SUPPLEMENT TO FIDELITY'S TARGETED INTERNATIONAL EQUITY FUNDS
DECEMBER 29, 1999 PROSPECTUS
Effective April 1, 2000, the following information replaces similar
information found in the "Fund Management" section on P-30.
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 April 1, 2000, the following information replaces similar
information found in the "Fund Management" section on 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.
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
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.
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>
<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.
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.
EFFECTIVE APRIL 1, 2000, 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.
