $ 0        $ 2      $ 2     $ 0      $ 2        $ 2     $ 2        $ 2      $ 1        
 
GERMANY FUND      
$ 0        $ 2    $ 2     $ 2        $ 0        $ 2      $ 2     $ 0      $ 2        $ 2     $ 2        $ 2      $ 1        
 
HONG KONG         
$ 0        $ 18   $ 16    $ 23       $ 0        $ 16     $ 17    $ 0      $ 17       $ 18    $ 18       $ 17     $ 14       
AND CHINA                                 
FUND                                       
 
JAPAN FUND        
$ 0        $ 131  $ 124   $ 163      $ 0        $ 126    $ 127   $ 0      $ 125      $ 128   $ 128      $ 127    $ 60       
 
JAPAN SMALL       
$ 0        $ 35   $ 30    $ 43       $ 0        $ 30     $ 31    $ 0      $ 32       $ 33    $ 33       $ 32     $ 24       
COMPANIES                                 
FUND                                      
 
LATIN             
$ 0        $ 203  $ 162   $ 219      $ 0        $ 164    $ 166   $ 0      $ 167      $ 198   $ 198      $ 167    $ 104      
AMERICA FUND                              
 
NORDIC FUND       
$ 0        $ 3    $ 3     $ 4        $ 0        $ 3      $ 3     $ 0      $ 3        $ 3     $ 3        $ 3      $ 2        
 
PACIFIC BASIN     
$ 0        $ 198  $ 185   $ 245      $ 0        $ 186    $ 189   $ 0      $ 188      $ 193   $ 193      $ 190    $ 105      
FUND                                      
 
SOUTHEAST ASIA    
$ 0        $ 288  $ 265   $ 350      $ 0        $ 268    $ 271   $ 0      $ 269      $ 281   $ 281      $ 271    $ 141      
FUND                                      
 
UNITED            
$ 0        $ 1    $ 1     $ 1        $ 0        $ 1      $ 1     $ 0      $ 1        $ 1     $ 1        $ 1      $ 1        
KINGDOM FUND                              
 
</TABLE>
 
 
<TABLE>
<CAPTION>
<S>                      <C>                    <C>                 <C>             
TRUSTEES                 PENSION OR             ESTIMATED ANNUAL    TOTAL           
                         RETIREMENT BENEFITS    BENEFITS UPON       COMPENSATION    
                         ACCRUED AS PART OF     RETIREMENT          FROM THE FUND   
                         FUND EXPENSES          FROM THE FUND       COMPLEX*        
                         FROM THE FUND          COMPLEX*                            
                         COMPLEX*                                                   
 
J. GARY BURKHEAD**       $ 0                    $ 0                 $ 0             
 
RALPH F. COX              5,200                  52,000              128,000        
 
PHYLLIS BURKE DAVIS       5,200                  52,000              125,000        
 
RICHARD J. FLYNN          0                      52,000              160,500        
 
EDWARD C. JOHNSON 3D**    0                      0                   0              
 
E. BRADLEY JONES          5,200                  49,400              128,000        
 
DONALD J. KIRK            5,200                  52,000              129,500        
 
PETER S. LYNCH**          0                      0                   0              
 
GERALD C. MCDONOUGH       5,200                  52,000              128,000        
 
EDWARD H. MALONE          5,200                  44,200              128,000        
 
MARVIN L. MANN            5,200                  52,000              128,000        
 
THOMAS R. WILLIAMS        5,200                  52,000              125,000        
 
WILLIAM O. MCCOY+        N/A                    N/A                  0              
 
</TABLE>
 
   * Information is as of December 31, 1995 for 219 funds in the
complex.    
   ** Interested trustees of the fund and Mr. Burkhead are compensated
by FMR.    
   + During the period from May 1, 1996 through December 31, 1996,
William O. McCoy served as a Member of the Advisory Board of Fidelity
Investment Trust. Mr. McCoy was appointed to the Board of Trustees of
Fidelity Investment Trust effective January 1, 1997.     
   EFFECTIVE OCTOBER 1, 1997, THE FOLLOWING INFORMATION REPLACES
SIMILAR INFORMATION FOUND IN THE "MANAGEMENT CONTRACTS" SECTION
BEGINNING ON PAGE 62:    
   FMR is each fund's manager pursuant to management contracts dated
October 1, 1997, which were approved by shareholders on September 17,
1997.    
   The following is the fee schedule for each fund.    
GROUP FEE RATE SCHEDULE   EFFECTIVE ANNUAL FEE RATES   
 
