SUPPLEMENT TO THE
FIDELITY'S TARGETED
INTERNATIONAL EQUITY
FUNDS PROSPECTUS
DATED DECEMBER 30, 1995
The following information replaces the similar information found in the
"Charter" section beginning on page P-21:
Alexandra Edzard is manager of Germany Fund, which she has managed since
September 1996. Ms. Edzard joined Fidelity Investments Limited as an
analyst in 1994. Previously, she was an investment officer for Deutsche
Bank AG in London, from 1991 to 1994.
Shigeki Makino is vice president and manager of Japan Fund and Pacific
Basin Fund, which he has managed since October 1994 and May 1996,
respectively. Previously, he was an analyst. Mr. Makino joined Fidelity in
1990.
Thomas Sweeney is vice president and manager of Canada Fund, which he has
managed since March 1996. Previously, he managed Capital Appreciation and
Select Paper and Forest Products. Mr. Sweeney joined Fidelity in 1985.
(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 Kent, 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 Hong Kong and China Fund, Japan Fund, Japan
Small Companies Fund, and Southeast Asia Fund. Currently, FIJ exercises
discretionary management authority over Japan Small Companies Fund.
The following information supplements the section entitled "Securities and
Investment Practices" beginning on page P-25:
CASH MANAGEMENT. A fund may invest in money market securities, in a pooled
account of repurchase agreements, and in a money market fund available only
to funds and accounts managed by FMR or its affiliates, whose goal is to
seek a high level of current income while maintaining a stable $1.00 share
price. A major change in interest rates or a default on the money market
fund's investments could cause its share price to change.
The following information replaces the similar information found in the
"Sales Charge Reductions and Waivers" section on page P-38:
2. To shares in a Fidelity account purchased with the proceeds of a
distribution from an employee benefit plan, provided that at the time of
the distribution, the employer or its affiliate maintained a plan that both
qualified for waiver (1) above and had at least some of its assets invested
in Fidelity-managed products. (Distributions transferred to an IRA account
must be transferred within 60 days from the date of the distribution. All
other distributions must be transferred directly into a Fidelity account.)
FINANCIAL HIGHLIGHTS
The following information supplements the information set forth in the
Prospectus. The tables report selected data of Fidelity France Fund,
Fidelity Germany Fund, Fidelity Hong Kong and China Fund, Fidelity Japan
Small Companies Fund, Fidelity Nordic Fund, and Fidelity United Kingdom
Fund for a share outstanding throughout the periods November 1, 1995
(commencement of operations) to April 30, 1996 (Unaudited):
FRANCE
<TABLE>
<CAPTION>
<S> <C>
NOVEMBER 1, 1995
(COMMENCEMENT
OF OPERATIONS) TO
APRIL 30, 1996
(UNAUDITED)
SELECTED PER-SHARE DATA $ 10.00
Net asset value, beginning of period
Income from Investment Operations
Net investment income (loss) (.01) F
Net realized and unrealized gain (loss) 1.72
Total from investment operations 1.71
Less Distributions (.04)
From net investment income
Redemption fees added to paid in capital .04
Net asset value, end of period $ 11.71
TOTAL RETURN B, C 17.56%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 7,396
Ratio of expenses to average net assets 2.00% A, D
Ratio of net investment income (loss) to average net
assets (.16)% A
Portfolio turnover rate 42% A
Average commission rate E $ .1879
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 7 OF NOTES TO
FINANCIAL STATEMENTS).
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING
THE PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO
WOULD HAVE BEEN HIGHER.
E A FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER
SHARE FOR SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS
AMOUNT MAY VARY
FROM PERIOD TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF
TRADES EXECUTED IN VARIOUS MARKETS WHERE TRADING PRACTICES AND
COMMISSION RATE STRUCTURES
MAY DIFFER.
F NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
GERMANY
NOVEMBER 1, 1995
(COMMENCEMENT
OF OPERATIONS) TO
APRIL 30, 1996
(UNAUDITED)
SELECTED PER-SHARE DATA (UNAUDITED)
Net asset value, beginning of period $ 10.00
Income from Investment Operations
Net investment income (loss) (.03)
Net realized and unrealized gain (loss) .52
Total from investment operations .49
Redemption fees added to paid in capital .02
Net asset value, end of period $ 10.51
TOTAL RETURN B, C 5.10%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 6,187
Ratio of expenses to average net assets 2.00% A, D
Ratio of net investment income (loss) to average net assets (.77)% A
Portfolio turnover rate 74% A
Average commission rate E $ .2294
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES
NOT BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 7 OF NOTES
TO FINANCIAL STATEMENTS).
