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| Fidelity Investments does not presently offer funds that are described as "socially responsible." At this time, we make these types of funds available to investors through our FundsNetwork program. We may, however, take the potential effect of political or social actions of a company into consideration when deciding whether to buy, or sell, that company's securities. |
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| We also do our best to see that our investment decisions are in line with our fiduciary obligation to ensure that every Fidelity fund is managed based on the investment objective described in its prospectus. |
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| We are sensitive to the ongoing tragedy occurring in Darfur and, like most others in the world, we are repulsed by genocide and all other crimes against humanity. We also respect the request by some to divest holdings in companies that have any Sudan–related activities as one way to bring pressure to bear on the Sudanese government. |
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| It is a request that we have given time and thought in evaluating, and we know that other companies in the industry have done the same. On the surface, the task appears relatively simple. In fact, however, weighing the consequences of divestiture against the value of active retention is quite complex. Though we do not like to admit it, as investment advisors it is very difficult for us to evaluate cause–and–effect relationships in a social and political situation as sensitive as this. |
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| That said, we have concluded that when it is appropriate to remain actively invested in a company, we will do so, thus retaining the ability to oppose company practices that we do not condone. This, in the long term, may have the greatest chance of ending those practices. There is the possibility that driving publicly traded companies out of Sudan may actually make the situation worse, exposing the region to state–owned companies or companies that are not traded on the world's exchanges and, therefore, not subject to any shareholder influence whatsoever. |
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| It is our best judgment that this approach — when applied over the spectrum of the world's investment securities — may be the most viable way to help bring constructive influence to world issues. |
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Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus containing this information. Read it carefully.
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