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15 views520 pages

Fidelity Global Multi Asset Income Fund A-Mincome (G) - SGD - Prospectus - 2022!03!31

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Fidelity Funds

Established in Luxembourg

Singapore Prospectus
March 2022

This is a replacement Singapore prospectus lodged with the Monetary

Authority of Singapore (the “Authority”) on 31 March 2022 pursuant to
Section 298 of the Securities and Futures Act 2001 and it replaces the
Singapore prospectus registered by the Authority on 17 November 2021 as
amended by the first supplementary Singapore prospectus lodged on
5 January 2022.

This Singapore Prospectus incorporates the attached Luxembourg

Prospectus of Fidelity Funds dated January 2022 (the “Luxembourg
Prospectus”). Fidelity Funds (the “Fund”) is an open-ended investment
company constituted in Luxembourg (i.e. outside Singapore).
TABLE OF CONTENTS

CONTENTSPAGE

MPORTANT INFORMATION...................................................................................................................... 1

DIRECTORY................................................................................................................................................ 3

1. THE FUND...................................................................................................................................... 3

2. THE SUB-FUNDS AND SHARE CLASSES........................................................................................ 4

3. MANAGEMENT AND ADMINISTRATION.................................................................................... 18

4. OTHER PARTIES............................................................................................................................ 22

5. INVESTMENT OBJECTIVES.......................................................................................................... 23

6. CHARGES AND EXPENSES......................................................................................................... 136

7. SUPPLEMENTARY RETIREMENT SCHEME ............................................................................... 137

8. SUB-FUNDS INCLUDED UNDER THE CENTRAL PROVIDENT FUND

INVESTMENT SCHEME (“CPFIS”).............................................................................................. 139

9. RISK FACTORS............................................................................................................................ 141

10. PURCHASE OF SHARES.............................................................................................................. 143

11. REDEMPTION OF SHARES......................................................................................................... 145

12. SWITCHING BETWEEN SUB-FUNDS........................................................................................ 146

13. ANTI-MONEY LAUNDERING AND COUNTERING OF TERRORIST FINANCING.................... 146

14. OBTAINING PRICE INFORMATION........................................................................................... 147

15. NET ASSET VALUE AND SWING PRICING................................................................................ 147

16. SUSPENSION OF THE CALCULATION OF THE NET ASSET VALUE AND ISSUE,
ALLOCATION, CONVERSION, REDEMPTION AND REPURCHASE OF SHARES...................... 147

17. RESTRICTIONS ON BUYING, SUBSCRIBING AND

SWITCHING INTO CERTAIN SUB-FUNDS................................................................................ 148

18. PERFORMANCE OF THE SUB-FUNDS....................................................................................... 148

19. SOFT COMMISSIONS................................................................................................................. 148

20. CONFLICTS OF INTEREST......................................................................................................... 148

21. REPORTS..................................................................................................................................... 149

22. CERTAIN SINGAPORE TAX CONSIDERATIONS ....................................................................... 149

23. QUERIES AND COMPLAINTS..................................................................................................... 149

24. OTHER INFORMATION.............................................................................................................. 149

SCHEDULE 1.......................................................................................................................................... 152

SCHEDULE 2.......................................................................................................................................... 173

Fidelity Funds Singapore Prospectus

IMPORTANT INFORMATION

The collective investment schemes offered in this Singapore Prospectus are listed in paragraph 2 of this Singapore
Prospectus (and referred to as the “Sub-Funds”). They are recognised schemes under the Securities and Futures
Act 2001 (the “SFA”).

A copy of this Singapore Prospectus has been lodged with and registered by the Monetary Authority of Singapore
(the “Authority”). The Authority assumes no responsibility for the contents of this Singapore Prospectus. The
registration of this Singapore Prospectus by the Authority does not imply that the SFA or any other legal or
regulatory requirements have been complied with. The Authority has not, in any way, considered the investment
merits of the Sub-Funds.

This Singapore Prospectus is registered with the Authority on 17 November 2021. It is valid up to and
including 16 November 2022 and will expire on 17 November 2022.

This Singapore Prospectus is only valid if attached with the Luxembourg Prospectus. Terms defined in the
Luxembourg Prospectus have the same meanings when used in this Singapore Prospectus unless the context
otherwise requires or where specifically stated in this Singapore Prospectus.

The Shares of each of the Sub-Funds are capital markets products other than prescribed capital markets products (as
defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and are Specified Investment
Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and in MAS Notice
FAA-N16: Notice on Recommendations on Investment Products).

Please note that the purchase of Shares of the following Sub-Funds is not the same as placing funds on
deposit with a bank or deposit-taking company:

• Fidelity Funds – Euro Cash Fund

• Fidelity Funds – US Dollar Cash Fund

Although the Investment Manager may seek to maintain or preserve the principal value of these Sub-Funds,
there can be no assurance that these Sub-Funds will be able to meet this objective. They are not guaranteed
funds, in that there is no guarantee as to the amount of capital invested or return received. The global
exposure relating to derivative instruments for these Sub-Funds is limited to 100% of the total net assets
of the Sub-Fund.

You should note that all Sub-Funds may use various financial derivative instruments to reduce risks or costs
or to generate additional capital or income in order to meet the investment objectives of the Sub-Funds.
Some Sub-Funds may use derivatives extensively and/or for more complex strategies as described in their
respective investment objectives. Please refer to paragraph 24.1 of this Singapore Prospectus for further
information.

Please carefully consider the risk factors set out under “Risk Factors”, Part I (1.2) of the Luxembourg
Prospectus, and at paragraph 9 of this Singapore Prospectus.

If you are in any doubt about the contents of this Singapore Prospectus, you should consult your stockbroker,
bank manager, solicitor, accountant or other independent financial adviser. Shares are offered on the basis of the
information contained in this Singapore Prospectus. No one is authorised to give any other information or to make
any other representations concerning the Fund or the Sub-Funds. If you purchase Shares on the basis of statements
or representations not contained in or inconsistent with this Singapore Prospectus, such purchase will be solely at
your risk. The information provided in this Singapore Prospectus does not constitute investment advice.

The directors of the Fund (the “Directors”) have taken all reasonable care to ensure that the facts in this Singapore
Prospectus are true and accurate in all material respects as at its registration date (or subsequent update) and
that there are no other material facts which, if omitted, makes any statement of fact or opinion in this Singapore
Prospectus misleading. The Directors accept responsibility accordingly.

1
Fidelity Funds Singapore Prospectus

The distribution of this Singapore Prospectus is only intended for Singapore investors. The offering of the Shares
may be restricted in certain jurisdictions. This Singapore Prospectus is not an offer or solicitation in any jurisdiction
where such offer or solicitation is unlawful, or if made by a person not authorised to make it, or received by a
person whom may not lawfully receive it.

The information contained in this Singapore Prospectus is supplemented by the most recent annual report of the
Fund and any subsequent semi-annual report of the Fund, if available. Please see paragraph 21 of this Singapore
Prospectus for details. You are to determine for yourself (a) the legal requirements within your own country for the
purchase of Shares, (b) any foreign exchange restrictions which may be applicable, and (c) the income and other
tax consequences of purchase, conversion and redemption of Shares.

US and Canadian Investors

The Fund is not registered in the United States of America under the Investment Company Act of 1940. Shares
have not been registered in the United States of America under the Securities Act of 1933. Shares may not be
directly or indirectly offered or sold in the United States of America or any of its territories or possessions or areas
subject to its jurisdiction or to or for the benefit of nationals or residents thereof, unless pursuant to an exemption
from registration requirements available under US law, any applicable statute, rule or interpretation. US Persons
(as this term is defined in “Eligible Investors and Restriction on Ownership”, Part III (3.4) of the Luxembourg
Prospectus) are not eligible to invest in the Fund. Prospective investors shall be required to declare that they are
not a US Person. The Fund is not registered in any provincial or territorial jurisdiction in Canada and the Shares
have not been qualified for distribution in any Canadian jurisdiction under applicable securities laws. Shares made
available under this offer may not be directly or indirectly offered or sold in any provincial or territorial jurisdiction
in Canada or to or for the benefit of residents thereof. Prospective investors may be required to declare that they
are not a Canadian resident and are not applying for Shares on behalf of any Canadian residents. If an investor
becomes a Canadian resident after buying Shares of the Fund, this investor will not be able to buy any additional
Shares.

The delivery of this Singapore Prospectus or the issue of Shares in any Sub-Fund will not imply that the affairs
of the Fund and/or the Sub-Funds have not changed since the registration date of this Singapore Prospectus. To
reflect material changes, this Singapore Prospectus may be updated from time to time and you should investigate
whether there is a more recent version of the Singapore Prospectus.

Please consult your independent financial adviser about the suitability of a particular Sub-Fund for your investment
needs.

All enquiries in relation to the Sub-Funds should be directed to the Singapore Representative.

IMPORTANT: PLEASE READ AND RETAIN THIS SINGAPORE PROSPECTUS FOR FUTURE REFERENCE

2
Fidelity Funds Singapore Prospectus

BOARD OF DIRECTORS OF THE FUND (THE “BOARD”)

Anne Richards (Chairwoman of the Board)
Dr. Yousef A. AI-Awadi K.B.E.
Didier Cherpitel
Carine Feipel
Abby Johnson
Glen Moreno
Jon Skillman
FIL (Luxembourg) S.A.

REGISTERED OFFICE OF THE FUND

2a, Rue Albert Borschette, BP 2174, L-1246 Luxembourg

MANAGEMENT COMPANY, REGISTRAR, TRANSFER AGENT, ADMINISTRATIVE SERVICE AGENT

AND DOMICILIARY AGENT
FIL Investment Management (Luxembourg) S.A., 2a, Rue Albert Borschette, BP 2174, L-1246 Luxembourg

Equity
Fund A-ACC-Euro
A-ACC-USD
A-ACC-Euro
Fidelity Funds – Sustainable Future Connectivity A-ACC-SGD (SGD/USD hedged)
Equity
Fund
Y-ACC-USD
Y-ACC-Euro
A-JPY
A-SGD
Fidelity Funds – Sustainable Japan Equity Fund Equity
A-ACC-SGD (SGD/JPY hedged)*
A-ACC-USD (hedged)
A-USD
A-ACC-USD
Fidelity Funds – Sustainable US Equity Fund Equity
A-ACC-Euro (hedged)
Y-ACC-GBP
A-ACC-USD
A-ACC-Euro
A-ACC-Euro (Euro/USD hedged)
A-ACC-SGD (SGD/USD hedged)
Fidelity Funds – Sustainable Water & Waste RY-ACC-USD
Equity
Fund RY-ACC-CHF
RY-ACC-Euro
Y-ACC-USD
Y-ACC-Euro
Y-ACC-Euro (Euro/USD hedged)
Fidelity Funds – Switzerland Fund Equity A-CHF
A-USD
Fidelity Funds – Thailand Fund Equity
Y-ACC-USD
A-Euro
A-ACC-USD
Fidelity Funds – World Fund Equity
A-ACC-SGD
Y-ACC-USD

9
Fidelity Funds Singapore Prospectus

Equity Income Sub-Funds

Class of Shares / Currency of

Sub-Fund Type of fund
denomination of Shares
A-USD
Fidelity Funds – Asia Pacific Dividend Fund Equity Income
Y-ACC-USD
A-MCDIST(G)-Euro
Fidelity Funds – European Dividend Fund Equity Income A-MINCOME(G)-USD (hedged)
A-QINCOME(G)-Euro
A-ACC-USD
A-ACC-Euro
A-ACC-Euro (hedged)
A-HMDIST(G)-AUD (hedged)
A-HMDIST(G)-RMB (hedged)
A-MCDIST(G)-USD
A-MCDIST(G)-SGD
(SGD/USD hedged)
A-MINCOME(G)-USD
Fidelity Funds – Global Dividend Fund Equity Income
A-MINCOME(G)-Euro
A-MINCOME(G)-HKD
A-MINCOME(G)-SGD
A-MINCOME(G)-SGD (hedged)
A-MINCOME(G)-AUD (hedged)
A-QINCOME(G)-USD
Y-ACC-USD
SR-ACC-SGD
SR-MINCOME(G)-SGD
A-USD
A-Euro
A-ACC-USD
A-ACC-Euro
A-GDIST-Euro
A-MCDIST(G)-USD
A-MDIST-USD
Fidelity Funds – Global Dividend Plus Fund Equity Income
A-MDIST-HKD
A-MINCOME(G)-USD
A-MINCOME(G)-HKD
A-MINCOME(G)-SGD
Y-USD
Y-GDIST-Euro
Y-QDIST-USD
Fidelity Funds – Global Equity Income Fund Equity Income I-ACC-USD

10
Fidelity Funds Singapore Prospectus

Multi Asset Sub-Funds

Class of Shares / Currency of

Sub-Fund Type of fund
denomination of Shares
A-ACC-USD
A-HMDIST(G)-AUD
(AUD/USD hedged)
A-MCDIST(G)-USD
Fidelity Funds – Asia Pacific Multi Asset Growth A-MCDIST(G)-SGD
Multi Asset
& Income Fund (SGD/USD hedged)
A-MINCOME(G)-USD
A-MINCOME(G)-SGD
A-MINCOME(G)-SGD
(SGD/USD hedged)
A-Euro
Fidelity Funds – European Multi Asset Income
Multi Asset A-ACC-USD (hedged)
Fund
A-MCDIST(G)-Euro
Fidelity Funds – Global Multi Asset Defensive
Multi Asset A-ACC-SGD
Fund
Fidelity Funds – Global Multi Asset Dynamic
Multi Asset A-USD
Fund

Fidelity Funds – Global Multi Asset Growth & A-ACC-SGD

Multi Asset
Income Fund Y-MCDIST(G)-USD

A-ACC-USD
A-ACC-Euro
A-ACC-Euro (hedged)
A-HMDIST(G)-AUD (hedged)
A-MCDIST(G)-USD
A-MCDIST(G)-SGD
(SGD/USD hedged)
Fidelity Funds – Global Multi Asset Income A-MDIST-Euro
Multi Asset
Fund A-MINCOME(G)-USD
A-MINCOME(G)-HKD
A-MINCOME(G)-SGD
A-MINCOME(G)-SGD
(SGD/USD hedged)
A-QINCOME(G)-SGD
A-QINCOME(G)-Euro (hedged)
Y-MINCOME(G)-USD

A-ACC-USD
A-HMDIST(G)-AUD
Fidelity Funds – Greater China Multi Asset (AUD/USD hedged)
Multi Asset
Growth & Income Fund
A-MINCOME(G)-USD
A-MINCOME(G)-SGD

Fidelity Funds – Sustainable Multi Asset Income

Fund (formerly known as Fidelity Funds – Multi Multi Asset A-USD
Asset Income Fund)

11
Fidelity Funds Singapore Prospectus

Bond Sub-Funds

Class of Shares / Currency of

Sub-Fund Type of fund
denomination of Shares

A-ACC-USD
A-HMDIST(G)-AUD (hedged)
A-MCDIST(G)-USD
Fidelity Funds – Asia Pacific Strategic Income
Bond A-MINCOME(G)-USD
Fund
A-MINCOME(G)-SGD
A-MINCOME(G)-SGD
(SGD/USD hedged)

Sub-Fund Type of fund
denomination of Shares
Fidelity Funds – Fidelity Target™ 2020 Fund Fidelity Lifestyle A-USD

16
Fidelity Funds Singapore Prospectus

Systematic Multi Asset Risk Targeted Sub-Funds

Class of Shares / Currency of

Sub-Fund Type of fund
denomination of Shares
Fidelity Funds – SMART Global Defensive Systematic Multi
A-Euro
Fund Asset Risk Targeted

• Class I Shares may only be acquired by Institutional Investors who meet the requirements established
from time to time by the General Distributor.

• Class S Shares may only be acquired by Singapore insurance companies who meet the requirements
established from time to time by the General Distributor or such other investors to be decided by the
Board from time to time.

• Class SR Shares may only be acquired by Central Provident Fund (“CPF”) members using CPF monies,
or such other investors as the Board may permit.

• Class RY Shares may only be acquired by investors who meet the requirements established from time to
time by the General Distributor or at the Management Company’s discretion.

* This class of Shares will only be available for investment on or around 27 April 2022 or at such later
date as may be determined by the Board or its delegate.

^ This class of Shares will only be available for investment on or around 13 April 2022 or at such later
date as may be determined by the Board or its delegate.

Except where stated above, the above Sub-Funds or Share classes are generally available for subscription.
The Board may at its discretion postpone the launch of any Sub-Fund or Share class to a later date and the
launch of a Sub-Fund or Share class is not conditional upon a minimum fund size. The Board may also from
time to time at its discretion close any Share class. Please check with the distributors as to the availability
of any Sub-Fund or Share class.

Different types of Sub-Funds and Share classes may have different features, including different levels of
annual management fees and asset allocation fees, minimum initial investment and minimum subsequent
investment amounts, initial charge, redemption fee and switching charge.

Details of the different types of Sub-Funds are set out under “Investment Policies and Objectives” and
“Additional Information”, Part I (1.4 and 1.5) of the Luxembourg Prospectus. Details of the features of the
Share classes are set out in the Luxembourg Prospectus, in particular, under the heading “DEFINITIONS”,
“Classes of Shares” and “Share Dealing”, Part II (2.1 and 2.2) and “Dividends”, Part III (3.1) of the
Luxembourg Prospectus. In general, the descriptive name of each Share class may indicate the type of Share
class, the currency of denomination, whether the class accumulates or distributes capital and/or income (on
a gross or net investment income basis), the frequency of such distribution (if any) and/or whether hedging
is carried out.

2.2 The investment proceeds of Shares in a Sub-Fund are invested in one common underlying portfolio of
investments. The allocation of the assets and liabilities of the Fund to each Sub-Fund is described in
the Articles of Incorporation. All Shares in a Sub-Fund have equal rights and privileges. Each Share in a
Sub-Fund is entitled to participate equally in any dividends or other distributions declared on the Shares
in that Sub-Fund as well as in the event of a termination of that Sub-Fund or the liquidation in that
Sub-Fund, in the liquidation proceeds of that Sub-Fund. For distributing Shares, investors should note that
any dividends or distributions made will normally reduce the Net Asset Value of the Sub-Fund. Each full
Share is entitled to one vote at any meeting of Shareholders of the Fund, a Sub-Fund or a class.

2.3 The dividend policies of the classes, and other details and risks relating to the dividend policies are set
out under “Dividends”, Part III (3.1) and “Distribution of Dividends and Expenses out of/effectively out of
Capital (CDIST/MCDIST/MINCOME/QINCOME Share classes only)”, Part I (1.2(II)) of the Luxembourg
Prospectus.

17
Fidelity Funds Singapore Prospectus

3. MANAGEMENT AND ADMINISTRATION

Details on the management and administration of the Fund are set out under the headings
“OVERVIEW – MAIN ADMINISTRATION FUNCTIONS” and “OVERVIEW – MANAGEMENT OF THE
FUND” and “Administration Details, Charges and Expenses”, Part IV of the Luxembourg Prospectus.

3.1 Board of Directors of the Fund

The Board is responsible for the overall strategy of the Fund.

The Board has appointed the Management Company to assume day-to-day responsibility for the conduct
of the management, administration and marketing functions in relation to the Fund. The Management
Company may delegate part or all of such functions to third parties, subject to its overall control and
supervision.

Details on the Board are set out under “OVERVIEW – MANAGEMENT OF THE FUND”, of the Luxembourg
Prospectus.

3.2 Management Company

The Fund has appointed FIL Investment Management (Luxembourg) S.A. as the management company
(the “Management Company”) of the Fund.

The Management Company was incorporated as a Société Anonyme under the laws of the Grand Duchy of
Luxembourg in 2002. It is authorised as a management company governed by the EC Directive 2009/65
and therefore complies with the conditions set out in Chapter 15 of Law of 2010.

The Management Company (domiciled in Luxembourg) has been managing collective investment schemes
or discretionary funds in Grand Duchy of Luxembourg since August 2002 and its regulatory authority is
the Commission de Surveillance du Secteur Financier (“CSSF”). It is responsible for the management,
administration, including the overall management of the investments of the Fund, and for the marketing
function. This includes processing subscriptions, redemptions, switches and transfers of Shares and entering
these transactions in the Fund’s register of Shareholders. Details on the Management Company are set out
under “Administration Details, Charges and Expenses”, Part IV of the Luxembourg Prospectus.

The appointment of the Management Company may be terminated under the circumstances set out in the
relevant management company services agreement (including liquidation or appointment of receiver over
the Management Company’s assets).

3.3 Directors and key executives of the Management Company

Directors of the Management Company

Christopher Brealey

As well as his board responsibilities, Christopher Brealey operates General Counsel Group Planning for
which he runs a wide range of corporate projects. He joined Fidelity in 2001 and has had a range of roles
in the UK, Japan and Bermuda as well as in Luxembourg. Before Fidelity, he worked for 8 years in the
Investment Management Tax Department of EY in London.

Christopher holds a degree in history from Cambridge University and is a Chartered Accountant and a
Chartered Tax Adviser.

Eliza Dungworth

Eliza Dungworth is the Head of ISS Legal & Compliance for Fidelity. She joined Fidelity in July 2016 as
interim Chief Risk Officer and assumed the role as Head of Global Assurance and Oversight in December,
renamed Global Chief Compliance Officer in February 2018. In September 2020, the Legal and Compliance
functions were combined to provide a continuum of advisory and assurance services. Eliza was appointed
Head of ISS Legal & Compliance. In this role, she is responsible for supporting the ISS business in executing
its strategy, through internal/external change, legal matters and ensuring compliance with applicable laws,

18
Fidelity Funds Singapore Prospectus

regulations, business standards, rules of conduct and established industry practices. Her financial services
experience includes fifteen years as a partner at Deloitte and three years in the position of Head of the
Investment Management.

Eliza holds an LLB degree from Brunel University and is a Chartered Accountant and Chartered Tax Adviser.
She is a Non-Executive Director for the Henderson European Focus Trust (a close-ended UK vehicle) and
Deputy chair of the Strategic Business and risk committee of the Investment Association.

Dominic Rossi

Dominic Rossi is a Non-Executive Director at Fidelity. He acts as Director and Chairman at various internal
Boards and Committees. Dominic is also a Director of Eight Roads Holding Ltd, and is Chair of its Investment
and Capital committees.

Previously he was Global Chief Investment Officer, Equities at Fidelity International for 7 years and joined
the company from Gartmore in March 2011.

Dominic holds a BA in Politics from Sussex University and an MBA from CASS University (formerly City
University). Dominic was also Chairman of the University of Sussex School of Business Management and
Economics Advisory Board and was an Executive Fellow at the London Business School.

Jon Skillman

Jon Skillman is a Senior Advisor to Fidelity. Prior to this, he was Managing Director, Head of Global
Workplace Investing and Stock Plan Services focused on growing Fidelity’s Workplace Investing business
and implementing plans for Stock Plan Services. Prior to this, Jon was the Managing Director of Continental
Europe for Fidelity International, responsible for expanding the market share across countries in Continental
Europe and Latin America, developing Fidelity’s product range and focusing on the European regulatory
landscape for mutual funds and he was President of Fidelity Life Insurance Company.

Jon joined FIL in 1994 as the Director of Planning, Fidelity Management & Research. Prior to his
appointment as Managing Director, Continental Europe in 2012, he was President of Fidelity Stock Plan
Services at Fidelity Investments in Boston.

Jon holds a Bachelor of Science Degree, a Master of Science Degree from Stanford University and an MBA
from Harvard Business School.

Key executives of the Management Company

Florence Alexandre - Head of Luxembourg Fund Accounting

Florence Alexandre is the Head of Luxembourg Fund Accounting at FIL Investment Management
(Luxembourg) S.A., with responsibility for all fund administration activities for Luxembourg-domiciled
fund ranges. She has over 25 years of experience within the financial services industry and before joining
Fidelity in 2015, she was Vice President, Alternative Depositary and Structured Product at State Street Bank
in Luxembourg.

Florence has a master’s degree in finance from Hautes Etudes Commerciales Liege (HEC), Section Finance
with a specialisation in analysis and control in all business areas related to both internal and external control
processes, and the role of company revisor or auditor for both internal and external audit of companies in
Belgium.

Stephan von Bismarck – Head of Sub-Advised Investment Management

Stephan von Bismarck is the Head of Sub-Advised Investment Management of FIL Investment Management
Limited in the UK. He joined FIL Group in 2004 and was responsible for investment management risk until
the end of 2017. Stephan has worked in the asset management industry since 1988, with previous roles in
investment research, portfolio management and product development. He has focused on risk management
since 1999. Before joining the FIL Group, he was the Deputy Head of Global Risk Management for AXA
Investment Managers.

Stephan holds a Master Degree in Mathematics and Computer Sciences from Hamburg University.

19
Fidelity Funds Singapore Prospectus

Philip Hanssens – Chief Compliance Officer, Europe

Philip Hanssens is Fidelity’s Chief Compliance Officer, Europe. Philip joined Fidelity International in
June 2018 and has been a Conducting Officer of FIL Investment Management (Luxembourg) S.A. since 2
December 2019. He leads the compliance advisory team in Europe which provides advice on a wide range
of financial services regulatory and transactional issues. Philip is a lawyer qualified in England and Wales
and has over 20 years of international experience. Prior to joining Fidelity, Philip assumed various legal and
regulatory roles at GAM (UK), Nikko Asset Management (UK), AIG (UK), the Financial Conduct Authority
(UK), the European Central Bank (Germany) and JP Morgan (Brussels).

Philip holds a Master of Laws in international banking and financial law from the Boston University School
of Law and also holds a Master in Business Administration from INSEAD.

Corinne Lamesch – Luxembourg Country Head

Corinne Lamesch is the Luxembourg Country Head. She joined Fidelity International in 2008 and was
responsible for all legal aspects of Fidelity’s European-based fund ranges and businesses until 1 August
2019. She now acts as head of Fidelity’s Luxembourg office.

Prior to joining Fidelity, she spent ten years in private practice at Allen & Overy and Clifford Chance. She
is also the chairperson and board member of the Association of the Luxembourg Fund Industry (‘ALFI’).

Corinne holds a law degree from the Robert Schuman University in Strasbourg and a Masters in Comparative
Jurisprudence from the New York University School of Law. She was admitted to the New York Bar in 1998
and to the Luxembourg Bar from 1999 to 2008.

Karin Winklbauer – Director of Investment Risk Oversight

Karin Winklbauer is a Director within Fidelity’s Investment Risk Oversight team and Chief Risk Officer for
FIL Investment Management (Luxembourg) S.A. She heads the Investment Risk Oversight in Luxembourg
and Ireland and is accountable for defining the Investment Risk Frameworks & Governance in Luxembourg
and Ireland, identifying and monitoring of investment management operational process risk and overseeing
the funds liquidity, market and counterparty risks. She has more than two decades of experience in risk
management across various fields in the financial services industry, including credit, operational and
investment risk. Prior to joining the Fidelity Group in November 2016, she was Head of Risk and Conducting
Officer at WRM Capital Asset Management. Prior to WRM, she worked in a Senior Risk position for Alliance
Bernstein and for Raiffeisenzentralbank, Vienna.

Karin holds a master’s degree in economics from University of Passau, Germany. She took over the Investment
Risk Oversight in Luxembourg in February 2018 and her role was expanded to Ireland Investment Risk
Oversight a year later.

Paul Witham – Head of Luxembourg Transfer Agency, Europe

Paul Witham is the Head of Luxembourg Transfer Agency at FIL Investment Management (Luxembourg)
S.A. He joined the FIL Group in 2014, where he was initially responsible for Customer Services, in 2017
he took over responsibility for Transfer Agency. As Conducting Officer of FIL Investment Management
(Luxembourg) S.A., his areas of responsibility are Transfer Agency and Distribution matters. He has 20
years of experience in the financial services industry, prior to joining the FIL Group, he was Assistant Vice
President in Brown Brothers Harriman (Luxembourg) S.C.A. Transfer Agency department.

Paul holds a Business Studies qualification from Hedley Walter School and a qualification in Investment
Administration from the Chartered Institute of Securities & Investment.

3.4 Investment Manager and sub-managers

The Management Company with the consent of the Fund has appointed FIL Fund Management Limited (the
“Investment Manager”) to provide the Fund with day-to-day investment management of each Sub-Fund
under the supervision of, and subject to the control of, the Management Company and its Conducting
Officers. FIL Fund Management Limited (domiciled in Bermuda) has been managing collective investment
schemes or discretionary funds in Bermuda since August 2005. Its regulatory authority is the Bermuda
Monetary Authority.

20
Fidelity Funds Singapore Prospectus

The Investment Manager may receive investment advice from, and act upon the advice of, any of its
Connected Person1 or any other third party adviser. Moreover, the Investment Manager may sub-delegate
investment management activities to any of its Connected Person or any other eligible entity under the
applicable regulation. The Investment Manager shall remain responsible for the proper performance by
such entity of those responsibilities.

The appointment of the Investment Manager may be terminated under the circumstances set out in the
Luxembourg Prospectus (including any events of insolvency).

As of 1 October 2021, the sub-managers to which the Investment Manager may sub-delegate the investment
management of each Sub-Fund are as follows:

3.4.1 FIL Investments International (domiciled in the United Kingdom) has managed collective investment
schemes or discretionary funds in the United Kingdom since 1979. Its regulatory authority is the
Financial Conduct Authority of the United Kingdom.

3.4.2 FIL Investment Management (Hong Kong) Limited (domiciled in Hong Kong SAR) has managed
collective investment schemes or discretionary funds in Hong Kong since 1981. Its regulatory
authority is the Securities and Futures Commission of Hong Kong.

3.4.3 Fidelity Management & Research Company LLC (domiciled in the United States of America) has
managed collective investment schemes or discretionary funds in the United States of America since
1946. Its regulatory authority is the United States Securities and Exchange Commission.

3.4.4 FIL Investments (Japan) Limited (domiciled in Japan) has managed collective investment schemes or
discretionary funds in Japan since 1987. Its regulatory authorities are the Japanese Financial Services
Agency and the Investment Trusts Association, Japan.

3.4.5 FIL Investment Management (Australia) Limited (domiciled in Australia) has managed collective
investment schemes or discretionary funds in Australia since 2004. Its regulatory authority is the
Australian Securities and Investments Commission.

3.4.6 FIL Gestion (domiciled in France) has managed collective investment schemes or discretionary
funds in France since 2003. Its regulatory authority is the French Autorité des Marchés Financiers.

3.4.7 FIL Investment Management (Singapore) Limited (domiciled in Singapore) has managed collective
investment schemes or discretionary funds in Singapore since 2003. Its regulatory authority is the
Monetary Authority of Singapore.

3.4.8 Geode Capital Management, LLC (domiciled in the United States of America) has managed
collective investment schemes or discretionary funds in the United States of America since 2002. Its
regulatory authority is the United States Securities and Exchange Commission. It is also registered
with the United States Commodity Futures Trading Commission as a commodity pool operator and
commodity trading advisor and is a member of the United States National Futures Association.

3.4.9 FIAM LLC (domiciled in the United States of America) has managed collective investment schemes
or discretionary funds in the United States of America since 2006. Its regulatory authority is the
United States Securities and Exchange Commission.

3.4.10 FIL (Luxembourg) S.A. (domiciled in Luxembourg) has managed collective investment schemes or
discretionary funds in Luxembourg since 2019. Its regulatory authority is the CSSF.

3.4.11 Fidelity Investments Canada ULC (“FIC”) (domiciled in Canada) has managed collective investment
schemes or discretionary funds in Canada since 2004. As FIC is based in Ontario, Canada, the
Ontario Securities Commission is the principal regulator of FIC. FIC is also registered as an advisor
(portfolio manager) with the securities regulatory authority in each province and territory of Canada.

1
“Connected Persons” is defined under the heading “DEFINITIONS” of the Luxembourg Prospectus.

21
Fidelity Funds Singapore Prospectus

Each of the FIL Group entities, Geode Capital Management, LLC and FIAM LLC are licensed or regulated in
its principal place of business in respect of its investment management activities. The sub-managers listed
above may change from time to time and such change will be updated at the next Singapore Prospectus
registration date. The list of all sub-managers having managed all or part of the assets of each Sub-Fund
over the last six or twelve months will be published in the annual and semi-annual financial reports.

The appointment of a sub-manager may be terminated under the circumstances set out in the relevant
agreement (including any events of insolvency).

Details on the Investment Manager are set out under “Administration Details, Charges and Expenses”, Part
IV of the Luxembourg Prospectus.

Past performance of the Management Company, Investment Manager and/or sub-manager(s) is not
indicative of their future performance.

4. OTHER PARTIES

4.1 The Singapore Representative

4.1.1 FIL Investment Management (Singapore) Limited has been appointed by the Fund to act as the
Fund’s local agent in Singapore to accept service of process on behalf of the Fund.

4.1.2 FIL Investment Management (Singapore) Limited has also been appointed by the Fund as the
representative for each of the Sub-Funds in Singapore (the “Singapore Representative”) to provide
and maintain certain administrative and other facilities in respect of the Sub-Funds.

4.1.3 The Singapore Representative will carry out the following key functions on behalf of the General
Distributor in respect of the Sub-Funds’ distribution in Singapore and/or the Fund (as the case may be):

(i) facilitate the issue and redemption of Shares in each Sub-Fund, in particular:

(a) receive and send immediately upon receipt applications for the issue or switching of
Shares and requests for the redemption of Shares;

(b) receive and remit in such manner as the General Distributor may direct in writing,
subscription monies in respect of applications for the issue of Shares, and issue to
applicants receipts in respect of such monies;

(ii) publish and provide information orally or in writing to Shareholders on the most recent
published offer price and redemption price of Shares;

(iii) facilitate the sending of reports of each Sub-Fund or the Fund to Shareholders;

(iv) facilitate the inspection of instruments constituting the Fund and each Sub-Fund;

(v) maintain on behalf of the General Distributor for inspection in Singapore a subsidiary register
of Shareholders who subscribed for or purchased Shares of each Sub-Fund in Singapore, or
maintain in Singapore any facility that enables the inspection or extraction of the equivalent
information;

(vi) procure the payment of amounts due from each Sub-Fund to Shareholders in respect of the
proceeds of the redemption of Shares or any liquidation proceeds;

(vii) make available at the Singapore Representative’s office for public inspection free of charge,
and offering copies, free of charge, to Shareholders and/or applicants, of the Articles of
Incorporation, the latest annual report and semi-annual report of the Fund and such other
documents required under the SFA and its regulations;

(viii) make available at the Singapore Representative’s office, free of charge, details or copies of any
notices, advertisements, circulars and other documents of a similar nature which have been
given or sent to Shareholders; and

(ix) accept, on behalf of the Fund, service of all notices and other documents addressed to the
Fund by any Shareholder and immediately despatch the same to the Fund.

22
Fidelity Funds Singapore Prospectus

4.1.4 Investors may access such information relating to them as contained in the subsidiary register or
information facility at the office of the Singapore Representative during normal Singapore business
hours.

4.1.5 The appointment of the Singapore Representative may be withdrawn if it is deemed to be in the
interest of Shareholders (e.g. in the case of insolvency).

4.2 Depositary

Brown Brothers Harriman (Luxembourg) S.C.A. (the “Depositary”) has been appointed by the Fund as the
depositary bank for (i) the safekeeping of the assets of the Fund (ii) the cash monitoring, (iii) the oversight
functions and (iv) such other services as are agreed in the Depositary Agreement. Its appointment may
be terminated under the circumstances set out in the Luxembourg Prospectus (including any events of
insolvency). The Depositary is regulated by the CSSF.

Pursuant to the provisions of Article 34bis of the Law of 2010 and of the Depositary Agreement, the
Depositary may, subject to certain conditions and in order to effectively conduct its duties, delegate part or
all of its safekeeping duties over the Fund’s assets set out in Article 34(3) of the Law of 2010, to one or more
third-party delegates appointed by the Depositary from time to time.

The Depositary, in its role as depositary of the Fund, provides access to securities markets throughout the
world through the appointment of sub-custodians (also referred to as delegates). Such appointments are
necessitated, in some cases, due to local regulatory, tax, legal and/or operational requirements. Together
with its subsidiaries and affiliates, the Depositary maintains a sub-custodian appointment and monitoring
program in line with the requirements for delegation under Directive 2009/65/EC (UCITS V). The evaluation
of potential sub-custodians includes an assessment of various factors, including reputation and standing,
creditworthiness and financial health, controls and procedures, service level capabilities and business
continuity preparedness. The sub-custodians will be licensed and regulated in the relevant jurisdictions.

Details on the Depositary are set out under “Administration Details, Charges and Expenses”, Part IV of the
Luxembourg Prospectus.

4.3 Auditor

The auditor of the Fund is Deloitte Audit S.à r.l..

4.4 Service agreements

The Management Company and the Fund have appointed FIL Limited to provide services in relation to the
investments of the Sub-Funds including valuation, statistical, technical, reporting and other assistance. The
Management Company and/or FIL Limited has outsourced certain administration services to other Fidelity
group entities.

4.5 Other parties

Other entities appointed to provide services to the Fund are set out in “Administration Details, Charges and
Expenses”, Part IV of the Luxembourg Prospectus.

5. INVESTMENT OBJECTIVES

5.1 The investment objective of each Sub-Fund is described under “Investment Policies and Objectives”, Part I
(1.4) of the Luxembourg Prospectus, and for easy reference, is reproduced below:

Equity Sub-Funds

Investor profile

The aim of the Equity Sub-Funds is to provide investors with long-term capital growth. Equity Sub-Funds
may be suitable for investors who wish to participate in equity markets while being prepared to accept the
risks described for each Equity Sub-Fund under “Risk Factors”, Part I (1.2) of the Luxembourg Prospectus.
Investment in an Equity Sub-Fund can be regarded as a medium or long-term investment.

23
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in US
America Fund equity securities.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not limited to
climate change mitigation and adaptation,
water and waste management, biodiversity,
while social characteristics include but
are not limited to product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed and
references the S&P500 Index (the “Index”)
for performance comparison only.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

24
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-term
American Growth capital growth, principally through a focused
Fund portfolio invested in companies having their
head office or exercising a predominant part
of their activity in the US.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not limited to
climate change mitigation and adaptation,
water and waste management, biodiversity,
while social characteristics include but
are not limited to product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed and
references the S&P500 Index (the “Index”)
for performance comparison only.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

25
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in equity The Sub-Fund invests in the
ASEAN Fund securities quoted on stock exchanges in the ASEAN region and may invest in
ASEAN region, such as Singapore, Malaysia, different countries in this region. It
Thailand, the Philippines and Indonesia. is unconstrained in the amount that
The ASEAN countries are defined as the it may invest in any country in this
members of the Association of South East region.
Asian Nations, which may include certain
countries considered to be emerging
markets.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not limited to
climate change mitigation and adaptation,
water and waste management, biodiversity,
while social characteristics include but
are not limited to product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk consider the
MSCI AC ASEAN Index (the “Index”) as
the Index constituents are representative of
the type of companies the Sub-Fund invests
in. When monitoring risk, the Investment
Manager references the Index for the
purpose of setting internal guidelines.
These guidelines represent overall levels of
exposure relative to the Index and do not
imply that the Sub-Fund will invest in the
Index constituents. Where the Sub-Fund
invests in securities that are included in
the Index, its allocation to those securities
is likely to differ from the Index allocation.
The Investment Manager has a wide range
of discretion with regards to the investment
selection and may invest in companies,
sectors, countries and security types not
included in the Index in order to take
advantage of investment opportunities. It
is expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions

26
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The Sub-Fund’s performance can be assessed
against its Index.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.
Fidelity Funds – The Sub-Fund aims to provide long-term The Sub-Fund invests in the Asia Pacific
Asia Pacific capital growth from a portfolio primarily (excluding Japan) region and may invest
Opportunities Fund comprised of securities of companies having in different countries in this region. It is
their head office or exercising a material unconstrained in the amount that it may
part of their activity in countries of the Asia invest in any country in this region.
Pacific (excluding Japan) region. This region
The Sub-Fund can directly invest
includes certain countries considered to be
in China A Shares through the QFII
emerging markets. The Sub-Fund will invest
status of FIL Investment Management
in a mixture of larger, medium and smaller
(Hong Kong) Limited or through any
sized companies. The Sub-Fund may invest
permissible means available to the
its net assets directly in China A and B
Sub-Fund under prevailing laws and
Shares.
regulations (including through the Stock
The Sub-Fund will invest in a limited Connect or any other eligible means).
number of securities, resulting in a The Sub-Fund will invest less than 30%
reasonably concentrated portfolio. of its net assets directly and/or indirectly
in onshore China A and B Shares on an
The Sub-Fund is actively managed. The
aggregated basis.
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
AC Asia Pacific ex Japan Index (the “Index”)
as the Index constituents are representative
of the type of companies the Sub-Fund
invests in. The Sub-Fund’s performance can
be assessed against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.

27
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide long-term The Sub-Fund invests in Asia Pacific
Asian Equity Fund capital appreciation by principally investing ex Japan region and may invest in
in equity securities quoted on the stock different countries in this region. It
exchanges of the developing and newly is unconstrained in the amount that
developed Asia Pacific ex Japan regional it may invest in any country in this
economies. This region includes certain region.
countries considered to be emerging
The Sub-Fund can directly invest
markets. The Sub-Fund may invest its net
in China A Shares through the QFII
assets directly in China A and B Shares.
status of FIL Investment Management
A minimum of 50% of the Sub-Fund’s net (Hong Kong) Limited or through any
assets will be invested in securities deemed permissible means available to the
to maintain sustainable characteristics, as Sub-Fund under prevailing laws and
described in the section entitled “Fidelity regulations (including through the
Sustainable Investing Framework”, Part I Stock Connect or any other eligible
(1.3.2(a)) of the Luxembourg Prospectus. means). The Sub-Fund will invest
The Sub-Fund will consider a wide range of less than 30% of its net assets directly
environmental and social characteristics on an and/or indirectly in onshore China A
ongoing basis. Environmental characteristics and B Shares on an aggregated basis.
include, but are not limited to, climate change, Investors should note that complying
mitigation and adaptation, water and waste with the investment guidelines
management and biodiversity, while social issued by the Singapore Central
characteristics include, but are not limited Provident Fund Board might have an
to, product safety, supply chain, health and implication on the Sub-Fund’s risk
safety and human rights. Environmental and rating and investment allocation.
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
AC Asia ex Japan Index (the “Index”) as the
Index constituents are representative of the
type of companies the Sub-Fund invests in.
The Sub-Fund’s performance can be assessed
against its Index. The Investment Manager
has a wide range of discretion relative to the
Index. While the Sub-Fund will hold assets
that are components of the Index, it may also
invest in companies, countries or sectors that
are not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

28
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-term The Sub-Fund invests in Asia Pacific
Asian Smaller capital growth by investing primarily in a (excluding Japan) and may invest in
Companies Fund diversified portfolio of smaller companies different countries in this region. It
that have their head office or exercise a is unconstrained in the amount that
predominant part of their activities in it may invest in any country in this
Asia Pacific (excluding Japan). This region region.
includes certain countries considered to be
emerging markets.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
MSCI AC Asia Pacific ex Japan Small Cap
Australia Capped 10% Index (the “Index”)
as the Index constituents are representative
of the type of companies the Sub-Fund
invests in. The Sub-Fund’s performance can
be assessed against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Portfolio Information:
Smaller companies are generally defined
as having a market capitalisation range of
less than USD 8,000 million in terms of
the company’s full market capitalisation.
The Sub-Fund may have an exposure to
companies with market capitalisations
falling outside this range.

29
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in special The Sub-Fund invests in Asia,
Asian Special situations stocks and smaller growth excluding Japan and may invest in
Situations Fund companies in Asia, excluding Japan. This different countries in this region. It is
region includes certain countries considered unconstrained in the amount that it
to be emerging markets. Special situations may invest in any country in this region.
stocks generally have valuations which are
attractive in relation to net assets or earnings The Sub-Fund can directly invest
potential with additional factors which may in China A Shares through the QFII
have a positive influence on the share price. status of FIL Investment Management
Up to 25% of the portfolio can consist of (Hong Kong) Limited and/or through
investments other than special situations any permissible means available to the
stocks and smaller growth companies. The Sub-Fund under prevailing laws and
Sub-Fund may invest its net assets directly regulations (including through the
in China A and B Shares. Stock Connect or any other eligible
means). The Sub-Fund will invest less
A minimum of 50% of the Sub-Fund’s net than 30% of its net assets directly and/
assets will be invested in securities deemed or indirectly in onshore China A and B
to maintain sustainable characteristics, as Shares on an aggregated basis.
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate change,
mitigation and adaptation, water and waste
management and biodiversity, while social
characteristics include, but are not limited
to, product safety, supply chain, health and
safety and human rights. Environmental and
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
MSCI AC Asia ex Japan Index (the “Index”)
as the Index constituents are representative
of the type of companies the Sub-Fund
invests in. The Sub-Fund’s performance can
be assessed against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

30
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve income The Sub-Fund’s source of income
Australian Diversified and long-term capital growth primarily will mainly be generated from
Equity Fund through investments in Australian equity dividend payments (from equity
(formerly known securities and related instruments. The securities) and coupon payments
as Fidelity Funds – Sub-Fund will invest in a mixture of larger, (from bond holdings).
Australia Fund) medium and smaller sized companies.
The Sub-Fund may tactically also invest
in Australian listed corporate hybrid and
fixed income securities if the Investment
Manager believes they offer better
investment opportunities than the related
equity.
The largest ten holdings/securities held
in the Sub-Fund’s portfolio may account
for 50% or more of the Sub-Fund’s Net
Asset Value, resulting in a reasonably
concentrated portfolio.
As well as investing directly in equity and
fixed income securities, the Sub-Fund will
also achieve exposure indirectly through the
use of derivatives. To enhance the income of
the Sub-Fund, derivatives (such as options)
may be used to generate additional income.
The types of financial derivative instrument
that will be used include index, basket or
single name futures, options and contracts
for difference referencing equities or bonds.
Options used will include put and call
options including covered call options.
The generation of additional income for
example, through covered call options may
impact the Sub-Fund’s potential for capital
growth, particularly in periods of rapidly
rising markets where capital gains may be
lower when compared with an equivalent
uncovered portfolio.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
S&P ASX 200 Index (the “Index”) as
the Index constituents are representative
of the type of companies the Sub-Fund
invests in. The Sub-Fund’s performance
can be assessed against its Index.

31
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

32
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long- The Sub-Fund can directly invest
China Consumer term capital growth through investing in China A Shares through the QFII
Fund primarily in equity securities of companies status of FIL Investment Management
having their head office or exercising a (Hong Kong) Limited and/or through
predominant part of their activities in China any permissible means available to
or Hong Kong. China is considered to be the Sub-Fund under prevailing laws
an emerging market. These companies are and regulations (including through
involved in the development, manufacture the Stock Connect or any other
or sales of goods or services to consumers eligible means) or indirectly such
in China. The Sub-Fund may invest its net as by way of China A share access
assets directly in China A and B Shares. products including, but not limited
to, equity linked notes, participation
A minimum of 50% of the Sub-Fund’s net
notes, credit-linked notes or funds
assets will be invested in securities deemed
investing in China A Shares.
to maintain sustainable characteristics, as
described in the section entitled “Fidelity The Sub-Fund will invest up to
Sustainable Investing Framework”, Part I 60% of its net assets directly and/or
(1.3.2(a)) of the Luxembourg Prospectus. indirectly in onshore China A and B
The Sub-Fund will consider a wide range of Shares on an aggregated basis.
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate change,
mitigation and adaptation, water and waste
management and biodiversity, while social
characteristics include, but are not limited
to, product safety, supply chain, health and
safety and human rights. Environmental and
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
China Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

33
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund will primarily focus on The Sub-Fund invests in China
China Focus Fund China through investment in securities and Hong Kong. The Sub-Fund is
of Chinese companies listed in China and unconstrained in the amount that it may
Hong Kong, as well as securities in non- invest in either Hong Kong or China.
Chinese companies which have a significant
The Sub-Fund can directly invest
portion of their activities in China. China is
in China A Shares through the QFII
considered to be an emerging market. The
status of FIL Investment Management
Sub-Fund may invest its net assets directly
(Hong Kong) Limited and/or through
in China A and B Shares.
any permissible means available to
The Sub-Fund is actively managed. The the Sub-Fund under prevailing laws
Investment Manager will, when selecting and regulations (including through
investments for the Sub-Fund and for the the Stock Connect or any other
purposes of monitoring risk, reference MSCI eligible means) or indirectly such
China Capped 10% Index (the “Index”) as as by way of China A share access
the Index constituents are representative of products including, but not limited
the type of companies the Sub-Fund invests to, equity linked notes, participation
in. The Sub-Fund’s performance can be notes, credit-linked notes or funds
assessed against its Index. investing in China A Shares.
The Investment Manager has a wide range The Sub-Fund will invest up to
of discretion relative to the Index. While 60% of its net assets directly and/or
the Sub-Fund will hold assets that are indirectly in onshore China A and B
components of the Index, it may also invest Shares on an aggregated basis.
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.

34
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-term The Sub-Fund can invest directly
China Innovation capital growth primarily through investments in China A Shares through the QFII
Fund in equity securities of companies that are status of FIL Investment Management
listed in, or have their registered office in, (Hong Kong) Limited and/or through
or currently exercise, or are expected to any permissible means available to
exercise, a majority of their activity in the the Sub-Fund under prevailing laws
Greater China region, which includes Hong and regulations (including through
Kong, China, Taiwan and Macau. This the Stock Connect or any other
region includes certain countries considered eligible means) or indirectly such
to be emerging markets. Investments will as by way of China A share access
be linked to the theme of innovation, products including, but not limited
such as technology innovation, lifestyle to, equity linked notes, participation
innovation and environmental innovation. notes, credit-linked notes or funds
The investment focus under the technology investing in China A Shares. The Sub-
innovation theme includes, but is not limited Fund may invest up to 100% of its
to, artificial intelligence and digitisation (i.e. net assets directly and/or indirectly
technology of converting information into in onshore China A and B Shares on
a digital form so as to optimise business an aggregated basis. Less than 70%
processes, generate new revenue streams, of the Sub-Fund’s net assets will be
expand market opportunities and increase invested in China A Shares through
productivity); automation and robotics the QFII status.
and future mobility (i.e. technology and
The Sub-Fund may invest up to
business model on driving, transport and
100%, of its net assets directly in
travelling). The lifestyle innovation is
China A Shares listed on the ChiNext
based around transforming and improving
market, the SME board or the STAR
lives through innovative solutions through
board, on an aggregate basis.
health, wealth and education. Under the
environmental innovation, focus will be
on the development and application of
products and processes that contribute to
sustainable environmental protection and
ecological improvements. Investments
will include but are not limited to equity
securities of companies that are involved in
or are benefitting from the adoption of any
of these themes.
The largest ten holdings/securities held in
the Sub-Fund’s portfolio may account for
50% or more of the Sub-Fund’s Net Asset
Value, resulting in a reasonably concentrated
portfolio.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include, but are not
limited to, climate change, mitigation and
adaptation, water and waste management
and biodiversity, while social characteristics
include, but are not limited to, product
safety, supply chain, health and safety and
human rights. Environmental and social
characteristics are analysed by Fidelity’s
fundamental analysts and rated through the
use of sustainability research and ratings.
35
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
MSCI China All Share Index (the “Index”)
as the Index constituents are representative
of the type of companies the Sub-Fund
invests in. The Sub-Fund’s performance
can be assessed against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It
is expected that over long time periods,
the Sub-Fund’s performance will differ
from the Index. However, over short time
periods, the Sub-Fund’s performance may
be close to the Index, depending on market
conditions.
Shareholders’ attention is drawn to the
fact that the Index is not an index which
integrates environmental and social
considerations. Instead, the Sub-Fund
promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

36
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to generate long-term The Sub-Fund invests in less
Emerging Asia Fund capital growth through investing principally developed countries of Asia and
in securities of companies having their head may invest in different countries in
office or exercising a predominant part of this region. It is unconstrained in
their activity in less developed countries of the amount that it may invest in any
Asia that are considered as emerging markets country in this region.
according to the MSCI Emerging Markets
Asia Index. The Sub-Fund may invest its net The Sub-Fund can directly invest
assets directly in China A and B Shares. in China A Shares through the QFII
status of FIL Investment Management
A minimum of 50% of the Sub-Fund’s net (Hong Kong) Limited and/or through
assets will be invested in securities deemed any permissible means available
to maintain sustainable characteristics, as to the Sub-Fund under prevailing
described in the section entitled “Fidelity laws and regulations (including
Sustainable Investing Framework”, Part I through the Stock Connect or any
(1.3.2(a)) of the Luxembourg Prospectus. other eligible means). The Sub-Fund
The Sub-Fund will consider a wide range of will invest less than 30% of its net
environmental and social characteristics on an assets directly and/or indirectly in
ongoing basis. Environmental characteristics onshore China A and B Shares on an
include, but are not limited to, climate change, aggregated basis
mitigation and adaptation, water and waste
management and biodiversity, while social
characteristics include, but are not limited
to, product safety, supply chain, health and
safety and human rights. Environmental and
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
MSCI Emerging Asia Composite Index
(the “Index”) as the Index constituents are
representative of the type of companies
the Sub-Fund invests in. The Sub-Fund’s
performance can be assessed against its
Index. The Investment Manager has a wide
range of discretion relative to the Index.
While the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

37
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to generate long-term The Sub-Fund invests in less
Emerging Europe, capital growth through investing primarily developed countries of Central,
Middle East and in securities of companies having their head Eastern and Southern Europe
Africa Fund office or exercising a predominant part of (including Russia), Middle East
their activity in less developed countries and Africa and may invest in
of Central, Eastern and Southern Europe different countries in this region.
(including Russia), Middle East and Africa It is unconstrained in the amount
including those that are considered as that it may invest in any country
emerging markets according to the MSCI in this region. It is understood that
EM Europe, Middle East and Africa Index. under the current Luxembourg
regulation a fund may invest not
The Sub-Fund is actively managed. The
more than 10% of its net assets
Investment Manager will, for the purposes of
in unlisted securities not dealt
monitoring risk, reference MSCI Emerging
on a Regulated Market. Some
EMEA Capped 5% Index (the “Index”) as
investments in Russian securities
the Index constituents are representative of
may be considered as falling under
the type of companies the Sub-Fund invests
such limit.
in. The Sub-Fund’s performance can be
assessed against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.

38
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve capital The Sub-Fund invests in Latin
Emerging Markets growth by investing primarily in the equity America, Asia, Africa, Eastern
Focus Fund securities of, and related instruments Europe (including Russia) and
providing exposure to, companies that have the Middle East and may invest in
their head office in, are listed in, or exercise different countries in this region.
a predominant part of their activity in It is unconstrained in the amount
developing markets including, although not that it may invest in any country
limited to, countries in Latin America, South in this region. It is understood that
East Asia, Africa, Eastern Europe (including under the current Luxembourg
Russia) and the Middle East. The Sub-Fund regulation a fund may invest not
may invest its net assets directly in China A more than 10% of its net assets
and B Shares. in unlisted securities not dealt
A minimum of 50% of the Sub-Fund’s net on a Regulated Market. Some
assets will be invested in securities deemed investments in Russian securities
to maintain sustainable characteristics, as may be considered as falling under
described in the section entitled “Fidelity such limit.
Sustainable Investing Framework”, Part I The Sub-Fund can directly invest
(1.3.2(a)) of the Luxembourg Prospectus. in China A Shares through the
The Sub-Fund will consider a wide range of QFII status of FIL Investment
environmental and social characteristics on an Management (Hong Kong) Limited
ongoing basis. Environmental characteristics and/or through any permissible
include, but are not limited to, climate change, means available to the Sub-
mitigation and adaptation, water and waste Fund under prevailing laws and
management and biodiversity, while social regulations (including through
characteristics include, but are not limited the Stock Connect or any other
to, product safety, supply chain, health and eligible means). The Sub-Fund
safety and human rights. Environmental and will invest less than 30% of its net
social characteristics are analysed by Fidelity’s assets directly and/or indirectly in
fundamental analysts and rated through onshore China A and B Shares on
Fidelity Sustainability Ratings. an aggregated basis.
The Sub-Fund is actively managed. The The Sub-Fund invests in a limited
Investment Manager will reference MSCI number of securities (generally
Emerging Markets Index (the “Index”) between 20 to 80 under normal
by seeking to outperform it as the Index market conditions).
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance should be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it also is expected
to invest in issuers, sectors, countries and
security types that have different weightings
from, and may not be included in the Index
in order to take advantage of investment
opportunities. It is expected that over long
time periods, the Sub-Fund’s performance
will differ from the Index. However,
over short time periods, the Sub-Fund’s
performance may be close to the Index,
depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

39
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in areas The Sub-Fund invests in Latin
Emerging Markets experiencing rapid economic growth America, Asia, Africa, Eastern
Fund including countries in Latin America, South Europe (including Russia) and
East Asia, Africa, Eastern Europe (including the Middle East and may invest in
Russia) and the Middle East. These regions different countries in this region. It
include emerging markets. The Sub-Fund is unconstrained in the amount that
may invest its net assets directly in China A it may invest in any country in this
and B Shares. region. It is understood that under
the current Luxembourg regulation a
A minimum of 50% of the Sub-Fund’s net
fund may invest not more than 10%
assets will be invested in securities deemed
of its net assets in unlisted securities
to maintain sustainable characteristics, as
not dealt on a Regulated Market.
described in the section entitled “Fidelity
Some investments in Russian
Sustainable Investing Framework”, Part I
securities may be considered as
(1.3.2(a)) of the Luxembourg Prospectus.
falling under such limit.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
The Sub-Fund can directly invest
ongoing basis. Environmental characteristics in China A Shares through the QFII
include, but are not limited to, climate change,
status of FIL Investment Management
mitigation and adaptation, water and waste (Hong Kong) Limited and/or through
management and biodiversity, while social any permissible means available
characteristics include, but are not limited to the Sub-Fund under prevailing
to, product safety, supply chain, health and laws and regulations (including
safety and human rights. Environmental and through the Stock Connect or any
social characteristics are analysed by Fidelity’s
other eligible means). The Sub-Fund
fundamental analysts and rated through the will invest less than 30% of its net
use of Fidelity Sustainability Ratings. assets directly and/or indirectly in
onshore China A and B Shares on an
The Sub-Fund is actively managed. The
aggregated basis.
Investment Manager will, for the purposes of
monitoring risk, reference MSCI Emerging
Markets Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ, from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

40
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to track the performance EURO STOXX 50® is a registered
EURO STOXX 50® of the EURO STOXX 50® Index (before fees trademark of STOXX Limited and
Fund and expenses) (the “Index”) thereby seeking has been licensed for certain purposes
to achieve long term capital growth. by Fidelity Funds. The Sub-Fund
described is neither sponsored nor
The Sub-Fund uses an ‘index tracking’ (also
promoted, distributed or in any other
known as ‘passive’) investment management
manner supported by STOXX Limited
approach whereby it aims to replicate the
and STOXX Limited does not assume
composition of the Index. However, for
any liability with respect to the Sub-
reasons such as liquidity or excessive cost,
Fund.
it may not always be practical for the Sub-
Fund to invest in every company share in For further information on the Sub-
the Index or at its weighting within the Fund and the EURO STOXX 50®
Index. Index, please refer to “Additional
Information”, Part I (1.5) of the
In order to manage the cash position,
Luxembourg Prospectus and Schedule
the Sub-Fund may invest in collective
2 of this Singapore Prospectus.
investment schemes (such as liquidity
funds), including those managed by FIL The portfolio exposures of the Sub-
Group, in addition to money market Fund are not expected to deviate
instruments, cash and deposits. from the Index and the Sub-Fund
is expected to have a 0.0% to 0.5%
As well as investing directly in company
tracking error range.
shares, the Sub-Fund will also achieve
exposure indirectly through the use
of derivatives for efficient portfolio
management purposes, for example, at the
time of cash inflows to remain fully invested
or to reduce transaction costs.

41
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-
European Dynamic term capital growth, principally through
Growth Fund investment in an actively managed portfolio
of companies that have their head office or
exercise a predominant part of their activity
in Europe. The Sub-Fund will typically have
a bias towards medium sized companies
with a market capitalisation of between
1 and 10 billion Euro.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate
change, mitigation and adaptation, water
and waste management and biodiversity,
while social characteristics include, but
are not limited to, product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed and
references the MSCI Europe Index (the
“Index”) for performance comparison only.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

42
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in equity
European Growth securities quoted on European stock
Fund exchanges.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate
change, mitigation and adaptation, water
and waste management and biodiversity,
while social characteristics include, but
are not limited to, product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
Europe Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

43
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-term
European Larger growth, primarily through investments
Companies Fund in equity securities of larger European
Companies.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate
change, mitigation and adaptation, water
and waste management and biodiversity,
while social characteristics include, but
are not limited to, product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
Europe Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

44
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in equity
European Smaller securities of small and medium-sized
Companies Fund European companies.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
EMIX Smaller European Companies Index
(the “Index”) as the Index constituents are
representative of the type of companies
the Sub-Fund invests in. The Sub-Fund’s
performance can be assessed against its
Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Fidelity Funds – The Sub-Fund invests principally in German
Germany Fund equity securities.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
HDAX® Total Return Index (the “Index”) as
the Index constituents are representative of
the type of companies the Sub-Fund invests
in. The Sub-Fund’s performance can be
assessed against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.

45
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-term As the Sub-Fund may invest globally,
Global capital growth from a portfolio primarily it may invest across different countries
Demographics Fund invested in equity securities of companies and regions. It is unconstrained
throughout the world that are able to benefit in the amount it may invest in any
from demographics changes. Investments single country or region.
will include, but are not limited to, health
care and consumer industries companies that
stand to benefit from the effects of growing
life expectancy in ageing populations, and
the creation of wealth in emerging markets.
Less than 30% of the Sub-Fund’s assets may
be invested in emerging markets. Subject to
the above, the Investment Manager is free
to select any company regardless of size,
industry or location and will concentrate
its investment in a more limited number
of companies and therefore the resulting
portfolio will be less diversified.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate change,
mitigation and adaptation, water and waste
management and biodiversity, while social
characteristics include, but are not limited
to, product safety, supply chain, health and
safety and human rights. Environmental and
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
ACWI Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index. The Investment Manager
has a wide range of discretion relative to the
Index. While the Sub-Fund will hold assets
that are components of the Index, it may also
invest in companies, countries or sectors that
are not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.

46
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.
Fidelity Funds – The Sub-Fund aims to provide investors
Global Financial with long-term capital growth, principally
Services Fund through investment in the equity securities
of companies throughout the world which
are involved in providing financial services
to consumers and industry. As this Sub-
Fund may invest globally, it may be exposed
to countries considered to be emerging
markets.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not limited to
climate change mitigation and adaptation,
water and waste management, biodiversity,
while social characteristics include but
are not limited to product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
AC World Financials Index (the “Index”) as
the Index constituents are representative of
the type of companies the Sub-Fund invests
in. The Sub-Fund’s performance can be
assessed against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,

47
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.
Fidelity Funds – The Sub-Fund aims to achieve long-term
Global Focus Fund capital growth from a portfolio primarily
invested in stocks across the world’s stock
markets. The manager is free to select any
company regardless of size, industry or
location and will concentrate its investments
in a more limited number of companies and
therefore the resulting portfolio will be less
diversified. As this Sub-Fund may invest
globally, it may be exposed to countries
considered to be emerging markets.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not limited to
climate change mitigation and adaptation,
water and waste management, biodiversity,
while social characteristics include but
are not limited to product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk consider the
MSCI ACWI Index (the “Index”) as the Index
constituents are representative of the type of
companies the Sub-Fund invests in. When
monitoring risk, the Investment Manager
may reference the Index for the purpose of
setting internal guidelines. These guidelines
represent overall levels of exposure relative
to the Index. Where the Sub-Fund invests in
securities that are included in the Index, its
allocation to those securities is likely to differ
from the Index allocation. The Investment
Manager has a wide range of discretion with
regards to the investment selection and may

48
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

invest in companies, sectors, countries and
security types not included in the Index
in order to take advantage of investment
opportunities although a substantial portion
of the Sub-Fund’s investments is likely to be
part of the Index. Over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Over longer time periods, both the Sub-
Fund’s portfolio and performance are
expected to vary from that of the Index. The
Sub-Fund’s performance can be assessed
against its Index as the Index constituents
are representative of the type of companies
the Sub-Fund invests in.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.
Fidelity Funds – The Sub-Fund aims to provide investors
Global Health Care with long-term capital growth, principally
Fund through investment in the equity securities
of companies throughout the world which
are involved in the design, manufacture, or
sale of products and services used for or in
connection with health care, medicine or
biotechnology.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate change,
mitigation and adaptation, water and waste
management and biodiversity, while social
characteristics include, but are not limited
to, product safety, supply chain, health and
safety and human rights. Environmental and
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
AC World Health Care Index (the “Index”)
as the Index constituents are representative
of the type of companies the Sub-Fund
invests in. The Sub-Fund’s performance can
be assessed against its Index.

49
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.
Fidelity Funds – The Sub-Fund aims to provide investors
Global Industrials with long-term capital growth, principally
Fund through investment in the equity securities
of companies throughout the world which
are involved in the research, development,
manufacture, distribution, supply, or sale of
materials, equipment, products or services
related to cyclical and natural resources
industries. As this Sub-Fund may invest
globally, it may be exposed to countries
considered to be emerging markets.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
MSCI AC World Industrials + Materials +
Energy Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.

50
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-term
Global Low Volatility capital growth from a portfolio primarily
Equity Fund made up of the equity securities of
companies throughout the developed world.
The Sub-Fund seeks to maintain an overall
volatility profile that is lower than the global
equity market. The Investment Manager
is not restricted in its choice of companies
either by size of industry, or in terms of
geographical allocation of the portfolio, and
will choose investments largely determined
by the availability of attractive opportunities.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
World Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.

51
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve a combination As the Sub-Fund may invest globally,
Global Property of income and long-term capital growth it may invest across different countries
Fund primarily from investments in securities of and regions. It is unconstrained
companies principally engaged in the real in the amount it may invest in any
estate industry and other real estate related single country or region.
investments.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk consider the
FTSE EPRA/NAREIT Developed Index
(the “Index”) as the Index constituents are
representative of the type of companies the
Sub-Fund invests in. When monitoring risk,
the Investment Manager may reference the
Index for the purpose of setting internal
guidelines. These guidelines represent
overall levels of exposure relative to the
Index. Where the Sub-Fund invests in
securities that are included in the Index, its
allocation to those securities is likely to differ
from the Index allocation. The Investment
Manager has a wide range of discretion with
regards to the investment selection and may
invest in companies, sectors, countries and
security types not included in the Index
in order to take advantage of investment
opportunities although a substantial portion
of the Sub-Fund’s investments is likely to be
part of the Index. Over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Over longer time periods, both the Sub-
Fund’s portfolio and performance are
expected to vary from that of the Index. The
Sub-Fund’s performance can be assessed
against its Index as the Index constituents
are representative of the type of companies
the Sub-Fund invests in.

52
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide investors
Global Technology with long-term capital growth, principally
Fund through investment in the equity securities
of companies throughout the world that
have, or will, develop products, processes
or services that will provide, or will benefit
significantly from, technological advances
and improvements. As this Sub-Fund
may invest globally, it may be exposed
to countries considered to be emerging
markets.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate change,
mitigation and adaptation, water and waste
management and biodiversity, while social
characteristics include, but are not limited
to, product safety, supply chain, health and
safety and human rights. Environmental and
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
AC World Information Technology Index
(the “Index”) as the Index constituents are
representative of the type of companies
the Sub-Fund invests in. The Sub-Fund’s
performance can be assessed against its
Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

53
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-term As the Sub-Fund may invest globally,
Global Thematic capital growth from a portfolio primarily it may invest across different countries
Opportunities Fund made up of equity securities of companies and regions. It is unconstrained
throughout the world including emerging in the amount it may invest in any
markets. The Sub-Fund aims to invest single country or region.
in multiple long-term market themes by The dividend or payout policy of the
investing in securities that may benefit from underlying closed-ended REITs is
structural and/or secular (i.e. long term and not representative of the dividend or
not cyclical) changes in economic and social payout policy of this Sub-Fund.
factors, such as disruptive technologies,
demographics and climate change. Secular The Sub-Fund can directly invest
changes generally last for ten years or more in China A Shares through the QFII
and can lead to structural changes. status of FIL Investment Management
(Hong Kong) Limited or through any
Disruptive technologies are innovations that permissible means available to the
meaningfully change consumer, industry or Sub-Fund under prevailing laws and
company behaviour. Demographic trends regulations (including through the
are long-term dynamics including those Stock Connect or any other eligible
related to ageing population (including means).
companies relating to healthcare and
retirement consumption), growth of the The Sub-Fund will invest less than
middle class (companies exposed to increased 30% of its net assets directly and/or
consumption, increasing financial services indirectly in onshore China A and B
and urbanisation), and population growth Shares on an aggregated basis.
(including companies exposed to scarcity of
resources and need for improving productivity
and automation). The Investment Manager
has the discretion on the choice of themes the
Sub-Fund invests in.
The Investment Manager may invest in any
country and in any currency and is not
restricted in its choice of companies either
by size or industry.
The Sub-Fund may invest its net assets
directly in China A and B Shares.
The Sub-Fund may also seek exposure of up
to 20% of its net assets to closed-ended real
estate investment trusts (REITs).
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate change,
mitigation and adaptation, water and waste
management and biodiversity, while social
characteristics include, but are not limited
to, product safety, supply chain, health and
safety and human rights. Environmental and
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed and
references the MSCI ACWI Index (the
“Index”) for performance comparison only.

54
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Shareholders’ attention is drawn to the fact
that the Index is not an index which integrates
environmental and social considerations.
Instead, the Sub-Fund promotes environmental
and social characteristics by adhering to the
Fidelity Sustainable Investing Framework, as
described above.
Fidelity Funds – The Sub-Fund invests principally in equity The Sub-Fund can directly invest
Greater China Fund securities quoted on stock exchanges in in China A Shares through the QFII
the Greater China region, which includes status of FIL Investment Management
Hong Kong, China and Taiwan. This region (Hong Kong) Limited and/or through
includes certain countries considered to any permissible means available to
be emerging markets. The Sub-Fund may the Sub-Fund under prevailing laws
invest its net assets directly in China A and and regulations (including through
B Shares. the Stock Connect or any other
eligible means) or indirectly such
A minimum of 50% of the Sub-Fund’s net
as by way of China A share access
assets will be invested in securities deemed
products including, but not limited
to maintain sustainable characteristics, as
to, equity linked notes, participation
described in the section entitled “Fidelity
notes, credit-linked notes or funds
Sustainable Investing Framework”, Part I
investing in China A Shares.
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range The Sub-Fund will invest up to
of environmental and social characteristics 60% of its net assets directly and/or
on an ongoing basis. Environmental indirectly in onshore China A and B
characteristics include but are not limited to Shares on an aggregated basis.
climate change mitigation and adaptation,
The Sub-Fund invests in the Greater
water and waste management, biodiversity,
China region, which includes Hong
while social characteristics include but
Kong, China and Taiwan and may
are not limited to product safety, supply
invest in different countries in this
chain, health and safety and human rights.
region. It is unconstrained in the
Environmental and social characteristics are
amount that it may invest in any
analysed by Fidelity’s fundamental analysts
country in this region.
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk consider the
MSCI Golden Dragon Index (the “Index”) as
the Index constituents are representative of
the type of companies the Sub-Fund invests
in. When monitoring risk, the Investment
Manager may reference the Index for the
purpose of setting internal guidelines.
These guidelines represent overall levels
of exposure relative to the Index. Where
the Sub-Fund invests in securities that are
included in the Index, its allocation to those
securities is likely to differ from the Index
allocation. The Investment Manager has
a wide range of discretion with regards to
the investment selection and may invest in
companies, sectors, countries and security
types not included in the Index in order to
take advantage of investment opportunities

55
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

although a substantial portion of the Sub-
Fund’s investments is likely to be part of the
Index. Over short time periods, the Sub-
Fund’s performance may be close to the
Index, depending on market conditions.
Over longer time periods, both the Sub-
Fund’s portfolio and performance are
expected to vary from that of the Index. The
Sub-Fund’s performance can be assessed
against its Index as the Index constituents
are representative of the type of companies
the Sub-Fund invests in.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

Fidelity Funds – The Sub-Fund invests principally in equity The Sub-Fund invests in the Greater
Greater China securities quoted on stock exchanges in China region, which includes Hong
Fund II the Greater China region, which includes Kong, China and Taiwan and may
Hong Kong, China and Taiwan. This region invest in different countries in this
includes certain countries considered to be region. It is unconstrained in the
emerging markets. The Sub-Fund will be in amount that it may invest in any
compliance with the investment guidelines country in this region.
issued by the Singapore Central Provident
The Sub-Fund can directly invest
Fund Board. The Sub-Fund may invest its
in China A Shares through the QFII
net assets directly in China A and B Shares.
status of FIL Investment Management
A minimum of 50% of the Sub-Fund’s net (Hong Kong) Limited and/or through
assets will be invested in securities deemed any permissible means available to
to maintain sustainable characteristics, as the Sub-Fund under prevailing laws
described in the section entitled “Fidelity and regulations (including through
Sustainable Investing Framework”, Part I the Stock Connect or any other
(1.3.2(a)) of the Luxembourg Prospectus. eligible means) or indirectly such
The Sub-Fund will consider a wide range as by way of China A share access
of environmental and social characteristics products including, but not limited
on an ongoing basis. Environmental to, equity linked notes, participation
characteristics include but are not limited to notes, credit-linked notes or funds
climate change mitigation and adaptation, investing in China A Shares. The
water and waste management, biodiversity, Sub-Fund will invest less than 60%
while social characteristics include but of its net assets directly and/or
are not limited to product safety, supply indirectly in onshore China A and B
chain, health and safety and human rights. Shares on an aggregated basis.
Environmental and social characteristics are
Investors should note that complying
analysed by Fidelity’s fundamental analysts
with the investment guidelines
and rated through Fidelity Sustainability
issued by the Singapore Central
Ratings.
Provident Fund Board might have an
The Sub-Fund is actively managed. The implication on the Sub-Fund’s risk
Investment Manager will, when selecting rating and investment allocation.
investments for the Sub-Fund and for the
purposes of monitoring risk consider the
MSCI Golden Dragon Index (the “Index”) as
the Index constituents are representative of

56
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

the type of companies the Sub-Fund invests
in. When monitoring risk, the Investment
Manager may reference the Index for the
purpose of setting internal guidelines.
These guidelines represent overall levels
of exposure relative to the Index. Where
the Sub-Fund invests in securities that are
included in the Index, its allocation to those
securities is likely to differ from the Index
allocation. The Investment Manager has
a wide range of discretion with regards to
the investment selection and may invest in
companies, sectors, countries and security
types not included in the Index in order to
take advantage of investment opportunities
although a substantial portion of the Sub-
Fund’s investments is likely to be part of the
Index. Over short time periods, the Sub-
Fund’s performance may be close to the
Index, depending on market conditions.
Over longer time periods, both the Sub-
Fund’s portfolio and performance are
expected to vary from that of the Index. The
Sub-Fund’s performance can be assessed
against its Index as the Index constituents
are representative of the type of companies
the Sub-Fund invests in.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

57
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in Spanish
Iberia Fund and Portuguese equity securities.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include but are not limited to climate change
mitigation and adaptation, water and waste
management, biodiversity, while social
characteristics include but are not limited
to product safety, supply chain, health and
safety and human rights. Environmental and
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed and
references 80% MSCI Spain Index; 20%
MSCI Portugal Index (the “Index”) for
performance comparison only.
Shareholders’ attention is drawn to the fact
that the Index is not an index which integrates
environmental and social considerations.
Instead, the Sub-Fund promotes
environmental and social characteristics by
adhering to the Fidelity Sustainable Investing
Framework, as described above.

