FIDELITY INVESTMENT TRUST, 497, 2000-06-30

FIDELITY INVESTMENT TRUST
497, 2000-06-30

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SUPPLEMENT TO
FIDELITY'S BROADLY DIVERSIFIED INTERNATIONAL EQUITY FUNDS
DECEMBER 29, 1999 PROSPECTUS

FIDELITY INTERNATIONAL VALUE FUND HAS BEEN RENAMED FIDELITY AGGRESSIVE
INTERNATIONAL FUND. ALL REFERENCES TO INTERNATIONAL VALUE FUND
THROUGHOUT THIS PROSPECTUS SHOULD BE REPLACED WITH AGGRESSIVE
INTERNATIONAL FUND.

On February 17, 2000, the funds' Board of Trustees authorized the
adoption of a redemption fee of 1.00% of the amount redeemed on shares
held less than 30 days that are redeemed after May 31, 2000.

The following information replaces the first three bullets, found
under the heading "Principal Investment Strategies" for International
Value Fund in the "Investment Summary" section on page P-4.

(small solid bullet) Normally investing at least 65% of total assets
in foreign securities, including securities of issuers located in
emerging markets.

(small solid bullet) Normally investing primarily in common stocks.

The following information replaces the similar information found under
the heading "Principal Investment Risks" for International Value Fund
in the "Investment Summary" section on page P-4.

(small solid bullet) FOREIGN EXPOSURE. Foreign markets, particularly
emerging markets, can be more volatile than the U.S. market due to
increased risks of adverse issuer, political, regulatory, market or
economic developments and can perform differently from the U.S.
market. Emerging markets can be subject to greater social, economic,
regulatory and political uncertainties and can be extremely volatile.

The following information found under the heading "Principal
Investment Risks" for International Value Fund in the "Investment
Summary" section on page P-4 has been removed.

(small solid bullet) "VALUE" INVESTING. "Value" stocks can perform
differently from the market as a whole and other types of stocks and
can continue to be undervalued by the market for long periods of time.

The following information replaces the similar information found in
the "Performance" section on page P-5.

The following information illustrates the changes in each fund's
performance from year to year and compares each fund's performance to
the performance of a market index and an average of the performance of
similar funds over various periods of time. Global Balanced also
compares its performance to the performance of an additional index
over various periods of time. Prior to February 11, 2000, Aggressive
International Fund operated under certain different investment
policies. Accordingly, the fund's historical performance may not
represent its current investment policies. Returns are based on past
results and are not an indication of future performance.

The following information replaces similar information found in the
"Fee Table" section on page P-9.

SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)

Sales charge (load) on None
purchases and reinvested
distributions

Deferred sales charge (load) None
on redemptions

Redemption fee on shares held 1.00%
less than 30 days that are
redeemed after May 31, 2000
(as a % of amount redeemed)

Annual account maintenance $12.00
fee (for accounts under
$2,500)

The following information replaces the first two paragraphs found
under the heading "Principal Investment Strategies" for International
Value Fund in the "Investment Details" section on page P-11.

FMR normally invests at least 65% of the fund's total assets in
foreign securities, including securities of issuers located in
emerging markets. FMR normally invests the fund's assets primarily in
common stocks.

The following information found under the heading "Principal
Investment Risks" in the "Investment Details" section on page P-12 has
been removed.

"VALUE" INVESTING. "Value" stocks can react differently to issuer,
political, market and economic developments than the market as a whole
and other types of stocks. "Value" stocks tend to be inexpensive
relative to their earnings or assets compared to other types of
stocks. However, "value" stocks can continue to be inexpensive for
long periods of time and may not ever realize their full value.

The following information replaces the first two paragraphs found
under the heading "Selling Shares" in the "Buying and Selling Selling
Shares" section on page P-17.

The price to sell one share of each fund is the fund's NAV, minus the
redemption fee (short-term trading fee), if applicable.

Each fund will deduct a short-term trading fee of 1.00% from the
redemption amount if you sell your shares after holding them less than
30 days. This fee is paid to the fund rather than Fidelity, and is
designed to offset the brokerage commissions, market impact, and other
costs associated with fluctuations in fund asset levels and cash flow
caused by short-term shareholder trading.

If you bought shares on different days, the shares you held longest
will be redeemed first for purposes of determining whether the
short-term trading fee applies. The short-term trading fee does not
apply to shares that were acquired through reinvestment of
distributions.

Your shares will be sold at the next NAV calculated after your order
is received in proper form, minus the short-term trading fee, if
applicable.

The following information replaces similar information found in the
"Account Features and Policies" section on page P-20.

If your ACCOUNT BALANCE falls below $2,000 (except accounts not
subject to account minimums), you will be given 30 days' notice to
reestablish the minimum balance. If you do not increase your balance,
Fidelity may close your account and send the proceeds to you. Your
shares will be sold at the NAV, minus the short-term trading fee, if
applicable, on the day your account is closed.

The following information supplements the information found under the
heading "Fund Management" in the "Fund Services" section on page P-22.

Douglas Chase is manager of the U.S. equity portion of Worldwide,
which he has managed since September 1999. Previously, he managed
other Fidelity funds. Mr. Chase joined Fidelity as an equity analyst
in 1993 after receiving his MBA from the University of Michigan.

The following information replaces similar information found under
the heading "Fund Management" in the "Fund Services"section beginning
on page P-22.

FMR pays FMR U.K., FMR Far East and FIIA for providing sub-advisory
services, and FIIA in turn pays FIIA(U.K.)L. FIIA or FMR Far East in
turn pays FIJ for providing sub-advisory services.

SUPPLEMENT TO FIDELITY'S BROADLY DIVERSIFIED INTERNATIONAL EQUITY
FUNDS
FIDELITY GLOBAL BALANCED FUND, FIDELITY INTERNATIONAL GROWTH & INCOME
FUND, FIDELITY DIVERSIFIED INTERNATIONAL FUND, FIDELITY AGGRESSIVE
INTERNATIONAL FUND, FIDELITY OVERSEAS FUND AND FIDELITY WORLDWIDE FUND
FUNDS OF FIDELITY INVESTMENT TRUST
DECEMBER 29, 1999
STATEMENT OF ADDITIONAL INFORMATION

FIDELITY INTERNATIONAL VALUE FUND HAS BEEN RENAMED FIDELITY AGGRESSIVE
INTERNATIONAL FUND. ALL REFERENCES TO INTERNATIONAL VALUE FUND
THROUGHOUT THIS SAI SHOULD BE REPLACED WITH AGGRESSIVE INTERNATIONAL
FUND.

On February 17, 2000, the funds' Board of Trustees authorized the
adoption of a redemption fee of 1.00% of the amount redeemed on shares
held less than 30 days that are redeemed after May 31, 2000.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
SUBHEADING "INVESTMENT LIMITATIONS OF INTERNATIONAL VALUE FUND" IN THE
"INVESTMENT POLICIES AND LIMITATIONS"SECTION ON PAGE 6.

For purposes of normally investing at least 65% of the fund's total
assets in foreign securities, including securities of issuers located
in emerging markets, FMR interprets "total assets" to exclude
collateral received for securities lending transactions.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "RETURN CALCULATIONS" IN THE "PERFORMANCE" SECTION ON PAGE 26.

In addition to average annual returns, a fund may quote unaveraged or
cumulative returns reflecting the simple change in value of an
investment over a stated period. Average annual and cumulative returns
may be quoted as a percentage or as a dollar amount, and may be
calculated for a single investment, a series of investments, or a
series of redemptions, over any time period. Returns may be broken
down into their components of income and capital (including capital
gains and changes in share price) in order to illustrate the
relationship of these factors and their contributions to return.
Returns may be quoted on a before-tax or after-tax basis. Returns may
or may not include the effect of a fund's short-term trading fee, or
small account fee. Excluding a fund's short-term trading fee, or small
account fee from a return calculation produces a higher return figure.
Returns, yields, if applicable, and other performance information may
be quoted numerically or in a table, graph, or similar illustration.

THE FOLLOWING INFORMATION SUPPLEMENTS THE SIMILAR INFORMATION FOUND
UNDER THE HEADING "HISTORICAL FUND RESULTS" IN THE "PERFORMANCE"
SECTION ON PAGE 27.

Returns do not include the effect of the funds' 1.00% short-term
trading fee, applicable to shares held less than 30 days that are
redeemed after May 31, 2000.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "GLOBAL BALANCED" IN THE "PERFORMANCE" SECTION ON PAGE 28.

Explanatory Notes: With an initial investment of $10,000 in Global
Balanced on February 1, 1993, the net amount invested in fund shares
was $10,000. The cost of the initial investment ($10,000) together
with the aggregate cost of reinvested dividends and capital gain
distributions for the period covered (their cash value at the time
they were reinvested) amounted to $12,134. If distributions had not
been reinvested, the amount of distributions earned from the fund over
time would have been smaller, and cash payments for the period would
have amounted to $1,700 for dividends and $290 for capital gain
distributions. The figures in the table do not include the effect of
the fund's 1.00% short-term trading fee, applicable to shares held
less than 30 days and redeemed after May 31, 2000.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "INTERNATIONAL GROWTH & INCOME" IN THE "PERFORMANCE" SECTION
ON PAGE 28.

