Fidelity Investments Diversified International Funds:
Aggressive
International Diversified
International Global
Balanced
International Growth & Income
Overseas
Worldwide

Fidelity Investments Targeted International Equity Funds:
Canada
China Region
Emerging Markets
Europe
Europe Capital Appreciation
Japan
Japan Smaller Companies
Latin America
Nordic
Pacific Basin
Southeast Asia

These funds will hold a special shareholder meeting on or about February 14, 2001 so that shareholders of record as of December 18, 2000 may vote on various proposals at the request of the funds' Board of Trustees. Most of the proposals can be characterized as general fund business. Several proposals concern selected funds' investment policies. The investment policy proposals would change diversification policies for a group of funds from diversified funds to non-diversified funds to provide them with added investment flexibility to keep pace with market opportunities. Additional proposals would modify management contracts including approval of management fee reductions voluntarily adopted by Fidelity Management & Research (FMR) and potentially further reducing fees in the future.

A summary of these proposals follows:

Management Contract (Fee-Related) Proposals:
Several proposals would amend the funds' management contracts to provide for lower group fee rates. The group fee rate is one of two components of the management fees paid to FMR. Individual fee rates are the second component of the fees. Under this proposal, group fee rates would decline if FMR's assets under management exceed certain levels. FMR has voluntarily implemented these reductions pending shareholder approval, and the funds have paid lower management fees as a result.

In another proposal, Fidelity Worldwide Fund would add a performance adjustment component to the management fee FMR receives. The proposed index used to calculate the performance adjustment is the Morgan Stanley Capital International World Index (MSCI World Index). A proposal for Fidelity Aggressive International Fund would change the index used to calculate that fund's performance adjustment to the Morgan Stanley Capital International All-Country World U.S. Free Index (MSCI All-Country Index) from the Morgan Stanley Capital International Europe, Australasia, and Far East Index. Similarly, a proposal for Fidelity Pacific Basin Fund requests a change to the performance adjustment benchmark for the fund from the Morgan Stanley Capital International Pacific Index to the Morgan Stanley Capital International All-Country Pacific Free Index.

Investment Policy Proposals:
A group of proposals would provide increased investment flexibility to several funds by changing their diversification policies. If approved, Fidelity Canada Fund will change form a diversified fund to a non-diversified fund*. (*The funds are currently "diversified" as defined in the 1940 Act. As 1940 Act diversified funds they must invest at least 75% of their assets so that no more than 5% of their total assets are invested in any one security and so that they do not hold more than 10% of any one issuer's voting securities. The remaining 25% of assets may be invested with no individual security limits. Exceptions are cash and government securities which are not subject to limitations. Non-diversified funds are funds that with respect to 50% of assets, may have up to 5% of assets in any one security to a maximum of 10% of any one security's voting securities. With respect to the remaining 50%, the fund may not have more than 25% in any one security. Exceptions are cash and government securities which are not subject to limitations.) The primary purpose of this proposal is to give the fund greater flexibility to invest over 5% of its assets in a larger number of issuers. In addition, there is a separate proposal to amend the fund's fundamental investment limitation concerning industry concentration which would permit the fund to invest up to 35% of total assets in any industry that made up more than 20% of the Canadian market. Current policy permits the fund to invest up to 25% of assets in a single industry. These proposals recognize that the Canadian market has become increasingly concentrated in certain issuers in a small number of industries. For example, as of October 31, 2000, Nortel Networks accounted for approximately 23% of the Canadian market as represented by the Toronto Stock Exchange (TSE) 300. On that date, telephone equipment companies accounted for 23.7% of the market as represented by the TSE 300. If FMR invests a significant percentage of the fund's assets in a single issuer, the fund's performance would be closely tied to the market value of that issuer, and could be more volatile than the performance of more diversified funds. Similarly, if FMR invests a significant percentage of the fund's assets in a single industry, the fund's return could depend heavily on that industry's performance.

Under a similar proposal, Fidelity Emerging Markets Fund would also change from a diversified fund to a non-diversified fund. The primary purpose of this proposal is to give the fund greater flexibility to invest over 5% of its assets in a larger number of issuers. This flexibility will allow the fund, where appropriate, to match or overweight positions relative to its benchmark index, the Morgan Stanley Capital International Emerging Markets Free Index, should the benchmark index become increasingly concentrated in a few issuers. If FMR invests a significant percentage of the fund's assets in a single issuer, the fund's performance would be closely tied to the market value of that issuer, and could be more volatile than the performance of more diversified funds.

Another proposal would change Fidelity Latin America Fund from a diversified fund to a non-diversified fund. The primary purpose of this proposal is to give the fund greater flexibility to invest over 5% of its assets in a larger number of issuers, in particular, issuers in the industry or industries dominant in the local market. This proposal recognizes that the Latin American market has become increasingly concentrated in a few issuers. For example, as of October 31, 2000, Telefonos de Mexico and Petrobras accounted for approximately 14.3% and 8.4%, respectively, of the Latin American market as represented by the Morgan Stanley Capital International Emerging Markets Free-Latin America Index. In addition, the proposal will allow the fund to use the flexibility permitted by its industry concentration policy (which allows the fund to invest up to 35% of its total assets in any industry that accounts for more than 20% of the Latin American market as measured by an index determined by FMR to be an appropriate measure of the Latin American market). As of October 31, 2000, telephone service companies accounted for approximately 23% of the Latin American market as represented by the index. If FMR invests a significant percentage of the fund's assets in a single issuer, the fund's performance would be closely tied to the market value of that issuer, and could be more volatile than the performance of more diversified funds. Similarly, if FMR invests a significant percentage of the fund's assets in a single industry, the fund's return could depend heavily on that industry's performance.

Also included is a proposal to change Fidelity Southeast Asia Fund from a diversified fund to a non-diversified fund. The primary purpose of this proposal is to give the fund greater flexibility to invest over 5% of its assets in a larger number of issuers. This proposal recognizes that the Southeast Asian market has become increasingly concentrated in a few issuers. For example, As of October 31, 2000, Hutchison Whampoa and China Mobile (Hong Kong) accounted for approximately 8.1% and 5.4%, respectively, of the Southeast Asian market as represented by the Morgan Stanley Capital International AC (All Country) Far East Free ex Japan Index. If FMR invests a significant percentage of the fund's assets in a single issuer, the fund's performance would be closely tied to the market value of that issuer, and could be more volatile than the performance of more diversified funds.

In addition, Fidelity China Region Fund would add Taiwan to the fund's fundamental industry concentration policy which already includes Hong Kong and China. Taiwan was added to the fund's market focus in September, 2000.

Participants will balances in one or more of the funds potentially with proposed changes to their diversification polices, will receive a proxy statement or a post card notification advising them of these proposals. A message advising participants of the diversification proposals will be included on statement in plans offering one or more of these funds.