58
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide long-term
India Focus Fund growth, principally through investment in
equity securities of non-Indian companies
listed in India, as well as securities in non-
Indian companies which have a significant
portion of their activities in India. India is
considered to be an emerging market.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate change,
mitigation and adaptation, water and waste
management and biodiversity, while social
characteristics include, but are not limited
to, product safety, supply chain, health and
safety and human rights. Environmental and
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, for the purposes
of monitoring risk, reference MSCI India
Capped 8% Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

59
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in
Indonesia Fund Indonesian equity securities. Indonesia is
considered to be an emerging market.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
MSCI Indonesia IMI Capped 8% Index
(the “Index”) as the Index constituents are
representative of the type of companies
the Sub-Fund invests in. The Sub-Fund’s
performance can be assessed against its
Index.
The Investment Manager has a wide
range of discretion relative to the Index.
While the Sub-Fund will hold assets that
are components of the Index, it may also
invest in companies, countries or sectors
that are not included in, and that have
different weightings from, the Index in
order to take advantage of investment
opportunities. It is expected that over long
time periods, the Sub-Fund’s performance
will differ from the Index. However,
over short time periods, the Sub-Fund’s
performance may be close to the Index,
depending on market conditions.

60
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide long-term
Italy Fund capital growth by investing principally in
Italian equity securities.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not limited to
climate change mitigation and adaptation,
water and waste management, biodiversity,
while social characteristics include but
are not limited to product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed and
references the FTSE Italia All Share Index
(the “Index”) for performance comparison
only.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.
Portfolio Information:
The Sub-Fund shall invest at least 70% of
its assets in shares issued by companies
not engaged in real estate business, which
are resident in Italy or in another EU or
EEA Member State with a permanent
establishment in Italy.
The Sub-Fund cannot invest more than 10%
of its assets in financial instruments issued
by, or entered into with the same company,
or companies belonging to the same group,
or in cash deposits.
The Sub-Fund cannot invest in financial
instruments issued by, or entered into
with, companies which are not resident in
countries that allow an adequate exchange
of information with Italy.
Investments in derivatives are permitted
only outside the above 70% threshold and
exclusively for hedging purposes.

61
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Piano Individuale di Risparmio a lungo
termine (PIR) Eligibility:
Without prejudice to the investment
restrictions set out in Part V of the
Luxembourg Prospectus and in accordance
with the Italian Law No. 232 of 11
December 2016 (as amended), at least
17.5% of the Sub-Fund’s assets shall be
securities issued by companies which are
not listed in the FTSE MIB index or in any
equivalent indices, and at least 3.5% of the
Sub-Fund’s assets shall be securities issued
by companies which are not listed in the
FTSE MIB index, FTSE Mid Cap index or in
any equivalent indices.
Fidelity Funds – The Sub-Fund invests principally in equity
Japan Advantage securities of Japanese companies listed on
Fund a Japanese stock exchange. The Sub-Fund
will primarily invest in equity securities
of companies Fidelity considers to be
undervalued.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
TOPIX Total Return Index (the “Index”) as
the Index constituents are representative
of the type of companies the Sub-Fund
invests in. The Sub-Fund’s performance
can be assessed against its Index.
The Investment Manager has a wide
range of discretion relative to the Index.
While the Sub-Fund will hold assets that
are components of the Index, it may also
invest in companies, countries or sectors
that are not included in, and that have
different weightings from, the Index in
order to take advantage of investment
opportunities. It is expected that over long
time periods, the Sub-Fund’s performance
will differ from the Index. However,
over short time periods, the Sub-Fund’s
performance may be close to the Index,
depending on market conditions.
Fidelity Funds – The Sub-Fund’s investment objective is
Japan Aggressive to achieve long-term capital appreciation.
Fund The Sub-Fund will invest primarily in equity
securities of companies in Japan. There is
no policy to restrict investment to particular
economic sectors.
The Sub-Fund is actively managed and
references the TOPIX Total Return Index
(the “Index”) for performance comparison
only.

62
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in The Sub-Fund invests in Latin
Latin America Fund the equity securities of Latin American America and may invest in
issuers. This region includes certain different countries in this region.
countries considered to be emerging It is unconstrained in the amount
markets. that it may invest in any country in
this region.
The Sub-Fund is actively managed. The
Investment Manager will, for the purposes
of monitoring risk, reference MSCI EM
Latin America Index (the “Index”) as the
Index constituents are representative
of the type of companies the Sub-Fund
invests in. The Sub-Fund’s performance
can be assessed against its Index.
The Investment Manager has a wide
range of discretion relative to the Index.
While the Sub-Fund will hold assets that
are components of the Index, it may also
invest in companies, countries or sectors
that are not included in, and that have
different weightings from, the Index in
order to take advantage of investment
opportunities. It is expected that over long
time periods, the Sub-Fund’s performance
will differ from the Index. However,
over short time periods, the Sub-Fund’s
performance may be close to the Index,
depending on market conditions.

63
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in The Sub-Fund invests in Finland,
Nordic Fund equity securities quoted on the stock Norway, Denmark and Sweden and
exchanges in Finland, Norway, Denmark may invest in different countries
and Sweden. The Sub-Fund will have a in this region. It is unconstrained
mixture of investments in larger, medium in the amount that it may invest in
and smaller sized companies. any country in this region.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not
limited to climate change mitigation and
adaptation, water and waste management,
biodiversity, while social characteristics
include but are not limited to product
safety, supply chain, health and safety and
human rights. Environmental and social
characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed and
references the FTSE Nordic 30 Index (the
“Index”) for performance comparison
only.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

64
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in an The Sub-Fund invests in the Asia
Pacific Fund actively managed portfolio of equities in the Pacific region and may invest in
Asia Pacific region. The Asia Pacific region different countries in this region. It
comprises countries / areas including, but is unconstrained in the amount that
not limited to, Japan, Australia, China, Hong
it may invest in any country in this
Kong, India, Indonesia, Korea, Malaysia,
New Zealand, Philippines, Singapore, region.
Taiwan and Thailand. This region includes The Sub-Fund can directly invest
certain countries considered to be emerging in China A Shares through the QFII
markets. The Sub-Fund may invest its net
status of FIL Investment Management
assets directly in China A and B Shares.
(Hong Kong) Limited and/or through
A minimum of 50% of the Sub-Fund’s net any permissible means available to
assets will be invested in securities deemed the Sub-Fund under prevailing laws
to maintain sustainable characteristics, as and regulations (including through
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I the Stock Connect or any other
(1.3.2(a)) of the Luxembourg Prospectus. eligible means).
The Sub-Fund will consider a wide range The Sub-Fund will invest less than
of environmental and social characteristics
30% of its net assets directly and/or
on an ongoing basis. Environmental
characteristics include but are not limited to indirectly in onshore China A and B
climate change mitigation and adaptation, Shares on an aggregated basis.
water and waste management, biodiversity,
while social characteristics include but
are not limited to product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
AC Pacific Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

65
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-term The Sub-Fund invests in Asia
Sustainable Asia capital growth from a portfolio primarily excluding Japan and may invest in
Equity Fund made up of equity securities issued by different countries in this region,
companies that are listed in, incorporated orwhich may include emerging markets
have their domicile in, or exercise a majority
such as Vietnam and Sri Lanka. It is
of their activity in Asia excluding Japan. unconstrained in the amount that
it may invest in any country in this
The Sub-Fund is part of the Fidelity
region.
Sustainable Family of Funds and adopts a
Sustainable Focused strategy under which The Sub-Fund can directly invest
a minimum of 90% of the Sub-Fund’s net in China A Shares through the QFII
assets will be analysed as to whether they status of FIL Investment Management
maintain sustainable characteristics and (Hong Kong) Limited and/or through
a minimum of 70% of the Sub-Fund’s net any permissible means available to
assets will be invested in securities deemed the Sub-Fund under prevailing laws
to maintain sustainable characteristics, as and regulations (including through
described in the section entitled “Fidelity the Stock Connect or any other
Sustainable Family of Funds”, Part I eligible means).
(1.3.2(b)) of the Luxembourg Prospectus.
The average ESG rating of the Sub-Fund will The Sub-Fund will invest less than
exceed the average ESG rating of the Sub- 30% of its net assets directly and/or
Fund’s investment universe, as represented indirectly in onshore China A and B
by the Index (for the purpose of this Shares on an aggregated basis.
calculation) after the exclusion of 20% of
the assets with the lowest ESG ratings.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include, but are not
limited to, climate change, mitigation and
adaptation, water and waste management
and biodiversity, while social characteristics
include, but are not limited to, product
safety, supply chain, health and safety and
human rights. Controversies involving
environmental and social characteristics
are regularly monitored. Environmental
and social characteristics are analysed by
Fidelity’s fundamental analysts and rated
through Fidelity Sustainability Ratings.
The Sub-Fund seeks to promote these
characteristics by adhering to the Fidelity
Sustainable Family Framework. In addition,
the Investment Manager will exclude
investments in issuers having exposure to
coal-fired electric utilities and crude palm oil.
The largest ten securities held in the Sub-
Fund’s portfolio may account for 50% or
more of the Sub-Fund’s Net Asset Value,
resulting in a reasonably concentrated
portfolio.
The Sub-Fund may invest its net assets
directly in China A and B Shares.
The Sub-Fund is actively managed. The
Investment Manager will, for the purposes
of monitoring risk, reference MSCI AC Asia
ex Japan Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.

66
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Family Framework, as described
above.
Fidelity Funds – The Sub-Fund aims to achieve long-term The Sub-Fund may invest directly
Sustainable China A capital growth by investing primarily in in China A Shares through the QFII
Shares Fund equity securities of companies that are listed status of FIL Investment Management
or traded on stock exchanges in China. (Hong Kong) Limited and/or through
China is considered to be an emerging any permissible means available to
market. the Sub-Fund under prevailing laws
and regulations (including through
The Sub-Fund is part of the Fidelity
the Stock Connect or any other
Sustainable Family of Funds and adopts a
eligible means) or indirectly such
Sustainable Focused strategy under which
as by way of China A share access
a minimum of 90% of the Sub-Fund’s net
products including, but not limited
assets will be analysed as to whether they
to, equity linked notes, participation
maintain sustainable characteristics and
notes, or funds investing in China A
a minimum of 70% of the Sub-Fund’s net
Shares.
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Family of Funds”, Part I
(1.3.2(b)) of the Luxembourg Prospectus.
The average ESG rating of the Sub-Fund will
exceed the average ESG rating of the Sub-
Fund’s investment universe, as represented
by the Index (for the purpose of this
calculation), after the exclusion of 20% of
the assets with the lowest ESG ratings.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include, but are not
limited to, climate change mitigation and
adaptation, water and waste management
and biodiversity, while social characteristics
include, but are not limited to, product
safety, supply chain, health and safety and
human rights. Controversies involving
environmental and social characteristics

67
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

are regularly monitored. Environmental
and social characteristics are analysed by
Fidelity’s fundamental analysts and rated
through Fidelity Sustainability Ratings.
The Sub-Fund seeks to promote these
characteristics by adhering to the Fidelity
Sustainable Family Framework. In addition,
the Investment Manager will exclude
investments in issuers having exposure
to thermal coal mining, coal-fired electric
utilities and crude palm oil.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
MSCI China A International Index (the
“Index”) as the Index constituents are
representative of the type of companies
the Sub-Fund invests in. The Sub-Fund’s
performance can be assessed against its
Index. The Investment Manager has a wide
range of discretion relative to the Index.
While the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods the
Sub-Fund’s performance may be close to the
Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Family Framework, as described
above.
Portfolio Information:
The Sub-Fund will invest up to 100% of
its net assets directly and/or indirectly
in onshore China A and B Shares on an
aggregated basis with direct investments
being up to 100% of its assets. The Sub-
Fund may invest, in aggregate, up to 100%
of its net assets directly in China A Shares
listed on the ChiNext market and/or the
STAR Board. Less than 70% of the Sub-
Fund’s net assets will be invested in China A
Shares through the QFII status.

68
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long term The Sub-Fund can directly invest
Sustainable Climate capital growth primarily through investments in China A Shares through the QFII
Solutions Fund in equity securities of companies throughout status of FIL Investment Management
the world, including those in countries (Hong Kong) Limited and/or through
considered to be emerging markets. any permissible means available to
the Sub-Fund under prevailing laws
The Sub-Fund actively seeks to select
and regulations (including through
companies which are enabling global
the Stock Connect or any other
decarbonisation via technologies and
eligible means) or indirectly such
solutions which materially reduce
as by way of China A share access
greenhouse gas (CO2 eq) emissions versus
products including, but not limited
incumbent technologies. Decarbonisation
to, equity linked notes, participation
is measure in two ways, as described in
notes, credit-linked notes or funds
the portfolio information section below.
investing in China A Shares.
Investments will include companies
involved in the design, manufacture or The Sub-Fund will invest less than
sale of products or services in technologies 30% of its net assets directly and/
or solutions such as (but not limited or indirectly in China A Shares and
to): electric vehicles, green hydrogen, China B Shares on an aggregated
autonomous vehicles, ride pooling, basis.
renewable energy, smart grids, industrial
automation, agricultural efficiency, cloud
computing, cellular networks, building
efficiency solutions (including insulation,
LED lighting and smart building systems)
recycling, alternative meat / milk, e health,
e work, and e learning. This list of low
greenhouse gas (CO2 eq) technologies is not
exclusive and can expand to include new
solutions in the future.
The Sub-Fund is part of the Fidelity
Sustainable Family of Funds and adopts a
Sustainable Thematic strategy under which
a minimum of 90% of the Sub-Fund’s net
assets will be analysed as to whether they
maintain sustainable characteristics and
a minimum of 70% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Family of Funds”, Part I
(1.3.2(b)) of the Luxembourg Prospectus.
When selecting investments, the Sub-Fund’s
investment universe, as represented by the
Index (for the purpose of this calculation),
will be reduced by at least 20% due to the
exclusion of issuers on the basis of their ESG
characteristics.
Controversies involving environmental
characteristics are regularly monitored.
Environmental characteristics are analysed
by Fidelity’s fundamental analysts and rated
through Fidelity Sustainability Ratings.
The Sub-Fund seeks to promote these
characteristics by adhering to the Fidelity
Sustainable Family Framework.
The Sub-Fund may invest its assets directly
in China A and B Shares.

69
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
ACWI Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods the
Sub-Fund’s performance may be close to the
Index, depending on market conditions.
Shareholders’ attention is drawn to the
fact that the Index is not an index which
integrates environmental considerations.
Instead, the Sub-Fund promotes
environmental characteristics by adhering to
the Fidelity Sustainable Family Framework,
as described above.
Portfolio information:
Decarbonisation is measured in two different
ways:
The percentage reduction in greenhouse gas
(CO2-eq) emissions if the global economy
fully adopts the solutions, included in the
investment universe.
The absolute kilotons greenhouse gas (CO2-
eq) emissions offset per year by the solutions
the target companies help develop.

70
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide investors The Sub-Fund can directly invest
Sustainable with long-term capital growth, primarily in China A Shares through the QFII
Consumer Brands through investment in the equity securities status of FIL Investment Management
Fund of companies throughout the world, (Hong Kong) Limited and/or through
including those in countries considered any permissible means available to
to be emerging markets and linked to the the Sub-Fund under prevailing laws
theme of consumer brands (i.e. companies and regulations (including through
with intellectual property, pricing power and the Stock Connect or any other
strong track record of growth). Investments eligible means) or indirectly such
will include, but will not be limited to, as by way of China A share access
companies involved in the designing, products including, but not limited
manufacturing, marketing and/or selling of to, equity linked notes, participation
branded consumer goods and/or services. notes, credit-linked notes or funds
The strategy aims to give investors exposure investing in China A Shares.
to consumer brands as outlined above.
The Sub-Fund will invest less than
The Sub-Fund is part of the Fidelity 30% of its net assets directly and/
Sustainable Family of Funds and adopts a or indirectly in China A Shares and
Sustainable Thematic strategy under which China B Shares on an aggregated
a minimum of 90% of the Sub-Fund’s net basis.
assets will be analysed as to whether they
maintain sustainable characteristics and
a minimum of 70% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Family of Funds”, Part I
(1.3.2(b)) of the Luxembourg Prospectus.
When selecting investments, the Sub-Fund’s
investment universe, as represented by the
Index (for the purpose of this calculation),
will be reduced by at least 20% due to the
exclusion of issuers on the basis of their ESG
characteristics.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include, but are not
limited to, climate change mitigation and
adaptation, water and waste management
and biodiversity, while social characteristics
include, but are not limited to, product
safety, supply chain, health and safety and
human rights. Controversies involving
environmental and social characteristics
are regularly monitored. Environmental
and social characteristics are analysed by
Fidelity’s fundamental analysts and rated
through Fidelity Sustainability Ratings.
The Sub-Fund seeks to promote these
characteristics by adhering to the Fidelity
Sustainable Family Framework.
The largest ten securities held in the Sub-
Fund’s portfolio may account for 50% or
more of the Sub-Fund’s Net Asset Value,
resulting in a reasonably concentrated
portfolio.

71
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The Sub-Fund may invest its assets directly
in China A and B Shares.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
ACWI Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to the
fact that the Index is not an index which
integrates environmental and social
considerations. Instead, the Sub-Fund
promotes environmental characteristics by
adhering to the Fidelity Sustainable Family
Framework, as described above.
Fidelity Funds – The Sub-Fund aims to achieve long-term
Sustainable Europe growth, primarily through investments in
Equity Fund European equity securities.
The Sub-Fund is part of the Fidelity
Sustainable Family of Funds and adopts a
Sustainable Focused strategy under which
a minimum of 90% of the Sub-Fund’s net
assets will be analysed as to whether they
maintain sustainable characteristics and
a minimum of 70% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Family of Funds”, Part I
(1.3.2(b)) of the Luxembourg Prospectus.
The average ESG rating of the Sub-Fund
will exceed the average ESG rating of the
Sub-Fund’s investment universe after the
exclusion of 20% of the assets with the
lowest ESG ratings.

72
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include, but are not
limited to, climate change mitigation and
adaptation, water and waste management
and biodiversity, while social characteristics
include, but are not limited to, product
safety, supply chain, health and safety and
human rights. Controversies involving
environmental and social characteristics
are regularly monitored. Environmental
and social characteristics are analysed by
Fidelity’s fundamental analysts and rated
through Fidelity Sustainability Ratings.
The Sub-Fund seeks to promote these
characteristics by adhering to the Fidelity
Sustainable Family Framework.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference the
MSCI Europe Index (the “Index”) as the
Index constituents are representative of the
type of companies the Sub-Fund invests
in. The Sub-Fund’s performance can be
assessed against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Family Framework, as described
above.

73
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-term
Sustainable Eurozone capital growth from a portfolio principally
Equity Fund made up of equity securities in countries
which are members of the Economic and
Monetary Union (EMU) and denominated
in Euro.
The Sub-Fund is part of the Fidelity
Sustainable Family of Funds and adopts a
Sustainable Focused strategy under which
a minimum of 90% of the Sub-Fund’s net
assets will be analysed as to whether they
maintain sustainable characteristics and
a minimum of 70% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Family of Funds”, Part I
(1.3.2(b)) of the Luxembourg Prospectus.
When selecting investments, the Sub-Fund’s
investment universe, as represented by the
Index (for the purpose of this calculation),
will be reduced by at least 20% due to the
exclusion of issuers on the basis of their ESG
characteristics.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include, but are not
limited to, climate change, mitigation and
adaptation, water and waste management
and biodiversity, while social characteristics
include, but are not limited to, product
safety, supply chain, health and safety and
human rights. Controversies involving
environmental and social characteristics
are regularly monitored. Environmental
and social characteristics are analysed by
Fidelity’s fundamental analysts and rated
through Fidelity Sustainability Ratings.
The Sub-Fund seeks to promote these
characteristics by adhering to the Fidelity
Sustainable Family Framework.
In addition, the Investment Manager will
exclude investment in issuers with an MSCI
ESG rating below “A”, having exposure to
gambling, adult entertainment, uranium,
mining, nuclear power plant operators or
producers of key nuclear-specific products,
the nuclear power industry, coal mining, oil
sands, fracking, fossil fuel extraction, coal
fired power generation, or with high carbon
intensity (over 500 tonnes of CO2 per $1m
sales, Scope 1 & 2).

74
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The Sub-Fund aims to have lower carbon
footprint compared to that of the MSCI
EMU Index (the “Index”).
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund, for the
purposes of monitoring risk consider
the Index as the Index constituents are
representative of the type of companies the
Sub-Fund invests in. When monitoring
risk, the Investment Manager references
the Index for the purpose of setting internal
guidelines. These guidelines represent
overall levels of exposure relative to the
Index and do not imply that the Sub-Fund
will invest in the Index constituents. Where
the Sub-Fund invests in securities that are
included in the Index, its allocation to those
securities is likely to differ from the Index
allocation. The Investment Manager has
a wide range of discretion with regards to
the investment selection and may invest in
companies, sectors, countries and security
types not included in the Index in order to
take advantage of investment opportunities.
It is expected that over long time periods,
the Sub-Fund’s performance will differ
from the Index. However, over short time
periods, the Sub-Fund’s performance may
be close to the Index, depending on market
conditions. The Sub-Fund’s performance
can be assessed against its Index.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Family Framework, as described
above.
Portfolio Information:
Carbon footprint is defined as tonnes of
CO2 emissions per $1 million of sales.

75
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide investors As the Sub-Fund may invest globally,
Sustainable Future with long-term capital growth, primarily it may invest across different countries
Connectivity Fund through investment in the equity securities and regions. It is unconstrained
of companies throughout the world, in the amount it may invest in any
including those in countries considered single country or region.
to be emerging markets and linked to
The Sub-Fund can directly invest
the theme of future connectivity (the
in China A Shares through the QFII
enablers, networks and beneficiaries of next
status of FIL Investment Management
generation communications). Investments
(Hong Kong) Limited and/or through
will include, but will not be limited to,
any permissible means available to
companies that are involved in the roll out of
the Sub-Fund under prevailing laws
cellular networks, wired networks, internet
and regulations (including through
infrastructure, social media, online content
the Stock Connect or any other
production, streaming, e-commerce, and
eligible means) or indirectly such
the Internet of things.
as by way of China A share access
The Sub-Fund is part of the Fidelity products including, but not limited
Sustainable Family of Funds and adopts a to, equity linked notes, participation
Sustainable Thematic strategy under which notes, credit-linked notes or funds
a minimum of 90% of the Sub-Fund’s net investing in China A Shares.
assets will be analysed as to whether they
The Sub-Fund will invest less than
maintain sustainable characteristics and
30% of its net assets directly and/
a minimum of 70% of the Sub-Fund’s net
or indirectly in China A Shares and
assets will be invested in securities deemed
China B Shares on an aggregated
to maintain sustainable characteristics, as
basis.
described in the section entitled “Fidelity
Sustainable Family of Funds”, Part I
(1.3.2(b)) of the Luxembourg Prospectus.
When selecting investments, the Sub-Fund’s
investment universe, as represented by the
Index (for the purpose of this calculation),
will be reduced by at least 20% due to the
exclusion of issuers on the basis of their ESG
characteristics.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include, but are not
limited to, climate change mitigation and
adaptation, water and waste management
and biodiversity, while social characteristics
include, but are not limited to, product
safety, supply chain, health and safety and
human rights. Controversies involving
environmental and social characteristics
are regularly monitored. Environmental
and social characteristics are analysed by
Fidelity’s fundamental analysts and rated
through Fidelity Sustainability Ratings.
The Sub-Fund seeks to promote these
characteristics by adhering to the Fidelity
Sustainable Family Framework.

76
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The largest ten holdings/securities held in
the Sub-Fund’s portfolio may account for
50% or more of the Sub-Fund’s Net Asset
Value, resulting in a reasonably concentrated
portfolio.
The Sub-Fund may invest its net assets
directly in China A and B Shares.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
ACWI Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to the
fact that the Index is not an index which
integrates environmental considerations.
Instead, the Sub-Fund promotes
environmental characteristics by adhering to
the Fidelity Sustainable Family Framework,
as described above.

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-term
Sustainable Japan capital growth from a portfolio principally
Equity Fund made up of Japanese equity securities.
The Sub-Fund is part of the Fidelity
Sustainable Family of Funds and adopts a
Sustainable Focused strategy under which
a minimum of 90% of the Sub-Fund’s net
assets will be analysed as to whether they
maintain sustainable characteristics and
a minimum of 70% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Family of Funds”, Part I
(1.3.2(b)) of the Luxembourg Prospectus.
The average ESG rating of the Sub-Fund will
exceed the average ESG rating of the Sub-
Fund’s investment universe as represented
by the Index (for the purpose of this
calculation) after the exclusion of 20% of
the assets with the lowest ESG ratings.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include, but are not
limited to, climate change, mitigation and
adaptation, water and waste management
and biodiversity, while social characteristics
include, but are not limited to, product
safety, supply chain, health and safety and
human rights. Controversies involving
environmental and social characteristics
are regularly monitored. Environmental
and social characteristics are analysed by
Fidelity’s fundamental analysts and rated
through Fidelity Sustainability Ratings.
The Sub-Fund seeks to promote these
characteristics by adhering to the Fidelity
Sustainable Family Framework.
In addition, the Investment Manager will
exclude investment in issuers with a Fidelity
Sustainability Rating of ‘C’ or below, or
having exposure to fossil fuel extraction,
gambling and adult entertainment.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
TOPIX Total Return Index (the “Index”) as
the Index constituents are representative of
the type of companies the Sub-Fund invests
in. The Sub-Fund’s performance can be
assessed against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to the fact
that the Index is not an index which integrates
environmental and social considerations.
Instead, the Sub-Fund promotes
environmental and social characteristics
by adhering to the Fidelity Sustainable
Family Framework, as described above.
Fidelity Funds – The Sub-Fund aims to provide long-
Sustainable US term capital growth, principally through
Equity Fund investment in US equity securities.
The Sub-Fund is part of the Fidelity
Sustainable Family of Funds and adopts a
Sustainable Focused strategy under which
a minimum of 90% of the Sub-Fund’s net
assets will be analysed as to whether they
maintain sustainable characteristics and
a minimum of 70% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Family of Funds”, Part I
(1.3.2(b)) of the Luxembourg Prospectus.
The average ESG rating of the Sub-Fund
will exceed the average ESG rating of the
Sub-Fund’s investment universe after the
exclusion of 20% of the assets with the
lowest ESG ratings.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include, but are not
limited to, climate change mitigation and
adaptation, water and waste management
and biodiversity, while social characteristics
include, but are not limited to, product
safety, supply chain, health and safety and
human rights. Controversies involving
environmental and social characteristics
are regularly monitored. Environmental
and social characteristics are analysed by
Fidelity’s fundamental analysts and rated
through Fidelity Sustainability Ratings.
The Sub-Fund seeks to promote these
characteristics by adhering to the Fidelity
Sustainable Family Framework.

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference the
S&P 500 Index (the “Index”) as the Index
constituents best represent the characteristics
the Sub-Fund is seeking to gain exposure
to. The Sub-Fund’s performance can be
assessed against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in issuers, sectors, countries and security
types that are not included in, and that
have different weightings from, the Index
in order to take advantage of investment
opportunities. It is expected that over long
time periods, the Sub-Fund’s performance
will differ from the Index. However,
over short time periods, the Sub-Fund’s
performance may be close to the Index,
depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-term As the Sub-Fund may invest globally,
Sustainable Water & capital growth from a portfolio primarily it may invest across different countries
Waste Fund made up of equity securities issued by and regions. It is unconstrained
companies throughout the world and in the amount it may invest in any
involved in the design, manufacture, or single country or region.
sale of products and services used for
The Sub-Fund can directly invest
or in connection with water and waste
in China A Shares through the QFII
management sectors. As this Sub-Fund
status of FIL Investment Management
may invest globally, it may be exposed
(Hong Kong) Limited and/or through
to countries considered to be emerging
any permissible means available
markets.
to the Sub-Fund under prevailing
The Sub-Fund is part of the Fidelity laws and regulations (including
Sustainable Family and adopts a Sustainable through the Stock Connect or any
Thematic strategy, under which a minimum other eligible means). The Sub-Fund
of 90% of the Sub-Fund’s net assets will will invest less than 30% of its net
be analysed as to whether they maintain assets directly and/or indirectly in
sustainable characteristics and a minimum onshore China A and B Shares on an
of 70% of the Sub-Fund’s net assets will be aggregated basis.
invested in securities which are deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Family of Funds”, Part I
(1.3.2(b)) of the Luxembourg Prospectus.
When selecting investments, the Sub-Fund’s
investment universe, as represented by the
Index (for the purpose of this calculation),
will be reduced by at least 20% due to the
exclusion of issuers on the basis of their ESG
characteristics.
The water management sector includes but
is not limited to, those companies involved
in water production, water conditioning,
de-salination, supply, bottling, transport
and dispatching of water. The waste
management sector includes but is not
limited to, those companies involved in
the collection, recovery and disposal of
waste; including recycling, incineration,
anaerobic digestion of food waste (biological
processes) and landfilling of residual waste.
The sector also includes those companies
specialising in the treatment of wastewater,
sewage, solid, liquid and chemical waste
and any consulting or engineering services
in connection with these activities.

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Environmental characteristics include,
but are not limited to, water and waste
management. Controversies involving
environmental characteristics are regularly
monitored. Environmental characteristics
are analysed by Fidelity’s fundamental
analysts and rated through Fidelity
Sustainability Ratings. The Sub-Fund
seeks to promote these characteristics by
adhering to the Fidelity Sustainable Family
Framework.
The Sub-Fund may invest its net assets
directly in China A and B Shares.
The Sub-Fund is actively managed. The
Investment Manager will, for the purposes
of monitoring risk, reference MSCI
ACWI Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to the fact that
the Index is not an index which integrates
environmental considerations. Instead, the Sub-
Fund promotes environmental characteristics
by adhering to the Fidelity Sustainable
Family Framework, as described above.

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in Swiss
Switzerland Fund equities.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not limited to
climate change mitigation and adaptation,
water and waste management, biodiversity,
while social characteristics include but
are not limited to product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed and
references the MSCI Switzerland Index (the
“Index”) for performance comparison only.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.
Fidelity Funds – The Sub-Fund invests principally in equity
Thailand Fund securities quoted on the stock exchange in
Thailand. Thailand is considered to be an
emerging market.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
Bangkok SET Capped Index (the “Index”)
as the Index constituents are representative
of the type of companies the Sub-Fund
invests in. The Sub-Fund’s performance can
be assessed against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve long-term
World Fund capital growth from a portfolio primarily
made up of the equity securities of companies
around the world. The Investment Manager
is not restricted in its choice of companies
either by region, industry or size, and will
select equity securities primarily based on
the availability of attractive investment
opportunities. As this Sub-Fund may invest
globally, it may be exposed to countries
considered to be emerging markets.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate change,
mitigation and adaptation, water and waste
management and biodiversity, while social
characteristics include, but are not limited
to, product safety, supply chain, health and
safety and human rights. Environmental and
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference MSCI
World Index (the “Index”) as the Index
constituents are representative of the type
of companies the Sub-Fund invests in. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in companies, countries or sectors that are
not included in, and that have different
weightings from, the Index in order to take
advantage of investment opportunities. It is
expected that over long time periods, the
Sub-Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be close to
the Index, depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

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Fidelity Funds Singapore Prospectus

Equity Income Sub-Funds

Investor profile

Equity Income Sub-Funds aim to achieve income and long-term capital growth. Equity Income
Sub-Funds may be suitable for investors who wish to participate in equity markets while being prepared
to accept the risks described for each Equity Income Sub-Fund under “Risk Factors”, Part I (1.2) of the
Luxembourg Prospectus. Investment in an Equity Income Sub-Fund can be regarded as a medium or
long-term investment.

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve income The Sub-Fund invests in the Asia
Asia Pacific Dividend and long-term capital growth principally Pacific region and may invest in
Fund through investments in income producing different countries in this region. It
equity securities of companies that have their is unconstrained in the amount that
head office or exercise a predominant part of it may invest in any country in this
their activity in the Asia Pacific region. This region.
region includes certain countries considered
to be emerging markets. The Investment
Manager will select investments which it
believes offer attractive dividend yields in
addition to price appreciation.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include, but are not
limited to, climate change, mitigation and
adaptation, water and waste management
and biodiversity, while social characteristics
include, but are not limited to, product
safety, supply chain, health and safety and
human rights. Environmental and social
characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk consider the
MSCI AC Asia Pacific ex Japan Index (the
“Index”) as the Index constituents are
representative of the type of companies the
Sub-Fund invests in. When monitoring
risk, the Investment Manager references
the Index for the purpose of setting internal
guidelines. These guidelines represent
overall levels of exposure relative to the
Index and do not imply that the Sub-Fund
will invest in the Index constituents. Where
the Sub-Fund invests in securities that are
included in the Index, its allocation to those
securities is likely to differ from the Index
allocation. The Investment Manager has
a wide range of discretion with regards to
the investment selection and may invest in
companies, sectors, countries and security
types not included in the Index in order to
take advantage of investment opportunities.
It is expected that over long time periods,
the Sub-Fund’s performance will differ
from the Index. However, over short time
periods, the Sub-Fund’s performance may
be close to the Index, depending on market
conditions. The Sub-Fund’s performance
can be assessed against its Index.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve income and
European Dividend long-term capital growth principally through
Fund investments in income producing equity
securities of companies that have their head
office or exercise a predominant part of their
activity in Europe. The Investment Manager
will target investments which it believes
offer attractive dividend yields in addition
to price appreciation.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate change,
mitigation and adaptation, water and waste
management and biodiversity, while social
characteristics include, but are not limited
to, product safety, supply chain, health and
safety and human rights. Environmental and
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed and
aims to provide income and capital
growth. Income will typically be in excess
of MSCI Europe Index (the “Index”).
The Index constituents are representative
of the type of companies the Sub-Fund
invests in. The Sub-Fund’s performance
can be assessed against its Index.
The Investment Manager has a wide
range of discretion relative to the Index.
While the Sub-Fund will hold assets that
are components of the Index, it also is
expected to invest in companies, sectors,
countries and security types that have
different weightings from, and may not
be included in the Index in order to take
advantage of investment opportunities. It
is expected that over long time periods,
the Sub-Fund’s performance will differ
from the Index. However, over short time
periods, the Sub-Fund’s performance
may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve income As the Sub-Fund may invest
Global Dividend and long-term capital growth principally globally, it may invest across
Fund through investments in income producing different countries and regions. It
equity securities globally. The Investment is unconstrained in the amount it
Manager will target investments which it may invest in any single country or
believes offer attractive dividend yields region.
in addition to price appreciation. As this
Sub-Fund may invest globally, it may be
exposed to countries considered to be
emerging markets.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate change,
mitigation and adaptation, water and waste
management and biodiversity, while social
characteristics include, but are not limited
to, product safety, supply chain, health and
safety and human rights. Environmental and
social characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed and
aims to provide income and capital
growth. Income will typically be in excess
of MSCI ACWI Index (the “Index”). The
Index constituents are representative
of the type of companies the Sub-Fund
invests in. The Sub-Fund’s performance
can be assessed against its Index.
The Investment Manager has a wide
range of discretion relative to the Index.
While the Sub-Fund will hold assets
that are components of the Index, it also
is expected to invest in issuers, sectors,
countries and security types that have
different weightings from, and may not
be included in the Index in order to take
advantage of investment opportunities. It
is expected that over long time periods,
the Sub-Fund’s performance will differ
from the Index. However, over short time
periods, the Sub-Fund’s performance
may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve income As the Sub-Fund may invest
Global Dividend with the potential for some capital globally, it may invest across
Plus Fund growth, investing at least 70% of net assets different countries and regions. It
directly in equity securities of companies is unconstrained in the amount it
may invest in any single country or
globally. The Investment Manager will region.
target investments which it believes offer
attractive dividend yields in addition to The Sub-Fund can directly invest
price appreciation. in China A Shares through the
QFII status of FIL Investment
As this Sub-Fund may invest globally, it Management (Hong Kong) Limited
may be exposed to countries considered and/or through any permissible
to be emerging markets. means available to the Sub-
Fund under prevailing laws and
As well as investing directly in equity regulations (including through the
securities, the Sub-Fund will also achieve Stock Connect or any other eligible
exposure indirectly through the use means).
of derivatives. To enhance the income The Sub-Fund will invest less than
of the Sub-Fund, derivatives may be 30% of its net assets directly and/
used to generate additional income, or indirectly in onshore China
for example, by the writing of covered A and B Shares on an aggregated
call options on securities held by the basis.
Sub-Fund, generating extra income in
return for agreeing a strike price above
which potential capital growth in a
specified period is sold. The generation
of additional income may impact the
Sub-Fund’s potential for capital growth,
particularly in periods of rapidly rising
markets where capital gains may be
lower when compared with an equivalent
uncovered portfolio.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not
limited to climate change mitigation and
adaptation, water and waste management,
biodiversity, while social characteristics
include but are not limited to product
safety, supply chain, health and safety and
human rights. Environmental and social
characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed and aims
to provide income with the potential for some
capital growth. Income will typically be in
excess of MSCI ACWI Index (the “Index”).
The Index constituents are representative of
the type of companies the Sub-Fund invests
in. The Sub-Fund’s performance can be
assessed against its Index.

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The Investment Manager has a wide
range of discretion relative to the Index.
While the Sub-Fund will hold assets
that are components of the Index, it also
is expected to invest in issuers, sectors,
countries and security types that have
different weightings from, and may not
be included in, the Index in order to take
advantage of investment opportunities. It
is expected that over long time periods,
the Sub-Fund’s performance will differ
from the Index. However, over short time
periods, the Sub-Fund’s performance
may be close to the Index, depending on
market conditions.
The Sub-Fund may invest its net assets
directly in China A and B Shares.
The Investment Manager is free to select
equity securities of any company and is
not restricted in its discretion to tactically
allocate to any particular geographical
region, industry sector or companies
with a particular market capitalisation if
it believes that, relative to other equities,
they may offer greater potential for
income and capital growth.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.
Fidelity Funds – The Sub-Fund aims to achieve income As the Sub-Fund may invest
Global Equity and long-term capital growth principally globally, it may invest across
Income Fund through investments in income producing different countries and regions. It
equity securities globally. The Investment is unconstrained in the amount it
Manager will target investments which it may invest in any single country or
believes offer attractive dividend yields region.
in addition to price appreciation. As this
Sub-Fund may invest globally, it may be
exposed to countries considered to be
emerging markets.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not
limited to climate change mitigation and

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Sub-Fund Investment Objective Notes

adaptation, water and waste management,
biodiversity, while social characteristics
include but are not limited to product
safety, supply chain, health and safety and
human rights. Environmental and social
characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
MSCI ACWI Index (the “Index”) as the
Index constituents are representative
of the type of companies the Sub-Fund
invests in. The Sub-Fund’s performance
can be assessed against its Index.
The Investment Manager has a wide
range of discretion relative to the Index.
While the Sub-Fund will hold assets that
are components of the Index, it may also
invest in companies, countries or sectors
that are not included in, and that have
different weightings from, the Index in
order to take advantage of investment
opportunities. It is expected that over long
time periods, the Sub-Fund’s performance
will differ from the Index. However,
over short time periods, the Sub-Fund’s
performance may be close to the Index,
depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.
Portfolio Information:
The Investment Manager will actively select
individual equity securities based on their
potential to generate income and capital
growth.
The Investment Manager is free to select
equity securities of any company and is
not restricted in its discretion to tactically
allocate to any particular geographical
region, industry sector or companies with a
particular market capitalisation if it believes
that, relative to other equities, they may
offer greater potential for income and capital
growth.

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Multi Asset Sub-Funds

Investor profile

Multi Asset Sub-Funds aim to pay current income and achieve long-term growth of both capital and income.
Multi Asset Sub-Funds may be suitable for investors who wish to participate in capital markets while being
prepared to accept the risks described for each Multi Asset Sub-Fund under “Risk Factors”, Part I (1.2)
of the Luxembourg Prospectus. Investment in a Multi Asset Sub-Fund can be regarded as a medium or
long-term investment.

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide capital The Sub-Fund invests in the Asia
Asia Pacific Multi growth and income over the medium Pacific region including Australia and
Asset Growth & to longer term by investing primarily in New Zealand but excluding Japan
Income Fund equities and fixed income securities issued and may invest in different countries
by companies that are listed in, or have their in this region. It is unconstrained in
registered office in, or exercise a majority the amount that it may invest in any
of their activity in the Asia Pacific region country in this region.
including Australia and New Zealand but
The Sub-Fund can directly invest
excluding Japan, or issued by governments
in China A Shares and/or onshore
or quasi-governments of the same region.
China fixed income securities listed
This region includes certain countries or traded on any Eligible Market
considered to be emerging markets. in China through the QFII status
The Sub-Fund will actively allocate to, of FIL Investment Management
and within, different asset classes and (Hong Kong) Limited, the Stock
geographies based on their potential to Connect, the China Interbank Bond
generate capital growth and income within Market scheme or via any other
the portfolio. The main asset classes in permissible means available to the
which the Sub-Fund will invest include Asia Sub-Fund under prevailing laws and
Pacific equities, and Asia Pacific investment regulations.
grade, and high yield bonds, including
The Sub-Fund will invest less than
government bonds. Investments will not be
30% of its net assets directly and/or
required to meet minimum rating standards.
indirectly in China A and B Shares
The Sub-Fund may invest its net assets
and/or onshore China fixed income
directly in China A and B Shares and/or
securities on an aggregated basis.
onshore China fixed income securities listed
The Sub-Fund’s source of income will
or traded on any Eligible Market in China.
mainly be generated from dividend
The Sub-Fund is actively managed without
payments from equity securities
reference to an index.
and coupon payments from bond
Portfolio Information: holdings.
For the remaining assets, the Investment Less than 30% of the Sub-Fund’s total
Manager has the freedom to invest outside net assets will be invested in hybrids
the Sub-Fund’s principal geographies, and CoCos, with less than 20% of
market sectors, currency or asset classes. the total net assets to be invested in
CoCos.
The Sub-Fund may, under normal market
conditions, invest up to 40% of its assets in
investment grade bonds, 75% in equities,
and up to 40% in high yield bonds.
In adverse market conditions the
Sub-Fund may invest up to 30% of its
assets in cash, Money Market Instruments,
and Money Market Funds.

92
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Onshore China fixed income securities
are listed or traded on any Eligible Market
in China, and are issued by a variety
of issuers such as government, quasi-
government, banks, financial institutions
or other corporate entities established or
incorporated in China or corporate entities
with commercial activities in China.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.
Fidelity Funds – The Sub-Fund aims to provide income The Sub-Fund’s source of income will
European Multi Asset by investing primarily in equities and mainly be generated from dividend
Income Fund fixed income securities issued by both payments (from equity securities)
companies that are listed in, or have their and coupon payments (from bond
registered office in, or exercise a majority holdings).
of their activity in Europe, and European Less than 30% of the Sub-Fund’s total
governments. net assets will be invested in hybrids
and CoCos, with less than 20% of
The Sub-Fund will actively allocate to, the total net assets to be invested in
and within, different asset classes based CoCos.
on their potential to generate income. The
main asset classes in which the Sub-Fund
will invest include fixed income securities
(including investment grade and high yield
bonds), equities and alternative assets,
such as (but not limited to) infrastructure
securities and closed-ended real estate
investment trusts (REITs).
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not
limited to climate change mitigation and
adaptation, water and waste management,
biodiversity, while social characteristics
include but are not limited to product
safety, supply chain, health and safety and
human rights. Environmental and social
characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed without
reference to an index.

93
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Portfolio Information:
Within the main asset classes described above
the Sub-Fund may, under normal market
conditions, invest up to 70% of its net assets
in European investment grade bonds, up to
50% of its net assets in European equities,
up to 50% of its net assets in European high
yield bonds and up to 20% of its net assets
in alternative investments.
The Sub-Fund may tactically invest up to
50% of its net assets in European government
bonds and up to 20% of its net assets in
non-European investments (including
equities, government bonds, investment
grade bonds, high yield bonds, emerging
market debt and alternative assets).
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.
In adverse market conditions the
Sub-Fund may hold up to 25% of its net
assets in cash or money market instruments
(cash and short-term deposits, certificates
of deposit and bills, Money Market Funds).

94
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide long term The Sub-Fund can directly invest
Global Multi Asset capital growth whilst seeking to preserve in China A Shares and/or onshore
Defensive Fund capital by providing exposure to a range China fixed income securities listed
of global asset classes. The Sub-Fund or traded on any Eligible Market
will allocate to, and within, different in China through the QFII status
asset classes and geographies (including of FIL Investment Management
emerging markets) based on their potential (Hong Kong) Limited, the Stock
to generate growth or reduce risk within Connect, the China Interbank Bond
the overall portfolio.
Market scheme and/or via any other
The main asset classes in which the Sub- permissible means available to the
Fund will invest include global investment Sub-Fund under prevailing laws and
grade bonds, global high yield bonds, regulations.
global equities, commodities, closed-
ended real estate investment trusts (REITs), The Sub-Fund will invest less than
cash and Money Market instruments. 20% of its net assets directly and/or
The Sub-Fund is actively managed and indirectly in China A and B Shares
aims to achieve a better downside profile and/or onshore China fixed income
versus a composite of 20% MSCI ACWI securities on an aggregated basis.
(Net) EUR Index and 80% Barclays Global “Eligible Market in China” refers to
Aggregate Index (EUR Hedged) Index
on a rolling 3-year basis. The Sub-Fund the Shanghai Stock Exchange, the
does not use an index against which the Shenzhen Stock Exchange or the
performance of the Sub-Fund may be mainland China interbank bond
assessed. market, as the case may be.
The Sub-Fund may invest its net assets Any commodity exposure for
directly in China A and B Shares and/ this Sub-Fund will be obtained
or onshore China fixed income securities through eligible instruments and
listed or traded on any Eligible Market in derivatives such as (but not limited
China. to) units/shares of UCITS or other
Portfolio Information: UCIs, Exchange Traded Funds and
commodity index swap transactions.
Within the main asset classes described
above the Sub-Fund may, under normal Less than 30% of the Sub-Fund’s total
market conditions, invest less than 30% net assets will be invested in hybrids
of its net assets in global sub investment and CoCos, with less than 20% of
grade and/or high yield bonds. the total net assets to be invested in
The Sub-Fund may invest in hybrids and CoCos.
CoCos, as well as in other subordinated
financial debt and preference shares. Global Exposure:
The Sub-Fund may use financial derivative The global exposure of the Sub-Fund
instruments, including complex financial is calculated using the absolute VaR
derivative instruments or strategies, to approach, which is limited to 8%.
meet the investment objectives of the Sub-
Fund. Financial derivative instruments The expected level of leverage
may be used to create economic exposure for investment-related activity is
to an asset akin to a physical holding of 250% and the expected level of
that asset. The types of financial derivative leverage arising from hedged share
instruments that will be used include class activity is 150%, for a total of
index, basket or single name futures, 400%. The Sub-Fund’s leverage may
options and contracts for difference increase to higher levels, including in
referencing equities or bonds. Options atypical market conditions, however
used will include put and call options it is not expected to exceed 750% of
including covered call options. The Sub- the Net Asset Value of the Sub-Fund.
Fund will use index, basket or single credit
default and total return swaps to gain
exposure or reduce credit risk of issuers,
interest rate swaps to actively manage the
level of interest rate risk and currency
derivatives to hedge or gain exposure to
currencies or replicate currency exposure
of the underlying securities of an equity
index. The long and short active currency
positions implemented by the Sub-Fund
may not be correlated with the underlying
securities positions held by the Sub-Fund.

95
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide long term It is understood that under the
Global Multi Asset capital growth by investing in a range of current Luxembourg regulation a
Dynamic Fund global asset classes. The Sub-Fund will fund may invest not more than 10%
actively allocate to, and within, different of its net assets in unlisted securities
asset classes and geographies (including not dealt on a Regulated Market.
emerging markets) based on their potential Some investments in Russian
to generate capital growth. securities may be considered as
falling under such limit.
The main asset classes in which the Sub-
Fund will invest include global investment The Sub-Fund can directly invest
grade bonds, global high yield bonds, in China A Shares and/or onshore
global equities, commodities and closed- China fixed income securities listed
ended real estate investment trusts or traded on any Eligible Market
(“REITs”). in China through the QFII status
of FIL Investment Management
The Sub-Fund is actively managed and
(Hong Kong) Limited, the Stock
references a composite of 75% MSCI
Connect, the China Interbank Bond
ACWI Index; 25% Bloomberg Barclays
Market scheme and/or via any other
Global Aggregate Index (the “Index”) for
permissible means available to the
performance comparison only.
Sub-Fund under prevailing laws and
The Sub-Fund may invest its net assets regulations.
directly in China A and B Shares and/
The Sub-Fund will invest less than
or onshore China fixed income securities
30% of its assets directly and/or
listed or traded on any Eligible Market in
indirectly in China A and B Shares
China.
and/or onshore China fixed income
Portfolio Information: securities on an aggregated basis.
Within the main asset classes listed above “Eligible Market in China” refers to
the Sub-Fund may, under normal market the Shanghai Stock Exchange, the
conditions, invest up to 100% in fixed Shenzhen Stock Exchange or the
income securities (including up to 50% mainland China interbank bond
of its net assets in global investment grade market, as the case may be.
bonds, up to 75% in global high yield
The types of commodities in which
bonds (which include below investment
the Sub-Fund may invest include
grade and unrated bonds) and up to
gold, metals and oil. Any commodity
75% in emerging market bonds), up to
exposure for this Sub-Fund will
100% in global equities, (including up
be obtained through eligible
to 75% emerging market equities), up to
instruments and derivatives such
15% in Russian securities, up to 50% in
as (but not limited to) units/shares
commodities, and up to 30% in closed-
of UCITS or other UCIs, Exchange
ended REITs.
Traded Funds and commodity index
The Sub-Fund may invest in hybrids and swap transactions.
CoCos, as well as in other subordinated
Less than 30% of the Sub-Fund’s total
financial debt and preference shares.
net assets will be invested in hybrids
and CoCos, with less than 20% of
the total net assets to be invested in
CoCos.
The dividend or payout policy of the
underlying closed-ended REITs is
not representative of the dividend or
payout policy of this Sub-Fund.

96
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide income and Any commodity exposure for
Global Multi Asset capital growth over the medium to longer this Sub-Fund will be obtained
Growth & Income term by investing in a range of global asset through eligible instruments and
Fund classes. The Sub-Fund will actively allocate derivatives such as (but not limited
to, and within, different asset classes and to) units/shares of UCITS or other
geographies (including emerging markets) UCIs, Exchange Traded Funds and
based on their potential to generate income commodity index swap transactions.
and capital growth within the portfolio.
“Eligible Market in China” refers to
The main asset classes in which the Sub- the Shanghai Stock Exchange, the
Fund will invest include global investment Shenzhen Stock Exchange or the
grade bonds, global high yield bonds, mainland China interbank bond
global equities, infrastructure securities, market, as the case may be. The Sub-
commodities and closed-ended real estate Fund can directly invest in China A
investment trusts (REITs). Shares and/or onshore China fixed
income securities listed or traded on
The Sub-Fund is actively managed without
any Eligible Market in China through
reference to an index.
the QFII status of FIL Investment
Portfolio Information: Management (Hong Kong) Limited,
the Stock Connect, the China
Within the main asset classes listed
Interbank Bond Market scheme and/
above the Sub-Fund may, under normal
or via any other permissible means
market conditions, invest up to 100% of
available to the Sub-Fund under
its net assets in global investment grade
prevailing laws and regulations.
bonds, up to 75% in global high yield
bonds (which include below investment The Sub-Fund will invest less than
grade and unrated bonds), up to 60% in 30% of its net assets directly and/or
emerging market bonds and up to 80% indirectly in China A and B Shares
in global equities (including up to 60% in and/or onshore China fixed income
emerging market equities). securities, which may include urban
investment bonds, on an aggregated
It may also have an exposure of less
basis. The Sub-Fund may also
than 30% of its net assets to each of the
invest up to 30% of its assets value
following asset classes: infrastructure
in offshore China fixed income
securities, commodities and closed-ended
instruments, including, but not
real estate investment trusts (REITs).
limited to, dim sum bonds.
The Sub-Fund may invest its net assets
The Sub-Fund’s source of income
directly in China A and B Shares and/
will mainly be generated from
or onshore China fixed income securities
dividend payments from equity
listed or traded on any Eligible Market in
securities, coupon payments from
China.
bond holdings and payments out of
The Sub-Fund may invest in hybrids and capital.
CoCos, as well as in other subordinated
Less than 30% of the Sub-Fund’s total
financial debt and preference shares.
net assets will be invested in hybrids,
In adverse market conditions the Sub-
and CoCos, with less than 20% of
Fund may hold up to 30% of its assets in
the total net assets to be invested in
cash or money market instruments (cash
CoCos.
and short-term deposits, certificates of
deposit and bills, Money Market Funds).

97
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide income and As the Sub-Fund may invest globally,
Global Multi Asset moderate capital growth over the medium it may invest across different countries
Income Fund to longer term by investing in global fixedand regions. It is unconstrained
income securities and global equities. in the amount it may invest in any
The Sub-Fund will actively allocate to, single country or region.
and within, different asset classes and The dividend or payout policy of the
geographies based on their potential to underlying closed-ended REITs is
generate income and capital growth within not representative of the dividend or
the portfolio. The main asset classes in payout policy of this Sub-Fund.
which the Sub-Fund will invest include
global investment grade bonds, global The Sub-Fund’s source of income will
high yield bonds, emerging market bonds mainly be generated from dividend
and global equities. As this Sub-Fund payments from equity securities
may invest globally, it may be exposed and coupon payments from bond
to countries considered to be emerging holdings.
markets.
Less than 30% of the Sub-Fund’s total
The Sub-Fund may tactically invest up net assets will be invested in hybrids
to 50% of its assets in global government and CoCos, with less than 20% of
bonds. It may also have an exposure of the total net assets to be invested in
less than 30% of its assets to each of the CoCos.
following asset classes, infrastructure
securities and closed-ended real estate
investment trusts (REITs).
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not
limited to climate change mitigation and
adaptation, water and waste management,
biodiversity, while social characteristics
include but are not limited to product
safety, supply chain, health and safety and
human rights. Environmental and social
characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed without
reference to an index.
Portfolio Information:
Within the main asset classes described
above the Sub-Fund may, under normal
market conditions, invest up to 100% of
its assets in global investment grade bonds,
50% of its assets in emerging market
bonds, 50% in global equities, and up to
60% in global high yield bonds.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.
In adverse market conditions the Sub-
Fund may hold up to 25% of its assets in
cash or money market instruments (cash
and short-term deposits, certificates of
deposit and bills, Money Market Funds).

98
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide capital Any commodity exposure for
Greater China Multi growth and income over the medium this Sub-Fund will be obtained
Asset Growth & to longer term by investing primarily through eligible instruments and
Income Fund in equities and fixed income securities derivatives such as (but not limited
issued by companies that are listed to) units/shares of UCITS or other
in, or have their registered office in, UCIs, Exchange Traded Funds and
or exercise a majority of their activity commodity index swap transactions.
in the Greater China region including
The Sub-Fund can directly invest
Hong Kong, China, Taiwan and Macau,
in China A Shares and/or onshore
or issued by governments or quasi-
China fixed income securities listed
governments of the same region. China,
or traded on any Eligible Market
Taiwan and Macau are considered as
in China through the QFII status
emerging markets.
of FIL Investment Management
The Sub-Fund will actively allocate to, (Hong Kong) Limited, the Stock
and within, different asset classes and Connect, the China Interbank Bond
geographies based on their potential Market scheme or via any other
to generate capital growth and income permissible means available to the
within the portfolio. The main asset Sub-Fund under prevailing laws and
classes in which the Sub-Fund will regulations.
invest include Greater China equities
The Sub-Fund will invest up to
and Greater China investment grade
60% of its net assets directly and/or
bonds, and Greater China high yield
indirectly in China A and B Shares
bonds, including government bonds
and/or onshore China fixed income
and unrated bonds. Investments will
securities on an aggregated basis.
not be required to meet minimum credit
The Sub-Fund may invest more than
rating standards. The Sub-Fund may
30%, but up to 60%, of its net assets
invest its net assets directly in China A
directly in China A Shares listed on
and B Shares and/or onshore China fixed
the ChiNext market, the SME board
income securities listed or traded on any
or the STAR board, on an aggregate
Eligible Market in China. The Sub-Fund
basis.
may also seek exposure to commodities
and closed-ended real estate investment The Sub-Fund may also invest up to
trusts (REITs). 50% of its Net Asset Value in offshore
China fixed income instruments
The Investment Manager is not restricted
including, but not limited to, dim
in its choice of companies either by size
sum bonds.
or industry.
“Eligible Market in China” refers to
The Sub-Fund may also invest in UCITS
the Shanghai Stock Exchange, the
and UCIs.
Shenzhen Stock Exchange or the
The Sub-Fund is actively managed mainland China interbank bond
without reference to an index. market, as the case may be.
Portfolio Information: The Sub-Fund may, under normal
For the remaining assets, the Investment market conditions, invest up to
Manager has the freedom to invest outside 90% of its net assets in fixed income
the Sub-Fund’s principal geographies, securities (including up to 40% in
market sectors, currency or asset classes. investment grade bonds and up
to 50% in high yield bonds which
Onshore China fixed income securities include below investment grade and
are listed or traded on any Eligible unrated bonds), up to 10% of its net
Market in China, and are issued by a assets in commodities and up to 80%
variety of issuers such as government, of its net assets in equities, and up to
quasi-government, banks, financial 15% of its net assets in REITs. The
institutions or other corporate entities Sub-Fund may invest up to 10% of
established or incorporated in China its net assets in urban investment
or corporate entities with commercial bonds. The Sub-Fund may also invest
activities in China.

99
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

The Sub-Fund may invest in hybrids and up to 20% of its net assets in
CoCos, as well as in other subordinated collateralised and/or securitised
financial debt and preference shares. products (e.g. asset-backed securities
and mortgage-backed securities).
In adverse market conditions the
Sub-Fund may invest up to 30% of
its net assets in cash, Money Market
Instruments, and money market
funds.
The Sub-Fund’s source of income will
mainly be generated from dividend
payment (from equity securities)
and coupon payments from bond
holdings. The Sub-Fund intends
to provide capital growth mainly
through its equity investments.
Less than 30% of the Sub-Fund’s total
net assets will be invested in hybrids
and CoCos, with less than 20% of
the total net assets to be invested in
CoCos.

100
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide income and As the Sub-Fund may invest globally,
Sustainable Multi moderate capital growth over the medium it may invest across different countries
Asset Income Fund to longer term by actively allocating to, and and regions. It is unconstrained
(formerly known as within, different asset classes including in the amount it may invest in any
Fidelity Funds – Multi equity, fixed income, commodity, single country or region.
infrastructure, real estate and cash.
Asset Income Fund) Any commodity exposure for
As this Sub-Fund may invest globally, it this Sub-Fund will be obtained
may be exposed to countries considered through eligible instruments and
to be emerging markets, including Russia derivatives such as (but not limited
and China. For China, the Sub-Fund may to) units/shares of UCITS or other
invest its net assets directly in China A UCIs, Exchange Traded Funds and
and B Shares and/or onshore China fixed commodity index swap transactions.
income securities listed or traded on any
Eligible Market in China. The Sub-Fund’s source of income will
mainly be generated from dividend
The Sub-Fund is part of the Fidelity payments (from equity securities)
Sustainable Family of Funds and adopts a and coupon payments (from bond
Sustainable Focused strategy under which holdings) based on their potential to
a minimum of 70% of the Sub-Fund’s net generate income and capital growth.
assets will be invested in securities deemed
to maintain sustainable characteristics, as The dividend or payout policy of the
described in the section entitled “Fidelity underlying closed-ended REITs is
Sustainable Family of Funds”, Part I not representative of the dividend or
(1.3.2(b)) of the Luxembourg Prospectus. payout policy of this Sub-Fund.
The Sub-Fund will consider a wide range To achieve its objective the Sub-
of environmental and social characteristics Fund adopts a tactical asset
on an ongoing basis. Environmental allocation strategy where the Sub-
characteristics include, but are not Fund’s investments may be actively
limited to, climate change mitigation and balanced and adjusted. This may
adaptation, water and waste management result in the Sub-Fund incurring
and biodiversity, while social characteristics greater transaction costs than a Sub-
include, but are not limited to, product Fund with static allocation strategy.
safety, supply chain, health and safety and
human rights. Controversies involving The Sub-Fund can directly invest
environmental and social characteristics in China A Shares and/or onshore
are regularly monitored. Environmental China fixed income securities listed
and social characteristics are analysed by or traded on any Eligible Market in
Fidelity’s fundamental analysts and rated China through the QFII status of
through Fidelity Sustainability Ratings. FIL Investment Management (Hong
The Sub-Fund seeks to promote these Kong) Limited and/or through any
characteristics by adhering to the Fidelity permissible means available to the
Sustainable Family Framework. Sub-Fund under prevailing laws and
regulations (including through the
The Sub-Fund is actively managed without Stock Connect, the China Interbank
reference to an index. Bond Market scheme or any other
Portfolio Information: eligible means) or indirectly such as
by way of access products including,
Within the main asset classes described but not limited to, equity linked
above the Sub-Fund may, under normal notes, participation notes, credit-
market conditions, invest on a net asset linked notes or funds investing in
basis up to 100% in fixed income securities China A Shares and/or onshore China
(including up to 100% in investment fixed income securities. The Sub-
grade bonds, up to 60% in high yield Fund will invest less than 30% of its
bonds, up to 50% in government bonds, net assets directly and/or indirectly
up to 50% in emerging market bonds and in onshore China A and B Shares
up to 10% in Russian bonds), up to 50% in and/or onshore China fixed income
equities (including up to 50% in emerging securities on an aggregated basis.
market equities and up to 10% in Russian
equities), up to 30% in eligible closed- The Sub-Fund may also invest less
ended real estate investment trusts, up to than 10% of its Net Asset Value
30% in infrastructure securities (excluding in offshore China fixed income
REITs) and up to 5% in commodities. The instruments including, but not
aggregate limit of investment in emerging limited to, dim sum bonds.

101
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

market equities and bonds is up to 50% Less than 30% of the Sub-Fund’s total
of the Sub-Fund’s net assets. The aggregate net assets will be invested in Hybrids
limit of investment in Russian equities and and CoCos, with less than 20% of
bonds is up to 10% of the Sub-Fund’s net the total net assets to be invested in
assets. In adverse market conditions the CoCos.
Sub-Fund may hold up to 25% of its net
assets in cash or money market instruments
(cash and short-term deposits, certificates
of deposit and bills, and Money Market
Funds).
Onshore China fixed income securities
are listed or traded on any Eligible Market
in China, and are issued by a variety
of issuers such as government, quasi-
government, banks, financial institutions
or other corporate entities established or
incorporated in China or corporate entities
with commercial activities in China.
Although the Sub-Fund will not actively
invest in distressed securities, it may retain
positions related to such types of assets.
Under normal market circumstances,
distressed securities will not exceed 10%
of the Sub-Fund’s net assets.
The Sub-Fund may invest up to 10% of
its net assets in aggregate in equity linked
notes and credit linked notes.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.

102
Fidelity Funds Singapore Prospectus

Bond Sub-Funds

Investor profile

The aim of the Bond Sub-Funds is to provide investors with relatively high income with the possibility of
capital gains. Bond Sub-Funds may be suitable for investors who wish to participate in debt markets while
being prepared to accept the risks described for each Bond Sub-Fund under “Risk Factors”, Part I (1.2) of the
Luxembourg Prospectus. Investment in a Bond Sub-Fund can be regarded as a short, medium or long-term
investment.

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund seeks to deliver an The Sub-Fund invests in Asia Pacific
Asia Pacific Strategic attractive income and capital appreciation and may invest in different countries
Income Fund by primarily investing in a broad range of in this region. It is unconstrained in
fixed income instruments of issuers in Asia the amount that it may invest in any
Pacific that have their head office or exercise country in this region.
a majority of their activity in Asia Pacific.
The Sub-Fund may directly invest
This region includes certain countries
in onshore China fixed income
considered to be emerging markets.
securities listed or traded on any
The Sub-Fund will adopt an active asset
Eligible Market in China through
allocation approach, which may include
the QFII status of FIL Investment
investment into high yield instruments and
Management (Hong Kong) Limited
emerging markets. Investments will not be
and/or through any permissible
required to meet minimum credit rating
means available to the Sub-Fund
standards. Not all securities will be rated
under prevailing laws and regulations
for creditworthiness by an internationally
or indirectly by way of access to
recognised rating agency. The manager is
products or funds investing in fixed
not restricted in its choice of companies
income securities listed or traded on
either by market sector or industry, and
any Eligible Market in China.
will choose investments largely determined
by the availability of attractive investmentThe Sub-Fund will invest up to
opportunities. The Sub-Fund may invest 50% of its net assets directly and/
its net assets directly in onshore China or indirectly in onshore China
fixed income securities listed or traded on fixed income securities, which may
any Eligible Market in China. include urban investment bonds,
asset-backed securities (including
The Sub-Fund is actively managed without
asset-backed commercial papers)
reference to an index.
and bonds which are rated below
Portfolio Information: investment grade or unrated bonds
on an aggregated basis.
Onshore China fixed income securities
are listed or traded on any Eligible Market The Sub-Fund may also invest up to
in China, and are issued by a variety 50% of its Net Asset Value in offshore
of issuers such as government, quasi- China fixed income instruments
government, banks, financial institutions including, but not limited to, dim
or other corporate entities established or sum bonds.
incorporated in China or corporate entities
The Sub-Fund’s source of income will
with commercial activities in China.
mainly be generated from coupon
Within the main asset classes described payments from bond holdings.
above the Sub-Fund may invest up to
Less than 30% of the Sub-Fund’s total
100% of its net assets in emerging markets,
net assets will be invested in hybrids
up to 90% of its net assets in high yield
and CoCos, with less than 20% of
instruments, up to 80% of its net assets in
the total net assets to be invested in
Asia Pacific local currency bonds, and up
CoCos.
to 50% of its net assets in offshore China
fixed income instruments.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.

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Fidelity Funds – The Sub-Fund aims to achieve income and The Sub-Fund invests in the Asian
Asian Bond Fund capital appreciation by investing primarily region and may invest in different
in investment grade fixed income securities countries in this region. It is
of issuers that have their principal business unconstrained in the amount that
activities in the Asian region. This region it may invest in any country in this
includes certain countries considered to be region.
emerging markets. Less than 30% of the Sub-Fund’s total
The Sub-Fund is actively managed. The net assets will be invested in hybrids
Investment Manager will, when selecting and CoCos, with less than 20% of
investments for the Sub-Fund and for the the total net assets to be invested in
purposes of monitoring risk, reference ICE CoCos.
BofA Asia Dollar Investment Grade Index
(the “Index”) as the Index constituents
best represent the characteristics the Sub-
Fund is seeking to gain exposure to. The
Sub-Fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in issuers, sectors, countries and security
types that are not included in, and that
have different weightings from the Index
in order to take advantage of investment
opportunities. It is expected that over long
time periods, the Sub-Fund’s performance
will differ from the Index. However,
over short time periods, the Sub-Fund’s
performance may be close to the Index,
depending on market conditions.
Portfolio Information:
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.

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Sub-Fund Investment Objective Notes

Fidelity Funds – This Sub-Fund seeks a high level of The Sub-Fund invests in the Asian
Asian High Yield current income and capital appreciation region and may invest in different
Fund by investing primarily in high-yielding sub countries in this region. It is
investment grade securities of issuers, or in unconstrained in the amount that
high-yielding securities of sub investment it may invest in any country in this
grade issuers, all having their principal region. The Sub-Fund may directly
business activities in the Asian region. invest in onshore China fixed income
This region includes certain countries securities listed or traded on any
considered to be emerging markets. Eligible Market in China through
the QFII status of FIL Investment
This Sub-Fund will suit those investors Management (Hong Kong) Limited.
seeking high income and capital
appreciation and who are prepared to The Sub-Fund will invest less than
accept the risks associated with this type of 30% of its net assets directly and/
investment. The type of debt securities in or indirectly in onshore China fixed
which the Sub-Fund will primarily invest income securities on an aggregated
will be subject to high risk and will not basis.
be required to meet a minimum rating
standard. Not all securities will be rated Less than 30% of the Sub-Fund’s total
for creditworthiness by an internationally net assets will be invested in hybrids
recognised rating agency. The Sub-Fund and CoCos, with less than 20% of
may invest its net assets directly in onshore the total net assets to be invested in
China fixed income securities listed or CoCos.
traded on any Eligible Market in China.
The Sub-Fund is actively managed.
The Investment Manager will, when
selecting investments for the Sub-Fund
and for the purposes of monitoring risk,
reference ICE BofA Asian Dollar High
Yield Corporate Index (Level 4 20% Lvl4
Cap, 3% Constrained) (the “Index”) as
the Index constituents best represent the
characteristics the Sub-Fund is seeking
to gain exposure to. The Sub-Fund’s
performance can be assessed against its
Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in issuers, sectors, countries and security
types that are not included in, and that
have different weightings from, the Index
in order to take advantage of investment
opportunities. It is expected that over long
time periods, the Sub-Fund’s performance
will differ from the Index. However,
over short time periods, the Sub-Fund’s
performance may be close to the Index,
depending on market conditions.
Portfolio Information:
Onshore China fixed income securities
are listed or traded on any Eligible Market
in China, and are issued by a variety
of issuers such as government, quasi-
government, banks, financial institutions
or other corporate entities established or
incorporated in China or corporate entities
with commercial activities in China.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.

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Fidelity Funds – The Sub-Fund aims to provide long- The Sub-Fund may directly invest
China Government term growth and income by investing in in onshore China fixed income
Bond Fund a portfolio primarily made up of fixed securities listed or traded on any
income securities issued by the People’s Eligible Market in China through
Republic of China (PRC) government the QFII status of FIL Investment
or the policy banks of the PRC. China is Management (Hong Kong) Limited,
considered to be an emerging market.
the China Interbank Bond Market
The Sub-Fund is actively managed. The scheme, the Bond Connect scheme
Investment Manager will, when selecting and/or via any other permissible
investments for the Sub-Fund and for the means available to the Sub-
purposes of monitoring risk, reference Fund under prevailing laws and
Bloomberg Barclays China Treasury + regulations and/or through any
Policy Banks Capped 9% (the “Index”) as permissible means available to the
the Index constituents best represent the
Sub-Fund under prevailing laws and
characteristics the Sub-Fund is seeking
to gain exposure to. The Sub-Fund’s regulations or indirectly by way of
performance may be assessed against its access to products or funds investing
Index. in fixed income securities listed or
traded on any Eligible Market in
The Investment Manager has a wide range China.
of discretion relative to the Index. While
the Sub-Fund will hold assets that are Policy bank bonds are fixed income
components of the Index, it may also invest securities issued by the three Chinese
in issuers, sectors, countries and security government agencies which are
types that are not included in, and that assisting the PRC’s central government
have different weightings from, the Index to deploy its country-wide fiscal
in order to take advantage of investment policy. These three entities, the Chinese
opportunities. It is expected that over long
Development Bank (‘CDB’), the
time periods, the Sub-Fund’s performance
will differ from the Index. However, Agricultural Development Bank of
over short time periods, the Sub-Fund’s China (‘ADBC’), and the China Export
performance may be close to the Index, Import Bank (‘CEIB’) are in charge of
depending on market conditions. redistributing part of the government’s
central fiscal collection in projects,
Portfolio Information:
which support the agricultural,
The Sub-Fund will invest up to 100% of industrial and social evolution of the
its net assets directly and/or indirectly in PRC.
onshore China fixed income securities,
of which up to 30% may be invested in Unrated securities are debt securities
policy bank bonds. Less than 70% of the which do not have a credit rating
Sub-Fund’s net assets will be invested in issued by Moody’s, S&P, or Fitch.
onshore China fixed income securities In selecting unrated securities, the
through the QFII status. Investment Manager w ill apply
Securities issued by the PRC or the policy its internal credit assessment to
banks of the PRC may be unrated. determine their credit quality.

The Sub-Fund may also invest in offshore

China fixed income instruments including,
but not limited to dim sum bonds.
At least 70% of the Sub-Fund’s investments
will be denominated in RMB.

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Fidelity Funds – This Sub-Fund seeks a high level of current The Sub-Fund invests in the Greater
China High Yield income by investing primarily in high- China region (including China,
Fund yielding, sub-investment grade or non- Hong Kong, Taiwan, and Macau)
rated debt securities of issuers that have and may invest in different countries
their head office or exercise a majority of in this region. It is unconstrained
their activity in the Greater China region in the amount that it may invest in
(including China, Hong Kong, Taiwan, any country in this region. The Sub-
and Macau). This region includes certain Fund may directly invest in onshore
countries considered to be emerging China fixed income securities listed
markets. This Sub-Fund will suit those or traded on Eligible Markets in
investors seeking high income and who China through the QFII status of
are prepared to accept the risks associated FIL Investment Management (Hong
with this type of investment. The type of Kong) Limited, the China Interbank
debt securities in which the Sub-Fund will Bond Market scheme and/or via any
primarily invest will be subject to high other permissible means available
risk and will not be required to meet a to the Sub-Fund under prevailing
minimum credit rating standard. Not all laws and regulations or indirectly by
securities will be rated for creditworthiness way of access to products or funds
by an internationally recognised rating investing in fixed income securities
agency. The Sub-Fund may invest its net listed or traded on any Eligible
assets directly in onshore China fixed Market in China.
income securities listed or traded on
The Sub-Fund will invest up to
Eligible Markets in China. The manager
60% of its net assets directly and/
is not restricted in its choice of companies
or indirectly in onshore China
either by market sector or industry, and
fixed income securities, which may
will choose investments largely determined
include urban investment bonds,
by the availability of attractive investment
asset-backed securities (including
opportunities.
asset-backed commercial papers)
The Sub-Fund is actively managed without and bonds which are rated below
reference to an index. investment grade or unrated bonds,
on an aggregated basis. The Sub-
Portfolio Information:
Fund may also invest up to 100% of
Onshore China fixed income securities its Net Asset Value in offshore China
are listed or traded on Eligible Markets fixed income instruments including,
in China, and are issued by a variety but not limited to, dim sum bonds.
of issuers such as government, quasi
Less than 30% of the Sub-Fund’s total
government, banks, financial institutions
net assets will be invested in hybrids
or other corporate entities established or
and CoCos, with less than 20% of
incorporated in China or corporate entities
the total net assets to be invested in
whose commercial activities are mainly
CoCos.
carried out in China.
The investments of the Sub-Fund may be
denominated in various currencies and is
not restricted to one single currency.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.