Explanatory Notes: With an initial investment of $10,000 in
International Growth & Income on November 1, 1989, the net amount
invested in fund shares was $10,000. The cost of the initial
investment ($10,000) together with the aggregate cost of reinvested
dividends and capital gain distributions for the period covered (their
cash value at the time they were reinvested) amounted to $14,414. If
distributions had not been reinvested, the amount of distributions
earned from the fund over time would have been smaller, and cash
payments for the period would have amounted to $1,935 for dividends
and $1,911 for capital gain distributions. The figures in the table do
not include the effect of the fund's 2% sales charge (which was in
effect during the period January 1, 1991 through June 1, 1994). The
figures in the table do not include the effect of the fund's 1.00%
short-term trading fee, applicable to shares held less than 30 days
and redeemed after May 31, 2000.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "DIVERSIFIED INTERNATIONAL" IN THE "PERFORMANCE" SECTION ON
PAGE 29.

Explanatory Notes: With an initial investment of $10,000 in
Diversified International on December 27, 1991, the net amount
invested in fund shares was $10,000. The cost of the initial
investment ($10,000) together with the aggregate cost of reinvested
dividends and capital gain distributions for the period covered (their
cash value at the time they were reinvested) amounted to $13,405. If
distributions had not been reinvested, the amount of distributions
earned from the fund over time would have been smaller, and cash
payments for the period would have amounted to $930 for dividends and
$2,140 for capital gain distributions. The figures in the table do not
include the effect of the fund's 1.00% short-term trading fee,
applicable to shares held less than 30 days and redeemed after May 31,
2000.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "INTERNATIONAL VALUE" IN THE "PERFORMANCE" SECTION ON PAGE 29.

Explanatory Notes: With an initial investment of $10,000 in Aggressive
International on November 1, 1994, the net amount invested in fund
shares was $10,000. The cost of the initial investment ($10,000)
together with the aggregate cost of reinvested dividends and capital
gain distributions for the period covered (their cash value at the
time they were reinvested) amounted to $11,053. If distributions had
not been reinvested, the amount of distributions earned from the fund
over time would have been smaller, and cash payments for the period
would have amounted to $220 for dividends and $800 for capital gain
distributions. Prior to February 11, 2000, Aggressive International
Fund operated under certain different investment policies.
Accordingly, the fund's historical performance may not represent its
current investment policies. The figures in the table do not include
the effect of the fund's 1.00% short-term trading fee, applicable to
shares held less than 30 days and redeemed after May 31, 2000.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING"OVERSEAS" IN THE "PERFORMANCE" SECTION ON PAGE 30.

Explanatory Notes: With an initial investment of $10,000 in Overseas
on November 1, 1989, the net amount invested in fund shares was
$10,000. The cost of the initial investment ($10,000) together with
the aggregate cost of reinvested dividends and capital gain
distributions for the period covered (their cash value at the time
they were reinvested) amounted to $16,207. If distributions had not
been reinvested, the amount of distributions earned from the fund over
time would have been smaller, and cash payments for the period would
have amounted to $1,312 for dividends and $3,605 for capital gain
distributions. The figures in the table do not include the effect of
the fund's 3% sales charge, which was waived through June 30, 1995 and
eliminated as of July 1, 1995. Prior to May 1994, the fund imposed a
3% sales charge, which is no longer in effect and is not included in
the figures above. The figures in the table do not include the effect
of the fund's 1.00% short-term trading fee, applicable to shares held
less than 30 days and redeemed after May 31, 2000.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "WORLDWIDE" IN THE "PERFORMANCE" SECTION ON PAGE 30.

Explanatory Notes: With an initial investment of $10,000 in Worldwide
on May 30, 1990, the net amount invested in fund shares was $10,000.
The cost of the initial investment ($10,000) together with the
aggregate cost of reinvested dividends and capital gain distributions
for the period covered (their cash value at the time they were
reinvested) amounted to $14,483. If distributions had not been
reinvested, the amount of distributions earned from the fund over time
would have been smaller, and cash payments for the period would have
amounted to $1,140 for dividends and $2,790 for capital gain
distributions. The figures in the table do not include the effect of
the fund's 1.00% short-term trading fee, applicable to shares held
less than 30 days and redeemed after May 31, 2000.

THE FOLLOWING INFORMATION SUPPLEMENTS SIMILAR INFORMATION FOUND UNDER
THE HEADING "PERFORMANCE COMPARISONS" IN THE "PERFORMANCE" SECTION ON
PAGE 32.

Global Balanced may compare its performance to that of the Fidelity
Global Balanced Composite Index which is a hypothetical representation
of the performance of the fund's general investment categories and
uses a weighting of 60% equity and 40% bond. The following indexes are
used to calculate the Fidelity Global Balanced Composite Index: Morgan
Stanley Capital International World Index for the equity category and
the Salomon Brothers World Government Bond Index for the bond
category. The index weightings of the Fidelity Global Balanced
Composite Index are rebalanced monthly.

MORGAN STANLEY CAPITAL INTERNATIONAL WORLD INDEX is a market
capitalization-weighted index that is designed to represent the
performance of developed stock markets throughout the world. Effective
October 1, 1998, the country of Malaysia was removed from this index.
The index returns reflect the inclusion of Malaysia prior to October
1, 1998.

SALOMON BROTHERS WORLD GOVERNMENT BOND INDEX is a market
value-weighted index of debt issues traded in 14 world government bond
markets. Issues included in the Index have fixed-rate coupons and
maturities of one year or more.

THE FOLLOWING INFORMATION FROM THE "TRUSTEES AND OFFICERS" SECTION
BEGINNING ON PAGE 34 HAS BEEN REMOVED.

J. GARY BURKHEAD (58), Member of the Advisory Board (1997), is Vice
Chairman and a Member of the Board of Directors of FMR Corp. (1997)
and President of Fidelity Personal Investments and Brokerage Group
(1997). Previously, Mr. Burkhead served as President of Fidelity
Management & Research Company.

E. BRADLEY JONES (71), Trustee. Prior to his retirement in 1984, Mr.
Jones was Chairman and Chief Executive Officer of LTV Steel Company.
He is a Director of TRW Inc. (automotive, space, defense, and
information technology), CSX Corporation (freight transportation),
Birmingham Steel Corporation (producer of steel and steel products),
and RPM, Inc. (manufacturer of chemical products), and he previously
served as a Director of NACCO Industries, Inc. (mining and
manufacturing, 1985-1995), Hyster-Yale Materials Handling, Inc.
(1985-1995), and Cleveland-Cliffs Inc (mining, 1985-1997), and as a
Trustee of First Union Real Estate Investments (1986-1997). In
addition, he serves as a Trustee of the Cleveland Clinic Foundation,
where he has also been a member of the Executive Committee as well as
Chairman of the Board and President, a Trustee of University School
(Cleveland), and a Trustee of Cleveland Clinic Florida.

MATTHEW N. KARSTETTER (38), Deputy Treasurer (1998), is Deputy
Treasurer of the Fidelity funds and is an employee of FMR (1998).
Before joining FMR, Mr. Karstetter served as Vice President of
Investment Accounting and Treasurer of IDS Mutual Funds at American
Express Financial Advisors (1996-1998). Prior to 1996, Mr. Karstetter
was Vice President, Mutual Fund Services at State Street Bank & Trust
(1991-1996).

RICHARD A. SILVER (53), 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 SUPPLEMENTS THE INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 34.

J. MICHAEL COOK (57), Member of the Advisory Board (2000). Prior to
Mr. Cook's retirement in May 1999, he served as Chairman and Chief
Executive Officer of Deloitte & Touche LLP, Chairman of the Deloitte &
Touche Foundation, and a member of the Board of Deloitte Touche
Tohmatsu. He currently serves as an Executive in Residence of the
Columbia Business School and as a Director of Dow Chemical Company
(2000), HCA - The Healthcare Company (1999), and Children First
(1999). He is a member of the Executive Committee of the Securities
Regulation Institute, a member of the Advisory Board of Boardroom
Consultants, past chairman and a member of the Board of Catalyst (a
leading organization for the advancement of women in business), and a
Director of the STAR Foundation (Society to Advance the Retarded and
Handicapped). He also serves as a member of the Board and Executive
Committee and as Co-Chairman of the Audit and Finance Committee of the
Center for Strategic & International Studies, a member of the Board of
Overseers of the Columbia Business School, and a Member of the
Advisory Board of the Graduate School of Business of the University of
Florida.

MARIE L. KNOWLES (53), Member of the Advisory Board (2000).
Beginning in 1972, Ms. Knowles served in various positions with
Atlantic Richfield Company (ARCO) (diversified energy) including
Executive Vice President and Chief Financial Officer (1996-2000);
Director (1996-1998); and Senior Vice President (1993-1996). In
addition, Ms. Knowles served as President of ARCO Transportation
Company (1993-1996). She currently serves as a Director of Phelps
Dodge Corporation (copper mining and manufacturing), URS Corporation
(multidisciplinary engineering, 1999), and America West Holdings
Corporation (aviation and travel services, 1999). Ms. Knowles also
serves as a member of the National Board of the Smithsonian
Institution and she is a trustee of the Brookings Institution.

MARIA F. DWYER (41), Deputy Treasurer (2000), is Deputy Treasurer of
the Fidelity funds and is a Vice President (1999) and an employee
(1996) of FMR. Prior to joining Fidelity, Ms. Dwyer served as Director
of Compliance for MFS Investment Management.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 34.

