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Portfolio Manager Appointment

Fidelity is announcing the appointment of Nicholas Price as co-manager of Fidelity Japan Smaller Companies Fund with existing manager Kenichi Mizushita, effective October 21, 2008. He will become sole manager on or about December 30, 2008. Price joined Fidelity in 1993, and since 1999, he has been managing funds investing in Japanese equities available exclusively to non-US investors.

Performance Benchmark Change

Effective on or about December 30, 2008, Fidelity Japan Smaller Companies Fund will change its benchmark from the Russell/Nomura Small Cap IndexTM to the Russell/Nomura Mid-Small Cap IndexTM. The new benchmark includes a broader universe of securities, representing approximately the bottom 50% of investable Japanese securities by market capitalization.  It is also one of the two indexes used to define the fund’s investment universe.

Fund Reopening

Also effective on or about December 30, 2008, the fund will reopen to new plans. It has been closed to new plans since February 2006.

Please click here for a fact sheet on this fund.

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