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Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve income The Sub-Fund invests in the Asia
China RMB Bond and capital appreciation via exposure to Pacific region and may invest in
Fund RMB denominated debt, money market different countries in this region.
securities and cash and/or cash equivalents It is unconstrained in the amount
(including, inter alia, time deposits). The that it may invest in any country
Sub-Fund will primarily invest, directly in this region. The Sub-Fund may
and/or indirectly, in investment grade directly invest in onshore China
securities denominated in RMB, investment fixed income securities listed or
grade securities of issuers that have their traded on any Eligible Market in
principal business activities in the Asia China through the QFII status of
Pacific region, securities denominated FIL Investment Management (Hong
in RMB of investment grade issuers or in Kong) Limited, the China Interbank
securities of investment grade issuers that Bond Market scheme and/or via any
have their principal business activities other permissible means available to
in the Asia Pacific region. This region the Sub-Fund under prevailing laws
includes certain countries considered to and regulations and/or through any
be emerging markets. Exposure to non- permissible means available to the
RMB denominated debt securities may be Sub-Fund under prevailing laws and
hedged in order to seek to maintain the regulations or indirectly by way of
currency exposure in RMB. The Sub-Fund access to products or funds investing
may invest its net assets directly in onshore in fixed income securities listed or
China fixed income securities listed or traded on any Eligible Market in
traded on any Eligible Market in China. China.
A minimum of 50% of the Sub-Fund’s net The Sub-Fund will invest up to
assets will be invested in securities deemed 100% of its net assets directly and/
to maintain sustainable characteristics, as or indirectly in onshore China fixed
described in the section entitled “Fidelity income securities on an aggregated
Sustainable Investing Framework”, Part I basis.
(1.3.2(a)) of the Luxembourg Prospectus.
RMB: a colloquial reference to the
The Sub-Fund will consider a wide range
Chinese Renminbi, which is also
of environmental and social characteristics
known internationally as the Chinese
on an ongoing basis. Environmental
Yuan (‘CNY’). Whilst the CNY is
characteristics include but are not
traded both onshore in China and
limited to climate change mitigation and
offshore (primarily in Hong Kong),
adaptation, water and waste management,
it is the same currency although
biodiversity, while social characteristics
currently traded at different rates.
include but are not limited to product
The offshore rate for trading CNY
safety, supply chain, health and safety and
is generally referred to as ‘CNH’.
human rights. Environmental and social
The ‘CNH’ rate will be used when
characteristics are analysed by Fidelity’s
determining the value of the Shares
fundamental analysts and rated through
of the Sub-Fund.
Fidelity Sustainability Ratings.
Less than 30% of the Sub-Fund’s total
The Sub-Fund is actively managed without
net assets will be invested in hybrids
reference to an index.
and CoCos, with less than 20% of
Portfolio Information: the total net assets to be invested in
CoCos.
Onshore China fixed income securities
are listed or traded on any Eligible Market
in China and are issued by a variety
of issuers such as government, quasi-
government, banks, financial institutions
or other corporate entities established or
incorporated in China or corporate entities
with commercial activities in China.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.
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Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve income The Sub-Fund invests in Latin
Emerging Market and capital appreciation through primarily America, Asia, Africa, Eastern
Debt Fund investing in global emerging-markets debt Europe (including Russia) and
securities. The Sub-Fund may also invest the Middle East and may invest in
in other types of securities, including local different countries in this region. It
market debt instruments, fixed income, is unconstrained in the amount that
equity securities and corporate bonds it may invest in any country in this
of emerging market issuers, and lower region. It is understood that under
quality debt securities. Investments will the current Luxembourg regulation a
be made within, although not limited to, fund may invest not more than 10%
Latin America, South East Asia, Africa, of its net assets in unlisted securities
Eastern Europe (including Russia) and the not dealt on a Regulated Market.
Middle East. The Sub-Fund may invest its Some investments in Russian
net assets directly in onshore China fixed securities may be considered as
income securities listed or traded on any falling under such limit.
Eligible Market in China.
The Sub-Fund can directly invest
A minimum of 50% of the Sub-Fund’s net in onshore China fixed income
assets will be invested in securities deemed securities listed or traded on any
to maintain sustainable characteristics, as Eligible Market in China through
described in the section entitled “Fidelity the QFII status of FIL Investment
Sustainable Investing Framework”, Part I Management (Hong Kong) Limited.
(1.3.2(a)) of the Luxembourg Prospectus. The Sub-Fund will invest less than
The Sub-Fund will consider a wide range 30% of its net assets directly and/
of environmental and social characteristics or indirectly in onshore China fixed
on an ongoing basis. Environmental income securities on an aggregated
characteristics include but are not basis.
limited to climate change mitigation and
Less than 30% of the Sub-Fund’s total
adaptation, water and waste management,
net assets will be invested in hybrids
biodiversity, while social characteristics
and CoCos, with less than 20% of
include but are not limited to product
the total net assets to be invested in
safety, supply chain, health and safety and
CoCos.
human rights. Environmental and social
characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference J.P.
Morgan Emerging Markets Bond Index
– Global Diversified (the “Index”) as the
Index constituents best represent the
characteristics the Sub-Fund is seeking
to gain exposure to. The Sub-Fund’s
performance can be assessed against its
Index.
The Investment Manager has a wide
range of discretion relative to the Index.
While the Sub-Fund will hold assets that
are components of the Index, it may also
invest in issuers, sectors, countries and
security types that are not included in,
and that have different weightings from,
the Index in order to take advantage of

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Sub-Fund Investment Objective Notes

investment opportunities. It is expected
that over long time periods, the Sub-Fund’s
performance will differ from the Index.
However, over short time periods, the Sub-
Fund’s performance may be close to the
Index, depending on market conditions.
Shareholders’ attention is drawn to the
fact that the Index is not an index which
integrates environmental and social
considerations. Instead, the Sub-Fund
promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.
Portfolio Information:
Onshore China fixed income securities
are listed or traded on any Eligible Market
in China, and are issued by a variety
of issuers such as government, quasi-
government, banks, financial institutions
or other corporate entities established or
incorporated in China or corporate entities
with commercial activities in China.
The Sub-Fund is unconstrained in the
amount that it may invest in sub investment
grade and/or high yield securities or
issuers.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.

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Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests primarily in bonds Less than 30% of the Sub-Fund’s total
Euro Bond Fund denominated in Euro. net assets will be invested in hybrids
and CoCos, with less than 20% of
A minimum of 50% of the Sub-Fund’s net
the total net assets to be invested in
assets will be invested in securities deemed
CoCos.
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate
change, mitigation and adaptation, water
and waste management and biodiversity,
while social characteristics include, but
are not limited to, product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference ICE
BofA Euro Large Cap Index (the “Index”)
as the Index constituents best represent
the characteristics the Sub-Fund is seeking
to gain exposure to. The Sub-Fund’s
performance can be assessed against its
Index.
The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in issuers, sectors, countries and security
types that are not included in, and that
have different weightings from, the Index
in order to take advantage of investment
opportunities. It is expected that over long
time periods, the Sub-Fund’s performance
will differ from the Index. However,
over short time periods, the Sub-Fund’s
performance may be close to the Index,
depending on market conditions.
Shareholders’ attention is drawn to the
fact that the Index is not an index which
integrates environmental and social
considerations. Instead, the Sub-Fund
promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.
Portfolio Information:
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.

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Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests primarily in Euro- Less than 30% of the Sub-Fund’s total
Euro Short Term Bond denominated debt securities, focusing net assets will be invested in hybrids
Fund its investments in investment grade and CoCos, with less than 20% of
European fixed-rate bonds with less than the total net assets to be invested in
five years to effective maturity. The average CoCos.
duration of the Sub-Fund’s investments
will not exceed three years. The Sub-Fund
may invest less than 30% of its assets in
non-Euro denominated debt securities.
Exposure to non-Euro denominated debt
securities may be hedged back into Euro
(as described in the Prospectus).
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate
change, mitigation and adaptation, water
and waste management and biodiversity,
while social characteristics include, but
are not limited to, product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference ICE
BofA 1-3 Year Euro Broad Market Index
(the “Index”) as the Index constituents
best represent the characteristics the Sub-
Fund is seeking to gain exposure to. The
Sub-Fund’s performance can be assessed
against its Index.

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Sub-Fund Investment Objective Notes

Fidelity Funds – This Sub-Fund seeks a high level of The Sub-Fund invests in Western,
European High Yield current income and capital appreciation Central and Eastern Europe
Fund by investing primarily in high-yielding, (including Russia) and may invest in
sub investment grade securities of issuers different countries in this region. It
that have their head office or who exercise is unconstrained in the amount that
a predominant part of their activity in it may invest in any country in this
Western, Central and Eastern Europe region. It is understood that under
(including Russia). This region includes the current Luxembourg regulation a
certain countries considered to be emerging fund may invest not more than 10%
markets. The type of debt securities in of its net assets in unlisted securities
which the Sub-Fund will primarily invest not dealt on a Regulated Market.
will be subject to high risk and will not Some investments in Russian
be required to meet a minimum rating securities may be considered as
standard. Most but not all will be rated falling under such limit.
for creditworthiness by an internationally
Less than 30% of the Sub-Fund’s total
recognised rating agency.
net assets will be invested in hybrids
A minimum of 50% of the Sub-Fund’s net and CoCos, with less than 20% of
assets will be invested in securities deemed the total net assets to be invested in
to maintain sustainable characteristics, as CoCos.
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate
change, mitigation and adaptation, water
and waste management and biodiversity,
while social characteristics include, but
are not limited to, product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference ICE
BofA Global High Yield European Issuers
Constrained (Level 4 20% Cap) Index
(the “Index”) as the Index constituents
best represent the characteristics the Sub-
Fund is seeking to gain exposure to. The
Sub-Fund’s performance can be assessed
against its Index.

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115
Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve income and Less than 30% of the Sub-Fund’s total
Flexible Bond Fund capital growth by primarily investing in a net assets will be invested in hybrids
broad range of fixed income instruments and CoCos, with less than 20% of
of issuers globally, including those located, the total net assets to be invested in
listed or exposed to emerging markets, CoCos.
either denominated in Sterling or other
Global Exposure:
currencies. Emerging market debt may
include investments within, although not The global exposure of the Sub-Fund
limited to, Latin America, Asia, Africa, will be monitored using the absolute
Eastern Europe (including Russia) and the VaR approach, which is limited to
Middle East. 10%.
Exposure to non-Sterling denominated The expected level of leverage
debt securities will be largely hedged back for investment-related activity is
to Sterling. 350% and the expected level of
leverage arising from hedged share
A minimum of 50% of the Sub-Fund’s net
class activity is 150%, for a total of
assets will be invested in securities deemed
500%. The Sub-Fund’s leverage may
to maintain sustainable characteristics, as
increase to higher levels, including in
described in the section entitled “Fidelity
atypical market conditions, however
Sustainable Investing Framework”, Part I
it is not expected to exceed 1000% of
(1.3.2(a)) of the Luxembourg Prospectus.
the Net Asset Value of the Sub-Fund.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate
change, mitigation and adaptation, water
and waste management and biodiversity,
while social characteristics include, but
are not limited to, product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed and
references the ICE BofA Q880 Custom
Index (a custom blend of government,
investment grade and high yield
corporate bond indices) (the “Index”) for
performance comparison only.
Shareholders’ attention is drawn to the
fact that the Index is not an index which
integrates environmental and social
considerations. Instead, the Sub-Fund
promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

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Portfolio Information:
The investments of the Sub-Fund are not
restricted either by region or country,
market sector or industry, and investments
chosen will be largely determined by
the availability of attractive investment
opportunities. The Sub-Fund may invest
up to 50% of its assets in high-yielding,
lower quality instruments which will
not be required to meet minimum rating
standards and may not be rated for
creditworthiness by any internationally
recognised rating agency.
The Sub-Fund may use financial derivative
instruments, including complex financial
derivative instruments or strategies, to meet
the investment objectives of the Sub-Fund
with a level of risk which is consistent with
the risk profile of the Sub-Fund. Financial
derivative instruments may be used to
create economic exposure to the underlying
asset, this may include futures, forwards,
options, and swaps. The Sub-Fund will
use (i) index, basket or single credit default
and total return swaps to gain exposure or
reduce credit risk of issuers, (ii) interest
rate futures, swaps or options to actively
manage the level of interest rate risk and
(iii) currency derivatives to hedge or gain
exposure to currencies. The long and short
active currency positions implemented by
the Sub-Fund may not be correlated with
the underlying securities positions held by
the Sub-Fund.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.

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Fidelity Funds – The Sub-Fund invests in fixed income The Sub-Fund can directly invest
Global Bond Fund securities issued in global markets to in onshore China fixed income
maximise performance measured in US securities listed or traded on any
Dollars. The Sub-Fund may invest its net Eligible Market in China through
assets directly in onshore China fixed the QFII status of FIL Investment
income securities listed or traded on any Management (Hong Kong) Limited.
Eligible Market in China. As this Sub-Fund The Sub-Fund will invest less than
may invest globally, it may be exposed 30% of its net assets directly and/or
to countries considered to be emerging indirectly in onshore China fixed
markets. income securities on an aggregated
basis.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part
I (1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate
change, mitigation and adaptation, water
and waste management and biodiversity,
while social characteristics include, but
are not limited to, product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed.
The Investment Manager will, when
selecting investments for the Sub-Fund
and for the purposes of monitoring risk,
reference Bloomberg Barclays Global
Aggregate Bond Index (the “Index”) as
the Index constituents best represent the
characteristics the Sub-Fund is seeking
to gain exposure to. The Sub-Fund’s
performance can be assessed against its
Index.

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Sub-Fund Investment Objective Notes

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Fidelity Funds Singapore Prospectus

Sub-Fund Investment Objective Notes

Fidelity Funds – This Sub-Fund seeks a high level of As the Sub-Fund may invest globally,
Global High Yield current income and capital appreciation it may invest across different countries
Fund by investing primarily in high-yielding, and regions. It is unconstrained in
sub investment grade securities of issuers the amount that it may invest in a
globally. The Investment Manager will country or region.
typically focus its investments in a more The Sub-Fund can directly invest
concentrated number of securities and in onshore China fixed income
therefore the resulting portfolio will be securities listed or traded on any
less diversified. This Sub-Fund will suit Eligible Market in China through
those investors seeking high income and the QFII status of FIL Investment
Management (Hong Kong) Limited.
capital appreciation and who are prepared The Sub-Fund will invest less than
to accept the risks associated with this type 30% of its net assets directly and/
of investment. The type of debt securities or indirectly in onshore China fixed
in which the Sub-Fund will primarily income securities on an aggregated
invest will be subject to high risk and will basis.
not be required to meet a minimum rating Less than 30% of the Sub-Fund’s total
standard. Most but not all will be rated net assets will be invested in hybrids
for creditworthiness by an internationally and CoCos, with less than 20% of
recognised rating agency. The Sub-Fund the total net assets to be invested in
may invest its net assets directly in onshore CoCos.
China fixed income securities listed or
traded on any Eligible Market in China. As
this Sub-Fund may invest globally, it may
be exposed to countries considered to be
emerging markets.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include but are not
limited to climate change mitigation and
adaptation, water and waste management,
biodiversity, while social characteristics
include but are not limited to product
safety, supply chain, health and safety and
human rights. Environmental and social
characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference ICE
BofA Q788 Custom Index (the “Index”) as
the Index constituents best represent the
characteristics the Sub-Fund is seeking
to gain exposure to. The Sub-Fund’s
performance can be assessed against its
Index.

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Sub-Fund Investment Objective Notes

The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in issuers, sectors, countries and security
types that are not included in, and that
have different weightings from, the Index
in order to take advantage of investment
opportunities. It is expected that over long
time periods, the Sub-Fund’s performance
will differ from the Index. However,
over short time periods, the Sub-Fund’s
performance may be close to the Index,
depending on market conditions.
Shareholders’ attention is drawn to the
fact that the Index is not an index which
integrates environmental and social
considerations. Instead, the Sub-Fund
promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.
Portfolio Information:
Onshore China fixed income securities
are listed or traded on any Eligible Market
in China, and are issued by a variety
of issuers such as government, quasi-
government, banks, financial institutions
or other corporate entities established or
incorporated in China or corporate entities
with commercial activities in China.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.

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Sub-Fund Investment Objective Notes

Fidelity Funds – This Sub-Fund seeks a high level of As the Sub-Fund may invest
Global Income Fund current income and the potential for globally, it may invest across
capital appreciation by primarily investing different countries and regions.
in a portfolio of global fixed income It is unconstrained in the amount
securities, including, but not limited to, that it may invest in a country
investment grade corporate bonds and or region. It is understood that
government bonds of varying maturities, under the current Luxembourg
and high yield bonds and emerging market regulation a fund may invest not
debt denominated in various currencies. more than 10% of its net assets
Emerging market debt may include in unlisted securities not dealt
investments within, although not limited on a Regulated Market. Some
to, Latin America, South East Asia, Africa, investments in Russian securities
Eastern Europe (including Russia) and the may be considered as falling under
Middle East. The Sub-Fund may invest its such limit.
net assets directly in onshore China fixed
income securities listed or traded on any The Sub-Fund can directly invest
Eligible Market in China. in onshore China fixed income
securities listed or traded on any
A minimum of 50% of the Sub-Fund’s net Eligible Market in China through
assets will be invested in securities deemed the QFII status of FIL Investment
to maintain sustainable characteristics, as Management (Hong Kong) Limited.
described in the section entitled “Fidelity The Sub-Fund will invest less than
Sustainable Investing Framework”, Part I 30% of its net assets directly and/or
(1.3.2(a)) of the Luxembourg Prospectus. indirectly in onshore China fixed
The Sub-Fund will consider a wide range of income securities on an aggregated
environmental and social characteristics on an basis.
ongoing basis. Environmental characteristics
include, but are not limited to, climate The Sub-Fund’s source of income
change, mitigation and adaptation, water will mainly be generated from
and waste management and biodiversity, coupon payments from bond
while social characteristics include, but holdings.
are not limited to, product safety, supply Less than 30% of the Sub-Fund’s
chain, health and safety and human rights. total net assets will be invested in
Environmental and social characteristics are hybrids and CoCos, with less than
analysed by Fidelity’s fundamental analysts 20% of the total net assets to be
and rated through Fidelity Sustainability invested in CoCos.
Ratings.
The Sub-Fund is actively managed without
reference to an index.
Portfolio Information:
At least 50% of the portfolio will be
invested in investment grade fixed income
securities, with the balance invested in,
but not limited to, high yielding debt
securities, which normally carry sub-
investment grade ratings and emerging
market debt.
The investments of the Sub-Fund are not
restricted either by region or country, and
bonds will be chosen for investment largely
determined by the availability of attractive
investment opportunities.
Onshore China fixed income securities
are listed or traded on any Eligible Market
in China, and are issued by a variety
of issuers such as government, quasi-
government, banks, financial institutions
or other corporate entities established or
incorporated in China or corporate entities
with commercial activities in China.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.

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Sub-Fund Investment Objective Notes

Fidelity Funds – The aim of the Sub-Fund is to generate As the Sub-Fund may invest
Global Inflation-linked an attractive real level of income and globally, it may invest across
Bond Fund capital appreciation by utilising a range different countries and regions. It is
of strategies from within, amongst others, unconstrained in the amount that it
the global inflation-linked, interest rate may invest in a country or region.
and credit markets. These strategies The indices referred to are compliant
include, but are not limited to, active yield with article 44 of the Law of 2010.
curve strategies, sector rotation, security
selection, relative value management and
duration management. The Sub-Fund
primarily invests in bonds and short-term
securities. It may also invest in derivatives.
The Sub-Fund invests primarily in
inflation-linked bonds, nominal bonds
and other debt securities of worldwide
issuers in developed and emerging markets
including but not limited to those issued
by governments, agencies, supranationals,
corporations and banks. The Sub-Fund
may invest less than 30% in Money Market
Instruments and bank deposits, up to
25% in convertible bonds and up to 10%
in shares and other participations rights.
These investments include investment
grade and non-investment grade assets.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range
of environmental and social characteristics
on an ongoing basis. Environmental
characteristics include, but are not
limited to, climate change, mitigation and
adaptation, water and waste management
and biodiversity, while social characteristics
include, but are not limited to, product
safety, supply chain, health and safety and
human rights. Environmental and social
characteristics are analysed by Fidelity’s
fundamental analysts and rated through
Fidelity Sustainability Ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Sub-Fund and for the
purposes of monitoring risk, reference
Bloomberg Barclays World Government
Inflation-Linked 1 to 10 Year Index (the
“Index”) as the Index constituents best
represent the characteristics the Sub-
Fund is seeking to gain exposure to. The
Sub-Fund’s performance can be assessed
against its Index.

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Sub-Fund Investment Objective Notes

The Investment Manager has a wide
range of discretion relative to the Index.
While the Sub-Fund will hold assets that
are components of the Index, it may also
invest in issuers, sectors, countries and
security types that are not included in,
and that have different weightings from,
the Index in order to take advantage of
investment opportunities. It is expected
that over long time periods, the Sub-
Fund’s performance will differ from
the Index. However, over short time
periods, the Sub-Fund’s performance
may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the
Sub-Fund promotes environmental
and social characteristics by adhering
to the Fidelity Sustainable Investing
Framework, as described above.
Portfolio Information:
The Sub-Fund may use financial derivative
instruments, including complex financial
derivative instruments or strategies, to
meet the investment objectives of the
Sub-Fund with a level of risk which is
consistent with the risk profile of the Sub-
Fund. Financial derivative instruments
may be used to create economic exposure
to an asset akin to a physical holding of
that asset. The Sub-Fund will use (i)
interest rate swaps to actively manage
the level of interest rate risk, (ii) inflation
swaps to eliminate unwanted, or pursue
desired, inflation risks and (iii) currency
derivatives to hedge or gain exposure to
currencies or replicate currency exposure
of the underlying securities of a bond
index. The long and short active currency
positions implemented by the Sub-Fund
may not be correlated with the underlying
securities positions held by the Sub-Fund.

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Sub-Fund Investment Objective Notes

Fidelity Funds – This Sub-Fund seeks to deliver an As the Sub-Fund may invest globally,
Global Short Duration attractive income whilst maintaining an it may invest across different countries
Income Fund average duration of investments that does and regions. It is unconstrained
not exceed three years. The Sub-Fund in the amount that it may invest
primarily invests in a portfolio of global in a country or region. The Sub-
fixed income securities, including, but not Fund can directly invest in onshore
limited to, investment grade* corporate China fixed income securities listed
bonds and government bonds of varying or traded on any Eligible Market in
maturities, and high yield bonds and China through the QFII status of
emerging market debt denominated in FIL Investment Management (Hong
various currencies. Emerging market debt Kong) Limited. The Sub-Fund will
may include investments within, although invest less than 30% of its net assets
not limited to, Latin America, South East directly and/or indirectly in onshore
Asia, Africa, Eastern Europe (including China fixed income securities on an
Russia) and the Middle East. The aggregated basis.
Sub-Fund may invest into Money Market
Instruments and/or other short term The Sub-Fund’s source of income will
debt instruments including certificates of mainly be generated from coupon
deposit, commercial paper and floating payments from bond holdings.
rate notes, as well as in cash and cash
equivalents. The Sub-Fund may invest its
net assets directly in onshore China fixed
income securities listed or traded on any
Eligible Market in China.
The portfolio seeks to maintain an overall
average credit rating of investment grade*
but the Sub-Fund may invest up to 50% of
its assets in high yield bonds.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate
change, mitigation and adaptation, water
and waste management and biodiversity,
while social characteristics include, but
are not limited to, product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability
Ratings.
The Sub-Fund is actively managed without
reference to an index.

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Portfolio Information:
The average credit rating is the weighted
average of all fixed income securities’
credit ratings in the Sub-Fund (including
investments through derivatives) and
excluding cash. At least 50% of the portfolio
will be invested in investment grade* fixed
income securities, with the balance invested
in, but not limited to, high yielding debt
securities, which normally carry sub-
investment grade ratings and emerging
market debt. Such balance will not be
required to meet minimum credit rating
standards. Not all securities will be rated
for creditworthiness by an internationally
recognised rating agency. The manager is
not restricted in its choice of companies
either by region or country, and will choose
bonds largely determined by the availability
of attractive investment opportunities.
Onshore China fixed income securities are
listed or traded on any Eligible Market in
China, and are issued by a variety of issuers
such as government, quasigovernment,
banks, financial institutions or other
corporate entities established or incorporated
in China or corporate entities with
commercial activities in China.
*As rated by internationally recognised
rating agencies.

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Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to achieve income The Sub-Fund invests in the
Sustainable Asian and capital appreciation by investing Asian region and may invest in
Bond Fund primarily in fixed income securities issued different countries in this region.
by governments, quasi-governments and It is unconstrained in the amount
corporate entities that have their principal that it may invest in any country in
business activities in the Asian region. this region. There are no currency
This region includes certain countries constraints on the portfolio’s
considered to be emerging markets. The investments.
Sub-Fund may also invest in high yield
instruments. The Sub-Fund may directly invest
in onshore China fixed income
The Sub-Fund is part of the Fidelity securities listed or traded on any
Sustainable Family of Funds and adopts a Eligible Market in China through
Sustainable Focused strategy under which the QFII status of FIL Investment
a minimum of 70% of the Sub-Fund’s net Management (Hong Kong) Limited
assets will be invested in securities deemed and/or through any permissible
to maintain sustainable characteristics, as means available to the Sub-Fund
described in the section entitled “Fidelity under prevailing laws and regulations
Sustainable Family of Funds”, Part I or indirectly by way of access to
products or funds investing in fixed
(1.3.2(b)) of the Luxembourg Prospectus.
income securities listed or traded on
The Sub-Fund will consider a wide range
any Eligible Market in China.
of environmental and social characteristics
on an ongoing basis. Environmental The Sub-Fund will invest less than
characteristics include, but are not 30% of its net assets directly and/
limited to, climate change mitigation or indirectly in onshore China
and adaptation, carbon emissions, water fixed income securities, which may
and waste management and biodiversity, include urban investment bonds,
asset-backed securities (less than
while social characteristics include, but
20% of the Sub-Fund’s net assets,
are not limited to, product safety, supply including asset-backed commercial
chain, health and safety and human rights. papers) and bonds which are rated
Controversies involving environmental below investment grade or unrated
and social characteristics are regularly bonds, on an aggregated basis.
monitored. Environmental and social
characteristics are analysed by Fidelity’s Unrated securities are debt securities
which do not have a credit rating
fundamental analysts and rated through
issued by Moody’s, S&P, or Fitch.
Fidelity Sustainability Ratings. The Sub-
In selecting unrated securities, the
Fund seeks to promote these characteristics Investment Manager will apply
by adhering to the Fidelity Sustainable its internal credit assessment to
Family Framework. determine their credit quality.
The Sub-Fund aims to have a lower carbon The Sub-Fund may also invest less
footprint compared to that of the J.P. than 70% of its net assets value
Morgan Asia Credit Index (the “Index”). in offshore China fixed income
instruments including, but not
The Sub-Fund is actively managed. The limited to, dim sum bonds.
Investment Manager will, when selecting
investments for the Sub-Fund reference
the Index as its constituents best represent
the characteristics the Sub-Fund is seeking
to gain exposure to. The Sub-Fund’s
performance can be assessed against its
Index.

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Sub-Fund Investment Objective Notes

The Investment Manager has a wide range
of discretion relative to the Index. While
the Sub-Fund will hold assets that are
components of the Index, it may also invest
in issuers, sectors, countries and security
types that are not included in, and that
have different weightings from the Index
in order to take advantage of investment
opportunities. It is expected that over long
time periods, the Sub-Fund’s performance
will differ from the Index. However,
over short time periods, the Sub-Fund’s
performance may be close to the Index,
depending on market conditions.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and
social characteristics by adhering to the
Fidelity Sustainable Family Framework, as
described above.
Portfolio Information:
The Sub-Fund may invest up to 100% of
its net assets in emerging markets.
The Sub-Fund may invest in subordinated
financial debt and preference shares and
may invest up to 30% of its net assets in
high yield instruments.
Less than 30% of the Sub-Fund’s total
net assets will be invested in hybrids and
CoCos, with less than 20% of the total net
assets to be invested in CoCos.
The Sub-Fund may invest up to 10% of its
net assets in credit linked notes.
Although the Sub-Fund will not actively
invest in distressed securities, it may retain
positions related to such types of assets.
Under normal market circumstances,
distressed securities will not exceed 10%
of the Sub-Fund’s net assets.

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Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund seeks to maximise return The Sub-Fund can directly invest
Sustainable Strategic through capital appreciation and income in onshore China fixed income
Bond Fund by primarily investing in a broad range securities listed or traded on any
of fixed income instruments of issuers Eligible Market in China through
globally. the QFII status of FIL Investment
Management (Hong Kong) Limited.
The Sub-Fund is part of the Fidelity
The Sub-Fund will invest less than
Sustainable Family of Funds and adopts a
30% of its net assets directly and/
Sustainable Focused strategy under which
or indirectly in onshore China fixed
a minimum of 70% of the Sub-Fund’s net
income securities on an aggregated
assets will be invested in securities deemed
basis.
to maintain sustainable characteristics, as
described in the section entitled “Fidelity Less than 30% of the Sub-Fund’s total
Sustainable Family of Funds”, Part I net assets will be invested in hybrids
(1.3.2(b)) of the Luxembourg Prospectus. and CoCos, with less than 20% of
The Sub-Fund will consider a wide range the total net assets to be invested in
of environmental and social characteristics CoCos.
on an ongoing basis. Environmental
characteristics include, but are not Global Exposure:
limited to, climate change, mitigation and The global exposure of the Sub-Fund
adaptation, water and waste management will be monitored using the absolute
and biodiversity, while social characteristics VaR approach, which is limited to
include, but are not limited to, product 10%.
safety, supply chain, health and safety and
human rights. Controversies involving The expected level of leverage
environmental and social characteristics for investment-related activity is
are regularly monitored. Environmental 350% and the expected level of
and social characteristics are analysed by leverage arising from hedged share
Fidelity’s fundamental analysts and rated class activity is 150%, for a total of
through Fidelity Sustainability Ratings. 500%. The Sub-Fund’s leverage may
The Sub-Fund seeks to promote these increase to higher levels, including in
characteristics by adhering to the Fidelity atypical market conditions, however
Sustainable Family Framework. it is not expected to exceed 1000% of
the Net Asset Value of the Sub-Fund.
The Sub-Fund will adopt an active asset
allocation approach, which may include
but not limited to investment into high
yield instruments and emerging markets.
Investments will not be required to meet
minimum rating standards. The Sub-Fund
may invest its net assets directly in onshore
China fixed income securities listed or
traded on any Eligible Market in China.
The Sub-Fund is actively managed and
references the ICE BofA Q944 Custom
Index (a custom blend of government,
investment grade and high yield
corporate bond indices) (the “Index”) for
performance comparison only.
Shareholders’ attention is drawn to
the fact that the Index is not an index
which integrates environmental and
social considerations. Instead, the Sub-
Fund promotes environmental and
social characteristics by adhering to the
Fidelity Sustainable Family Framework, as
described above.

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Sub-Fund Investment Objective Notes

Portfolio Information:
The Sub-Fund is not subject to any
limitation on the portion of its Net
Asset Value that may invest in high yield
securities or issuers.
Onshore China fixed income securities
are listed or traded on any Eligible Market
in China, and are issued by a variety
of issuers such as government, quasi-
government, banks, financial institutions
or other corporate entities established or
incorporated in China or corporate entities
with commercial activities in China.
The Sub-Fund may use financial derivative
instruments, including complex financial
derivative instruments or strategies, to
meet the investment objectives of the
Sub-Fund with a level of risk which is
consistent with the risk profile of the Sub-
Fund. Financial derivative instruments
may be used to create economic exposure
to the underlying asset, this may include
futures, forwards, options, and swaps.
The Sub-Fund will use (i) index, basket
or single credit default and total return
swaps to gain exposure or reduce credit
risk of issuers, (ii) interest rate futures,
swaps or options to actively manage the
level of interest rate risk and (iii) currency
derivatives to hedge or gain exposure
to currencies. The long and short active
currency positions implemented by the
Sub-Fund may not be correlated with the
underlying securities positions held by the
Sub-Fund.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares.

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Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in US The Sub-Fund is unconstrained
US Dollar Bond Fund Dollar denominated debt securities. in the amount that it may invest
in the USA.
A minimum of 50% of the Sub-Fund’s net
assets will be invested in securities deemed
to maintain sustainable characteristics, as
described in the section entitled “Fidelity
Sustainable Investing Framework”, Part I
(1.3.2(a)) of the Luxembourg Prospectus.
The Sub-Fund will consider a wide range of
environmental and social characteristics on an
ongoing basis. Environmental characteristics
include, but are not limited to, climate
change, mitigation and adaptation, water
and waste management and biodiversity,
while social characteristics include, but
are not limited to, product safety, supply
chain, health and safety and human rights.
Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts
and rated through the use of sustainability
research and ratings.
The Sub-Fund is actively managed. The
Investment Manager will, when selecting
investments for the Fund and for the
purposes of monitoring risk, consider the
ICE BofA Q4AR Custom Index (a custom
USD Aggregate Bond index) (the “Index”)
as the Index constituents best represent the
characteristics the Sub-Fund is seeking to
gain exposure to. When monitoring risk,
the Investment Manager references the
Index for the purpose of setting internal
guidelines. These guidelines represent
overall levels of exposure relative to the
Index and do not imply that the Sub-
Fund will invest in the Index constituents.
Where the Sub-Fund invests in securities
that are included in the Index its allocation
to those securities is likely to differ from the
Index allocation. The Investment Manager
has a wide degree of freedom relative to the
Index with regards to investment selection
and it may invest in issuers, sectors,
countries and security types not included
in the Index in order to take advantage of
investment opportunities. It is expected
that over long time periods, the Sub-
Fund’s performance will differ from the
Index. However, over short time periods,
the Sub-Fund’s performance may be
close to the Index, depending on market
conditions. The Sub-Fund’s performance
can be assessed against its Index.
Shareholders’ attention is drawn to the
fact that the Index is not an index which
integrates environmental and social
considerations. Instead, the Sub-Fund
promotes environmental and social
characteristics by adhering to the Fidelity
Sustainable Investing Framework, as
described above.

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Sub-Fund Investment Objective Notes

Fidelity Funds – This Sub-Fund seeks a high level of
US High Yield Fund current income and capital appreciation
by investing primarily in high-yielding,
lower-quality securities of issuers that
have their principal business activities in
the United States. This Sub-Fund will suit
those investors seeking high income and
capital appreciation and who are prepared
to accept the risks associated with this type
of investment. The type of debt securities
in which the Sub-Fund will primarily
invest will be subject to high risk, will
not be required to meet a minimum
rating standard and may not be rated for
creditworthiness by any internationally
recognised rating agency.
The Sub-Fund is actively managed and
references the ICE BofA US High Yield
Constrained Index (the “Index”) for
performance comparison only.

Cash Sub-Funds

Investor profile

The aim of the Cash Sub-Funds is to provide investors with a return in line with money market rates. Cash
Sub-Funds would mainly suit investors for whom capital security and liquidity are primary considerations,
recognising that the Net Asset Value of the Sub-Funds is not guaranteed, that Shares of the Sub-Funds are
not bank deposits and there is no assurance that any appreciation in value of Shares will occur (because of
the risk that the principal invested is capable of fluctuation). Investment in a Cash fund can be regarded as
a short, medium or long-term investment.

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund invests principally in Euro denominated
Euro Cash Fund Money Market Instruments, reverse repurchase
agreements and deposits.
The Sub-Fund is actively managed without reference
to an index.
Fidelity Funds – The Sub-Fund invests principally in US Dollar
US Dollar Cash Fund denominated Money Market Instruments, reverse
repurchase agreements and deposits.
The Sub-Fund is actively managed without reference
to an index.

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Fidelity Lifestyle Sub-Funds

Investor profile

The aim of the Fidelity Lifestyle Sub-Funds is to provide investors with funds that will be managed using
a lifecycle approach, designed to maximise total investment return. Fidelity Lifestyle Sub-Funds may
be suitable for investors who wish to participate in capital markets while being prepared to accept the
risks described for each Fidelity Lifestyle Sub-Fund under “Risk Factors”, Part I (1.2) of the Luxembourg
Prospectus and should not be selected based solely on the investors age or retirement date. Investment in
a Fidelity Lifestyle Sub-Fund may suit investors’ that are willing to stay invested until the target date of the
relevant Sub-Fund.

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide long-term As the Sub-Fund may invest
Fidelity Target™ capital growth for investors planning to globally, it may invest across
2020 Fund withdraw substantial portions of their different countries and regions.
investment in the year 2020. The Sub-Fund It is unconstrained in the amount
will typically invest in equities, bonds, interest that it may invest in a country or
bearing debt securities and money market region.
securities throughout the world, including
emerging markets, in accordance with an
asset allocation that will become increasingly
conservative as the year 2020 is approached.
The Sub-Fund is actively managed and
references a blend of market indices (each
a “Market Index”) in order to set internal
guidelines around the weightings allocated
to different asset classes. As the Sub-Fund’s
exposure to different asset classes evolves over
time in line with the Sub-Fund’s investment
policy, the Market Indices referenced and
their weightings will also change accordingly.
While the Sub-Fund may take direct or
indirect exposure to the components of the
Market Indices, there are no restrictions on
the extent to which the Sub-Fund’s portfolio
and performance may deviate from the Market
Indices. The Market Indices are represented
by a blended index for the purposes of
performance comparison. Further information
on the current list of Market Indices as well as
past weightings is available on request.

Systematic Multi Asset Risk Targeted Sub-Funds

Investor profile

Systematic Multi Asset Risk Targeted Sub-Funds aim to provide stable to moderate growth over the long
term by investing in a diversified portfolio of equities, bonds and other assets. They aim to manage the
long term average volatility, under normal market conditions, within a given range. This volatility range is
however not guaranteed. Systematic Multi Asset Risk Targeted Sub-Funds may be suitable for investors who
wish to participate in capital markets while being prepared to accept the risks described for each Systematic
Multi Asset Risk Targeted Sub-Fund under “Risk Factors”, Part I (1.2) of the Luxembourg Prospectus, and
who understand the complexity of the alternative strategies employed by these Sub-Funds. Investment
in a Systematic Multi Asset Risk Targeted Sub-Fund can be regarded as a short, medium or long-term
investment.

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“Volatility”, as used in the investment objectives of the Systematic Multi Asset Risk Targeted Sub-Funds, is a
measure of the degree to which prices of a security such as a bond, equity or fund vary over a time period.
It is generally deemed as a measure of investment risk with securities exhibiting lower ranges of price
variation over time being generally considered less risky than those with higher ranges of price variation.

Sub-Fund Investment Objective Notes

Fidelity Funds – The Sub-Fund aims to provide stable growth Any commodity exposure for
SMART Global over the longer-term by investing in a range this Sub-Fund will be obtained
Defensive Fund of global asset classes, including those located, through eligible instruments
listed or exposed to emerging markets. The and derivatives such as (but not
Sub-Fund will actively allocate to, and within, limited to) units/shares of UCITS
different asset classes and geographies based or other UCIs, Exchange Traded
on their potential to generate stable growth Funds and commodity index
or reduce risk or volatility within the overall swap transactions. Any property
portfolio. The main asset classes in which exposure will be obtained through
the Sub-Fund will invest include global investments in securities of
government bonds, global inflation linked companies principally engaged in
bonds, global corporate bonds including the real estate industry and other
investment grade bonds, global high yield real estate related investments.
bonds, emerging market bonds and global
Global Exposure:
equities.
The global exposure of the Sub-
The Sub-Fund may invest directly and/
Fund will be monitored using
or indirectly (including through the use of
the absolute VaR approach,
financial derivative instruments) up to 40%
which is limited to 8%.
of its assets in equities and up to 100% of
its assets in global government bonds, global The expected level of leverage
corporate bonds, inflation linked bonds and for investment-related activity is
emerging market bonds which may comprise 100% and the expected level of
global high yield bonds up to 40% of the Sub- leverage arising from hedged share
Fund’s assets and up to 10% in hybrids. class activity is 150%, for a total
The Sub-Fund may also seek exposure of 250%. The Sub-Fund’s leverage
less than 30% of its assets in infrastructure may increase to higher levels,
securities, commodities and closed-ended real including in atypical market
estate investment trusts (REITs). conditions, however it is not
expected to exceed 650% of the
The Sub-Fund aims to manage the long Net Asset Value of the Sub-Fund.
term average volatility, under normal market
conditions, within a range of 2 to 5% per Systematic Multi Asset Risk
annum. This volatility range is however not Targeted Sub-Funds use the
guaranteed. term “SMART” in their name to
highlight their use of the Fidelity
The Sub-Fund is actively managed without proprietary Systematic Multi
reference to an index. Asset Risk Targeted (SMART)

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Sub-Fund Investment Objective Notes

Portfolio Information: model that seeks to maintain the
overall portfolio’s volatility within
The Sub-Fund may use financial derivative
a given long term target range.
instruments, including complex financial
derivative instruments or strategies, to meet The name of the Sub-Fund is
the investment objectives of the Sub-Fund not indicative of the Sub-Fund’s
with a level of risk which is consistent with performance and return.
the risk profile of the Sub-Fund. Financial Less than 30% of the Sub-Fund’s
derivative instruments may be used to total net assets will be invested
create economic exposure to an asset akin to in hybrids and CoCos, with
a physical holding of that asset. The types of less than 20% of the total net
financial derivative instruments that will be assets to be invested in CoCos.
used include index, basket or single name
futures options and contracts for difference
referencing equities or bonds. Options used
will include put and call options including
covered call options. The Sub-Fund will use
index, basket or single credit default and total
return swaps to gain exposure or reduce credit
risk of issuers, interest rate swaps to actively
manage the level of interest rate risk and
currency derivatives to hedge or gain exposure
to currencies or replicate currency exposure of
the underlying securities of an equity index.
The long and short active currency positions
implemented by the Sub-Fund may not be
correlated with the underlying securities
positions held by the Sub-Fund.
The Sub-Fund may invest in hybrids and
CoCos, as well as in other subordinated
financial debt and preference shares. These
investments include investment grade and
non-investment grade assets.
In adverse market conditions the Sub-Fund
may hold more than 10% of its assets in cash
or money market instruments (cash and short-
term deposits, certificates of deposit and bills)
and Money Market Funds.

5.2 Further details of the investment policies of the Sub-Funds (including those subject to disclosure
requirements of article 8 of the SFDR) are set out under “Investment Policies and Objectives”, Part I (1.4)
of the Luxembourg Prospectus.

5.3 Fidelity considers Sustainability Risks across all asset classes and funds, unless otherwise stated.
Sustainability Risks refers to an environmental (E), social (S) or governance (G) (collectively, “ESG”) event,
or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of
the investment. Further details on Fidelity’s approach to Sustainability Risks are set out under “Sustainable
Investing”, Part 1 (1.3) of the Luxembourg Prospectus. If the provisions above draw your attention to the
fact that the Index for the Sub-Fund is not an index that integrates ESG considerations, this is because
the Sub-Fund promotes ESG characteristics by adhering to the Fidelity Sustainable Investing Framework.
The sustainable indices currently available from index providers do not adequately capture the Fidelity
Sustainable Investing Framework considerations.

5.4 Further details of the Investments and investment restrictions applying to each of the Sub-Funds are set out
under “Investment Restrictions”, Part V of the Luxembourg Prospectus.

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6. CHARGES AND EXPENSES

6.1 Charges and expenses payable by Shareholders

Class I, S and Class RY Class SR

Class A Shares
Y Shares Shares Shares
(% of gross
Initial charge (% of Net Asset Value per Share) investment
amount)
Currently up to 5.25% Currently 0% Currently 0% 0%
Except for Cash Sub-
Funds: 0%
and Bond Sub-Funds:
Up to 3.5%
Maximum 8%
Redemption fee (% of Net Asset Value per Share, inclusive of expenses)
Currently up to
Currently 0% Currently 0% 0%
1%
Maximum 1%

Switching charge

INTO
Class of Shares with no
All other classes of Shares
initial charge
F Class of Shares with no Up to the full initial charge of the class
0%
R initial charge to be switched into
O Up to 1.00% of the Net Asset Value
All other classes of Shares 0%
M per Share

Please refer to “Classes of Shares” and “Share Dealing”, Part II (2.1 and 2.2) of the Luxembourg Prospectus
for details on current charges and expenses currently applicable to the Sub-Funds (by type of Sub-Fund
and by class of Shares).

Please note that the charges and expenses which are based on the Net Asset Value per Share as set out in
paragraph 6.1 of this Singapore Prospectus are calculated on the basis of the Net Asset Value per Share after
taking into account any price adjustments (swing pricing). Please see paragraph 15.2 of this Singapore
Prospectus for details on the price adjustment policy (swing pricing) of the Fund.

6.2 Charges and expenses payable out of the Sub-Funds

Annual management fee

The annual management fee rate for each class of Shares, as currently applied, is set out in Schedule 1 of
this Singapore Prospectus.
The fee may be increased in respect of any one or more Sub-Funds or Share classes from time to time,
provided the fee does not exceed an annual rate of 0.80% (for Class RY Shares) and 2.00% (for other Share
classes) of the Net Asset Value of the Sub-Fund. Any increase is subject to not less than three months’
notice being given to Shareholders in the same manner as notices of meetings.
Fidelity Lifestyle Sub-Funds
For the US Dollar denominated Sub-Funds, an asset allocation fee of up to 0.30% is levied, plus an
annual management fee that will range from 0.40% to 1.50% and be weighted for each portion of the
Sub-Funds is levied. In keeping with the change in asset allocation of the underlying investments, the
annual management fee would decrease over time as investment in bonds and cash increases.

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Fidelity Funds Singapore Prospectus

Please refer to Schedule 1 of this Singapore Prospectus and “Administration Details, Charges and Expenses”,
Part IV of the Luxembourg Prospectus for details on the annual management fee and asset allocation fee
currently applicable to the Sub-Funds (by type of Sub-Fund and by class of Shares).

Other fees and charges

Depositary fee A range from 0.003% to 0.35% of Net Asset Value (excluding transaction
charges and reasonable disbursements and out-of-pocket expenses).
Agency and services fee Up to 0.35% of Net Asset Value (excluding reasonable out-of-pocket
expenses).

Other costs, charges and expenses may be charged to the Fund, which are described in “General information
on Charges and Expenses”, Part IV of the Luxembourg Prospectus. Such other costs, charges and expenses
are currently indeterminable as they depend on the investments of each Sub-Fund, are of an extraordinary /
exceptional nature and/or may fluctuate over time. They may, in aggregate, amount to 0.1% or more of the
Net Asset Value of the relevant Sub-Fund.
In so far as a Sub-Fund invests in other UCITS or UCIs which are administered directly or by delegation by
the Management Company or another company to which the Management Company is linked by common
management or control or by a substantial direct or indirect holding or which is managed by a company in
the FIL Group, the Sub-Fund shall not be charged an initial charge or a redemption fee.
The initial charge is shared between the General Distributor, Share Distributors and/or financial
intermediaries or institutions (depending on the arrangement between the parties).
Please note that subscriptions for Shares through any agent or Distributor appointed by the General
Distributor may incur additional fees and charges. You are advised to check with the relevant agent
or Distributor if such additional fees and charges are imposed by the agent or Distributor. The annual
management fee and the initial charge may also be shared with any agent or Distributor.
The Fund or the Management Company may, at its discretion, agree with certain investors on the partial
rebate or waiver of the fees and charges chargeable to the Sub-Funds. This may occur, for example, in the
case of Shareholders who invest large amounts into a Sub-Fund for the long term.
Details of the charges and expenses in respect of the Shares in each Sub-Fund are described under “Classes
of Shares” and “Share Dealing”, Part II (2.1 and 2.2), “Taxation”, Part III (3.3) and “Administration Details,
Charges and Expenses”, Part IV of the Luxembourg Prospectus.
The fees payable to the Singapore Representative, if any, will be paid by the General Distributor and not out
of the assets of the Sub-Funds.
Please note that the charges and expenses which are based on the Net Asset Value of each Sub-Fund or
class of Shares as set out in paragraph 6.2 of this Singapore Prospectus are calculated on the basis of the
Net Asset Value of the Sub-Fund or class of Shares after taking into account any price adjustments (swing
pricing). Please see paragraph 15.2 of this Singapore Prospectus for details on the price adjustment policy
(swing pricing) of the Fund.

7. SUPPLEMENTARY RETIREMENT SCHEME

The Share classes listed below are currently available for investment under the Supplementary Retirement
Scheme (“SRS”). The list may change, so please confirm availability with the SRS operators.

Equity Sub-Funds
Sub-Fund Class of Shares
A-USD
Fidelity Funds – America Fund A-SGD
A-SGD (hedged)
Fidelity Funds – ASEAN Fund A-SGD
Fidelity Funds – Asia Pacific Opportunities Fund A-ACC-SGD (hedged)

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Fidelity Funds Singapore Prospectus

Sub-Fund Class of Shares

Fidelity Funds – Asian Special Situations Fund A-USD
Fidelity Funds – China Consumer Fund A-SGD
Fidelity Funds – China Focus Fund A-SGD
Fidelity Funds – China Innovation Fund A-ACC-SGD (SGD/USD hedged)
Fidelity Funds – Emerging Europe, Middle East and Africa Fund A-USD
Fidelity Funds – Emerging Markets Fund A-SGD
A-Euro
Fidelity Funds – European Dynamic Growth Fund
A-SGD
A-Euro
Fidelity Funds – European Growth Fund
A-SGD
Fidelity Funds – Global Demographics Fund A-ACC-SGD (SGD/USD hedged)
Fidelity Funds – Global Financial Services Fund A-ACC-SGD
Fidelity Funds – Global Focus Fund A-USD
Fidelity Funds – Global Technology Fund A-ACC-SGD
A-USD
Fidelity Funds – Greater China Fund
A-SGD
A-USD
Fidelity Funds – Sustainable Asia Equity Fund
A-SGD
Fidelity Funds – Sustainable China A Shares Fund A-ACC-SGD (SGD/USD hedged)
Fidelity Funds – Sustainable Climate Solutions Fund A-ACC-SGD (SGD/USD hedged)
Fidelity Funds – Sustainable Future Connectivity Fund A-ACC-SGD (SGD/USD hedged)
A-JPY
Fidelity Funds – Sustainable Japan Equity Fund
A-SGD
Fidelity Funds – Sustainable Water & Waste Fund A-ACC-SGD (SGD/USD hedged)

Equity-Income Sub-Funds
Sub-Fund Class of Shares
A-MCDIST(G)-SGD
(SGD/USD hedged)
Fidelity Funds – Global Dividend Fund
A-MINCOME(G)-SGD
A-MINCOME(G)-SGD (hedged)
Fidelity Funds – Global Dividend Plus Fund A-MINCOME(G)-SGD

Multi Asset Sub-Funds

Sub-Fund Class of Shares

A-MCDIST(G)-SGD (SGD/USD
hedged)
Fidelity Funds – Asia Pacific Multi Asset Growth & Income Fund
A-MINCOME(G)-SGD (SGD/USD
hedged)

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Fidelity Funds – Global Multi Asset Dynamic Fund A-USD

A-MCDIST(G)-USD
A-MCDIST(G)-SGD (SGD/USD
hedged)
Fidelity Funds – Global Multi Asset Income Fund A-MINCOME(G)-SGD
A-MINCOME(G)-SGD (SGD/USD
hedged)
A-QINCOME(G)-SGD

Bond Sub-Funds

Sub-Fund Class of Shares

A-MINCOME(G)-SGD
Fidelity Funds – Asia Pacific Strategic Income Fund A-MINCOME(G)-SGD (SGD/USD
hedged)
Fidelity Funds – Asian Bond Fund A-MINCOME(G)-SGD (hedged)
Fidelity Funds – Asian High Yield Fund A-MDIST-SGD (hedged)
Fidelity Funds – China Government Bond Fund A-MINCOME(G)-SGD (hedged)
Fidelity Funds – Sustainable Asian Bond Fund A-MINCOME(G)-SGD (hedged)

Fidelity Lifestyle Funds Sub-Funds

Sub-Fund Class of Shares

Fidelity Funds – Fidelity Target™ 2020 Fund A-USD

If you purchase Shares in the Sub-Funds using your SRS monies, please note that your Shares will be
held on trust by HSBC Institutional Trust Services (Singapore) Limited (“HTSG”) or (as the case may
be) appointed nominees of SRS operators. You are deemed to consent to HTSG or the nominees being
the registered and legal owner of the Shares. HTSG and the SRS operators will each maintain a facility (a
“Facility”) which records the number of Shares purchased and certain particulars of the investor. HTSG
maintains its Facility for inspection at its operating address at 20 Pasir Panjang Road (East Lobby), #12-21
Mapletree Business City, Singapore 117439. Please contact the relevant SRS operators for the address of the
Facility maintained by them.

HTSG and the SRS operators will also provide, on behalf of the Singapore Representative, statements of
holdings and contract notes to investors who purchase Shares in the Sub-Funds using their SRS monies.
Such statements and contract notes may be denominated in Singapore Dollars, and thus reflects the currency
of denomination of the Shares subject to the applicable rate of exchange.

8. SUB-FUNDS INCLUDED UNDER THE CENTRAL PROVIDENT FUND INVESTMENT SCHEME

(“CPFIS”)

8.1 The Sub-Funds included under CPFIS ordinary account (“CPFIS – OA”) and CPFIS special account
(“CPFIS – SA”) for investment by CPF members using their CPF monies (“CPFIS Included Funds”),
together with the CPFIS risk classifications are as follows:

Equity Sub-Funds

Sub-Fund CPFIS Risk Classification Included Under Class of Shares

Fidelity Funds – America Higher Risk – Narrowly CPFIS – OA SR-ACC-USD
Fund Focused – Country – USA SR-ACC-SGD
SR-ACC-SGD (hedged)

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Sub-Fund CPFIS Risk Classification Included Under Class of Shares

Fidelity Funds – Asian Higher Risk – Narrowly CPFIS – OA SR-ACC-SGD
Special Situations Fund Focused – Regional – Asia
Fidelity Funds – China Higher Risk – Narrowly CPFIS – OA SR-ACC-SGD
Focus Fund Focused – Country –
Greater China
Fidelity Funds – Emerging Higher Risk – Narrowly CPFIS – OA SR-ACC-SGD
Markets Fund Focused – Regional –
Emerging Markets
Fidelity Funds – European Higher Risk – Narrowly CPFIS – OA SR-ACC-Euro
Growth Fund Focused – Regional – SR-ACC-SGD
Europe
Fidelity Funds – Greater Higher Risk – Narrowly CPFIS – OA SR-ACC-SGD
China Fund Focused – Country –
Greater China
Fidelity Funds – Sustainable Higher Risk – Narrowly CPFIS – OA SR-ACC-SGD
Asia Equity Fund Focused – Regional – Asia

Equity Income Sub-Funds

Sub-Fund CPFIS Risk Classification Included Under Class of Shares

Fidelity Funds – Global Higher Risk – Broadly CPFIS-OA SR-ACC-SGD
Dividend Fund Diversified SR-MINCOME(G)-SGD

8.2 The CPF interest rate for the CPF Ordinary Account (“OA”) is computed based on the 3-month average of
major local banks’ interest rates, subject to the legislated minimum interest of 2.5% per annum. The interest
rate for the OA is reviewed quarterly.

The CPF interest rate for the CPF Special Account (“SA”) and CPF Medisave Account (“MA”) is computed
based on the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%,
subject to a floor interest rate of 4% per annum. The interest rate is reviewed quarterly.

To enhance the retirement savings of CPF members, the CPF Board pays extra interest on the first S$60,000
of a CPF member’s combined CPF balances (capped at S$20,000 for the OA). CPF members could receive
up to 6% on a portion of their CPF balances (depending on their age). Please note that the first S$20,000 in
the OA and the first S$40,000 in the SA need to be set aside prior to investing OA and SA monies.

Interest is also earned on the CPF Retirement Account and CPF members aged 55 and above may earn
additional interest.

You should note that the interest rate for each of the CPF accounts described above (including the floor
interest rate) may be varied by the CPF Board from time to time. You should confirm the latest interest rates
applicable to your CPF accounts from the CPF Board’s website. Please also note that the legislated minimum
interest of 2.5% per annum applies to all CPF accounts.

Subscriptions using CPF monies will at all times be subject to the regulations and such directives or
requirements imposed by the CPF Board from time to time.

8.3 The following investment guidelines apply to the CPFIS Included Funds:

• Investment guidelines issued by the Authority under Appendix 1 of the Code on Collective
Investment Schemes (which latest version may be found at https://www.mas.gov.sg).

• CPF Investment Guidelines issued by the CPF Board (which latest version may be found at https://
www.cpf.gov.sg). The CPFIS Included Funds may invest in derivatives and/or engage in securities
lending in accordance with the CPF Investment Guidelines.

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Fidelity Funds Singapore Prospectus

8.4 If any CPFIS Included Fund is not compliant with the CPF Investment Guidelines and the Investment
Manager is unable to carry out the remedial measures as may be prescribed by the CPF Board, the Investment
Manager will cease to accept any further purchases for the affected CPFIS Included Fund with immediate
effect and may seek to de-list the CPFIS Included Fund from the CPFIS. The Investment Manager will notify
Shareholders before the eventual delisting of any CPFIS Included Fund.

8.5 If you purchase Shares using your CPF monies, please note that your Shares will be held on trust by HSBC
Institutional Trust Services (Singapore) Limited (“HTSG”) or (as the case may be) appointed nominees of
CPFIS-registered Investment Administrators. You are deemed to consent to HTSG or the nominees being
the registered and legal owner of the Shares. HTSG and the CPFIS-registered Investment Administrators
will each maintain a facility (a “Facility”) which records the number of Shares purchased and certain
particulars of the investor. HTSG maintains its Facility for inspection at its operating address at 20 Pasir
Panjang Road (East Lobby), #12-21 Mapletree Business City, Singapore 117439. Please contact the relevant
CPFIS-registered Investment Administrators for the address of the Facility maintained by them.

HTSG and the CPFIS-registered Investment Administrators will also provide, on behalf of the Singapore
Representative, statements of holdings and contract notes to investors who purchase Shares in the CPFIS
Included Funds using their CPF monies. Such statements and contract notes may be denominated in
Singapore Dollars, and thus reflects the currency of denomination of the Shares subject to the applicable
rate of exchange.

9. RISK FACTORS

9.1 You should consider and satisfy yourself as to the risks of investing in any of the Sub-Funds. The Board
cannot guarantee that the investment objectives of each Sub-Fund will be achieved. The value of the Shares
in any Sub-Fund and the income from them can fall as well as rise. They are not guaranteed and you may
not realise the capital value of your original investment.

You should refer to the “Risk Factors”, Part I (1.2) of the Luxembourg Prospectus for the general and
specific risk factors applicable to the Sub-Funds. Please note that the risk factors described are not a
complete explanation of the risks involved in investing in the Shares and you should consult with
your legal, tax and financial advisors before deciding to invest in the Fund.

9.2 Foreign currency risk / exchange rate risk

An investment in the Shares of any Sub-Fund may entail foreign currency risk. Some or all of
a Sub-Fund’s assets may be denominated in currencies other than the base currency of the Sub-Fund. Also,
a class of Shares may be designated in a currency other than the base currency of a Sub-Fund. Fluctuations
in the exchange rates between these currencies and the base currency as well as changes in exchange rate
controls may adversely affect the Fund’s Net Asset Value. Depending on the Share class, your investment
may entail foreign currency risk arising from the Shares being denominated in a currency other than the
Singapore Dollar. A Sub-Fund may, or may not, hedge these risks using foreign exchange contracts and the
associated risks are explained in the section on “Derivatives/Counterparty Related Risk”, Part I (1.2)(VI)) of
the Luxembourg Prospectus.

You should also refer to “Foreign Currency Risk” and “Hedged Share Classes”, Part I (1.2(II)) of the
Luxembourg Prospectus for further details. The Board has made currency hedged Share classes available
for some Sub-Funds. These Share classes utilise forward foreign exchange contracts to hedge undesired
currency risk. Details can be found in “Classes of Shares”, Part II (2.1) of the Luxembourg Prospectus.

9.3 China related risks

Investments in or related to China carry specific risks (such as risks relating to Chinese Renminbi currency
and conversion risks, China assets, the Qualified Foreign Institutional Investor (QFII), the Stock Connect,
the Small and Medium Enterprise (“SME”) board, ChiNext market and/or the Science and Technology
Innovation Board (“STAR board”), mainland China tax risk, volatility and liquidity risk associated with
mainland China debt securities, the China Interbank Bond Market (“CIBM”), credit rating agency, dim sum
bond market and urban investment bonds). Details can be found in “Specific Instrument Related Risks”,
Part I (1.2(V)) of the Luxembourg Prospectus.

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Fidelity Funds Singapore Prospectus

9.4 You should also note that the Net Asset Value of the following Sub-Funds have potential for high
volatility due to their investment policies or portfolio management techniques:
• Fidelity Funds – America Fund
• Fidelity Funds – American Growth Fund
• Fidelity Funds – ASEAN Fund
• Fidelity Funds – Asia Pacific Opportunities Fund
• Fidelity Funds – Asian Equity Fund
• Fidelity Funds – Asian Smaller Companies Fund
• Fidelity Funds – Asian Special Situations Fund
• Fidelity Funds – China Consumer Fund
• Fidelity Funds – China Focus Fund
• Fidelity Funds – China Innovation Fund
• Fidelity Funds – Emerging Asia Fund
• Fidelity Funds – Emerging Europe, Middle East and Africa Fund
• Fidelity Funds – Emerging Markets Focus Fund
• Fidelity Funds – Emerging Markets Fund
• Fidelity Funds – EURO STOXX 50® Fund
• Fidelity Funds – European Dynamic Growth Fund
• Fidelity Funds – European Growth Fund
• Fidelity Funds – European Larger Companies Fund
• Fidelity Funds – European Smaller Companies Fund
• Fidelity Funds – Germany Fund
• Fidelity Funds – Global Demographics Fund
• Fidelity Funds – Global Financial Services Fund
• Fidelity Funds – Global Focus Fund
• Fidelity Funds – Global Health Care Fund
• Fidelity Funds – Global Industrials Fund
• Fidelity Funds – Global Low Volatility Equity Fund
• Fidelity Funds – Global Property Fund
• Fidelity Funds – Global Technology Fund
• Fidelity Funds – Global Thematic Opportunities Fund
• Fidelity Funds – Greater China Fund
• Fidelity Funds – Greater China Fund II
• Fidelity Funds – Iberia Fund
• Fidelity Funds – India Focus Fund
• Fidelity Funds – Indonesia Fund
• Fidelity Funds – Italy Fund
• Fidelity Funds – Japan Advantage Fund
• Fidelity Funds – Japan Aggressive Fund
• Fidelity Funds – Latin America Fund
• Fidelity Funds – Nordic Fund
• Fidelity Funds – Pacific Fund
• Fidelity Funds – Sustainable Asia Equity Fund
• Fidelity Funds – Sustainable China A Shares Fund
• Fidelity Funds – Sustainable Consumer Brands Fund
• Fidelity Funds – Sustainable Europe Equity Fund
• Fidelity Funds – Sustainable Eurozone Equity Fund
• Fidelity Funds – Sustainable Future Connectivity Fund
• Fidelity Funds – Sustainable Japan Equity Fund
• Fidelity Funds – Sustainable US Equity Fund
• Fidelity Funds – Sustainable Water & Waste Fund
• Fidelity Funds – Switzerland Fund

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Fidelity Funds Singapore Prospectus

• Fidelity Funds – Thailand Fund

• Fidelity Funds – World Fund
• Fidelity Funds – Asia Pacific Dividend Fund
• Fidelity Funds – European Dividend Fund
• Fidelity Funds – Global Dividend Fund
• Fidelity Funds – Global Dividend Plus Fund

10. PURCHASE OF SHARES

10.1 Procedure for purchase of Shares

Details of the purchase and issue of Shares are set out under “Classes of Shares”, “Share Dealing”, “Calculation
of the Net Asset Value” and “Price Adjustment Policy (Swing Pricing)”, Part II (2.1, 2.2, 2.3 and 2.4),
“Eligible Investors and Restriction on Ownership”, Part III (3.4) of the Luxembourg Prospectus.

You may apply for Shares on the relevant application forms through the Singapore Representative or
any agent or Distributor appointed by the General Distributor or through the Internet or any other sales
channels. The right is reserved to reject any application in whole or in part. If this happens, the application
monies (or balance thereof) will be returned to you by cheque or (at cost to you) by telegraphic transfer.
Such payment will be made within five Business Days (being a day on which the banks in Singapore and
Luxembourg are open for business) at your risk and without interest.

You should make settlement of subscription monies by electronic bank transfer net of bank charges.
Payment should be made to the bank account published by the Distributor as appropriate to the currency
of settlement.

Completed applications with cleared monies received by a Distributor or the Management Company, where
the investor is subscribing for Shares direct from the Fund, on a day that the Singapore Representative and
the Management Company are open for business before the appropriate dealing cut-off times on a Valuation
Date will normally be fulfilled that day at the next calculated Net Asset Value of the relevant Sub-Fund plus
any applicable initial charge.

The Fund does not offer a cancellation period and you may wish to check with your financial adviser/
intermediary on whether they offer a cancellation period without incurring the initial charge.

10.2 Minimum initial investment amount and minimum subsequent investment amount
The minimum initial investment amount or the minimum subsequent investment amount currently
applicable to the Sub-Funds (by type of Sub-Funds and by class of Shares) are set out in the table below.
Please note that the amounts stated in the table below supersede the amounts stated in “Classes of Shares”,
Part II (2.1) of the Luxembourg Prospectus. Minimum initial investment amounts and minimum subsequent
investment amounts may be waived by the Singapore Representative.

Minimum Investments – Singapore

Minimum Investments – US Dollars* Dollar & Singapore Dollar (hedged)
Class of Shares Share Classes
Initial Subsequent Initial Subsequent
Class A Shares USD1,000 USD500 SGD1,000 SGD500
Class I Shares USD10,000,000 USD100,000 SGD10,000,000 SGD100,000
Class S Shares USD10,000,000 USD100,000 SGD10,000,000 SGD100,000
Class Y Shares USD2,500 USD1,000 SGD2,500 SGD1,000
Class RY Shares USD150,000,000 USD2,500 SGD150,000,000 SGD2,500
Class SR Shares USD1,000 USD500 SGD1,000 SGD500

* or the equivalent of the amounts shown above in any major freely convertible currency.

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10.3 Dealing deadline and pricing basis

All dealings in Shares will be on a forward pricing basis.

Under normal circumstances, applications received by 5.00 pm Singapore time (“dealing cut-off time”)
on a Business Day will be dealt with on the same Business Day at the next calculated Net Asset Value of
the relevant Sub-Fund plus an initial charge (as described in paragraph 6 of this Singapore Prospectus).
Instructions received after such time will be executed the next Business Day in accordance with the Net
Asset Value calculated on such day.

10.4 Numerical example of Shares allotment

The number of Shares to be allotted is determined by subtracting the initial charge from the gross investment
amount and dividing the result by the applicable Net Asset Value per Share. The following is a hypothetical
illustration of the number of Shares allotted for an investment amount of USD1,000 at a notional Net Asset
Value per Share of USD1.00 and assuming an initial charge amount of USD50:

USD1,000 - USD50 = USD950

Gross investment amount Initial charge Net investment sum
(see formula below)

USD950 ÷ USD1.00 = 950 Shares

Net investment sum Issue price per Share (= Net Asset Number of Shares issued
Value per Share)
The initial charge is calculated either:
(a) as a percentage of your gross investment amount based on the formula:
A = E x F
or
(b) as a percentage of Net Asset Value per Share based on the formula:
A= E xCxF
(C + C x F)
Where:
A corresponds to the amount of initial charge to be paid for each subscription of Shares in a given Class;
E corresponds to the gross investment amount;
C corresponds to the Net Asset Value per Share at which the Shares will be allotted; and
F corresponds to the rate of initial charge applied.

Please note that the actual issue price will vary in line with the Net Asset Value per Share of the relevant class,
the method of computing the initial charge and the rate of initial charge applied may differ for different classes as
described in paragraph 6 of this Singapore Prospectus. The above example is for illustrative purposes only and is not
a forecast or indication of any expectation of performance.

10.5 Confirmation of purchase

Contract notes will normally be issued to Shareholders within 24 hours of the allocation of Shares.

10.6 Regular savings plan

Currently, the Fund does not offer a regular investment plan to Singapore investors. However, distributors
may, at their own discretion, offer regular investment plans. Information on such regular investment plans,
such as the minimum amount of periodic contributions and the timing for deduction of monies from an
investor’s account and allotment of Shares, may be obtained from the relevant distributor.

You may at any time cease your participation in the regular investment plan (if any) in respect of
a Sub-Fund, without suffering any penalty, by giving written notice of not less than a specified period to the
relevant distributor. Information on the minimum notice period, which may not be longer than the period
between your periodic contributions, may be obtained from the relevant distributor.

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11. REDEMPTION OF SHARES

11.1 Redemption requests and redemption procedure

Written instructions to redeem registered Shares should be addressed to the Singapore Representative or
to the Management Company. Redemption instructions may also be given by fax. The instructions must
contain full details of registration, the name of the Sub-Fund(s), settlement currency, the number or value
of Shares to be redeemed and bank details.

Although there is no minimum redemption amount imposed by the Fund, each distributor may have
its own minimum redemption requirements and you should check with the distributor from whom you
purchased your Shares for details.

11.2 Minimum value of shareholding

If you partially redeem your Shares and this results in a residual shareholding that is less than the minimum
initial investment amount stated in paragraph 10.2 of this Singapore Prospectus, the Fund reserves the right
to compulsorily redeem your residual shareholding.

11.3 Pricing basis

All dealings in Shares will be on a forward pricing basis.

Under normal circumstances, instructions received by the dealing cut-off time on a Business Day will be
dealt with on the same Business Day at the next calculated Net Asset Value of the relevant Sub-Fund and
deducting a redemption fee (if any, as described in paragraph 6 of this Singapore Prospectus). Instructions
received after such time will be executed on the next Business Day in accordance with the Net Asset Value
calculated on such day.

11.4 Numerical example of calculation of redemption proceeds

The net redemption proceeds based on a redemption of 1,000 Shares at a notional redemption price of
USD0.95 and no redemption fee is calculated as follows:

1,000 Shares x USD0.95 = USD950

Redemption request Redemption price (= Net Asset Gross redemption proceeds
Value per Share)

USD950 - USD0.00 = USD950.00

Gross redemption proceeds Redemption fee Net redemption proceeds

Please note that the actual redemption price will vary in line with the Net Asset Value per Share of the relevant class
and the redemption fee may differ for different classes as described in paragraph 6 of this Singapore Prospectus. The
above example is for illustrative purposes only and is not a forecast or indication of any expectation of performance.

11.5 Payment of redemption proceeds

Contract notes will normally be issued within 24 hours of the price being determined. Settlement will
normally be made by electronic bank transfer. The Management Company will aim to make settlement
payments within three Business Days (and not exceeding five Business Days) after receipt of written
instructions. Exceptions currently apply in relation to the Sub-Funds listed below.

Sub-Funds for which settlement will normally be made within five Business Days
Fidelity Funds – Asian High Yield Fund
Fidelity Funds – India Focus Fund

If in exceptional circumstances it is not possible to make the payment within the relevant period, then
payment will be made as soon as reasonably practicable but without interest. In addition, different settlement
periods may apply if settlement is made via local correspondent banks, paying agents or other agents.

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Fidelity Funds Singapore Prospectus

Settlement amounts may be subject to bank charges levied by the Shareholder’s own (or a correspondent)
bank. Payment will be made in one of the principal dealing currencies of the relevant class of Share or may
also be made in one of the major freely convertible currencies if requested by the Shareholder(s) at the time
of instruction. Normally, the Management Company and/or the relevant Distributor do not accept from, or
make payments to, persons other than the registered Shareholder or any of the joint Shareholders.

Details of the redemption of Shares are set out under “How to Sell Shares”, Part II (2.2.2) of the Luxembourg
Prospectus.

12. SWITCHING BETWEEN SUB-FUNDS

You may switch some or all of your Shares in one Sub-Fund or class of Shares into another Sub-Fund or
class of Shares if you satisfy the applicable minimum investment requirements for the existing and new
Sub-Funds or class of Shares, as described in “Classes of Shares”, Part II (2.1) of the Luxembourg Prospectus
(including the minimum amounts set out in paragraph 10.2 of the Singapore Prospectus). Please note that
applications for switching may be rejected to avoid market timing as described at paragraph 24.6 of this
Singapore Prospectus.

Please note that the Shares subscribed in Singapore may only be switched into the classes of the Sub-Funds
offered pursuant to this Singapore Prospectus. Furthermore, investors of:
• Class A Shares may switch into the Shares of any other class (save for Class RY Shares) of the same/
another Sub-Fund;
• Class I, Class S and Class Y Shares may only switch into the Class I, Class S and Class Y Shares
respectively of another Sub-Fund;
• Class SR Shares may only switch into the Class SR Shares of the same/another Sub-Fund; and
• Class RY Shares are not permitted to switch their Shares.

Instructions to switch Shares should be addressed to the Singapore Representative or the Management
Company. Switch instructions may also be given by fax. The instructions must contain full account details
and the number or value of Shares to be switched between named Sub-Funds.

Under normal circumstances, switching instructions received by the dealing cut-off time on a Business day
will be dealt with on the same Business Day at the next calculated Net Asset Value for each of the relevant
Sub-Funds and deducting a switching charge (if any, as described in paragraph 6 of this Singapore Prospectus).

Details on the switching of Shares are set out under “How to Switch”, Part II (2.2.3) of the Luxembourg
Prospectus.

13. ANTI-MONEY LAUNDERING AND COUNTERING OF TERRORIST FINANCING

In order to comply with relevant regulations aimed at the prevention of money laundering and the countering
of terrorist financing, the Singapore Representative, the Fund or the Management Company will require
detailed verification of identity including but not limited to a national identification number, date of birth,
residential address and occupation/business from all investors in relation to any dealings in Shares. Sight
of original documents or true certified copies may be required and this applies to each sole/joint investor.

The request for information may be made at the time of the application for Shares and/or subsequently, for
the periodic updating of records. Additional information (including the source of the funds and identity
of any beneficial owners) may be required to support the verification of information and completion of
adequate due diligence. If you delay or fail to produce any information required for verification purposes,
your dealing request may be rejected. In such event, subscription monies will be returned without interest
to the account from which the monies were originally debited, and in relation to a redemption, no Shares
will be redeemed or monies paid to you.

Existing Shareholders with an account but who has not had any investments in the Sub-Fund in the account
and transacted in the account for at least six months may be required to provide updated information
related to verification of identity before any additional transactions may be undertaken.

