SUBJECT TO COMPLETION. PRELIMINARY PROSPECTUS DATED March 26, 2003. The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

Like securities of all mutualfunds, these securities havenot been approved ordisapproved by theSecurities and ExchangeCommission, and theSecurities and ExchangeCommission has notdetermined if this prospectusis accurate or complete. Anyrepresentation to thecontrary is a criminaloffense.

**Fidelity Advisor**

International Small Cap

**Fund**

**Class A**

(Fund ___, CUSIP ___)

**Class T**

(Fund ___, CUSIP ___)

**Class B**

(Fund ___, CUSIP ___)

**Class C**

(Fund ___, CUSIP ___)

**Prospectus**

**May __, 2003**

Class A, Class T, Class B, and Class C are classes of Fidelity® International Small Cap Fund

(fidelity_logo_graphic)

82 Devonshire Street, Boston, MA 02109

Contents

***Prospectus***

Fund Summary

**Investment Summary**

***Investment Objective***

**The fund** seeks capital appreciation.

***Principal Investment Strategies***

Fidelity Management & Research Company (FMR)'s principal investment strategies include:

- Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets. Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes ofthis fund, are those with market capitalizations of $5 billion or less).Normally investing primarily in common stocks.
- Allocating investments across countries and regions considering the size of the market in each country and region relativeto the size of the international market as a whole. Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditionsto select investments.
***Principal Investment Risks***

The fund is subject to the following principal investment risks:
- Stock Market Volatility.  Stock markets are volatile and can decline significantly in response to adverse issuer, political,regulatory, market, or economic developments. Different parts of the market can react differently to these developments. *Foreign Exposure.* Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due toincreased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently fromthe U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties andcan be extremely volatile.Issuer-Specific Changes.
 The value of an individual security or particular type of security can be more volatile than themarket as a whole and can perform differently from the value of the market as a whole.
- Small Cap Investing.  The value of securities of smaller, less well-known issuers can perform differently from the marketas a whole and other types of stocks and can be more volatile than that of larger issuers.  An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit InsuranceCorporation or any other government agency.  When you sell your shares they may be worth more or less than what you paid for them, which means that you could losemoney.  **Performance**  Performance history will be available for the fund after the fund has been in operation for one calendar year.  ***Prospectus***  **Fund Summary - continued**  **Fee Table**  The following table describes the fees and expenses that are incurred when you buy, hold, or sell Class A, Class T, Class B,and Class C shares of International Small Cap Fund (the fund). The annual class operating expenses provided below foreach class are based on estimated expenses.  **Shareholder fees (paid by the investor directly)**  
Class A

Class T

Class B

Class C

Maximum sales charge (load) on purchases