NED C. LAUTENBACH (55), Trustee (2000), has been a partner of Clayton,
Dubilier & Rice, Inc. (private equity investment firm) since September
1998. Mr. Lautenbach was Senior Vice President of IBM Corporation from
1992 until his retirement in July 1998. From 1993 to 1995 he was
Chairman of IBM World Trade Corporation. He also was a member of IBM's
Corporate Executive Committee from 1994 to July 1998. He is a Director
of PPG Industries Inc. (glass, coating and chemical manufacturer),
Dynatech Corporation (global communications equipment), Eaton
Corporation (global manufacturer of highly engineered products) and
ChoicePoint Inc. (data identification, retrieval, storage, and
analysis).

ROBERT A. DWIGHT (41),Treasurer (2000), is Treasurer of the Fidelity
funds and is an employee of FMR. Prior to becoming Treasurer of the
Fidelity funds, he served as President of Fidelity Accounting and
Custody Services (FACS). Before joining Fidelity, Mr. Dwight was
Senior Vice President of fund accounting operations for The Boston
Company.

THE FOLLOWING INFORMATION REPLACES THE COMPENSATION TABLE FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION ON PAGE 37.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
COMPENSATION TABLE

AGGREGATE COMPENSATION
FROM A Edward C. Johnson 3d** Abigail P. Johnson ** Ralph F. Cox Phyllis Burke Davis Robert M. Gates
FUND

Global BalancedB $ 0 $ 0 $ 29 $ 28 $ 29

International Growth & IncomeB $ 0 $ 0 $ 260 $ 249 $ 258

Diversified InternationalB $ 0 $ 0 $ 725 $ 697 $ 721

Aggressive InternationalB $ 0 $ 0 $ 128 $ 123 $ 127

OverseasB,C,D $ 0 $ 0 $ 1,151 $ 1,104 $ 1,142

WorldwideB $ 0 $ 0 $ 286 $ 275 $ 284

TOTAL COMPENSATION FROM THE $ 0 $ 0 $ 223,500 $ 220,500 $ 223,500
FUND COMPLEX*,A

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
COMPENSATION TABLE

AGGREGATE COMPENSATION
FROM A E. Bradley Jones **** Donald J. Kirk Ned C. Lautenbach*** Peter S. Lynch ** William O. McCoy
FUND

Global BalancedB $ 29 $ 28 $ 2 $ 0 $ 29

International Growth & IncomeB $ 258 $ 256 $ 23 $ 0 $ 258

Diversified InternationalB $ 721 $ 716 $ 76 $ 0 $ 721

Aggressive InternationalB $ 127 $ 126 $ 11 $ 0 $ 127

OverseasB,C,D $ 1,142 $ 1,134 $ 99 $ 0 $ 1,142

WorldwideB $ 284 $ 282 $ 22 $ 0 $ 284

TOTAL COMPENSATION FROM THE $ 222,000 $ 226,500 $ 0 $ 0 $ 223,500
FUND COMPLEX*,A

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
COMPENSATION TABLE

AGGREGATE COMPENSATION FROM A Gerald C. McDonough Marvin L. Mann Robert C. Pozen** Thomas R. Williams
FUND

Global BalancedB $ 35 $ 29 $ 0 $ 28

International Growth & IncomeB $ 319 $ 258 $ 0 $ 253

Diversified InternationalB $ 893 $ 721 $ 0 $ 706

Aggressive InternationalB $ 157 $ 127 $ 0 $ 125

OverseasB,C,D $ 1,413 $ 1,142 $ 0 $ 1,119

WorldwideB $ 351 $ 284 $ 0 $ 279

TOTAL COMPENSATION FROM THE $ 273,500 $ 220,500 $ 0 $ 223,500
FUND COMPLEX*,A

</TABLE>

* Information is for the calendar year ended December 31, 1998 for 237
funds in the complex.

** Interested Trustees of the funds, and Ms. Johnson are compensated
by FMR.

*** During the period from October 14, 1999 through December 31, 1999,
Mr. Lautenbach served as a Member of the Advisory Board. Effective
January 1, 2000, Mr. Lautenbach serves as a Member of the Board of
Trustees.

**** Mr. Jones served on the Board of Trustees through December 31,
1999.

A Compensation figures include cash, amounts required to be deferred,
and may include amounts deferred at the election of Trustees. For the
calendar year ended December 31, 1998, the Trustees accrued required
deferred compensation from the funds as follows: Ralph F. Cox,
$75,000; Phyllis Burke Davis, $75,000; Robert M. Gates, $75,000; E.
Bradley Jones, $75,000; Donald J. Kirk, $75,000; William O. McCoy,
$75,000; Gerald C. McDonough, $87,500; Marvin L. Mann, $75,000; and
Thomas R. Williams, $75,000. Certain of the non-interested Trustees
elected voluntarily to defer a portion of their compensation as
follows: Ralph F. Cox, $55,039; Marvin L. Mann, $55,039; Thomas R.
Williams, $63,433; and William O. McCoy, $55,039.

B Compensation figures include cash, and may include amounts required
to be deferred and amounts deferred at the election of Trustees.

C The following amounts are required to be deferred by each
non-interested Trustee: Ralph F. Cox, $532; Phyllis Burke Davis, $532;
Robert M. Gates, $532; E. Bradley Jones, $532; Donald J. Kirk, $532;
William O. McCoy, $532; Gerald C. McDonough, $621; Marvin L. Mann,
$532; and Thomas R. Williams, $532.

D Certain of the non-interested Trustees' aggregate compensation from
a fund includes accrued voluntary deferred compensation as follows:
Ralph F. Cox, $445, Overseas Fund; Marvin L. Mann, $77, Overseas Fund;
William O. McCoy, $445, Overseas Fund; and Thomas R. Williams, $445,
Overseas Fund.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 41.

SUB-ADVISERS. On behalf of each fund, FMR has entered into
sub-advisory agreements with F MR U.K., FMR Far East, and FIIA.
FIIA, in turn, has entered into a sub-advisory agreement with FIIA
(U.K.)L and FIJ. Pursuant to the sub-advisory agreements, FMR may
receive from the sub-advisers investment research and advice on
issuers outside the United States and FMR may 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 REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 41.

For providing non-discretionary investment advice and research
services the sub-advisers are compensated as follows:

(small solid bullet) FMR pays FMR U.K. and FMR Far East fees equal
to 110% and 105%, respectively, of FMR U.K.'s and FMR Far East's costs
incurred in connection with providing investment advice and research
services.

(small solid bullet) FMR pays FIIA a fee equal to 30% of FMR's
monthly management fee with respect to the average net assets held by
the fund for which the sub-adviser has provided FMR with investment
advice and research services.

(small solid bullet) FIIA pays FIIA(U.K.)L a fee equal to 110% of
FIIA(U.K.)L's costs incurred in connection with providing investment
advice and research services.

(small solid bullet) FIIA pays FIJ a fee equal to 105% of FIJ's
costs incurred in connection with providing investment advice and
research services.

(small solid bullet) FMR Far East pays FIJ a fee equal to 100% of
FIJ's costs incurred in connection with providing investment advice
and research services for a fund to FMR Far East.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 42.

For providing discretionary investment management and executing
portfolio transactions, the sub-advisers are compensated as
follows:

(small solid bullet) FMR pays FMR U.K. and FMR Far East a fee equal
to 50% of its monthly management fee (including any performance
adjustment) with respect to the fund's average net assets managed by
the sub-adviser on a discretionary basis.

(small solid bullet) FMR pays FIIA a fee equal to 57% of its
monthly management fee (including any performance adjustment) with
respect to the fund's average net assets managed by the sub-adviser on
a discretionary basis.

(small solid bullet) FIIA pays FIIA(U.K.)L a fee equal to a
percentage of the fund's monthly average net assets managed by
FIIA(U.K.)L on a discretionary basis. The fee rate is based on the
monthly average net assets managed by FIIA(U.K.)L on behalf of FIIA
pursuant to sub-advisory arrangements less any assets managed by
FIIA(U.K.)L on behalf of FIIA on which a reduction is applicable to
the sub-advisory fee paid to FIIA(U.K.)L (Average Group Assets). The
fee rate is calculated on a cumulative basis pursuant to the graduated
fee rate schedule below.

Average Group Assets Annualized Fee Rate

from $0 - $500 million 0.30%

$500 million - $1 billion 0.25%

over $1 billion 0.20%

FIIA(U.K.)L's fee will not exceed 50% of the fee that FIIA receives
from FMR for services provided on behalf of the fund.

(small solid bullet) FIIA pays FIJ a fee equal to a percentage of
the fund's monthly average net assets managed by FIJ on a
discretionary basis. The fee rate is based on the monthly average net
assets managed by FIJ on behalf of FIIA pursuant to sub-advisory
arrangements less any assets managed by FIJ on behalf of FIIA on which
a reduction is applicable to the sub-advisory fee paid to FIJ (Average
Group Assets). The fee rate is calculated on a cumulative basis
pursuant to the graduated fee rate schedule below.

Average Group Assets Annualized Fee Rate

from $0 - $200 million 0.30%

$200 million - $500 million 0.25%

over $500 million 0.20%

FIJ's fee will not exceed 50% of the fee that FIIA receives from FMR
for services provided on behalf of the fund.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"DESCRIPTION OF THE TRUST " SECTION ON PAGE 45.