AVERAGE GROUP     ANNUALIZED   GROUP NET        EFFECTIVE ANNUAL   
ASSETS            RATE         ASSETS           FEE RATE           
 
 0 - $3 BILLION   .5200%        $ 0.5 BILLION   .5200%             
 
 3 - 6            .4900          25             .4238              
 
 6 - 9            .4600          50             .3823              
 
 9 - 12           .4300          75             .3626              
 
 12 - 15          .4000           100           .3512              
 
 15 - 18          .3850           125           .3430              
 
 18 - 21          .3700          150            .3371              
 
 21 - 24          .3600          175            .3325              
 
 24 - 30          .3500          200            .3284              
 
 30 - 36          .3450          225            .3253              
 
 36 - 42          .3400          250            .3223              
 
 42 - 48          .3350          275            .3198              
 
 48 - 66          .3250          300            .3175              
 
 66 - 84          .3200          325            .3153              
 
 84 - 102         .3150          350            .3133              
 
 102 - 138        .3100                                            
 
 138 - 174        .3050                                            
 
 174 - 228        .3000                                            
 
 228 - 282        .2950                                            
 
 282 - 336        .2900                                            
 
 OVER 336         .2850                                            
 
   Prior to October 1, 1997, the group fee rate was based on a
schedule with breakpoints ending at .3000% for average group assets in
excess of $174 billion. The group fee rate breakpoints shown above for
average group assets in excess of $138 billion and under $228 billion
were voluntarily adopted by FMR on January 1, 1992. The additional
breakpoints shown above for average group assets in excess of $228
billion were voluntarily adopted by FMR on November 1, 1993.    
   On August 1, 1994, FMR voluntarily revised the prior extensions to
the group fee rate schedule, and added new breakpoints for average
group assets in excess of $210 billion and under $390 billion as shown
in the schedule below. The revised group fee rate schedule is
identical to the above schedule for average group assets under $210
billion.    
   On January 1, 1996, FMR voluntarily added new breakpoints to the
revised schedule for average group assets in excess of $390 billion.
The revised group fee rate schedule and its extensions provide for
lower management fee rates as FMR's assets under management increase.
Each fund's current management contract reflects the group fee rate
schedule above for average group assets under $210 billion and the
group fee rate schedule below for average group assets in excess of
$210 billion.    
GROUP FEE RATE SCHEDULE   EFFECTIVE ANNUAL FEE RATES   
 
AVERAGE GROUP         ANNUALIZED   GROUP NET       EFFECTIVE ANNUAL   
ASSETS                RATE         ASSETS          FEE RATE           
 
