Like securities of all mutual funds, these securities havenot been approved or disapproved by the Securitiesand Exchange Commission, and the Securities andExchange Commission has not determined if thisprospectus is accurate or complete. Anyrepresentation to the contrary is a criminal offense.

**Fidelity's**

Targeted International Equity

**Funds**®

**Prospectus**

**December 29, 2000**

**<R>Revised April 1, 2001</R>**

**(fidelity_logo_graphic)**

**82 Devonshire Street, Boston, MA 02109**

Contents

***Prospectus***

Fund Summary

**Investment Summary**

***Investment Objective***

**Canada Fund** seeks growth of capital over the long-term.

***Principal Investment Strategies***

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

- Normally investing at least 65% of total assets in securities of<R> Canadian</R> issuers. Potentially investing in securities of U.S. issuers.Normally investing primarily in common stocks.
- <R>Investing up to 35% of total assets in any industry that accounts for more than 20% of the Canadian market.</R> Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to 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, oreconomic developments. Different parts of the market can react differently to these developments. *Foreign Exposure*. Foreign 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.Geographic Concentration in Canada. 
The Canadian economy can be significantly affected by the U.S. economy and the price of naturalresources. Periodic demands by the Province of Quebec for sovereignty could significantly affect the Canadian market. A small number of companiesand industries represent a large portion of the Canadian market, and these companies and industries can be sensitive to adverse political, economic, orregulatory developments.
- Issuer-Specific Changes.  The value of an individual security or particular type of security can be more volatile than the market as a whole and canperform differently from the value of the market as a whole.  <R>In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversifiedfund. As a result, changes in the market value of a single issuer could cause greater fluctuations in share price than would occur in a more diversifiedfund.</R>  An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.  When you sell your shares of the fund, they could be worth more or less than what you paid for them.  ***Investment Objective***  **China Region Fund** seeks long-term growth of capital.  ***Principal Investment Strategies***  FMR's principal investment strategies include:  Normally investing at least 65% of total assets in securities of Hong Kong, Taiwanese, and Chinese issuers.
- Normally investing primarily in common stocks. <R>Allocating investments across countries considering the size of the market in each country relative to the size of the markets in the ChinaRegion as a whole.</R>Investing up to 35% of total assets in any industry that accounts for more than 20% of the Hong Kong<R>, Taiwanese,</R> and Chinese market.
- Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to 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, oreconomic 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 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 greatersocial, economic, regulatory, and political uncertainties and can be extremely volatile. *Geographic Concentration in the China Region.*The Hong Kong, Taiwanese, and Chinese economies are generally considered emerging marketsand can be significantly affected by general economic and political conditions in other Asian countries and changes in Chinese government policy. A smallnumber of companies represent a large portion of the China Region market as a whole and a small number of industries represent a large portion of theHong Kong<R>, Taiwanese,</R> and Chinese market as a whole. These companies and industries can be sensitive to adverse political, economic, orregulatory developments. In addition, currency issues and economic competition also can significantly affect economic growth in Hong Kong,Taiwan<R>,</R> and China, and the Taiwanese economy can be significantly affected by the security threats from the People's Republic of China.Issuer-Specific Changes.
 The value of an individual security or particular type of security can be more volatile than the market as a whole and canperform differently from the value of the market as a whole.
In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund.As a result, changes in the market value of a single issuer could cause greater fluctuations in share price than would occur in a more diversified fund.
***Prospectus***
**Fund Summary - continued**
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.
When you sell your shares of the fund, they could be worth more or less than what you paid for them.
***Investment Objective***
**Emerging Markets Fund** seeks capital appreciation.
***Principal Investment Strategies***
FMR's principal investment strategies include:
Normally investing at least 65% of total assets in securities of issuers in emerging markets (countries that have an emerging stock market as definedby Standard & Poor's
®
 (S&P
®
), countries or markets with low- to middle-income economies as classified by the World Bank, and other countries ormarkets with similar emerging characteristics).
- Normally investing primarily in common stocks. Allocating investments across countries considering the size of the market in each country relative to the size of the markets in countries consideredemerging markets as a whole.Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to 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, oreconomic 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 to increased risks of adverseissuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject togreater social, economic, regulatory, and political uncertainties and can be extremely volatile. *Issuer-Specific Changes.* The value of an individual security or particular type of security can be more volatile than the market as a whole and canperform differently from the value of the market as a whole.
<R>In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversifiedfund. As a result, changes in the market value of a single issuer could cause greater fluctuations in share price than would occur in a more diversifiedfund.</R>

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.

When you sell your shares of the fund, they could be worth more or less than what you paid for them.