AUDITOR. PricewaterhouseCoopers LLP, 160 Federal Street, Boston,
Massachusetts, serves as independent accountant for Global Balanced,
International Growth & Income, and Overseas. PricewaterhouseCoopers
LLP, 160 Federal Street, Boston, Massachusetts, served as independent
accountant for Aggressive International for the fiscal period ended
October 31, 1999. The auditor examines financial statements for the
funds and provides other audit, tax, and related services.

Deloitte & Touche LLP, 200 Berkeley Street, Boston, Massachusetts,
serves as independent accountant for Diversified International and
Worldwide. Effective January 20, 2000, Deloitte & Touche LLP, 200
Berkeley Street, Boston, Massachusetts, serves as independent
accountant for Aggressive International for the fiscal period ending
October 31, 2000. The auditor examines financial statements for the
funds and provides other audit, tax, and related services.

SUPPLEMENT TO FIDELITY'S TARGETED INTERNATIONAL EQUITY FUNDS
DECEMBER 29, 1999 PROSPECTUS

On February 17, 2000, the Board of Trustees of Fidelity Europe Fund
and Fidelity Europe Capital Appreciation Fund authorized elimination
of each fund's 3.00% front-end sales charge. Beginning March 1, 2000,
purchases of shares of the funds will not be subject to a sales
charge.

In addition, on February 17, 2000, the Board of Trustees of Fidelity
Europe Fund and Fidelity Europe Capital Appreciation Fund authorized
the reduction of each fund's redemption fee period from 90 days to 30
days. Redemptions after February 29, 2000, of shares held less than 30
days will be subject to a redemption fee of 1.00% of the amount
redeemed.

On February 17, 2000, the Board of Trustees of Fidelity Pacific Basin
Fund approved increasing the redemption fee from 1.00% to 1.50%.
Redemptions after May 31, 2000 of shares held less than 90 days will
be subject to a redemption fee of 1.50% of the amount redeemed.

The following information replaces similar information found under
the heading "Principal Investment Risks" for Canada Fund in the
"Investment Summary"section on page P-3.

(small solid bullet) GEOGRAPHIC CONCENTRATION IN CANADA. The
Canadian economy can be significantly affected by the U.S. economy and
the price of natural resources. Periodic demands by the Province of
Quebec for sovereignty could significantly affect the Canadian market.
A small number of companies and industries represent a large portion
of the Canadian market, and these companies and industries can be
sensitive to adverse political, economic, or regulatory
developments.

The following information supplements the information found under the
heading "Principal Investment Strategies" for Hong Kong and China Fund
in the "Investment Summary" section on page P-4.

(small solid bullet) Potentially investing in securities of other
Southeast Asian issuers, such as Taiwanese issuers.

The following information supplements the information found under the
heading "Principal Investment Risks" for Hong Kong and China Fund in
the "Investment Summary" section beginning on page P-4.

(small solid bullet) GEOGRAPHIC CONCENTRATION IN SOUTHEAST
ASIA. Most Southeast Asian economies are generally considered
emerging markets and are currently in recessions. International trade,
government policy, and political and social stability can
significantly affect economic growth. The markets in Southeast Asia
can be extremely volatile. A small number of companies and industries
represent a large portion of the Southeast Asian market as a whole,
and these companies and industries can be sensitive to adverse
political, economic, or regulatory developments. The Taiwanese economy
can be significantly affected by security threats from the People's
Republic of China. Currency issues and economic competition also can
significantly affect Taiwan's economic growth.

The following information replaces similar information found under
the heading "Principal Investment Risks" for Southeast Asia Fund in
the "Investment Summary" section beginning on page P-4.

The following information replaces similar information found under the
heading "Average Annual Returns" in the "Performance" section on page
P-12.

The returns in the following table include the effect of each fund's
3.00% maximum applicable front-end sales charge, which has been
eliminated effective March 1, 2000, for Europe Fund and Europe Capital
Appreciation Fund.

The following information replaces similar information found in the
"Fee Table" section on page P-13.

SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)

Maximum sales charge (load) 3.00%A
on purchases (as a % of
offering price) for Canada
Fund, Emerging Markets Fund,
Hong Kong and China Fund,
Japan Fund, Japan Smaller
Companies Fund, Latin
America Fund, Nordic Fund,
Pacific Basin Fund, and
Southeast Asia Fund only

Sales charge (load) on None
reinvested distributions

Deferred sales charge (load) None
on redemptions

Redemption fee on shares held 1.50%
less than 90 days (as a % of
amount redeemed) for Canada
Fund, Emerging Markets Fund,
Hong Kong and China Fund,
Japan Fund, Japan Smaller
Companies Fund, Latin
America Fund, Nordic Fund,
and Southeast Asia Fund only

Redemption fee on shares held 1.50%
less than 90 days that are
redeemed after May 31, 2000
(as a % of amount redeemed)
for Pacific Basin Fund only

Redemption fee on shares held 1.00%
less than 90 days that are
redeemed on or before May
31, 2000 (as a % of amount
redeemed) for Pacific Basin
Fund only

Redemption fee on shares held 1.00%
less than 30 days (as a % of
amount redeemed) for Europe
Fund and Europe Capital
Appreciation Fund only

Annual account maintenance $ 12.00
fee (for accounts under
$2,500)

A LOWER SALES CHARGES MAY BE AVAILABLE FOR ACCOUNTS OVER $250,000.

The following information replaces similar information found in the
"Fee Table" section on page P-14.

ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)

HONG KONG AND CHINA FUND Management fee 0.73%

Distribution and Service None
(12b-1) fee

Other expenses 0.61%

Total annual fund operating 1.34%
expenses

JAPAN SMALLER COMPANIES FUND Management fee 0.72%

Distribution and Service None
(12b-1) fee

Other expenses 0.35%

Total annual fund operating 1.07%
expenses

NORDIC FUND Management fee 0.73%

Distribution and Service None
(12b-1) fee

Other expenses 0.54%

Total annual fund operating 1.27%
expenses

The following information replaces similar information found in the
"Fee Table" section on page P-15.

EUROPE FUND 1 year $ 98

3 years $ 306

5 years $ 531

10 years $ 1,178

EUROPE CAPITAL APPRECIATION 1 year $ 109
FUND

3 years $ 340

5 years $ 590

10 years $ 1,306

The following information replaces the similar information found under
the heading "Principal Investment Strategies" for Hong Kong and China
Fund in the "Investment Details" section on page P-18.

FMR normally invests at least 65% of the fund's total assets in
securities of Hong Kong and Chinese issuers. Currently, FMR
anticipates that most of the fund's investments will be in Hong Kong
issuers. FMR may also invest the fund's assets in other Southeast
Asian issuers such as Taiwanese issuers. FMR normally invests the
fund's assets primarily in common stocks.

The following information supplements the information found under the
heading "Principal Investment Risks" in the "Investment Details"
section beginning on page P-20.

The TAIWANESE economy can be significantly affected by security
threats from the People's Republic of China. In addition, the
Taiwanese economy can be significantly affected by currency
fluctuations and increasing competition from Asia's low-cost emerging
economies.

The following information replaces similar information found under
the heading "Principal Investment Risks" in the "Investment Details"
section beginning on page P-20.

The HONG KONG AND CHINESE economies are dependent on the
economies of other Asian countries. The willingness and ability of the
Chinese government to support the Hong Kong and Chinese economies and
markets is uncertain. A small number of industries, including the
commercial banking industry and the cellular and communications
services industry, represent a large portion of the Hong Kong and
Chinese market as a whole. The Hong Kong and Chinese market also tends
to be relatively concentrated in certain issuers. For example, as of
June 19, 2000, China Telecom (Hong Kong) Ltd., HSBC Holdings, and
Hutchison Whampoa Ltd., accounted for approximately 25%, 22%, and 12%,
respectively, of the Hang Seng Index. The commercial banking industry
can be significantly affected by interest rate and currency
fluctuations, changes in market regulation, and political and economic
developments in the Asian region. The cellular and communications
services industry can be significantly affected by increasing
competition, rapid technological innovation, product obsolescence,
acquisitions and business alliances, and the relative instability of
markets in which a significant percentage of their products are sold.
In addition, the cellular and communications services industry is
highly regulated by the Chinese government. China has yet to develop
comprehensive securities, corporate, or commercial laws, and its
market is relatively new and undeveloped. Changes in government policy
could significantly affect the markets in both countries.

The SOUTHEAST ASIA economies are generally in recessions.
Many of their economies are characterized by high inflation,
undeveloped financial services sectors, and heavy reliance on
international trade. Currency devaluations or restrictions, political
and social instability, and general economic conditions have resulted
in significant market downturns and volatility. A small number of
industries represent a large portion of the Southeast Asian market as
a whole. The Southeast Asian market also tends to be relatively
concentrated in certain issuers. For example, as of May 31, 2000,
Samsung Electronics accounted for approximately 11% of the MSCI AC Far
East Free ex Japan Index.