 138 - $174 BILLION   .3050%        $150 BILLION   .3371%             
 
 174 - 210            .3000          175           .3325              
 
 210 - 246            .2950          200           .3284              
 
 246 - 282            .2900          225           .3249              
 
 282 - 318            .2850          250           .3219              
 
 318 - 354            .2800          275           .3190              
 
 354 - 390            .2750          300           .3163              
 
 390 - 426            .2700          325           .3137              
 
 426 - 462            .2650          350           .3113              
 
 462 - 498            .2600          375           .3090              
 
 498 - 534            .2550          400           .3067              
 
 OVER 534             .2500          425           .3046              
 
                                      450          .3024              
 
                                     475           .3003              
 
                                     500           .2982              
 
                                     525           .2962              
 
                                     550           .2942              
 
   THE FOLLOWING INFORMATION REPLACES THE FIRST PARAGRAPH UNDER
"COMPUTING THE PERFORMANCE ADJUSTMENT" IN THE "MANAGEMENT CONTRACTS"
SECTION ON PAGE 65:    
   COMPUTING THE PERFORMANCE ADJUSTMENT. The basic fee for Canada
Fund, Europe Fund, Europe Capital Appreciation Fund, Japan Fund,
Pacific Basin Fund and Southeast Asia Fund is subject to upward or
downward adjustment, depending upon whether, and to what extent, each
fund's investment performance for the performance period exceeds, or
is exceeded by, the record of the Toronto Stock Exchange (TSE) 300,
Morgan Stanley Capital International Europe Index, Morgan Stanley
Capital International Europe Index, Tokyo Stock Exchange Index, Morgan
Stanley Capital International Pacific Index, and Morgan Stanley
Capital International Combined Far East ex-Japan Free Index,
respectively, over the same period. The performance period for Europe
Capital Appreciation Fund commenced on January 1, 1994. Starting with
the twelfth month, the performance adjustment takes effect. Each month
subsequent to the twelfth month, a new month is added to the
performance period until the performance period includes 36 months.
Thereafter, the performance period consists of the most recent month
plus the previous 35 months.    
   Each percentage point of difference, calculated to the nearest
0.01% (up to a maximum difference of (plus/minus)10.00) is multiplied
by a performance adjustment rate of 0.02%.    
   The performance comparison is made at the end of each month. One
twelfth (1/12) of this rate is then applied to each fund's average net
assets for the entire performance period, giving a dollar amount which
will be added to (or subtracted from) the basic fee.    
   The maximum annualized adjustment rate is (plus/minus)0.20% of a
fund's average net assets over the performance period.    
   THE FOLLOWING INFORMATION HAS BEEN ELIMINATED FROM THE "MANAGEMENT
CONTRACTS" SECTION ON PAGE 67:    
   To comply with the California Code of Regulations, FMR will
reimburse each fund if and to the extent that each fund's aggregate
annual operating expenses exceed specified percentages of its average
net assets. The applicable percentages are 2 1/2% of the first $30
million, 2% of the next $70 million, and 1 1/2% of average net assets
in excess of $100 million. When calculating each fund's expenses for
purposes of this regulation, each fund may exclude interest, taxes,
brokerage commissions, and extraordinary expenses, as well as a
portion of its custodian fees attributable to investments in foreign
securities.    
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 67:    
       SUB-ADVISERS.    On behalf of the funds, FMR has entered into
sub-advisory agreements with FMR U.K., FMR Far East, and FIIA. FIIA,
in turn, has entered into a sub-advisory agreement with FIIAL U.K. On
behalf of Emerging Markets Fund, Hong Kong and China Fund, Japan Fund,
Japan Small Companies Fund, Pacific Basin Fund, and Southeast Asia
Fund, FMR also entered into a sub-advisory agreement with FIJ.
Pursuant to the sub-advisory agreements, FMR may receive investment
advice and research services outside the United States from the
sub-advisers. On behalf of each fund, FMR may also grant the
sub-advisers investment management authority as well as the authority
to buy and sell securities if FMR believes it would be beneficial to
the funds.    
   FMR entered into the sub-advisory agreements described above with
respect to Canada Fund and Europe Fund on March 1, 1992 following
shareholder approval of the agreements on February 19, 1992. FMR
entered into the sub-advisory agreements described above with respect
to Emerging Markets Fund and FMR U.K., FMR Far East, and FIIA and
Pacific Basin Fund and FMR U.K., FMR Far East, and FIIA on March 1,
1992 following shareholder approval of the agreements on February 19,
1992. FMR entered into the sub-advisory agreements with respect to
Emerging Markets Fund and FIJ and Pacific Basin Fund and FIJ on
October 1, 1997 following shareholder approval of the agreements on
September 17, 1997. FMR entered into the sub-advisory agreements
described above with respect to Japan Fund on July 16, 1992, which was
approved by FMR, then the sole shareholder of Japan Fund, on September
10, 1992; with respect to Latin America Fund and Southeast Asia Fund
on March 18, 1993, which were approved by FMR, then the sole
shareholder of Latin America Fund and Southeast Asia Fund, on March
24, 1993; with respect to Europe Capital Appreciation Fund on November
18, 1993, which was approved by FMR, then the sole shareholder of the
fund on November 18, 1993; and with respect to France Fund, Germany
Fund, Hong Kong and China Fund, Japan Small Companies Fund, Nordic
Fund, and United Kingdom Fund on September 14, 1995, which were
approved by FMR as the then sole shareholder of each fund on October
17, 1995    .
THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN
THE "MANAGEMENT CONTRACTS" SECTION ON PAGE 69:
For providing discretionary investment management and executing
portfolio transactions on behalf of the funds, the fees paid to FIIA,
FIIAL U.K., and FIJ for the fiscal years ended October 1996, 1995, and
1994 are listed in the table below. There were no fees paid to FMR
U.K. and FMR Far East for the fiscal years ended October 1996, 1995,
and 1994.
 
