Pat Waddell Has Retired from Geode Capital Management. His Retirement Impacts the Following Fidelity Equity Index Funds Which Are Sub-Advised by Geode

Portfolio Manager Appointment:

Effective March 22, 2018:

Pat Waddell has retired from Geode Capital Management. His retirement impacts the following Fidelity Equity Index Funds which are sub-advised by Geode:

Fidelity Series Large Cap Value Index Fund Fidelity Small Cap Enhanced Index Fund Fidelity 500 Index Fund Fidelity Flex 500 Index Fund Fidelity Extended Market Index Fund Fidelity International Index Fund Fidelity Total Market Index Fund VIP Disciplined Small Cap Portfolio VIP Extended Market Index Portfolio VIP Index 500 Portfolio VIP International Index Portfolio VIP Total Markets Index Portfolio Fidelity Flex Mid Cap Index Fund Fidelity Flex Small Cap Index Fund Fidelity Large Cap Growth Index Fund Fidelity Large Cap Value Index Fund Fidelity Mid Cap Index Fund Fidelity Small Cap Index Fund Fidelity Series Large Cap Growth Index Fund Fidelity Real Estate Index Fund Fidelity SAI Real Estate Index Fund Fidelity SAI Small-Mid Cap 500 Index Fund Fidelity SAI U.S. Large Cap Index Fund Fidelity SAI U.S. Momentum Index Fund Fidelity SAI U.S. Quality Index Fund Fidelity SAI U.S. Value Index Fund Fidelity Small-Mid Factor ETF Fidelity International Enhanced Index Fund Fidelity Large Cap Core Enhanced Index Fund Fidelity Large Cap Growth Enhanced Index Fund Fidelity Large Cap Value Enhanced Index Fund Fidelity Mid Cap Enhanced Index Fund Fidelity High Dividend ETF Fidelity Dividend ETF for Rising Rates Fidelity Low Volatility Factor ETF Fidelity Momentum Factor ETF Fidelity Quality Factor ETF Fidelity Value Factor ETF Fidelity Emerging Markets Index Fund Fidelity Global ex U.S. Index Fund Fidelity Flex International Index Fund Fidelity International High Dividend ETF Fidelity International Value Factor ETF Fidelity International Sustainability Index Fund Fidelity U.S. Sustainability Index Fund Fidelity SAI Emerging Markets Index Fund Fidelity SAI Emerging Markets Low Volatility Index Fidelity SAI International Index Fund Fund Fidelity SAI International Value Index Fund Fidelity SAI International Minimum Volatility Index Fund Fidelity SAI U.S. Low Volatility Index Fund Fidelity Series Global Ex U.S. Index Fund Fidelity Series International Index Fund Fidelity Targeted Emerging Markets Factor ETF Fidelity Targeted International Factor ETF Fidelity Total International Index Fund Fidelity Nasdaq Composite Index Fund Fidelity Nasdaq Composite Index Tracking Stock

The Fidelity equity index funds will continue to be managed by an experienced team of portfolio managers who share responsibilities. Geode specializes in quantitative investment strategies and has expertise in indexing, currently serving as the subadvisor to Fidelity’s equity index funds. Geode is a Boston-based SEC-registered investment adviser that not affiliated with Fidelity. ###

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917

Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917

National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110