Summary

• For the quarter, Fidelity International Real Estate Fund's Retail Class shares returned -3.31%, outperforming the international real estate sector index but lagging the -1.17% result of the broad-market MSCI EAFE Index.
• Security selection contributed to the fund's performance versus the sector index this quarter, especially in Singapore.
• We avoided some of the large Japanese real estate developers that didn't have the long-term, secular growth characteristics we look for.

Investment Approach

• Fidelity International Real Estate Fund (FIREX) seeks capital appreciation through investments in securities of companies principally engaged in the real estate industry. The fund invests primarily in non-U.S. securities.
• Our philosophy is

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