<TABLE>
<CAPTION>
<S>                                <C>                 <C>           <C>           <C>         
FUND NAME                          FISCAL YEAR ENDED   FIIA          FIIAL U.K.    FIJ         
                                   OCTOBER                                                     
 
CANADA FUND                        1996                $ 0           $ 0           $ 0         
                                   1995                 0             0             0          
                                   1994                 0             0             0          
 
EMERGING MARKETS FUND              1996                $ 0           $ 0           $ 0         
                                   1995                 0             0             0          
                                   1994                 0             0             0          
 
EUROPE FUND                        1996                $ 2,343,797   $ 1,178,141   $ 0         
                                   1995                 1,812,402     0             0          
                                   1994                 1,756,433     0             0          
 
EUROPE CAPITAL APPRECIATION FUND   1996                $ 0           $ 0           $ 0         
                                   1995                 0             0             0          
                                   1994                 0             0             0          
 
FRANCE FUND                        1996                $ 20,506      $ 9,746       $ 0         
                                   1995                 0             0             0          
                                   1994                 0             0             0          
 
GERMANY FUND                       1996                $ 20,660      $ 9,580       $ 0         
                                   1995                 0             0             0          
                                   1994                 0             0             0          
 
HONG KONG AND CHINA FUND           1996                $ 219,845     $ 0           $ 0         
                                   1995                 0             0             0          
                                   1994                 0             0             0          
 
FUND NAME                          FISCAL YEAR ENDED   FIIA          FIIAL U.K.    FIJ         
                                   OCTOBER                                                     
 
JAPAN FUND                         1996                $ 675,784     $ 0           $ 596,553   
                                   1995                 1,311,538     0             0          
                                   1994                 305,758       0             0          
 
JAPAN SMALL COMPANIES FUND         1996                $ 278,610     $ 144,816     $ 80,585    
                                   1995                 0             0             0          
                                   1994                 0             0             0          
 
LATIN AMERICA FUND                 1996                $ 0           $ 0           $ 0         
                                   1995                 0             0             0          
                                   1994                 0             0             0          
 
NORDIC FUND                        1996                $ 35,579      $ 14,299      $ 0         
                                   1995                 0             0             0          
                                   1994                 0             0             0          
 
PACIFIC BASIN FUND                 1996                $ 2,317,762   $ 0           $ 0         
                                   1995                 1,550,062     0             0          
                                   1994                 2,190,484     0             0          
 
SOUTHEAST ASIA FUND                1996                $ 2,773,021   $ 0           $ 0         
                                   1995                 2,541,446     0             0          
                                   1994                 2,844,499     0             0          
 
UNITED KINGDOM FUND                1996                $ 7,749       $ 3,597       $ 0         
                                   1995                 0             0             0          
                                   1994                 0             0             0          
 
</TABLE>
 
   THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"DESCRIPTION OF THE TRUST" SECTION ON PAGE 72:    
       VOTING RIGHTS.    Each fund's capital consists of shares of
beneficial interest. As a shareholder, you receive one vote for each
dollar value of net asset value you own. The shares have no preemptive
or conversion rights; the voting and dividend rights, the right of
redemption, and the privilege of exchange are described in the
Prospectus. Shares are fully paid and nonassessable, except as set
forth under the heading "Shareholder and Trustee Liability" above.
Shareholders representing 10% or more of the trust or a fund may, as
set forth in the Declaration of Trust, call meetings of the trust or a
fund for any purpose related to the trust or fund, as the case may be,
including, in the case of a meeting of the entire trust, the purpose
of voting on removal of one or more Trustees. The trust or any fund
may be terminated upon the sale of its assets to another open-end
management investment company, or upon liquidation and distribution of
its assets, if approved by vote of the holders of a majority of the
trust or the fund, as determined by the current value of each
shareholder's investment in the fund or trust. If not so terminated,
the trust and the funds will continue indefinitely. Each fund may
invest all of its assets in another investment company.