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Fidelity Funds Singapore Prospectus

14. OBTAINING PRICE INFORMATION

The last available Net Asset Value of the Shares for each Business Day will be published on Bloomberg,
www.fundinfo.com and may also be posted on the Singapore Representative’s website at www.fidelity.com.sg.
See “How to Buy Shares”, Part II (2.2.1) of the Luxembourg Prospectus for details. The Net Asset Value will
be published in the class’s currency of denomination and, at the discretion of the Singapore Representative, in
Singapore Dollars (at the applicable exchange rate). The latter is indicative only and may vary due to exchange
rate fluctuations.

15. NET ASSET VALUE AND SWING PRICING

15.1 Calculation of the Net Asset Value

The provisions relating to the method of computation of the Net Asset Value of a Sub-Fund/Class and the
valuation rules are set out under “Calculation of the Net Asset Value”, Part II (2.3) of the Luxembourg
Prospectus.

15.2 Price adjustment policy (swing pricing)

Large transactions in or out of a Sub-Fund can create “dilution” of a Sub-Fund’s assets because the price
at which an investor buys or sells Shares in a Sub-Fund may not entirely reflect the dealing and other
costs that arise when the portfolio manager has to trade in securities to accommodate large cash inflows or
outflows. In order to counter this and enhance the protection of existing Shareholders, the Board and/or the
Management Company has adopted a swing pricing policy to counter the impact of dealing and other costs
on occasions when these are deemed to be significant, and allow price adjustments as part of the regular
daily valuation process. The policy is reviewed on an annual basis.

If on any dealing day the aggregate net transactions in Shares of any of the Sub-Funds exceed a threshold set
by the Board from time to time for each Sub-Fund, the asset value may be adjusted upwards or downwards
as applicable to reflect the costs (the “Costs”) that may be deemed to be incurred in liquidating or
purchasing investments to satisfy net daily transactions at Sub-Fund level. These Costs may include but are
not limited to spreads, brokerage fees, transaction tax, commission and transaction costs. The threshold is
set by the Board and or the Management Company taking into account factors such as the prevailing market
conditions, the estimated dilution Costs and the size of the Sub-Funds, the application of which will be
triggered mechanically and on a consistent basis. The adjustment will be upwards when the net aggregate
transactions result in net subscriptions flows. The adjustment will be downwards when the net aggregate
transactions result in net redemption flows. The adjusted asset value will be applicable to all transactions
on that day.

Some of the Sub-Funds are currently co-managed, the aggregated groups of assets are referred to as a
‘pool’. Individual Sub-Funds may have their assets invested via one or more pools. For the purposes
of operating a price adjustment policy, the Board may decide that a threshold for adjusting prices be
established at pool level.

The price adjustment, based on both normal net dealings and market volatility, will not exceed
2% of the original Net Asset Value. The actual level of adjustment will be set periodically by a
dedicated committee, to which the Board has delegated specific powers. However, whilst the price
adjustment is normally not expected to exceed 2%, the Board and/or the Management Company
may decide to increase this adjustment limit in exceptional circumstances (such as high net dealings
or high market volatility) to protect Shareholders’ interests. As any such price adjustment will be
dependent on aggregate net transactions in Shares, it is not possible to accurately predict whether
it will occur at any future point in time and consequently how frequently it will need to be made.
Shareholders will be notified of such a decision to increase this adjustment limit via notice on www.
fidelityinternational.com.

16. SUSPENSION OF THE CALCULATION OF THE NET ASSET VALUE AND ISSUE, ALLOCATION,
CONVERSION, REDEMPTION AND REPURCHASE OF SHARES

The Board or the Management Company may, in consultation with the Depositary and having regard to
the best interest of the Shareholders, suspend the determination of the Net Asset Value of Shares of any

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Fidelity Funds Singapore Prospectus

Sub-Fund, the issue of such Shares, the switching of such Shares and the redemption of such Shares in the
circumstances described in “Temporary Suspension of Determination of Net Asset Value and of the Issue,
Switching and Redemption of Shares”, Part II (2.6) of the Luxembourg Prospectus.

17. RESTRICTIONS ON BUYING, SUBSCRIBING AND SWITCHING INTO CERTAIN SUB-FUNDS

The Board and/or the Management Company may decide to partially or totally close a Sub-Fund or Share
class to all buys, subscription or switches in from new investors. There will be no closure to redemptions or
switches out unless suspended as stated in paragraph 16 of this Singapore Prospectus.

Such events will be indicated on the website www.fidelityinternational.com and the Singapore Representative’s
website. Shareholders and potential investors should confirm with the Management Company or the
Distributors or check the websites for the current status of the Sub-Funds or class of Shares. Once closed,
a Sub-Fund or a class of Shares will not be re-opened until, in the opinion of the Board, the circumstances
which required closure no longer apply.

18. PERFORMANCE OF THE SUB-FUNDS

Please see the “PERFORMANCE OF THE SUB-FUNDS OF FIDELITY FUNDS” distributed with this
Singapore Prospectus for the Sub-Funds’ performance. This is issued by the Singapore Representative.

19. SOFT COMMISSIONS

The Investment Manager, any of its delegates and/or any of their Connected Persons may effect transactions
by or through the agency of another person with whom the Investment Manager, any of its delegates and/or
any of their Connected Persons have an arrangement under which that party will from time to time provide
to or procure for the Investment Manager, any of its delegates and/or any of their Connected Persons goods,
services or other benefits (such as research and advisory services, where permitted by regulation only)
(“soft dollar arrangements”), the nature of which is such that their provision can reasonably be expected
to benefit the Fund as a whole and may contribute to an improvement in the Fund’s performance and that
of the Investment Manager or any of its delegates in providing services to the Fund and for which no direct
payment is made but instead the Investment Manager, any of its delegates and/or any of their Connected
Persons undertake to place business with that party. For the avoidance of doubt, such goods and services do
not include travel, accommodation, entertainment, general administrative goods or services, general office
equipment or premises, membership fees, employee salaries or direct money payments. Periodic disclosure
is made in the annual report of the Fund in the form of a statement describing the soft dollar policy and
practices of the Investment Manager or its delegates, including a description of goods and services received
by them and/or any of their Connected Persons.

The Investment Manager, any of its delegates and/or any of their Connected Persons shall not retain the
benefit of any cash commission rebate (being cash commission repayment made by a broker or dealer to
the Investment Manager, any of its delegates and/or any of their Connected Persons) paid or payable from
any such broker or dealer in respect of any business placed with such broker or dealer by the Investment
Manager, any delegates and/or any of their Connected Persons for or on behalf of the Fund. Any such cash
commission rebate received from any such broker or dealer shall be held by the Investment Manager, any
of its delegates and/or any of their Connected Persons for the account of the Fund. Brokerage rates will not
be excessive of customary brokerage rates. All transactions will be done with best execution. The availability
of soft dollar arrangements may not be the sole or primary purpose to perform or arrange transaction with
such broker or dealer.

20. CONFLICTS OF INTEREST

Except as described in this Singapore Prospectus and/or the Luxembourg Prospectus, no commissions,
discounts, brokerage or other special terms have been granted by the Fund or the Management Company in
relation to Shares issued or to be issued by the Fund; on any issue or sale of Shares a Distributor (including
the General Distributor) may, out of its own funds or out of the initial charges, if any, pay commissions
or other fees and charges on applications received through brokers and other professional agents or grant
discounts.

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The Fund, together with other funds advised or managed by the Investment Manager, may place orders for
the purchase or sale of securities with affiliates of the Investment Manager and other Connected Persons,
provided that, among other conditions, they can reasonably be expected to execute the transaction on terms
as favourable as could be expected to be obtained from other brokers, qualified to execute the transaction
and at commission rates comparable to those which would have been charged by such other brokers.
Orders are allocated on a pro-rata basis between different Sub-Funds investing in the same assets when
there is insufficient supply.

Subject to the receipt of best execution, the Fund may take into account the sale of Shares by brokers and
dealers when selecting them for the execution of transactions.

Foreign exchange transactions for investors of the Fund may be effected on an arm’s length basis by or
through FIL Group companies from which a benefit may be derived by such companies.

The Investment Manager may also provide investment management and advisory services to other FIL
Group mutual funds and unit trusts, institutional and private investors.

The Investment Manager may receive investment advice from, and act upon the advice of, any Connected
Person of the Investment Manager or any other third party adviser. Moreover, the Investment Manager may
sub-delegate investment management activities to any Connected Person of the Investment Manager or any
other eligible entity under applicable regulation. The Investment Manager shall remain responsible for the
proper performance by such entity of those responsibilities.

Further details, including conflicts of interest relating to the Depositary, are set out in the Luxembourg
Prospectus, in particular, under “Administration Details, Charges and Expenses”, Part IV.

21. REPORTS

The Fund’s financial year ends on 30 April each year. The Fund’s annual report incorporating financial
statements is published within four months after the end of the financial year and at least two weeks
before the annual general meeting of Shareholders. The Fund publishes a semi-annual unaudited financial
report, containing a list of each Sub-Fund’s holdings and their market values, within two months of the
date to which it is made up. Details on the Fund’s annual report (incorporating the financial statements)
and the unaudited semi-annual financial report are set out under “Meetings, Reports and Shareholder
Communication”, Part III (3.2) of the Luxembourg Prospectus.

Copies of all reports are available at the office of the Singapore Representative during normal Singapore
business hours.

22. CERTAIN SINGAPORE TAX CONSIDERATIONS

Investors should be aware that the taxation of distributions by the Fund and gains on redemption or
divestment of the Shares derived by an investor will depend on the particular situation of the investor.
Investors who are in doubt of their tax position should consult their own independent tax advisers
concerning the tax consequences of their particular situation.

23. QUERIES AND COMPLAINTS

You may contact the Singapore Representative at 65-6511-2200 if you have any queries or complaints
regarding Fidelity Funds or any Sub-Fund.

24. OTHER INFORMATION

24.1 Use and types of financial derivative instruments

All Sub-Funds may use various financial derivative instruments to reduce risks or costs or to generate
additional capital or income in order to meet their investment objectives. Financial derivative instruments
may be used for investment purposes and/or to implement more complex strategies as further described
in their respective investment objectives, depending on the circumstances and the purposes for which the
derivatives are used. Entering into financial derivatives instruments for investment purposes may, to some
extent, impact the risk profile of a Sub-Fund.

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While the judicious use of derivative instruments by experienced investment advisers such as the Investment
Manager can be beneficial, derivative instruments also involve risks different from, and, in certain cases,
greater than, the risks associated with more traditional investments. Please refer to “Derivatives/Counterparty
Related Risks”, Part I (1.2(VI)) of the Luxembourg Prospectus for the risks relating to the use of financial
derivative instruments (which include risks relating to valuation, liquidity, basis, leverage, counterparty
credit, settlement, legal, short positions, high leverage, and active currency positions). In that section, you
will also find disclosures on risks that are specific to certain types of derivative instruments (like credit
default swaps, foreign exchange forward contracts, forward contracts and contracts for difference, futures,
inflation swaps, interest rate swaps, put/call options and warrants, swaptions and total return swaps).

Please also refer to “Total Return Swaps and other Financial Derivative instruments with similar characteristics”,
Part V (5.1(G)) of the Luxembourg Prospectus for information on the use of Total Returns Swaps or other
Financial Derivative Instruments with similar characteristics by the Sub-Funds.

Risk management procedures

The Management Company will ensure that the risk management and compliance procedures are adequate
and has been or will be implemented, and that it has the necessary expertise to manage the risk relating to
the use of financial derivative instruments. You may obtain supplementary information relating to the risk
management methods employed by the Fund or the Management Company including the quantitative limits
that are applied and any recent developments in the risk and yield characteristics of the main categories
of investments from the Management Company or the Singapore Representative. Further information
on the risk management procedures is set out in “Risk Management Procedures”, Part V (5.1(C)) of the
Luxembourg Prospectus.

Global exposure relating to derivative instruments and leverage

Unless otherwise specified in the Notes column of the table in paragraph 5.1 of this Singapore Prospectus
under the title “Global Exposure”, the method used to calculate the global exposure relating to financial
derivative instruments for each Sub-Fund is the commitment approach (please refer to “Global Exposure
relating to Derivative Instruments and Leverage”, Part V (5.1(D)) of the Luxembourg Prospectus for further
details). For the Sub-Funds using the absolute VaR approach, the VaR limits were selected as they were
appropriate taking into consideration the investment objective, investment strategy and key risk factors of
the relevant Sub-Fund. For Sub-Funds which global exposure is monitored using the VaR methodology,
leverage is determined using the sum of the notionals (expressed as a sum of positive values) of all financial
derivatives instruments used. Shareholders should be aware that (i) a higher level of expected leverage does
not automatically infer a higher level of investment risk; and (ii) the expected level of leverage may include
leverage generated by the use of derivatives for hedging purposes.

Further information on the management of collateral is set out in “Management of collateral for Securities
Lending, Repurchase and OTC Financial Derivative Transactions”, Part V (5.1(F)). of the Luxembourg
Prospectus.

24.2 Securities lending and repurchase transactions

The Investment Manager may for the purpose of efficient portfolio management, (a) enter, either as
purchaser or seller, into repurchase transactions (opérations à réméré) and reverse repurchase and
repurchase agreements transactions (operations de prise/mise en pension) and (b) engage in securities
lending transactions.

You should refer to “Risks relating to Securities Lending” and “Risks relating to Repurchase and Reverse
Repurchase Transactions”, Part I (1.2(VII)) of the Luxembourg Prospectus for information on the risks
relating to securities lending and repurchase and reverse repurchase transactions, and “Securities Lending
and Borrowing and Repurchase and Reverse Repurchase Transactions” and “Management of collateral for
Securities Lending, Repurchase and OTC Financial Derivative Transactions”, Part V (5.1(E) and (F)) of the
Luxembourg Prospectus for information on the types, purpose, limits and conditions of such transactions,
the management of collateral, and the allocation of revenue generated.

As of 1 October 2021, the Fund does not intend to lend the securities of its Sub-Funds to its related
corporations.

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The Fund has appointed Brown Brothers Harriman & Co., a New York limited partnership with an office
in Boston, Massachusetts and Citibank N.A., London Branch (both a “Lending Agent”) to carry out the
securities lending transactions and the management of the collateral. Neither Lending Agent is an affiliate
of the Investment Manager.

With regards to the securities lending transactions, 87.5% of the gross revenue arising from such transactions
are returned to the Sub-Funds, while a 12.5% fee is paid to the Lending Agent (which is not an affiliate of
the Investment Manager). Any operational costs (whether direct or indirect) borne by the Lending Agent
from such securities lending activities are covered out of its fee. Further details on the actual return are
published in the Fund’s annual reports and accounts.

24.3 Commodities exposure

As of 1 October 2021, the below list of Sub-Funds may invest in commodity exchange-traded funds,
exchange-traded commodities, or commodity-linked financial derivative instruments where the underlying
may be a commodity or commodity index. Commodity sectors where exposures may be achieved
include but are not limited to precious metals, base metals, energy, agriculture and livestock. Individual
commodities within a specific commodity sector may be highly correlated with each other and correlation
may be determined based on the price trends and historical returns of these individual commodities.

• Fidelity Funds – Asia Pacific Multi Asset Growth & Income Fund
• Fidelity Funds – Global Multi Asset Defensive Fund
• Fidelity Funds – Global Multi Asset Dynamic Fund
• Fidelity Funds – Global Multi Asset Growth & Income Fund
• Fidelity Funds – Greater China Multi Asset Growth & Income Fund
• Fidelity Funds – SMART Global Defensive Fund

24.4 Foreign Account Tax Compliance Act and OECD Common Reporting Standard

Foreign Account Tax Compliance Act and the Organisation for Economic Co-operation and Development
Common Reporting Standard may result in the Fund having to obtain mandatory information on investors
and to make disclosures of such information to regulators. You should refer to “Foreign Account Tax
Compliance Act (“FATCA”)” and “OECD Common Reporting Standard (“CRS”)”, Part III (3.3) and “Risk
associated with Foreign Account Tax Compliance Act (“FATCA”)”, Part I (1.2(II)) of the Luxembourg
Prospectus for further information. You should consult your own tax advisers regarding any potential
obligations that may be imposed on you.

24.5 Liquidation

In the event that for any reason the aggregate value of the Shares of a given Sub-Fund or class of Shares is
below USD 50,000,000 (or its equivalent) or if a change in the economic or political situation relating to the
Sub-Fund or the class of Shares concerned or if the interests of the Shareholders would justify it, the Board
may decide to liquidate the Sub-Fund or class of Shares concerned. Please refer to “Liquidation of Fidelity
Funds, Funds and Classes of Shares”, Part III (3.5) of the Luxembourg Prospectus for details.

24.6 Other material information

You should read the Luxembourg Prospectus for further disclosures and terms relating to the Fund, Sub-
Funds and the Shares, including (without limitation) market timing and excessive trading practices, co-
management of assets, and data protection.

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SCHEDULE 1

LIST OF SHARE CLASSES OFFERED UNDER THIS SINGAPORE PROSPECTUS

The list of Share classes and the related information below is valid as at 1 March 2022. Such list may be updated
from time to time.

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – America Fund A-ACC-AUD LU0963029086 30/08/2013 1.50 n/a
(hedged)
Fidelity Funds – America Fund A-ACC-USD LU0251131958 03/07/2006 1.50 n/a
Fidelity Funds – America Fund A-SGD LU0251142724 15/05/2006 1.50 n/a
Fidelity Funds – America Fund A-SGD (hedged) LU0742534661 12/03/2012 1.50 n/a
Fidelity Funds – America Fund A-USD LU0048573561 01/10/1990 1.50 n/a
Fidelity Funds – America Fund SR-ACC-SGD LU1235257950 12/06/2015 1.30 n/a
Fidelity Funds – America Fund SR-ACC-SGD LU1235260079 12/06/2015 1.30 n/a
(hedged)
Fidelity Funds – America Fund SR-ACC-USD LU1235258255 12/06/2015 1.30 n/a
Fidelity Funds – America Fund Y-ACC-USD LU0318939179 22/10/2007 0.80 n/a
Fidelity Funds – American Growth Fund LU0077335932 30/06/1997 1.50 n/a
A-USD
Fidelity Funds – ASEAN Fund A-ACC-USD LU0261945553 25/9/2006 1.50 n/a
Fidelity Funds – ASEAN Fund A-SGD LU0251143029 15/05/2006 1.50 n/a
Fidelity Funds – ASEAN Fund A-USD LU0048573645 01/10/1990 1.50 n/a
Fidelity Funds – ASEAN Fund Y-SGD LU2219352098 18/08/2021 0.80 n/a
Fidelity Funds – ASEAN Fund Y-ACC-SGD LU2219351959 18/08/2021 0.80 n/a
Fidelity Funds – ASEAN Fund Y-ACC-USD LU0346390510 25/03/2008 0.80 n/a
Fidelity Funds – ASEAN Fund Y-USD LU0936575439 25/09/2013 0.80 n/a
Fidelity Funds – Asia Pacific Dividend Fund LU0205439572 16/12/2004 1.50 n/a
A-USD
Fidelity Funds – Asia Pacific Dividend Fund LU1273509064 20/08/2015 0.80 n/a
Y-ACC-USD
Fidelity Funds – Asia Pacific Multi Asset LU1366333414 31/05/2016 1.25 n/a
Growth & Income Fund A-ACC-USD
Fidelity Funds – Asia Pacific Multi Asset LU1560650480 23/02/2017 1.25 n/a
Growth & Income Fund A-HMDIST(G)-AUD
(AUD/USD hedged)
Fidelity Funds – Asia Pacific Multi Asset LU1883994102 12/12/2018 1.25 n/a
Growth & Income Fund A-MCDIST(G)-SGD
(SGD/USD hedged)
Fidelity Funds – Asia Pacific Multi Asset LU1509826936 22/11/2016 1.25 n/a
Growth & Income Fund A-MCDIST(G)-USD
Fidelity Funds – Asia Pacific Multi Asset LU1439102457 23/02/2017 1.25 n/a
Growth & Income Fund A-MINCOME(G)-
SGD
Fidelity Funds – Asia Pacific Multi Asset LU1439102374 23/02/2017 1.25 n/a
Growth & Income Fund A-MINCOME(G)-
USD

152
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – Asia Pacific Multi Asset LU2057168234 23/10/2019 1.25 n/a
Growth & Income Fund A-MINCOME(G)-
SGD (SGD/USD hedged)
Fidelity Funds – Asia Pacific Opportunities LU0345361124 18/02/2008 1.50 n/a
Fund A-ACC-Euro
Fidelity Funds – Asia Pacific Opportunities LU2177674079 24/06/2020 1.50 n/a
Fund A-ACC-SGD (hedged)
Fidelity Funds – Asia Pacific Opportunities LU2008162690 12/06/2019 1.50 n/a
Fund A-ACC-USD
Fidelity Funds – Asia Pacific Strategic Income LU1313547892 30/11/2015 1.00 n/a
Fund A-ACC-USD
Fidelity Funds – Asia Pacific Strategic Income LU1345484106 29/01/2016 1.00 n/a
Fund A-HMDIST(G)-AUD (hedged)
Fidelity Funds – Asia Pacific Strategic Income LU1509826852 22/11/2016 1.00 n/a
Fund A-MCDIST(G)-USD
Fidelity Funds – Asia Pacific Strategic Income LU1345483041 29/01/2016 1.00 n/a
Fund A-MINCOME(G)-SGD
Fidelity Funds – Asia Pacific Strategic Income LU1817858373 25/07/2018 1.00 n/a
Fund A-MINCOME(G)-SGD (SGD/USD
hedged)
Fidelity Funds – Asia Pacific Strategic Income LU1345482746 29/01/2016 1.00 n/a
Fund A-MINCOME(G)-USD
Fidelity Funds – Asian Bond Fund LU0605512275 18/04/2011 0.75 n/a
A-ACC-USD
Fidelity Funds – Asian Bond Fund LU0605512192 24/06/2015 0.75 n/a
A-Euro (hedged)
Fidelity Funds – Asian Bond Fund LU1371569549 03/03/2016 0.75 n/a
A-HMDIST(G)-AUD (hedged)
Fidelity Funds – Asian Bond Fund LU2262856953 16/12/2020 0.75 n/a
A-HMDIST(G)-RMB (hedged)
Fidelity Funds – Asian Bond Fund LU2317111552 23/06/2021 0.75 n/a
A-MCDIST(G)-HKD
Fidelity Funds – Asian Bond Fund LU2156567054 22/04/2020 0.75 n/a
A-MCDIST(G)-USD
Fidelity Funds – Asian Bond Fund LU0605512432 18/04/2011 0.75 n/a
A-MDIST-USD
Fidelity Funds – Asian Bond Fund LU1371569465 03/03/2016 0.75 n/a
A-MINCOME(G)-HKD
Fidelity Funds – Asian Bond Fund LU1420312487 13/06/2016 0.75 n/a
A-MINCOME(G)-SGD (hedged)
Fidelity Funds – Asian Bond Fund LU1371569200 03/03/2016 0.75 n/a
A-MINCOME(G)-USD
Fidelity Funds – Asian Bond Fund LU1817858290 23/05/2018 0.40 n/a
I-QDIST-SGD (hedged)
Fidelity Funds – Asian Bond Fund LU2242162381 14/10/2020 0.40 n/a
Y-ACC-CHF (hedged)

153
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – Asian Bond Fund LU0605512606 18/04/2011 0.40 n/a
Y-ACC-USD
Fidelity Funds – Asian Bond Fund LU1881786690 26/09/2018 0.40 n/a
Y-Euro (hedged)
Fidelity Funds – Asian Bond Fund LU2296468189 10/02/2021 0.40 n/a
Y-MINCOME(G)-USD
Fidelity Funds – Asian Bond Fund LU1284738405 15/09/2015 0.40 n/a
Y-QDIST-USD
Fidelity Funds – Asian Equity Fund LU0605512861 07/06/2011 0.80 n/a
S-ACC-SGD
Fidelity Funds – Asian High Yield Fund LU0286668966 02/04/2007 1.00 n/a
A-ACC-Euro
Fidelity Funds – Asian High Yield Fund LU0286668453 02/04/2007 1.00 n/a
A-ACC-USD
Fidelity Funds – Asian High Yield Fund LU0575482749 10/01/2011 1.00 n/a
A-Euro (hedged)
Fidelity Funds – Asian High Yield Fund LU1046420631 09/04/2014 1.00 n/a
A-HMDIST(G)-AUD (hedged)
Fidelity Funds – Asian High Yield Fund LU0532244745 18/08/2010 1.00 n/a
A-MDIST-HKD
Fidelity Funds – Asian High Yield Fund LU0286669774 28/01/2010 1.00 n/a
A-MDIST-SGD (hedged)
Fidelity Funds – Asian High Yield Fund LU0286669428 02/04/2007 1.00 n/a
A-MDIST-USD
Fidelity Funds – Asian High Yield Fund LU1235294219 03/06/2015 1.00 n/a
A-MINCOME(G)-SGD (hedged)
Fidelity Funds – Asian High Yield Fund LU0937949237 18/06/2013 1.00 n/a
A-MINCOME(G)-USD
Fidelity Funds – Asian High Yield Fund LU0605512788 13/04/2011 1.00 n/a
A-MINCOME-USD
Fidelity Funds – Asian High Yield Fund LU0831375760 16/10/2012 1.00 n/a
A-RMB (hedged)
Fidelity Funds – Asian High Yield Fund LU1261430794 07/08/2015 0.65 n/a
Y-ACC-Euro
Fidelity Funds – Asian High Yield Fund LU1046422256 09/04/2014 0.65 n/a
Y-ACC-SGD (hedged)
Fidelity Funds – Asian High Yield Fund LU0370790650 21/07/2008 0.65 n/a
Y-ACC-USD
Fidelity Funds – Asian High Yield Fund LU0575482582 10/01/2011 0.65 n/a
Y-Euro (hedged)
Fidelity Funds – Asian High Yield Fund LU1273507365 20/08/2015 0.65 n/a
Y-MDIST-HKD
Fidelity Funds – Asian High Yield Fund LU1273507449 20/08/2015 0.65 n/a
Y-MDIST-SGD (hedged)
Fidelity Funds – Asian High Yield Fund LU1273507282 20/08/2015 0.65 n/a
Y-MDIST-USD

154
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – Asian High Yield Fund LU1284734750 15/09/2015 0.65 n/a
Y-MINCOME-USD
Fidelity Funds – Asian Smaller Companies LU0702159772 07/12/2011 1.50 n/a
Fund A-ACC-Euro
Fidelity Funds – Asian Smaller Companies LU1166156734 26/01/2015 1.50 n/a
Fund A-ACC-SGD
Fidelity Funds – Asian Smaller Companies LU0702159699 07/12/2011 1.50 n/a
Fund A-ACC-USD
Fidelity Funds – Asian Smaller Companies LU0702159426 07/12/2011 1.50 n/a
Fund A-Euro
Fidelity Funds – Asian Smaller Companies LU0702159343 07/12/2011 1.50 n/a
Fund A-USD
Fidelity Funds – Asian Smaller Companies LU1261430877 07/08/2015 0.80 n/a
Fund Y-ACC-Euro
Fidelity Funds – Asian Smaller Companies LU0702159939 07/12/2011 0.80 n/a
Fund Y-ACC-USD
Fidelity Funds – Asian Smaller Companies LU1273507522 20/08/2015 0.80 n/a
Fund Y-Euro
Fidelity Funds – Asian Smaller Companies LU1273507795 20/08/2015 0.80 n/a
Fund Y-USD
Fidelity Funds – Asian Special Situations Fund LU0054237671 03/10/1994 1.50 n/a
A-USD
Fidelity Funds – Asian Special Situations Fund LU1235260665 12/06/2015 1.30 n/a
SR-ACC-SGD
Fidelity Funds – Asian Special Situations Fund LU0346390601 17/03/2008 0.80 n/a
Y-ACC-USD
Fidelity Funds – Australian Diversified Equity LU0048574536 06/12/1991 1.50 n/a
Fund A-AUD (formerly known as Fidelity
Funds – Australia Fund A-AUD)
Fidelity Funds – Australian Diversified Equity LU0346392649 25/03/2008 0.80 n/a
Fund Y-ACC-AUD (formerly known as Fidelity
Funds – Australia Fund Y-ACC-AUD)
Fidelity Funds – China Consumer Fund LU1046420391 09/04/2014 1.50 n/a
A-ACC-AUD (hedged)
Fidelity Funds – China Consumer Fund LU0594300096 23/02/2011 1.50 n/a
A-ACC-Euro
Fidelity Funds – China Consumer Fund LU0605514214 13/04/2011 1.50 n/a
A-ACC-HKD
Fidelity Funds – China Consumer Fund LU0594300179 23/02/2011 1.50 n/a
A-ACC-USD
Fidelity Funds – China Consumer Fund LU0594300252 23/02/2011 1.50 n/a
A-Euro
Fidelity Funds – China Consumer Fund LU0594300336 23/02/2011 1.50 n/a
A-GBP
Fidelity Funds – China Consumer Fund LU0650527681 01/08/2011 1.50 n/a
A-SGD

155
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – China Consumer Fund LU0594300419 23/02/2011 1.50 n/a
A-USD
Fidelity Funds – China Consumer Fund LU0594300500 23/02/2011 0.80 n/a
Y-ACC-USD
Fidelity Funds – China Focus Fund LU0318931192 24/09/2007 1.50 n/a
A-ACC-Euro
Fidelity Funds – China Focus Fund LU0737861699 09/02/2012 1.50 n/a
A-ACC-HKD
Fidelity Funds – China Focus Fund LU1224709979 19/05/2015 1.50 n/a
A-ACC-USD
Fidelity Funds – China Focus Fund A-GBP LU0200822756 04/10/2004 1.50 n/a
Fidelity Funds – China Focus Fund A-SGD LU0287142896 02/04/2007 1.50 n/a
Fidelity Funds – China Focus Fund A-USD LU0173614495 18/08/2003 1.50 n/a
Fidelity Funds – China Focus Fund LU1235261390 12/06/2015 1.30 n/a
SR-ACC-SGD
Fidelity Funds – China Focus Fund LU0936575868 12/09/2013 0.80 n/a
Y-ACC-Euro
Fidelity Funds – China Focus Fund LU0346390866 17/03/2008 0.80 n/a
Y-ACC-USD
Fidelity Funds – China Focus Fund Y-GBP LU0457959939 26/10/2009 0.80 n/a
Fidelity Funds – China Focus Fund Y-SGD LU1295421793 05/10/2015 0.80 n/a
Fidelity Funds – China Focus Fund Y-USD LU0936576080 25/09/2013 0.80 n/a
Fidelity Funds – China Government Bond LU2386384965 11/01/2022 0.50 n/a
Fund A-ACC-Euro
Fidelity Funds – China Government Bond LU2386386234 11/01/2022 0.50 n/a
Fund A-ACC-Euro (hedged)
Fidelity Funds – China Government Bond LU2386385004 11/01/2022 0.50 n/a
Fund A-ACC-RMB
Fidelity Funds – China Government Bond LU2386385186 11/01/2022 0.50 n/a
Fund A-ACC-USD
Fidelity Funds – China Government Bond LU2386385269 11/01/2022 0.50 n/a
Fund A-MINCOME(G)-RMB
Fidelity Funds – China Government Bond LU2386385343 11/01/2022 0.50 n/a
Fund A-MINCOME(G)-SGD (hedged)
Fidelity Funds – China Government Bond LU2386386317 11/01/2022 0.50 n/a
Fund A-MINCOME(G)-USD
Fidelity Funds – China Government Bond LU2386385855 11/01/2022 0.30 n/a
Fund Y-ACC-Euro
Fidelity Funds – China Government Bond LU2386386580 11/01/2022 0.30 n/a
Fund Y-ACC-Euro (hedged)
Fidelity Funds – China Government Bond LU2386386077 11/01/2022 0.30 n/a
Fund Y-ACC-RMB
Fidelity Funds – China Government Bond LU2386385939 11/01/2022 0.30 n/a
Fund Y-ACC-USD
Fidelity Funds – China Government Bond LU2386386150 11/01/2022 0.30 n/a
Fund Y-MINCOME(G)-RMB

156
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – China Government Bond LU2386386663 11/01/2022 0.30 n/a
Fund Y-MINCOME(G)-USD
Fidelity Funds – China High Yield Fund LU2034656020 14/08/2019 1.20 n/a
A-ACC-Euro (Euro/USD hedged)
Fidelity Funds – China High Yield Fund LU1313547462 30/11/2015 1.20 n/a
A-ACC-USD
Fidelity Funds – China High Yield Fund LU1345482316 29/01/2016 1.20 n/a
A-HMDIST(G)-AUD (hedged)
Fidelity Funds – China High Yield Fund LU1345481854 29/01/2016 1.20 n/a
A-MINCOME(G)-HKD (hedged)
Fidelity Funds – China High Yield Fund LU1345482076 29/01/2016 1.20 n/a
A-MINCOME(G)-SGD (hedged)
Fidelity Funds – China High Yield Fund LU1345481698 29/01/2016 1.20 n/a
A-MINCOME(G)-USD (hedged)
Fidelity Funds – China High Yield Fund LU2034656376 14/08/2019 1.20 n/a
A-MINCOME(G)-Euro (Euro/USD hedged)
Fidelity Funds – China High Yield Fund LU2034656889 14/08/2019 1.20 n/a
A-MINCOME(G)-RMB (RMB/USD hedged)
Fidelity Funds – China High Yield Fund LU1345482589 29/01/2016 0.70 n/a
Y-USD
Fidelity Funds – China Innovation Fund LU0455706654 23/11/2009 1.50 n/a
A-ACC-Euro
Fidelity Funds – China Innovation Fund LU0502904849 31/05/2010 1.50 n/a
A-ACC-HKD
Fidelity Funds – China Innovation Fund LU2242644610 10/03/2021 1.50 n/a
A-ACC-SGD
Fidelity Funds – China Innovation Fund LU2242644701 24/03/2021 1.50 n/a
A-ACC-SGD (SGD/USD hedged)
Fidelity Funds – China Innovation Fund LU2242644883 24/03/2021 1.50 n/a
A-ACC-USD
Fidelity Funds – China Innovation Fund LU0455707207 23/11/2009 1.50 n/a
A-USD
Fidelity Funds – China Innovation Fund LU2242645260 10/03/2021 0.80 n/a
Y-ACC-Euro
Fidelity Funds – China Innovation Fund LU2242645344 24/03/2021 0.80 n/a
Y-ACC-SGD
Fidelity Funds – China Innovation Fund LU0455707462 23/11/2009 0.80 n/a
Y-ACC-USD
Fidelity Funds – China RMB Bond Fund LU0715234463 08/12/2011 0.75 n/a
A-ACC-RMB
Fidelity Funds – China RMB Bond Fund LU0740036214 07/05/2014 0.75 n/a
A-ACC-USD
Fidelity Funds – China RMB Bond Fund LU2456868202 13/04/2022 0.75 n/a
A-HMDIST(G)-USD (hedged)
Fidelity Funds – China RMB Bond Fund LU2345781202 11/08/2021 0.75 n/a
A-MCDIST(G)-HKD

157
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – China RMB Bond Fund LU2439728846 09/02/2022 0.75 n/a
A-MCDIST(G)-RMB
Fidelity Funds – China RMB Bond Fund LU2345781111 11/08/2021 0.75 n/a
A-MCDIST(G)-USD
Fidelity Funds – China RMB Bond Fund LU2345781038 28/07/2021 0.75 n/a
A-MINCOME(G)-AUD
Fidelity Funds – China RMB Bond Fund LU2345780907 28/07/2021 0.75 n/a
A-MINCOME(G)-HKD
Fidelity Funds – China RMB Bond Fund LU2308741151 24/03/2021 0.75 n/a
A-MINCOME(G)-RMB
Fidelity Funds – China RMB Bond Fund LU1791709907 28/03/2018 0.75 n/a
A-MINCOME(G)-SGD (SGD/USD hedged)
Fidelity Funds – China RMB Bond Fund LU2308741235 24/03/2021 0.75 n/a
A-MINCOME(G)-USD
Fidelity Funds – China RMB Bond Fund LU0740036727 07/05/2014 0.40 n/a
Y-ACC-USD
Fidelity Funds – China RMB Bond Fund LU1797663538 11/04/2018 0.40 n/a
Y-MINCOME(G)-RMB
Fidelity Funds – China RMB Bond Fund LU2308741318 14/04/2021 0.40 n/a
Y-MINCOME(G)-USD
Fidelity Funds – Emerging Asia Fund A-Euro LU0329678253 21/04/2008 1.50 n/a
Fidelity Funds – Emerging Asia Fund A-USD LU0329678170 21/04/2008 1.50 n/a
Fidelity Funds – Emerging Asia Fund LU0390711777 14/10/2008 0.80 n/a
Y-ACC-USD
Fidelity Funds – Emerging Europe, Middle LU0303816028 11/06/2007 1.50 n/a
East and Africa Fund A-Euro
Fidelity Funds – Emerging Europe, Middle LU0303821028 11/06/2007 1.50 n/a
East and Africa Fund A-USD
Fidelity Funds – Emerging Europe, Middle LU0370788910 14/07/2008 0.80 n/a
East and Africa Fund Y-ACC-USD
Fidelity Funds – Emerging Market Debt Fund LU0238205289 23/01/2006 1.20 n/a
A-ACC-Euro
Fidelity Funds – Emerging Market Debt Fund LU0238205958 23/01/2006 1.20 n/a
A-ACC-USD
Fidelity Funds – Emerging Market Debt Fund LU0238203821 23/01/2006 1.20 n/a
A-Euro
Fidelity Funds – Emerging Market Debt Fund LU0963542070 18/09/2013 1.20 n/a
A-MDIST-AUD (hedged)
Fidelity Funds – Emerging Market Debt Fund LU0238204472 23/01/2006 1.20 n/a
A-MDIST-Euro
Fidelity Funds – Emerging Market Debt Fund LU0238206170 23/01/2006 1.20 n/a
A-MDIST-USD
Fidelity Funds – Emerging Market Debt Fund LU0937949310 18/06/2013 1.20 n/a
A-MINCOME(G)-USD
Fidelity Funds – Emerging Market Debt Fund LU0238205446 23/01/2006 1.20 n/a
A-USD

158
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – Emerging Market Debt Fund LU0238206337 23/01/2006 0.65 n/a
Y-ACC-USD
Fidelity Funds – Emerging Markets Focus LU1102505689 29/09/2014 1.50 n/a
Fund A-Euro
Fidelity Funds – Emerging Markets Focus LU1102505762 29/09/2014 1.50 n/a
Fund A-USD
Fidelity Funds – Emerging Markets Focus LU1102506141 29/09/2014 0.80 n/a
Fund Y-ACC-USD
Fidelity Funds – Emerging Markets Fund LU1791710236 28/03/2018 1.50 n/a
A-ACC-SGD (SGD/USD hedged)
Fidelity Funds – Emerging Markets Fund LU0261950470 25/09/2006 1.50 n/a
A-ACC-USD
Fidelity Funds – Emerging Markets Fund LU0251143458 15/05/2006 1.50 n/a
A-SGD
Fidelity Funds – Emerging Markets Fund LU0048575426 18/10/1993 1.50 n/a
A-USD
Fidelity Funds – Emerging Markets Fund LU1235258685 12/06/2015 1.30 n/a
SR-ACC-SGD
Fidelity Funds – Emerging Markets Fund LU0346390940 17/03/2008 0.80 n/a
Y-ACC-USD
Fidelity Funds – Euro Bond Fund A-ACC-Euro LU0251130638 03/07/2006 0.75 n/a
Fidelity Funds – Euro Bond Fund A-ACC-USD LU1046421522 09/04/2014 0.75 n/a
(hedged)
Fidelity Funds – Euro Bond Fund A-Euro LU0048579097 01/10/1990 0.75 n/a
Fidelity Funds – Euro Bond Fund LU0168050333 09/06/2003 0.75 n/a
A-MDIST-Euro
Fidelity Funds – Euro Cash Fund A-Euro LU0064964074 20/09/1993 0.15 n/a
Fidelity Funds – Euro Short Term Bond Fund LU0267388220 10/03/2008 0.50 n/a
A-ACC-Euro
Fidelity Funds – Euro Short Term Bond Fund LU0267388576 28/09/2016 0.50 n/a
A-Euro
Fidelity Funds – Euro Short Term Bond Fund LU0346393704 10/03/2008 0.30 n/a
Y-ACC-Euro
Fidelity Funds – EURO STOXX 50® Fund LU0069450319 08/10/1996 0.20 n/a
A-Euro
Fidelity Funds – European Dividend Fund LU1509826779 22/11/2016 1.50 n/a
A- MCDIST(G)-Euro
Fidelity Funds – European Dividend Fund LU0997587240 10/01/2014 1.50 n/a
A-MINCOME(G)-USD (hedged)
Fidelity Funds – European Dividend Fund LU0742537177 03/12/2012 1.50 n/a
A-QINCOME(G)-Euro
Fidelity Funds – European Dynamic Growth LU0261959422 25/09/2006 1.50 n/a
Fund A-ACC-Euro
Fidelity Funds – European Dynamic Growth LU1273509221 20/08/2015 1.50 n/a
Fund A-ACC-SGD (hedged)

159
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – European Dynamic Growth LU0997586515 10/01/2014 1.50 n/a
Fund A-ACC-USD (hedged)
Fidelity Funds – European Dynamic Growth LU0119124781 15/01/2001 1.50 n/a
Fund A-Euro
Fidelity Funds – European Dynamic Growth LU1196032939 11/03/2015 1.50 n/a
Fund A-SGD
Fidelity Funds – European Dynamic Growth LU0318940003 22/10/2007 0.80 n/a
Fund Y-ACC-Euro
Fidelity Funds – European Dynamic Growth LU1731833213 13/12/2017 0.80 n/a
Fund Y-ACC-USD (hedged)
Fidelity Funds – European Dynamic Growth LU0936577138 25/09/2013 0.80 n/a
Fund Y-Euro
Fidelity Funds – European Growth Fund LU0997586606 10/01/2014 1.50 n/a
A-ACC-USD (hedged)
Fidelity Funds – European Growth Fund LU0048578792 01/10/1990 1.50 n/a
A-Euro
Fidelity Funds – European Growth Fund LU0550127509 27/10/2010 1.50 n/a
A-SGD
Fidelity Funds – European Growth Fund LU1235258925 12/06/2015 1.30 n/a
SR-ACC-Euro
Fidelity Funds – European Growth Fund LU1235259576 12/06/2015 1.30 n/a
SR-ACC-SGD
Fidelity Funds – European Growth Fund LU0346388373 17/03/2008 0.80 n/a
Y-ACC-Euro
Fidelity Funds – European High Yield Fund LU0979393146 05/11/2013 1.00 n/a
A-ACC-CZK (hedged)
Fidelity Funds – European High Yield Fund LU0251130802 03/07/2006 1.00 n/a
A-ACC-Euro
Fidelity Funds – European High Yield Fund LU0413545426 23/02/2009 1.00 n/a
A-ACC-SEK (hedged)
Fidelity Funds – European High Yield Fund LU0621411155 18/05/2011 1.00 n/a
A-ACC-USD (hedged)
Fidelity Funds – European High Yield Fund LU0110060430 26/06/2000 1.00 n/a
A-Euro
Fidelity Funds – European High Yield Fund LU1235294482 03/06/2015 1.00 n/a
A- HMDIST(G)-AUD (hedged)
Fidelity Funds – European High Yield Fund LU0168053600 09/06/2003 1.00 n/a
A-MDIST-Euro
Fidelity Funds – European High Yield Fund LU0251145669 15/05/2006 1.00 n/a
A-MDIST-SGD
Fidelity Funds – European High Yield Fund LU1084809042 23/07/2014 1.00 n/a
A-MDIST-SGD (hedged)
Fidelity Funds – European High Yield Fund LU0882574212 27/03/2013 1.00 n/a
A-MDIST-USD (hedged)
Fidelity Funds – European High Yield Fund LU0937949070 18/06/2013 1.00 n/a
A- MINCOME(G)-Euro

160
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – European High Yield Fund LU1284738660 15/09/2015 1.00 n/a
A- MINCOME(G)-SGD (hedged)
Fidelity Funds – European High Yield Fund LU1284738587 15/09/2015 1.00 n/a
A- MINCOME(G)-USD (hedged)
Fidelity Funds – European High Yield Fund LU0605515021 13/04/2011 1.00 n/a
A-MINCOME-Euro
Fidelity Funds – European High Yield Fund LU2115356797 12/02/2020 0.48 n/a
RY-ACC-Euro
Fidelity Funds – European High Yield Fund LU2115356870 12/02/2020 0.48 n/a
RY-ACC-USD (hedged)
Fidelity Funds – European High Yield Fund LU2115356953 12/02/2020 0.48 n/a
RY-Euro
Fidelity Funds – European High Yield Fund LU1207410397 01/04/2015 0.65 n/a
Y-ACC-CHF (hedged)
Fidelity Funds – European High Yield Fund LU0346390270 17/03/2008 0.65 n/a
Y-ACC-Euro
Fidelity Funds – European High Yield Fund LU1261431339 07/08/2015 0.65 n/a
Y-ACC-SEK (hedged)
Fidelity Funds – European High Yield Fund LU1207409209 01/04/2015 0.65 n/a
Y-ACC-USD (hedged)
Fidelity Funds – European High Yield Fund LU0936577567 25/09/2013 0.65 n/a
Y-Euro
Fidelity Funds – European High Yield Fund LU1284738314 15/09/2015 0.65 n/a
Y-MDIST-USD (hedged)
Fidelity Funds – European Larger Companies LU0119124278 16/09/2002 1.50 n/a
Fund A-Euro
Fidelity Funds – European Larger Companies LU1968586286 10/04/2019 0.80 n/a
Fund I-ACC-SGD (SGD/Euro hedged)
Fidelity Funds – European Multi Asset Income LU1046421449 09/04/2014 1.00 n/a
Fund A-ACC-USD (hedged)
Fidelity Funds – European Multi Asset Income LU0052588471 17/10/1994 1.00 n/a
Fund A-Euro
Fidelity Funds – European Multi Asset Income LU1509826423 22/11/2016 1.00 n/a
Fund A-MCDIST(G)-Euro
Fidelity Funds – European Smaller Companies LU0997586788 10/01/2014 1.50 n/a
Fund A-ACC-USD (hedged)
Fidelity Funds – European Smaller Companies LU0061175625 01/12/1995 1.50 n/a
Fund A-Euro
Fidelity Funds – European Smaller Companies LU0346388456 17/03/2008 0.80 n/a
Fund Y-ACC-Euro
Fidelity Funds – Fidelity Target™ 2020 Fund LU0147748072 10/05/2002 0.40* n/a
A-USD
Fidelity Funds – Flexible Bond Fund LU0261947765 25/09/2006 1.00 n/a
A-ACC-GBP
Fidelity Funds – Flexible Bond Fund LU2296468262 10/02/2021 1.00 n/a
A-ACC-USD
Fidelity Funds – Flexible Bond Fund A-GBP LU0048620586 12/11/1990 1.00 n/a

161
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – Flexible Bond Fund LU2303047935 24/02/2021 1.00 n/a
A-MINCOME(G)-Euro
Fidelity Funds – Flexible Bond Fund LU2303048073 24/02/2021 1.00 n/a
A-MINCOME(G)-GBP
Fidelity Funds – Flexible Bond Fund LU2303048156 24/02/2021 1.00 n/a
A-MINCOME(G)-USD
Fidelity Funds – Flexible Bond Fund LU1345486143 16/02/2016 0.50 n/a
Y-ACC-Euro
Fidelity Funds – Flexible Bond Fund LU1345485921 16/02/2016 0.50 n/a
Y-ACC-Euro (Euro/GBP hedged)
Fidelity Funds – Flexible Bond Fund LU1284736961 15/09/2015 0.50 n/a
Y-ACC-GBP
Fidelity Funds – Flexible Bond Fund LU2303047851 24/02/2021 0.50 n/a
Y-ACC-USD
Fidelity Funds – Flexible Bond Fund LU1345485509 16/02/2016 0.50 n/a
Y-Euro (Euro/GBP hedged)
Fidelity Funds – Flexible Bond Fund Y-GBP LU0896308789 17/04/2013 0.50 n/a
Fidelity Funds – Flexible Bond Fund LU2303048230 24/02/2021 0.50 n/a
Y-MINCOME(G)-Euro
Fidelity Funds – Flexible Bond Fund LU2303048313 24/02/2021 0.50 n/a
Y-MINCOME(G)-GBP
Fidelity Funds – Flexible Bond Fund LU2303048404 24/02/2021 0.50 n/a
Y-MINCOME(G)-USD
Fidelity Funds – Germany Fund LU1190411048 24/02/2015 1.50 n/a
A-ACC-CHF (hedged)
Fidelity Funds – Germany Fund A-ACC-Euro LU0261948227 25/09/2006 1.50 n/a
Fidelity Funds – Germany Fund LU1046421878 09/04/2014 1.50 n/a
A-ACC-USD (hedged)
Fidelity Funds – Germany Fund A-Euro LU0048580004 01/10/1990 1.50 n/a
Fidelity Funds – Germany Fund LU1261431412 07/08/2015 0.80 n/a
Y-ACC-CHF (hedged)
Fidelity Funds – Germany Fund Y-ACC-Euro LU0346388530 25/03/2008 0.80 n/a
Fidelity Funds – Germany Fund LU1261431503 07/08/2015 0.80 n/a
Y-ACC-USD (hedged)
Fidelity Funds – Germany Fund Y-Euro LU1273507878 20/08/2015 0.80 n/a
Fidelity Funds – Global Bond Fund A-USD LU0048582984 01/10/1990 0.75 n/a
Fidelity Funds – Global Demographics Fund LU1791710400 28/03/2018 1.50 n/a
A-ACC-SGD
Fidelity Funds – Global Demographics Fund LU1791710582 28/03/2018 1.50 n/a
A-ACC-SGD (SGD/USD hedged)
Fidelity Funds – Global Demographics Fund LU0528227936 14/03/2012 1.50 n/a
A-ACC-USD
Fidelity Funds – Global Demographics Fund LU0528228231 14/03/2012 0.80 n/a
Y-ACC-USD
Fidelity Funds – Global Dividend Fund LU1261431768 07/08/2015 1.50 n/a
A-ACC-Euro
Fidelity Funds – Global Dividend Fund LU0605515377 30/01/2012 1.50 n/a
A-ACC-Euro (hedged)
162
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – Global Dividend Fund LU0772969993 04/05/2012 1.50 n/a
A-ACC-USD
Fidelity Funds – Global Dividend Fund LU1005136848 23/01/2014 1.50 n/a
A-HMDIST(G)-AUD (hedged)
Fidelity Funds – Global Dividend Fund LU1046421100 09/04/2014 1.50 n/a
A-HMDIST(G)-RMB (hedged)
Fidelity Funds – Global Dividend Fund LU2375672263 22/09/2021 1.50 n/a
A-MCDIST(G)-SGD (SGD/USD hedged)
Fidelity Funds – Global Dividend Fund LU1509826696 22/11/2016 1.50 n/a
A-MCDIST(G)-USD
Fidelity Funds – Global Dividend Fund LU0982800491 28/10/2013 1.50 n/a
A-MINCOME(G)-AUD (hedged)
Fidelity Funds – Global Dividend Fund LU0731782826 30/01/2012 1.50 n/a
A-MINCOME(G)-Euro
Fidelity Funds – Global Dividend Fund LU0742537680 10/05/2012 1.50 n/a
A-MINCOME(G)-HKD
Fidelity Funds – Global Dividend Fund LU0731783394 30/01/2012 1.50 n/a
A-MINCOME(G)-SGD
Fidelity Funds – Global Dividend Fund LU1599440770 10/05/2017 1.50 n/a
A-MINCOME(G)-SGD (hedged)
Fidelity Funds – Global Dividend Fund LU0731783048 30/01/2012 1.50 n/a
A-MINCOME(G)-USD
Fidelity Funds – Global Dividend Fund LU0731782586 30/01/2012 1.50 n/a
A-QINCOME(G)-USD
Fidelity Funds – Global Dividend Fund LU1380763851 04/04/2016 1.30 n/a
SR-ACC-SGD
Fidelity Funds – Global Dividend Fund LU1380763935 04/04/2016 1.30 n/a
SR-MINCOME(G)-SGD
Fidelity Funds – Global Dividend Fund LU0605515963 30/01/2012 0.80 n/a
Y-ACC-USD
Fidelity Funds – Global Dividend Plus Fund LU0261951957 25/09/2006 1.50 n/a
A-ACC-Euro
Fidelity Funds – Global Dividend Plus Fund LU2242646235 09/06/2021 1.50 n/a
A-ACC-USD
Fidelity Funds – Global Dividend Plus Fund LU0099575291 01/09/1999 1.50 n/a
A-Euro
Fidelity Funds – Global Dividend Plus Fund LU2242646318 26/05/2021 1.50 n/a
A-GDIST-Euro
Fidelity Funds – Global Dividend Plus Fund LU2401740654 10/11/2021 1.50 n/a
A-MCDIST(G)-USD
Fidelity Funds – Global Dividend Plus Fund LU2242646581 26/05/2021 1.50 n/a
A-MDIST-HKD
Fidelity Funds – Global Dividend Plus Fund LU2242646664 12/05/2021 1.50 n/a
A-MDIST-USD
Fidelity Funds – Global Dividend Plus Fund LU2242646748 26/05/2021 1.50 n/a
A-MINCOME(G)-HKD

163
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – Global Dividend Plus Fund LU2242646821 26/05/2021 1.50 n/a
A-MINCOME(G)-SGD
Fidelity Funds – Global Dividend Plus Fund LU2401740738 10/11/2021 1.50 n/a
A-MINCOME(G)-USD
Fidelity Funds – Global Dividend Plus Fund LU2242652126 12/05/2021 1.50 n/a
A-USD
Fidelity Funds – Global Dividend Plus Fund LU2242647472 09/06/2021 0.80 n/a
Y-GDIST-Euro
Fidelity Funds – Global Dividend Plus Fund LU2387414753 22/09/2021 0.80 n/a
Y-QDIST-USD
Fidelity Funds – Global Dividend Plus Fund LU2242647555 12/05/2021 0.80 n/a
Y-USD
Fidelity Funds – Global Equity Income Fund LU0994413051 18/11/2013 0.80 n/a
I-ACC-USD
Fidelity Funds – Global Financial Services LU1391767586 20/04/2016 1.50 n/a
Fund A-ACC-Euro
Fidelity Funds – Global Financial Services LU1363072403 19/02/2016 1.50 n/a
Fund A-ACC-SGD
Fidelity Funds – Global Financial Services LU1273508926 20/08/2015 1.50 n/a
Fund A-ACC-USD (hedged)
Fidelity Funds – Global Financial Services LU0114722498 01/09/2000 1.50 n/a
Fund A-Euro
Fidelity Funds – Global Financial Services LU0116932376 08/09/2000 1.50 n/a
Fund A-GBP
Fidelity Funds – Global Financial Services LU0971096721 16/10/2013 1.50 n/a
Fund A-USD
Fidelity Funds – Global Financial Services LU0346388704 25/03/2008 0.80 n/a
Fund Y-ACC-Euro
Fidelity Funds – Global Financial Services LU1711970159 08/11/2017 0.80 n/a
Fund Y-ACC-USD
Fidelity Funds – Global Financial Services LU0936578532 25/09/2013 0.80 n/a
Fund Y-Euro
Fidelity Funds – Global Focus Fund LU1366333091 12/05/2016 1.50 n/a
A-ACC-USD
Fidelity Funds – Global Focus Fund A-USD LU0157215616 14/01/2003 1.50 n/a
Fidelity Funds – Global Health Care Fund LU0882574055 27/03/2013 1.50 n/a
A-ACC-USD
Fidelity Funds – Global Health Care Fund LU0114720955 01/09/2000 1.50 n/a
A-Euro
Fidelity Funds – Global High Yield Fund LU0740037022 05/03/2012 1.00 n/a
A-ACC-USD
Fidelity Funds – Global High Yield Fund LU0740037378 05/03/2012 1.00 n/a
A-MINCOME-Euro (hedged)
Fidelity Funds – Global Income Fund LU0882574303 09/04/2013 0.90 n/a
A-ACC-USD
Fidelity Funds – Global Income Fund LU0882574568 09/04/2013 0.90 n/a
A-MINCOME(G)-USD

164
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – Global Industrials Fund LU0114722902 01/09/2000 1.50 n/a
A-Euro
Fidelity Funds – Global Inflation-linked Bond LU0353649279 29/05/2008 0.50 n/a
Fund A-ACC-Euro (hedged)
Fidelity Funds – Global Inflation-linked Bond LU0353648891 29/05/2008 0.50 n/a
Fund A-ACC-USD
Fidelity Funds – Global Low Volatility Equity LU1912680839 04/12/2018 1.30 n/a
Fund A-ACC-USD
Fidelity Funds – Global Low Volatility Equity LU1912680912 04/12/2018 1.30 n/a
Fund A-MINCOME(G)-USD
Fidelity Funds – Global Low Volatility Equity LU2057169125 09/10/2019 1.30 n/a
Fund A-MINCOME(G)-SGD (SGD/USD
hedged)
Fidelity Funds – Fidelity Funds – Global Multi LU1235295372 03/06/2015 1.15 n/a
Asset Defensive Fund A-ACC-SGD
Fidelity Funds – Global Multi Asset Dynamic LU0080751232 31/12/1997 1.25 n/a
Fund A-USD
Fidelity Funds – Global Multi Asset Growth & LU1235295455 03/06/2015 1.25 n/a
Income Fund A-ACC-SGD
Fidelity Funds – Global Multi Asset Growth & LU2242648520 23/06/2021 0.70 n/a
Income Fund Y-MCDIST(G)-USD
Fidelity Funds – Global Multi Asset Income LU1116430247 08/10/2014 1.25 n/a
Fund A-ACC-Euro
Fidelity Funds – Global Multi Asset Income LU0987487336 11/11/2013 1.25 n/a
Fund A-ACC-Euro (hedged)
Fidelity Funds – Global Multi Asset Income LU0905233846 27/03/2013 1.25 n/a
Fund A-ACC-USD
Fidelity Funds – Global Multi Asset Income LU1046420987 09/04/2014 1.25 n/a
Fund A-HMDIST(G)-AUD (hedged)
Fidelity Funds – Global Multi Asset Income LU1883994011 12/12/2018 1.25 n/a
Fund A-MCDIST(G)-SGD (SGD/USD hedged)
Fidelity Funds – Global Multi Asset Income LU1883993989 12/12/2018 1.25 n/a
Fund A-MCDIST(G)-USD
Fidelity Funds – Global Multi Asset Income LU1563521951 17/02/2017 1.25 n/a
Fund A-MDIST-Euro
Fidelity Funds – Global Multi Asset Income LU0905234497 27/03/2013 1.25 n/a
Fund A-MINCOME(G)-HKD
Fidelity Funds – Global Multi Asset Income LU1084809471 21/07/2014 1.25 n/a
Fund A-MINCOME(G)-SGD
Fidelity Funds – Global Multi Asset Income LU1391767313 15/04/2016 1.25 n/a
Fund A-MINCOME(G)-SGD (SGD/USD
hedged)
Fidelity Funds – Global Multi Asset Income LU0905234141 27/03/2013 1.25 n/a
Fund A-MINCOME(G)-USD
Fidelity Funds – Global Multi Asset Income LU0987487419 11/11/2013 1.25 n/a
Fund A-QINCOME(G)- Euro (hedged)

165
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – Global Multi Asset Income LU0905234570 27/03/2013 1.25 n/a
Fund A-QINCOME (G)-SGD
Fidelity Funds – Global Multi Asset Income LU1622746433 09/06/2017 0.70 n/a
Fund Y-MINCOME(G)-USD
Fidelity Funds – Global Property Fund LU0237698757 05/12/2005 1.50 n/a
A-ACC-Euro
Fidelity Funds – Global Property Fund LU0237698914 05/12/2005 1.50 n/a
A-ACC-USD
Fidelity Funds – Global Property Fund A-Euro LU0237697510 05/12/2005 1.50 n/a
Fidelity Funds – Global Property Fund A-USD LU0237698245 05/12/2005 1.50 n/a
Fidelity Funds – Global Short Duration LU0390710027 25/11/2008 0.75 n/a
Income Fund A-ACC-USD
Fidelity Funds – Global Short Duration LU0390710613 25/11/2008 0.75 n/a
Income Fund A-MDIST-USD
Fidelity Funds – Global Technology Fund LU1823568750 13/06/2018 1.50 n/a
A-ACC-SGD
Fidelity Funds – Global Technology Fund LU1046421795 09/04/2014 1.50 n/a
A-ACC-USD
Fidelity Funds – Global Technology Fund LU0099574567 01/09/1999 1.50 n/a
A-Euro
Fidelity Funds – Global Technology Fund LU1560650563 23/02/2017 0.80 n/a
Y-ACC-USD
Fidelity Funds – Global Thematic LU0251129895 03/07/2006 1.50 n/a
Opportunities Fund A-ACC-Euro
Fidelity Funds – Global Thematic LU2242649171 14/04/2021 1.50 n/a
Opportunities Fund A-ACC-HKD
Fidelity Funds – Global Thematic LU0251132253 03/07/2006 1.50 n/a
Opportunities Fund A-ACC-USD
Fidelity Funds – Global Thematic LU0069451390 16/02/2004 1.50 n/a
Opportunities Fund A-Euro
Fidelity Funds – Global Thematic LU0048584097 31/12/1991 1.50 n/a
Opportunities Fund A-USD
Fidelity Funds – Global Thematic LU2242649338 14/04/2021 0.80 n/a
Opportunities Fund I-ACC-USD
Fidelity Funds – Global Thematic LU2242649767 14/04/2021 0.80 n/a
Opportunities Fund Y-ACC-SGD
Fidelity Funds – Global Thematic LU0370789132 14/07/2008 0.80 n/a
Opportunities Fund Y-ACC-USD
Fidelity Funds – Global Thematic LU0936580785 09/10/2013 0.80 n/a
Opportunities Fund Y-Euro
Fidelity Funds – Global Thematic LU0936580512 09/10/2013 0.80 n/a
Opportunities Fund Y-USD
Fidelity Funds – Greater China Fund A-SGD LU0370786039 09/07/2008 1.50 n/a
Fidelity Funds – Greater China Fund A-USD LU0048580855 01/10/1990 1.50 n/a
Fidelity Funds – Greater China Fund LU1235261044 12/06/2015 1.30 n/a
SR-ACC-SGD

166
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – Greater China Fund LU0346391161 25/03/2008 0.80 n/a
Y-ACC-USD
Fidelity Funds – Greater China Fund II LU0605518397 16/05/2011 0.80 n/a
S-ACC-SGD
Fidelity Funds – Greater China Multi Asset LU1366333505 01/03/2016 1.25 n/a
Growth & Income Fund A-ACC-USD
Fidelity Funds – Greater China Multi Asset LU1439104586 23/02/2017 1.25 n/a
Growth & Income Fund A-HMDIST(G)-AUD
(AUD/USD hedged)
Fidelity Funds – Greater China Multi Asset LU1439103000 23/02/2017 1.25 n/a
Growth & Income Fund A-MINCOME(G)-
SGD
Fidelity Funds – Greater China Multi Asset LU1439102887 23/02/2017 1.25 n/a
Growth & Income Fund A-MINCOME(G)-
USD
Fidelity Funds – Iberia Fund A-Euro LU0048581077 01/10/1990 1.50 n/a
Fidelity Funds – India Focus Fund A-SGD LU0287143357 27/08/2007 1.50 n/a
Fidelity Funds – India Focus Fund A-USD LU0197229882 23/08/2004 1.50 n/a
Fidelity Funds – India Focus Fund LU0346391245 17/03/2008 0.80 n/a
Y-ACC-USD
Fidelity Funds – Indonesia Fund A-USD LU0055114457 05/12/1994 1.50 n/a
Fidelity Funds – Indonesia Fund Y-ACC-USD LU0346391328 25/03/2008 0.80 n/a
Fidelity Funds – Italy Fund A-ACC-Euro LU0922333322 07/05/2013 1.50 n/a
Fidelity Funds – Italy Fund A-Euro LU0048584766 01/10/1990 1.50 n/a
Fidelity Funds – Italy Fund Y-ACC-Euro LU0318940342 22/10/2007 0.80 n/a
Fidelity Funds – Italy Fund Y-Euro LU1273507951 20/08/2015 0.80 n/a
Fidelity Funds – Japan Advantage Fund A-JPY LU0161332480 30/01/2003 1.50 n/a
Fidelity Funds – Japan Aggressive Fund A-JPY LU1060955314 06/05/2014 1.50 n/a
Fidelity Funds – Japan Aggressive Fund LU0261965585 14/08/2006 0.80 n/a
I-ACC-JPY
Fidelity Funds – Latin America Fund LU1213835942 16/04/2015 1.50 n/a
A-ACC-Euro
Fidelity Funds – Latin America Fund LU1224710043 19/05/2015 1.50 n/a
A-ACC-USD
Fidelity Funds – Latin America Fund A-USD LU0050427557 09/05/1994 1.50 n/a
Fidelity Funds – Latin America Fund LU0346391674 25/03/2008 0.80 n/a
Y-ACC-USD
Fidelity Funds – Nordic Fund A-SEK LU0048588080 01/10/1990 1.50 n/a
Fidelity Funds – Pacific Fund A-ACC-Euro LU0368678339 02/06/2008 1.50 n/a
Fidelity Funds – Pacific Fund A-SGD LU1046422090 09/04/2014 1.50 n/a
Fidelity Funds – Pacific Fund A-USD LU0049112450 10/01/1994 1.50 n/a
Fidelity Funds – Pacific Fund A-USD (hedged) LU1235295612 03/06/2015 1.50 n/a
Fidelity Funds – Pacific Fund Y-ACC-Euro LU0951203180 12/09/2013 0.80 n/a
Fidelity Funds – Pacific Fund Y-ACC-USD LU0346391831 17/03/2008 0.80 n/a
Fidelity Funds – Pacific Fund Y-USD LU0936581676 09/10/2013 0.80 n/a

167
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – SMART Global Defensive LU0056886558 04/08/1997 1.15 n/a
Fund A-Euro
Fidelity Funds – Sustainable Asia Equity Fund LU2348703278 09/06/2021 1.50 n/a
A-ACC-Euro (hedged)
Fidelity Funds – Sustainable Asia Equity Fund LU0251144936 15/05/2006 1.50 n/a
A-SGD
Fidelity Funds – Sustainable Asia Equity Fund LU0048597586 01/10/1990 1.50 n/a
A-USD
Fidelity Funds – Sustainable Asia Equity Fund LU1235261630 12/06/2015 1.30 n/a
SR-ACC-SGD
Fidelity Funds – Sustainable Asia Equity Fund LU2348702627 09/06/2021 0.80 n/a
Y-ACC-Euro (hedged)
Fidelity Funds – Sustainable Asian Bond Fund LU2386144906 17/11/2021 1.00 n/a
A-ACC-Euro
Fidelity Funds – Sustainable Asian Bond Fund LU2386145978 17/11/2021 1.00 n/a
A-ACC-Euro (hedged)
Fidelity Funds – Sustainable Asian Bond Fund LU2386145036 17/11/2021 1.00 n/a
A-ACC-USD
Fidelity Funds – Sustainable Asian Bond Fund LU2390473358 08/12/2021 1.00 n/a
A-MCDIST-SGD (hedged)
Fidelity Funds – Sustainable Asian Bond Fund LU2390473192 08/12/2021 1.00 n/a
A-MINCOME(G)-USD
Fidelity Funds – Sustainable Asian Bond Fund LU2386145200 17/11/2021 1.00 n/a
A-MINCOME(G)-SGD (hedged)
Fidelity Funds – Sustainable Asian Bond Fund LU2386145622 17/11/2021 0.55 n/a
Y-ACC-Euro
Fidelity Funds – Sustainable Asian Bond Fund LU2386145895 17/11/2021 0.55 n/a
Y-ACC-USD
Fidelity Funds – Sustainable Asian Bond Fund LU2390473275 08/12/2021 0.55 n/a
Y-MINCOME(G)-USD
Fidelity Funds – Sustainable China A Shares LU2385790154 01/12/2021 1.50 n/a
Fund A-ACC-Euro
Fidelity Funds – Sustainable China A Shares LU2385789222 01/12/2021 1.50 n/a
Fund A-ACC-RMB
Fidelity Funds – Sustainable China A Shares LU2385789495 01/12/2021 1.50 n/a
Fund A-ACC-SGD (SGD/USD hedged)
Fidelity Funds – Sustainable China A Shares LU2385789578 01/12/2021 1.50 n/a
Fund A-ACC-USD
Fidelity Funds – Sustainable China A Shares LU2385790238 01/12/2021 1.50 n/a
Fund A-Euro
Fidelity Funds – Sustainable China A Shares LU2385790402 01/12/2021 0.80 n/a
Fund Y-ACC-Euro
Fidelity Funds – Sustainable China A Shares LU2385789909 08/12/2021 0.80 n/a
Fund Y-ACC-RMB
Fidelity Funds – Sustainable China A Shares LU2385790071 01/12/2021 0.80 n/a
Fund Y-ACC-USD
Fidelity Funds – Sustainable Climate Solutions LU2376061086 18/08/2021 1.50 n/a
Fund A-ACC-Euro

168
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – Sustainable Climate Solutions LU2348336343 06/07/2021 1.50 n/a
Fund A-ACC-SGD (SGD/USD hedged)
Fidelity Funds – Sustainable Climate Solutions LU2348335964 06/07/2021 1.50 n/a
Fund A-ACC-USD
Fidelity Funds – Sustainable Climate Solutions LU2349440961 14/07/2021 1.50 n/a
Fund A-Euro
Fidelity Funds – Sustainable Climate Solutions LU2348336269 06/07/2021 0.80 n/a
Fund Y-ACC- USD
Fidelity Funds – Sustainable Consumer Brands LU0882574139 27/03/2013 1.50 n/a
Fund A-ACC-USD
Fidelity Funds – Sustainable Consumer Brands LU0114721508 01/09/2000 1.50 n/a
Fund A-Euro
Fidelity Funds – Sustainable Consumer Brands LU0116932293 08/09/2000 1.50 n/a
Fund A-GBP
Fidelity Funds – Sustainable Europe Equity LU0979392841 05/11/2013 1.50 n/a
Fund A-ACC-CZK (hedged)
Fidelity Funds – Sustainable Europe Equity LU0251128657 03/07/2006 1.50 n/a
Fund A-ACC-Euro
Fidelity Funds – Sustainable Europe Equity LU0997586432 10/01/2014 1.50 n/a
Fund A-ACC-USD (hedged)
Fidelity Funds – Sustainable Europe Equity LU0088814487 30/09/1998 1.50 n/a
Fund A-Euro
Fidelity Funds – Sustainable Europe Equity LU0346388290 17/03/2008 0.80 n/a
Fund Y-ACC-Euro
Fidelity Funds – Sustainable Eurozone Equity LU0238202427 12/12/2005 1.50 n/a
Fund A-ACC-Euro
Fidelity Funds – Sustainable Eurozone Equity LU2219351876 10/02/2021 1.50 n/a
Fund A-Euro
Fidelity Funds – Sustainable Future LU1881514001 11/12/2018 1.50 n/a
Connectivity Fund A-ACC-Euro
Fidelity Funds – Sustainable Future LU2338036424 22/09/2021 1.50 n/a
Connectivity Fund A-ACC-SGD (SGD/USD
hedged)
Fidelity Funds – Sustainable Future LU2247934214 28/10/2020 1.50 n/a
Connectivity Fund A-ACC-USD
Fidelity Funds – Sustainable Future LU1881514779 11/12/2018 0.80 n/a
Connectivity Fund Y-ACC-Euro
Fidelity Funds – Sustainable Future LU2247934487 28/10/2020 0.80 n/a
Connectivity Fund Y ACC USD
Fidelity Funds – Sustainable Japan Equity LU2456868384 27/04/2022 1.50 n/a
Fund A-ACC-SGD (SGD/JPY hedged)
Fidelity Funds – Sustainable Japan Equity LU0997586945 10/01/2014 1.50 n/a
Fund A-ACC-USD (hedged)
Fidelity Funds – Sustainable Japan Equity LU0048585144 01/10/1990 1.50 n/a
Fund A-JPY
Fidelity Funds – Sustainable Japan Equity LU0251144696 15/05/2006 1.50 n/a
Fund A-SGD

169
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – Sustainable Multi Asset LU0138981039 20/11/2001 1.25 n/a
Income Fund A-USD (formerly known as
Fidelity Funds – Multi Asset Income Fund
A-USD)
Fidelity Funds – Sustainable Strategic Bond LU0594300849 08/03/2011 1.00 n/a
Fund A-ACC-USD
Fidelity Funds – Sustainable Strategic Bond LU0859966730 10/12/2012 1.00 n/a
Fund A-GMDIST-Euro (hedged)
Fidelity Funds – Sustainable Strategic Bond LU2308741409 14/04/2021 0.50 n/a
Fund Y-ACC-USD
Fidelity Funds – Sustainable US Equity Fund LU2244417205 11/08/2021 1.50 n/a
A-ACC-Euro (hedged)
Fidelity Funds – Sustainable US Equity Fund LU2244417387 11/08/2021 1.50 n/a
A-ACC-USD
Fidelity Funds – Sustainable US Equity Fund LU0187121727 01/03/2004 1.50 n/a
A-USD
Fidelity Funds – Sustainable US Equity Fund LU2244417627 11/08/2021 0.80 n/a
Y-ACC-GBP
Fidelity Funds – Sustainable Water & Waste LU1892829828 07/11/2018 1.50 n/a
Fund A-ACC-Euro
Fidelity Funds – Sustainable Water & Waste LU1892830248 07/11/2018 1.50 n/a
Fund A-ACC-Euro (Euro/USD hedged)
Fidelity Funds – Sustainable Water & Waste LU2296468007 10/02/2021 1.50 n/a
Fund A-ACC-SGD (SGD/USD hedged)
Fidelity Funds – Sustainable Water & Waste LU1892829315 07/11/2018 1.50 n/a
Fund A-ACC-USD
Fidelity Funds – Sustainable Water & Waste LU2242162548 14/10/2020 0.53 n/a
Fund RY-ACC-CHF
Fidelity Funds – Sustainable Water & Waste LU2242162621 14/10/2020 0.53 n/a
Fund RY-ACC-Euro
Fidelity Funds – Sustainable Water & Waste LU2242162464 14/10/2020 0.53 n/a
Fund RY-ACC-USD
Fidelity Funds – Sustainable Water & Waste LU1892830081 07/11/2018 0.80 n/a
Fund Y-ACC-Euro
Fidelity Funds – Sustainable Water & Waste LU1892830321 07/11/2018 0.80 n/a
Fund Y-ACC-Euro (Euro/USD hedged)
Fidelity Funds – Sustainable Water & Waste LU1892829406 07/11/2018 0.80 n/a
Fund Y-ACC-USD
Fidelity Funds – Switzerland Fund A-CHF LU0054754816 13/02/1995 1.50 n/a
Fidelity Funds – Thailand Fund A-USD LU0048621477 01/10/1990 1.50 n/a
Fidelity Funds – Thailand Fund Y-ACC-USD LU0346392136 25/03/2008 0.80 n/a
Fidelity Funds – US Dollar Bond Fund LU0261947682 25/09/2006 0.75 n/a
A-ACC-USD
Fidelity Funds – US Dollar Bond Fund LU0168055563 09/06/2003 0.75 n/a
A-MDIST-USD
Fidelity Funds – US Dollar Bond Fund A-USD LU0048622798 12/11/1990 0.75 n/a

170
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – US Dollar Bond Fund LU0346392482 17/03/2008 0.40 n/a
Y-ACC-USD
Fidelity Funds – US Dollar Bond Fund LU1284737852 15/09/2015 0.40 n/a
Y-MDIST-USD
Fidelity Funds – US Dollar Bond Fund Y-USD LU1284737779 15/09/2015 0.40 n/a
Fidelity Funds – US Dollar Cash Fund A-USD LU0064963852 20/09/1993 0.15 n/a
Fidelity Funds – US High Yield Fund LU0261953904 25/09/2006 1.00 n/a
A-ACC-Euro
Fidelity Funds – US High Yield Fund A LU0337581549 18/05/2011 1.00 n/a
-ACC-Euro (hedged)
Fidelity Funds – US High Yield Fund LU0605520377 06/04/2011 1.00 n/a
A-ACC-USD
Fidelity Funds – US High Yield Fund A-Euro LU0132385880 05/09/2001 1.00 n/a
Fidelity Funds – US High Yield Fund A-GBP LU0132385534 05/09/2001 1.00 n/a
Fidelity Funds – US High Yield Fund LU0963542310 18/09/2013 1.00 n/a
A-MDIST-AUD (hedged)
Fidelity Funds – US High Yield Fund LU0251145404 15/05/2006 1.00 n/a
A-MDIST-SGD
Fidelity Funds – US High Yield Fund LU0168057262 09/06/2003 1.00 n/a
A-MDIST-USD
Fidelity Funds – US High Yield Fund LU0937948932 18/06/2013 1.00 n/a
A-MINCOME(G)-USD
Fidelity Funds – US High Yield Fund LU0532245395 18/08/2010 1.00 n/a
A-MINCOME-HKD
Fidelity Funds – US High Yield Fund LU0532245122 18/08/2010 1.00 n/a
A-MINCOME-USD
Fidelity Funds – US High Yield Fund A-USD LU0132282301 05/09/2001 1.00 n/a
Fidelity Funds – US High Yield Fund LU2122943900 26/02/2020 0.48 n/a
RY-ACC-Euro (hedged)
Fidelity Funds – US High Yield Fund LU2122944031 26/02/2020 0.48 n/a
RY-ACC-USD
Fidelity Funds – US High Yield Fund RY-USD LU2122944114 26/02/2020 0.48 n/a
Fidelity Funds – US High Yield Fund LU1261432576 07/08/2015 0.65 n/a
Y-ACC-Euro
Fidelity Funds – US High Yield Fund LU0665148036 16/09/2011 0.65 n/a
Y-ACC-Euro (hedged)
Fidelity Funds – US High Yield Fund LU0370788753 02/07/2008 0.65 n/a
Y-ACC-USD
Fidelity Funds – US High Yield Fund Y-Euro LU0936582484 09/10/2013 0.65 n/a
Fidelity Funds – US High Yield Fund Y-GBP LU1273508330 20/08/2015 0.65 n/a
Fidelity Funds – US High Yield Fund LU1273508256 20/08/2015 0.65 n/a
Y-MDIST-AUD (hedged)
Fidelity Funds – US High Yield Fund LU1273508090 20/08/2015 0.65 n/a
Y-MDIST-SGD
Fidelity Funds – US High Yield Fund LU1273508173 20/08/2015 0.65 n/a
Y-MDIST-USD

171
Fidelity Funds Singapore Prospectus

Annual
Annual
management
Share class name ISIN number Launch date distribution
fee rate
fee rate (%)
(AMF) (%)
Fidelity Funds – US High Yield Fund LU1284734321 15/09/2015 0.65 n/a
Y-MINCOME-HKD
Fidelity Funds – US High Yield Fund LU1284733786 15/09/2015 0.65 n/a
Y-MINCOME-USD
Fidelity Funds – US High Yield Fund Y-USD LU0936582211 09/10/2013 0.65 n/a
Fidelity Funds – World Fund A-ACC-SGD LU1261432733 07/08/2015 1.50 n/a
Fidelity Funds – World Fund A-ACC-USD LU1084165304 17/07/2014 1.50 n/a
Fidelity Funds – World Fund A-Euro LU0069449576 06/09/1996 1.50 n/a
Fidelity Funds – World Fund Y-ACC-USD LU1084165486 17/07/2014 0.80 n/a

* For this Share class, an asset allocation fee of up to 0.30% and an annual management fee that will range from
0.40% to 1.50% are levied. In keeping with the change in asset allocation of the underlying investments, the
annual management fee would decrease over time as investment in bonds and cash increases. The figure shown
is the sum of the annual management fee and the annual asset allocation fee levied on this Share class as of the
date of this Schedule 1.

