Form 497 FIDELITY INVESTMENT TRUS
Supplement to the
Fidelity® Canada Fund, Fidelity® China Region Fund, Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity® Emerging Markets Discovery Fund, Fidelity® Europe Fund, Fidelity® International Discovery Fund, Fidelity® International Growth Fund, Fidelity® International Small Cap Fund, Fidelity® International Small Cap Opportunities Fund, Fidelity® International Value Fund, Fidelity® Japan Fund, Fidelity® Latin America Fund, Fidelity® Total Emerging Markets Fund, Fidelity® Total International Equity Fund and Fidelity® Worldwide Fund
Class A, Class M, Class C, Class I and Class Z
December 30, 2017
STATEMENT OF ADDITIONAL INFORMATION
Effective June 8, 2018, Stephen Lieu and Ivan Xie have been named co-lead portfolio managers for Fidelity® China Region Fund with Bobby Bao serving as co-manager of the fund. It is expected that Mr. Bao will leave the firm effective as of the close of business on June 30, 2018. At that time, Mr. Lieu and Mr. Xie will remain as co-managers of Fidelity® China Region Fund.
The following information supplements information for Fidelity® China Region Fund found in the Management Contracts section.
Stephen Lieu and Ivan Xie are research analysts and are co-managers of Fidelity® China Region Fund and each receives compensation for his services as a research analyst and as a portfolio manager under a single compensation plan. As of April 30, 2018, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of each portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.
Each portfolio managers base salary is determined primarily by level of experience and skills, and performance as a research analyst and fund manager at FMR or its affiliates. A portion of each portfolio manager's bonus relates to his performance as a research analyst and is based on the Director of Research's assessment of the research analyst's performance and may include factors such as portfolio manager survey-based assessments, which relate to analytical work and investment results within the relevant sector(s) and impact on other equity funds and accounts as a research analyst, and the research analyst's contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index (which may be a customized industry benchmark index developed by FMR) and within a defined peer group assigned to each fund or account, (ii) the pre-tax investment performance of the research analyst's recommendations measured against a benchmark index corresponding to the research analyst's assignment universe and against a broadly diversified equity index, and (iii) the investment performance of other FMR equity funds and accounts. The pre-tax investment performance of each portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Research's assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. The portion of each portfolio manager's bonus that is linked to the investment performance of Fidelity® China Region Fund is based on the funds pre-tax investment performance measured against the MSCI Golden Dragon Index. Each portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.
A portfolio managers compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, a portfolio managers compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. A portfolio managers base pay and bonus opportunity tend to increase with the portfolio managers level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In addition, the funds trade allocation policies and procedures may give rise to conflicts of interest if the funds orders do not get fully executed due to being aggregated with those of other accounts managed by FMR. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a funds Code of Ethics. Furthermore, the potential exists that the portfolio managers responsibilities as a portfolio manager of a fund may not be entirely consistent with his responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.
The following table provides information relating to other accounts managed by Mr. Lieu as of April 30, 2018:
| Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
| Number of Accounts Managed | 1 | none | none |
| Number of Accounts Managed with Performance-Based Advisory Fees | none | none | none |
| Assets Managed (in millions) | $1,491 | none | none |
| Assets Managed with Performance-Based Advisory Fees (in millions) | none | none | none |
* Includes Fidelity® China Region Fund ($1,491 (in millions) assets managed).
As of April 30, 2018, the dollar range of shares of Fidelity® China Region Fund beneficially owned by Mr. Lieu was none.
The following table provides information relating to other accounts managed by Mr. Xie as of April 30, 2018:
| Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
| Number of Accounts Managed | 1 | none | none |
| Number of Accounts Managed with Performance-Based Advisory Fees | none | none | none |
| Assets Managed (in millions) | $1,491 | none | none |
| Assets Managed with Performance-Based Advisory Fees (in millions) | none | none | none |
* Includes Fidelity® China Region Fund ($1,491 (in millions) assets managed).