CANADA. The Canadian and U.S. economies are closely
integrated. The United States is Canada's largest trading partner and
foreign investor. Canada is a major producer of forest products,
metals, agricultural products, and energy-related products, such as
oil, gas, and hydroelectricity. The Canadian economy is very dependent
on the demand, supply, and price of natural resources. A small number
of industries, including the telephone equipment industry, represent a
large portion of the Canadian market. The Canadian market also tends
to be relatively concentrated in certain issuers. For example, as of
June 15, 2000, Nortel Networks accounted for approximately 32% of the
TSE 300 Index. The telephone equipment industry can be significantly
affected by increasing competition, rapid technological innovation,
product obsolescence, acquisitions and business alliances, and the
relative instability of markets in which a significant percentage of
their of their products are sold. Periodic demands by the Province of
Quebec for sovereignty could significantly affect the Canadian
market.

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. A small
number of industries, including the television and radio
communications equipment industry, represent a large portion of the
Nordic market as a whole. The Nordic market also tends to be
relatively concentrated in certain issuers. For example, as of June
19, 2000, Nokia Corporation and Ericsson (LM) Telephone Co. accounted
for approximately 36% and 21%, respectively, of the FT/S&P-Actuaries
World Nordic Index. The television and radio communications equipment
industry can be significantly affected by increasing competition,
rapid technological innovation, product obsolescence, acquisitions and
business alliances, and the relative instability of markets in which a
significant percentage of their products are sold.

LATIN AMERICA. The economies of countries in Latin America
are all considered emerging market economies. High interest,
inflation, and unemployment rates generally characterize each economy.
Currency devaluations in any country can have a significant affect on
the entire region. Because commodities such as agricultural products,
minerals, and metals represent a significant percentage of exports of
many Latin American countries, the economies of those countries are
particularly sensitive to fluctuations in commodity prices. Recently,
the markets in many Latin American countries have experienced
significant downturns as well as significant volatility. A small
number of industries, including the telephone services industry,
represent a large portion of the Latin American market as a whole. The
Latin American market also tends to be relatively concentrated in
certain issuers. For example, as of June 19, 2000, Telefonos De Mexico
SA accounted for approximately 14% of the MSCI Emerging Markets
Free-Latin America Index. The telephone services industry can be
significantly affected by increasing competition, government
regulation, and financing difficulties.

The following information replaces the first three paragraphs found
under the heading "Buying Shares" in the "Buying and Selling Shares"
section on page P-23.

The price to buy one share of Europe Fund or Europe Capital
Appreciation Fund is the fund's NAV. Each fund's shares are sold
without a sales charge. The price to buy one share of Canada Fund,
Emerging Markets Fund, Hong Kong and China Fund, Japan Fund, Japan
Smaller Companies Fund, Latin America Fund, Nordic Fund, Pacific Basin
Fund, or Southeast Asia Fund is the fund's offering price or the
fund's NAV, depending on whether you pay a sales charge.

If you pay a sales charge, your price will be the fund's offering
price. When you buy shares of a fund at the offering price, Fidelity
deducts the appropriate sales charge and invests the rest in the fund.
If you qualify for a sales charge waiver, your price will be the
fund's NAV.

The offering price of Canada Fund, Emerging Markets Fund, Hong Kong
and China Fund, Japan Fund, Japan Smaller Companies Fund, Latin
America Fund, Nordic Fund, Pacific Basin Fund, or Southeast Asia Fund
is the fund's NAV divided by the difference between one and the
applicable sales charge percentage. The maximum sales charge is 3.00%
of the offering price.

The following information replaces the second paragraph found under
the heading "Selling Shares" in the "Buying and Selling Shares"
section on page P-25.

Canada Fund, Emerging Markets Fund, Hong Kong and China Fund, Japan
Fund, Japan Smaller Companies Fund, Latin America Fund, Nordic Fund,
and Southeast Asia Fund will deduct a short-term trading fee of 1.50%
from the redemption amount if you sell your shares after holding them
less than 90 days. Europe Fund and Europe Capital Appreciation Fund
will deduct a short-term trading fee of 1.00% from the redemption
amount if you sell your shares after holding them less than 30 days.
Pacific Basin Fund will deduct a short-term trading fee of 1.00% from
the redemption amount if you sell your shares on or before May 31,
2000 after holding them less than 90 days, and will deduct a
short-term trading fee of 1.50% from the redemption amount if you sell
your shares after May 31, 2000 after holding them less than 90 days.
This fee is paid to the fund rather than Fidelity, and is designed to
offset the brokerage commissions, market impact, and other costs
associated with fluctuations in fund asset levels and cash flow caused
by short-term shareholder trading.

The following information replaces similar information under the
heading "Features" found in the "Account Features and Policies"
section on page P-27.

PERSONAL WITHDRAWAL SERVICE
TO SET UP PERIODIC
REDEMPTIONS FROM YOUR
ACCOUNT TO YOU OR TO YOUR
BANK ACCOUNT.

FREQUENCY PROCEDURES
Monthly (small solid bullet) To set
up, call 1-800-544-6666.

(small solid bullet) To make
changes, call Fidelity at
1-800-544-6666 at least
three business days prior to
your next scheduled
withdrawal date.

(small solid bullet) Because
of Canada Fund's, Emerging
Markets Fund's, Hong Kong
and China Fund's, Japan
Fund's, Japan Smaller
Companies Fund's, Latin
America Fund's, Nordic
Fund's, Pacific Basin
Fund's, and Southeast Asia
Fund's front-end sales
charge, you may not want to
set up a systematic
withdrawal program when you
are buying Canada Fund's,
Emerging Markets Fund's,
Hong Kong and China Fund's,
Japan Fund's, Japan Smaller
Companies Fund's, Latin
America Fund's, Nordic
Fund's, Pacific Basin
Fund's, or Southeast Asia
Fund's shares on a regular
basis.

The following information replaces similar information found in the
"Fund Management" section on page P-30.

Ian Hart is manager of Europe Capital Appreciation Fund, which he has
managed since April 2000. Mr. Hart joined Fidelity in 1994 as an
equity research analyst covering the European retail and diversified
industrial sectors.

Patricia Satterthwaite is vice president and lead manager of Latin
America Fund, and vice president and manager of Emerging Markets Fund,
which she has managed since April 1993 and April 2000, respectively.
She also manages other Fidelity funds. Since joining Fidelity in 1986,
Ms. Satterthwaite has worked as an analyst and manager.

Yoko Ishibashi is manager of Japan Fund, which she has managed since
June 2000. Since joining Fidelity in 1994, Ms. Ishibashi has worked as
an analyst and manager.

The following information replaces similar information found in the
"Fund Management" section on page P-30.

(small solid bullet) Fidelity International Investment Advisors (U.K.)
Limited (FIIA(U.K.)L), in London, England, serves as a sub-adviser for
each fund. As of September 28, 1999, FIIA(U.K.)L had approximately
$2.6 billion in discretionary assets under management. Currently,
FIIA(U.K.)L is primarily responsible for choosing investments for
Europe Fund and Nordic Fund. Currently, FIIA(U.K.)L provides
investment research and advice on issuers based outside the United
States and may also provide investment advisory services for Canada
Fund, Emerging Markets Fund, Europe Capital Appreciation Fund, Hong
Kong and China Fund, Japan Fund, Japan Smaller Companies Fund, Latin
America Fund, Pacific Basin Fund, and Southeast Asia Fund.

FMR pays FMR U.K., FMR Far East and FIIA for providing sub-advisory
services, and FIIA in turn pays FIIA(U.K.)L. FIIA or FMR Far East in
turn pays FIJ for providing sub-advisory services.

The following information replaces similar information found in the
"Fund Distribution" section on page P-32.

FDC distributes each fund's shares.

You may pay a sales charge when you buy your shares of Canada Fund,
Emerging Markets Fund, Hong Kong and China Fund, Japan Fund, Japan
Smaller Companies Fund, Latin America Fund, Nordic Fund, Pacific Basin
Fund, and Southeast Asia Fund.

FDC collects the sales charge.

Canada Fund's, Emerging Markets Fund's, Hong Kong and China Fund's,
Japan Fund's, Japan Smaller Companies Fund's, Latin America Fund's,
Nordic Fund's, Pacific Basin Fund's, and Southeast Asia Fund's sales
charge may be reduced if you buy directly through Fidelity or through
prototype or prototype-like retirement plans sponsored by FMR or FMR
Corp. The amount you invest, plus the value of your account, must fall
within the ranges shown below. Purchases made with assistance or
intervention from a financial intermediary are not eligible for a
sales charge reduction.

Sales Charge

Ranges As a % of offering price As an approximate % of net
amount invested

$0 - 249,999 3.00% 3.09%

$250,000 - 499,999 2.00% 2.04%

$500,000 - 999,999 1.00% 1.01%

$1,000,000 or more none none

FDC may pay a portion of sales charge proceeds to securities dealers
who have sold Canada Fund's, Emerging Markets Fund's, Hong Kong and
China Fund's, Japan Fund's, Japan Smaller Companies Fund's, Latin
America Fund's, Nordic Fund's, Pacific Basin Fund's, or Southeast Asia
Fund's shares, or to others, including banks and other financial
institutions (qualified recipients), under special arrangements in
connection with FDC's sales activities. The sales charge paid to
qualified recipients is 1.50% of a fund's offering price.

The following information replaces similar information found in the
"Fund Distribution" section on page P-32.

