SUPPLEMENT TO FIDELITY'S TARGETED
INTERNATIONAL EQUITY FUNDS DECEMBER 30, 1996 PROSPECTUS
The following information replaces similar information found in the
second paragraph under "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 similar information found in the second
paragraph under "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 similar information found in the second
paragraph under "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 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.