As of April 30, 2018, the dollar range of shares of Fidelity® China Region Fund beneficially owned by Mr. Xie was none.
| ACOM10AB-18-01 1.893757.125 | June 21, 2018 |
Supplement to the
Fidelity® Canada Fund, Fidelity® China Region Fund, Fidelity® Europe Fund, Fidelity® Japan Fund, Fidelity® Japan Smaller Companies Fund, Fidelity® Nordic Fund and Fidelity® Pacific Basin Fund
December 30, 2017
STATEMENT OF ADDITIONAL INFORMATION
Effective June 8, 2018, Stephen Lieu and Ivan Xie have been named co-lead portfolio managers for Fidelity® China Region Fund with Bobby Bao serving as co-manager of the fund. It is expected that Mr. Bao will leave the firm effective as of the close of business on June 30, 2018. At that time, Mr. Lieu and Mr. Xie will remain as co-managers of Fidelity® China Region Fund.
The following information supplements information for Fidelity® China Region Fund found in the Management Contracts section.
Stephen Lieu and Ivan Xie are research analysts and are co-managers of Fidelity® China Region Fund and each receives compensation for his services as a research analyst and as a portfolio manager under a single compensation plan. As of April 30, 2018, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of each portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.
Each portfolio managers base salary is determined primarily by level of experience and skills, and performance as a research analyst and fund manager at FMR or its affiliates. A portion of each portfolio manager's bonus relates to his performance as a research analyst and is based on the Director of Research's assessment of the research analyst's performance and may include factors such as portfolio manager survey-based assessments, which relate to analytical work and investment results within the relevant sector(s) and impact on other equity funds and accounts as a research analyst, and the research analyst's contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index (which may be a customized industry benchmark index developed by FMR) and within a defined peer group assigned to each fund or account, (ii) the pre-tax investment performance of the research analyst's recommendations measured against a benchmark index corresponding to the research analyst's assignment universe and against a broadly diversified equity index, and (iii) the investment performance of other FMR equity funds and accounts. The pre-tax investment performance of each portfolio manager's fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Research's assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with the portfolio manager's tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. The portion of each portfolio manager's bonus that is linked to the investment performance of Fidelity® China Region Fund is based on the funds pre-tax investment performance measured against the MSCI Golden Dragon Index. Each portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.
A portfolio managers compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, a portfolio managers compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. A portfolio managers base pay and bonus opportunity tend to increase with the portfolio managers level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In addition, the funds trade allocation policies and procedures may give rise to conflicts of interest if the funds orders do not get fully executed due to being aggregated with those of other accounts managed by FMR. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a funds Code of Ethics. Furthermore, the potential exists that the portfolio managers responsibilities as a portfolio manager of a fund may not be entirely consistent with his responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.
The following table provides information relating to other accounts managed by Mr. Lieu as of April 30, 2018:
| Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
| Number of Accounts Managed | 1 | none | none |
| Number of Accounts Managed with Performance-Based Advisory Fees | none | none | none |
| Assets Managed (in millions) | $1,491 | none | none |
| Assets Managed with Performance-Based Advisory Fees (in millions) | none | none | none |
* Includes Fidelity® China Region Fund ($1,491 (in millions) assets managed).
As of April 30, 2018, the dollar range of shares of Fidelity® China Region Fund beneficially owned by Mr. Lieu was none.
The following table provides information relating to other accounts managed by Mr. Xie as of April 30, 2018:
| Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts |
|
| Number of Accounts Managed | 1 | none | none |
| Number of Accounts Managed with Performance-Based Advisory Fees | none | none | none |
| Assets Managed (in millions) | $1,491 | none | none |
| Assets Managed with Performance-Based Advisory Fees (in millions) | none | none | none |
* Includes Fidelity® China Region Fund ($1,491 (in millions) assets managed).
As of April 30, 2018, the dollar range of shares of Fidelity® China Region Fund beneficially owned by Mr. Xie was none.
| TIFB-18-01 1.467593.158 | June 21, 2018 |
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