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND
FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING
THE PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO
WOULD HAVE BEEN HIGHER.
E A FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER
SHARE FOR SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS
AMOUNT MAY VARY FROM PERIOD
TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED
IN VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE
STRUCTURES MAY DIFFER.
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
HONG KONG AND CHINA
NOVEMBER 1, 1995
(COMMENCEMENT
OF OPERATIONS) TO
APRIL 30, 1996
(UNAUDITED)
SELECTED PER-SHARE DATA $ 10.00
Net asset value, beginning of period
Income from Investment Operations
Net investment income .17 F
Net realized and unrealized gain (loss) .93
Total from investment operations 1.10
Less Distributions (.01)
From net investment income
Redemption fees added to paid in capital .05
Net asset value, end of period $ 11.14
TOTAL RETURN B, C 11.51%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 75,261
Ratio of expenses to average net assets 2.00% A,
D
Ratio of net investment income to average net assets 3.10% A
Portfolio turnover rate 96% A
Average commission rate E $ .0066
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 7 OF NOTES TO
FINANCIAL STATEMENTS).
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING
THE PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO
WOULD HAVE BEEN HIGHER.
E A FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER
SHARE FOR SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS
AMOUNT MAY VARY FROM
PERIOD TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES
EXECUTED IN VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION
RATE STRUCTURES MAY
DIFFER.
F NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
JAPAN SMALL COMPANIES
NOVEMBER 1, 1995
(COMMENCEMENT
OF OPERATIONS) TO
APRIL 30, 1996
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 10.00
Income from Investment Operations
Net investment income .01 E
Net realized and unrealized gain (loss) 1.34
Total from investment operations 1.35
Redemption fees added to paid in capital .02
Net asset value, end of period $ 11.37
TOTAL RETURN B, C 13.70%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 149,051
Ratio of expenses to average net assets 1.38% A
Ratio of net investment income to average net assets .11% A
Portfolio turnover rate 51% A
Average commission rate D $ .0576
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 7 OF NOTES TO
FINANCIAL STATEMENTS).
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D A FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER
SHARE FOR SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS
AMOUNT MAY VARY
FROM PERIOD TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF
TRADES EXECUTED IN VARIOUS MARKETS WHERE TRADING PRACTICES AND
COMMISSION RATE STRUCTURES
MAY DIFFER.
E NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
NORDIC
NOVEMBER 1, 1995
(COMMENCEMENT
OF OPERATIONS) TO
APRIL 30, 1996
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 10.00
Income from Investment Operations
Net investment income .09
Net realized and unrealized gain (loss) .70
Total from investment operations .79
Redemption fees added to paid in capital .01
Net asset value, end of period $ 10.80
TOTAL RETURN B, C 8.00%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 7,908
Ratio of expenses to average net assets 2.00% A,
D
Ratio of net investment income to average net assets 2.85% A
Portfolio turnover rate 75% A
Average commission rate E $ .0514
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 7 OF NOTES TO
FINANCIAL STATEMENTS).
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING
THE PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO
WOULD HAVE BEEN HIGHER.
E A FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER
SHARE FOR SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS
AMOUNT MAY VARY FROM PERIOD
TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED
IN VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE
STRUCTURES MAY DIFFER.
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
UNITED KINGDOM
NOVEMBER 1, 1995
(COMMENCEMENT
OF OPERATIONS) TO
APRIL 30, 1996
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 10.00
Income from Investment Operations
Net investment income .10
Net realized and unrealized gain (loss) .63
Total from investment operations .73
Less Distributions (.04)
From net investment income
Redemption fees added to paid in capital -
Net asset value, end of period $ 10.69
TOTAL RETURN B, C 7.33%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 2,199
Ratio of expenses to average net assets 2.00% A,
D
Ratio of net investment income to average net assets 2.23% A
Portfolio turnover rate 30% A
Average commission rate E $ .0082
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN (SEE NOTE 7 OF NOTES TO FINANCIAL
STATEMENTS).
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING
THE PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO
WOULD HAVE BEEN HIGHER.
E A FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER
SHARE FOR SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS
AMOUNT MAY VARY FROM PERIOD
TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED
IN VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE
STRUCTURES MAY DIFFER.
</TABLE>