***Investment Objective***

**Europe Fund** seeks growth of capital over the long-term.

***Principal Investment Strategies***

FMR's principal investment strategies include:
- Normally investing at least 65% of total assets in securities of <R>European</R> issuers. Normally investing primarily in common stocks.Allocating investments across countries considering the size of the market in each country relative to the size of the markets in Europe as a whole.
- Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to 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, oreconomic 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 to increased risks of adverseissuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject togreater social, economic, regulatory, and political uncertainties and can be extremely volatile. *Geographic Concentration in Europe*. Both developed and emerging market countries in Europe will be significantly affected by the tight fiscaland monetary controls required to join the European Economic and Monetary Union (EMU). The markets in Eastern Europe remain relativelyundeveloped and can be particularly sensitive to political and economic developments.Issuer-Specific Changes.
 The value of an individual security or particular type of security can be more volatile than the market as a whole and canperform differently from the value of the market as a whole.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.
When you sell your shares of the fund, they could be worth more or less than what you paid for them.
***Investment Objective***
**Europe Capital Appreciation Fund** seeks long-term capital appreciation.
***Prospectus***
**Fund Summary - continued**
***Principal Investment Strategies***
FMR's principal investment strategies include:
Normally investing at least 65% of total assets in securities of European issuers.
- Normally investing primarily in common stocks. Allocating investments across countries considering the size of the market in each country relative to the size of the markets in Europe as a whole.Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to 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, oreconomic 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 to increased risks of adverseissuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject togreater social, economic, regulatory, and political uncertainties and can be extremely volatile. *Geographic Concentration in Europe*. Both developed and emerging market countries in Europe will be significantly affected by the tight fiscal andmonetary controls required to join the EMU. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to politicaland economic developments.Issuer-Specific Changes.
 The value of an individual security or particular type of security can be more volatile than the market as a whole and canperform differently from the value of the market as a whole.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.
When you sell your shares of the fund, they could be worth more or less than what you paid for them.
***Investment Objective***
**Japan Fund** seeks long-term growth of capital.
***Principal Investment Strategies***
FMR's principal investment strategies include:
Normally investing at least 65% of total assets in securities of Japanese issuers.
- Normally investing primarily in common stocks. Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to 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, oreconomic developments. Different parts of the market can react differently to these developments. *Foreign Exposure*. Foreign 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.Geographic Concentration in Japan. 
The Japanese economy is currently in a recession. International trade and government policy cansignificantly affect economic growth.
- Issuer-Specific Changes.  The value of an individual security or particular type of security can be more volatile than the market as a whole and canperform differently from the value of the market as a whole.  An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.  When you sell your shares of the fund, they could be worth more or less than what you paid for them.  ***Investment Objective***  **Japan Smaller Companies Fund** seeks long-term growth of capital.  ***Principal Investment Strategies***  FMR's principal investment strategies include:  Normally investing at least 65% of total assets in securities of Japanese issuers with smaller market capitalizations (those with market capitalizationssimilar to companies in the Tokyo Stock Exchange Second Section Stock Price Index or the JASDAQ Stock Index).
- Potentially investing in securities of Japanese issuers with larger market capitalizations and non-Japanese issuers. Normally investing primarily in common stocks.Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to 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, oreconomic developments. Different parts of the market can react differently to these developments.
***Prospectus***
**Fund Summary - continued**
Foreign Exposure
. Foreign 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.
- Geographic Concentration in Japan.  The Japanese economy is currently in a recession. International trade and government policy cansignificantly affect economic growth. A small number of companies represent a large portion of the Japanese market, as represented by the Tokyo StockExchange Second Section Stock Price Index<R>.</R> <R>T</R>hese companies can be sensitive to adverse political, economic, or regulatorydevelopments. *Issuer-Specific Changes.* The value of an individual security or particular type of security can be more volatile than the market as a whole and canperform 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 market as a whole and other typesof stocks and can be more volatile than that of larger issuers.
In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund.As a result, changes in the market value of a single issuer could cause greater fluctuations in share price than would occur in a more diversified fund.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.
When you sell your shares of the fund, they could be worth more or less than what you paid for them.
***Investment Objective***
**Latin America Fund** seeks <R>long-term growth of capital</R>.
***Principal Investment Strategies***
FMR's principal investment strategies include:
Normally investing at least 65% of total assets in securities of Latin American issuers.
- Normally investing primarily in common stocks. Allocating investments across countries considering the size of the market in each country relative to the size of the markets in Latin America as awhole.Investing up to 35% of total assets in any industry that accounts for more than 20% of the Latin American market.
- Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to 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, oreconomic 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 to increased risks of adverseissuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject togreater social, economic, regulatory, and political uncertainties and can be extremely volatile. *Geographic Concentration in Latin America.*The Latin American economies are generally considered emerging markets and can be significantlyaffected by currency devaluations. In addition, the Latin American economies can be particularly sensitive to fluctuations in commodity prices. A smallnumber of companies and industries represent a large portion of the Latin American market as a whole, and these companies and industries can besensitive to adverse political, economic, or regulatory developments. The markets in Latin America can be extremely volatile.Issuer-Specific Changes.
