Stock markets, especially foreign markets, are
volatile and can decline significantly in response
to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. The fund may have additional volatility because it can invest a significant portion of assets in securities of a small number of individual issuers. Diversification does not ensure a profit or guarantee against a loss.

Before investing in any mutual fund, have your client consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, or a summary prospectus if available, containing this information. Have your client read it carefully.

Fidelity Investments Institutional Services Company, Inc. 768299.1.0