Trailer fee

Your financial advisor is required to disclose to you the amount of trailer fee it receives from the Investment
Manager and this is set out according to Share classes in the table below.

Class A Shares
Equity Sub-Funds and Management fee retained by the Investment Manager: 34% to 100% of the AMF
Equity Income Sub-Funds Paid to the financial advisor (trailer fee): 0% to 66% of the AMF
Multi Asset Sub-Funds Management fee retained by the Investment Manager: 34% to 100% of the AMF
Paid to the financial advisor (trailer fee): 0% to 66% of the AMF
Bond Sub-Funds Management fee retained by the Investment Manager: 34% to 100% of the
AMF
Paid to the financial advisor (trailer fee): 0% to 66% of the AMF
Cash Sub-Funds Management fee retained by the Investment Manager: 100%
Paid to the financial advisor (trailer fee): 0% of the AMF
Lifestyle Sub-Funds Management fee retained by the Investment Manager: 50% to 83% of the AMF
Paid to the financial advisor (trailer fee): 17% to 50% of the AMF
Systematic Multi Asset Risk Management fee retained by the Investment Manager: 50% to 80% of the AMF
Targeted Sub-Funds Paid to the financial advisor (trailer fee): 20% to 50% of the AMF
Class SR Shares
Equity Sub-Funds and Management fee retained by the Investment Manager: 34% to 100% of the
Equity Income Sub-Funds AMF
Paid to the financial advisor (trailer fee): 0% to 66% of the AMF
Class RY, Y, I and S Shares
No trailer fee is payable for these Share classes

172
Fidelity Funds Singapore Prospectus

SCHEDULE 2

EURO STOXX 50® INDEX (THE “INDEX”)

As of 31 October 2021, the top 10 largest constituents of the Index are as follows:

Rank Company ICB Super-Sector Weighting (as % of Index)

1. ASML Holding Technology 9.18

2. LVMH Moet Hennessy Consumer Products and Services 5.63

3. Linde Chemicals 4.52

4. SAP Technology 4.32

5. TotalEnergies Energy 3.61

6. Siemens Industrial Goods and Services 3.33

7. Sanofi Health Care 3.12

8. L'Oreal Consumer Products and Services 3.02

9. Schneider Electric Industrial Goods and Services 2.67

10. Allianz Insurance 2.62

Please note that if for any reason the licence to use EURO STOXX 50® is terminated or is no longer available
for use by Fidelity Funds, this could prevent Fidelity Funds – EURO STOXX 50® Fund from achieving its
objective. In the event that the Index ceases to be operated or is not available, the Board will consider whether the
Fidelity Funds – EURO STOXX 50® Fund should maintain its current structure until such time as the Index is
made available again or change its objective to track another index with similar characteristics of the Index. The
Management Company is independent of the Index provider, STOXX Limited.

173
Fidelity Funds Singapore Prospectus

FIDELITY FUNDS

REPLACEMENT SINGAPORE PROSPECTUS

LODGED PURSUANT TO THE SECURITIES AND FUTURES ACT 2001

NISHITH GANDHI
Permanent Representative
FIL (LUXEMBOURG) S.A.
Corporate Director, Fidelity Funds

NISHITH GANDHI
Permanent Representative
FIL (LUXEMBOURG) S.A.
Corporate Director, Fidelity Funds
for and on behalf of

ANNE RICHARDS
Director of Fidelity Funds

DR. YOUSEF A. AL-AWADI K.B.E.

Director of Fidelity Funds

DIDIER CHERPITEL
Director of Fidelity Funds

CARINE FEIPEL
Director of Fidelity Funds

ABBY JOHNSON
Director of Fidelity Funds

GLEN MORENO
Director of Fidelity Funds

JON SKILLMAN
Director of Fidelity Funds

174
PERFORMANCE OF THE SUB-FUNDS OF FIDELITY FUNDS
issued by
FIL INVESTMENT MANAGEMENT (SINGAPORE) LIMITED
to be distributed with the
SINGAPORE PROSPECTUS FOR FIDELITY FUNDS

A. Past Performance of the Sub-Funds1 (as at 31 August 2021)

S&P 500 Index (Net) USD 30.6% 17.4% 17.4% - 14.7%

Fidelity Funds - America

12.6.15 12.6.15 SR-ACC SGD 31.5% 6.2% 7.5% - 6.6%
Fund

S&P 500 Index (Net) SGD 29.2% 16.7% 17.0% - 14.7%

Fidelity Funds - America SR-ACC

12.6.15 12.6.15 SGD 32.4% 6.0% 7.0% - 6.1%
Fund (hedged)

S&P 500 Index (Net)

SGD 30.4% 16.5% 16.6% - 14.2%
Hedged to SGD

i
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds - American
30.6.97 7.7.97 A USD 26.8% 15.0% 15.8% 13.8% 9.1%
Growth Fund

Japan Small Cap Australia USD 39.8% 12.8% 10.9% - 10.5%
Capped 10% Index (Net)

Fidelity Funds - Asian

20.8.15 20.8.15 Y EUR 43.0% 9.0% 7.7% - 10.2%
Smaller Companies Fund

MSCI AC Asia Pacific ex

Japan Small Cap Australia EUR 41.7% 12.3% 9.6% - 9.5%
Capped 10% Index (Net)

Fidelity Funds - Asian 7.12.11 7.12.11 Y-ACC USD 41.0% 9.6% 9.0% - 12.0%
Smaller Companies Fund
MSCI AC Asia Pacific ex
Japan Small Cap Australia USD 39.8% 12.8% 10.9% - 8.1%
Capped 10% Index (Net)

Fidelity Funds - Asian

7.8.15 7.8.15 Y-ACC EUR 42.9% 8.9% 7.7% - 8.5%
Smaller Companies Fund

MSCI AC Asia Pacific ex

Japan Small Cap Australia EUR 41.7% 12.3% 9.6% - 7.8%
Capped 10% Index (Net)

MSCI China Index (Net) HKD -4.8% 7.0% 10.9% 7.2% 5.4%

Fidelity Funds - China A-ACC

9.4.14 9.4.14 AUD -12.9% 3.5% 7.9% - 6.5%
Consumer Fund (hedged)

MSCI China Index (Net)

AUD -6.4% 4.7% 9.5% - 7.9%
Hedged to AUD

Fidelity Funds - China

GBP -3.0% 5.9% 9.7% 9.0% 7.0%
10% Index

v
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds - China
5.10.15 5.10.15 Y SGD 4.3% 1.2% 7.3% - 6.7%
Focus Fund

MSCI China Capped

viii
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds - European A-ACC
20.8.15 20.8.15 SGD 12.5% 11.6% 13.1% - 12.2%
Dynamic Growth Fund (hedged)
MSCI Europe Index (Net)
SGD 30.7% 9.9% 10.5% - 8.8%
Hedged to SGD
Fidelity Funds - European
25.9.13 25.9.13 Y EUR 19.9% 14.0% 14.0% - 13.0%
Dynamic Growth Fund

MSCI Europe Index (Net) EUR 30.9% 9.2% 8.8% - 7.6%

Fidelity Funds - European

22.10.07 22.10.07 Y-ACC EUR 19.9% 14.0% 14.0% 14.8% 8.8%
Dynamic Growth Fund

MSCI Europe Index (Net) EUR 30.9% 9.2% 8.8% 9.6% 4.2%

Fidelity Funds - European Y-ACC

13.12.17 13.12.17 USD 20.0% 15.3% - - 15.8%
Dynamic Growth Fund (hedged)
MSCI Europe Index (Net)
USD 31.0% 10.7% - - 9.1%
Hedged to USD
Fidelity Funds -
1.10.90 1.10.90 A EUR 17.8% 2.6% 5.3% 7.9% 8.9%
European Growth Fund
MSCI Europe Index
EUR 30.9% 9.4% 9.2% 10.1% 8.7%
(Net)7
Fidelity Funds -
27.10.10 27.10.10 A SGD 15.0% 2.5% 6.2% 7.0% 4.9%
European Growth Fund
MSCI Europe Index
SGD 27.8% 9.3% 10.2% 9.1% 7.2%
(Net)7
Fidelity Funds - A-ACC
10.1.14 10.1.14 USD 17.4% 3.8% 7.1% - 6.4%
European Growth Fund (hedged)

MSCI Europe Index (Net)

USD 31.0% 10.9% 11.5% - 9.2%
Hedged to USD7

Fidelity Funds -
17.3.08 17.3.08 Y-ACC EUR 25.3% 5.3% 7.3% 9.3% 5.9%
European Growth Fund

MSCI Europe Index

EUR 30.9% 9.4% 9.2% 10.1% 6.8%
(Net)7

Fidelity Funds -
12.6.15 12.6.15 SR-ACC EUR 24.6% 4.6% 6.6% - 3.9%
European Growth Fund
MSCI Europe Index
EUR 30.9% 9.4% 9.2% - 5.9%
(Net)7
Fidelity Funds -
12.6.15 12.6.15 SR-ACC SGD 21.7% 4.6% 7.6% - 4.7%
European Growth Fund
MSCI Europe Index
SGD 27.8% 9.3% 10.2% - 6.7%
(Net)7
Fidelity Funds - European
16.9.02 16.9.02 A EUR 17.7% 2.5% 5.2% 8.7% 6.3%
Larger Companies Fund

MSCI Europe Index (Net) EUR 30.9% 9.2% 8.8% 9.6% 6.8%

HDAX® Total Return

CHF 23.4% 8.3% 9.1% - 6.1%
Index Hedged to CHF

Fidelity Funds - Global

14.3.12 14.3.12 A-ACC USD 20.9% 14.3% 13.8% - 12.1%
Demographics Fund

MSCI ACWI Index (Net) USD 28.6% 14.3% 14.3% - 11.0%

Fidelity Funds - Global

28.3.18 28.3.18 A-ACC SGD 19.6% 13.5% - - 14.4%
Demographics Fund

MSCI ACWI Index (Net) SGD 27.3% 13.6% - - 14.9%

MSCI AC World
EUR 45.6% 7.9% 9.1% 11.0% 2.7%
Financials Index7

Fidelity Funds - Global

8.9.00 2.10.00 A GBP 31.1% 7.6% 10.0% 11.7% 6.0%
Financial Services Fund

MSCI AC World
GBP 39.8% 6.4% 9.3% 10.6% 4.3%
Financials Index7

Fidelity Funds - Global

19.2.16 19.2.16 A-ACC SGD 33.2% 9.0% 10.7% - 11.7%
Financial Services Fund

MSCI AC World
SGD 42.2% 7.7% 10.1% - 11.4%
Financials Index7

Fidelity Funds - Global A-ACC

20.8.15 20.8.15 USD 34.9% 10.0% 11.3% - 8.7%
Financial Services Fund (hedged)
MSCI AC World
Financials Index (Net) USD 43.4% 8.9% 11.0% - 8.5%
Hedged to USD7
Fidelity Funds - Global
25.9.13 25.9.13 Y EUR 45.2% 12.0% 11.9% - 11.8%
Financial Services Fund

MSCI AC World
EUR 45.6% 7.9% 9.1% - 8.8%
Financials Index7

xi
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date

Fidelity Funds - Global

8.11.17 8.11.17 Y-ACC USD 43.4% 12.7% - - 10.6%
Financial Services Fund

MSCI AC World
USD 43.7% 8.4% - - 6.8%
Financials Index

Fidelity Funds - Global

25.3.08 25.3.08 Y-ACC EUR 45.3% 12.0% 11.9% 13.6% 8.4%
Financial Services Fund

MSCI AC World
EUR 45.6% 7.9% 9.1% 11.0% 5.4%
Financials Index7

Fidelity Funds - Global

14.1.03 14.1.03 A USD 23.4% 13.5% 13.9% 11.0% 9.3%
Focus Fund

MSCI ACWI Index (Net)7 USD 28.6% 14.3% 14.3% 11.3% 9.1%

Fidelity Funds - Global

12.5.16 12.5.16 A-ACC USD 23.5% 13.6% 13.9% - 14.6%
Focus Fund

MSCI ACWI Index (Net) USD 28.6% 14.3% 14.3% - 14.6%

A- MINCOME
Low Volatility Equity 4.12.18 4.12.18 USD 6.4% - - - 8.8%
(G)
Fund

MSCI World Index (Net) USD 29.8% - - - 19.6%

Fidelity Funds - Global A-MINCOME

Low Volatility Equity 9.10.19 9.10.19 (G) (SGD/USD SGD 6.2% - - - 6.3%
Fund hedged)
MSCI World Index (Net)
SGD 30.2% - - - 22.9%
Hedged to SGD

xii
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds - Global
5.12.05 5.12.05 A USD 16.7% 5.4% 4.6% 6.2% 4.2%
Property Fund
FTSE EPRA/NAREIT
USD 33.3% 7.6% 5.6% 7.5% 5.7%
Developed Index (Net)
Fidelity Funds - Global
5.12.05 5.12.05 A EUR 18.2% 4.8% 3.4% 8.4% 4.2%
Property Fund
FTSE EPRA/NAREIT
EUR 35.1% 7.0% 4.4% 9.7% 5.6%
Developed Index (Net)
Fidelity Funds - Global
5.12.05 5.12.05 A-ACC USD 16.7% 5.4% 4.6% 6.3% 4.2%
Property Fund
FTSE EPRA/NAREIT
USD 33.3% 7.6% 5.6% 7.5% 5.7%
Developed Index (Net)
Fidelity Funds - Global
5.12.05 5.12.05 A-ACC EUR 18.2% 4.8% 3.4% 8.4% 4.2%
Property Fund
FTSE EPRA/NAREIT
EUR 35.1% 7.0% 4.4% 9.7% 5.6%
Developed Index (Net)
Fidelity Funds - Global
1.9.99 30.9.99 A EUR 35.2% 26.7% 24.8% 23.2% 7.3%
Technology Fund
MSCI AC World
Information Technology EUR 34.9% 27.6% 26.9% 23.6% 7.7%
Index7
Fidelity Funds - Global
9.4.14 9.4.14 A-ACC USD 33.5% 27.4% 26.2% - 22.1%
Technology Fund
MSCI AC World
Information Technology USD 33.1% 28.3% 28.4% - 22.4%
Index
Fidelity Funds - Global
13.6.18 13.6.18 A-ACC SGD 32.1% 26.6% - - 25.8%
Technology Fund
MSCI AC World
Information Technology SGD 31.7% 27.5% - - 27.4%
Index
Fidelity Funds - Global
23.2.17 23.2.17 Y-ACC USD 42.1% 30.8% - - 28.4%
Technology Fund
MSCI AC World
Information Technology USD 33.1% 28.3% - - 28.5%
Index
Fidelity Funds - Global
Thematic Opportunities 31.12.91 31.12.91 A USD 21.3% 8.7% 9.8% 9.4% 7.1%
Fund

MSCI ACWI Index7 USD 27.6% 14.3% 14.5% 12.0% 7.9%

Fidelity Funds - Global

MSCI ACWI Index7 SGD - - - - -

Fidelity Funds - Greater

1.10.90 1.10.90 A USD 7.5% 11.3% 13.2% 10.0% 12.8%
China Fund
MSCI Golden Dragon
USD 8.5% 11.1% 12.7% 8.8% 12.1%
Index (Net)7
Fidelity Funds - Greater
9.7.08 9.7.08 A SGD 6.4% 10.5% 12.9% 11.2% 8.9%
China Fund
MSCI Golden Dragon
SGD 7.3% 10.4% 12.4% 10.0% 7.4%
Index (Net)7

xiv
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds - Greater
25.3.08 25.3.08 Y-ACC USD 14.4% 14.3% 15.4% 11.4% 9.7%
China Fund
MSCI Golden Dragon
USD 8.5% 11.1% 12.7% 8.8% 6.6%
Index (Net)7
Fidelity Funds - Greater
12.6.15 12.6.15 SR-ACC SGD 12.5% 12.8% 14.3% - 9.7%
China Fund
MSCI Golden Dragon
SGD 7.3% 10.4% 12.4% - 8.0%
Index (Net)7
Fidelity Funds - Greater
16.5.11 16.5.11 S-ACC SGD 13.2% 13.6% 15.0% 12.6% 10.8%
China Fund II
MSCI Golden Dragon
SGD 7.3% 10.4% 12.4% 10.0% 8.2%
Index (Net)
Fidelity Funds - Iberia
1.10.90 1.10.90 A EUR 14.2% -0.1% 3.8% 6.9% 8.9%
Fund
80% MSCI Spain Index
(Net); 20% MSCI EUR 27.5% 1.7% 4.4% 3.3% 7.2%
Portugal Index (Net)7
Fidelity Funds - India
23.8.04 23.8.04 A USD 49.0% 11.7% 12.3% 9.1% 12.1%
Focus Fund
MSCI India Capped 8%
USD 56.3% 13.5% 13.0% 8.6% 13.1%
Index (Net)7
Fidelity Funds - India
27.8.07 27.8.07 A SGD 47.5% 11.0% 12.0% 10.4% 4.8%
Focus Fund
MSCI India Capped 8%
SGD 54.6% 12.8% 12.7% 9.8% 5.6%
Index (Net)7
Fidelity Funds - India
17.3.08 17.3.08 Y-ACC USD 58.6% 14.7% 14.4% 10.6% 7.6%
Focus Fund
MSCI India Capped 8%
USD 56.3% 13.5% 13.0% 8.6% 6.6%
Index (Net)7
Fidelity Funds - Indonesia
5.12.94 5.12.94 A USD 3.4% -1.3% -2.7% -1.9% 3.4%
Fund
MSCI Indonesia IMI
USD 10.2% -2.5% -2.6% -2.2% 1.8%
Capped 8% Index7
Fidelity Funds - Indonesia
25.3.08 25.3.08 Y-ACC USD 10.1% 1.4% -0.9% -0.6% 4.5%
Fund
MSCI Indonesia IMI
USD 10.2% -2.5% -2.6% -2.2% 2.1%
Capped 8% Index7
Fidelity Funds - Italy
1.10.90 1.10.90 A EUR 32.6% 8.0% 7.5% 8.8% 7.8%
Fund
FTSE Italia All Share
EUR 35.5% 10.7% 11.5% 8.8% 5.7%
Index (Net)7
Fidelity Funds - Italy
7.5.13 7.5.13 A-ACC EUR 32.6% 8.0% 7.6% - 6.9%
Fund
FTSE Italia All Share
EUR 35.5% 10.7% 11.5% - 8.7%
Index (Net)7

xv
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds - Italy
20.8.15 20.8.15 Y EUR 41.1% 10.9% 9.6% - 4.7%
Fund
FTSE Italia All Share
EUR 35.5% 10.7% 11.5% - 4.9%
Index (Net)7
Fidelity Funds - Italy
22.10.07 22.10.07 Y-ACC EUR 41.2% 10.9% 9.6% 10.3% 2.1%
Fund
FTSE Italia All Share
EUR 35.5% 10.7% 11.5% 8.8% 0.3%
Index (Net)7
Fidelity Funds - Japan
30.1.03 31.1.03 A JPY 25.9% 6.4% 11.1% 10.6% 8.2%
Advantage Fund
TOPIX Total Return
JPY 23.8% 6.6% 10.6% 11.2% 7.5%
Index7
Fidelity Funds - Japan
6.5.14 6.5.14 A JPY 21.5% 7.9% 13.9% - 12.6%
Aggressive Fund

TOPIX Total Return Index JPY 23.8% 6.6% 10.6% - 9.4%

Fidelity Funds - Japan

14.8.06 14.8.06 I-ACC JPY 29.5% 11.0% 16.4% 17.6% 6.2%
Aggressive Fund

TOPIX Total Return Index JPY 23.8% 6.6% 10.6% 12.2% 3.4%

Fidelity Funds - Latin

9.5.94 25.5.94 A USD 25.8% 4.9% 3.7% -2.0% 5.3%
America Fund
MSCI EM Latin America
USD 34.7% 3.9% 3.9% -1.2% 7.4%
Index (Net)7
Fidelity Funds - Latin
19.5.15 19.5.15 A-ACC USD 25.8% 4.8% 3.7% - 1.6%
America Fund

MSCI EM Latin America

USD 34.7% 3.9% 3.9% - 1.9%
Index (Net)7

Fidelity Funds - Latin

16.4.15 16.4.15 A-ACC EUR 27.4% 4.2% 2.5% - 0.4%
America Fund

MSCI EM Latin America

EUR 36.5% 3.4% 2.7% - 0.5%
Index (Net)7

Fidelity Funds - Latin

25.3.08 25.3.08 Y-ACC USD 33.9% 7.7% 5.7% -0.7% 0.7%
America Fund

MSCI EM Latin America

USD 34.7% 3.9% 3.9% -1.2% 0.0%
Index (Net)7

Fidelity Funds - Nordic

1.10.90 1.10.90 A SEK 30.9% 5.1% 10.1% 13.4% 12.4%
Fund

FTSE Nordic 30 Index SEK 36.5% 15.5% 15.7% 15.2% 11.9%

Fidelity Funds - Pacific

10.1.94 10.1.94 A USD 26.5% 10.4% 9.9% 9.1% 6.0%
Fund

MSCI AC Pacific Index

USD 16.9% 8.9% 10.2% 7.4% 4.1%
(Net)7

17.3.08 17.3.08 Y-ACC USD 34.6% 13.3% 12.1% 10.6% 8.5%
Fund
MSCI AC Pacific Index
USD 16.9% 8.9% 10.2% 7.4% 5.7%
(Net)
Fidelity Funds - Pacific
12.9.13 12.9.13 Y-ACC EUR 36.3% 12.7% 10.8% - 12.1%
Fund
MSCI AC Pacific Index
EUR 18.5% 8.4% 8.9% - 8.7%
(Net)
Fidelity Funds -
Sustainable Asia Equity 1.10.90 1.10.90 A USD 13.3% 10.8% 11.8% 6.5% 8.8%
Fund
MSCI AC Asia ex-Japan
USD 17.6% 10.2% 11.4% 7.4% 7.0%
Index (Net)7
Fidelity Funds -
Sustainable Asia Equity 15.5.06 15.5.06 A SGD 12.1% 10.0% 11.5% 7.7% 6.8%
Fund
MSCI AC Asia ex-Japan
SGD 16.4% 9.6% 11.1% 8.6% 6.3%
Index (Net)7
Fidelity Funds -
A-ACC
Sustainable Asia Equity 9.6.21 9.6.21 EUR - - - - -
(hedged)
Fund2
MSCI AC Asia ex-Japan
Index (Net) Hedged to EUR - - - - -
EUR
Fidelity Funds -
Y-ACC
Sustainable Asia Equity 9.6.21 9.6.21 EUR - - - - -
(hedged)
Fund2
MSCI AC Asia ex-Japan
Index (Net) Hedged to EUR - - - - -
EUR

xvii
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds -
Sustainable Asia Equity 12.6.15 12.6.15 SR-ACC SGD 18.6% 12.3% 12.9% - 9.9%
Fund
MSCI AC Asia ex-Japan
SGD 16.4% 9.6% 11.1% - 8.1%
Index (Net)7
Fidelity Funds -
Sustainable China A 1.12.21 1.12.21 A EUR - - - - -
Shares Fund5
MSCI China A
International Net USD EUR - - - - -
Index
Fidelity Funds -
Sustainable China A 1.12.21 1.12.21 A-ACC USD - - - - -
Shares Fund5
MSCI China A
International Net USD USD - - - - -
Index
Fidelity Funds -
Sustainable China A 1.12.21 1.12.21 A-ACC EUR - - - - -
Shares Fund5
MSCI China A
International Net EUR - - - - -
USD Index
Fidelity Funds -
Sustainable China A 1.12.21 1.12.21 A-ACC RMB - - - - -
Shares Fund5
MSCI China A
International Net USD RMB - - - - -
Index
Fidelity Funds -
A-ACC (SGD/
Sustainable China A 1.12.21 1.12.21 SGD - - - - -
USD hedged)
Shares Fund5
MSCI China A
International Net USD SGD - - - - -
Index
Fidelity Funds -
Sustainable China A 1.12.21 1.12.21 Y-ACC USD - - - - -
Shares Fund5
MSCI China A
International Net USD USD - - - - -
Index
Fidelity Funds -
Sustainable China A 1.12.21 1.12.21 Y-ACC EUR - - - - -
Shares Fund5
MSCI China A Interna-
tional Net USD Index
EUR - - - - -

Fidelity Funds -
Sustainable China A 8.12.21 8.12.21 Y-ACC RMB - - - - -
Shares Fund5
MSCI China A
International Net USD RMB - - - - -
Index

xviii
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds -
Sustainable Climate 14.7.21 14.7.21 A EUR - - - - -
Solutions Fund2

MSCI ACWI Index EUR - - - - -

Fidelity Funds -
Sustainable Climate 6.7.21 6.7.21 A-ACC USD - - - - -
Solutions Fund2

MSCI ACWI Index USD - - - - -

Fidelity Funds -
Sustainable Climate 18.8.21 18.8.21 A-ACC EUR - - - - -
Solutions Fund2

MSCI ACWI Index EUR - - - - -

Fidelity Funds -
A-ACC (SGD/
Sustainable Climate 6.7.21 6.7.21 SGD - - - - -
USD hedged)
Solutions Fund2

MSCI ACWI Index SGD - - - - -

Fidelity Funds -
Sustainable Climate 6.7.21 6.7.21 Y-ACC USD - - - - -
Solutions Fund2

MSCI ACWI Index USD - - - - -

Fidelity Funds -
Sustainable Consumer 1.9.00 1.9.00 A EUR 14.8% 13.1% 12.5% 14.3% 7.1%
Brands Fund

MSCI ACWI Index7 EUR 17.7% 13.2% 11.1% 14.2% 6.6%

Fidelity Funds -
Sustainable Consumer 8.9.00 2.10.00 A GBP 10.3% 11.5% 12.7% 13.9% 8.9%
Brands Fund

MSCI ACWI Index7 GBP 13.1% 11.6% 11.3% 13.9% 8.5%

Fidelity Funds -
Sustainable Consumer 27.3.13 27.3.13 A-ACC USD 13.3% 13.8% 13.7% - 11.3%
Brands Fund

MSCI ACWI Index7 USD 16.2% 13.7% 12.4% - 10.9%

Fidelity Funds -
Sustainable Europe Equity 30.9.98 30.9.98 A EUR 12.2% 4.8% 5.4% 8.1% 4.8%
Fund

MSCI Europe Index7 EUR 32.4% 9.0% 9.5% 9.8% 5.0%

xix
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds -
Sustainable Europe Equity 3.7.06 3.7.06 A-ACC EUR 12.2% 4.8% 5.4% 8.1% 3.8%
Fund

MSCI Europe Index7 EUR 32.4% 9.0% 9.5% 9.8% 4.5%

Fidelity Funds -
A-ACC
Sustainable Europe Equity 10.1.14 10.1.14 USD 13.1% 7.0% 7.6% - 5.8%
(hedged)
Fund

MSCI Europe Index

USD 34.1% 11.3% 11.9% - 9.1%
Hedged to USD7

Fidelity Funds -
A-ACC
Sustainable Europe Equity 5.11.13 5.11.13 CZK 12.5% 5.6% 5.5% - 4.7%
(hedged)
Fund

MSCI Europe Index

CZK 32.4% 9.3% 9.5% - 7.7%
Hedged to CZK7

Fidelity Funds -
Sustainable Europe Equity 17.3.08 17.3.08 Y-ACC EUR 19.4% 7.6% 7.4% 9.6% 5.6%
Fund

MSCI Europe Index7 EUR 32.4% 9.0% 9.5% 9.8% 5.2%

Fidelity Funds -
Sustainable Eurozone 10.2.21 10.2.21 A EUR - - - - -
Equity Fund2

MSCI EMU Index (Net) EUR - - - - -

Fidelity Funds -
Sustainable Eurozone 12.12.05 12.12.05 A-ACC EUR 24.2% 11.2% 10.0% 10.0% 5.2%
Equity Fund

MSCI EMU Index (Net)7 EUR 32.4% 9.7% 9.1% 9.7% 5.4%

Fidelity Funds -
Sustainable Future 23.11.20 28.10.20 A-ACC USD - - - - -
Connectivity Fund2

MSCI ACWI Index (Net) USD - - - - -

Fidelity Funds -
Sustainable Future
11.12.18 11.12.18 A-ACC EUR 20.6% - - - 24.8%
Connectivity Fund

MSCI ACWI Index (Net) EUR 30.3% - - - 18.0%

Fidelity Funds -
A-ACC (SGD/
Sustainable Future 22.9.21 22.9.21 SGD - - - - -
USD hedged)
Connectivity Fund5

MSCI ACWI Index (Net) SGD - - - - -

xx
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds -
Sustainable Future 23.11.20 28.10.20 Y-ACC USD - - - - -
Connectivity Fund2

MSCI ACWI Index (Net) USD - - - - -

Fidelity Funds -
Sustainable Future 11.12.18 11.12.18 Y-ACC EUR 28.5% - - - 28.4%
Connectivity Fund

MSCI ACWI Index (Net) EUR 30.3% - - - 18.0%

Fidelity Funds -
Sustainable Japan Equity 1.10.90 1.10.90 A JPY 20.2% 9.7% 11.0% 10.5% 2.3%
Fund

TOPIX Total Return Index JPY 23.8% 6.6% 10.6% 12.2% 2.3%

Fidelity Funds -
Sustainable Japan Equity 15.5.06 15.5.06 A SGD 14.5% 9.3% 9.4% 7.7% -0.3%
Fund

TOPIX Total Return Index SGD 18.2% 6.3% 8.9% 9.4% 2.0%

Fidelity Funds -
A-ACC
Sustainable Japan Equity 10.1.14 10.1.14 USD 20.5% 11.1% 12.3% - 7.3%
(hedged)
Fund

TOPIX Total Return Index

USD 24.1% 8.0% 12.0% - 8.6%
Hedged USD

Fidelity Funds -
Sustainable US Equity 1.3.04 1.3.04 A USD 20.9% 13.9% 13.0% 12.4% 8.0%
Fund

S&P 500 Index (Net) USD 30.6% 17.4% 17.4% 15.6% 9.6%

Fidelity Funds -
Sustainable US Equity 11.8.21 11.8.21 A-ACC USD - - - - -
Fund2

S&P 500 Index (Net) USD - - - - -

Fidelity Funds -
A-ACC
Sustainable US Equity 11.8.21 11.8.21 EUR - - - - -
(hedged)
Fund2

S&P 500 Index (Net)

EUR - - - - -
Hedged to EUR

Fidelity Funds -
Sustainable US Equity 11.8.21 11.8.21 Y-ACC GBP - - - - -
Fund2

S&P 500 Index (Net) GBP - - - - -

xxi
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds -
Sustainable Water & 7.11.18 7.11.18 A-ACC USD 27.3% - - - 15.8%
Waste Fund

MSCI ACWI Index (Net) USD 28.6% - - - 17.1%

Fidelity Funds -
Sustainable Water & 7.11.18 7.11.18 A-ACC EUR 29.0% - - - 14.6%
Waste Fund

MSCI ACWI Index (Net) EUR 30.3% - - - 15.9%

Fidelity Funds -
A-ACC (Euro/
Sustainable Water & 7.11.18 7.11.18 EUR 25.9% - - - 13.3%
USD hedged)
Waste Fund

MSCI ACWI Index (Net) EUR 30.3% - - - 15.9%

Fidelity Funds -
A-ACC (SGD/
Sustainable Water & 10.2.21 10.2.21 SGD - - - - -
USD hedged)
Waste Fund2

MSCI ACWI Index (Net) SGD - - - - -

Fidelity Funds -
Sustainable Water & 14.10.20 14.10.20 RY-ACC USD - - - - -
Waste Fund2

MSCI ACWI Index (Net) USD - - - - -

Fidelity Funds -
Sustainable Water & 14.10.20 14.10.20 RY-ACC CHF - - - - -
Waste Fund2

MSCI ACWI Index (Net) CHF - - - - -

Fidelity Funds -
Sustainable Water & 14.10.20 14.10.20 RY-ACC EUR - - - - -
Waste Fund2

MSCI ACWI Index (Net) EUR - - - - -

Fidelity Funds -
Sustainable Water & 7.11.18 7.11.18 Y-ACC USD 35.6% - - - 19.0%
Waste Fund

MSCI ACWI Index (Net) USD 28.6% - - - 17.1%

Fidelity Funds -
Sustainable Water & 7.11.18 7.11.18 Y-ACC EUR 37.3% - - - 17.8%
Waste Fund

MSCI ACWI Index (Net) EUR 30.3% - - - 15.9%

xxii
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds -
Y-ACC (Euro/
Sustainable Water & 7.11.18 7.11.18 EUR 34.0% - - - 16.5%
USD hedged)
Waste Fund

MSCI ACWI Index (Net) EUR 30.3% - - - 15.9%

Fidelity Funds -
13.2.95 13.2.95 A CHF 18.2% 9.9% 10.5% 10.3% 8.3%
Switzerland Fund
MSCI Switzerland Index
CHF 24.1% 13.4% 11.2% 11.1% 7.5%
(Net)7

Fidelity Funds - Thailand

1.10.90 1.10.90 A USD 8.8% -4.0% 1.7% 4.2% 6.2%
Fund

Bangkok SET Capped

USD 21.8% -0.9% 2.8% 3.9% 3.8%
Index7

Fidelity Funds - Thailand

25.3.08 25.3.08 Y-ACC USD 15.9% -1.4% 3.7% 5.6% 7.9%
Fund

Bangkok SET Capped

USD 21.8% -0.9% 2.8% 3.9% 7.0%
Index7

Fidelity Funds - World

6.9.96 8.10.96 A EUR 20.7% 11.0% 12.1% 14.0% 7.9%
Fund

MSCI World Index (Net)7 EUR 31.5% 14.4% 13.5% 14.3% 8.2%

Fidelity Funds - World

17.7.14 17.7.14 A-ACC USD 19.2% 11.6% 13.4% - 10.0%
Fund

MSCI World Index (Net)7 USD 29.8% 15.0% 14.8% - 10.7%

Fidelity Funds - World

7.8.15 7.8.15 A-ACC SGD 17.9% 10.9% 13.1% - 9.9%
Fund

MSCI World Index (Net) SGD 28.4% 14.3% 14.5% - 11.6%

Fidelity Funds - World

17.7.14 17.7.14 Y-ACC USD 26.9% 14.6% 15.6% - 11.8%
Fund

MSCI World Index (Net)7 USD 29.8% 15.0% 14.8% - 10.7%

Equity Income Sub-Funds

Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date

Fidelity Funds - Asia

16.12.04 16.12.04 A USD 19.4% 10.1% 10.1% 7.3% 8.1%
Pacific Dividend Fund

MSCI AC Asia Pacific ex

USD 19.0% 10.4% 11.5% 7.4% 9.2%
Japan Index (Gross)

xxiii
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date

Fidelity Funds - Asia

20.8.15 20.8.15 Y-ACC USD 27.1% 13.1% 12.2% - 12.2%
Pacific Dividend Fund

MSCI AC Asia Pacific ex

USD 19.0% 10.4% 11.5% - 11.2%
Japan Index (Gross)

Fidelity Funds - European

22.11.16 22.11.16 A-MCDIST (G) EUR 17.4% 5.9% - - 5.9%
Dividend Fund

MSCI Europe Index (Net) EUR 30.9% 9.2% - - 9.3%

Fidelity Funds - European A-MINCOME

10.1.14 10.1.14 USD 17.2% 7.3% 7.3% - 6.7%
Dividend Fund (G) (hedged)

MSCI Europe Index (Net)

USD 31.0% 10.7% 11.1% - 8.6%
Hedged to USD

Fidelity Funds - European A-QINCOME

3.12.12 3.12.12 EUR 17.4% 5.9% 5.1% - 6.7%
Dividend Fund (G)

MSCI Europe Index (Net) EUR 30.9% 9.2% 8.8% - 8.7%

Fidelity Funds - Global

4.5.12 4.5.12 A-ACC USD 13.1% 9.3% 8.2% - 9.1%
Dividend Fund

MSCI ACWI Index (Net) USD 28.6% 14.3% 14.3% - 11.5%

Fidelity Funds - Global

7.8.15 7.8.15 A-ACC EUR 14.5% 8.7% 7.0% - 6.0%
Dividend Fund

Fidelity Funds - Global A-MINCOME

30.1.12 30.1.12 USD 13.0% 9.3% 8.2% - 9.3%
Dividend Fund (G)

MSCI ACWI Index (Net) USD 28.6% 14.3% 14.3% - 11.5%

Fidelity Funds - Global A-MINCOME

30.1.12 30.1.12 EUR 14.5% 8.7% 7.0% - 10.5%
Dividend Fund (G)

MSCI ACWI Index (Net) EUR 30.3% 13.8% 13.0% - 12.7%

Fidelity Funds - Global A-MINCOME

10.5.12 10.5.12 HKD 13.5% 9.0% 8.3% - 9.2%
Dividend Fund (G)

MSCI ACWI Index (Net) HKD 29.1% 14.0% 14.4% - 11.8%

Fidelity Funds - Global A-MINCOME

30.1.12 30.1.12 SGD 11.9% 8.6% 8.0% - 10.0%
Dividend Fund (G)

MSCI ACWI Index (Net) SGD 27.3% 13.6% 14.0% - 12.3%

Fidelity Funds - Global A-MINCOME

10.5.17 10.5.17 SGD 13.7% 9.2% - - 7.9%
Dividend Fund (G) (hedged)

MSCI ACWI Index (Net)

SGD 28.5% 13.9% - - 13.2%
Hedged to SGD

Fidelity Funds - Global A-MINCOME

28.10.13 28.10.13 AUD 13.3% 8.5% 8.4% - 8.9%
Dividend Fund (G) (hedged)

MSCI ACWI Index (Net)

AUD 27.6% 12.6% 13.7% - 11.7%
Hedged to AUD

Fidelity Funds - Global A-QINCOME

30.1.12 30.1.12 USD 13.0% 9.3% 8.2% - 9.3%
Dividend Fund (G)

MSCI ACWI Index (Net) USD 28.6% 14.3% 14.3% - 11.5%

Fidelity Funds - Global

30.1.12 30.1.12 Y-ACC USD 20.3% 12.3% 10.4% - 10.8%
Dividend Fund

MSCI ACWI Index (Net) USD 28.6% 14.3% 14.3% - 11.5%

Fidelity Funds - Global

4.4.16 4.4.16 SR-ACC SGD 18.3% 10.8% 9.3% - 9.4%
Dividend Fund

MSCI ACWI Index (Net) SGD 27.3% 13.6% 14.0% - 14.3%

MSCI ACWI Index7 HKD - - - - -

xxvii
Since
Currency of
Launch Inception Since
Sub-Funds1/Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds - Asia
A-MINCOME
Pacific Multi Asset 23.2.17 23.2.17 SGD 0.2% 2.9% - - 3.3%
(G)
Growth & Income Fund4
Fidelity Funds - Asia A-MINCOME
Pacific Multi Asset 23.10.19 23.10.19 (G) (SGD/USD SGD 1.1% - - - 2.9%
Growth & Income Fund4 hedged)
Fidelity Funds - European
17.10.94 17.10.94 A EUR 6.4% 1.9% 2.3% 5.9% 6.3%
Multi Asset Income Fund4

Fidelity Funds - European A-ACC

9.4.14 9.4.14 USD 6.8% 4.2% 4.7% - 4.5%
Multi Asset Income Fund4 (hedged)

Fidelity Funds - European

22.11.16 22.11.16 A-MCDIST (G) EUR 6.5% 1.9% - - 2.7%
Multi Asset Income Fund4
Fidelity Funds - Global
Multi Asset Defensive 3.6.15 3.6.15 A-ACC SGD -1.5% -1.0% 0.1% - -0.3%
Fund4
Fidelity Funds - Global
31.12.97 6.1.98 A USD 6.0% 1.9% 3.2% 5.7% 4.5%
Multi Asset Dynamic Fund
75% MSCI ACWI Index;
25% Bloomberg Barclays USD 18.1% 11.3% 10.0% 9.6% 6.1%
Global Aggregate Index
Fidelity Funds - Global
Multi Asset Growth & 3.6.15 3.6.15 A-ACC SGD 3.8% 0.6% 1.6% - 0.9%
Income Fund4
Fidelity Funds – Global
Multi Asset Growth & 23.6.21 23.6.21 Y-MCDIST (G) USD - - - - -
Income Fund2&4
Fidelity Funds - Global
27.3.13 27.3.13 A-ACC USD 4.2% 3.9% 4.0% - 3.9%
Multi Asset Income Fund4

Fidelity Funds - Global

8.10.14 8.10.14 A-ACC EUR 5.5% 3.3% 2.8% - 4.9%
Multi Asset Income Fund4

Fidelity Funds - Global A-ACC

11.11.13 11.11.13 EUR 2.9% 1.9% 1.8% - 2.8%
Multi Asset Income Fund4 (hedged)

Fidelity Funds - Global A-HMDIST (G)

9.4.14 9.4.14 AUD 3.5% 3.2% 3.6% - 4.5%
Multi Asset Income Fund4 (hedged)

Fidelity Funds - Global

12.12.18 12.12.18 A-MCDIST(G) USD 4.1% - - - 5.1%
Multi Asset Income Fund4
A-MCDIST(G)
Fidelity Funds - Global
12.12.18 12.12.18 (SGD/USD SGD 3.9% - - - 4.6%
Multi Asset Income Fund4
hedged)
Fidelity Funds - Global
17.2.17 17.2.17 A-MDIST EUR 5.5% 3.3% - - 1.6%
Multi Asset Income Fund4

Fidelity Funds - Global A-MINCOME

27.3.13 27.3.13 USD 4.1% 3.9% 4.0% - 3.9%
Multi Asset Income Fund4 (G)

Fidelity Funds - Global A-

27.3.13 27.3.13 HKD 4.5% 3.6% 4.0% - 4.0%
Multi Asset Income Fund4 MINCOME(G)

xxviii
Since
Currency of
Launch Inception Since
Sub-Funds1/Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date

Fidelity Funds - Global A-MINCOME

21.7.14 21.7.14 SGD 3.0% 3.2% 3.7% - 4.6%
Multi Asset Income Fund4 (G)

A-MINCOME
Fidelity Funds - Global
15.4.16 15.4.16 (G) (SGD/USD SGD 4.0% 3.3% 3.2% - 3.8%
Multi Asset Income Fund4
hedged)

Fidelity Funds - Global A-QINCOME

27.3.13 27.3.13 SGD 3.0% 3.2% 3.7% - 4.9%
Multi Asset Income Fund4 (G)

A-
Fidelity Funds - Global
11.11.13 11.11.13 QINCOME(G) EUR 3.0% 1.9% 1.8% - 2.8%
Multi Asset Income Fund4
(hedged)

Fidelity Funds - Global Y-MINCOME

9.6.17 9.6.17 USD 10.7% 6.5% - - 5.5%
Multi Asset Income Fund4 (G)

Fidelity Funds -
Greater China Multi Asset 1.3.16 1.3.16 A-ACC USD -3.0% 3.7% 6.2% - 8.0%
Growth & Income Fund4
Fidelity Funds - A-HMDIST
Greater China Multi Asset 23.2.17 23.2.17 (G) (AUD/USD AUD -3.9% 2.6% - - 5.2%
Growth & Income Fund4 hedged)
Fidelity Funds -
A-MINCOME
Greater China Multi Asset 23.2.17 23.2.17 USD -3.0% 3.7% - - 6.0%
(G)
Growth & Income Fund4
Fidelity Funds -
A-MINCOME
Greater China Multi Asset 23.2.17 23.2.17 SGD -4.1% 3.1% - - 5.0%
(G)
Growth & Income Fund4
Fidelity Funds -
Sustainable Multi Asset
Income Fund (formerly
20.11.01 20.11.01 A USD 2.3% 3.3% 4.2% 3.8% 4.8%
known as Fidelity
Funds – Multi Asset
Income Fund)4

Bonds Sub-Funds

Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds -
Asia Pacific Strategic 30.11.15 30.11.15 A-ACC USD 1.0% 6.4% 3.4% - 3.7%
Income Fund4
Fidelity Funds -
A-HMDIST (G)
Asia Pacific Strategic 29.1.16 29.1.16 AUD 0.2% 5.6% 3.0% - 3.7%
(hedged)
Income Fund4
Fidelity Funds -
Asia Pacific Strategic 22.11.16 22.11.16 A-MCDIST (G) USD 1.0% 6.4% - - 4.0%
Income Fund4
Fidelity Funds -
A-MINCOME
Asia Pacific Strategic 29.1.16 29.1.16 USD 1.0% 6.4% 3.4% - 4.0%
(G)
Income Fund4

xxix
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds -
A-MINCOME
Asia Pacific Strategic 29.1.16 29.1.16 SGD 0.0% 5.6% 3.1% - 2.9%
(G)
Income Fund4
A-
Fidelity Funds -
MINCOME(G)
Asia Pacific Strategic 25.7.18 25.7.18 SGD 1.0% 6.0% - - 6.1%
(SGD/USD
Income Fund4
hedged)
Fidelity Funds -
24.6.15 24.6.15 A (hedged) EUR -2.9% 3.8% 0.9% - 2.0%
Asian Bond Fund
ICE BofA Asia Dollar
Investment Grade Index EUR 1.3% 4.8% 2.1% - 2.9%
Hedged to EUR
Fidelity Funds -
18.4.11 18.4.11 A-ACC USD -2.0% 6.0% 3.0% 4.3% 4.5%
Asian Bond Fund
ICE BofA Asia Dollar
USD 2.2% 6.9% 4.2% 4.9% 5.0%
Investment Grade Index
Fidelity Funds - A-HMDIST (G)
3.3.16 3.3.16 AUD -2.1% 5.4% 2.7% - 3.7%
Asian Bond Fund (hedged)
ICE BofA Asia Dollar
Investment Grade Index AUD 1.9% 6.2% 3.9% - 4.8%
Hedged to AUD
Fidelity Funds - A-HMDIST (G)
16.12.20 16.12.20 RMB - - - - -
Asian Bond Fund2 (hedged)
ICE BofA Asia Dollar
Investment Grade Index RMB - - - - -
Hedged to CNY
Fidelity Funds -
22.4.20 22.4.20 A-MCDIST (G) USD -2.0% - - - 6.3%
Asian Bond Fund
ICE BofA Asia Dollar
USD 2.2% - - - 6.1%
Investment Grade Index
Fidelity Funds -
23.6.21 23.6.21 A-MCDIST (G) HKD - - - - -
Asian Bond Fund2
ICE BofA Asia Dollar
HKD - - - - -
Investment Grade Index
Fidelity Funds -
18.4.11 18.4.11 A-MDIST USD -2.0% 6.0% 3.0% 4.3% 4.5%
Asian Bond Fund
ICE BofA Asia Dollar
USD 2.2% 6.9% 4.2% 4.9% 5.0%
Investment Grade Index
Fidelity Funds - A-MINCOME
3.3.16 3.3.16 USD -2.0% 6.0% 3.0% - 3.9%
Asian Bond Fund (G)
ICE BofA Asia Dollar
USD 2.2% 6.9% 4.2% - 4.9%
Investment Grade Index
Fidelity Funds - A-
3.3.16 3.3.16 HKD -1.6% 5.7% 3.1% - 3.9%
Asian Bond Fund MINCOME(G)
ICE BofA Asia Dollar
HKD 2.5% 6.6% 4.2% - 5.0%
Investment Grade Index

xxx
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds - A-MINCOME
13.6.16 13.6.16 SGD -2.1% 5.6% 2.5% - 3.0%
Asian Bond Fund (G) (hedged)
ICE BofA Asia Dollar
Investment Grade Index SGD 2.2% 6.5% 3.8% - 4.2%
Hedged to SGD
Fidelity Funds - I-QDIST
23.5.18 23.5.18 SGD 2.2% 7.4% - - 7.2%
Asian Bond Fund (hedged)
ICE BofA Asia Dollar
Investment Grade Index SGD 2.2% 6.5% - - 6.4%
Hedged to SGD
Fidelity Funds -
26.9.18 26.9.18 Y (hedged) EUR 1.1% - - - 6.1%
Asian Bond Fund
ICE BofA Asia Dollar
Investment Grade Index EUR 1.3% - - - 5.2%
Hedged to EUR
Fidelity Funds -
18.4.11 18.4.11 Y-ACC USD 2.0% 7.7% 4.2% 5.0% 5.1%
Asian Bond Fund
ICE BofA Asia Dollar
USD 2.2% 6.9% 4.2% 4.9% 5.0%
Investment Grade Index
Fidelity Funds - Y-ACC
14.10.20 14.10.20 CHF - - - - -
Asian Bond Fund2 (hedged)
ICE BofA Asia Dollar
Investment Grade Index CHF - - - - -
Hedged to CHF
Fidelity Funds - Y-MINCOME
10.2.21 10.2.21 USD - - - - -
Asian Bond Fund2 (G)
ICE BofA Asia Dollar
USD - - - - -
Investment Grade Index
Fidelity Funds -
15.9.15 15.9.15 Y-QDIST USD 2.0% 7.7% 4.2% - 5.1%
Asian Bond Fund
ICE BofA Asia Dollar
USD 2.2% 6.9% 4.2% - 5.1%
Investment Grade Index
Fidelity Funds -
10.1.11 10.1.11 A (hedged) EUR -0.5% 1.9% 1.1% 3.7% 3.1%
Asian High Yield Fund
ICE BofA Asian Dollar
High Yield Corporate
Index (Level 4 20% Lvl4 EUR 5.1% 5.0% 3.1% 5.1% 4.6%
Cap, 3% Constrained)
Hedged to EUR7
Fidelity Funds -
16.10.12 16.10.12 A (hedged) RMB 2.9% 5.3% 5.3% - 6.8%
Asian High Yield Fund
ICE BofA Asian Dollar
High Yield Corporate
Index (Level 4 20% Lvl4 RMB 9.1% 8.4% 6.8% - 7.9%
Cap, 3% Constrained)
Hedged to CNY

xxxi
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds -
2.4.07 2.4.07 A-ACC USD 0.4% 4.0% 3.4% 5.1% 4.6%
Asian High Yield Fund
ICE BofA Asian Dollar
High Yield Corporate
USD 6.2% 7.2% 5.3% 6.7% 7.1%
Index (Level 4 20% Lvl4
Cap, 3% Constrained)7
Fidelity Funds -
2.4.07 2.4.07 A-ACC EUR 1.7% 3.4% 2.2% 7.2% 5.3%
Asian High Yield Fund
ICE BofA Asian Dollar
High Yield Corporate
EUR 7.6% 6.7% 4.1% 8.8% 8.1%
Index (Level 4 20% Lvl4
Cap, 3% Constrained)7
Fidelity Funds - A-HMDIST (G)
9.4.14 9.4.14 AUD 0.1% 3.3% 3.1% - 4.9%
Asian High Yield Fund (hedged)
ICE BofA Asian Dollar
High Yield Corporate
Index (Level 4 20% Lvl4 AUD -0.2% 4.9% 4.0% - 6.0%
Cap, 3% Constrained)
Hedged to AUD
Fidelity Funds -
2.4.07 2.4.07 A-MDIST USD 0.4% 4.0% 3.4% 5.1% 4.6%
Asian High Yield Fund
ICE BofA Asian Dollar
High Yield Corporate
USD 6.2% 7.2% 5.3% 6.7% 7.1%
Index (Level 4 20% Lvl4
Cap, 3% Constrained)7
Fidelity Funds -
18.8.10 18.8.10 A-MDIST HKD 0.7% 3.7% 3.5% 5.1% 4.9%
Asian High Yield Fund
ICE BofA Asian Dollar
High Yield Corporate
HKD 6.5% 6.9% 5.3% 6.7% 6.4%
Index (Level 4 20% Lvl4
Cap, 3% Constrained)7
Fidelity Funds - A-MDIST
28.1.10 28.1.10 SGD 0.3% 3.5% 2.8% 4.9% 4.3%
Asian High Yield Fund (hedged)
ICE BofA Asian Dollar
High Yield Corporate
Index (Level 4 20% Lvl4 SGD 6.1% 6.6% 4.8% 6.3% 6.0%
Cap, 3% Constrained)
Hedged to SGD7
Fidelity Funds -
13.4.11 13.4.11 A-MINCOME USD 0.4% 4.0% 3.4% 5.1% 4.3%
Asian High Yield Fund
ICE BofA Asian Dollar
High Yield Corporate
USD 6.2% 7.2% 5.3% 6.7% 6.0%
Index (Level 4 20% Lvl4
Cap, 3% Constrained)7
Fidelity Funds - A-MINCOME
18.6.13 18.6.13 USD 0.4% 4.0% 3.4% - 4.5%
Asian High Yield Fund (G)
ICE BofA Asian Dollar
High Yield Corporate
USD 6.2% 7.2% 5.3% - 5.8%
Index (Level 4 20% Lvl4
Cap, 3% Constrained)

xxxii
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date

Fidelity Funds - A-MINCOME

3.6.15 3.6.15 SGD 0.4% 3.5% 2.9% - 4.0%
Asian High Yield Fund (G) (hedged)

ICE BofA Asian Dollar

High Yield Corporate
Index (Level 4 20% Lvl4 SGD 6.1% 6.6% 4.8% - 5.5%
Cap, 3% Constrained)
Hedged to SGD

Fidelity Funds -
10.1.11 10.1.11 Y (hedged) EUR 3.7% 3.6% 2.4% 4.6% 4.0%
Asian High Yield Fund

ICE BofA Asian Dollar

High Yield Corporate
Index (Level 4 20% Lvl4 EUR 5.1% 5.0% 3.1% 5.1% 4.6%
Cap, 3% Constrained)
Hedged to EUR7

Fidelity Funds -
21.7.08 21.7.08 Y-ACC USD 4.5% 5.8% 4.7% 6.0% 6.4%
Asian High Yield Fund

ICE BofA Asian Dollar

High Yield Index (Level 4
USD 6.2% 7.2% 5.3% 6.7% 8.0%
20% Lvl4 Cap, 3% Con-
strained)7

Fidelity Funds -
7.8.15 7.8.15 Y-ACC EUR 5.7% 5.1% 3.5% - 4.3%
Asian High Yield Fund

ICE BofA Asian Dollar

High Yield Corporate
EUR 7.6% 6.7% 4.1% - 4.8%
Index (Level 4 20% Lvl4
Cap, 3% Constrained)

Fidelity Funds - Y-ACC

9.4.14 9.4.14 SGD 4.5% 5.0% 4.3% - 6.6%
Asian High Yield Fund (hedged)

ICE BofA Asian Dollar

High Yield Corporate
Index (Level 4 20% Lvl4 SGD 6.1% 6.5% 5.0% - 6.8%
Cap, 3% Constrained)
Hedged to SGD

Fidelity Funds -
20.8.15 20.8.15 Y-MDIST USD 4.5% 5.8% 4.7% - 5.9%
Asian High Yield Fund

ICE BofA Asian Dollar

High Yield Corporate
USD 6.2% 7.2% 5.3% - 6.4%
Index (Level 4 20% Lvl4
Cap, 3% Constrained)

23.1.06 23.1.06 A USD 3.9% 5.7% 3.5% 4.6% 5.7%
Market Debt Fund
J.P. Morgan Emerging
Markets Bond Index USD 4.6% 6.9% 4.4% 5.4% 6.5%
Global Diversified7
Fidelity Funds - Emerging
23.1.06 23.1.06 A EUR 5.3% 5.1% 2.3% 6.7% 5.9%
Market Debt Fund
J.P. Morgan Emerging
Markets Bond Index EUR 6.0% 6.4% 3.2% 7.5% 6.8%
Global Diversified7
Fidelity Funds - Emerging
23.1.06 23.1.06 A-ACC USD 4.0% 5.7% 3.5% 4.6% 5.6%
Market Debt Fund
J.P. Morgan Emerging
Markets Bond Index USD 4.6% 6.9% 4.4% 5.4% 6.5%
Global Diversified7

Yield European Issuers
Constrained (Level 4 20% EUR 8.9% 5.6% 4.2% - 5.3%
Capped) Index Hedged to
EUR

ICE BofA Q880 Custom

ICE BofA Q880 Custom

5.9.01 5.9.01 A EUR 7.4% 3.7% 3.7% 7.7% 4.9%
Yield Fund

ICE BofA US High Yield

EUR 11.7% 6.3% 5.2% 9.0% 6.0%
Constrained Index

ICE BofA US High Yield

HKD 10.6% 6.5% 6.5% - 6.9%
Constrained Index

Cash Sub-Funds
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds - Euro
20.9.93 20.9.93 A EUR -1.1% -1.0% -0.8% -0.4% 1.4%
Cash Fund4
Fidelity Funds - US Dollar
20.9.93 20.9.93 A USD -0.3% 0.8% 0.8% 0.4% 2.1%
Cash Fund4

Fidelity Lifestyle Funds Sub-Funds

Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date
Fidelity Funds - Fidelity
10.5.02 10.5.02 A USD -5.8% -0.8% 2.3% 4.8% 4.4%
TargetTM 2020 Fund6
Fidelity Target 2020
USD 0.2% 1.6% 4.4% 6.6% 5.6%
Blend7

Systematic Multi Asset Risk Targeted Sub-Funds

xlviii
A1. Past Performance of new Share classes included in the Replacement Singapore Prospectus lodged
with the Authority on 31 March 2022 (as at 31 January 2022)

Equity Sub-Funds
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date

Fidelity Funds - ASEAN

25.9.06 25.9.06 A-ACC USD 0.0% 0.6% 4.3% 2.5% 6.1%
Fund

MSCI AC ASEAN Index

USD 1.4% -1.7% 2.8% 1.7% 5.9%
(Net)7

Fidelity Funds - Global

20.4.16 20.4.16 A-ACC EUR 25.6% 12.4% 8.1% - 9.7%
Financial Services Fund

MSCI AC World Financials

EUR 39.0% 12.2% 8.0% - 10.1%
Index7

Fidelity Funds -
A-ACC (SGD/
Sustainable Japan Equity 27.4.22 27.4.22 SGD - - - - -
JPY hedged)
Fund8

TOPIX Total Return Index SGD - - - - -

Equity Income Sub-Funds

Since
Currency of
Launch Inception Since
Sub-Funds1/Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date

Fidelity Funds - Global

25.9.06 25.9.06 A-ACC EUR 9.3% 0.1% -0.2% 4.7% 4.0%
Dividend Plus Fund

MSCI ACWI Index7 EUR 19.0% 7.8% 4.1% 7.4% 5.8%

Bond Sub-Funds
Since
Currency of
1 Launch Inception Since
Sub-Funds /Benchmark Class of Shares denomination 1 Year 3 years3 5 years3 10 years3
Date Performance Inception3
of shares
Start Date

Fidelity Funds - China A-HMDIST (G)

13.4.22 13.4.22 USD - - - - -
RMB Bond Fund4&8 (hedged)

Fidelity Funds - China

9.2.22 9.2.22 A-MCDIST (G) RMB - - - - -
RMB Bond Fund4&8

xlix
1
Investors should note that the past performance of any of the Sub-Funds/Share class is not necessarily
indicative of the future performance of the Sub-Fund/Share class.
2
As the Sub-Fund/Share class is newly established, a track record of at least one year is not available.
3
For periods longer than 1 year, the performance numbers are calculated based on the average annual
compounded return of the Sub-Fund/Share class.
4
There is no benchmark for this Sub-Fund/Share class. Please refer to the section on “Information on
Benchmark Changes for Certain Sub-Funds” for further details.
5
The Sub-Fund/Share class has not been launched as at date of the performance reporting (ie. 31 August
2021).
6
The benchmark for the Sub-Fund will change as the Sub-Fund, in line with the Sub-Fund’s investment
objective, reaches its maturity date.
7
The performance figures shown above are a blend of the current and historical benchmark figures.
8
The Sub-Fund/Share class has not been launched as at date of the performance reporting (ie. 31 January
2022).

Note:

(a) Performance numbers are calculated on a single pricing (NAV to NAV) basis and with net dividends
re-invested.

(b) Performance figures are calculated based on the Net Asset Value of the Sub-Fund after taking into account
any pricing adjustments (swing pricing). This may increase the variability of a Sub-Fund’s returns, as the
level of subscription/redemption activity may result in the application of pricing adjustments which would
affect the value of the Sub-Fund in addition to changes in the value of the underlying investments of the
Sub-Fund. Please see paragraph 15.2 of the Singapore Prospectus for details on the price adjustment policy
(swing pricing) of the Fund.

(d) Performance numbers for each share class of the sub-fund in this Annexure take into account the relevant
sales charge, if applicable.