 The value of an individual security or particular type of security can be more volatile than the market as a whole and canperform differently from the value of the market as a whole.
<R>In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversifiedfund. As a result, changes in the market value of a single issuer could cause greater fluctuations in share price than would occur in a more diversifiedfund.</R>
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.
When you sell your shares of the fund, they could be worth more or less than what you paid for them.
***Investment Objective***
**Nordic Fund** seeks long-term growth of capital.
***Principal Investment Strategies***
FMR's principal investment strategies include:
Normally investing at least 65% of total assets in securities of Danish, Finnish, Norwegian, and Swedish issuers.
- Normally investing primarily in common stocks. Allocating investments across countries considering the size of the market in each country relative to the size of the markets in the Nordic region as awhole.Investing up to 35% of total assets in any industry that accounts for more than 20% of the Nordic market.
- Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.  ***Prospectus***  **Fund Summary - continued**  ***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, oreconomic developments. Different parts of the market can react differently to these developments.
- Foreign Exposure . Foreign 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. *Geographic Concentration in Nordic Region.*The Nordic economies can be significantly affected by the price of natural resources and theirgovernments' efforts to comply with the restrictions required to join the EMU. A small number of companies and industries represent a large portion ofthe Nordic market as a whole, and these companies and industries can be sensitive to adverse political, economic, or regulatory developments.Issuer-Specific Changes.
 The value of an individual security or particular type of security can be more volatile than the market as a whole and canperform differently from the value of the market as a whole.
In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund.As a result, changes in the market value of a single issuer could cause greater fluctuations in share price than would occur in a more diversified fund.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.
When you sell your shares of the fund, they could be worth more or less than what you paid for them.
***Investment Objective***
**Pacific Basin Fund** seeks growth of capital over the long-term.
***Principal Investment Strategies***
FMR's principal investment strategies include:
Normally investing at least 65% of total assets in securities of <R>Pacific Basin</R> issuers.
- Normally investing primarily in common stocks. Allocating investments across countries considering the size of the market in each country relative to the size of the markets in the Pacific Basin as awhole.Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to 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, oreconomic 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 to increased risks of adverseissuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject togreater social, economic, regulatory, and political uncertainties and can be extremely volatile. *Geographic Concentration in Pacific Basin.*Many Pacific Basin economies are generally considered emerging markets and most are currently inrecessions. International trade, government policy, and political and social stability can significantly affect economic growth. The markets in the PacificBasin can be extremely volatile.Issuer-Specific Changes.
 The value of an individual security or particular type of security can be more volatile than the market as a whole and canperform differently from the value of the market as a whole.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.
When you sell your shares of the fund, they could be worth more or less than what you paid for them.
***Investment Objective***
**Southeast Asia Fund** seeks capital appreciation.
***Principal Investment Strategies***
FMR's principal investment strategies include:
Normally investing at least 65% of total assets in securities of Southeast Asian issuers.
- Normally investing primarily in common stocks. Allocating investments across countries considering the size of the market in each country relative to the size of the markets in Southeast Asia as awhole.Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to 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, oreconomic 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 to increased risks of adverseissuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject togreater social, economic, regulatory, and political uncertainties and can be extremely volatile.  ***Prospectus***  **Fund Summary - continued**  Geographic Concentration in Southeast Asia. 
Most Southeast Asian economies are generally considered emerging markets and are currently inrecessions. International trade, government policy, and political and social stability can significantly affect economic growth. The markets in SoutheastAsia can be extremely volatile.
- Issuer-Specific Changes.  The value of an individual security or particular type of security can be more volatile than the market as a whole and canperform differently from the value of the market as a whole.  <R>In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversifiedfund. As a result, changes in the market value of a single issuer could cause greater fluctuations in share price than would occur in a more diversifiedfund.</R>  An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.  When you sell your shares of the fund, they could be worth more or less than what you paid for them.  **Performance**  The following information illustrates**the changes in each fund's performance from year to year and compares each fund's performance to theperformance of a market index and an average of the performance of similar funds over various periods of time. Prior to September 1, 2000, ChinaRegion Fund operated under certain different investment policies. Accordingly, the fund's historical performance may not represent its currentinvestment policies. Prior to February 19, 1993, Emerging Markets Fund operated under certain different investment policies. Accordingly, the fund'shistorical performance may not represent its current investment policies. Returns are based on past results and are not an indication of futureperformance.  **Year-by-Year Returns**  The returns in the charts do not include the effect of Canada Fund's, China Region Fund's, Emerging Markets Fund's, Japan Fund's, Japan SmallerCompanies Fund's, Latin America Fund's, Nordic Fund's, Pacific Basin Fund's, and Southeast Asia Fund's front-end sales charge. If the effect of thesales charge were reflected, returns would be lower than those shown.   
**Canada Fund**

Calendar Years

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

-5.49%

17.68%

-2.87%

25.47%

-11.98%

19.39%

15.96%

6.12%

-14.92%

40.56%