SUPPLEMENT TO FIDELITY'S TARGETED INTERNATIONAL EQUITY FUNDS
DECEMBER 30, 1998 PROSPECTUS
The following information replaces similar information for Nordic Fund
found in the "Investment Details" section on page P-23:
Because the fund is considered non-diversified, FMR may invest a
significant percentage of the fund's assets in a single issuer. For
example, as of December 31, 1998, approximately 21% of the fund's
assets was invested in Nokia Corporation. At that date, Nokia
represented approximately 17% of the total capitalization of the
Nordic market, as represented by the FT-Actuaries World Nordic Index.
The following information replaces similar information found in the
"Investment Details" section on page P-24:
PRINCIPAL INVESTMENT RISKS
Many factors affect each fund's performance. A fund's share price
changes daily based on changes in market conditions and interest rates
and in response to other economic, political or financial
developments. A fund's reaction to these developments will be affected
by the types of the securities in which the fund invests, the
financial condition, industry and economic sector, and geographic
location of an issuer, and the fund's level of investment in the
securities of that issuer. Because FMR concentrates each fund's
investments in a particular country or group of countries, each fund's
performance is expected to be closely tied to economic and political
conditions within that country or group of countries and to be more
volatile than the performance of more geographically diversified
funds. When you sell your shares of a fund, they could be worth more
or less than what you paid for them.
The following factors may significantly affect a fund's
performance:
STOCK MARKET VOLATILITY. The value of equity securities
fluctuates in response to issuer, political, market and economic
developments. In the short term, equity prices can fluctuate
dramatically in response to these developments. Different parts of the
market and different types of equity securities can react differently
to these developments. For example, large cap stocks can react
differently than small cap stocks, and "growth" stocks can react
differently than "value" stocks. Issuer, political or economic
developments can affect a single issuer, issuers within an industry or
economic sector or geographic region, or the market as a whole.
The following information replaces similar information found in the
"Investment Details" section on page P-25:
The NORDIC economies are dependent on the export of natural resources
and natural resource products. Efforts to comply with the EMU
restrictions by Finland, Denmark and Sweden have resulted in reduced
government spending and higher unemployment. Norway has elected not to
join the EU and the EMU and, as a result, has more flexibility to
pursue different fiscal and economic goals. In addition a small number
of companies and industries represent a large portion of the market in
each of Denmark, Finland, Norway and Sweden.
The following information replaces similar information found in the
"Investment Details" section on page P-26:
ISSUER-SPECIFIC CHANGES. Changes in the financial condition
of an issuer, changes in specific economic or political conditions
that affect a particular type of security or issuer, and changes in
general economic or political conditions can affect the value of an
issuer's securities.
The following information replaces similar information found in the
"Account Features and Policies" section on page P-33:
To reduce expenses, only one copy of most financial reports and
prospectuses will be mailed to your household, even if you have more
than one account in a fund. Call Fidelity at 1-800-544-8544 if you
need additional copies of financial reports or prospectuses.