SUPPLEMENT TO
FIDELITY'S TARGETED INTERNATIONAL EQUITY FUNDS
FIDELITY CANADA FUND, FIDELITY EMERGING MARKETS FUND, FIDELITY EUROPE
FUND, FIDELITY EUROPE CAPITAL APPRECIATION FUND, FIDELITY HONG KONG
AND CHINA FUND, FIDELITY JAPAN FUND, FIDELITY JAPAN SMALLER COMPANIES
FUND (FORMERLY FIDELITY JAPAN SMALL COMPANIES FUND), FIDELITY LATIN
AMERICA FUND, FIDELITY NORDIC FUND, FIDELITY PACIFIC BASIN FUND, AND
FIDELITY SOUTHEAST ASIA FUND
DECEMBER 29, 1999
STATEMENT OF ADDITIONAL INFORMATION

ON FEBRUARY 17, 2000, THE BOARD OF TRUSTEES OF FIDELITY EUROPE FUND
AND FIDELITY EUROPE CAPITAL APPRECIATION FUND AUTHORIZED ELIMINATION
OF EACH FUND'S 3.00% FRONT-END SALES CHARGE. BEGINNING MARCH 1, 2000,
PURCHASES OF SHARES OF THE FUNDS WILL NOT BE SUBJECT TO A SALES
CHARGE.

IN ADDITION, ON FEBRUARY 17, 2000, THE BOARD OF TRUSTEES OF FIDELITY
EUROPE FUND AND FIDELITY EUROPE CAPITAL APPRECIATION FUND AUTHORIZED
THE REDUCTION OF EACH FUND'S REDEMPTION FEE PERIOD FROM 90 DAYS TO 30
DAYS. REDEMPTIONS AFTER FEBRUARY 29, 2000 OF SHARES HELD LESS THAN 30
DAYS WILL BE SUBJECT TO A REDEMPTION FEE OF 1.00% OF THE AMOUNT
REDEEMED.

ON FEBRUARY 17, 2000, THE BOARD OF TRUSTEES OF FIDELITY PACIFIC BASIN
FUND APPROVED INCREASING THE REDEMPTION FEE FROM 1.00% TO 1.50%.
REDEMPTIONS AFTER MAY 31, 2000 OF SHARES HELD LESS THAN 90 DAYS WILL
BE SUBJECT TO A REDEMPTION FEE OF 1.50% OF THE AMOUNT REDEEMED.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"SPECIAL CONSIDERATIONS REGARDING CANADA" SECTION ON PAGE 22.

ECONOMIC. The telephone equipment industry comprised a major
segment of the Canadian market, as represented by the Toronto Stock
Exchange 300 Index as of June 15, 2000. The telephone equipment
industry can be significantly affected by increasing competition,
rapid technological innovation, product obsolescence, acquisitions and
business alliances, and the relative instability of markets in which a
significant percentage of their products are sold. Canada is a major
producer of commodities such as forest products, metals, agricultural
products, and energy related products like oil, gas, and
hydroelectricity. Accordingly, changes in the supply and demand of
industrial and basic materials, both domestically and internationally,
can have a significant effect on Canadian market performance.

In addition, Canada relies considerably on the health of the United
States' economy, its biggest trading partner and largest foreign
investor. The expanding economic and financial integration of the
United States and Canada will likely make the Canadian economy and
securities market increasingly sensitive to U.S. economic and market
events.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"SPECIAL CONSIDERATIONS REGARDING EUROPE" SECTION ON PAGE 23.

NORDIC COUNTRIES. Faced with stronger global competition,
the Nordic countries - Norway, Finland, Denmark, and Sweden - have had
to scale down their historically generous welfare programs, resulting
in drops in domestic demand and increased unemployment. Major
industries in the region, such as forestry, agriculture, and oil, are
heavily resource-dependent and face pressure as a result of high labor
costs. Pension reform, union regulation, and further cuts in liberal
social programs will likely need to be addressed as the Nordic
countries face increased international competition.

The television and radio communications equipment industry
comprised a major segment of the Nordic market as a whole, as
represented by the Financial Times/S&P-Actuaries World Nordic Index as
of June 19, 2000. The television and radio communications equipment
industry has been dominated by companies whose principal business is
the development and manufacture of mobile phones, networks, and
systems for cellular and fixed networks. These companies have
attainted a major share of the world's wireless phone market in a
highly competitive global marketplace. The pace of technological
innovation in the television and radio communications equipment
industry has been rapid, and communications companies continually face
the risk that their products will be made obsolete. To maintain their
competitive edge, television and radio communications equipment
companies have been acquiring companies that offer new technologies,
such as Internet equipment developers, or have allied with other top
information technology businesses. These acquisitions and alliances
can substantially alter the relative competitive position of a
television and radio communications equipment company. Multiple
digital standards create confusion and technical difficulties in
penetrating markets, which can force carriers to price their services
aggressively and cut profit margins in an attempt to accelerate
demand. Oversupply of handsets has been a frequent problem in the
cellular industry as demand fails to meet projections or new product
innovations make older models less attractive to buyers. Excess
capacity could drive down pricing and slow revenue growth. Because
emerging markets have accounted for 25% to 30% of the market for
cellular handsets, with China accounting for as much as 15% of the
total, the television and radio communications equipment industry
could be vulnerable to any economic or currency weakness or political
instability in these countries.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"SPECIAL CONSIDERATIONS REGARDING ASIA PACIFIC REGION (EX JAPAN)"
SECTION ON PAGE 25.

CHINA AND HONG KONG. As with all transition economies,
China's ability to develop and sustain a credible legal, regulatory,
monetary, and socioeconomic system could influence the course of
outside investment. Hong Kong is closely tied to China, economically
and through China's 1997 acquisition of the country as a Special
Autonomous Region (SAR). Hong Kong's success depends, in large part,
on its ability to retain the legal, financial, and monetary systems
that allow economic freedom and market expansion.

The commercial banking industry and the cellular and communications
services industry each comprised a major segment of the Hong Kong and
Chinese market as a whole, as represented by the Hang Seng Index as of
June 19, 2000. In recent years, Hong Kong has been subjected to
speculative attacks on its currency, which have sent interest rates
soaring and its stock markets into sharp declines. Companies in the
commercial banking industry are particularly sensitive to interest
rate fluctuations, and, if the government continues its U.S. dollar
peg policy, it risks further attacks on its currency and possible
upward pressure on interest rates. While the Hong Kong Stock Exchange
has implemented an electronic order-matching system that has virtually
eliminated front-running by brokers, there are still no specific
regulations against insider trading. Small, often family-run,
brokerages sometimes wield undue influence or veto power over the
largest overseas investment banks operating in the market, and the
Exchange has been criticized for giving low priority to investor
protection. The commercial banking industry has not been immune to
economic and currency turmoil that has periodically engulfed its Asian
neighbors, and any future disruptions in the Asian region could have a
derivative effect on this currency and interest rate sensitive
industry. The cellular and communications services industry can be
significantly affected by increasing competition, rapid technological
innovation, product obsolescence, acquisitions and business alliances,
and the relative instability of markets in which a significant
percentage of their products are sold. In addition, the cellular and
communications services industry is among those that are the most
highly regulated by the Chinese government. Cellular and
communications services companies doing business in this large and
expanding market must ensure that they are well protected by state
sponsorship and have the necessary political connections vital to the
granting of the relevant licenses.

THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND IN THE
"SPECIAL CONSIDERATIONS REGARDING ASIA PACIFIC REGION (EX JAPAN)"
SECTION ON PAGE 25.

SOUTHEAST ASIA. The semiconductor industry comprised a
significant segment of the Southeast Asian market as a whole, as
represented by the MSCI AC Far East ex Japan Index as of May 31, 2000.
The semiconductor industry has historically been subject to wide
fluctuations in demand and manufacturing capacity and, as a result,
can be highly price-sensitive. The semiconductor industry can be
significantly affected by currency fluctuations, rapid technological
change, and increasing competition from other low-cost emerging
economies.

TAIWAN. For decades, a state of hostility has existed
between Taiwan and the Peoples Republic of China. Beijing has long
deemed Taiwan a part of the "one China" and has made a nationalist
cause of recovering it. Frequent military provocations and threats of
full-scale military action by the Chinese have become more frequent in
response to Taiwan's election of a new president who is considered to
favor declaring Taiwan's independence. This situation poses a threat
to Taiwan's economic well being and could adversely affect the
nation's stock market.

Taiwan is one of Asia's great exporting nations, but it thrives
more on imitation than on creativity. Taiwanese companies continue to
compete mostly on price, producing generic products or branded
merchandise on behalf of multinational companies. Accordingly, these
businesses can be particularly vulnerable to currency volatility and
from increasing competition from neighboring lower-cost countries.

Although the listed companies on the Taiwan Stock Exchange cover a
wide range of industries, electronics companies and the banking and
insurance sector dominate the market. Semiconductor chips and other
computer components are a mainstay of Taiwan's electronics sector. The
businesses that produce these products are at risk of losing orders
from computer companies in the United States as a result of rising
concern over possible production disruptions stemming from future
military confrontations with China. The semiconductor and electronics
business is also highly price-competitive and can be negatively
affected by currency fluctuations. In addition, producers face the
risk of growing competition from low-cost, emerging economies.

Taiwan's banking and insurance sector has recently been adversely
affected by economic and currency turmoil in Asia. Rising loan
defaults and corporate bankruptcies have prompted the Taiwanese
government to initiate stabilization measures to prevent further
collapse; but the success of these measures is far from assured.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"SPECIAL CONSIDERATIONS REGARDING LATIN AMERICA" SECTION ON PAGE
25.