(e) Euro performances shown in German Deutschmark until 31.12.1998.

l
B. Total Expense Ratios and Turnover Ratios

The total expenses ratios1 & 2 and turnover ratios3 of each of the Sub-Funds based on the audited accounts of the
Fidelity Funds for the year ended 30 April 2021 are:

Equity Sub-Funds

Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - America Fund A USD 1.89
Fidelity Funds - America Fund A SGD 1.89
Fidelity Funds - America Fund A (hedged) SGD 1.89
Fidelity Funds - America Fund A-ACC USD 1.89
Fidelity Funds - America Fund A-ACC (hedged) AUD 1.89 39.82
Fidelity Funds - America Fund Y-ACC USD 1.04
Fidelity Funds - America Fund SR-ACC USD 1.69
Fidelity Funds - America Fund SR-ACC SGD 1.69
Fidelity Funds - America Fund SR-ACC (hedged) SGD 1.69
Fidelity Funds - American Growth Fund A USD 1.90 86.45
Fidelity Funds - ASEAN Fund A USD 1.93
Fidelity Funds - ASEAN Fund A SGD 1.93
Fidelity Funds - ASEAN Fund A-ACC USD 1.93
Fidelity Funds - ASEAN Fund Y USD 1.08 48.74
Fidelity Funds - ASEAN Fund5 Y SGD NA
Fidelity Funds - ASEAN Fund Y-ACC USD 1.08
Fidelity Funds - ASEAN Fund5 Y-ACC SGD NA
Fidelity Funds - Asia Pacific Opportunities Fund A-ACC USD 1.91
Fidelity Funds - Asia Pacific Opportunities Fund A-ACC Euro 1.91 55.75
Fidelity Funds - Asia Pacific Opportunities Fund4 A-ACC (hedged) SGD 1.91
Fidelity Funds - Asian Equity Fund S-ACC SGD 1.18 59.64
Fidelity Funds - Asian Smaller Companies Fund A USD 1.92
Fidelity Funds - Asian Smaller Companies Fund A Euro 1.92
Fidelity Funds - Asian Smaller Companies Fund A-ACC USD 1.92
Fidelity Funds - Asian Smaller Companies Fund A-ACC Euro 1.92
Fidelity Funds - Asian Smaller Companies Fund A-ACC SGD 1.92 61.70
Fidelity Funds - Asian Smaller Companies Fund Y USD 1.07
Fidelity Funds - Asian Smaller Companies Fund Y Euro 1.07
Fidelity Funds - Asian Smaller Companies Fund Y-ACC USD 1.07
Fidelity Funds - Asian Smaller Companies Fund Y-ACC Euro 1.07
Fidelity Funds - Asian Special Situations Fund A USD 1.91
Fidelity Funds - Asian Special Situations Fund Y-ACC USD 1.06 62.78
Fidelity Funds - Asian Special Situations Fund SR-ACC SGD 1.71

li
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Australian Diversified Equity Fund
A AUD 1.92
(formerly known as Fidelity Funds - Australia Fund)
12.49
Fidelity Funds - Australian Diversified Equity Fund
Y-ACC AUD 1.07
(formerly known as Fidelity Funds - Australia Fund)
Fidelity Funds - China Consumer Fund A USD 1.90
Fidelity Funds - China Consumer Fund A Euro 1.90
Fidelity Funds - China Consumer Fund A GBP 1.90
Fidelity Funds - China Consumer Fund A SGD 1.90
Fidelity Funds - China Consumer Fund A-ACC USD 1.90 54.10
Fidelity Funds - China Consumer Fund A-ACC Euro 1.90
Fidelity Funds - China Consumer Fund A-ACC HKD 1.90
Fidelity Funds - China Consumer Fund A-ACC (hedged) AUD 1.90
Fidelity Funds - China Consumer Fund Y-ACC USD 1.05
Fidelity Funds - China Focus Fund A USD 1.91
Fidelity Funds - China Focus Fund A GBP 1.91
Fidelity Funds - China Focus Fund A SGD 1.91
Fidelity Funds - China Focus Fund A-ACC USD 1.91
Fidelity Funds - China Focus Fund A-ACC Euro 1.91
Fidelity Funds - China Focus Fund A-ACC HKD 1.91
9.35
Fidelity Funds - China Focus Fund Y USD 1.06
Fidelity Funds - China Focus Fund Y GBP 1.06
Fidelity Funds - China Focus Fund Y SGD 1.06
Fidelity Funds - China Focus Fund Y-ACC USD 1.06
Fidelity Funds - China Focus Fund Y-ACC Euro 1.06
Fidelity Funds - China Focus Fund SR-ACC SGD 1.71
Fidelity Funds - China Innovation Fund A USD 1.89
4
Fidelity Funds - China Innovation Fund A-ACC USD 1.88
Fidelity Funds - China Innovation Fund A-ACC Euro 1.89
Fidelity Funds - China Innovation Fund A-ACC HKD 1.89
4
Fidelity Funds - China Innovation Fund A-ACC SGD 1.88
125.65
4 A-ACC (SGD/USD
Fidelity Funds - China Innovation Fund SGD 1.88
hedged)
Fidelity Funds - China Innovation Fund Y-ACC USD 1.04
Fidelity Funds - China Innovation Fund4 Y-ACC Euro 1.03
Fidelity Funds - China Innovation Fund4 Y-ACC SGD 1.03
Fidelity Funds - Emerging Asia Fund A USD 1.94
Fidelity Funds - Emerging Asia Fund A Euro 1.94 20.64
Fidelity Funds - Emerging Asia Fund Y-ACC USD 1.09

lii
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Emerging Europe, Middle East and
A USD 1.92
Africa Fund
Fidelity Funds - Emerging Europe, Middle East and
A Euro 1.92 36.12
Africa Fund
Fidelity Funds - Emerging Europe, Middle East and
Y-ACC USD 1.07
Africa Fund
Fidelity Funds - Emerging Markets Focus Fund A USD 1.91
Fidelity Funds - Emerging Markets Focus Fund A Euro 1.92 32.02
Fidelity Funds - Emerging Markets Focus Fund Y-ACC USD 1.07
Fidelity Funds - Emerging Markets Fund A USD 1.91
Fidelity Funds - Emerging Markets Fund A SGD 1.91
Fidelity Funds - Emerging Markets Fund A-ACC USD 1.91
A-ACC (SGD/USD 36.70
Fidelity Funds - Emerging Markets Fund SGD 1.91
hedged)
Fidelity Funds - Emerging Markets Fund Y-ACC USD 1.06
Fidelity Funds - Emerging Markets Fund SR-ACC SGD 1.71
Fidelity Funds - EURO STOXX 50® Fund A Euro 0.28 18.14
Fidelity Funds - European Dynamic Growth Fund A Euro 1.89
Fidelity Funds - European Dynamic Growth Fund A SGD 1.89
Fidelity Funds - European Dynamic Growth Fund A-ACC Euro 1.89
Fidelity Funds - European Dynamic Growth Fund A-ACC (hedged) USD 1.89
32.56
Fidelity Funds - European Dynamic Growth Fund A-ACC (hedged) SGD 1.89
Fidelity Funds - European Dynamic Growth Fund Y Euro 1.04
Fidelity Funds - European Dynamic Growth Fund Y-ACC Euro 1.04
Fidelity Funds - European Dynamic Growth Fund Y-ACC (hedged) USD 1.04
Fidelity Funds - European Growth Fund A Euro 1.89
Fidelity Funds - European Growth Fund A SGD 1.89
Fidelity Funds - European Growth Fund A-ACC (hedged) USD 1.89
36.77
Fidelity Funds - European Growth Fund Y-ACC Euro 1.04
Fidelity Funds - European Growth Fund SR-ACC Euro 1.69
Fidelity Funds - European Growth Fund SR-ACC SGD 1.69
Fidelity Funds - European Larger Companies Fund A Euro 1.91
I-ACC (SGD/Euro 40.89
Fidelity Funds - European Larger Companies Fund SGD 0.89
hedged)
Fidelity Funds - European Smaller Companies Fund A Euro 1.90
Fidelity Funds - European Smaller Companies Fund A-ACC (hedged) USD 1.90 85.06
Fidelity Funds - European Smaller Companies Fund Y-ACC Euro 1.05
Fidelity Funds - Germany Fund A Euro 1.91
63.38
Fidelity Funds - Germany Fund A-ACC Euro 1.91

liii
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Germany Fund A-ACC (hedged) USD 1.91
Fidelity Funds - Germany Fund A-ACC (hedged) CHF 1.91
Fidelity Funds - Germany Fund Y Euro 1.06
63.38
Fidelity Funds - Germany Fund Y-ACC Euro 1.06
Fidelity Funds - Germany Fund Y-ACC (hedged) USD 1.06
Fidelity Funds - Germany Fund Y-ACC (hedged) CHF 1.06
Fidelity Funds - Global Demographics Fund A-ACC USD 1.91
Fidelity Funds - Global Demographics Fund A-ACC SGD 1.91
A-ACC 31.11
Fidelity Funds - Global Demographics Fund SGD 1.91
(SGD/USD hedged)
Fidelity Funds - Global Demographics Fund Y-ACC USD 1.06
Fidelity Funds - Global Financial Services Fund A USD 1.90
Fidelity Funds - Global Financial Services Fund A Euro 1.90
Fidelity Funds - Global Financial Services Fund A GBP 1.90
Fidelity Funds - Global Financial Services Fund A-ACC Euro 1.90
Fidelity Funds - Global Financial Services Fund A-ACC SGD 1.90 73.22
Fidelity Funds - Global Financial Services Fund A-ACC (hedged) USD 1.90
Fidelity Funds - Global Financial Services Fund Y Euro 1.05
Fidelity Funds - Global Financial Services Fund Y-ACC USD 1.05
Fidelity Funds - Global Financial Services Fund Y-ACC Euro 1.05
Fidelity Funds - Global Focus Fund A USD 1.91
76.27
Fidelity Funds - Global Focus Fund A-ACC USD 1.91
Fidelity Funds - Global Health Care Fund A Euro 1.90
65.92
Fidelity Funds - Global Health Care Fund A-ACC USD 1.90
Fidelity Funds - Global Industrials Fund A Euro 1.90 75.47
Fidelity Funds - Global Low Volatility Equity Fund A-ACC USD 1.72
Fidelity Funds - Global Low Volatility Equity Fund A-MINCOME(G) USD 1.72
46.25
A-MINCOME(G)
Fidelity Funds - Global Low Volatility Equity Fund SGD 1.72
(SGD/USD hedged)
Fidelity Funds - Global Property Fund A USD 1.92
Fidelity Funds - Global Property Fund A Euro 1.92
34.56
Fidelity Funds - Global Property Fund A-ACC USD 1.92
Fidelity Funds - Global Property Fund A-ACC Euro 1.92
Fidelity Funds - Global Technology Fund A Euro 1.89
Fidelity Funds - Global Technology Fund A-ACC USD 1.89
65.70
Fidelity Funds - Global Technology Fund A-ACC SGD 1.89
Fidelity Funds - Global Technology Fund Y-ACC USD 1.04

liv
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Global Thematic Opportunities Fund A USD 1.90
Fidelity Funds - Global Thematic Opportunities Fund A Euro 1.90
Fidelity Funds - Global Thematic Opportunities Fund A-ACC USD 1.90
Fidelity Funds - Global Thematic Opportunities Fund A-ACC Euro 1.90
Fidelity Funds - Global Thematic Opportunities Fund4 A-ACC HKD 1.89
4
56.51
Fidelity Funds - Global Thematic Opportunities Fund I-ACC USD 0.88
Fidelity Funds - Global Thematic Opportunities Fund Y USD 1.05
Fidelity Funds - Global Thematic Opportunities Fund Y Euro 1.05
Fidelity Funds - Global Thematic Opportunities Fund Y-ACC USD 1.05
Fidelity Funds - Global Thematic Opportunities Fund4 Y-ACC SGD 1.04
Fidelity Funds - Greater China Fund A USD 1.93
Fidelity Funds - Greater China Fund A SGD 1.93
61.78
Fidelity Funds - Greater China Fund Y-ACC USD 1.08
Fidelity Funds - Greater China Fund SR-ACC SGD 1.73
Fidelity Funds - Greater China Fund II S-ACC SGD 1.03 64.15
Fidelity Funds - Iberia Fund A Euro 1.93 27.90
Fidelity Funds - India Focus Fund A USD 1.93
Fidelity Funds - India Focus Fund A SGD 1.93 27.59
Fidelity Funds - India Focus Fund Y-ACC USD 1.08
Fidelity Funds - Indonesia Fund A USD 1.92
26.77
Fidelity Funds - Indonesia Fund Y-ACC USD 1.07
Fidelity Funds - Italy Fund A Euro 1.92
Fidelity Funds - Italy Fund A-ACC Euro 1.92
67.84
Fidelity Funds - Italy Fund Y Euro 1.07
Fidelity Funds - Italy Fund Y-ACC Euro 1.07
Fidelity Funds - Japan Advantage Fund A JPY 1.92 38.15
Fidelity Funds - Japan Aggressive Fund A JPY 1.91
67.21
Fidelity Funds - Japan Aggressive Fund I-ACC JPY 0.89
Fidelity Funds - Latin America Fund A USD 1.93
Fidelity Funds - Latin America Fund A-ACC USD 1.93
75.33
Fidelity Funds - Latin America Fund A-ACC Euro 1.93
Fidelity Funds - Latin America Fund Y-ACC USD 1.08
Fidelity Funds - Nordic Fund A SEK 1.92 29.85
Fidelity Funds - Pacific Fund A USD 1.92
Fidelity Funds - Pacific Fund A SGD 1.92
Fidelity Funds - Pacific Fund A (hedged) USD 1.92 41.55
Fidelity Funds - Pacific Fund A-ACC Euro 1.92
Fidelity Funds - Pacific Fund Y USD 1.07

lv
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Pacific Fund Y-ACC USD 1.07
41.55
Fidelity Funds - Pacific Fund Y-ACC Euro 1.07
Fidelity Funds - Sustainable Asia Equity Fund A USD 1.92
Fidelity Funds - Sustainable Asia Equity Fund A SGD 1.92
Fidelity Funds - Sustainable Asia Equity Fund5 A-ACC (hedged) Euro NA 32.44
5
Fidelity Funds - Sustainable Asia Equity Fund Y-ACC (hedged) Euro NA
Fidelity Funds - Sustainable Asia Equity Fund SR-ACC SGD 1.72
Fidelity Funds - Sustainable China A Shares Fund5 A Euro NA
5
Fidelity Funds - Sustainable China A Shares Fund A-ACC USD NA
Fidelity Funds - Sustainable China A Shares Fund5 A-ACC Euro NA
5
Fidelity Funds - Sustainable China A Shares Fund A-ACC RMB NA
A-ACC (SGD/USD NA
Fidelity Funds - Sustainable China A Shares Fund5 SGD NA
hedged)
Fidelity Funds - Sustainable China A Shares Fund5 Y-ACC USD NA
Fidelity Funds - Sustainable China A Shares Fund5 Y-ACC Euro NA
5
Fidelity Funds - Sustainable China A Shares Fund Y-ACC RMB NA
5
Fidelity Funds - Sustainable Climate Solutions Fund A Euro NA
Fidelity Funds - Sustainable Climate Solutions Fund5 A-ACC USD NA
5
Fidelity Funds - Sustainable Climate Solutions Fund A-ACC Euro NA
NA
Fidelity Funds - Sustainable Climate Solutions Fund 5 A-ACC (SGD/USD SGD NA
hedged)
Fidelity Funds - Sustainable Climate Solutions Fund5 Y-ACC USD NA
Fidelity Funds - Sustainable Consumer Brands Fund A Euro 1.90
Fidelity Funds - Sustainable Consumer Brands Fund A GBP 1.90 59.96
Fidelity Funds - Sustainable Consumer Brands Fund A-ACC USD 1.90
Fidelity Funds - Sustainable Europe Equity Fund A Euro 1.92
Fidelity Funds - Sustainable Europe Equity Fund A-ACC Euro 1.92
Fidelity Funds - Sustainable Europe Equity Fund A-ACC (hedged) USD 1.92 62.54
Fidelity Funds - Sustainable Europe Equity Fund A-ACC (hedged) CZK 1.92
Fidelity Funds - Sustainable Europe Equity Fund Y-ACC Euro 1.07
Fidelity Funds - Sustainable Eurozone Equity Fund4 A Euro 1.92
33.31
Fidelity Funds - Sustainable Eurozone Equity Fund A-ACC Euro 1.91
Fidelity Funds - Sustainable Future Connectivity Fund4 A-ACC USD 1.92
Fidelity Funds - Sustainable Future Connectivity Fund A-ACC Euro 1.92
A-ACC (SGD/USD
Fidelity Funds - Sustainable Future Connectivity Fund5 SGD NA 223.65
hedged)
Fidelity Funds - Sustainable Future Connectivity Fund4 Y-ACC USD 1.07
Fidelity Funds - Sustainable Future Connectivity Fund Y-ACC Euro 1.07

lvi
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Sustainable Japan Equity Fund A JPY 1.92
Fidelity Funds - Sustainable Japan Equity Fund A SGD 1.92
Fidelity Funds - Sustainable Japan Equity Fund A-ACC (hedged) USD 1.92 67.95

A-ACC
Fidelity Funds - Sustainable Japan Equity Fund5 SGD NA
(SGD/JPY hedged)
Fidelity Funds - Sustainable US Equity Fund A USD 1.92
5
Fidelity Funds - Sustainable US Equity Fund A-ACC USD NA
147.16
Fidelity Funds - Sustainable US Equity Fund5 A-ACC (hedged) Euro NA
Fidelity Funds - Sustainable US Equity Fund5 Y-ACC GBP NA
Fidelity Funds - Sustainable Water & Waste Fund A-ACC USD 1.89
Fidelity Funds - Sustainable Water & Waste Fund A-ACC Euro 1.89
A-ACC (Euro/USD
Fidelity Funds - Sustainable Water & Waste Fund Euro 1.89
hedged)
A-ACC (SGD/USD
Fidelity Funds - Sustainable Water & Waste Fund4 SGD 1.90
hedged)
Fidelity Funds - Sustainable Water & Waste Fund4 RY-ACC USD 0.77 53.40
4
Fidelity Funds - Sustainable Water & Waste Fund RY-ACC CHF 0.77
4
Fidelity Funds - Sustainable Water & Waste Fund RY-ACC Euro 0.77
Fidelity Funds - Sustainable Water & Waste Fund Y-ACC USD 1.04
Fidelity Funds - Sustainable Water & Waste Fund Y-ACC Euro 1.04
Y-ACC
Fidelity Funds - Sustainable Water & Waste Fund Euro 1.04
(Euro/USD hedged)
Fidelity Funds - Switzerland Fund A CHF 1.92 19.92
Fidelity Funds - Thailand Fund A USD 1.93
29.87
Fidelity Funds - Thailand Fund Y-ACC USD 1.08
Fidelity Funds - World Fund A Euro 1.89
Fidelity Funds - World Fund A-ACC USD 1.89
27.46
Fidelity Funds - World Fund A-ACC SGD 1.89
Fidelity Funds - World Fund Y-ACC USD 1.04

Equity Income Sub-Funds

Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Asia Pacific Dividend Fund A USD 1.91
100.04
Fidelity Funds - Asia Pacific Dividend Fund Y-ACC USD 1.06
Fidelity Funds - European Dividend Fund A-MCDIST(G) Euro 1.90
A-MINCOME(G)
Fidelity Funds - European Dividend Fund USD 1.90 34.18
(hedged)
Fidelity Funds - European Dividend Fund A-QINCOME(G) Euro 1.90

lvii
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Global Dividend Fund A-ACC USD 1.89
Fidelity Funds - Global Dividend Fund A-ACC Euro 1.89
Fidelity Funds - Global Dividend Fund A-ACC (hedged) Euro 1.89
A-HMDIST(G)
Fidelity Funds - Global Dividend Fund AUD 1.89
(hedged)
A-HMDIST(G)-
Fidelity Funds - Global Dividend Fund RMB 1.89
(hedged)
Fidelity Funds - Global Dividend Fund A-MCDIST(G) USD 1.89
A-MCDIST(G)
Fidelity Funds - Global Dividend Fund5 SGD NA
(SGD/USD hedged)
Fidelity Funds - Global Dividend Fund A-MINCOME(G) USD 1.89
38.39
Fidelity Funds - Global Dividend Fund A-MINCOME(G) Euro 1.89
Fidelity Funds - Global Dividend Fund A-MINCOME(G) HKD 1.89
Fidelity Funds - Global Dividend Fund A-MINCOME(G) SGD 1.89
A-MINCOME(G)
Fidelity Funds - Global Dividend Fund SGD 1.89
(hedged)
A-MINCOME(G)
Fidelity Funds - Global Dividend Fund AUD 1.89
(hedged)
Fidelity Funds - Global Dividend Fund A-QINCOME(G) USD 1.89
Fidelity Funds - Global Dividend Fund Y-ACC USD 1.04
Fidelity Funds - Global Dividend Fund SR-ACC SGD 1.69
Fidelity Funds - Global Dividend Fund SR-MINCOME(G) SGD 1.69
Fidelity Funds - Global Dividend Plus Fund5 A USD NA
Fidelity Funds - Global Dividend Plus Fund A Euro 1.87
Fidelity Funds - Global Dividend Plus Fund5 A-ACC USD NA
Fidelity Funds - Global Dividend Plus Fund A-ACC Euro 1.87
Fidelity Funds - Global Dividend Plus Fund5 A-GDIST Euro NA
Fidelity Funds - Global Dividend Plus Fund5 A-MCDIST(G) USD NA
Fidelity Funds - Global Dividend Plus Fund5 A-MDIST USD NA
127.53
Fidelity Funds - Global Dividend Plus Fund5 A-MDIST HKD NA
Fidelity Funds - Global Dividend Plus Fund5 A-MINCOME(G) USD NA
Fidelity Funds - Global Dividend Plus Fund5 A-MINCOME(G) HKD NA
Fidelity Funds - Global Dividend Plus Fund5 A-MINCOME(G) SGD NA
Fidelity Funds - Global Dividend Plus Fund5 Y USD NA
5
Fidelity Funds - Global Dividend Plus Fund Y-GDIST Euro NA
5
Fidelity Funds - Global Dividend Plus Fund Y-QDIST USD NA
Fidelity Funds - Global Equity Income Fund I-ACC USD 0.89 27.07

lviii
Multi Asset Sub-Funds

Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Asia Pacific Multi Asset Growth &
A-ACC USD 1.64
Income Fund
Fidelity Funds - Asia Pacific Multi Asset Growth & A-HMDIST(G)
AUD 1.64
Income Fund (AUD/USD hedged)
Fidelity Funds - Asia Pacific Multi Asset Growth &
A-MCDIST(G) USD 1.64
Income Fund
Fidelity Funds - Asia Pacific Multi Asset Growth & A-MCDIST(G)
SGD 1.64 50.36
Income Fund (SGD/USD hedged)
Fidelity Funds - Asia Pacific Multi Asset Growth &
A-MINCOME(G) USD 1.63
Income Fund
Fidelity Funds - Asia Pacific Multi Asset Growth &
A-MINCOME(G) SGD 1.64
Income Fund
Fidelity Funds - Asia Pacific Multi Asset Growth & A-MINCOME(G)
SGD 1.64
Income Fund (SGD/USD hedged)
Fidelity Funds - European Multi Asset Income Fund A Euro 1.41
Fidelity Funds - European Multi Asset Income Fund A-ACC (hedged) USD 1.41 125.19
Fidelity Funds - European Multi Asset Income Fund A-MCDIST(G) Euro 1.41
Fidelity Funds - Global Multi Asset Defensive Fund A-ACC SGD 1.56 85.50
Fidelity Funds - Global Multi Asset Dynamic Fund A USD 1.66 80.76
Fidelity Funds - Global Multi Asset Growth & Income
A-ACC SGD 1.67
Fund
95.91
Fidelity Funds - Global Multi Asset Growth & Income
Y-MCDIST(G) USD NA
Fund5
Fidelity Funds - Global Multi Asset Income Fund A-ACC USD 1.65
Fidelity Funds - Global Multi Asset Income Fund A-ACC Euro 1.65
Fidelity Funds - Global Multi Asset Income Fund A-ACC (hedged) Euro 1.65
A-HMDIST(G)
Fidelity Funds - Global Multi Asset Income Fund AUD 1.65
(hedged)
Fidelity Funds - Global Multi Asset Income Fund A-MCDIST(G) USD 1.65
A-MCDIST(G)
Fidelity Funds - Global Multi Asset Income Fund SGD 1.65
(SGD/USD hedged)
Fidelity Funds - Global Multi Asset Income Fund A-MDIST Euro 1.65
61.78
Fidelity Funds - Global Multi Asset Income Fund A-MINCOME(G) USD 1.65
Fidelity Funds - Global Multi Asset Income Fund A-MINCOME(G) HKD 1.65
Fidelity Funds - Global Multi Asset Income Fund A-MINCOME(G) SGD 1.65
A-MINCOME(G)
Fidelity Funds - Global Multi Asset Income Fund SGD 1.65
(SGD/USD hedged)
Fidelity Funds - Global Multi Asset Income Fund A-QINCOME(G) SGD 1.65
A-QINCOME(G)
Fidelity Funds - Global Multi Asset Income Fund Euro 1.65
(hedged)
Fidelity Funds - Global Multi Asset Income Fund Y-MINCOME(G) USD 0.95

lix
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Greater China Multi Asset Growth &
A-ACC USD 1.60
Income Fund
Fidelity Funds - Greater China Multi Asset Growth & A-HMDIST(G)
AUD 1.60
Income Fund (AUD/USD hedged)
40.08
Fidelity Funds - Greater China Multi Asset Growth &
A-MINCOME(G) USD 1.60
Income Fund
Fidelity Funds - Greater China Multi Asset Growth &
A-MINCOME(G) SGD 1.60
Income Fund
Fidelity Funds - Sustainable Multi Asset Income Fund
(formerly known as Fidelity Funds - Multi Asset Income A USD 1.67 70.76
Fund)

Bond Sub-Funds

Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Asia Pacific Strategic Income Fund A-ACC USD 1.36
A-HMDIST(G)
Fidelity Funds - Asia Pacific Strategic Income Fund AUD 1.36
(hedged)
Fidelity Funds - Asia Pacific Strategic Income Fund A-MCDIST(G) USD 1.36
186.11
Fidelity Funds - Asia Pacific Strategic Income Fund A-MINCOME(G) USD 1.36
Fidelity Funds - Asia Pacific Strategic Income Fund A-MINCOME(G) SGD 1.36
A-MINCOME(G)
Fidelity Funds - Asia Pacific Strategic Income Fund SGD 1.36
(SGD/USD hedged)
Fidelity Funds - Asian Bond Fund A (hedged) Euro 1.05
Fidelity Funds - Asian Bond Fund A-ACC USD 1.05
A-HMDIST(G)
Fidelity Funds - Asian Bond Fund AUD 1.05
(hedged)
A-HMDIST(G)
Fidelity Funds - Asian Bond Fund4 RMB 1.05
(hedged)
Fidelity Funds - Asian Bond Fund A-MCDIST(G) USD 1.05
Fidelity Funds - Asian Bond Fund5 A-MCDIST(G) HKD NA
Fidelity Funds - Asian Bond Fund A-MDIST USD 1.05
Fidelity Funds - Asian Bond Fund A-MINCOME(G) USD 1.05 95.39
Fidelity Funds - Asian Bond Fund A-MINCOME(G) HKD 1.05
A-MINCOME(G)
Fidelity Funds - Asian Bond Fund SGD 1.05
(hedged)
Fidelity Funds - Asian Bond Fund I-QDIST (hedged) SGD 0.49
Fidelity Funds - Asian Bond Fund Y (hedged) Euro 0.65
Fidelity Funds - Asian Bond Fund Y-ACC USD 0.65
4
Fidelity Funds - Asian Bond Fund Y-ACC (hedged) CHF 0.65
4
Fidelity Funds - Asian Bond Fund Y-MINCOME(G) USD 0.65
Fidelity Funds - Asian Bond Fund Y-QDIST USD 0.65

lx
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Asian High Yield Fund A (hedged) Euro 1.39
Fidelity Funds - Asian High Yield Fund A (hedged) RMB 1.39
Fidelity Funds - Asian High Yield Fund A-ACC USD 1.39
Fidelity Funds - Asian High Yield Fund A-ACC Euro 1.39
A-HMDIST(G)
Fidelity Funds - Asian High Yield Fund AUD 1.39
(hedged)
Fidelity Funds - Asian High Yield Fund A-MDIST USD 1.39
Fidelity Funds - Asian High Yield Fund A-MDIST HKD 1.39
Fidelity Funds - Asian High Yield Fund A-MDIST (hedged) SGD 1.39
Fidelity Funds - Asian High Yield Fund A-MINCOME USD 1.39
Fidelity Funds - Asian High Yield Fund A-MINCOME(G) USD 1.39 39.94
A-MINCOME(G)
Fidelity Funds - Asian High Yield Fund SGD 1.39
(hedged)
Fidelity Funds - Asian High Yield Fund Y (hedged) Euro 0.89
Fidelity Funds - Asian High Yield Fund Y-ACC USD 0.89
Fidelity Funds - Asian High Yield Fund Y-ACC Euro 0.89
Fidelity Funds - Asian High Yield Fund Y-ACC (hedged) SGD 0.89
Fidelity Funds - Asian High Yield Fund Y-MDIST USD 0.89
Fidelity Funds - Asian High Yield Fund Y-MDIST HKD 0.89
Fidelity Funds - Asian High Yield Fund Y-MDIST (hedged) SGD 0.89
Fidelity Funds - Asian High Yield Fund Y-MINCOME USD 0.89
Fidelity Funds - China Government Bond Fund5 A-ACC USD NA
5
Fidelity Funds - China Government Bond Fund A-ACC Euro NA
5
Fidelity Funds - China Government Bond Fund A-ACC RMB NA
Fidelity Funds - China Government Bond Fund5 A-ACC (hedged) Euro NA
5
Fidelity Funds - China Government Bond Fund A-MINCOME(G) USD NA
Fidelity Funds - China Government Bond Fund5 A-MINCOME(G) RMB NA
A-MINCOME(G)
Fidelity Funds - China Government Bond Fund5 SGD NA NA
(hedged)
Fidelity Funds - China Government Bond Fund5 Y-ACC USD NA
Fidelity Funds - China Government Bond Fund5 Y-ACC Euro NA
5
Fidelity Funds - China Government Bond Fund Y-ACC RMB NA
Fidelity Funds - China Government Bond Fund5 Y-ACC (hedged) Euro NA
Fidelity Funds - China Government Bond Fund5 Y-MINCOME(G) USD NA
5
Fidelity Funds - China Government Bond Fund Y-MINCOME(G) RMB NA
Fidelity Funds - China High Yield Fund A-ACC USD 1.60
A-ACC (Euro/USD
Fidelity Funds - China High Yield Fund Euro 1.60
hedged) 28.90
A-HMDIST(G)
Fidelity Funds - China High Yield Fund AUD 1.60
(hedged)

lxi
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
A-MINCOME(G)
Fidelity Funds - China High Yield Fund USD 1.60
(hedged)
A-MINCOME(G)
Fidelity Funds - China High Yield Fund HKD 1.60
(hedged)
A-MINCOME(G)
Fidelity Funds - China High Yield Fund SGD 1.60
(hedged) 28.90
A-MINCOME(G)
Fidelity Funds - China High Yield Fund Euro 1.60
(Euro/USD hedged)
A-MINCOME(G)
Fidelity Funds - China High Yield Fund RMB 1.60
(RMB/USD hedged)
Fidelity Funds - China High Yield Fund Y USD 0.95
Fidelity Funds - China RMB Bond Fund A-ACC USD 1.08
Fidelity Funds - China RMB Bond Fund A-ACC RMB 1.08
A-HMDIST(G)
Fidelity Funds - China RMB Bond Fund5 USD NA
(hedged)
Fidelity Funds - China RMB Bond Fund5 A-MCDIST(G) USD NA
Fidelity Funds - China RMB Bond Fund5 A-MCDIST(G) HKD NA
5
Fidelity Funds - China RMB Bond Fund A-MCDIST(G) RMB NA
Fidelity Funds - China RMB Bond Fund4 A-MINCOME(G) USD 1.08
107.96
Fidelity Funds - China RMB Bond Fund5 A-MINCOME(G) AUD NA
Fidelity Funds - China RMB Bond Fund5 A-MINCOME(G) HKD NA
Fidelity Funds - China RMB Bond Fund4 A-MINCOME(G) RMB 1.08
A-MINCOME(G)
Fidelity Funds - China RMB Bond Fund SGD 1.08
(SGD/USD hedged)
Fidelity Funds - China RMB Bond Fund Y-ACC USD 0.68
Fidelity Funds - China RMB Bond Fund4 Y-MINCOME(G) USD 0.68
Fidelity Funds - China RMB Bond Fund Y-MINCOME(G) RMB 0.68
Fidelity Funds - Emerging Market Debt Fund A USD 1.60
Fidelity Funds - Emerging Market Debt Fund A Euro 1.60
Fidelity Funds - Emerging Market Debt Fund A-ACC USD 1.60
Fidelity Funds - Emerging Market Debt Fund A-ACC Euro 1.60
Fidelity Funds - Emerging Market Debt Fund A-MDIST USD 1.60 92.25
Fidelity Funds - Emerging Market Debt Fund A-MDIST Euro 1.60
Fidelity Funds - Emerging Market Debt Fund A-MDIST (hedged) AUD 1.60
Fidelity Funds - Emerging Market Debt Fund A-MINCOME(G) USD 1.60
Fidelity Funds - Emerging Market Debt Fund Y-ACC USD 0.90
Fidelity Funds - Euro Bond Fund A Euro 0.99
Fidelity Funds - Euro Bond Fund A-ACC Euro 0.99
284.42
Fidelity Funds - Euro Bond Fund A-ACC (hedged) USD 0.99
Fidelity Funds - Euro Bond Fund A-MDIST Euro 0.99

lxii
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Euro Short Term Bond Fund A Euro 0.71
Fidelity Funds - Euro Short Term Bond Fund A-ACC Euro 0.71 142.22
Fidelity Funds - Euro Short Term Bond Fund Y-ACC Euro 0.49
Fidelity Funds - European High Yield Fund A Euro 1.39
Fidelity Funds - European High Yield Fund A-ACC Euro 1.39
Fidelity Funds - European High Yield Fund A-ACC (hedged) USD 1.39
Fidelity Funds - European High Yield Fund A-ACC (hedged) CZK 1.39
Fidelity Funds - European High Yield Fund A-ACC (hedged) SEK 1.39
A-HMDIST(G)
Fidelity Funds - European High Yield Fund AUD 1.39
(hedged)
Fidelity Funds - European High Yield Fund A-MDIST Euro 1.39
Fidelity Funds - European High Yield Fund A-MDIST SGD 1.39
Fidelity Funds - European High Yield Fund A-MDIST (hedged) USD 1.39
Fidelity Funds - European High Yield Fund A-MDIST (hedged) SGD 1.39
Fidelity Funds - European High Yield Fund A-MINCOME Euro 1.39
Fidelity Funds - European High Yield Fund A-MINCOME(G) Euro 1.39
90.84
A-MINCOME(G)
Fidelity Funds - European High Yield Fund USD 1.39
(hedged)
A-MINCOME(G)
Fidelity Funds - European High Yield Fund SGD 1.39
(hedged)
Fidelity Funds - European High Yield Fund RY Euro 0.72
Fidelity Funds - European High Yield Fund RY-ACC Euro 0.72
Fidelity Funds - European High Yield Fund RY-ACC (hedged) USD 0.72
Fidelity Funds - European High Yield Fund Y Euro 0.89
Fidelity Funds - European High Yield Fund Y-ACC Euro 0.89
Fidelity Funds - European High Yield Fund Y-ACC (hedged) USD 0.89
Fidelity Funds - European High Yield Fund Y-ACC (hedged) CHF 0.89
Fidelity Funds - European High Yield Fund Y-ACC (hedged) SEK 0.89
Fidelity Funds - European High Yield Fund Y-MDIST (hedged) USD 0.89
Fidelity Funds - Flexible Bond Fund A GBP 1.41
Fidelity Funds - Flexible Bond Fund4 A-ACC USD 1.42
Fidelity Funds - Flexible Bond Fund A-ACC GBP 1.41
Fidelity Funds - Flexible Bond Fund4 A-MINCOME(G) USD 1.42
Fidelity Funds - Flexible Bond Fund4 A-MINCOME(G) Euro 1.42
4
150.67
Fidelity Funds - Flexible Bond Fund A-MINCOME(G) GBP 1.42
Y
Fidelity Funds - Flexible Bond Fund Euro 0.76
(Euro/GBP hedged)
Fidelity Funds - Flexible Bond Fund Y GBP 0.76
Fidelity Funds - Flexible Bond Fund4 Y-ACC USD 0.77

lxiii
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Flexible Bond Fund Y-ACC Euro 0.76
Y-ACC
Fidelity Funds - Flexible Bond Fund Euro 0.76
(Euro/GBP hedged)
Fidelity Funds - Flexible Bond Fund Y-ACC GBP 0.76 150.67
4
Fidelity Funds - Flexible Bond Fund Y-MINCOME(G) USD 0.77
Fidelity Funds - Flexible Bond Fund4 Y-MINCOME(G) Euro 0.77
Fidelity Funds - Flexible Bond Fund4 Y-MINCOME(G) GBP 0.77
Fidelity Funds - Global Bond Fund A USD 1.05 168.59
Fidelity Funds - Global High Yield Fund A-ACC USD 1.42
A-MINCOME 111.23
Fidelity Funds - Global High Yield Fund Euro 1.42
(hedged)
Fidelity Funds - Global Income Fund A-ACC USD 1.31
73.73
Fidelity Funds - Global Income Fund A-MINCOME(G) USD 1.31
Fidelity Funds - Global Inflation-linked Bond Fund A-ACC USD 0.70
118.77
Fidelity Funds - Global Inflation-linked Bond Fund A-ACC (hedged) Euro 0.70
Fidelity Funds - Global Short Duration Income Fund A-ACC USD 1.06
49.80
Fidelity Funds - Global Short Duration Income Fund A-MDIST USD 1.06
Fidelity Funds - Sustainable Asian Bond Fund5 A-ACC USD NA
5
Fidelity Funds - Sustainable Asian Bond Fund A-ACC Euro NA
5
Fidelity Funds - Sustainable Asian Bond Fund A-ACC (hedged) Euro NA
A-MCDIST
Fidelity Funds - Sustainable Asian Bond Fund5 SGD NA
(hedged)
Fidelity Funds - Sustainable Asian Bond Fund5 A-MINCOME(G) USD NA NA
A-MINCOME(G)
Fidelity Funds - Sustainable Asian Bond Fund5 SGD NA
(hedged)
Fidelity Funds - Sustainable Asian Bond Fund5 Y-ACC USD NA
5
Fidelity Funds - Sustainable Asian Bond Fund Y-ACC Euro NA
5
Fidelity Funds - Sustainable Asian Bond Fund Y-MINCOME(G) USD NA
Fidelity Funds - Sustainable Strategic Bond Fund A-ACC USD 1.41
A-GMDIST
Fidelity Funds - Sustainable Strategic Bond Fund Euro 1.41 146.80
(hedged)
Fidelity Funds - Sustainable Strategic Bond Fund4 Y-ACC USD 0.76
Fidelity Funds - US Dollar Bond Fund A USD 1.04
Fidelity Funds - US Dollar Bond Fund A-ACC USD 1.04
Fidelity Funds - US Dollar Bond Fund A-MDIST USD 1.04
135.54
Fidelity Funds - US Dollar Bond Fund Y USD 0.64
Fidelity Funds - US Dollar Bond Fund Y-ACC USD 0.64
Fidelity Funds - US Dollar Bond Fund Y-MDIST USD 0.64

lxiv
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - US High Yield Fund A USD 1.39
Fidelity Funds - US High Yield Fund A Euro 1.39
Fidelity Funds - US High Yield Fund A GBP 1.39
Fidelity Funds - US High Yield Fund A-ACC USD 1.39
Fidelity Funds - US High Yield Fund A-ACC Euro 1.39
Fidelity Funds - US High Yield Fund A-ACC (hedged) Euro 1.39
Fidelity Funds - US High Yield Fund A-MDIST USD 1.39
Fidelity Funds - US High Yield Fund A-MDIST SGD 1.39
Fidelity Funds - US High Yield Fund A-MDIST (hedged) AUD 1.39
Fidelity Funds - US High Yield Fund A-MINCOME USD 1.39
Fidelity Funds - US High Yield Fund A-MINCOME HKD 1.39
Fidelity Funds - US High Yield Fund A-MINCOME(G) USD 1.39
Fidelity Funds - US High Yield Fund RY USD 0.72 31.88
Fidelity Funds - US High Yield Fund RY-ACC USD 0.72
Fidelity Funds - US High Yield Fund RY-ACC (hedged) Euro 0.72
Fidelity Funds - US High Yield Fund Y USD 0.89
Fidelity Funds - US High Yield Fund Y Euro 0.89
Fidelity Funds - US High Yield Fund Y GBP 0.89
Fidelity Funds - US High Yield Fund Y-ACC USD 0.89
Fidelity Funds - US High Yield Fund Y-ACC Euro 0.89
Fidelity Funds - US High Yield Fund Y-ACC (hedged) Euro 0.89
Fidelity Funds - US High Yield Fund Y-MDIST USD 0.89
Fidelity Funds - US High Yield Fund Y-MDIST SGD 0.89
Fidelity Funds - US High Yield Fund Y-MDIST (hedged) AUD 0.89
Fidelity Funds - US High Yield Fund Y-MINCOME USD 0.89
Fidelity Funds - US High Yield Fund Y-MINCOME HKD 0.89

lxv
Cash Sub-Funds
Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Euro Cash Fund A Euro 0.32 299.08
Fidelity Funds - US Dollar Cash Fund A USD 0.31 297.19

Fidelity Lifestyle Funds Sub-Funds

Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - Fidelity TargetTM 2020 Fund A USD 0.83 281.47

Systematic Multi Asset Risk Targeted Sub-Funds

Currency of
Total Expense Ratio Turnover Ratio
Sub-Funds Class of Shares denomination of
(%) (%)
shares
Fidelity Funds - SMART Global Defensive Fund A Euro 1.56 66.70

lxvi
Notes to Total Expense Ratios (“TERs”) & Portfolio Turnover Ratios (“PTRs”)

Some of the Share classes’ TERs may fluctuate significantly over the periods disclosed due to the minimal level of
assets within each Sub-Fund’s Share class as well as required adjustments which are immaterial in absolute terms.
The charging structures for the various classes of Shares differ, therefore, resulting in different TERs across the
classes of each Sub-Fund.

1
The following expenses are excluded from the calculation of the TER :
(a) brokerage and other transaction costs associated with the purchase and sale of investments (such as register
charges and remittance fees);
(b) interest expenses;
(c) foreign exchange gains and losses of the Sub-Fund, whether realised or unrealised;
(d) front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or
mutual fund;
(e)
tax deducted at source or arising from income received, including withholding tax (but the Tax
D’Abonnement, a Luxembourg regulatory tax is included within the calculation of the TERs);
(f) dividends and other distributions paid to shareholders; and
(g) performance fees

2

The TERs, disclosed at Share class level, have not been audited by the Fund’s external auditors as
Luxembourg laws and regulations do not require such data to be audited by the Fund’s external auditors.

The TERs have been calculated by Fidelity, in accordance with the latest guidelines issued by the Investment
Management Association of Singapore (IMAS).

3
The turnover ratios are calculated based on the lesser of purchases or sales of underlying investments of a
Sub-Fund expressed as a percentage over daily average net asset value.

4
The total expense ratios for the Share classes that have been incepted for less than a year as at 30 April 2021 are
calculated from their respective inception date and annualised. Please refer to table A. “Past Performance of the
Sub-Funds” above for the relevant inception dates.

5
“NA” means that the expense ratio or turnover ratio (as the case may be) for the Sub-Fund or Share class is not
available as the Sub-Fund or Share class has not been launched as at 30 April 2021.

lxvii
Information on Benchmark Changes for Certain Sub-Funds

Equity Sub-Funds

1. Fidelity Funds - America Fund

The benchmark was changed from the Standard and Poor’s 500 Total Return Gross Index to Standard
and Poor’s 500 Total Return Net Index in March 2011. The index performance shown had been adjusted
using the Standard and Poor’s 500 Total Return Net Index from 31 December 1998, the date when such
index was first introduced. The reason for the change is that the Standard and Poor’s 500 Total Net Return
Index calculates performance net of withholding tax, which is more comparable with the calculation of the
performance of the Sub-Fund which is also net of withholding tax.

2. Fidelity Funds - American Growth Fund

The benchmark was changed from the Standard and Poor’s 500 Total Return Gross Index to Standard
and Poor’s 500 Total Return Net Index in March 2011. The index performance shown had been adjusted
using the Standard and Poor’s 500 Total Return Net Index from 31 December 1998, the date when such
index was first introduced. The reason for the change is that the Standard and Poor’s 500 Total Return Net
Index calculates performance net of withholding tax, which is more comparable with the calculation of the
performance of the Sub-Fund which is also net of withholding tax.

3. Fidelity Funds - ASEAN Fund

The benchmark was changed from the MSCI ASEAN Custom (Gross) Index to the MSCI AC ASEAN Index
in July 2011. The index performance shown had been adjusted using the MSCI AC South East Asia (Net)
from 1 June 2007, the date when the Gross Index was first introduced into the benchmark. The name
change does not reflect a change in the underlying constituents of the benchmark. The reason for the
change is that a net index calculates performance net of withholding taxes which is more comparable with
the calculation of the performance of the Sub-Fund, which is also net of withholding taxes.

4. Fidelity Funds - Asian Equity Fund

The benchmark was changed from the MSCI AC Far East ex-Japan (Net) Index to the MSCI AC Asia
ex-Japan Index in October 2014. The reason for the change is the inclusion of India in the new benchmark as
the Sub-Fund seeks to include India in the portfolio’s investment universe for better portfolio diversification.

5. Fidelity Funds - Asian Special Situations Fund

The benchmark was changed from the MSCI AC Far East ex-Japan (Gross) Index to the MSCI AC Far East
ex-Japan (Net) Index in February 2001. The reason for the change is that a net index calculates performance
net of Luxembourg taxes which is more comparable with the calculation of the performance of the
Sub-Fund which is also net of Luxembourg taxes.

In August 2014, the benchmark was changed to the MSCI AC Asia ex Japan Index. The reason for the
change is the inclusion of India in the new benchmark as the Sub-Fund seeks to include India in the
portfolio’s investment universe for better portfolio diversification.

6. Fidelity Funds - Australian Diversified Equity Fund (formerly known as Fidelity Funds - Australia Fund)

The benchmark was changed from the Australia All Ordinaries Index to the S&P ASX 300 Index in March
2000. Thereafter, the benchmark was changed to S&P ASX 200 Index in July 2002. The reason for the
change is that the S&P ASX is the industry standard and is widely used in Australian equity peer group
universe comparisons. It is a better overall representation of the investable universe for dedicated Australian
equity funds.

7. Fidelity Funds - China Focus Fund

The benchmark was changed from MSCI China (Net) Index to the MSCI China Capped 10% Index in
February 2008. This would see a maximum benchmark weighting of 10% on all single issuers in the index.
The reason for the change stems from a SICAV restriction on the Sub-Fund whereby it can only hold a
maximum of 10% in any one stock.

lxviii
8. Fidelity Funds - China Innovation Fund

The benchmark was changed from the MSCI Zhong Hua Capped 10% Index to the MSCI Zhong Hua
Capped 10% (Net) in July 2011. The index performance shown had been adjusted using the MSCI Zhong
Hua Capped 10% (Net) from the launch date of the Sub-Fund. The reason for the change is that a net index
calculates performance net of withholding taxes which is more comparable with the calculation of the
performance of the Sub-Fund, which is also net of withholding taxes.

With effect from 24 February 2021, the Sub-Fund was repurposed and renamed Fidelity Funds - China
Innovation Fund. At the same time, the Sub-Fund’s reference index changed from MSCI Zhong Hua
Capped 10% (Net) to MSCI China All Share Index as the index constituents are representative of the type
of companies the Sub-Fund invests in.

9. Fidelity Funds - Emerging Asia Fund

The benchmark was changed from MSCI Emerging Asia Composite Index to the MSCI Emerging Asia
Composite Index (Net) in July 2011. The index performance shown had been adjusted using the MSCI
Emerging Asia Composite Index (Net) from the launch date of the Sub-Fund. The reason for the change
is that a net index calculates performance net of withholding taxes which is more comparable with the
calculation of the performance of the Sub-Fund, which is also net of withholding taxes.

10. Fidelity Funds - Emerging Markets Fund

The benchmark was changed from MSCI Emerging Markets Free Total Return Index to the MSCI Emerging
Markets Index in January 2001. The reason for the change is that the new benchmark is a more accurate
representation of the Sub-Fund’s investment objectives.

11. Fidelity Funds - European Dynamic Growth Fund

The benchmark was changed from Dow Jones STOXX (TMI) Mid Europe Index (Net Return) to the MSCI
Europe (Net Luxembourg tax) Index in July 2007. The reason for the change is that the new benchmark is
a more representative benchmark.

12. Fidelity Funds - European Growth Fund

The benchmark was changed from FTSE World Europe ex UK Index to the FTSE World Europe Index in
March 2000. The reason for the change is that the new benchmark allows the Sub-Fund to invest in UK
equities.

From January 2020, the Sub-Fund adopted the MSCI Europe Index (Net) as the Sub-Fund’s reference
index for comparative purposes only. The update was made in order to bring the Sub-Fund in line with the
European Securities and Markets Authority’s (ESMA) UCITS Key Investor Information Document (KIID)
benchmark disclosure requirements. This new index was selected as it more appropriately reflects the
investment universe of securities in which the Sub-Fund invests in.

13. Fidelity Funds - Germany Fund

The benchmark was changed in December 1996 from the Frankfurt FAZ General Index to the DAX 100
Index, which is now known as the HDAX® Total Return Index. The reason for the change in benchmark is
that the new benchmark is a more accurate representation of the investment universe.

14. Fidelity Funds - Global Financial Services Fund

In October 2006, the benchmark was changed from the FTSE Global Financial Services with 5% Modified
Cap Weighting Index to MSCI AC World Financials Index. The benchmark was changed to MSCI AC World
Financials + Real Estate in September 2016 following a reclassification exercise by MSCI. The benchmark
was changed from the MSCI AC World Financials + Real Estate index to the MSCI AC World Financials
Index in August 2017. The change represents a move to reflect industry standards.

lxix
15. Fidelity Funds - Global Focus Fund

The benchmark was changed from the MSCI WORLD (N) to the MSCI ACWI Index (Net) in November
2011. The reason for the change is to recognise the increased prominence of emerging markets both from an
economic stand point as well as in terms of investment opportunities so as to better reflect the investment
universe.

16. Fidelity Funds - Global Health Care Fund

The benchmark was changed from the FTSE Global Health & FTSE Global Pharmaceuticals with 5%
Modified Cap Weighting Index to the MSCI AC World Health Care Index in October 2006. The reasons
for the change are to better align the benchmarks of our sector funds with the diversified global equity
portfolios managed by the Global Equity Team and also to remove the complex 5% cap on individual stock
weights in the current benchmark. In addition, MSCI Indices are generally more well-known to investors
outside the UK.

17. Fidelity Funds - Global Industrials Fund

The benchmark was changed from the FTSE Global Cyclical Sectors with 5% Modified Cap Weighting
Index to the MSCI AC World Energy, Materials and Industrials Index in October 2006. The reasons for the
change are to better align the benchmarks of our sector funds with the diversified global equity portfolios
managed by the Global Equity Team and also to remove the complex 5% cap on individual stock weights
in the current benchmark. In addition, MSCI Indices are generally more well-known to investors outside
the UK.

In July 2011, the benchmark was changed to MSCI AC World Industrials + Materials + Energy Index (Net).
The index performance shown had been adjusted using the MSCI AC World Industrials + Materials +
Energy Index (Net) from 2 October 2006, the date when the Gross Index was first introduced. The reason
for the change is that a net index calculates performance net of withholding taxes which is more comparable
with the calculation of the performance of the Sub-Fund, which is also net of withholding taxes.

18. Fidelity Funds - Global Property Fund

The benchmark was changed from the FTSE EPRA/NAREIT Developed Index to the FTSE EPRA/NAREIT
Developed Index (Net) in July 2011. The index performance shown had been adjusted using the FTSE
EPRA/NAREIT Developed Index (Net) from the launch date of the Sub-Fund. The reason for the change
is that a net index calculates performance net of withholding taxes which is more comparable with the
calculation of the performance of the Sub-Fund, which is also net of withholding taxes.

19. Fidelity Funds - Global Technology Fund

The benchmark was changed from the FTSE Global Information Technology & FTSE Global Electricals
Equipment with 5% Modified Cap Weighting Index to the MSCI AC World Information Technology Index
in October 2006. The reasons for the change are to better align the benchmarks of our sector funds with the
diversified global equity portfolios’ managed by the Global Equity Team and also to remove the complex 5%
cap on individual stock weights in the current benchmark. In addition, MSCI Indices are generally more
well-known to investors outside the UK.

20. Fidelity Funds - Global Thematic Opportunities Fund

The benchmark was changed from the FT/S&P Actuaries World Index to the MSCI World Index (Net) in
December 1997. The reason for the change is to better align the benchmarks of our international funds with
the diversified global equity portfolios managed by the Global Equity Team and also to remove the complex
5% cap on individual stock weights in the current benchmark. In addition, MSCI Indices are generally
more well-known to investors outside the UK.

With effect from 10 March 2021 this Sub-Fund was repurposed and renamed Fidelity Funds - Global
Thematic Opportunities Fund. At the same time, the Sub-Fund changed to reference the MSCI ACWI Index
for performance comparison only.

21. Fidelity Funds - Greater China Fund

The benchmark was changed from the Hong Kong Hang Seng Index to the MSCI Golden Dragon Plus HSBC
Index in May 2001. The Sub-Fund was previously a Hong Kong equity SICAV. However, in 2001, it was
changed to be a new product, a greater China product which invests in a combination of Hong Kong, China
and Taiwan companies. As such, the MSCI Golden Dragon Plus HSBC Index is more representative of the
Sub-Fund’s new objective and investment universe. In July 2007, the benchmark was changed to MSCI
Golden Dragon benchmark to reflect the growing importance of China stocks in the investment universe.

lxx
In July 2011, the benchmark was changed to MSCI Golden Dragon Index (Net). The index performance
shown had been adjusted using the MSCI Golden Dragon Index (Net) from the launch date of the
Sub-Fund or the date when the Gross Index was first introduced (whichever is later). The reason for the
change is that a net index calculates performance net of withholding taxes which is more comparable with
the calculation of the performance of the Sub-Fund, which is also net of withholding taxes.

22. Fidelity Funds - Iberia Fund

The benchmark was changed from 20% Lisbon BVL Index and 80% Madrid Stock Exchange Index to 20%
MS P Portugal and 80% MS P Spain in January 2002. Thereafter, the benchmark was changed to 80% MSCI
Spain Index (Net) and 20% MSCI Portugal Index (Net) in June 2002. The reason for the change is that the
new benchmark is a more accurate representation of the investment objectives.

23. Fidelity Funds - India Focus Fund

The benchmark was changed from MSCI India Index to MSCI India Index (with an 8% cap) in May 2009.
The reason for the change stems from a SICAV restriction on the Sub-Fund whereby it can only hold a
maximum of 10% in any stock. This would see a maximum benchmark weighting of 8% on all single stock
constituents in the index.

In July 2011, the benchmark was changed to MSCI India Capped 8% Index (Net). The index performance
shown had been adjusted using the MSCI India Index Capped 8% (Net) from 1 May 2009, the date when
the Gross Index was first introduced. The reason for the change is that a net index calculates performance
net of withholding taxes which is more comparable with the calculation of the performance of the
Sub-Fund, which is also net of withholding taxes.

24. Fidelity Funds - Indonesia Fund

The benchmark was changed from the Jakarta Composite Index to the MSCI Indonesia IMI Capped 8%
Index in November 2010. The reason for the change is that the old benchmark is a total market capitalisation
weighted index, with approximately 11.5% of the index uninvestable due to a limited free float. This limits
the ability of larger sized funds to participate in the uptrend for some stocks as the daily trading volume is
too thin due to lack of free float. The new benchmark is a free float adjusted index to ensure investibility at
the individual index constituent level.

25. Fidelity Funds - Italy Fund

The benchmark was changed from the Milan Banca Commerciale Italiana Index to the MS P Italy (N)
Index in December 2001. Then, the benchmark was changed to the MSCI Italy (N) Index in May 2002.
Thereafter, the benchmark was changed to the Milan MIB Telematico (G) Index in July 2005. The reason
for the change is that the new index is a broader representation of the Italian market and its opportunities.
Thereafter, the benchmark was changed to the MSCI Italy 10/40 Index in June 2009. The reason for the
change is that the supplier of the old index no longer provides the data and thus the index ceased to exist.

The benchmark was changed from MSCI Italy 10/40 Index to FTSE Italia All Share Index (Net) in June
2017. The reason for the change is that the new benchmark is more representative of the Sub-Fund’s broad
investment universe.

26. Fidelity Funds - Japan Advantage Fund

The benchmark was changed from the Russell/Nomura Total Market Value Index to the MSCI Japan Value
Index in October 2012. The reason for the change is that the MSCI Japan Value Index better represents the
investment universe for the Sub-Fund than the Russell/Nomura Total Market Value Index. As the Russell/
Nomura Total Market Value Index is rebalanced only once a year at the end of November, it tends to
misrepresent “value” stocks when there are sharp return-reversals in the market during the course of a
year. On the other hand, the MSCI Japan Value Index is rebalanced semi-annually to maintain its style
characteristics. Furthermore, the MSCI Japan Value Index is based on more logical and comprehensive
calculations using three factors - Price to Book Ratio, Price to 12-months forward Earnings Ratio and
Dividend Yield, whereas the Russell/Nomura Total Market Value Index is based on a single factor Price
to Book Ratio. Thereafter, the benchmark was changed from the MSCI Japan Value Index to TOPIX Total
Return Index in February 2015. The reason for the change is that we believe that TOPIX offers investors
a broader exposure to the opportunities presented by the post-Abe market environment and it is a more
appropriate reference of the universe that the Sub-Fund invests in.

lxxi
27. Fidelity Funds - Latin America Fund

The benchmark was changed from the MSCI EM Latin America (Gross) Index to the MSCI Emerging
Markets Latin America Index Capped 5% (Net) in July 2011. The index performance shown was adjusted
using the MSCI Emerging Markets Latin America Index Capped 5% (Net) from 1 April 2009, the date when
the Gross Index was first introduced. The reason for the change is that a net index calculates performance
net of withholding taxes which is more comparable with the calculation of the performance of the
Sub-Fund, which is also net of withholding taxes.

The benchmark was changed from the MSCI Emerging Markets Latin America Index Capped 5% (Net) to
the MSCI EM Latin America Index (Net) in March 2016. The reason for the index change is to create greater
alignment with our clients and peers, as well as reflect industry standards.

28. Fidelity Funds - Pacific Fund

The benchmark was changed from the FT/S&P Actuaries Pacific including Japan Index to the MSCI AC
Pacific Free Index in September 1999. The reason for the change is that MSCI Indices are generally more
well-known to investors.

In July 2011, the benchmark was changed to the MSCI AC Pacific Index (Net). The index performance
shown had been adjusted using the MSCI All Countries Pacific Index (Net) from 31 January 2001, the date
when such index was first introduced. The reason for the change is that a net index calculates performance
net of withholding taxes which is more comparable with the calculation of the performance of the
Sub-Fund, which is also net of withholding taxes.

29. Fidelity Funds - Sustainable Asia Equity Fund

The benchmark was changed from a custom MSCI Index, the Combined Pacific (Free) ex Japan plus
Australia and New Zealand Index to the MSCI AC Far East Free ex Japan Index in October 1994. The reason
for the change is that the new benchmark is a more accurate representation of the investable universe. The
Pacific Custom Index excluded a number of markets in which the Sub-Fund invested in. Thereafter, the
benchmark was changed from MSCI AC Far East ex-Japan (Gross) Index to MSCI AC Far East ex-Japan
(Net) Index in February 2001. The reason for the change is that a net index calculates performance net
of Luxembourg taxes which is more comparable with the calculation of the performance of the Sub-Fund
which is also net of Luxembourg taxes.

In March 2015, the benchmark was changed from the MSCI AC Far East ex-Japan (Net) Index to the MSCI
AC Asia ex-Japan (Net) Index. The reason for the change is for better portfolio diversification.

The Sub-Fund can have exposure to India, which is the second largest economy in Asia ex Japan, and one
of the fastest-growing in the world.

30. Fidelity Funds - Sustainable Consumer Brands Fund

The benchmark was changed from the FTSE Global Consumer Sectors with 5% Modified Cap Weighting
Index to MSCI AC World Consumer Discretionary and Staples Index in October 2006. The reasons for the
change are to better align the benchmarks of our sector funds with the diversified global equity portfolios’
managed by the Global Equity Team and also to remove the complex 5% cap on individual stock weights
in the current benchmark. In addition, MSCI Indices are generally more well-known to investors outside
the UK.

In July 2011, the benchmark was changed to MSCI AC World Consumer Discretionary + Staples Index
(Net). The index performance shown had been adjusted using the MSCI AC World Consumer Discretionary
+ Staples Index (Net) from 2 October 2006, the date when the Gross Index was first introduced. The reason
for the change is that a net index calculates performance net of withholding taxes which is more comparable
with the calculation of the performance of the Sub-Fund, which is also net of withholding taxes.

With effect from 4 October 2021, the Sub-Fund was repurposed and renamed Fidelity Funds - Sustainable
Consumer Brands Fund. At the same time, the Sub-Fund’s reference index changed to MSCI ACWI Index
as the index constituents are representative of the type of companies the Sub-Fund invests in.

31. Fidelity Funds - Sustainable Europe Equity Fund

With effect from 28 October 2021, this Sub-Fund was repurposed and renamed Fidelity Funds - Sustainable
Europe Equity Fund. At the same time, the Sub-Fund’s reference index changed from MSCI EMU Index
to MSCI Europe Index as the index constituents are representative of the type of companies the Sub-Fund
invests in.

lxxii
32. Fidelity Funds - Sustainable Eurozone Equity Fund

The Sub-Fund was repurposed and renamed Fidelity Funds - Sustainable Eurozone Equity Fund on 30
October 2019. At the same time the Sub-Fund’s reference index was changed from the MSCI Europe (Net)
Index to the MSCI EMU Index (Net). The reason for the change in benchmark is that the new benchmark
is a more accurate representation of the investment universe.

33. Fidelity Funds - Sustainable US Equity Fund

The benchmark was changed from the Standard and Poor’s 500 Total Return Gross Index to Standard and
Poor’s 500 Total Return Net Index in March 2011. The index performance shown had been adjusted using
the Standard and Poor’s 500 Total Return Net Index from the launch date of the Sub-Fund. The reason
for the change is that the Standard and Poor’s 500 Total Return Net Index calculates performance net of
withholding tax, which is more comparable with the calculation of the performance of the Sub-Fund which
is also net of withholding tax.

34. Fidelity Funds - Sustainable Water & Waste Fund

Upon registration, there was no benchmark assigned to the hedged Share classes A-ACC-Euro (Euro/USD
hedged) and Y-ACC-Euro (Euro/USD hedged) as the hedging methodology adopted by these Share classes
differs from the hedging methodology used by the Sub-Fund’s benchmark provider, which provides the
benchmark, MSCI ACWI Index (Net), for the other non-hedged Share classes.

From May 2020, the benchmark of the Sub-Fund was assigned to the hedged Share classes A-ACC-Euro
(Euro/USD hedged) and Y-ACC-Euro (Euro/USD hedged) in addition to the other non-hedged Share classes.
The reason the benchmark has been assigned to the hedged Share classes is to bring the Sub-Fund in line
with the European Securities and Markets Authority’s (ESMA) UCITS Key Investor Information Document
(KIID) benchmark disclosure requirements. However, the benchmark does not take account of currency
hedging. As such, there may be a greater difference between the past performance of the hedged Share
classes and the Benchmark than for other non-hedged Share classes in the Sub-Fund.

35. Fidelity Funds - Switzerland Fund

The benchmark was changed from a composite index representing 50% Swiss Market Index and 50%
Switzerland Stock Market Medium Capitalisation Index to the MS P Switzerland Index in December 2001.
Thereafter, the benchmark was changed to the MSCI Switzerland Index (Net) in June 2002. The reason for
the change is that MSCI Indices are generally more well-known to investors.

36. Fidelity Funds - Thailand Fund

The benchmark was changed from the Bangkok SET Index to the Bangkok SET Capped Index in March
2008. The reason for the change is that the new index would see a maximum benchmark weighting of 17%
on the PPT Group of companies and a further 10% cap on all single securities in the index. This stems from
UCITS guidelines restricting the maximum holdings within a SICAV of any one group of companies as well
as the existing SICAV 10% issuer limit.

37. Fidelity Funds - World Fund

The benchmark was changed from 100% FTSE World Index to a composite consisting 60% MSCI WORLD
(N) and 40% MSCI Europe ex United Kingdom (N) in January 1998. The reasons for the change are to
better align the benchmarks of our world funds with the diversified global equity portfolios managed by the
Global Equity Team. In addition, MSCI Indices are generally more well-known to investors outside the UK.

In June 2014, the benchmark was changed to 100% MSCI World Index (Net). The reason for the change
is that the MSCI World Index (Net) offers a broad and investable developed market focused global equity
index that is more representative of the Sub-Fund’s opportunity set than the previous custom composite
index which had a distinct European bias.

lxxiii
Equity Income Sub-Fund

1. Fidelity Funds - Asia Pacific Dividend Fund

In December 2019, the Sub-Fund’s investment objective was updated to make reference to the MSCI AC
Asia Pacific ex Japan (Gross) Index. The benchmark index was added as an internal outperformance target
for this Sub-Fund. The update to the investment objective was required in order to bring the Sub-Fund
in line with the European Securities and Markets Authority’s (ESMA) UCITS Key Investor Information
Document (KIID) benchmark disclosure requirements.

2. Fidelity Funds - Global Dividend Plus Fund

The benchmark was changed from the FTSE Global Telecommunication Services with 5% Modified Cap
Weighting Index to the MSCI AC World Telecommunications Index in October 2006. The reasons for the
change are to better align the benchmarks of our sector funds with the diversified global equity portfolios
managed by the Global Equity Team and also to remove the complex 5% cap on individual stock weights in
the current benchmark. In addition, MSCI Indices are generally more well-known to investors outside the UK.

To meet client needs and broaden the existing Fidelity Funds equity income product offering the Fidelity
Funds - Global Telecommunications Fund was being repurposed from a pure sector strategy, focused on
telecommunications companies to a more diversified equity income fund, constructed from a universe that
includes the constituents of the MSCI ACWI Infrastructure Index. The index constituents are categorised
into five MSCI infrastructure sectors: telecommunications, utilities, energy, transportation and social
(including educational services and healthcare facilities). The rationale for broadening the remit beyond
telecommunications to include the other industries stemmed from the fact that these types of companies
tend to pay regular, predictable dividends with relatively long duration. The strategy is unconstrained and
the reference index will be used as a reference for the portfolio and for performance measurement.

To reflect this broader asset allocation set the Sub-Fund was repurposed and renamed Fidelity Funds -
Global Infrastructure Fund on 1 October 2018. At the same time the Sub-Fund’s reference index was
changed from MSCI World Telecoms to MSCI AC World Infrastructure Index, also to reflect the broader
asset allocation potential.

With effect from 19 April 2021 the Sub-Fund was repurposed and renamed Fidelity Funds - Global Dividend
Plus Fund. At the same time, the Sub-Fund’s reference index changed from MSCI AC World Infrastructure
Index to MSCI ACWI Index as the index constituents are representative of the type of companies the Sub-
Fund invests in.

3. Fidelity Funds - Global Equity Income Fund

The benchmark was changed from MSCI World High Dividend Yield Index (Net) to the MSCI ACWI Index
(Net) in July 2014. The reason for the change is that the new benchmark is more representative of the
Sub-Fund’s investment universe and the way the portfolio manager is managing the Sub-Fund.

Multi Asset Sub-Funds

1. Fidelity Funds - Asia Pacific Multi Asset Growth & Income Fund

There is no benchmark for the Sub-Fund given the intention to retain flexibility to capture potential
investment opportunities.

2. Fidelity Funds - European Multi Asset Income Fund

The benchmark was changed from a composite index representing 60% MSCI EUR ex UK (N) and 40%
SB Eur Invest Grade to a composite index representing 60% MSCI EMU (N) and 40% Citigroup EMU
Government Bond Index in October 1998. The benchmark was changed again to a composite index
representing 59% MSCI EMU (N); 41% Citigroup EMU Government Bond Index in November 2007. The
reason for the changes in benchmark is that the new benchmarks are more accurate representations of the
investment universe.

In October 2019, the Sub-Fund was repurposed and renamed the Fidelity Funds - European Multi Asset
Income Fund. As the same time, the benchmark was removed as the repurposed Sub-Fund became an
outcome-focused Sub-Fund with a strong focus on capital preservation.

lxxiv
3. Fidelity Funds - Global Multi Asset Defensive Fund

Whilst there is a carefully designed long-term strategic asset allocation which represents the neutral position
of the Sub-Fund and on which the long-term risk and return objectives are based, there is no benchmark
for the Sub-Fund since the portfolio manager is focused on aiming to deliver a target outcome of capital
preservation and a reasonable level of growth over the longer term and all performance reporting would be
on an absolute basis.

4. Fidelity Funds - Global Multi Asset Dynamic Fund

There was previously no benchmark for the Sub-Fund as it used a broad global investment universe and
was managed using a flexible, volatility target based strategy.

With effect from 10 March 2021 the Sub-Fund was repurposed and renamed Fidelity Funds - Global Multi
Asset Dynamic Fund. At the same time, the Sub-Fund changed to reference the 75% MSCI ACWI Index;
25% Bloomberg Barclays Global Aggregate Index for performance comparison only.

5. Fidelity Funds - Global Multi Asset Growth & Income Fund

6. Fidelity Funds - Global Multi Asset Income Fund

There is no benchmark for the Sub-Fund as there is no broadly used benchmark available that conforms to
the Sub-Fund’s aim of producing a balance of income and moderate capital gains by investing flexibly across
multiple asset class securities on a global basis.

7. Fidelity Funds - Greater China Multi Asset Growth & Income Fund

There is no benchmark for the Sub-Fund given the intention to retain flexibility to capture potential
investment opportunities.

8. Fidelity Funds - Sustainable Multi Asset Income Fund (formerly known as Fidelity Funds - Multi Asset
Income Fund)

The benchmark was changed from a composite index representing 60% MSCI WORLD (N) and 40%
Citigroup G-7 Bond Index to a composite representing 50% MSCI WORLD (N) and 50% Citigroup G-7
Bond Index in February 2004. The benchmark was subsequently changed in July 2006 from a composite
representing 50% MSCI WORLD (N) and 50% Citigroup G-7 Bond Index to a composite index representing
50% MSCI AC WORLD (N) and 50% Lehman Brothers Global Aggregate G5 ex MBS Index. The reason for
the equity benchmark change was that the new benchmark included a wider universe that encompasses
those countries classified as Emerging Markets. The reason for the bond benchmark change was that the
new benchmark included corporate bonds that should enable the Sub-Fund to benefit from the higher
long-term returns and superior income streams associated with such securities. The bond component of the
composite benchmark was renamed from Lehman Brothers Global Aggregate G5 ex-MBS Index to Barclays
Global Aggregate G5 x-US Collateralized ex-European ABS Index from Dec 2008 due to a rebranding by
Barclays Capital.

The benchmark was changed from a composite index representing 50% MSCI AC WORLD (N) and 50%
Barclays Global Aggregate G5 x-US Collateralized ex-European ABS Index to a composite representing 50%
MSCI AC WORLD (N) and 50% Bloomberg Barclays Global Aggregate Bond Index (Hedged) in May 2017.
The reason for the change was to minimise the exposure investors have to currency movements by hedging
all fixed income hedge exposure within the portfolio to the base currency.

In August 2020, a decision was made to remove the index from the Sub-Fund in line with the European
Securities and Markets Authority’s (ESMA) UCITS Key Investor Information Document (KIID) benchmark
disclosure requirements. The Sub-Fund is now actively managed without reference to an index.

lxxv
Bond Sub-Funds

1. Fidelity Funds - Asia Pacific Strategic Income Fund

There is no benchmark for the Sub-Fund so as to be aligned with its key peers in the market.

2. Fidelity Funds - Asian High Yield Fund

The benchmark was changed from the BofA Merrill Lynch Asian High Yield Corporate Index to the BofA
Merrill Lynch Asian High Yield Corporate Issuers Constrained Index in October 2009. The reason for
the change is that the new index has less concentration risk and is a better fit to the way the Sub-Fund is
managed.

The benchmark was changed to ICE BofA Asian Dollar High Yield Corporate Index (Level 4 20% Lvl4 Cap,
3% Constrained) in May 2011. The reason for the change is a pre-emptive move to ensure the benchmark
is adequately diversified from both a sector and issuer perspective. Taking into account future issuance
trends in high yield, it is possible that new issuance in one or more of the largest sectors could increase
the sector weights excessively if the benchmark is left unconstrained at the sector level. Another possibility
is changes to rating agency methodologies that could lead to an increase in the number of high yield
rated banking sector bonds, including subordinated bonds. Given that the objective of the Sub-Fund is to
be managing a well-diversified portfolio across different sectors and markets that takes advantage of the
pan-Asian growth theme, it is prudent to adopt a benchmark that avoids single sectors or single issuers
becoming too dominant and the benchmark becomes too concentrated at a sector/issuer level.

3. Fidelity Funds - Asian High Yield Fund A - MDIST-SGD (hedged)

The benchmark was changed from the BofA Merrill Lynch Asian High Yield Corporate Issuers Constrained
Index to the BofA Merrill Lynch Asian High Yield Corporate Issuers Constrained Index (hedged to SGD)
in October 2010. The reason for the change is that as the Sub-Fund is going to be converted to a hedged
share class, it would be more appropriate to measure the Sub-Fund’s performance against an index that is
hedged so as to be consistent.

The benchmark was changed to ICE BofA Asian Dollar High Yield Corporate Index (Level 4 20% Lvl4 Cap,
3% Constrained) Hedged to SGD in May 2011 for the reason explained in (2) above.

4. Fidelity Funds - China High Yield Fund

There is no benchmark for the Sub-Fund as there is a lack of viable options that capture both the onshore
and offshore China bond markets.

5. Fidelity Funds - China RMB Bond Fund

There is no benchmark for the Sub-Fund as this is a relatively immature market, no broadly used benchmark
is available that conforms to the Sub-Fund’s aim of producing income and capital gains by investing in
investment-grade RMB securities and other securities hedged back to the RMB.

6. Fidelity Funds - Emerging Market Debt Fund

The benchmark was changed from J.P.M. EMBI Global to J.P. Morgan Emerging Markets Bond Index - Global
Diversified in April 2016. The change is to bring the Sub-Fund in line with the industry standard and allow
for improved diversification of risk. The EMBI Global uses a traditional market capitalisation approach to
determine the weight of each individual issue, as well as the resulting country index allocations. As a result,
EMBI Global is heavily skewed towards the countries that have the largest amount of outstanding debt,
which indicates that they have heavy debt burdens and may carry an increased risk of default. The EMBI
Global Diversified distributes country weights more evenly.

7. Fidelity Funds - Euro Bond Fund

The benchmark was changed from Salomon Brothers ECU Bond Index to the Citigroup World Government
Bond European Index in January 1995. Then, the benchmark was changed to the Citigroup EMU Govt
Bond Index in November 1998. Thereafter, the benchmark was changed to the ICE BofA Euro Large Cap
Index in April 2003. The reason for the change is that the new index better reflected the peer group the
Sub-Fund was in.

lxxvi
8. Fidelity Funds - European High Yield Fund

The benchmark was changed from the BofA Merrill Lynch Euro High Yield Index to the BofA Merrill Lynch
Euro High Yield/BofA Merrill Lynch Euro High Yield Constrained Link Index in August 2002. Then, the
benchmark was changed to the BofA Merrill Lynch Global High Yield European Issuers Constrained Index
(Hedged to Euro) in July 2008. Thereafter, the benchmark was changed to the ICE BofA Global High
Yield European Issuers Constrained (Level 4 20% Capped) Index (Hedged to EUR) in February 2013. The
reason for the change is that over the past few years the financial crisis has caused financials to become a
disproportionately large part of the index. Historically, financials have had a weighting of approximately
8% while today that figure is over 30% given the downgrades that have occurred from the investment grade
market to the high yield bond market. The move to a Level 4 capped benchmark produced by BofA Merrill
Lynch that would place a cap on any industry that becomes greater than 20%. This cap would apply to the
sub-sectors that make up an industry. Capping the benchmark for any industry greater than 20% would
ensure that this benchmark change is a one-off permanent event.

9. Fidelity Funds - Flexible Bond Fund

The benchmark was changed from the FTSE Actuaries All Stocks Index to the BofA Merrill Lynch Sterling
Large Capitalisation Index in February 2002. The reason for the change is that new benchmark is a more
accurate representation of the investable universe.

There was no benchmark for the Sub-Fund following the change of name and investment objective to
Fidelity Funds - Flexible Bond Fund from Fidelity Funds - Sterling Bond Fund in February 2016. The
purpose of the change was to increase the Sub-Fund’s focus on providing income and capital growth in a
risk efficient manner by giving it flexibility to invest across a broader fixed income universe.

From January 2020, the Sub-Fund adopted the ICE BofA Q880 Custom Index as the Sub-Fund’s reference
index for comparative purposes only. The update was made in order to bring the Sub-Fund in line with the
European Securities and Markets Authority’s (ESMA) UCITS Key Investor Information Document (KIID)
benchmark disclosure requirements. This new index was selected as it more appropriately reflects the
investment universe of securities in which the Sub-Fund invests in.

10. Fidelity Funds - Global Bond Fund

The benchmark was changed from the Salomon Brothers World Bond Index to the Citigroup World
Government Bond Index (WGBI) Unhedged in August 1995. Then, the benchmark was changed to the
Citigroup G-7 Bond Index in September 1997 and back to the Citigroup World Government Bond Index
(WGBI) Unhedged in June 2000. Thereafter, the benchmark was changed to the Lehman Brothers Global
Aggregate G5 ex-MBS Index in July 2003. The benchmark was renamed to Barclays Global Aggregate G5
x-US Collateralized ex-European ABS Index from December 2008 as Barclays Capital is re-branding its
unified family of indices under the “Barclays Capital Indices” name. This combines the existing Lehman
Brothers and Barclays Capital indices into a single platform. From September 2016, the benchmark was
changed to the Bloomberg Barclays Global Aggregate Bond Index (Unhedged). As the Sub-Fund adopts a
global approach to investing internationally across currencies and sectors, the new index better represents
this opportunity set, as it would not be constrained to G5 currencies or exclude sectors.

11. Fidelity Funds - Global Income Fund

There is no benchmark for the Sub-Fund so as to be aligned with its key peers in the market.

12. Fidelity Funds - Global Inflation-linked Bond Fund (A-ACC-USD)

The benchmark was changed from the BofA Merrill Lynch Global Inflation-Linked Government Index to
the Bloomberg Barclays World Government Inflation-Linked Bond Index in February 2010. The reason for
the change is that the majority of the Sub-Fund’s peer group is using Bloomberg Barclays as their provider
for Global Inflation-Linked Bond indices. In order to match with the industry standards and position of
the Sub-Fund against the competition, a decision was made to switch from the current BofA Merrill Lynch
benchmark to the Bloomberg Barclays Index.

The benchmark was changed to the Bloomberg Barclays World Government Inflation-Linked 1 to 10 Year
Index in March 2011. The reason for the change is that Fidelity wishes to implement a more flexible
approach to the duration management of the Sub-Fund.

lxxvii
13. Fidelity Funds - Global Inflation-linked Bond Fund (A-ACC-Euro (hedged)

For the hedged share class, A-ACC EUR Hedged, the benchmark was changed from the BofA Merrill Lynch
Global Inflation-Linked Government Index to the BofA Merrill Lynch Global Inflation-Linked Government
Index Hedged to EUR and the BofA Merrill Lynch Global Inflation-Linked Government Index Hedged to
SGD respectively in November 2009. Replacing unhedged benchmarks with hedged versions for hedged
share classes provides the investors of hedged share class with a “clean” measure of over or under relative
investment performance data without any exchange rate fluctuations.

From February 2010, for the hedged share class, A-ACC EUR Hedged, the benchmark was changed to
Bloomberg Barclays World Government Inflation-Linked Bond Index Hedged to EUR and Bloomberg
Barclays World Government Inflation-Linked Bond Index Hedged to SGD respectively as explained above.

From March 2011, for the hedged share class, A-ACC EUR Hedged, the benchmark was changed to the
Bloomberg Barclays World Government Inflation-Linked 1 to 10 Year Index Hedged to EUR as explained
above.

14. Fidelity Funds - Global Short Duration Income Fund

There is no benchmark for the Sub-Fund as there is no available appropriate benchmark to accurately
represent the investment objective of the Sub-Fund.

15. Fidelity Funds - Sustainable Strategic Bond Fund

The benchmark was the Barclays Global Aggregate Index until April 2017. Thereafter, the Sub-Fund does
not have a benchmark, which reflects industry standards and creates greater alignment with Fidelity’s
clients and peers.

From February 2020, the Sub-Fund adopted the ICE BofA Q944 Custom Index as the Sub-Fund’s reference
index for comparative purposes only. The update was made in order to bring the Sub-Fund in line with the
European Securities and Markets Authority’s (ESMA) UCITS Key Investor Information Document (KIID)
benchmark disclosure requirements.

16. Fidelity Funds - US Dollar Bond Fund

The benchmark was changed from the Citigroup Eurodollar Straight Bond Index to the Citigroup Eurodollar
Bond Index in August 1995. Thereafter, the benchmark was changed to the BofA Merrill Lynch US Corporate
& Government Large Capitalisation Index in February 2002. The benchmark was changed from Citigroup
Eurodollar Bond Index to ICE BofAML US Large Cap Corporate & Government Index in April 2006. The
reason for the change is that the new benchmark is an aggregate index and better reflected the peer group
the Sub-Fund was in while the old benchmark was corporate bonds only.

From 1 December 2020, the Sub-Fund will change its benchmark to ICE BofA Q4AR Custom Index as
the benchmark constituents best represent the characteristics the Sub-Fund is seeking to gain exposure to.

Cash Sub-Funds

1. Fidelity Funds - Euro Cash Fund

There is no benchmark for the Sub-Fund as the Sub-Fund is not managed to a specific benchmark as the
Portfolio Manager seeks to maintain a stable capital value whilst generating returns to investors based on
low risk cash-based assets.

2. Fidelity Funds - US Dollar Cash Fund

lxxviii
Fidelity Lifestyle Funds Sub-Funds

1. Fidelity Funds - Fidelity TargetTM 2020 Fund

The benchmark was changed from the MSCI WORLD (N) to a blend of benchmarks, known as the
Fidelity 2020 Composite Index (98.7% MSCI WORLD (N); 0.60% Barclays Capital Global Aggregate G5
ex-MBS Index; 0.40% FTSE EPRA/NAREIT Global Real Estate (Total Return) Index; 0.30% Dow Jones UBS
Commodity (Total Return) Index; 0.00% USD 1 week LIBID) in August 2009. As at 30 November 2020, the
blended benchmark consists of Bloomberg Barclays Global Aggregate G5 x-US Collateralized ex-European
ABS Index, USD 1W LIBID and MSCI World Index.

The reason for the change is that the Sub-Fund would start to roll down into other asset classes. As a result,
the current benchmark (which represents a static allocation) is no longer representative as the customised
index would change periodically in-line with the Sub-Fund’s roll down.

From 1 January 2021, the blended benchmark of the Sub-Fund consisted of USD 1W LIBID due to the
continued roll-down of the Sub-Fund. With effect from 2 August 2021, the blended benchmark of the
Sub-Fund will consist of Secured Overnight Financing Rate or “SOFR”, due to the decommissioning of the
London Inter-Bank Offered Rate (LIBOR).

Note: The benchmark for the Sub-Fund would change as the Sub-Fund, in line with the Sub-Fund’s investment
objective, reaches its maturity date.

