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 supplements the information under the
heading "Principal Investment Strategies" for Hong Kong and China Fund
found 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 under the
heading "Principal Investment Risks" for Hong Kong and China Fund
found 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. 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
economic growth.
The following information replaces similar information found under the
heading "Average Annual Returns" found 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 under
the heading "Principal Investment Strategies" for Hong Kong and China
Fund found 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 under the
heading "Principal Investment Risks" found 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 the first three paragraphs under
the heading "Buying Shares" found 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 under the
heading "Selling Shares" found 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.
Effective June 16, 2000, the following information replaces similar
information found in the "Fund Management" section on page P-30.
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.
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.
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 will not apply:
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 SUPPLEMENTS THE INFORMATION FOUND IN THE
"SPECIAL CONSIDERATIONS REGARDING ASIA PACIFIC REGION (EX JAPAN)"
SECTION ON PAGE 25.
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 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.
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.
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).
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.
THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 47.
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).
THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 47.
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), Columbia/HCA Healthcare Corporation (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, a Director of the National Forum for Health Care Quality,
Measurement and Reporting, past chairman and a member of the Board of
Catalyst (a leading organization for the advancement of women in
business), and is 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.
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.
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 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>
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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.
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.
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 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.