The telephone services industry comprised a major segment of the
Latin American market as a whole, as represented by the MSCI Emerging
Markets Free - Latin America Index as of June 19, 2000. The pace of
the privatization of most of Latin America's telephone services
companies has been accelerating and is generally expected to
ameliorate the industry's worsening infrastructure problems and
substantially expand and improve services to the consumer. Following
the privatization and breakup of many of Latin America's
telecommunications monopolies, telephone services companies are now
faced with an increasingly competitive operating environment that
could substantially affect their profit margins adversely. In
addition, because these companies are regulated providers of a highly
visible basic service, in a sovereign stress scenario a company may
not be permitted to pass on increased operating expenses or
devaluation-related price increases directly and immediately to
consumers. Attempts by management to undertake restructuring
initiatives, such as cutting employment overhead, could also meet with
strong government and union opposition. Latin American countries have
periodically experienced sharp economic slowdowns, high interest
rates, and spiraling inflation. In this environment, the earnings and
profits of telephone services companies could be particularly
vulnerable. Access to capital could be substantially restricted by the
market's reaction to regional or global economic crisis. Because
telephone services companies issue among Latin America's largest and
most liquid stocks, they may be among the first companies whose shares
will be sold by foreign investors seeking to repatriate their overseas
investments in times of regional or global crisis. Accordingly, shares
of telephone services companies may be subject to a high degree of
price volatility in these situations.

THE FOLLOWING INFORMATION REPLACES THE FIRST TWO PARAGRAPHS FOLLOWING
THE HEADING "HISTORICAL FUND RESULTS" FOUND IN THE "PERFORMANCE"
SECTION ON PAGE 34.

Canada Fund, Emerging Markets Fund, Hong Kong and China Fund, Japan
Fund, Japan Smaller Companies Fund, Latin America Fund, Nordic Fund,
Pacific Basin Fund, and Southeast Asia Fund have a maximum front-end
sales charge of 3.00% which is included in the average annual and
cumulative returns.

Europe Fund and Europe Capital Appreciation Fund had a maximum
front-end sales charge of 3.00% (eliminated effective March 1, 2000)
which is included in the average annual and cumulative returns.

For Europe Fund and Europe Capital Appreciation Fund, returns do not
include the effect of the funds' 1.00% short-term trading fee,
applicable to shares held less than 90 days that were redeemed on or
before February 29, 2000.

For Pacific Basin Fund, returns do not include the effect of the
fund's 1.00% short-term trading fee, applicable to shares held less
than 90 days that are redeemed on or before May 31, 2000.

For Canada Fund, Emerging Markets Fund, Hong Kong and China Fund,
Japan Fund, Japan Smaller Companies Fund, Latin America Fund, Nordic
Fund, Pacific Basin Fund, and Southeast Asia Fund, returns do not
include the effect of the funds' 1.50% short-term trading fee,
applicable to shares held less than 90 days.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"PERFORMANCE" SECTION ON PAGE 37.

During the 10-year period ended October 31, 1999, a hypothetical
$10,000 investment in Europe Fund would have grown to $32,385,
including the effect of the fund's maximum sales charge, which was
eliminated effective March 1, 2000.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"PERFORMANCE" SECTION ON PAGE 37.

Explanatory Notes: With an initial investment of $10,000 in Europe
Fund on November 1, 1989, assuming the maximum sales charge had been
in effect, the net amount invested in fund shares was $9,700. The cost
of the initial investment ($10,000) together with the aggregate cost
of reinvested dividends and capital gain distributions for the period
covered (their cash value at the time they were reinvested) amounted
to $17,759. If distributions had not been reinvested, the amount of
distributions earned from the fund over time would have been smaller,
and cash payments for the period would have amounted to $1,728 for
dividends and $4,676 for capital gain distributions. The figures in
the table do not include the effect of the fund's 1.00% short-term
trading fee, applicable to shares held less than 90 days that were
redeemed on or before February 29, 2000.

During the period from December 21, 1993 (commencement of operations)
to October 31, 1999, a hypothetical $10,000 investment in Europe
Capital Appreciation Fund would have grown to $23,822, including the
effect of the fund's maximum sales charge, which was eliminated
effective March 1, 2000.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"PERFORMANCE" SECTION BEGINNING ON PAGE 37.

Explanatory Notes: With an initial investment of $10,000 in Europe
Capital Appreciation Fund on December 21, 1993, assuming the maximum
sales charge had been in effect, the net amount invested in fund
shares was $9,700. The cost of the initial investment ($10,000)
together with the aggregate cost of reinvested dividends and capital
gain distributions for the period covered (their cash value at the
time they were reinvested) amounted to $14,212. If distributions had
not been reinvested, the amount of distributions earned from the fund
over time would have been smaller, and cash payments for the period
would have amounted to $601 for dividends and $3,279 for capital gain
distributions. The figures in the table do not include the effect of
the fund's 1.00% short-term trading fee, applicable to shares held
less than 90 days that were redeemed on or before February 29, 2000.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"PERFORMANCE" SECTION ON PAGE 40.

Explanatory Notes: With an initial investment of $10,000 in Pacific
Basin Fund on November 1, 1989, assuming the maximum sales charge had
been in effect, the net amount invested in fund shares was $9,700. The
cost of the initial investment ($10,000) together with the aggregate
cost of reinvested dividends and capital gain distributions for the
period covered (their cash value at the time they were reinvested)
amounted to $12,461. If distributions had not been reinvested, the
amount of distributions earned from the fund over time would have been
smaller, and cash payments for the period would have amounted to $479
for dividends and $1,795 for capital gain distributions. The figures
in the table do not include the effect of the fund's 1.00% short-term
trading fee, applicable to shares held less than 90 days that are
redeemed on or before May 31, 2000.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"ADDITIONAL PURCHASE, EXCHANGE AND REDEMPTION INFORMATION" SECTION ON
PAGE 45.

Pursuant to Rule 22d-1 under the 1940 Act, FDC exercises its right to
waive Canada Fund's, Emerging Markets Fund's, Hong Kong and China
Fund's, Japan Fund's, Japan Smaller Companies Fund's, Latin America
Fund's, Nordic Fund's, Pacific Basin Fund's, and Southeast Asia Fund's
front-end sales charge on shares acquired through reinvestment of
dividends and capital gain distributions or in connection with a
fund's merger with or acquisition of any investment company or trust.
In addition, FDC has chosen to waive Canada Fund's, Emerging Markets
Fund's, Hong Kong and China Fund's, Japan Fund's, Japan Smaller
Companies Fund's, Latin America Fund's, Nordic Fund's, Pacific Basin
Fund's, and Southeast Asia Fund's front-end sales charge in certain
instances due to sales efficiencies and competitive considerations.
The sales charge will not apply:

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"ADDITIONAL PURCHASE, EXCHANGE AND REDEMPTION INFORMATION" SECTION ON
PAGE 46.

Canada Fund's, Emerging Markets Fund's, Hong Kong and China Fund's,
Japan Fund's, Japan Smaller Companies Fund's, Latin America Fund's,
Nordic Fund's, Pacific Basin Fund's, and Southeast Asia Fund's sales
charge may be reduced to reflect sales charges previously paid, or
that would have been paid absent a reduction for some purchases made
directly with Fidelity as noted in the prospectus, in connection with
investments in other Fidelity funds. This includes reductions for
investments in prototype-like retirement plans sponsored by FMR or FMR
Corp., which are listed above.

On October 12, 1990, each of Canada Fund, Europe Fund, and Pacific
Basin Fund changed its sales charge policy from a 2% sales charge upon
purchase and a 1% deferred sales charge upon redemption, to a 3% sales
charge upon purchase. If you purchased shares prior to that date, when
you redeem those shares a deferred sales charge of 1% of the
redemption amount will be deducted. On March 1, 2000, the 3% sales
charge was eliminated for Europe Fund.

THE FOLLOWING INFORMATION HAS BEEN REMOVED FROM THE "TRUSTEES AND
OFFICERS" SECTION BEGINNING ON PAGE 47.

RICHARD A. SILVER (52), 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 BEGINNING ON PAGE 47.

THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 47.

THE FOLLOWING INFORMATION REPLACES THE COMPENSATION TABLE FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 47.