Systematic Multi Asset Risk Targeted Sub-Funds

1. Fidelity Funds - SMART Global Defensive Fund

There is no benchmark for the Sub-Fund as it uses a broad global investment universe and is managed
using a flexible, volatility target based strategy.

lxxix
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LO00382

Fidelity, Fidelity International, and the Fidelity International Logo and F Symbol are trademarks of FIL Limited
lxxxi
Fidelity Funds

Société d’investissement à capital variable

Established in Luxembourg

Prospectus

VISA 2022/167344-795-0-PC
L'apposition du visa ne peut en aucun cas servir
d'argument de publicité
Luxembourg, le 2022-01-04
Commission de Surveillance du Secteur Financier
IMPORTANT NOTE
IMPORTANT. If you are in any doubt about the contents of this prospectus (the “Prospectus”), you should consult your stockbroker,
bank manager, solicitor, accountant or other independent financial adviser. Shares are offered on the basis of the information
contained in and the documents referred to in the Prospectus and the relevant Key Investor Information Document (‘KIID’ or
‘KIIDs’). No person is authorised to give any information or to make any representations concerning the Fund other than as
contained in the Prospectus and the KIID. Any purchase made by any person on the basis of statements or representations not
contained in or inconsistent with the information and representations contained in the Prospectus and the KIID will be solely at the
risk of the purchaser. The information provided in the Prospectus does not constitute investment advice.
The Fund is registered under Part I of the Luxembourg law of 17 December 2010. This registration does not require any
Luxembourg authority to approve or disapprove either the adequacy or accuracy of the Prospectus or the portfolio of securities
held by the Fund. Any representation to the contrary is unauthorised and unlawful. The Fund complies with the substance
requirements as provided by Article 27 of the Luxembourg law of 17 December 2010.
The Fund qualifies as an undertaking for collective investment in transferable securities (‘UCITS’) and has obtained recognition under
Directive 2009/65/EC of the European Parliament and of the Council, as amended, for marketing in certain Member States of the EU.
The Board has taken all reasonable care to ensure that the facts stated in the Prospectus are true and accurate in all material
respects at the date hereof and that there are no other material facts the omission of which makes any statement of fact or opinion
in the Prospectus misleading. The Directors accept responsibility accordingly. The Board has approved the full English version of
the Prospectus. The Prospectus may be translated into other languages. Where the Prospectus is translated into any other
language, the translation shall be as close as possible to the English text and any material variations shall be in compliance with
the requirements of the regulatory authorities in other jurisdictions.
The distribution of the Prospectus and the offering of the Shares may be restricted in certain jurisdictions. The Prospectus does not
constitute an offer or solicitation in any jurisdiction where such offer or solicitation is or may be unlawful, where the person making
the offer or solicitation is not authorised to make it or a person receiving the offer or solicitation may not lawfully receive it. It is the
responsibility of any persons in possession of the Prospectus and any persons wishing to apply for Shares pursuant to the
Prospectus to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction, including the
selling restrictions contained in Appendix I, “Important Information for Investors in Certain Countries and Selling Restrictions in Certain
Jurisdictions”, of the Prospectus.
The information contained in the Prospectus is supplemented by the most recent KIID, annual report and accounts of the Fund
and any subsequent semi-annual report and accounts, if available, copies of which can be obtained free of charge from the
registered office of the Fund. Persons interested in purchasing Shares should inform themselves as to (a) the legal requirements
within their own country for the purchase of Shares, (b) any foreign exchange restrictions which may be applicable, and (c) the
income and other tax consequences of purchase, conversion and redemption of Shares.
Information for investors in certain countries is contained in Appendix I, “Important Information for Investors in Certain Countries and
Selling Restrictions in Certain Jurisdictions”, of the Prospectus. Investors should note that the information contained in the Prospectus
does not constitute tax advice and the Directors recommend that investors should seek their own professional advice as to the tax
consequences before investing in Shares in the Fund.
The Fund draws the investors’ attention to the fact that, subject to the provisions under Part III, 3.4 “Eligible Investors and
Restriction on Ownership”, any investor will only be able to fully exercise their investor’s rights directly against the Fund, notably
the right to participate in general meetings of the Shareholders, if the investor is registered itself and in its own name in the
register of Shareholders of the Fund.
In case where an investor invests in the Fund through an intermediary investing in the Fund in its own name but on behalf of the
investor, it may not always be possible for the investor to exercise certain Shareholder rights directly against the Fund. Investors
are advised to take advice on their rights.
The Fund is not registered in the United States of America under the Investment Company Act of 1940. Shares have not been
registered in the United States of America under the Securities Act of 1933. Shares may not be directly or indirectly offered or sold
in the United States of America or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of
nationals or residents thereof, unless pursuant to an exemption from registration requirements available under US law, any
applicable statute, rule or interpretation. US Persons (as this term is defined in Part III, 3.4 “Eligible Investors and Restriction on
Ownership”) are not eligible to invest in the Fund. Prospective investors shall be required to declare that they are not a US Person.
The Fund is not registered in any provincial or territorial jurisdiction in Canada and the Shares have not been qualified for
distribution in any Canadian jurisdiction under applicable securities laws. Shares made available under this offer may not be
directly or indirectly offered or sold in any provincial or territorial jurisdiction in Canada or to or for the benefit of residents thereof.
Prospective investors may be required to declare that they are not a Canadian resident and are not applying for Shares on behalf
of any Canadian residents. If an investor becomes a Canadian resident after buying Shares of the Fund, this investor will not be
able to buy any additional Shares.
Data protection
For the purpose of this section, “Data Protection Legislation” means any applicable law, statute, declaration, decree, directive,
legislative enactment, order, ordinance, regulation, rule or other binding instrument which implements the Regulation 2016/679 of
the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of
personal data and on the free movement of such data, and repealing Directive 95/46/EC (the “GDPR”) as such regulation may be
implemented or complemented, amended, replaced or repealed from time to time.
The Fund and the Management Company are acting as joint controllers in relation to the personal data (i.e. information by which
an individual may be directly or indirectly identified, the “Personal Data”) that an investor provides to the Fund or the Management
Company (including information relating to its representatives, contact persons, directors, and beneficial owners) (the “Data
Subjects”).
The investor is informed and acknowledges that the Personal Data will be processed in accordance with the privacy statement
(the “Privacy Statement”). The Privacy Statement contains, among others, contact details of the data controllers, the type of
Personal Data processed, the purposes for which Personal Data is processed, the list of entities involved in the processing of
Personal Data, the rights of the data subjects, and is available at www.fidelityinternational.com. The Privacy Statement may also

Prospectus: Fidelity Funds 1 January 2022

be provided to the Data Subject upon request or made available at the registered office of the Fund or the Management Company
respectively. The Privacy Statement is subject to change at the sole discretion of the Fund and the Management Company.
Insofar as the investor is not a natural person and when Personal Data is not provided by the individuals concerned themselves,
the investor represents that it has the authority to provide such Personal Data to the Fund and its Management Company and
undertakes to (i) inform the Data Subjects about the processing of their Personal Data and their related rights as further described
in the Privacy Statement, as well as (ii) where necessary and appropriate, obtain in advance any consent that may be required for
the processing of the Personal Data of such Data Subjects, and (iii) ensure that the disclosure of Personal Data is in compliance
with all Data Protection Legislation and that there is no prohibition or restriction which could: (a) prevent or restrict it from disclosing
or transferring the Personal Data to the Fund or the Management Company, (b) prevent or restrict the Fund or the Management
Company from disclosing or transferring Personal Data to service providers of the Fund and/or the Management Company, their
affiliates, or any other third party such as subcontractors, vendors, credit reference agencies and competent authorities pursuant
to its obligations under this Prospectus and the application form, and (c) prevent or restrict the Fund, the Management Company,
their affiliates, service providers and subcontractors from processing the Personal Data for the purposes set out in the Privacy
Statement.
The investor who shares Personal Data from Data Subjects with the Fund and the Management Company shall indemnify and hold the
Fund and the Management Company harmless for and against all direct and indirect damages and financial consequences arising from
any breach of the obligations of this section “Data Protection” and of applicable data protection legislation.

Market timing and excessive trading

The Fund is designed and managed to support longer-term investment and active trading is discouraged. Short-term or excessive
trading into and out of the Fund may harm performance by disrupting portfolio management strategies and by increasing expenses.
In accordance with general FIL Group policy and practice and CSSF circular 04/146, the Fund and the Distributors are committed
not to permit transactions which they know to be or have reasons to believe to be related to market timing. Accordingly, the Fund
and the Distributors may refuse to accept applications for or switching of Shares, especially where transactions are deemed
disruptive, particularly from market timers or investors who, in the Fund’s or any of the Distributors’ opinion, have a pattern of
short-term or excessive trading or whose trading has been or may be disruptive to the Fund. For these purposes, the Fund and
the Distributors may consider an investor’s trading history in a fund or other FIL Group UCIs and accounts under common
ownership or control.

Prospectus: Fidelity Funds 2 January 2022

TABLE OF CONTENTS:

DEFINITIONS 5
DERIVATIVES GLOSSARY OF TERMS 10
OVERVIEW – MAIN ADMINISTRATION FUNCTIONS 12
OVERVIEW – MANAGEMENT OF THE FUND 13
OVERVIEW – FIL GROUP DISTRIBUTORS & DEALING FACILITIES 15
PART I 17
1. Fund Information 17
1.1. The Fund 17
1.2. Risk Factors 18
1.3. Sustainable Investing 44
1.4. Investment Policies and Objectives 46
1.4.1. EQUITY FUNDS 46
1.4.2. ASSET ALLOCATION FUNDS 85
1.4.3. MULTI ASSET FUNDS 87
1.4.4 BOND FUNDS 96
1.4.5. CASH FUNDS 119
1.4.6. FIDELITY LIFESTYLE FUNDS 120
1.4.7. INSTITUTIONAL RESERVED FUNDS 124
1.4.8. INSTITUTIONAL TARGET FUNDS 128
1.4.9. FIXED-TERM BOND FUNDS 132
1.4.10. SYSTEMATIC MULTI ASSET RISK TARGETED FUNDS 134
1.4.11. MULTI ASSET TARGET FUNDS 135
1.4.12. ABSOLUTE RETURN FUNDS 138
1.5. Additional Information 142
PART II 149
2. Classes of Shares and Share Dealing 149
2.1. Classes of Shares 149
2.1.1 List of the Class Indicators and their related features 149
2.1.2 List of the Class Sub-Indicators 153
2.2. Share Dealing 157
2.2.1. HOW TO BUY SHARES 158
2.2.2. HOW TO SELL SHARES 159
2.2.3. HOW TO SWITCH 160
2.3. Calculation of the Net Asset Value 161
2.4. Price Adjustment Policy (Swing Pricing) 163
2.5. Co-Management of Assets 163
2.6. Temporary Suspension of Determination of Net Asset Value and of the Issue, Switching and Redemption
of Shares 163
2.7. Restrictions on Buying, Subscribing and Switching into Certain Funds 164
PART III 165
3. General Information 165
3.1. Dividends 165
3.2. Meetings, Reports and Shareholder Communication 168
3.3. Taxation 169
3.4. Eligible Investors and Restriction on Ownership 171
3.5. Liquidation of Fidelity Funds, Funds and Classes of Shares 173
3.6. Institutional Reserved Funds – Dilution Levy and Large Deals 173
PART IV 175
4. Administration Details, Charges and Expenses 175

PART V 184
5. Investment Restrictions 184
5.1. Investment Powers and Safeguards for funds other than Cash funds 184

Prospectus: Fidelity Funds 3 January 2022

5.2. Investment Powers and Safeguards for Cash funds 190
5.3 Additional Country Specific Information and/or Investment Restrictions for funds registered in France,
Hong Kong & Macau, Korea, Singapore, South Africa, Taiwan 195
APPENDIX I 202
APPENDIX II 225
APPENDIX III 254

Prospectus: Fidelity Funds 4 January 2022

DEFINITIONS
Articles of The articles of incorporation of the Fund, as they may be amended from time to time.
Incorporation
AUD Australian Dollar.
Board The board of Directors of the Fund.
Brokerage Fees payable by the funds to third parties which include: (i) Trade Execution Fees; and/or
Commissions (ii) any applicable Research Fees.
Business Day A day on which the banks in the relevant jurisdiction are normally open for business.
CAD Canadian Dollar.
Cash funds The funds referred to in Part I, section 1.4.5., each qualifying as a Money Market Fund
under the MMFR.
CHF Swiss Francs.
Class A Shares Class A Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes A
Shares are distributing classes of Shares.
Class C Shares Class C Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes C
Shares are distributing classes of Shares.
Class D Shares Class D Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes D
Shares are distributing classes of Shares.
Class E Shares Class E Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes E
Shares are distributing classes of Shares.
Class I Shares Class I Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes I
Shares are distributing classes of Shares.
Class J Shares Class J Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes J
Shares are distributing classes of Shares.
Class P Shares Class P Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes P
Shares are distributing classes of Shares.
Class R Shares Class R Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes R
Shares are distributing classes of Shares.
Class RA Shares Class RA Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes RA
Shares are distributing classes of Shares.
Class RY Shares Class RY Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes RY
Shares are distributing classes of Shares.
Class S Shares Class I Shares characteristics apply.
Class SE Shares Class SE Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes SE
Shares are distributing classes of Shares.
Class SR Shares Classes of Shares offered in Singapore for Central Provident Fund (CPF) investment only.
Class SR Shares which name may be completed by any of the Class Indicators described
under Part II 2.1. Except otherwise provided for in their names, Classes SR Shares are
distributing classes of Shares.
Class W Shares Class W Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes W
Shares are distributing classes of Shares.
Class X Shares Class X Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes X
Shares are distributing classes of Shares.
Class Y Shares Class Y Shares which name may be completed by one or several Class Sub-Indicators
described under Part II 2.1. Except otherwise provided for in their names, Classes Y
Shares are distributing classes of Shares.
Conducting Officers Any person (‘dirigeant’) who conducts the daily business of the Management Company.

Prospectus: Fidelity Funds 5 January 2022

Connected Person ‘Connected Person’ of any investment adviser, Investment Manager, depositary or any
Distributor means:
a) any person beneficially owning, directly or indirectly, 20% or more of the ordinary share
capital of that company or able to exercise, directly or indirectly, 20% or more of the total
votes in that company;
b) any person controlled by a person who meets one or both of the requirements set out
in a) above;
c) any company 20% or more of whose ordinary share capital is beneficially owned,
directly or indirectly, by any investment adviser, Investment Manager or Share Distributor
taken together; and any company 20% or more of the total votes in which can be
exercised, directly or indirectly by such investment adviser, Investment Manager or
Share Distributor taken together; and
d) any director or officer of any investment adviser or Investment Manager or Share
Distributor or of any Connected Person of that company, as defined in a), b) or c) above.
CZK Czech Koruna.
Director Any member of the Board.
Distributor One of the FIL Group companies named in the Prospectus through which Shares in the
Fund may be bought, sold or switched.
Efficient Portfolio Reference to Efficient Portfolio Management throughout this Prospectus shall mean
Management reference to techniques and instruments which fulfil the following criteria:
a) they are economically appropriate in that they are realised in a cost effective way;
b) they are entered into for one or more of the following specific aims;
I. reduction of risk;
II. reduction of cost;
III. generation of additional capital or income for the funds with a level of risk which
is consistent with the risk profile of the funds and the risk diversification rules
laid down in Part V. (5.1, A. III);
c) their risks are adequately captured by the risk management process of the Fund.
Eligible Market A Regulated Market in an Eligible State.
Eligible Market in The Shanghai Stock Exchange, the Shenzhen Stock Exchange or the mainland China
China interbank bond market, as the case may be.
Eligible State Any Member State of the EU or any other state in Eastern and Western Europe, Asia,
Africa, Australia, North and South America and Oceania.
Euro/EUR The European currency unit.
FATF State Any state having joined the Financial Action Task Force.
FIL Group FIL Limited and its respective affiliated companies.
Financial Institution A Custodial Institution, a Depository Institution, an Investment Entity or a Specified
Insurance Company as specified in the Luxembourg law of 24 July 2015 (the “FATCA
law”) and the Luxembourg law of 18 December 2015 (the “CRS law”).
FIRST The term “FIRST” stands for “Fidelity Research Strategy”. Where the term “FIRST” is
included as part of a fund’s name, this means that the fund adopts the FIRST investment
process. The FIRST investment process employs quantitative methods to capture the
highest conviction (i.e. most favoured) ideas generated by the Investment Manager’s
research analysts whilst also seeking consistency and repeatability of the investment
outcomes. Qualitative judgement is then applied to ensure that only stocks that meet the
portfolio management team’s criteria are included in the fund’s portfolio and stock
selection is the primary driver of both risk and return. For the avoidance of doubt, the
usage of the term "FIRST" is not indicative of the fund's performance or returns.
Fund Fidelity Funds.
fund A specific portfolio of assets and liabilities within the Fund managed in accordance with
the investment policy specified for the Share class or classes connected with that fund.
G20 The informal group of twenty finance ministers and central bank governors from twenty
major economies: Argentina, Australia, Brazil, Canada, China, France, Germany, India,
Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea,
Turkey, United Kingdom, USA and the European Union.
HKD Hong Kong Dollar.
HUF Hungarian Forint.
JPY Japanese Yen.
KRW South Korean Won.
Law of 2010 The Luxembourg law of 17 December 2010 relating to undertakings for collective
investment, as it may be amended from time to time.

Prospectus: Fidelity Funds 6 January 2022

Management FIL Investment Management (Luxembourg) S.A., a société anonyme with its registered
Company office at 2a Rue Albert Borschette, BP 2174, L-1246 Luxembourg, which has been
appointed by the Fund as Management Company to provide investment management,
administration and marketing functions to the Fund with the possibility to delegate part
or all of such functions to third parties.
The Management Company also acts as Registrar, Transfer Agent, Administrative
Service Agent and Domiciliary Agent of the Fund.
Mark-to-Market The valuation of positions at readily available closing prices that are sourced
independently, including exchange process, screen price, or quotes from several
independent reputable brokers.
Mark-to-Model Any valuation which is benchmarked, extrapolated or otherwise calculated from one or
more market inputs.
Member State Any member state of the EU as well as Iceland, Liechtenstein and Norway.
Member State of the Any member state of the European Union.
EU
Money Market Fund Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017
Regulation or MMFR on Money Market Funds as may be amended or replaced from time to time.
Money Market Fund Any undertaking for collective investment qualifying as money market fund under the
MMFR, namely that:
(a) requires authorisation as UCITS or is authorised as UCITS under Directive
2009/65/EC or AIF under Directive 2011/61/EU;
(b) invests in short-term assets; and
(c) has distinct or cumulative objectives offering returns in line with money market
rates or preserving the value of the investment.
Money Market Instruments, as defined in Article 2(1) of Directive 2009/65/EC, as amended and as
Instruments referred to in Article 3 of Commission Directive 2007/16/EC.
Net Asset Value As the case may be the value of the assets less liabilities of the Fund, of a fund, of a
class of Shares or of a Share in a fund determined in accordance with the principles set
out in the Prospectus.
NOK Norwegian Krone.
NZD New Zealand Dollar.
OECD Organisation for Economic Cooperation and Development.
open for business The Distributors and the Fund will be open at least every Business Day in the relevant
jurisdiction. The Distributors may be open on other days as determined by them. Please
note that for Institutional Reserved funds the Distributors will not be open for business
on UK bank holidays.
Performance Fee (PF) Performance Fee as described under Part II 2.1. & Part IV. Reference in this prospectus
shall include references to PF, where the context so requires.
PLN Polish Zloty.
Primarily Each time this word is used in the description of a fund or a class of Shares or a type of
fund or class of Shares of the Fund, this means that at least 70% of the assets of the
relevant fund are directly or indirectly invested in the currency, the country, the type of
security or other material element set out in the name of the fund, the fund’s investment
objective and the investment policy of the relevant fund’s range.
Principal Dealing For some funds, separate classes of Shares are issued, whose Net Asset Value will be
Currency calculated, and which will be priced in the dealing currency of the share class specified
under “Share Class Name” in Appendix II.
principally Each time this word is used in the description of a fund or a class of Shares or a type of
fund or class of Shares of the Fund, this means that at least 70% (and normally 75%) of
the assets of the relevant fund are directly, or indirectly invested in the currency,
the country, the type of security or other material element set out in the name of the fund,
the fund’s investment objective and the investment policy of the relevant fund’s range.
Reference Currency The currency used for reporting purposes.
Regulated Market A market within the meaning of directive 2014/65/EC of 15 May 2014 on markets in
financial instruments and any other market which is regulated, operates regularly and is
recognised and open to the public. For the avoidance of any doubt this shall include the
US OTC Bond Market, the Moscow Exchange, the Shanghai Stock Exchange, the
Shenzhen Stock Exchange as well as the mainland China interbank bond market.
Regulation of 2008 Grand-Ducal regulation of 8 February 2008.

Prospectus: Fidelity Funds 7 January 2022

REITs A Real Estate Investment Trust or REIT is an entity that is dedicated to owning, and in
most cases, managing real estate. This may include, but is not limited to, real estate in
the residential (apartments), commercial (shopping centres, offices) and industrial
(factories, warehouses) sectors. Certain REITs may also engage in real estate financing
transactions and other real estate development activities. The legal structure of a REIT,
its investment restrictions and the regulatory and taxation regimes to which it is subject
will differ depending on the jurisdiction in which it is established. Investment in REITs will
be allowed if they qualify as (i) UCITS or other UCIs or (ii) transferable securities. A
closed-ended REIT, the units of which are listed on a Regulated Market is classified as
a transferable security listed on a Regulated Market thereby qualifying as an eligible
investment for a UCITS under the Luxembourg Law.
Research Fees Fees payable by the relevant fund to third parties in respect of investment research and related
advisory services relating to equities and equity related securities. Further information in
respect of the Research Fees, including the maximum amount that may be charged to a fund
and details of the collection methodology, is available at the registered office of the Fund or on
the website www.fidelityinternational.com/researchbudget. For the avoidance of doubt, no
such fees are currently being charged.
RMB/CNY/CNH RMB is a colloquial reference to the Chinese Renminbi, which is also known
internationally as the Chinese Yuan (‘CNY’). Whilst the CNY is traded both onshore in
China and offshore (primarily in Hong Kong), it is the same currency although currently
traded at different rates. The offshore rate for trading CNY is generally referred to as
‘CNH’. The CNH rate will be used when determining the value of the Shares of a fund,
as well as for hedging purposes.
SEK Swedish Krona.
SFC SFC refers to Securities and Futures Commission of Hong Kong.
SFDR SFDR refers to the regulation (EU) 2019/2088 of the European Parliament and of the
Council of 27 November 2019 on sustainability- related disclosures in the financial
services sector, as may be amended from time to time.
SGD Singapore Dollar.
Share A class of share of any one fund in the capital of the Fund or a share in any such class.
Shareholder A holder of Shares.
Short-Term Money An undertaking for collective investment that invests in eligible instruments referred to
Market Fund under Article 10 (1) of the MMFR and that is subject to the portfolio rules set out in Article
24 of the MMFR.
Solidarity Assets Securities issued by solidarity companies referred to in Article L.3332-17-1 of the French
Labour Code.
Sterling/GBP United Kingdom Pounds Sterling.
Sustainability Risks Sustainability risks are an environmental, social or governance event or condition that, if
it occurs, could cause an actual or a potential material negative impact on the value of
the investment, as defined under the SFDR.
Trade Execution Fees Commissions which are paid to third party brokers in respect of trade execution.
Transferable Shall mean:
Securities - shares and other securities equivalent to shares,
- bonds and other debt instruments,
- any other negotiable securities which carry the right to acquire any such
transferable securities by subscription or exchange,
excluding techniques and instruments relating to Transferable Securities and Money
Market Instruments.
TWD New Taiwan Dollar.
UCI (or other UCI) An undertaking for collective investment within the meaning of Article 1, paragraph (2),
points a) and b) of Directive 2009/65/EC, as amended.
UCITS An undertaking for collective investment in Transferable Securities authorised pursuant
to Directive 2009/65/EC, as amended.
US Dollar/USD United States Dollar.

Prospectus: Fidelity Funds 8 January 2022

Valuation Date Each week day (any day Monday to Friday inclusive) excluding 25 December (‘Christmas
Day’) and 1 January (‘New Year’s Day’) as well as any other day which the Directors have
determined, in the best interests of the Shareholders, as non-Valuation Dates for specific
funds. Non-Valuation Dates may for example be any day observed as a holiday on a stock
exchange which is the principal market for a significant portion of the investments attributable
to a fund, or any day which is a holiday elsewhere so as to impede the calculation of fair market
value of the investments attributable to a given fund, which may also include any day
immediately preceding such relevant market closure where the dealing cut-off time of the
relevant fund occurs at a time when the relevant underlying main market is already closed to
trading and the following days are a period of consecutive market closure days.
The list of expected non-Valuation Dates is available on https://fidelityinternational.com/non-valuation-days/
and is updated in advance on a semi-annual basis. However, the list may be further updated
from time to time in advance as is reasonably practicable in exceptional circumstances where
the Directors believe that it is in the best interests of the Shareholders.
Variable Net Asset A Money Market Fund that complies with the specific requirements laid down in Articles
Value Money Market 29, 30 and in Article 33 (1) of the MMFR and that may either be a short-term Money
Fund Market Fund or a standard Money Market Fund in accordance with Article 2 (14) and (15)
of the MMFR.
Variable Share Class A Share class subject to a Variable Management Fee as described under Part II 2.1.

Prospectus: Fidelity Funds 9 January 2022

DERIVATIVES GLOSSARY OF TERMS
Term Description
Bond futures Bond futures are contractual obligations for the contract holder to purchase or sell a
bond on a specified date at a predetermined price. A bond future can be bought in a
futures exchange market and the prices and dates are determined at the time the future
is purchased.
Commitment approach One of two standard methodologies recognised for UCITS to estimate a fund’s exposure
to market risk through the use of derivatives. Global exposure related to derivative
instruments under the commitment approach is the sum of the notional values of
derivatives instruments excluding a) financial derivative instruments involved in netting
or hedging arrangements and b) other types of financial derivative instruments which
may be excluded from global exposure calculations as per CESR/10-788 Guidelines on
Risk Measurement expressed as a percentage of the total net asset value and limited
to 100%.
Contracts for A contract for differences is a contract between two parties, typically described as
difference “buyer” and “seller”, stipulating that the seller will pay to the buyer the difference
(“CFD”) between the current value of an asset and its value at contract time (if the difference is
negative, then the buyer pays instead to the seller). It allows investors to gain exposure
to underlying assets which they may not be entitled to purchase directly, but also
provides exposure to the price change without exposure to the related currency risk.
Unlike futures contracts (which are settled through a clearing firm), contracts for
difference are privately negotiated between two parties and are not standardised.
Credit default swap A credit default swap is a financial derivative contract between two parties, a credit
(“CDS”) protection buyer and a credit protection seller. The buyer makes a series of payments
to the seller and receives compensation for losses resulting from predefined credit
events such as default of a third party.
Forward Contracts A forward contract is a customized contract between two parties to buy or sell an asset
at a specified price on a future date. A forward contract can be used for hedging or
speculation, although its non-standardized nature makes it particularly suitable for
hedging. Unlike standard futures contracts, a forward contract can be customized to any
financial asset, amount and delivery date.
Futures Fundamentally, forward and futures contracts have the same function in that both types
of contracts allow investors to buy or sell a specific type of asset at a specific time at a
given price. However, it is in the specific details that these contracts differ, including the
following:
Feature Futures Forwards
Trading Venue Exchange traded Private agreements
Contract Type Standardised Non-standardised
Counterparty Clearing houses guarantee Greater chance of default
Default Risk the transactions, which
drastically lowers the
probability of default
Settlement Contracts are marked-to- Settlement of the contract
Convention before market daily, which means occurs at the end of the
maturity daily changes are settled contract
day-by-day until the end of
the contract
Settlement Settlement can occur over Only one settlement date
Convention at a range of dates
maturity

Inflation swaps An inflation swap is a derivative used to transfer inflation risk from one party to another
through an exchange of cash flows. In an inflation swap, one party pays a fixed rate on
a notional principal amount, while the other party pays a floating rate linked to an
inflation index, such as the Consumer Price Index. The party paying the floating rate
pays the inflation-adjusted rate multiplied by the notional principal amount. For example,
one party may pay a fixed rate of 3% on a two year inflation swap, and in return receive
the actual inflation.
Interest rate futures An interest rate future is a contract between the buyer and seller agreeing to the future
delivery of any interest-bearing asset. The interest rate future allows the buyer and seller
to lock in the price of the interest-bearing asset for a future date.
Interest rate swaps An interest rate swap is a liquid financial derivative instrument in which two parties agree
to exchange interest rate cash flows, based on a specified notional principal amount
from a fixed rate to a floating rate (or vice versa) or from one floating rate to another.

Prospectus: Fidelity Funds 10 January 2022

Non-deliverable A non-deliverable forward is a forward contract (cf. above) in which counterparties agree
forwards not to exchange an asset for the previously agreed price, but only the difference
between the previously agreed price and the current market price at the time of maturity
of the contract. It is used in various markets such as foreign exchange and commodities.
Non-deliverable forwards are commonly used for currencies which cannot be readily
exchanged for other currencies due to capital controls.
Notional principal The notional amount (or notional principal amount or notional value) on a financial
amount instrument is the nominal or face value that is used to calculate payments made on that
instrument.
Put/call options A put option is an option contract giving the owner the right, but not the obligation, to
sell a specified amount of an underlying security at a specified price within a specified
time. This is the opposite of a call option, which gives the holder the right, but not the
obligation, to buy a specified amount of an underlying security at a specified price within
a specified time.
Swaps A swap is a derivative in which two counterparties exchange cash flows of one party’s
financial instrument for those of the other party’s financial instrument. Specifically, two
counterparties agree to exchange one stream of cash flows against another stream.
These streams are called the ‘legs’ of the swap. The swap agreement defines the dates
when the cash flows are to be paid and the way they are accrued and calculated. Usually
at the time when the contract is initiated, at least one of these series of cash flows is
determined by an uncertain variable such as a floating interest rate, foreign exchange
rate, equity price, or commodity price. Swaps are not traded on an exchange but over
the counter.
Swaptions Swaption is an option on a swap (cf. above). A payer swaption gives the owner of the
swaption the right to enter into a swap where they pay the fixed ‘leg’ and receive the
floating ‘leg’. A receiver swaption gives the owner of the swaption the right to enter into
a swap in which they will receive the fixed ‘leg’, and pay the floating ‘leg’.
Total return swaps A total return swap is a swap agreement in which one party makes payments based on
a set rate, either fixed or variable, while the other party makes payments based on the
return of an underlying asset, which includes both the income it generates and any
capital gains. In total return swaps, the underlying asset, referred to as the reference
asset, is usually an equity index, financial index or bonds. This is owned by the party
receiving the set rate payment. Total return swaps allow the party receiving the total
return to gain exposure and benefit from a reference asset without actually having to
own it.
Value-at-Risk Value-at-risk is a statistical measure to estimate the size of a potential loss that could
(“VaR”) arise over a given time horizon at a given confidence level. For the funds which apply a
VaR approach to calculate their global exposure, this is measured at a 99% confidence
level and based on a time horizon of one month.
Value-at-Risk As a second standard methodology, a fund can use either the relative VaR approach or
approach (VaR the absolute VaR approach to calculate global exposure. The UCITS decides which
approach) VaR approach is the most appropriate and then either calculates the VaR relative to its
net asset value (“NAV”) (the “absolute VaR approach”) or to the VaR of a reference
portfolio (the “relative VaR approach”). For funds using the relative VaR approach, the
VaR of the fund’s portfolio is not allowed to exceed twice the VaR of the reference
portfolio. The absolute VaR approach is generally used when there is no reference
portfolio or benchmark. For funds using the absolute VaR approach, the maximum VaR
limit is 20% of the fund’s NAV.
Warrants A warrant is a contract that confers the right, but not the obligation, to buy or sell a
security – normally an equity – at a certain price before expiration. The price at which
the underlying security can be bought or sold is referred to as the exercise price or strike
price. As opposed to a call option, a warrant is issued by the company who also issues
the underlying stock.

Prospectus: Fidelity Funds 11 January 2022

OVERVIEW – MAIN ADMINISTRATION FUNCTIONS
MANAGEMENT COMPANY, REGISTRAR, TRANSFER
REGISTERED OFFICE AGENT, ADMINISTRATIVE SERVICE AGENT AND
DOMICILIARY AGENT

2a, Rue Albert Borschette FIL Investment Management (Luxembourg) S.A

BP 2174 2a, Rue Albert Borschette
L-1246 Luxembourg BP 2174
Grand-Duchy of Luxembourg L-1246 Luxembourg
Grand-Duchy of Luxembourg

DEPOSITARY INVESTMENT MANAGER

Brown Brothers Harriman (Luxembourg) S.C.A. FIL Fund Management Limited

80 Route d’Esch Pembroke Hall
L-1470 Luxembourg 42 Crow Lane
Grand-Duchy of Luxembourg Pembroke HM19
Bermuda

INDEPENDENT AUDITORS

Deloitte Audit S.à r.l.

20, Boulevard de Kockelscheuer
L-1821 Luxembourg
Grand-Duchy of Luxembourg

Prospectus: Fidelity Funds 12 January 2022

OVERVIEW – MANAGEMENT OF THE FUND
BOARD OF DIRECTORS OF THE FUND

Anne Richards (Chairman of the Board)

United Kingdom; She joined Fidelity International as CEO in December 2018 from M&G Investments where she was CEO and a
director of its parent company Prudential plc. She has worked in the asset management industry since 1992. Anne has almost three
decades of experience as an analyst, portfolio manager and CIO and is a strong proponent of ESG investing. Her career path spans
many blue chip global names in the financial sector including Alliance Capital, JP Morgan, Merrill Lynch Investment Managers and
Aberdeen Asset Management.
She is a Chartered Engineer and began her career as a research fellow at CERN, the European Organisation for Nuclear
Research. She is a former chair of the UK Financial Conduct Authority’s Practitioner Panel.
She was publicly recognised in the UK for her services to the voluntary sector and to the Financial Services industry by being
appointed a Commander of the Royal Victorian Order (CVO) in 2014. Anne was appointed a Dame Commander (DBE) in June 2021
for services to Financial Services, Women, Education and Science.

Dr. Yousef A. Al-Awadi K.B.E.

Kuwait; Chairman and Chief Executive Officer of YAA Consultancy and previously Chief Executive Officer of Gulf Bank in Kuwait
and President and Chief Executive Officer of Kuwait Investment Office in London and Director of bank ABC Bahrain. His board
directorships included many public and private sector entities in Kuwait and internationally.

Didier Cherpitel
Switzerland; currently Director of the Swiss Philanthropy Foundation; Chairman and former Treasurer of the Association François-
Xavier Bagnoud; Director and Treasurer of Fondation Mérieux; former Chairman of J.P.Morgan in France, former Chief Executive
Officer of the Federation of the Red Cross and Red Crescent societies in Geneva and former Chairman of Atos Origin. Founder and
Chairman of Managers Without Borders.

Carine Feipel
Luxembourg; after 20 years at leading independent business law firm, Arendt & Medernach in Luxembourg and New York, where
she was a partner, she is now an independent attorney and non-executive director of several companies including Banque de
Luxembourg, Morgan Stanley Investment Funds, AIG Europe and several other companies of the financial sector. She is a Certified
Director by INSEAD and the Luxembourg Institute of Directors (‘ILA’). In 2019, she was appointed Chair of ILA.

Abby Johnson
United States; President and Chief Executive Officer of FMR LLC; chairman of Fidelity Management & Research Company (FMRCo);
chairman of the Board of FIL Limited; chairman of the Board of Trustees of US Fidelity Investments Fixed-Income/Asset Allocation
funds.

Glen Moreno

United States; He joined the FIL Board in 1987 and is the Chairman of the FIL Remuneration Committee and a member of the FIL
Audit and Risk Committee. He was previously chairman of Virgin Money and Pearson PLC, Deputy Chairman of the Financial
Reporting Council and Deputy Chairman of Lloyds Banking Group. He was also Senior Independent Director of Man Group plc and
a Trustee of the Prince of Liechtenstein Foundation. He is an Honorary Governor of The Ditchley Foundation and a former director
of the Royal Academy of Dramatic Art. From 1987 to 1991 he was Chief Executive of Fidelity International and prior to that spent 18
years at Citigroup, where he was a Group Executive and Member of the Policy Committee.

Jon Skillman
Luxembourg; Senior Advisor. Previously Managing Director, Head of Global Workplace Investing and Stock Plan Services and
Managing Director, Continental Europe at Fidelity. He joined Fidelity in 1994 as Director of Planning, Fidelity Management &
Research. Prior to his appointment as Managing Director, Continental Europe in 2012, he was President of Fidelity Stock Plan
Services at Fidelity Investments in Boston.

FIL (Luxembourg) S.A.

A company incorporated in Luxembourg on 14 October 1988 under the name of Fidelity International Service (Luxembourg) S.A.
with RCS number B 29 112 and having its registered office at 2a, Rue Albert Borschette, BP 2174, L-1246 Luxembourg; the company
acts as a Distributor of the Fund as agent of the General Distributor, FIL Distributors. FIL (Luxembourg) S.A. is currently represented
by Nishith Gandhi, Chief Financial Officer Corporate Enablers& Europe. Prior to this appointment, he performed a number of senior
finance, operations and product related roles within Fidelity, including Head of Asset Management Operations with responsibility for
all aspects of investment and fund operations across the Fidelity retail fund ranges.

Prospectus: Fidelity Funds 13 January 2022

BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY

Christopher Brealey
Luxembourg: General Counsel Group Planning with responsibility for a variety of corporate initiatives. He has worked within the fund
industry for over 25 years in a range of roles in the UK, Japan and Bermuda as well as in Luxembourg. He is a Chartered Accountant
and a Chartered Tax Adviser.

Eliza Dungworth
United Kingdom; Head of ISS Legal & Compliance. Eliza Dungworth joined Fidelity in July 2016 as interim Chief Risk Officer and
assumed the role as Head of Global Assurance and Oversight in December renamed Global Chief Compliance Officer in February
2018. In September 2020, the Legal and Compliance functions were combined to provide a continuum of advisory and assurance
services. Eliza was appointed Head of ISS Legal & Compliance. In this role she is responsible for supporting the ISS business in
executing its strategy, through internal/external change, legal matters and ensuring compliance with applicable laws, regulations,
business standards, rules of conduct and established industry practices. Her financial services experience includes fifteen years as
a partner at Deloitte and three years in the position of Head of the Investment Management. Eliza holds an LLB degree and is a
Chartered Accountant and Chartered Tax Adviser. She is a Non-Executive Director for the Henderson European Focus Trust (a
close ended UK vehicle) and Deputy chair of the Strategic Business and risk committee of the Investment Association.

Dominic Rossi
United Kingdom; Non-Executive Director at Fidelity. He acts as Director and Chairman at various internal Boards and Committees.
Dominic is also a Director of Eight Roads Holding Ltd, and is Chair of its Investment and Capital committees.
Previously he was Global CIO, Equities at Fidelity International for 7 years and joined the company from Gartmore in March 2011.
Dominic holds a BA in Politics from Sussex University and an MBA from CASS University (formerly City University). Dominic is also
Chairman of the University of Sussex School of Business Management and Economics Advisory Board and was an Executive Fellow
at the London Business School.

CONDUCTING OFFICERS

Florence Alexandre
Luxembourg; Head of Luxembourg Fund Accounting at FIL Investment Management (Luxembourg) S.A., with responsibility for all
fund administration activities for Luxembourg-domiciled fund ranges. She has over 25 years of experience within the financial
services industry and before joining Fidelity in 2015 she was Vice President, Alternative Depositary and Structured Product at State
Street Bank in Luxembourg. Florence has a master‘s degree in finance from Hautes Etudes Commerciales Liege (HEC), Section
Finance with a specialisation in analysis and control in all business areas related to both internal and external control processes,
and the role of company revisor or auditor for both internal and external audit of companies in Belgium.

Stephan von Bismarck

United Kingdom; Head of Sub-Advised Investment Management. He joined FIL Group in 2004 and was responsible for investment
management risk until the end of 2017. Before joining the FIL Group, he was Deputy Head of Global Risk Management for AXA
Investment Managers.

Philip Hanssens
Luxembourg; Chief Compliance Officer, Europe. Philip joined Fidelity International in June 2018. He leads the compliance advisory
team in Europe which provides advice on a wide range of financial services regulatory and transactional issues. Philip is a lawyer
qualified in England and Wales and has over 20 years of international experience. Prior to joining Fidelity Philip assumed various
legal and regulatory roles at GAM (UK), Nikko Asset Management (UK), AIG (UK), the Financial Conduct Authority (UK), the
European Central Bank (Germany) and JP Morgan (Brussels).

Corinne Lamesch
Luxembourg; Luxembourg Country Head, she joined Fidelity International in 2008 and was responsible for all legal aspects of
Fidelity’s European-based fund ranges and businesses until 1 August 2019. She now acts as head of Fidelity’s Luxembourg office.
Prior to joining Fidelity, she spent ten years in private practice at Allen & Overy and Clifford Chance. She is also the chairperson and
board member of the Association of the Luxembourg Fund Industry (‘ALFI’).

Karin Winklbauer
Luxembourg; Director within Fidelity’s Investment Risk Oversight team and Chief Risk Officer for FIL Investment Management
(Luxembourg) S.A. She heads the Investment Risk Oversight in Luxembourg and Ireland and is accountable for defining the
Investment Risk Frameworks & Governance in Luxembourg and Ireland, identifying and monitoring of investment management
operational process risk and overseeing the funds liquidity, market and counterparty risks. She has more than two decades of
experience in risk management across various fields in the financial services industry. including credit, operational and investment
risk. Prior to joining the Fidelity Group in November 2016, she was Head of Risk and Conducting Officer at WRM Capital Asset
Management. Prior to WRM she worked in a Senior Risk position for Alliance Bernstein and for Raiffeisenzentralbank, Vienna. Karin
holds a master’s degree in economics from University of Passau, Germany. She took over the Investment Risk Oversight in
Luxembourg in February 2018 and her role was expanded to Ireland Investment Risk Oversight a year later

Paul Witham
Luxembourg; Head of Luxembourg Transfer Agency at FIL Investment Management (Luxembourg) S.A. He joined the FIL Group in
2014, where he was initially responsible for Customer Services, in 2017 he took over responsibility for Transfer Agency. He has 20
years of experience in the financial services industry, prior to joining the FIL Group, he was Assistant Vice President in Brown
Brothers Harriman (Luxembourg) S.C.A. Transfer Agency department.

Prospectus: Fidelity Funds 14 January 2022

OVERVIEW – FIL GROUP DISTRIBUTORS & DEALING FACILITIES
GENERAL DISTRIBUTOR:

FIL Distributors

Pembroke Hall
42 Crow Lane
Pembroke HM19
Bermuda
Telephone: (1) 441 297 7267
Fax: (1) 441 295 4493

SHARE DISTRIBUTORS & DEALING FACILITIES:

FIL (Luxembourg) S.A.* FIL Investment Services GmbH*

2a, Rue Albert Borschette Kastanienhöhe 1

BP 2174 D61476 Kronberg im Taunus
L-1246 Luxembourg Germany
Grand-Duchy of Luxembourg Telephone: (49) 6173 509 0
Telephone: (352) 250 404 2400 Fax: (49) 6173 509 4199
Fax: (352) 26 38 39 38

FIL Investments International* FIL Investment Management (Hong Kong) Limited*

Beech Gate, Level 21, Two Pacific Place

Millfield Lane, 88 Queensway
Lower Kingswood, Admiralty, Hong Kong
Tadworth, Telephone: (852) 26 29 2629
Surrey, KT20 6RP Fax: (852) 2629 6088
United Kingdom
Telephone: (44) 1732 777377
Fax: (44) 1732 777262

FIL Distributors International Limited* FIL Investment Management (Singapore) Limited

PO Box HM670 8 Marina View

Hamilton HMCX #35-06, Asia Square Tower 1
Bermuda Singapore 018960
Telephone: (1) 441 297 7267 Telephone: (65) 6511 2200 (general)
Fax: (1) 441 295 4493 Fax: (65) 6536 1960

FIL Gestion FIL Pensions Management

21 avenue Kléber Beech Gate,

75784 Paris Cedex 16 Millfield Lane,
France Lower Kingswood,
Telephone: (33) 1 7304 3000 Tadworth,
Surrey, KT20 6RP
United Kingdom
Telephone: (44) 1732 777377
Fax: (44) 1732 777262

Financial Administration Services Limited

Beech Gate,
Millfield Lane,
Lower Kingswood,
Tadworth,
Surrey, KT20 6RP
United Kingdom
Telephone: (44) 1732 777377
Fax: (44) 1732 777262

Prospectus: Fidelity Funds 15 January 2022

REPRESENTATIVES:

Taiwan General Representative Irish Representative

FIL Securities Investment Trust Co. (Taiwan) Limited FIL Fund Management (Ireland) Limited
11F, 68 Zhongxiao East Road, Section 5 George’s Quay House
Xinyi Dist., Taipei City 11065 43 Townsend Street
Taiwan Dublin 2
DO2 VK65
Ireland

Hong Kong Representative

FIL Investment Management (Hong Kong) Limited

Level 21
Two Pacific Place
88 Queensway, Admiralty
Hong Kong

Those Share Distributors marked * provide dealing facilities. Share dealings may also take place directly with the Management Company at its
registered office.

Prospectus: Fidelity Funds 16 January 2022

Part I Fund Information

PART I
1. Fund Information
1.1. The Fund
The Fund is an open-ended investment company established in Luxembourg as a SICAV (société d’investissement à capital
variable). Its assets are held in different funds. Each fund is a separate portfolio of securities and other assets managed in
accordance with specific investment objectives. Separate classes of Shares are or may be issued in relation to the funds.
The Fund was incorporated in Luxembourg on 15 June 1990. Its Articles of Incorporation (as amended from time to time)
are kept at the Registre de Commerce et des Sociétés of Luxembourg under the number B34036. This document may be
inspected and copies may be obtained from there against payment of the Registre de Commerce et des Sociétés’ fees. The
Articles of Incorporation may be amended by the Shareholders in accordance with Luxembourg law. The Articles of
Incorporation were published in the Mémorial on 21 August 1990. The most recent amendment to the Articles of
Incorporation dated 21 March 2019 was published in the Mémorial on 3 April 2019. Shareholders are bound by the Articles
of Incorporation of the Fund and any amendments to them.
For out-of-court complaints and redress mechanism please contact the appointed Compliance Officer, FIL Investment
Management (Luxembourg) S.A., 2a, Rue Albert Borschette, BP 2174, L1246 Luxembourg. No investor compensation
scheme is in place for the Fund.
The capital of the Fund is equal to the Net Asset Value.
Under Luxembourg law the Fund is authorised to issue an unlimited number of Shares, all of which are without par value.
Each Share when issued is fully paid and non-assessable. No Shares have preference, pre-emption or exchange rights
(other than rights of switches between funds or classes of Shares).
All the Shares in one fund have equal rights and privileges. Each Share in a fund is entitled to participate equally in any
dividends or other distributions declared on the Shares in that fund, as well as in the event of a termination of that fund or
the liquidation of the Fund, in the liquidation proceeds of that fund. Each full Share is entitled to one vote at any meeting of
Shareholders of the Fund, a fund or a class.
The Fund has issued no options or any special rights relating to any Shares.
The Board generally has the power to restrict the issues of Shares pursuant to Article 7 of the Articles of Incorporation as
well as under the anti-market timing provisions further described under Important Notice (above) to any person who is not
an Eligible Investor (as defined in Part III, 3.4. “Eligible Investors and Restriction on Ownership” of the Prospectus).
Information as to the funds and classes of Shares which at a given time are not offered to investors is available at the
registered office of the Fund and the Management Company and at the offices of the Distributors.
Share classes of the funds may be listed on the Luxembourg Stock Exchange. However, Shares in the Reserved Fund range and
the Institutional Reserved Funds range (each as described in more detail later in the Prospectus) are not presently listed. The Board
may decide to list these funds or classes in the future. Other stock exchange listings may be sought from time to time as considered
appropriate by the Board. Further information on the stock exchange listings may be obtained from the Management Company upon
request.
The following documents, together with a translation of the Luxembourg law of 17 December 2010, are available for inspection free
of charge during normal business hours on any Business Day at the registered office of the Fund and the Management Company,
and may also be inspected, free of charge, at the offices of the Distributors:
Articles of Incorporation of the Fund
Management Company Services Agreement
Depositary Agreement
Distributors’ Agreements
Investment Management Agreement
Services Agreement
Paying Agency Agreement
Hong Kong Representative’s Agreement
KIIDs
Financial Reports
Copies of the Prospectus, the KIIDs and the latest financial reports of the Fund may be obtained, free of charge, upon
request from the registered office of the Fund and the Management Company and the offices of the Distributors and of the
local representatives of the Fund.
Additional information is made available by the Fund at its registered office, upon request, in accordance with the provisions
of Luxembourg laws and regulations. This additional information includes the procedures relating to complaints handling,
the strategy followed for the exercise of voting rights of the Fund, details in respect of the Research Fees, the order handling
and best execution policy as well as the arrangements relating to the fee, commission or non-monetary benefit in relation
with the investment management and administration of the Fund.
The competent supervisory authority in the Fund’s home state is the Commission de Surveillance du Secteur Financier (CSSF),
283, route d’Arlon, L-2991 Luxembourg.

Prospectus: Fidelity Funds 17 January 2022

Part I Fund Information

1.2. Risk Factors

I. FUNDS RISK PROFILES

Asset Class Specific Investment Focus/ Specific Instrument Derivatives/

Risks Style-Related Risks Related Risks Counterparty Risk
China Fixed Income

Sector Concentration / Thematic Focus

Related Related

Additional Prospectus Risk Factors

Bonds and other Debt Instruments

Below Investment Grade / Unrated

Equity Linked Notes/Credit Linked

Securities and High Yielding Debt
Investments in Small Companies

Collateralised and/or Securitised

Convertibles, Hybrids, CoCos &

Specific Derivative Instruments

other instruments with loss-
Stock/Issuer Concentration
Full Legal name

Country Concentration

absorption features
Real Estate Related

Emerging Markets

Debt Instruments
Dim Sum Bonds

Active Currency
Short Positions
Eurozone Risk

High Leverage
Commodities

Instruments
Multi Asset
Equities
General

General

General
Russia

Notes
Fidelity Funds -
5a,7,
Absolute Return X X X X X X X X X
10a
Asian Equity Fund
Fidelity Funds -
5a,7,
Absolute Return X X X X X X X X X X X X
10a
Global Equity Fund
Fidelity Funds -
Absolute Return 5a,
X X X X X X X X X X X X X X X X X
Global Fixed 6,7,8
Income Fund
Fidelity Funds - 3,5a,
Absolute Return X X X X X X X X X X X X X X X X X X X X 7,
Multi Strategy Fund 10a
5a,5b
Fidelity Funds -
X X X X X X X X ,7,10
America Fund
a
Fidelity Funds - 5a,5b
American Growth X X X X X X X ,7,
Fund 10a
Fidelity Funds - 5a,5b
X X X X X X X X
ASEAN Fund ,7
5a,
Fidelity Funds -
5b,6,
Asia Pacific X X X X X X X
7,
Dividend Fund
10a
Fidelity Funds - 3,
Asia Pacific Multi 5a,6,
X X X X X X X X X X X X X X
Asset Growth & 7,
Income Fund 10a
Fidelity Funds -
5a,7,
Asia Pacific X X X X X X X X X X X
10a
Opportunities Fund
Fidelity Funds -
Asia Pacific
X X X X X X X X X X X X 5a,6
Strategic Income
Fund
Fidelity Funds -
X X X X X X X X X X 5a,6
Asian Bond Fund
5a,
Fidelity Funds -
X X X X X X X X 5b,7,
Asian Equity Fund
10a
Fidelity Funds -
Asian High Yield X X X X X X X X X X X 5a,6
Fund
Fidelity Funds -
5a,7,
Asian Smaller X X X X X X X X
10a
Companies Fund
Fidelity Funds - 5a,
Asian Special X X X X X X X X X 5b,7,
Situations Fund 10a

* Additional Prospectus Risk Factors: 1 Index Tracking; 2 Asset Allocation - Target Date; 3 Asset Allocation – Dynamic; 4 Cash Funds; 5a-c See
“Sustainable Investing” section below; 6 Income-producing securities; 7 Securities Lending; 8 Repurchase and Reverse Repurchase Agreements;
9 Lower and target volatility strategies; 10a-e See “Additional Market/Sector Specific Sustainability Risks” section below.

Prospectus: Fidelity Funds 18 January 2022

Part I Fund Information

Asset Class Specific Investment Focus/ Specific Instrument Derivatives/

Risks Style-Related Risks Related Risks Counterparty Risk
China Fixed Income

Sector Concentration / Thematic Focus

Related Related

Additional Prospectus Risk Factors

Bonds and other Debt Instruments

Below Investment Grade / Unrated

Equity Linked Notes/Credit Linked

Securities and High Yielding Debt
Investments in Small Companies

Collateralised and/or Securitised

Convertibles, Hybrids, CoCos &

Specific Derivative Instruments

other instruments with loss-
Stock/Issuer Concentration
Full Legal name

Country Concentration

absorption features
Real Estate Related

Emerging Markets

Debt Instruments
Dim Sum Bonds

Active Currency
Short Positions
Eurozone Risk

High Leverage
Commodities

Instruments
Multi Asset
Equities
General

General

General
Russia

Notes
Fidelity Funds -
3,5a,
Australian
X X X X X X X X X X X X X X 6, 7,
Diversified Equity
10a
Fund
Fidelity Funds -
4,
Australian Dollar X X X X X X
5a,8
Cash Fund
Fidelity Funds -
5a,
China Consumer X X X X X X X X X X X
5b,7
Fund
Fidelity Funds -
X X X X X X X X X X 5a,7
China Focus Fund
Fidelity Funds -
China Government X X X X X X X X X X X X 5a,6
Bond Fund
Fidelity Funds -
China High Yield X X X X X X X X X X X X X 5a,6
Fund
Fidelity Funds -
5a,
China Innovation X X X X X X X X X X X
5b,7
Fund
Fidelity Funds -
5a,5b
China RMB Bond X X X X X X X X X X X X X
,6
Fund
Fidelity Funds -
5a,
Emerging Asia X X X X X X X X
5b,7
Fund
Fidelity Funds -
Emerging Europe,
X X X X X X X X X X 5a,7
Middle East and
Africa Fund
Fidelity Funds -
Emerging Market 5a,5b
X X X X X X X X X X X X
Corporate Debt ,6
Fund
Fidelity Funds -
5a,5b
Emerging Market X X X X X X X X X X X X
,6
Debt Fund
Fidelity Funds -
Emerging Market 5a,5b
X X X X X X X X X X X X
Local Currency ,6
Debt Fund
Fidelity Funds -
Emerging Market 5a,5b
X X X X X X X X X X X X X
Total Return Debt ,6
Fund
Fidelity Funds -
5a,
Emerging Markets X X X X X X X X X X
5b,7
Focus Fund
Fidelity Funds -
5a,
Emerging Markets X X X X X X X X X X
5b,7
Fund
Fidelity Funds - 5a,
X X X X X X X X X X X X
Euro Bond Fund 5b,6
Fidelity Funds - 4,
X X X X X X X
Euro Cash Fund 5a,8
Fidelity Funds -
5a,
Euro Corporate X X X X X X X X X X X X
5b,6
Bond Fund

Prospectus: Fidelity Funds 19 January 2022

Part I Fund Information

Asset Class Specific Investment Focus/ Specific Instrument Derivatives/

Risks Style-Related Risks Related Risks Counterparty Risk
China Fixed Income

Sector Concentration / Thematic Focus

Related Related

Additional Prospectus Risk Factors

Bonds and other Debt Instruments

Below Investment Grade / Unrated

Equity Linked Notes/Credit Linked

Securities and High Yielding Debt
Investments in Small Companies

Collateralised and/or Securitised

Convertibles, Hybrids, CoCos &

Specific Derivative Instruments

other instruments with loss-
Stock/Issuer Concentration
Full Legal name

Country Concentration

absorption features
Real Estate Related

Emerging Markets

Debt Instruments
Dim Sum Bonds

Active Currency
Short Positions
Eurozone Risk

High Leverage
Commodities

Instruments
Multi Asset
Equities
General

General

General
Russia

Notes
Fidelity Funds -
5a,
Euro Short Term X X X X X X X X X X X X
5b,6
Bond Fund
Fidelity Funds -
1,5c,
Euro STOXX 50® X X X X X X X
7
Fund
5a,
Fidelity Funds -
5b,6,
European Dividend X X X X X X X
7,
Fund
10a
5a,
Fidelity Funds –
5b,
European Dividend X X X X X X X X
6,7,
Plus Fund
10a
Fidelity Funds - 5a,
European Dynamic X X X X X X X 5b,7,
Growth Fund 10a
Fidelity Funds - 5a,
European Growth X X X X X X X 5b,7,
Fund 10a
Fidelity Funds -
5a,
European High X X X X X X X X X X X X
5b,6
Yield Fund
Fidelity Funds - 5a,
European Larger X X X X X X X 5b,7,
Companies Fund 10a
Fidelity Funds -- 5a,
European Low 5b, 7,
X X X X X X X X
Volatility Equity 9,
Fund 10a
3,
Fidelity Funds -
5a,5b
European Multi X X X X X X X X X X X X X X X
,6,7,
Asset Income Fund
10a
Fidelity Funds -
5a,7,
European Smaller X X X X X X X X
10a
Companies Fund
Fidelity Funds -
2,
Fidelity Institutional
X X X X X X X X X X X X X 5a,7,
Target ™ 2015
10a
(Euro) Fund
Fidelity Funds -
2,
Fidelity Institutional
X X X X X X X X X X X X X 5a,7,
Target™ 2020
10a
(Euro) Fund
Fidelity Funds -
2,
Fidelity Institutional
X X X X X X X X X X X X X X 5a,7,
Target™ 2025
10a
(Euro) Fund
Fidelity Funds -
2,
Fidelity Institutional
X X X X X X X X X X X X X X 5a,7,
Target™ 2030
10a
(Euro) Fund
Fidelity Funds -
2,
Fidelity Institutional
X X X X X X X X X X X X X X 5a,7,
Target™ 2035
10a
(Euro) Fund
Fidelity Funds -
2,
Fidelity Institutional
X X X X X X X X X X X X X X 5a,7,
Target™ 2040
10a
(Euro) Fund

Prospectus: Fidelity Funds 20 January 2022

Part I Fund Information

Asset Class Specific Investment Focus/ Specific Instrument Derivatives/

Risks Style-Related Risks Related Risks Counterparty Risk
China Fixed Income

Sector Concentration / Thematic Focus

Related Related

Additional Prospectus Risk Factors

Bonds and other Debt Instruments

Below Investment Grade / Unrated

Equity Linked Notes/Credit Linked

Securities and High Yielding Debt
Investments in Small Companies

Collateralised and/or Securitised

Convertibles, Hybrids, CoCos &

Specific Derivative Instruments

other instruments with loss-
Stock/Issuer Concentration
Full Legal name

Country Concentration

absorption features
Real Estate Related

Emerging Markets

Debt Instruments
Dim Sum Bonds

Active Currency
Short Positions
Eurozone Risk

High Leverage
Commodities

Instruments
Multi Asset
Equities
General

General

General
Russia

Notes
Fidelity Funds -
2,
Fidelity Institutional
X X X X X X X X X X X X X X 5a,7,
Target™ 2045
10a
(Euro) Fund
Fidelity Funds -
2,
Fidelity Institutional
X X X X X X X X X X X X X X 5a,7,
Target™ 2050
10a
(Euro) Fund
Fidelity Funds -
2,
Fidelity Institutional
X X X X X X X X X X X X X X 5a,7,
Target™ 2055
10a
(Euro) Fund
Fidelity Funds -
2,
Fidelity Institutional
X X X X X X X X X X X X X X 5a,7,
Target™ 2060
10a
(Euro) Fund
3,
Fidelity Funds -
X X X X X X X X X X X X X X X X X 5a,7,
Fidelity Patrimoine
10a
Fidelity Funds - 2,
Fidelity Target™ X X X X X X X X X X X X X 5a,7,
2020 (Euro) Fund 10a
Fidelity Funds - 2,
Fidelity Target™ X X X X X X X X X X X X X 5a,7,
2020 Fund 10a
Fidelity Funds - 2,
Fidelity Target™ X X X X X X X X X X X X X 5a,7,
2025 (Euro) Fund 10a
Fidelity Funds - 2,
Fidelity Target™ X X X X X X X X X X X X X 5a,7,
2030 (Euro) Fund 10a
Fidelity Funds - 2,
Fidelity Target™ X X X X X X X X X X X X X 5a,7,
2035 (Euro) Fund 10a
Fidelity Funds - 2,
Fidelity Target™ X X X X X X X X X X X X X 5a,7,
2040 (Euro) Fund 10a
Fidelity Funds - 2,
Fidelity Target™ X X X X X X X X X X X X X 5a,7,
2045 (Euro) Fund 10a
Fidelity Funds - 2,
Fidelity Target™ X X X X X X X X X X X X X 5a,7,
2050 (Euro) Fund 10a
Fidelity Funds - 2,
Fidelity Target™ X X X X X X X X X X X X X 5a,7,
2055 (Euro) Fund 10a
Fidelity Funds - 2,
Fidelity Target™ X X X X X X X X X X X X X 5a,7,
2060 (Euro) Fund 10a
Fidelity Funds - 5a,5b
FIRST All Country X X X X X X X X ,7,
World Fund 10a
Fidelity Funds -
5a,7,
FIRST Developed X X X X X X
10a
World Fund
Fidelity Funds -
5a,7,
FIRST European X X X X X X X
10a
Value Fund

Prospectus: Fidelity Funds 21 January 2022

Part I Fund Information

Asset Class Specific Investment Focus/ Specific Instrument Derivatives/

Risks Style-Related Risks Related Risks Counterparty Risk
China Fixed Income

Sector Concentration / Thematic Focus

Related Related

Additional Prospectus Risk Factors

Bonds and other Debt Instruments

Below Investment Grade / Unrated

Equity Linked Notes/Credit Linked

Securities and High Yielding Debt
Investments in Small Companies

Collateralised and/or Securitised

Convertibles, Hybrids, CoCos &

Specific Derivative Instruments

other instruments with loss-
Stock/Issuer Concentration
Full Legal name

Country Concentration

absorption features
Real Estate Related

Emerging Markets

Debt Instruments
Dim Sum Bonds

Active Currency
Short Positions
Eurozone Risk

High Leverage
Commodities

Instruments
Multi Asset
Equities
General

General

General
Russia

Notes
5a,
Fidelity Funds -
X X X X X X X X X X X X X X 5b,6,
Flexible Bond Fund
7,8
Fidelity Funds - 5a,7,
X X X X X X X X X X
France Fund 10a
Fidelity Funds - 5a,7,
X X X X X X X X X
Germany Fund 10a
Fidelity Funds - 5a,
X X X X X X X X X X X X
Global Bond Fund 5b,6
Fidelity Funds -
5a,
Global Corporate X X X X X X X X X X X
5b,6
Bond Fund
Fidelity Funds - 5a,
Global 5b,7,
X X X X X X X X X X
Demographics 10a,
Fund 10e
5a,
Fidelity Funds -
5b,6,
Global Dividend X X X X X X X
7,
Fund
10a
Fidelity Funds - 5a,5b
Global Dividend X X X X X X X X X ,6,7,
Plus Fund 10a
Fidelity Funds - 5a,5b
Global Equity X X X X X X X ,6,7,
Income Fund 10a
Fidelity Funds - 5a,5b
Global Financial X X X X X X X X ,7,
Services Fund 10a
5a,5b
Fidelity Funds -
X X X X X X X X ,7,
Global Focus Fund
10a
Fidelity Funds - 5a,
Global Health Care X X X X X X X X 5b,7,
Fund 10a
Fidelity Funds -
5a,5b
Global High Yield X X X X X X X X X X X X X
,6
Fund
Fidelity Funds -
5a,
Global Hybrids X X X X X X X X X X X
5b,6
Bond Fund
Fidelity Funds -
5a,
Global Income X X X X X X X X X X X X X
5b,6
Fund
Fidelity Funds - 5a,7,
Global Industrials X X X X X X X X 10a,
Fund 10c
Fidelity Funds -
5a,
Global Inflation- X X X X X X X X X X X
5b,6
linked Bond Fund
Fidelity Funds -
5a,7,
Global Low
X X X X X X X 9,
Volatility Equity
10a
Fund
3,
Fidelity Funds -
5a,5b
Global Multi Asset X X X X X X X X X X X X X X X X
,6,7,
Income Fund
10a

Prospectus: Fidelity Funds 22 January 2022

Part I Fund Information

Asset Class Specific Investment Focus/ Specific Instrument Derivatives/

Risks Style-Related Risks Related Risks Counterparty Risk
China Fixed Income

Sector Concentration / Thematic Focus

Related Related

Additional Prospectus Risk Factors

Bonds and other Debt Instruments

Below Investment Grade / Unrated

Equity Linked Notes/Credit Linked

Securities and High Yielding Debt
Investments in Small Companies

Collateralised and/or Securitised

Convertibles, Hybrids, CoCos &

Specific Derivative Instruments

other instruments with loss-
Stock/Issuer Concentration
Full Legal name

Country Concentration

absorption features
Real Estate Related

Emerging Markets

Debt Instruments
Dim Sum Bonds

Active Currency
Short Positions
Eurozone Risk

High Leverage
Commodities

Instruments
Multi Asset
Equities
General

General

General
Russia

Notes
Fidelity Funds - 3,
Global Multi Asset X X X X X X X X X X X X X X X X X 5a,7,
Defensive Fund 10a
Fidelity Funds - 3,
Global Multi Asset X X X X X X X X X X X X X X X X X 5a,7,
Dynamic Fund 10a
Fidelity Funds - 3,
Global Multi Asset 5a,6,
X X X X X X X X X X X X X X X X X
Growth & Income 7,
Fund 10a
Fidelity Funds - 5a,6,
Global Property X X X X X X X X X 7,
Fund 10a
Fidelity Funds -
Global Short 5a,
X X X X X X X X X X X X X
Duration Income 5b,6
Fund
Fidelity Funds - 5a,
Global Technology X X X X X X X X 5b,7,
Fund 10a
Fidelity Funds - 5a,
Global Thematic X X X X X X X X X X X 5b,7,
Opportunities Fund 10a
Fidelity Funds - 5a,5b
X X X X X X X X X X
Greater China Fund ,7
Fidelity Funds -
5a,5b
Greater China Fund X X X X X X X X X X
,7
II
Fidelity Funds -
3,
Greater China Multi
X X X X X X X X X X X X X X X X X 5a,6,
Asset Growth &
7
Income Fund
5a,5b
Fidelity Funds -
X X X X X X X X X ,7,10
Iberia Fund
a
Fidelity Funds - 5a,
X X X X X X X X X
India Focus Fund 5b,7
Fidelity Funds -
X X X X X X X X X 5a,7
Indonesia Fund
Fidelity Funds -
Institutional 5a,
X X X X X X X X X
Emerging Markets 5b,7
Equity Fund
Fidelity Funds -
5a,
Institutional
X X X X X X X 5b,7,
European Larger
10a
Companies Fund
Fidelity Funds -
5a,7,
Institutional Global X X X X X X X
10a
Focus Fund
Fidelity Funds -
5a,7,
Institutional Global X X X X X X X
10a
Sector Fund
Fidelity Funds -
5a,7,
Institutional Japan X X X X X X X X
10a
Fund
Fidelity Funds -
Institutional US X X X X X X X X X X 5a,6
High Yield Fund

Prospectus: Fidelity Funds 23 January 2022

Part I Fund Information

Asset Class Specific Investment Focus/ Specific Instrument Derivatives/

Risks Style-Related Risks Related Risks Counterparty Risk
China Fixed Income

Sector Concentration / Thematic Focus

Related Related

Additional Prospectus Risk Factors

Bonds and other Debt Instruments

Below Investment Grade / Unrated

Equity Linked Notes/Credit Linked

Securities and High Yielding Debt
Investments in Small Companies

Collateralised and/or Securitised

Convertibles, Hybrids, CoCos &

Specific Derivative Instruments

other instruments with loss-
Stock/Issuer Concentration
Full Legal name

Country Concentration

absorption features
Real Estate Related

Emerging Markets

Debt Instruments
Dim Sum Bonds

Active Currency
Short Positions
Eurozone Risk

High Leverage
Commodities

Instruments
Multi Asset
Equities
General

General

General
Russia

Notes
5a,5b
Fidelity Funds - Italy
X X X X X X X X X X ,7,
Fund
10a
Fidelity Funds -
5a,7,
Japan Advantage X X X X X X X X
10a
Fund
Fidelity Funds -
5a,7,
Japan Aggressive X X X X X X X X
10a
Fund
Fidelity Funds -
5a,7,
Japan Smaller X X X X X X X X X X
10a
Companies Fund
Fidelity Funds -
X X X X X X X X 5a,7
Latin America Fund
Fidelity Funds -
X X X X X X X X X 5a,7
Malaysia Fund
3,
Fidelity Funds -
5a,6,
Multi Asset Target X X X X X X X X X X X X X X X X
7,
Income 2024 Fund
10a
5a,5b
Fidelity Funds -
X X X X X X X X ,7,
Nordic Fund
10a
5a,5b
Fidelity Funds -
X X X X X X X X ,7,
Pacific Fund
10a
Fidelity Funds - 5a,7,
X X X X X X X X X
Singapore Fund 10a
Fidelity Funds - 3,
SMART Global X X X X X X X X X X X X X X X X X 5a,7,
Defensive Fund 10a
Fidelity Funds - 4,
X X X X X X
Sterling Cash Fund 5a,8
Fidelity Funds –
3,
Strategic European X X X X X X X X X X X X X
5a,7
Fund
Fidelity Funds – 5a,
Sustainable Asia X X X X X X X X X 5b,7,
Equity Fund 10a
Fidelity Funds - 5a,
Sustainable Asian X X X X X X X X X X X X X 5b, 6,
Bond Fund 7, 8
Fidelity Funds -
5a,
Sustainable China X X X X X X X X X X
5b, 7
A Shares Fund
Fidelity Funds – 5a,
Sustainable Climate X X X X X X X X X X 5b,7,
Solutions Fund 10a
Fidelity Funds -- 5a,
Sustainable 5b,7,
X X X X X X X X X X
Consumer Brands 10a,
Fund 10d
Fidelity Funds - 5a,
Sustainable Europe X X X X X X X 5b,7,
Equity Fund 10a
Fidelity Funds –
5a,
Sustainable
X X X X X X X X 5b,7,
European Smaller
10a
Companies Fund

Prospectus: Fidelity Funds 24 January 2022

Part I Fund Information

Asset Class Specific Investment Focus/ Specific Instrument Derivatives/

Risks Style-Related Risks Related Risks Counterparty Risk
China Fixed Income

Sector Concentration / Thematic Focus

Related Related

Additional Prospectus Risk Factors

Bonds and other Debt Instruments

Below Investment Grade / Unrated

Equity Linked Notes/Credit Linked

Securities and High Yielding Debt
Investments in Small Companies

Collateralised and/or Securitised

Convertibles, Hybrids, CoCos &

Specific Derivative Instruments

other instruments with loss-
Stock/Issuer Concentration
Full Legal name

Country Concentration

absorption features
Real Estate Related

Emerging Markets

Debt Instruments
Dim Sum Bonds

Active Currency
Short Positions
Eurozone Risk

High Leverage
Commodities

Instruments
Multi Asset
Equities
General

General

General
Russia

Notes
Fidelity Funds -
5a,
Sustainable
X X X X X X X 5b,7,
Eurozone Equity
10a
Fund
Fidelity Funds - 5a,
Sustainable Future X X X X X X X X X X X 5b,7,
Connectivity Fund 10a
Fidelity Funds - 5a,
Sustainable Global X X X X X X X X 5b,7,
Equity Fund 10a
Fidelity Funds – 5a,
Sustainable Japan X X X X X X X 5b,7,
Equity Fund 10a
Fidelity Funds - 3,5a,
Sustainable Multi X X X X X X X X X X X X X X X X X X 5b,6,
Asset Income Fund 7,10a
Fidelity Funds -
Sustainable 5a,
X X X x X X X X X X X X X X X
Reduced Carbon 5b,6
Bond Fund
Fidelity Funds –
5a,
Sustainable
X X X X X X X X X X X X X 5b,6,
Strategic Bond
7,8
Fund
Fidelity Funds - 5a,
Sustainable US X X X X X X X 5b,7,
Equity Fund 10a
Fidelity Funds - 5a,
Sustainable Water X X X X X X X X X 5b,7,
& Waste Fund 10a
5a,5b
Fidelity Funds -
X X X X X X X X ,7,
Switzerland Fund
10a
Fidelity Funds -
X X X X X X X X X 5a,7
Taiwan Fund
Fidelity Funds -
X X X X X X X X X 5a,7
Thailand Fund
Fidelity Funds - UK
5a,7,
Special Situations X X X X X X X X
10a
Fund
Fidelity Funds -
5a,7,
United Kingdom X X X X X X X X
10a
Fund
Fidelity Funds - US 5a,
X X X X X X X X X X X
Dollar Bond Fund 5b,6
Fidelity Funds - US 4,
X X X X X X
Dollar Cash Fund 5a,8
Fidelity Funds - US
X X X X X X X X X X X 5a,6
High Yield Fund
5a,
Fidelity Funds -
X X X X X X X 5b,7,
World Fund
10a

Prospectus: Fidelity Funds 25 January 2022

Part I Fund Information

The following risk factors do not purport to be a complete explanation of the risks involved in investing in the Shares.
Prospective investors should read the entire Prospectus and consult with their legal, tax and financial advisors before
making any decision to invest in the fund.

II. GENERAL RISKS

1. Risk to Capital and Income

The assets of the funds are subject to fluctuations in value and other risks inherent in investing in securities and other
financial instruments including the risks outlined below. The value of investments and the income from them may go down
as well as up. Therefore, your investment in the funds may suffer losses, and you may not get back the original amount
invested. Past performance is no guarantee of future performance.

2. Foreign Currency Risk

Some or all of a fund’s assets may be denominated in currencies other than the base currency of the fund. Also, a class of
shares may be designated in a currency other than the base currency of a fund. Fluctuations in the exchange rates between
these currencies and the base currency as well as changes in exchange rate controls may adversely affect the Fund’s Net
Asset Value. A fund may, or may not, hedge these risks using foreign exchange contracts and the associated risks are
explained below in the section on Derivatives/ Counterparty Related Risk.
If a fund invests in assets denominated in restricted currencies (i.e. where governments impose controls on the amounts of
currency that can be traded) this may be subject to higher volatility due to lower traded volumes and pricing uncertainty.
Further, the ability to hedge these risks may be limited as derivative instruments such as forwards or futures may be
restricted, overly expensive or unavailable.

3. Cash and Cash Equivalents

A fund may hold cash or cash equivalents (e.g. Money Market Funds or Money Market Instruments). If the fund does not
include this asset class as part of its asset allocation, it therefore may not fully participate in the movements of the market(s)
on which it focuses.

4. Liquidity
In normal market conditions the Fund’s assets comprise mainly realisable investments which can be readily sold. A fund’s main
liability is the redemption of any shares that investors wish to sell. In general the Fund manages its investments, including cash,
such that it can meet its liabilities. Investments held may need to be sold if insufficient cash is available to finance such redemptions.
If the size of the disposals is sufficiently large, or the market is illiquid, then there is a risk that either the investments might not be
sold or the price at which they are sold may adversely affect the Net Asset Value of the fund.