The following table sets forth information describing the compensation
of each Trustee and Member of the Advisory Board of each fund for his
or her services for the fiscal year ended October 31, 1999, or
calendar year ended December 31, 1998, as applicable.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
COMPENSATION TABLE

AGGREGATE COMPENSATION
FROM A Edward C. Johnson 3d** Abigail P. Johnson** Ralph F. Cox Phyllis Burke Davis Robert M. Gates
FUND

Canada FundB $ 0 $ 0 $ 14 $ 13 $ 14

Emerging Markets FundB $ 0 $ 0 $ 96 $ 93 $ 96

Europe FundB $ 0 $ 0 $ 445 $ 427 $ 441

Europe Capital Appreciation $ 0 $ 0 $ 176 $ 169 $ 174
FundB

Hong Kong and China FundB $ 0 $ 0 $ 43 $ 41 $ 43

Japan FundB $ 0 $ 0 $ 116 $ 112 $ 116

Japan Smaller Companies FundB $ 0 $ 0 $ 147 $ 142 $ 146

Latin America FundB $ 0 $ 0 $ 98 $ 94 $ 97

Nordic FundB $ 0 $ 0 $ 31 $ 30 $ 31

Pacific Basin FundB $ 0 $ 0 $ 91 $ 88 $ 91

Southeast Asia FundB $ 0 $ 0 $ 83 $ 80 $ 83

TOTAL COMPENSATION FROM THE $ 0 $ 0 $ 223,500 $ 220,500 $ 223,500
FUND COMPLEX*,A

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
COMPENSATION TABLE

AGGREGATE COMPENSATION
FROM A E. Bradley Jones *** Donald J. Kirk Ned C. Lautenbach **** Peter S. Lynch** William O. McCoy
FUND

Canada FundB $ 13 $ 13 $ 1 $ 0 $ 14

Emerging Markets FundB $ 96 $ 95 $ 10 $ 0 $ 96

Europe FundB $ 441 $ 438 $ 31 $ 0 $ 441

Europe Capital Appreciation $ 174 $ 173 $ 11 $ 0 $ 174
FundB

Hong Kong and China FundB $ 43 $ 42 $ 4 $ 0 $ 43

Japan FundB $ 116 $ 115 $ 18 $ 0 $ 116

Japan Smaller Companies FundB $ 147 $ 146 $ 40 $ 0 $ 146

Latin America FundB $ 97 $ 97 $ 7 $ 0 $ 97

Nordic FundB $ 31 $ 31 $ 2 $ 0 $ 31

Pacific Basin FundB $ 90 $ 90 $ 14 $ 0 $ 91

Southeast Asia FundB $ 82 $ 82 $ 9 $ 0 $ 83

TOTAL COMPENSATION FROM THE $ 222,000 $ 226,500 $ 0 $ 0 $ 223,500
FUND COMPLEX*,A

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
COMPENSATION TABLE

AGGREGATE COMPENSATION FROM A Gerald C. McDonough Marvin L. Mann Robert C. Pozen** Thomas R. Williams
FUND

Canada FundB $ 17 $ 14 $ 0 $ 13

Emerging Markets FundB $ 119 $ 96 $ 0 $ 94

Europe FundB $ 545 $ 441 $ 0 $ 433

Europe Capital Appreciation $ 215 $ 174 $ 0 $ 171
FundB

Hong Kong and China FundB $ 53 $ 43 $ 0 $ 42

Japan FundB $ 144 $ 116 $ 0 $ 114

Japan Smaller Companies FundB $ 184 $ 146 $ 0 $ 143

Latin America FundB $ 120 $ 97 $ 0 $ 95

Nordic FundB $ 38 $ 31 $ 0 $ 30

Pacific Basin FundB $ 113 $ 91 $ 0 $ 89

Southeast Asia FundB $ 103 $ 83 $ 0 $ 81

TOTAL COMPENSATION FROM THE $ 273,500 $ 220,500 $ 0 $ 223,500
FUND COMPLEX*,A

</TABLE>

* Information is for the calendar year ended December 31, 1998 for 237
funds in the complex.

** Interested Trustees of the funds and Ms. Johnson are compensated by
FMR.

*** Mr. Jones served on the Board of Trustees through December 31,
1999.

**** During the period from October 14, 1999 through December 31,
1999, Mr. Lautenbach served as a Member of the Advisory Board.
Effective January 1, 2000, Mr. Lautenbach serves as a Member of the
Board of Trustees.

B Compensation figures include cash.

THE FOLLOWING INFORMATION HAS BEEN REMOVED FROM THE "MANAGEMENT
CONTRACTS" SECTION ON PAGE 55.

FMR voluntarily agreed to reimburse certain of the funds if and to
the extent that the fund's aggregate operating expenses, including
management fees, were in excess of an annual rate of its average net
assets. The table below shows the periods of reimbursement and levels
of expense limitations for the applicable funds; the dollar amount of
management fees incurred under each fund's contract before
reimbursement; and the dollar amount of the management fees reimbursed
by FMR under the expense reimbursement for each period.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 55.

On behalf of each fund, FMR has entered into sub-advisory
agreements with FMR U.K., FMR Far East and FIIA. On behalf of Emerging
Markets Fund, Hong Kong and China Fund, Japan Fund, Japan Smaller
Companies Fund, Pacific Basin Fund, and Southeast Asia Fund, FIIA, in
turn, has entered into a sub-advisory agreement with FIIA(U.K.)L. On
behalf of Emerging Markets Fund, Hong Kong and China Fund, Japan Fund,
Japan Smaller Companies Fund, Pacific Basin Fund, and Southeast Asia
Fund, FIIA, in turn, has entered into a sub-advisory agreement with
FIJ. Pursuant to the sub-advisory agreements, FMR may receive from the
sub-advisers investment research and advice on issuers outside the
United States and FMR may 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 REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 55.

For providing non-discretionary investment advice and research
services the sub-advisers are compensated as follows:

(small solid bullet) FIIA pays FIIA(U.K.)L a fee equal to 110% of
FIIA(U.K.)L's costs incurred in connection with providing investment
advice and research services.

(small solid bullet) FIIA pays FIJ a fee equal to 105% of FIJ's
costs incurred in connection with providing investment advice and
research services.

(small solid bullet) FMR Far East pays FIJ a fee equal to 100% of
FIJ's costs incurred in connection with providing investment advice
and research services for a fund to FMR Far East.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 55.

For providing discretionary investment management and executing
portfolio transactions, the sub-advisers are compensated as
follows:

Average Group Assets Annualized Fee Rate

from $0 - $500 million 0.30%

$500 million - $1 billion 0.25%

over $500 million 0.20%

FIIA(U.K.)L's fee will not exceed 50% of the fee that FIIA receives
from FMR for services provided on behalf of the fund.

Average Group Assets Annualized Fee Rate

from $0 - $200 million 0.30%

$200 million - $500 million 0.25%

over $500 million 0.20%

FIJ's fee will not exceed 50% of the fee that FIIA receives from
FMR for services provided on behalf of the fund.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 56.

For discretionary investment management and execution of portfolio
transactions, fees paid to FIIA, FIIA (U.K.)L., and FIJ on behalf of
Emerging Markets Fund, Europe Fund, Hong Kong and China Fund, Japan
Fund, Japan Smaller Companies Fund, Latin America Fund, Nordic Fund,
Pacific Basin Fund, and Southeast Asia Fund for the past three fiscal
years are shown in the table below.

Fiscal Year Ended October 31 FIIA FIIA(U.K.)L FIJ

Emerging Markets Fund

1999 $ 1,032,343A $ 271,883B $ 0

1998 $ 0 $ 0 $ 0

1997 $ 0 $ 0 $ 0

Europe Fund

1999 $ 3,342,771A $ 1,173,702B $ 0

1998 $ 3,337,270A $ 1,841,726B $ 0

1997 $ 3,469,914A $ 1,630,394B $ 0

Hong Kong and China Fund

1999 $ 565,181A $ 0 $ 0

1998 $ 573,302A $ 0 $ 0

1997 $ 812,733A $ 0 $ 0

Japan Fund

1999 $ 232,548A $ 0 $ 1,811,331C

1998 $ 1,202,885A $ 0 $ 0

1997 $ 1,337,897A $ 0 $ 0

Japan Smaller Companies Fund

1999 $ 0 $ 0 $ 2,613,937C

1998 $ 0 $ 0 $ 351,549C

1997 $ 0 $ 0 $ 351,251C

Latin America Fund

1999 $ 0 $ 0 $ 0

1998 $ 0 $ 0 $ 0

1997 $ 0 $ 0 $ 0

Nordic Fund

1999 $ 313,079A $ 84,643B $ 0

1998 $ 265,220A $ 118,106B $ 0

1997 $ 255,453A $ 149,480B $ 0

Pacific Basin Fund

1999 $ 195,409A $ 0 $ 0

1998 $ 1,127,973A $ 0 $ 0

1997 $ 1,186,431A $ 0 $ 0

Southeast Asia Fund

1999 $ 1,391,758A $ 0 $ 0

1998 $ 1,351,153A $ 0 $ 0

1997 $ 2,191,832A $ 0 $ 0

A Prior to August 1, 1999, FMR paid FIIA a fee equal to 50% of its
monthly management fee (including any performance adjustment) with
respect to the fund's average net assets managed by the sub-adviser on
a discretionary basis.

B Prior to July 1, 2000, FIIA paid FIIA(U.K.)L a fee equal to 110%
of FIIA(U.K.)L's costs incurred in connection with providing
discretionary investment management services.

C Prior to August 1, 1999, FMR paid FIJ a fee equal to 50% of its
monthly management fee (including any performance adjustment) with
respect to the fund's average net assets managed by the sub-adviser on
a discretionary basis. For the period August 1, 1999 to July 1, 2000,
FMR paid FIJ a fee equal to 57% of its monthly management fee
(including any performance adjustment) with respect to the fund's
average net assets managed by the sub-adviser on a discretionary
basis.

THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 56.

Currently, FIIA is primarily responsible for choosing investments
for Southeast Asia Fund and Hong Kong and China Fund. Currently, FIIA
(U.K.)L is primarily responsible for choosing investments for Europe
Fund and Nordic Fund. Currently, FIJ is primarily responsible for
choosing investments for Japan Fund and Japan Smaller Companies
Fund.