5. Pricing & Valuation

The Fund’s assets comprise mainly quoted investments where a valuation price can be obtained from an exchange or
similarly verifiable source. However, the Fund may also invest in unquoted and/or illiquid investments which will increase the
risk of mispricing. Further, the Fund will compute Net Asset Values when some markets are closed for holidays or other
reasons. In these and similar cases an objective verifiable source of market prices will not be available and the Investment
Manager will invoke a process which will determine a fair value price for the relevant investments; this process involves
assumptions, uncertainty and subjectivity. If such valuation turns out to be incorrect, this will affect the Net Asset Value
calculation of the funds.

6. Counterparty Credit & Settlement

All security investments are transacted through brokers who have been approved by the Investment Manager as an
acceptable counterparty. The list of approved brokers is reviewed regularly. There is a risk of loss if a counterparty fails to
perform its financial or other obligations to the funds, for example, the possibility that a counterparty may default, by failing
to make payments due, or make payments in a timely manner. If settlement does not occur the loss incurred by the fund will
be the difference between the price of the original contract and the price of the replacement contract, or, in the case where
the contract is not replaced, the absolute value of the contract at the time it is voided.

7. Legal & Tax

In some jurisdictions the interpretation and implementation of laws and regulations and the enforcement of shareholders’
rights under such laws and regulations may involve significant uncertainties. Further, there may be differences between
accounting and auditing standards, reporting practices and disclosure requirements and those generally accepted
internationally. Some of the funds may be subject to withholding and other taxes. Tax law and regulations of any country are
constantly changing, and they may be changed with retrospective effect. The interpretation and applicability of the tax law
and regulations by tax authorities in some jurisdictions are not as consistent and transparent as those of more developed
nations, and may vary from region to region.

8. Custody
Custodial Risk
There are risks involved in dealing with the Depositary, sub-custodians or brokers who hold or settle a fund’s trades. It is
possible that, in the event of the insolvency or bankruptcy of the Depositary, a sub-custodian or a broker, a fund would be
delayed or prevented from recovering its assets from the Depositary, sub-custodian or broker, or its estate and may have

Prospectus: Fidelity Funds 26 January 2022

Part I Fund Information

only a general unsecured claim against the Depositary, sub-custodian or broker for those assets. The Depositary will hold
assets in compliance with applicable laws and such specific provisions as agreed in the Depositary Agreement. These
requirements are designed to protect the assets against the insolvency in bankruptcy of the Depositary but there is no
guarantee they will successfully do so. In addition, as the Fund may invest in markets where custodial and/or settlement
systems and regulations are not fully developed, including emerging markets, the assets of the Fund which are traded in
such markets and which have been entrusted to sub-custodians, in circumstances where the use of sub-custodians is
necessary, may be exposed to risk in circumstances where the Depositary will have no liability, where a loss to the Fund
has arisen as a result of an external event beyond the Depositary’s reasonable control, the consequences of which would
have been unavoidable despite all reasonable efforts to the contrary. Please also refer to the section “The Depositary” in
Part IV of the Prospectus for further detail on the provisions in relation to the liability of the Depositary.
Credit Risk with respect to Cash
The Fund will be exposed to the credit risk of the Depositary or any sub-custodian used by the Depositary where cash is
held by the Depositary or sub-custodians. Credit risk is the risk that an entity will fail to discharge an obligation or commitment
that it has entered into with the Fund. Cash held by the Depositary and sub-custodians will not be segregated in practice but
will be a debt owing from the Depositary or other sub-custodians to the Fund as a depositor. Such cash will be co-mingled
with cash belonging to other clients of the Depositary and/or sub-custodians. In the event of the insolvency of the Depositary
or sub-custodians, the Fund will be treated as a general unsecured creditor of the Depositary or sub-custodians in relation
to cash holdings of the Fund. The Fund may face difficulties and/or encounter delays in recovering such debt, or may not be
able to recover it in full or at all, in which case the relevant fund(s) will lose some or all of their cash. The Fund may enter
into additional arrangements (for example, placing cash in money market collective investment schemes) in order to mitigate
credit exposure for its cash holdings but may be exposed to other risks as a result. To mitigate the Fund’s exposure to the
Depositary, the Management Company employs specific procedures to ensure that the Depositary is a reputable institution
and that the credit risk is acceptable to the Fund. If there is a change in Depositary then the new custodian will be a regulated
entity subject to prudential supervision with high credit ratings assigned by international credit rating agencies.
Central Securities Depositary
Where securities are held by a central securities depositary or clearing system, such securities may be held by such entities in
client omnibus accounts and in the event of a default by any such entity, where there is an irreconcilable shortfall of such securities,
the Fund may have to share that shortfall on a pro-rata basis. Securities may be deposited with central securities depositary which
the Depositary is not obliged to appoint as its sub-custodians and in respect of the acts or defaults of which the Depositary shall
have no liability.

9. Cross Share Class Liabilities

Although assets and liabilities are clearly attributable to each class of Shares, there is no legal segregation between classes of
Shares within a fund. This means that if the liabilities of a class of Shares exceed its assets, creditors of such class may have
recourse without restriction to assets which are attributable to the other classes of Shares within the same fund. Although the
Management Company implements appropriate procedures to mitigate this risk of contagion, Shareholders should note that
specific transactions (e.g. currency hedging) may be entered into for the benefit of a particular class of Shares but result in liabilities
for the other classes of Shares within the same fund.

10. Hedged Share Classes

Investors should be aware that, whilst the Investment Manager seeks to hedge undesired foreign exchange risk into the
Principal Dealing Currency through the use of forward foreign exchange contracts (as further detailed in Part II section 2.1
in the Prospectus), the currency hedging process may not give a precise hedge. Furthermore, there is no guarantee that the
hedging will entirely eliminate the risk from undesired currency exposures. Investors in the hedged Share classes may have
exposure to currencies other than their Principal Dealing Currency and may also be exposed to the risks associated with the
instruments used in the hedging process.

11. Dealing Arrangements

In certain circumstances, the investor’s right to redeem Shares may be suspended or redemption requests may be deferred.

12. Cyber Events

Cyber-attacks, disruptions, or failures (collectively: cyber events) that affect the Fund’s service providers or counterparties,
issuers of securities held by the Fund or other market participants may adversely impact the Fund and its Shareholders,
including by causing financial losses or impairing operations. While the Management Company has established systems
and processes seeking to address cyber events there are inherent limitations as the Fund cannot control the cyber security
plans of its counterparties.

13. Distribution of Dividends and Expenses out of/effectively out of Capital (CDIST/MCDIST/MINCOME/QINCOME
Share classes only)
For distributing classes of Shares, dividends may be paid out of capital where the investment income/capital gain generated
by the relevant fund is insufficient to pay a distribution as declared. Certain distributing classes of Shares may also pay
dividends out of gross investment income whilst all or part of their fees and expenses are paid out of capital, thereby resulting
in an increase in distributable income for the payment of dividends to such classes of Shares. It is important to note that
distributing classes of Shares may distribute not only investment income, but also realised and unrealised capital gains or
capital. Investors should also note that the payment of dividends and/or fees and expenses (collectively, “distributions”) out
of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable
to the original investment. Such distributions may result in an immediate decrease in the Net Asset Value per Share of the
fund and in the capital that the fund has available for investment in the future. Capital growth may be reduced so that a high
distribution yield does not imply a positive or high return on investors’ total investments.

Prospectus: Fidelity Funds 27 January 2022

Part I Fund Information

The distribution amount and the Net Asset Value of the hedged Share class may be adversely affected by differences in the
interest rates of the reference currency of the hedged Share class and the fund’s base currency, resulting in an increase in
the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged Share
classes.

14. Risk associated with Foreign Account Tax Compliance Act (‘FATCA’)
The Fund intends to fully comply with the legislation and the obligations imposed on it by FATCA and meet its obligation
under the inter-governmental agreement (“IGA”) with the US. However, no assurance can be given that the Fund will be
able to fully achieve this and avoid being subject to US withholding taxes. In the event the Fund as a Luxembourg financial
institution is deemed by the US Internal Revenue Service (“IRS”) to not be meeting its obligations in the future, the Fund
may become subject to additional US withholding taxes, which could materially impact income returns from certain US
source securities. In addition Shareholders may suffer material loss in certain funds where US withholding tax is imposed
on the capital value of US source securities. Investors should consult their legal, tax and financial advisers to determine their
status under the FATCA regime before making any decision to invest in any fund.

15. Replacement of LIBOR and other IBORs

The London Inter-bank Offered Rate (“LIBOR”) is the average of interest rates estimated by leading banks in London, based
on what they would be charged to borrow from other banks. A fund may undertake transactions in instruments that are
valued using LIBOR or other, currency specific, IBOR rates or enter into contracts which determine payment obligations by
reference to IBORs. From the end of 2021, the UK Financial Conduct Authority (FCA) will no longer require panel banks to
submit rates for the calculation of LIBOR and therefore it is not certain whether, and to what extent, they will continue to
provide submissions and whether LIBOR will continue on its current basis.
The discontinuance of LIBOR and other IBORs is part of a regulatory agenda to transition the industry from IBORs to
alternative benchmark rates. The transition presents risks to the funds which it is not possible to identify exhaustively but
these may adversely affect the performance of a fund, its Net Asset Value, and its earnings and returns to Shareholders.
If an IBOR is discontinued or otherwise unavailable, the rate of interest on debt instruments referencing the IBOR will have
to be determined based on any applicable fall-back provisions. This may in certain circumstances be reliant upon the
provision by reference banks of offered quotations for the IBOR rate, which may not be available, or require the application
of a fixed rate based on the last relevant IBOR rate available. Additionally, where such fall-back provisions need to be
amended to reflect discontinuance and there is uncertainty on an alternative interest rate measure, there can be no
assurance that such amendments or alternative interest rates will mitigate future interest rate risk in the same way.
Positions in IBOR instruments may suffer from reduced liquidity and fall in value as a result of its planned discontinuation.
Also, any substitute reference rate and any pricing adjustments imposed unilaterally, by a regulator or by counterparties,
may not be suitable for a fund, resulting in costs incurred to close out positions and place replacement trades. Where such
a reference index is referenced or used by a fund, or in relation investments to which a fund is exposed (directly or indirectly),
there may be a need to replace such an index with alternatives and terminate or restructure a relevant investment which
may result in close out and replacement trade costs. There may be extra costs if the instruments with the most favourable
liquidity or pricing are not available to a fund.

III. ASSET CLASS SPECIFIC RISKS

1. Equities
For funds which invest in stocks, the value of those stocks may fluctuate, sometimes dramatically, in response to the activities
and results of individual companies or because of general market and economic conditions or other events, including changes
in investment sentiment, political and issuer-specific factors.

2. Bonds and Other Debt Instruments

For funds which invest in bonds or other debt instruments, the value of those investments and hence the Net Asset Value of
the relevant funds will depend on factors including, but not limited to, market interest rates, the credit quality of the issuer,
the currency of the investment (when the currency of the investment is other than the base currency of the fund holding that
investment) and liquidity considerations. In general, the prices of debt instruments rise when interest rates fall, whilst their
prices fall when interest rates rise.

3. Lower Rated/Unrated Securities Risk

The credit quality of debt instruments is often assessed by rating agencies. Certain funds may invest in lower-rated and
unrated securities. Lower-rated securities (below investment grade) and unrated securities may be higher yielding but be
subject to wider fluctuations in yield, wider bid-offer spreads, lower liquidity and consequently greater fluctuations in market
values and greater risk of loss of principal and interest, than higher-rated (investment grade) securities.

4. Downgrading Risk
The credit rating of debt instruments or their issuers may be downgraded. In the event of such downgrading, the value of the
instrument, and hence the relevant funds, may be adversely affected. The manager may or may not be able to dispose of
the debt instruments that are being downgraded.

5. Credit / Default Risk

Investments may be adversely affected if any of the institutions with which money is deposited suffers insolvency or is
otherwise unable to pay interest or principal (default). Credit risk also arises from the uncertainty about the ultimate repayment
of principal and interest from bond or other debt instrument investments. In both cases the entire deposit or purchase price

Prospectus: Fidelity Funds 28 January 2022

Part I Fund Information

of the debt instrument is at risk of loss if there is no recovery after default. The risk of default is usually greatest with bonds
and debt instruments that are classed as ‘sub-investment grade’.
A wide range of Sustainability Risks can affect bond issuers' cash flows and affect their ability to meet their obligations. For
corporate bond issuers, environmental risks include but are not limited to; the ability of companies to mitigate and adapt to
climate change and the potential for higher carbon prices, exposure to increasing water scarcity and potential for higher water
prices, waste management challenges, and impact on global and local ecosystems. Social risks include, but are not limited
to; product safety, supply chain management and labour standards, health and safety and human rights, employee welfare,
data & privacy concerns and increasing technological regulation. Governance risks are also relevant and can include board
composition and effectiveness, management incentives, management quality and alignment of management with
shareholders.
For sovereigns and other government related issuers, in some instances, Sustainability Risks may affect the credit quality of
the bond issuer through their impact on tax revenues, trade balance or foreign investment.
Failure to effectively manage these risks can lead to deterioration in financial outcomes as well as a negative impact on
society and the environment.

6. Sovereign Debt Risk

Certain funds’ investments in securities issued or guaranteed by governments may be exposed to political, social and
economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and / or interest
when due or may request the relevant funds to participate in restructuring such debts. The relevant funds may suffer
significant losses when there is a default of sovereign debt issuers.

7. Credit Rating Risk

Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security
and/or issuer at all times.

8. Valuation Risk
Valuation of a fund’s investments may involve uncertainties and judgemental determination. If such valuation turns out to
be incorrect, this may affect the calculation of the fund’s Net Asset Value.

9. Commodities
Exposure to commodities involves additional risks than those resulting from more standard asset classes such as equities
and may subject the fund to greater volatility than such investments. The value of commodity-linked instruments may be
affected by the overall market movements, commodity index volatility, changes in interest rates, or factors affecting a
particular commodity industry or the production and trading of commodities, such as natural events (e.g. drought, floods,
weather, livestock disease), embargoes, tariffs and international economic, political and regulatory developments.
The extractive activities for metals and energy can come with sizeable Sustainability Risks including but not limited to
environmental damage, ecosystem impact and resource depletion. Soft commodities are subject to environmental risks such
as adverse climate change impact, deforestation and animal welfare. Sustainability Risks related to commodities also consist
of social risks which may relate to supply chain management and labour standards, health and safety and human rights as
well as governance risk due to sourcing from countries with weak governance standards.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on
society and the environment.

10. Real Estate Related

a. Real Estate Investment Trusts (“REITs”)
REITs are exchange-traded entities where the underlying investments are primarily investments in real estate, which
are generally less liquid than certain other asset classes such as equities, which may then be reflected in wider bid-offer
spreads. Limited liquidity may affect the ability of a REIT to vary its investment portfolio or liquidate part of its assets in
response to changes in economic conditions, international securities markets, foreign exchange rates, interest rates,
real estate market or other conditions. Heavy cash flow dependency, borrowers’ default risk, declines in the credit rating
of the REIT and interest rate rises will potentially lead to a decline in the value of the investments.
A wide range of Sustainability Risks apply to listed property companies. Environmental risks include but are not limited
to; potential physical damage to property resulting from extreme weather events and climate change, such as droughts,
wildfires, flooding and heavy precipitations, heat/cold waves, landslides or storms, and the ability of the company to
respond to regulatory and public pressure to reduce the energy and water consumption of buildings. Social risks include
but are not limited to; health and safety of tenants and employees, labour standards, employee welfare, and data &
privacy concerns. Governance risks include board composition and effectiveness, management quality and alignment
of management with shareholders.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes such as a fall in the value of
real estate assets as well as negative impacts on society and the environment.

b. Risks associated with Mortgage-related securities

Certain funds invest in mortgage-related securities which may be highly illiquid and prone to substantial price volatility.
When interest rates increase the expected time borrowers take to pay down fixed rate mortgage products may lengthen,
thus increasing the expected longevity of fixed rate mortgage-related securities. This increases their sensitivity to
changes in interest rates and hence also the volatility of the instrument (extension risk). When interest rates decline,
borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a fund because the relevant

Prospectus: Fidelity Funds 29 January 2022

Part I Fund Information

fund may have to reinvest that money at the lower prevailing interest rates (prepayment risk). These instruments may
be subject to greater credit, liquidity and interest rate risk compared to other debt securities. The lack of liquidity may
cause the current market price of assets to become disconnected from the underlying assets’ value as well as adversely
affecting the ability to sell the position or the price at which such a sale is transacted.

11. Multi-Asset
Multi-asset funds invest in multiple asset classes (including cash and cash equivalents) and can generally vary their exposure
to each of them. As well as being subject to the risks inherent in those individual asset classes to a degree that depends on
the exposure over time, the overall risk also depends on the correlation of returns between each asset class and hence could
be adversely affected by a change in those correlations which could result in higher volatility and/or lower diversification.
Where provided for in the relevant investment objective of a fund, for investments within multi asset funds, the risk
assessment process takes into account both the environmental, social and governance credentials of the provider and, where
possible, by performing analysis on the underlying fund holdings which provide an understanding of the Sustainability Risk
exposures.
A wide range of Sustainability Risks applies to companies within equity markets and corporate bond issuers which multi asset
funds invest in. Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative
impact on society and the environment.
Environmental risks include, but are not limited to; the ability of companies to mitigate and adapt to climate change and the
potential for higher carbon prices, exposure to increasing water scarcity and potential for higher water prices, waste
management challenges, and impact on global and local ecosystems.
Social risks include, but are not limited to; product safety, supply chain management and labour standards, health and safety
and human rights, employee welfare, data & privacy concerns and increasing technological regulation.
Governance risks include board composition and effectiveness, management incentives, management quality and alignment
of management with shareholders.
Multi asset funds can invest across a broad range of geographies and asset classes. Where a fund has exposure to emerging
markets governance risks can be more pronounced. The equity exposure can include exposure to smaller companies where
lower levels of disclosure can entail governance risks. Sovereign fixed income exposure can be affected by governance
factors such as the political climate, the regulatory regime and rule of law. Multi Asset funds can invest in third-party strategies
which exposes them to governance risks as the underlying investment decisions are delegated to third-party managers.
Alternative asset classes such as infrastructure can expose investors to liquidity and transparency risks. Infrastructure shares
similar risk characteristics to real estate assets. Infrastructure exposure through public private partnerships can expose these
assets to political risk and regulatory changes.

IV. INVESTMENT FOCUS/STYLE RELATED RISKS

1. Stock/Issuer Concentration
Funds which invest in a relatively small number of investments or issuers may experience a more volatile Net Asset Value
as a result of this concentration of holdings relative to a fund that diversifies across a larger number of investments or
issuers.

2. Country Concentration
Funds which may invest in a single or small number of countries may have greater exposures to the market, political, policy,
foreign exchange, liquidity, tax, legal, regulatory, economic and social risks of those countries than a fund which diversifies
across a number of countries, thereby making the fund more susceptible to any adverse events affecting those countries.
This may result in lower liquidity of the fund’s assets and/or a higher volatility of the Net Asset Value than a fund that
diversifies across more countries.

3. Sector Concentration
Funds which may invest in a single or small number of sectors may have greater exposures to the market, liquidity, tax,
legal, regulatory, and economic risks of those sectors than a fund which diversifies across a number of sectors, thereby
making such funds more susceptible to any adverse events affecting those sectors. This may result in lower liquidity of such
funds’ assets and/or a higher volatility of the Net Asset Value than a fund that diversifies across more sectors.
a. Financial Services Sector Risk
The profitability or viability of companies in the financial services industry is subject to extensive government regulation and
can be significantly affected by adverse economic or regulatory occurrences affecting the financial services sector. Unstable
interest rates will impact the availability and cost of capital funds, the rate of corporate and consumer debt defaults and
increased price competition will all create volatility and disrupt companies operating in the sector. In particular, events in the
financial sector since late 2008 have resulted, and may continue to result, in an unusually high degree of volatility in the
financial markets, both domestic and foreign.
The nature of financial services firms can make them disproportionately exposed to Sustainability Risks. For instance, some
businesses can be highly leveraged and lapses in risk management can significantly impact equity values and shareholder
returns. Similarly, due to their pivotal role in the economy, banks and insurers are often subject to regulatory scrutiny, which
increases their sensitivity to Sustainability Risks. Failure to adequately comply with regulatory requirements can have a
negative impact on a firm’s reputation, business prospects and economic outlook. For similar reasons, financial services
firms naturally have a sensitivity to political risks, money laundering risks, and an increasing exposure to cyber-attacks and
risks around data protection and use of personal data. Furthermore, negative sentiment within this sector can be self-fulfilling
as in the case of a bank run which tends to play out much faster than in other sectors.

Prospectus: Fidelity Funds 30 January 2022

Part I Fund Information

b. Healthcare Sector Risk

The market value of securities of issuers in the healthcare sector will be adversely affected by factors such as rising costs
of medical products and services, pricing pressure, extensive government regulation, restrictions on government
reimbursement for medical expenses, costs associated with obtaining and protecting patents, product liability and other
claims, changes in technologies and other market developments.
A wide range of Sustainability Risks apply to companies operating in the healthcare sector. Environmental risks include but
are not limited to; the ability of companies to mitigate and adapt to climate change, exposure to increasing water scarcity
and potential for higher water prices, waste management challenges, and impact on global and local ecosystems. Social
risks include but are not limited to; patient and product safety, supply chain management and labour standards, health and
safety and human rights, employee welfare, data & privacy concerns and increasing technological regulation. Governance
risks include board composition and effectiveness, management incentives, management quality and alignment of
management with shareholders.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on
society and the environment.
c. Real Estate Securities Risk
Certain funds’ investments in real estate securities are subject to substantially the same risks as direct investments in real estate.
Real estate values fluctuate depending on factors such as local, regional and national economic environment, rental market
demand, interest rates changes, as well as the management, organization, skill and capital funding of the managers and operators
of the underlying properties. When economy slows or if interest rates rise, mortgage and financing costs will increase and can
affect the profitability and liquidity of properties in the real estate market. This will potentially lead to declines in property values
and hence adversely affect the value of investors’ investments.
A wide range of Sustainability Risks apply to listed property companies. Environmental risks include but are not limited to; potential
physical damage to property resulting from extreme weather events and climate change, such as droughts, wildfires, flooding and
heavy precipitations, heat/cold waves, landslides or storms, and the ability of the company to respond to regulatory and public
pressure to reduce the energy and water consumption of buildings. Social risks include but are not limited to; health and safety of
tenants and employees, labour standards, employee welfare, and data & privacy concerns. Governance risks include board
composition and effectiveness, management quality and alignment of management with shareholders.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes such as a fall in the value of real estate
assets as well as negative impacts on society and the environment.
d. Technology and Innovation Sectors Risk
The technology and innovation sectors are subject to rapid and significant changes in technology and innovation that are
evidenced by the increasing pace of technological upgrades, evolving industry standards, ongoing improvements in the
capacity and quality of digital technology, shorter development cycles for new products and enhancements and changes in
customer requirements and preferences. The timely and successful introduction of new products will affect the success of
companies in the technology and innovation sectors. Value of investments in this sector can be adversely affected by the
failure and delays in obtaining financing or regulatory approval, intense competition with numerous alternative technologies,
product incompatibility, mismatched consumer preferences and the rapid obsolescence and research and development of
new products.
Investing in the technology sector can present a range of Sustainability Risks. For instance, with regard to supply chain
management, the responsible sourcing of materials and components and the workforce welfare of those in affiliated
manufacturers, as well as avoidance of child labour. Also, in relation to product safety; ensuring that hardware and
components do not pose a health hazard in any way to end users or those involved in intermediary manufacturing.
With regard to online publishers and social media there can be risks in the form of being able to undertake fact checking and
verifying information published on their websites, and how they reduce the spread of misinformation without harming
legitimate debate/freedom of expression.
There can also be concerns around cybersecurity; for example the attack ‘surface area’ for cyber criminals increased
significantly during the year 2020 as a result of enhanced reliance on information technology whilst in lockdown; it may not
be possible to establish whether businesses have appropriate measures in place to mitigate this. With regard to privacy,
there can be concerns as to the options and protections that online businesses give users in terms of personal data, and
how they handle such data. Theft or leakage of sensitive information and business interruptions are examples of material
events linked to this risk that could cause harm to the company’s reputation or company’s business.
For risks in relation to online welfare it may not be apparent as to the controls that online companies have in terms of toxic
content and their means of ensuring users’ welfare generally.
More broadly, as many technology businesses operate in relatively under-regulated areas, they may not be proactive in
anticipating Sustainability Risks and dealing with them, before they become regulatory or political issues.
In addition, with regard to employees, there may be risks in terms of an organisation’s ability to attract and retain quality
talent. In the event that there are insufficient diversity and discrimination policies and practices, this can have a negative
impact on employee turnover rates as well as operating costs related to recruiting, training, and retaining employees.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on
society and the environment.
e. Water and Waste Sectors Risk
Certain companies focusing on water and waste management sectors may make substantial investments in construction,
operations and maintenance of associated facilities and any delay in commencement of operations due to delay in the
construction works may adversely affect the profit or growth of the companies. Companies active in markets with regulated
water and/or waste tariffs may suffer from decreasing tariffs, which would lower their revenues. Changes in regulations and
policies may affect the operations of such companies. The foregoing factors may have unfavourable effects on the value of
the companies invested by the fund, which in turn may result in a fall of the fund’s net asset value.

A wide range of Sustainability Risks apply to companies operating in the waste and water sector. Environmental risks include
but are not limited to; exposure to increasing water scarcity, waste management challenges, and impact on global and local

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ecosystems. Waste management risks includes disposal and handling of hazardous waste and infectious waste. For
example, leak of a dangerous waste in the environment is an event that could cause material damage which could also
jeopardize the investee company’s reputation or lead to significant expenses. Social risks include, but are not limited to;
product safety, supply chain management and labour standards, health and safety and human rights, employee welfare,
and data & privacy concerns. Governance risks include board composition and effectiveness, management incentives,
management quality and alignment of management with shareholders.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on
society and the environment.

4. Thematic Focus
Certain funds may adopt a thematic investment approach. The investments in specific themes may not achieve the desired
results under all circumstances and market conditions. For funds which may invest in multiple themes, the investments may
be rebalanced among different themes from time to time depending on the market conditions of the respective themes, and
therefore the funds may incur greater transaction costs. Investors should note that the thematic investment approach
adopted may result in the funds being more volatile than a fund which invests in more diversified types of investments.

5. Investments in Medium and Small Companies

The prices of securities of medium and small companies generally are more volatile than those of larger companies; the
securities are often less liquid and these companies may be subject to more abrupt fluctuations in market price than larger,
more established companies. Investments in securities of companies with medium and small market capitalisations are
generally considered to offer greater opportunity for appreciation but may involve greater risks than those customarily
associated with more established companies as they are generally more likely to be adversely affected by poor economic
or market conditions. These companies may have limited product lines, markets or financial resources, or they may be
dependent upon a limited management group. In addition to exhibiting greater volatility, medium and small companies’
stocks may, to a degree, fluctuate independently of larger company stocks (i.e., small company stocks may decline in price
as the prices of large company stock rise or vice versa). For funds investing in such companies, transactions, particularly
those large in size, are likely to have a greater impact on the relevant funds’ costs than similar transactions in large sized firms
because of the relatively illiquid nature of markets in medium and small companies’ shares.
A wide range of Sustainability Risks apply to investments in smaller companies. Environmental risks include but are not
limited to; potential damage to physical infrastructure assets resulting from extreme weather events and climate change, the
ability of smaller companies to mitigate and adapt to climate change and the potential for higher prices. Social risks include
but are not limited to; cyber risks and the potential theft of customer data, increasing technological regulation, health and
safety and employee welfare. Governance risks include board composition and effectiveness, management incentives,
management quality and alignment of management with shareholders. In addition, smaller companies typically have lower
levels of disclosure and resources dedicated to corporate sustainability compared to larger companies. As such they may
present additional challenges when assessing their management of Sustainability Risks and the likely impact of such risks
on funds which invest in smaller companies. Failure to effectively manage Sustainability Risks can lead to the deterioration
in financial outcomes as well as negative impacts on society and the environment.

6. Below Investment Grade / Unrated Securities and High Yielding Debt Instruments
Certain funds may invest in below investment grade and high yielding debt instruments where the level of income may be
relatively high (compared to investment grade debt instruments); however the risk of depreciation and realisation of capital
losses on such debt instruments held may be significantly higher than on lower yielding debt instruments. High yield bonds
may be subject to lower liquidity, higher volatility, heightened risk of default and loss of principal and interest than higher-
rated/lower yielding debt securities.
High-yield bonds are often issued by smaller companies which might be privately owned and that are usually less transparent
and deliver less robust disclosures. The information scarcity results in a more challenging task for the Investment Manager
to identify and assess the materiality of eventual Sustainability Risks. In addition, public awareness on sustainability matters
(such as climate change) or specific ESG related incidents might reduce the demand for a specific bond which could result
in various effects such as a reduction in liquidity or a higher default risk resulting from higher refinancing cost for the company,
among others. Such events could ultimately have an impact on the total return of a fund with exposure to high yield
investments.

7. Emerging Markets
Certain funds may invest, in part or in whole, in emerging market securities. The price of these securities may be more
volatile and/or less liquid than those of securities in more developed markets due to increased risk and special considerations
not typically associated with investment in more developed markets. This volatility or lack of liquidity may stem from political
and economic uncertainties, legal and taxation risks, settlement risks, transfer of securities, custody risk and currency /
currency control factors. Some emerging market economies may be sensitive to world commodity prices and/or volatile
inflation rates. Others are especially vulnerable to economic conditions. Although care is taken to understand and manage
these risks, the relevant funds will ultimately bear the risks associated with investing in these markets.
A wide range of Sustainability Risks apply to investments within global emerging markets. Governance risks can be more
pronounced in the developing world, with a lack of maturity or corporate tenure being one of the contributing factors. Other
risks include board composition and effectiveness, management incentives, management quality and alignment of
management with shareholders. Governance risks in emerging markets can present a higher risk compared to developed
markets; ownership structures more commonly include controlling state interests or the controlling interests of an individual
or family. In addition, share structure can be more complex, with non-voting shares leaving minorities with less recourse and
connected parties can introduce political risks, which have far reaching implications.
With commodity related business activities more prevalent in the emerging markets, extractive industries can increase
environmental and social risks. Such risks may in particular be linked to the ability of companies to mitigate and adapt to
climate change leading such emerging market companies to face inter alia increasing carbon prices, increasing water

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scarcity (and hence higher water prices), waste management challenges, as well as potential negative impacts on global
and local ecosystems. Social risks include, but are not limited to; product safety, supply chain management and labour
standards, health and safety and human rights, employee welfare, data & privacy concerns and increasing technological
regulation and diversity, which are all more exposed to potential issues in emerging markets.
For sovereign issuers in emerging markets, Sustainability Risks may affect the credit quality of the bond issuer for example
due to higher political instability, less robust regulatory regimes and the lower rule of law, through increased risk of corruption,
lower freedom of speech and a higher reliance on the evolution of commodities related sectors.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on
society and the environment.

8. Russia
Investments in Russia and Commonwealth of Independent States (“CIS”) either through Regulated Markets like the Moscow
Exchange or on non-Regulated Markets are subject to increased risk with regard to ownership and custody of securities. There
are significant risks inherent in investing in Russia and the CIS including:
(a) delays in settling transactions and the risk of loss arising out of the systems of securities registration and custody;
(b) the lack of corporate governance provisions or general rules or regulations relating to investor protection;
(c) pervasiveness of corruption, insider trading, and crime in the Russian and CIS economic systems;
(d) difficulties associated in obtaining accurate market valuations of many Russian and CIS securities, based partly on
the limited amount of publicly available information;
(e) tax regulations are ambiguous and unclear and there is a risk of imposition of arbitrary or onerous taxes;
(f) the general financial condition of Russian and CIS companies, which may involve particularly large amounts of inter-
company debt;
(g) banks and other financial systems are not well developed or regulated and as a result tend to be untested and have
low credit ratings; and
(h) the risk that the governments of Russia and CIS member states or other executive or legislative bodies may decide
not to continue to support the economic reform programs implemented since the dissolution of the Soviet Union. The
concept of fiduciary duty on the part of a company’s management is generally non-existent. Local laws and regulations
may not prohibit or restrict a company’s management from materially changing the company’s structure without
shareholder consent. Foreign investors cannot be guaranteed redress in a court of law for breach of local laws,
regulations or contracts. Regulations governing securities investment may not exist or may be applied in an arbitrary
and inconsistent manner.
Evidence of legal title in many cases will be maintained in ‘book-entry’ form and a fund could lose its registration and ownership
of records are maintained by registrars who are under contract with the issuers. The registrars are neither agents of, nor
responsible to, the Management Company, the Depositary or their local agents in Russia or in the CIS. Transferees of
securities have no proprietary rights in respect of securities until their name appears in the register of holders of the securities
of the issuer. The law and practice relating to registration of holders of securities are not well developed in Russia and in the
CIS and registration delays and failures to register securities can occur. Although Russian and CIS sub-depositaries will
maintain copies of the registrar’s records (“Records”) on its premises, such Records may not, however, be legally sufficient to
establish ownership of securities. Further a quantity of forged or otherwise fraudulent securities, Records or other documents
are in circulation in the Russian and CIS markets and there is therefore a risk that a fund’s purchases may be settled with
such forged or fraudulent securities.
In common with other emerging markets, Russia and the CIS have no central source for the issuance or publication of
corporate actions information. The Depositary therefore cannot guarantee the completeness or timeliness of the distribution
of corporate actions notifications. Although exposure to these equity markets is substantially hedged through the use of
American Depository Receipts (“ADRs”) and Global Depository Receipts (“GDRs”), funds may, in accordance with their
investment objectives, invest in securities which require the use of local depository or custodial services.
A wide range of Sustainability Risks apply to investments in Russia and the CIS. Governance risks can be more pronounced,
with a lack of maturity or corporate tenure being one of the contributing factors. Other risks include board composition and
effectiveness, management incentives, management quality and alignment of management with shareholders. Governance
risks in Russia and the CIS can present a higher risk compared to developed markets; ownership structures more commonly
include controlling state interests or the controlling interests of an individual or family. In addition, share structure can be
more complex, with non-voting shares leaving minorities with less recourse and connected parties can introduce political
risks, which have far reaching implications.
With commodity related business activities more prevalent in emerging markets, extractive industries can increase
environmental and social risks. Such risks may in particular be linked to the ability of companies to mitigate and adapt to
climate change leading such emerging market companies to face inter alia increasing carbon prices, increasing water
scarcity (and hence higher water prices), waste management challenges, as well as potential negative impacts on global
and local ecosystems. Social risks include, but are not limited to; product safety, supply chain management and labour
standards, health and safety and human rights, employee welfare, data & privacy concerns and increasing technological
regulation and diversity, which are all more exposed to potential issues in emerging markets.
For sovereign issuers in this region, Sustainability Risks may affect the credit quality of the bond issuer for example due to
higher political instability, less robust regulatory regimes and the lower rule of law, through increased risk of corruption, lower
freedom of speech and a higher reliance on the evolution of commodities related sectors.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on
society and the environment.

9. Eurozone Risk
The performance of certain funds will be closely tied to the economic, political, regulatory, geopolitical, market, currency or
other conditions in the Eurozone and could be more volatile than the performance of more geographically diversified funds.

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Part I Fund Information

In light of the ongoing concerns on the sovereign debt risk of certain countries within the Eurozone, the relevant funds’
investments in the region may be subject to higher volatility, liquidity, currency and default risks. Any adverse events, such
as the credit downgrade of a sovereign or the exit of Eurozone members from the Eurozone, may have a negative impact
on the value of the relevant funds.

V. SPECIFIC INSTRUMENT RELATED RISKS

1. China Related
a. General
i. Sustainability Risks
A wide range of Sustainability Risks apply to investments in China.
Governance risks can be more pronounced in the developing world, with a lack of maturity or corporate tenure being one of
the contributing factors. Governance risks include board composition and effectiveness, management incentives,
management quality and alignment of management with shareholders. Governance risks in China can be higher compared
to developed markets, as ownership structures more commonly include controlling state interests, or the controlling interests
of an individual or family. Share structure can be more complex, with non-voting shares leaving minorities with less recourse.
Connected parties can introduce political risks, which have far reaching implications. Whilst more limited trading history can
place the investor at an information disadvantage.
In addition, it is critical to acknowledge that Chinese extractive industries can increase environmental and social risks. The
ability of companies to mitigate and adapt to climate change and the potential for higher carbon prices, exposure to
increasing water scarcity and potential for higher water prices, waste management challenges, and impact on global and
local ecosystems. Social risks include, but are not limited to; product safety, supply chain management and labour standards,
health and safety and human rights, employee welfare, data & privacy concerns and increasing technological regulation.
Investing in the technology sector in China can present additional Sustainability Risks. For instance, with regard to supply
chain management, the responsible sourcing of materials and components and the workforce welfare of those in affiliated
manufacturers, as well as avoidance of child labour. Also, in relation to product safety; ensuring that hardware and
components do not pose a health hazard in any way to end users or those involved in intermediary manufacturing.
With regard to online publishers and social media there can be risks in the form of being able to undertake fact checking and
verifying information published on their websites, and how they reduce the spread of misinformation without harming
legitimate debate/freedom of expression.
There can also be concerns around cybersecurity; for example the attack ‘surface area’ for cyber criminals increased
significantly during the year 2020 as a result of enhanced reliance on information technology whilst in lockdown; it may not
be possible to establish whether businesses have appropriate measures in place to mitigate this. With regard to privacy,
there can be concerns as to the options and protections that online businesses give users in terms of personal data, and
how they handle such data. Theft or leakage of sensitive information and business interruptions are examples of material
events linked to this risk that could cause harm to the company’s reputation or company’s business.
For risks in relation to online welfare it may not be apparent as to the controls that online companies have in terms of toxic
content and their means of ensuring users’ welfare generally.
More broadly, as many technology businesses in this region operate in relatively under-regulated areas, they may not be
proactive in anticipating Sustainability Risks and dealing with them, before they become regulatory or political issues.
In addition, with regard to employees, there may be risks in terms of an organisation’s ability to attract and retain quality
talent. In the event that there are insufficient diversity and discrimination policies and practices, this can have a negative
impact on employee turnover rates as well as operating costs related to recruiting, training, and retaining employees.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on
society and the environment.

ii. Chinese Renminbi Currency and Conversion Risks

The Chinese Renminbi (RMB) is subject to a managed floating exchange rate based on market supply and demand with
reference to a basket of currencies. Currently, the RMB is traded in two markets: one in Mainland China (onshore RMB, or
CNY), and one outside Mainland China, primarily in Hong Kong (offshore RMB, or CNH). Although CNH and CNY are the
same currency, they trade at different rates, and any divergence between CNH and CNY may adversely impact investors.
CNY is not freely convertible and is subject to exchange controls and certain requirements by the government of Mainland
China, whereas the CNH is freely tradable.

Whilst the RMB is traded freely outside Mainland China, the RMB spot, forward foreign exchange contracts and related
instruments reflect the structural complexities of this evolving market. Non-RMB based investors are exposed to foreign
exchange risk and there is no guarantee that the value of RMB against the investors’ base currencies will not depreciate.
Any depreciation of RMB could adversely affect the value of an investor’s investment in a fund. Accordingly, the relevant
funds may be exposed to greater foreign exchange risks. Under exceptional circumstances, payment of redemptions and/or
dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB.

iii. China Assets

Investments in RMB by a fund in China A / B Shares or onshore China fixed income securities and other permissible
securities denominated in RMB may be made through any permissible means pursuant to any prevailing regulations,
including through the Qualified Foreign Institutional Investor (“QFII”) status, the Shanghai-Hong Kong Stock Connect and
the Shenzhen - Hong Kong Stock Connect programmes (the “Stock Connect”), Bond Connect (as defined below) and any
other eligible means. The uncertainty and change of the relevant laws and regulations in the People’s Republic of China

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(“PRC”) and the potential for the PRC government and/or the regulators to implement policies that may affect the financial
markets may have an adverse impact on such a fund.
High market volatility and potential settlement difficulties in the PRC markets may also result in significant fluctuations in the
prices of the securities traded on such markets. Besides, securities exchanges in the PRC typically have the right to suspend
or limit trading in any security traded on the relevant exchange. All these may have a negative impact on the Net Asset Value
of the relevant funds.

iv. QFII
Under the prevailing regulations in the PRC, foreign investors can invest in China A Shares or onshore China fixed income
securities through institutions that have obtained QFII status in the PRC. The current QFII regulations impose strict
restrictions on China A Share investment or onshore China fixed income securities. A fund’s ability to make the relevant
investments or to fully implement or pursue its investment objective and strategy is subject to the applicable laws, rules and
regulations (including restrictions on investments, minimum investment holding periods and requirements on repatriation of
principal and profits) in the PRC, which may be subject to change and such change may have potential retrospective effect.
In certain circumstances, the relevant funds may incur losses due to limited investment opportunities, or may not be able to
fully implement or pursue their investment objectives or strategy
The relevant funds may also suffer substantial losses if, the approval of the QFII status is being revoked/terminated or
otherwise invalidated as the relevant funds may be required to dispose of its securities holdings or prohibited from trading
of relevant securities and repatriation of the relevant funds’ monies, or if any of the key operators or parties (including QFII
custodian/brokers) is bankrupt/in default and/or is disqualified from performing its obligations (including execution or
settlement of any transaction or transfer of monies or securities).

v. Stock Connect
Certain funds may invest and have direct access to certain eligible China A Shares via the Stock Connect, a securities
trading and clearing linked programme which aims to achieve mutual stock market access between the PRC and Hong
Kong.
Under the Stock Connect, overseas investors (including the funds) may be allowed, subject to rules and
regulations issued / amended from time to time, to trade China A Shares listed on the Shanghai Stock Exchange (“SSE”)
and the Shenzhen Stock Exchange (“SZSE”) through the Northbound Trading Link.
Investments through the Stock Connect are subject to risks, such as quota limitations, suspension risk, operational risk,
restrictions on selling imposed by front-end monitoring, recalling of eligible stocks, clearing and settlement risks, nominee
arrangements in holding China A Shares and regulatory risk. The Stock Exchange of Hong Kong Limited (“SEHK”), SSE
and SZSE reserve the right to suspend trading through Stock Connect if necessary to ensure an orderly and fair market and
prudently manage risks which could adversely affect the relevant funds’ ability to access the PRC market. Where a
suspension in the trading through the programme is effected, the relevant fund’s ability to invest in China A Shares or access
the PRC market through the programme will be adversely affected. PRC regulations require that before an investor sells any
share, there should be sufficient shares in the account (front-end monitoring); otherwise SSE or SZSE, as relevant, will reject
the sell order concerned. SEHK will carry out pre-trade checking on China A Shares sell orders of its participants (i.e. the
stock brokers) to ensure there is no over-selling. Furthermore, the Stock Connect only operates on days when both the PRC
and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement
days so it is possible that there are occasions when it is a normal trading day for the PRC market but Hong Kong investors
(such as the funds) cannot carry out any China A Shares trading. The relevant funds may be subject to a risk of price
fluctuations in China A Shares during the time when the Stock Connect is not trading as a result.
The Stock Connect is novel in nature, and is subject to regulations promulgated by regulatory authorities and implementation
rules made by the stock exchanges in the PRC and Hong Kong. Furthermore, new regulations may be promulgated from time
to time by the regulators in connection with operations and cross-border legal enforcement in connection with cross-border
trades under the Stock Connect.
The regulations are untested so far and there is no certainty as to how they will be applied. Moreover, the current regulations
are subject to change which may have potential retrospective effect. There can be no assurance that the Stock Connect will
not be abolished. The relevant funds which may invest in the PRC markets through Stock Connect may be adversely affected
as a result of such changes.

vi. Risks associated with the Small and Medium Enterprise (“SME”) board, ChiNext market and/or the
Science and Technology Innovation Board (“STAR board”)
Certain funds may have exposure to stocks listed on SME board of the SZSE, ChiNext market of the SZSE and the STAR
board of the SSE.
Higher fluctuation on stock prices and liquidity risk
Listed companies on the SME board, ChiNext market and/or STAR board are usually of emerging nature with smaller operating
scale. In particular, listed companies on ChiNext market and/or STAR board are subject to wider price fluctuation limits, and
due to higher entry thresholds for investors may have limited liquidity, compared to other boards. Hence, companies listed on
these boards are subject to higher fluctuation in stock prices and liquidity risks and have higher risks and turnover ratios than
companies listed on the main boards of the SZSE and/or the SSE.
Overvaluation Risk
Stocks listed on SME board, ChiNext market and/or STAR board may be overvalued and such exceptionally high valuation
may not be sustainable. Stock price may be more susceptible to manipulation due to fewer circulating shares.
Differences in regulation
The rules and regulations regarding companies listed on ChiNext market and STAR board are less stringent in terms of
profitability and share capital than those in the main boards of the SZSE and/or the SSE and SME board.
Delisting risk

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It may be more common and faster for companies listed on the SME board, ChiNext market and/or STAR board to delist. In
particular, ChiNext market and STAR board have stricter criteria for delisting compared to other boards. This may have an
adverse impact on the relevant fund if the companies that it invests in are delisted.
Concentration risk
The STAR board is a newly established board and may have a limited number of listed companies during the initial stage.
Investments in the STAR board may be concentrated in a small number of stocks and subject the relevant fund to higher
concentration risk.
Investments in the SME board, ChiNext market and/or STAR board may result in significant losses for the relevant fund and
its investors

vii. Mainland China Tax Risk

There are risks and uncertainties associated with the current tax laws, regulations and practice of Mainland China in respect
of capital gains realised via QFII status or Stock Connect or access products on a fund’s investments in Mainland China
(which may have retrospective effect). Any increased tax liabilities on a fund may adversely affect the fund’s value.
Based on professional and independent advice, currently no provision is being made by any of the funds for tax on capital
gains on disposals of (i) China A Shares and B Shares, or (ii) China fixed income securities listed or traded on exchanges
or the mainland China interbank bond market or for tax on interest on such onshore Mainland China fixed income securities
or for tax on dividends, if any, received on China A Shares (including those acquired through Stock Connect), without
deduction of tax provision made ultimately may prove excessive or inadequate to meet any at source. The actual tax liabilities
(if any) will be debited from the relevant fund’s assets, and may adversely affect the fund’s Net Asset Value.
Although no tax provision has been made under current situation, the situation will be under review and after taking
professional and independent tax advice, the Investment Manager may make tax provision going forward where appropriate.
Whilst the Investment Manager reviews the tax provisioning policy on an on-going basis, investors should note that, even if
tax provision is made, any shortfall between the provision and the actual tax liabilities will be debited from the relevant fund’s
assets and will adversely affect the Net Asset Value of the fund. The actual tax liabilities may be lower than the tax provision
made. Depending on the timing of their subscriptions and/or redemptions, investors may be disadvantaged as a result of
any shortfall of tax provision and will not have the right to claim any part of the overprovision (as the case may be).

viii. Volatility and Liquidity Risk associated with Mainland China Debt Securities
The debt securities in Mainland China markets may be subject to higher volatility and lower liquidity compared to more
developed markets. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads
of the price of such securities may be large and the funds investing in Mainland China debt securities may incur significant
trading costs.

ix. Risks associated with CIBM

The China interbank Bond Market (“CIBM”) is the over-the-counter market for bonds issued and traded in the PRC via the
Foreign Access Regime (as defined below) and/or the Bond Connect (as defined below). Pursuant to the “Announcement
(2016) No 3” issued by the PBOC on 24 February 2016, foreign institutional investors can invest in the CIBM (the “Foreign
Access Regime”) subject to other rules and regulations as promulgated by the Mainland Chinese authorities such as the
People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE). Such rules and regulations may
be amended from time to time and may have a retrospective effect.
Under this scheme, foreign institutional investors (such as the Fund) can trade in the CIBM directly through onshore
settlement agents (i.e. banks) in the PRC who will be responsible for making the relevant filings and account opening with
the relevant authorities. There is no quota limitation applied under the scheme.
Investment in CIBM via Northbound Trading Link under Bond Connect
Bond Connect is a new initiative launched in July 2017 for mutual bond market access between Hong Kong and Mainland
China (“Bond Connect”) established by China Foreign Exchange Trade System & National Interbank Funding Centre
(“CFETS”), China Central Depository & Clearing Co., Ltd, Shanghai Clearing House, and Hong Kong Exchanges and
Clearing Limited and Central Moneymarkets Unit.
Bond Connect is governed by rules and regulations as promulgated by the Mainland Chinese authorities. Such rules and
regulations may be amended from time to time.
Under the prevailing regulations in Mainland China, eligible foreign investors will be allowed to invest in the bonds circulated
in the China Interbank Bond Market through the northbound trading of Bond Connect (“Northbound Trading Link”). There
will be no investment quota for Northbound Trading Link.
Under the Northbound Trading Link, eligible foreign investors are required to appoint the CFETS or other institutions
recognised by the PBOC as registration agents to apply for registration with the PBOC.
Pursuant to the prevailing regulations in Mainland China, an offshore custody agent recognised by the Hong Kong Monetary
Authority (currently, the Central Moneymarkets Unit) shall open omnibus nominee accounts with the onshore custody agent
recognised by the PBOC (currently, the China Central Depository & Clearing Co., Ltd and Shanghai Clearing House). All
bonds traded by eligible foreign investors will be registered in the name of Central Moneymarkets Unit, which will hold such
bonds as a nominee owner.
Market volatility and potential lack of liquidity due to low trading volume of certain debt securities in the China interbank bond
market may result in prices of certain debt securities traded on such market fluctuating significantly. The Fund investing in
such market is therefore subject to liquidity and volatility risks. The bid and offer spreads of the prices of such securities may
be large, and the Fund may therefore incur significant trading and realisation costs and may even suffer losses when selling
such investments.

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To the extent that the Fund transacts in the CIBM, the Fund may also be exposed to risks associated with settlement
procedures and default of counterparties. The counterparty which has entered into a transaction with the Fund may default
in its obligation to settle the transaction by delivery of the relevant security or by payment for value.
For investments via the Foreign Access Regime and/or Bond Connect, the relevant filings, registration with PBOC and
account opening have to be carried out via an onshore settlement agent, offshore custody agent, registration agent or other
third parties (as the case may be). As such, the Fund is subject to the risks of default or errors on the part of such third
parties.
Investing in the CIBM via Foreign Access Regime and/or Bond Connect is also subject to regulatory risks. The relevant rules
and regulations on these regimes are subject to change which may have potential retrospective effect. In the event that the
relevant Mainland Chinese authorities suspend account opening or trading on the CIBM, the Fund’s ability to invest in the
CIBM will be adversely affected. In such event, the Fund’s ability to achieve its investment objective will be negatively
affected.

x. Credit Rating Agency Risk

The credit appraisal system in the Mainland China and the rating methodologies employed in the Mainland China may be
different from those employed in other markets. Credit ratings given by Mainland China agencies may therefore not be
directly comparable with those given by other international rating agencies.
b. Dim Sum Bond Market
Some funds may invest in “Dim Sum” bonds (i.e. bonds issued outside of Mainland China but denominated in RMB). The
“Dim Sum” bond market is a relatively small market. As with some global fixed income markets, it may be more susceptible
to volatility and illiquidity, and should there be any new rules which limit or restrict the ability of issuers to raise RMB (offshore
CNH) funding by way of bond issuance and/or reversal or suspension of the liberalization of the CNH market by the relevant
regulator(s), the operation of the “Dim Sum” bond market and new issuances could be disrupted and potentially cause a fall
in the Net Asset Value of the relevant funds.
c. Risk associated with Urban Investment Bonds
Urban investment bonds are issued by local government financing vehicles (“LGFVs”), such bonds are typically not
guaranteed by local governments or the central government of the Mainland China. In the event that the LGFVs default on
payment of principal or interest of the urban investment bonds, the funds investing in urban investment bonds could suffer
substantial loss and the Net Asset Value of the relevant funds could be adversely affected.

2. Fixed Income Related

a. Risks of investing in Convertible Bonds and in Hybrids
Convertible bonds are typically debt instruments that pay interest rates or coupons and may be converted by the holder
within a specified period of time into the reference equity at a specified conversion price. As such, convertible bonds will be
exposed to greater volatility than straight bond investments. The value of convertible bonds may rise and fall with the market
value of the reference equity or, like a straight bond investment, vary with changes in interest rates and the credit quality of
the issuer. A convertible bond tends to perform more like a stock when the reference equity price is high relative to the
conversion price (because more of the security’s value resides in the option to convert) and more like a straight bond
investment when the reference equity price is low relative to the conversion price (because the option to convert is less
valuable). Because its value can be influenced by many different factors, a convertible bond is not as sensitive to interest
rate changes as a comparable straight bond investment, and generally has less potential for gain or loss than the reference
equity.
Hybrid securities, which generally do not include convertible bonds, also combine both equity and debt characteristics.
Hybrids are subordinated instruments that have more equity-like features. Typically, hybrids include long final maturity (or
no limitation on maturity - ‘perpetual’) and have a call schedule (i.e. a series of call dates on which the issuer can redeem
the hybrid at specific prices), thereby increasing reinvestment risk, which is the risk that a hybrid’s future cash flows will have
to be reinvested at a lower Interest rate. Hybrids also typically have the ability to defer coupon or interest payments without
defaulting. Their subordination typically lies somewhere in the capital structure between equity and other subordinated debt,
i.e. such securities will be the most junior securities above equity. As such, as well as typical ‘bond’ risk factors, hybrids also
convey such risks as the deferral of interest payments, equity market volatility and illiquidity. Some sources of additional risk
associated with hybrids are set forth below:
Coupon Cancellation: Coupon payments on some hybrids are entirely discretionary and may be cancelled by the issuer at
any point, for any reason, and for any length of time. The cancellation of coupon payments on such securities may not
amount to an event of default. Cancelled payments do not accumulate and are instead written off. Holders may see their
coupons cancelled while the issuer continues to pay dividends on its common equity and variable compensation to
its workforce.
Call Extension Risk: Some hybrids are issued as perpetual instruments callable at pre-determined levels only with the
approval of the competent authority. It cannot be assumed that the perpetual instrument will be called on call date. The
investor may not receive return of principal as expected on a given call date or indeed at any date.
b. Additional Risk of investing in Contingent Convertible Securities (CoCos) and other Instruments with Loss-
Absorption Features
Funds may invest in instruments with loss-absorption features. Those features have been designed to meet specific
regulatory requirements imposed on financial institutions and typically include terms and conditions specifying the instrument
is subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of the following: (a) when
a financial institution is near or at the point of non-viability; or (b) when the capital ratio of a financial institution falls to a
specified level.
Debt instruments with loss-absorption features are subject to greater capital risks when compared to traditional debt
instruments as such instruments are typically subject to the risk of being written down or converted to ordinary shares upon
the occurrence of pre-defined trigger events (such as those disclosed in the preceding paragraphs). Such trigger events are

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likely to be outside of the issuer’s control and are complex and difficult to predict and may result in a significant or total
reduction in the value of such instruments.
In the event of the activation of a trigger, there may be potential price contagion and volatility to the entire asset class. Debt
instruments with loss-absorption features may also be exposed to liquidity, valuation and sector concentration risk.
The Funds may invest in CoCos, which are highly complex and are of high risk. CoCos are a form of hybrid debt security
with loss-absorption features that are intended to either convert into equity shares of the issuer (potentially at a discounted
price) or have their principal written down (including permanently written down to zero) upon the occurrence of certain
‘triggers’ linked to regulatory capital thresholds or where the issuer ’s regulatory authorities considers this to be necessary.
The trigger event is linked to the financial position of the issuer and conversion would occur as a result of a deterioration in
the relative capital strength of the issuer. As a result, the value of the converted equity would be lower than the bond value
when issued or purchased. In stressed market conditions, the liquidity profile of the issuer can deteriorate significantly, and
a significant discount may be required in order to sell it. For the avoidance of doubt, convertible bonds where conversion is
beneficial to the holder (contingent or otherwise) are not subject to the same risks as described in this section “b. Additional
risk of investing in CoCos and other instruments with loss-absorption features”. Coupon payments on CoCos are
discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. Some additional
risks associated with CoCos are set forth below:
Capital Structure Inversion Risk: Contrary to standard capital hierarchy, CoCo investors may suffer a loss of capital when
equity holders do not. In a standard capital structure equity holders are expected to suffer the first loss. This is less likely
with a CoCo whose trigger is activated when the capital ratio falls below a relatively low level when equity holders will already
have suffered loss, than in a high trigger CoCo (those whose trigger is activated when the capital ratio remains relatively
high).
The funds may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts,
they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking
hierarchy of the issuer. This may result in total loss principal invested.

3. Risk associated with Collateralised and/or Securitised Debt Instruments

Funds may invest in collateralised and / or securitised debt instruments (collectively referred to as structured products). Such
instruments include asset-backed securities, mortgage-backed securities, collateralised debt instruments and collateralised
loan obligations. Structured products provide exposure, synthetically or otherwise, to underlying assets and the risk/return
profile is determined by the cash flows derived from such assets. Some of such products involve multiple instruments and
cash flow profiles such that it may not be possible to accurately predict the impact on valuation from a given market scenario.
The price of such an investment may be prone to substantial price volatility as a result of sensitivity to changes in the
underlying assets of the structured instrument which can take many forms including, but not limited to, credit card
receivables, residential mortgages, corporate loans, manufactured housing loans or any type of receivables from a company
or structured vehicle that has regular cash flows from its customers. Some structured products may employ leverage which
can cause the price of the instruments to be more volatile than if they had not employed leverage. In addition, structured
products may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. Lack of liquidity
may also cause the current market price of assets to become disconnected from the underlying assets’ value. In addition,
such products are often exposed to extension risks (the risk of increased longevity due to lower-than-expected paydowns)
and prepayment risks (the risk of reinvesting at lower rates due to higher-than-expected paydowns) and risks that the
payment obligations relating to the underlying assets are not met, which may adversely impact the returns of such products.

4. Equity Linked Notes/Credit Linked Notes

Equity linked notes (ELNs), credit linked notes (CLNs) and similar structured instruments involve a counterparty writing a
contract which defines the principal value and the payoff which is intended to move in line with the underlying security
specified in the contract. Unlike Financial Derivative Instruments, cash is transferred from the buyer to the seller of the note
upon purchase. In the event that the counterparty defaults the risk to the fund is to that of the counterparty, irrespective of
the value of the underlying security within the note.
CLNs are also subject to the risk of loss and/or delay in the repayment of principal and the periodic interest payment
expected to be received in the event that one or more of the underlying debt obligations defaults or no longer performs.
Additional risks result from the fact that the documentation of such notes programmes tends to be highly customised. The
liquidity of an ELN, CLN or similar notes can be less than that for the underlying security, a regular bond or debt instrument
and this may adversely affect either the ability to sell the position or the price at which such a sale is transacted.

VI. DERIVATIVES/COUNTERPARTY RELATED RISKS

1. General
The funds may use various financial derivative instruments to reduce risks or costs or to generate additional capital or income
in order to meet their investment objectives. Financial derivative instruments may be used for investment purposes and/or
to implement more complex strategies, as further described in their respective investment objectives, depending on the
circumstances and the purposes for which the derivatives are used. Entering into financial derivatives instruments for
investment purposes may, to some extent, impact the risk profile of a fund.
Throughout this section and others that refer to derivatives, privately negotiated or non-exchange traded derivatives are
referred to as being ‘Over The Counter’, which is abbreviated to OTC.
Investors may wish to consult their independent financial adviser about the suitability of a particular fund for their investment
needs bearing in mind its powers with regard to the use of derivatives.
While the judicious use of derivative instruments by experienced investment advisers such as the Investment Manager can
be beneficial, derivative instruments also involve risks different from, and, in certain cases, greater than, the risks associated
with more traditional investments.

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The following are important risk factors concerning the use of derivative instruments that investors should understand before
investing in these funds.
a. Valuation
Some derivative instruments, in particular OTC derivative instruments, do not have prices observable on an exchange
and so involve the use of formulae, with prices of underlying securities or reference benchmarks obtained from other
sources of market price data. OTC instruments involve the use of models, with assumptions, which increases the risk
of pricing errors. Improper valuations could result in increased cash payment requirements to counterparties or a loss
of value to the relevant funds.
b. Liquidity
Liquidity risk exists when a particular instrument is difficult to purchase or sell at a given valuation. If a derivative
instrument transaction is particularly large or if the relevant market is illiquid (as can be the case with OTC
derivative instruments), it may not be possible to initiate a transaction or liquidate a position at an advantageous price.
c. Basis
Basis risk is the risk of loss due to divergence between two rates or prices. Derivative instruments do not always
perfectly or even highly correlate with the assets, rates or indices they are designed to track. Consequently, the funds’
use of derivative instruments may not always be an effective means of, and sometimes could be counterproductive to,
furthering the funds’ investment objective. This applies particularly where an underlying position is hedged through
derivative contracts which may be similar to (but are not the same as) the underlying position.
d. Leverage
The use of derivatives may give rise to a form of leverage, which may cause the Net Asset Value of the relevant funds
to be more volatile and/or change by greater amounts than if they had not been leveraged. This is because leverage
tends to exaggerate the effect of any increase or decrease in the value of the respective funds’ portfolio securities and
other instruments. The leverage element of a derivative can result in a loss significantly greater than the amount
invested in the derivatives by the relevant funds. Exposure to derivatives may lead to a high risk of significant loss by
the relevant funds.
e. Counterparty Credit
This is the risk that a loss may be sustained by a fund as a result of the failure of the other party to a derivative instrument
(usually referred to as a ‘counterparty’) to comply with the terms of the derivative instrument contract. The counterparty
credit risk for exchange-traded derivative instruments is generally less than for OTC derivative instruments, since the
clearing firm, which is the issuer or counterparty to each exchange-traded derivative instrument, provides a guarantee of
clearing. This guarantee is supported by a daily payment system (i.e. margin requirements) operated by the clearing firm
in order to reduce overall counterparty credit risk. Assets deposited as margin with the brokers and/or exchanges may not
be held in segregated accounts by these counterparties and may therefore become available to the creditors of such
counterparties in the event of default by them. For OTC derivative instruments, there is no similar clearing firm guarantee.
Therefore, the Investment Manager adopts a counterparty risk management framework which measures, monitors and
manages counterparty credit risk, taking into account both current and potential future credit exposure, through the use of
internal credit assessments and external credit agency ratings. OTC derivative instruments are not standardised. They are
an agreement between two parties and can therefore be tailored to the requirements of the parties involved. The
documentation risk is reduced by adhering to standard International Swaps and Derivatives Association
(“ISDA”) documentation.
A fund’s exposure to an individual counterparty shall not exceed 10% of the relevant fund’s net assets. Counterparty
credit risk may be further mitigated through the use of collateral agreements. However, collateral arrangements are still
subject to the insolvency risk and credit risk of the issuers or depositary of the collateral. Further, collateral thresholds
exist below which collateral is not called for and timing differences between calculating the need for collateral and its
receipt by the fund from the counterparty both mean that not all the current exposure will be collateralised.
f. Settlement
Settlement risk exists when derivatives are not settled in a timely manner, thereby increasing counterparty credit risk
prior to settlement and potentially incurring funding costs that would otherwise not be experienced. If settlement never
occurs the loss incurred by the fund will be the same as it is for any other such situation involving a security namely the
difference between the price of the original contract and the price of the replacement contract, or, in the case where
the contract is not replaced the absolute value of the contract at the time it is voided.
g. Legal
Derivative transactions are typically undertaken under separate legal arrangements. In the case of OTC derivatives, a
standard ISDA agreement is used to govern the trade between a fund and the counterparty. The agreement covers
situations such as a default of either party and also the delivery and receipt of collateral. As a result, there is a risk of
loss to the fund where liabilities in those agreements are challenged in a court of law.

2. Short Positions
A fund may take a position in which it expects to gain value in the event a particular asset loses value (‘shorting’) through
the use of derivatives. The fund is therefore exposed to the risk that the asset will rise, rather than fall, in value. Further, as
price rises are theoretically unlimited, the losses arising from such a position can theoretically be uncapped. However the
Investment Manager actively manages these positions in order to limit the realised and potential losses.

3. High Leverage Risk

Funds with high leverage risk may have a net leverage exposure of more than 100% of their Net Asset Value. This will further
magnify any potential negative impact of any change in the value of the underlying asset on the relevant funds and also increase
the volatility of the relevant funds’ price and may lead to significant losses.

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4. Risks of Active Currency Positions

A fund may implement active currency positions which may not be correlated with the underlying securities positions held by the
fund. This may result in the relevant funds suffering a significant or total loss even if there is no loss of the value of the underlying
securities positions (e.g. equities, fixed income securities) being held by the relevant funds.

5. Specific Derivative Instruments

A non-exhaustive list of financial derivative instruments most commonly used by the relevant fund(s) is set out in Part I. For funds
using one or a combination of the following instruments the following risks should be considered, as applicable:

Instrument Risks

Credit Default Swaps (CDS) The swap contract is an agreement between two parties and therefore each party bears the other’s
counterparty credit risk. Collateral is arranged to mitigate this risk. The documentation risk for CDS is
reduced by adhering to standard ISDA documentation. The liquidity of a CDS may be worse than the
liquidity of the underlying security or securities in the basket and this may adversely affect the ability to
close out a CDS position or the price at which such a close out is transacted.

Foreign Exchange Forward To the extent that such contracts are used to hedge foreign (non-base) currency exposures back to
Contracts the base currency of the fund, there is a risk that the hedge may not be perfect and movements in its
value may not exactly offset the change in value of the currency exposure being hedged. Since the
gross amounts of the contract are exchanged on the specified date, there is a risk that if the
counterparty with whom the contract has been agreed goes into default between the time of payment
by the fund but before receipt by the fund of the amount due from the counterparty, then the fund will
be exposed to the counterparty credit risk of the amount not received and the entire principal of a
transaction could be lost.

Forward Contracts and Contracts The main risk to the buyer or seller of such contracts is the change in value of the underlying security.
for Difference When the value of the underlying security changes, the value of the contract becomes positive or
negative. Further, the two parties must bear each other’s credit risk, which is not the case with a futures
contract and collateral is arranged to mitigate this risk. Also, since these contracts are not exchange
traded, there is no marked-to-market margin requirement, which allows a buyer to avoid almost all
capital outflow initially.

Futures The main risk to the buyer or seller of an exchange-traded future is the change in value of the underlying
reference index/security/contract/bond.

Inflation Swaps The market risk of this type of instrument is driven by the change in the reference benchmarks used
for the two legs of the transaction, one of which will be an inflation benchmark. This is an agreement
between two parties and so can be tailored to the requirements of the parties involved. Consequently
each party bears the other’s credit risk and collateral is arranged to mitigate this risk.

Interest Rate Swaps The market risk of this type of instrument is driven by the change in the reference benchmarks used
for the fixed and floating legs. An interest rate swap is an OTC agreement between two parties and so
can be tailored to the requirements of the parties involved. Consequently each party bears the other’s
credit risk and collateral is arranged to mitigate this risk.

Put/Call Options and Warrants The most significant contributor to market risk resulting from options is the market risk associated with
the underlying when the option has an intrinsic value (i.e. it is ‘in-the-money’), or the strike price is near
the price of the underlying (‘near-the-money’). In these circumstances the change in value of the
underlying will have a significant influence on the change in value of the option. The other variables
will also have an influence, which will likely to be greater the further away the strike price is from the
price of the underlying.
For OTC options the two parties must bear each other’s credit risk and collateral is arranged to mitigate
this risk. The liquidity of an OTC option can be less than an exchange traded option and this may
adversely affect the ability to close out the option position, or the price at which such a close out is
transacted.

Swaptions A swaption comprises risks associated with interest rate swaps and option contracts. A swaption is an OTC
agreement between two parties and so can be tailored to the requirements of the parties involved.
Consequently each party bears the other’s credit risk and collateral is exchanged to mitigate this risk.

Total Return Swaps (TRS) These contracts may be less liquid than interest rate swaps as there is no standardisation of the
underlying reference benchmark and this may adversely affect the ability to close out a TRS position
or the price at which such a close out is transacted.
The swap contract is an agreement between two parties and therefore each party bears the other’s
counterparty credit risk and collateral is arranged to mitigate this risk. The documentation risk for TRS
is reduced by adhering to standard ISDA documentation.

VII. ADDITIONAL RISKS

1. Index Tracking Funds
a. Tracking Difference
The aim of an index tracking fund is to match the performance of an index as closely as possible. However there is the
risk that an index tracking fund’s performance may not track that of the underlying index exactly (“tracking difference”).
This tracking difference may result from the investment strategy used, fees and expenses and taxes. Changes to the
underlying index, regulatory requirements and differences in valuation points between the fund and index may also

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contribute to tracking differences. The Investment Manager will monitor and seek to manage such risk in minimising
tracking difference. There can be no assurance of exact or identical replication at any time of the performance of the
index.
b. Passive Investment Risk
For funds that are passively managed, the Investment Manager will not have the discretion to adapt to market changes
due to the inherent investment nature of such funds. Falls in the index are expected to result in corresponding falls in
the value of such funds.

2. Asset Allocation - Target Date Risk

Some funds allocate capital to asset classes where the weights change according to a pre-determined schedule up to a
specific target date. As a fund moves closer to its target date, it generally allocates more capital to assets with a lower
expected risk and return profile. The performance of the fund is dependent on the success of the asset allocation strategy
employed by the fund and there is a risk that losses will be realised as the asset allocation changes. This target date asset
allocation strategy may not achieve the desired results under all circumstances and market conditions. While investors will
be provided with investment options at the target date, there is no guarantee that the fund will closely align with their
investment horizon and so investors may suffer loss after the target date. It is important to note that a target date fund should
not be selected based solely on age or retirement date. If investors had not accurately selected a fund that most closely
aligns with their investment horizon, there will be a risk of potential mismatch between their investment horizon and the
fund’s investment horizon. There is no guarantee that investors will receive the principal invested on the target date.

3. Asset Allocation – Dynamic Risk

Certain funds may periodically change their allocation across asset classes and therefore may incur greater transaction
costs than a fund with static allocation strategy.

4. Cash Funds
An investment in Cash funds is neither insured nor guaranteed by any government, government agencies or government-
sponsored agencies or any bank guarantee fund. Shares in Cash funds are not deposits or obligations of, or guaranteed or
endorsed by, any bank and the amount invested in Shares may fluctuate up and/or down. Although the Fund seeks to maintain
capital value and liquidity whilst producing a return in line with money market rates to the investor, Cash funds do not guarantee
a stable Net Asset Value. All investments are subject to credit and counterparty risk and provide limited potential for capital
appreciation and generally lower income than investments in medium- or long-term instruments would. Furthermore, the
performance of Cash funds may be affected by changes in money market rates, economic and market conditions and in legal,
regulatory and tax requirements. In a low interest rate environment or during adverse market conditions, Cash funds may invest
in negative yield instruments which may adversely impact the Net Asset Value of the fund.
The Investment Manager believes the impact of Sustainability Risks on cash funds is likely to be limited given the short-term
horizon of money market eligible securities. It is not anticipated that any single Sustainability Risk will drive a material negative
financial impact on the value of any cash fund.

5. Sustainable Investing
a) The Investment Manager considers that Sustainability Risks are relevant to the returns of the Fund.
The identification of Sustainability Risks and their likely impact is performed on the holdings of a given portfolio. For investments
relating to individual companies (e.g. bonds, equities), this assessment is made on the basis of the company’s sector
categorisation and their business model (e.g. carbon emissions for construction companies; ethics and culture for finance
companies) in combination with regular dialogue between analysts, portfolio managers and the ESG team. Where a fund does
not have exposure directly to the underlying fund holdings, the assessment is made at both a fund level (where there is the
potential for ESG input in the strategy (this would, for example, exclude passive funds tracking a broad market index) and, where
possible, by performing analysis on the underlying fund holdings which provides an understanding of the potential Sustainability
Risk exposures.
This approach permits a full materiality assessment to understand the potential impact on financial returns following the
materialisation of a Sustainability Risk. The identified Sustainability Risks and their likely impact are described in the relevant risk
warnings under “Risk Factors”, Part I (1.2) of the Prospectus.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes. Specific risks will vary in materiality
across different sectors and business models, and companies may also be exposed to risks throughout value chains, including
suppliers and customers.
The materialisation of a Sustainability Risk is considered to be a sustainable risk event. In the case of such an event there may
be an impact on the returns of the fund due to i) direct losses of the impacted investments following such an event (where the
effects may be immediate or gradual), or ii) losses incurred due to rebalancing the portfolio following such an event in order to
maintain the sustainable characteristics of the fund deemed relevant by the Investment Manager.
b) In addition to 5(a) above, this section applies to funds subject to the disclosure requirements of article 8 of SFDR that will use
ESG (as defined under section 1.3 “General approach to sustainable investing” below or in the investment objective of each of
these funds) criteria provided by internal research teams and complemented by external ESG rating providers to form an
assessment of a security’s sustainable characteristics. The Investment Manager’s focus on securities of issuers which maintain
sustainable characteristics may affect the fund’s investment performance and may result in a return that at times compares
unfavourably to similar funds without such focus. Sustainable characteristics used in a fund’s investment policy may result in such
fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, and/or selling securities
due to their sustainable characteristics when it might be disadvantaged to do so. Over the short term, focus on securities of issuers
which maintain sustainable characteristics may affect the fund’s investment performance favourably or unfavourably in
comparison to similar funds without such focus. Over the long term, we expect such a focus to have a favourable effect, though
this is not guaranteed. Nevertheless, the application of ESG criteria may restrict the ability of a fund to acquire or dispose of its
investments at the expected price and time, which may result in a loss for such fund. In addition, the ESG characteristics of

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Part I Fund Information

securities may change over time, which may in some cases require the Investment Manager disposing of such securities when it
might be disadvantageous to do so from a financial perspective only. This may lead to a fall in the value of the fund. The use of
ESG criteria may also result in a fund being concentrated in companies with ESG focus when compared to other funds having a
more diversified portfolio of investments.
There is a lack of standardised taxonomy of ESG evaluation methodology and the way in which different funds will apply ESG
criteria may vary, as there are not yet commonly agreed principles and metrics for assessing the sustainable characteristics of
investments made by funds. In evaluating a security based on sustainable characteristics, the Investment Manager is dependent
upon information and data sources provided by internal research teams and complemented by external ESG rating providers,
which may be incomplete, inaccurate or unavailable. Consequently, there is a risk that the Investment Manager may incorrectly
assess a security or issuer. Evaluation of sustainable characteristics of the securities and selection of such securities may involve
the Investment Manager’s subjective judgment. As a result, there is a risk that the relevant sustainable characteristics may not be
applied correctly or that a fund could have indirect exposure to issuers who do not meet the relevant sustainable characteristics
applied by such fund. In the event that the sustainable characteristics of a security held by a fund change, resulting in the
Investment Manager having to sell the security, neither the fund, the Management Company nor the Investment Manager accept
liability in relation to such change. No representation nor warranty is made with respect to the fairness, accuracy or completeness
of such sustainable characteristics. The status of a security’s sustainable characteristics can change over time.
Further, due to the bespoke nature of the sustainable assessment process there is a risk that not all relevant Sustainability Risks
will be taken into account, or that the materiality of a Sustainability Risk is different to what is experienced following a sustainable
risk event.
c) As detailed in the investment objective for Fidelity Funds - Euro STOXX 50® Fund, the fund uses an ‘index tracking’ (also
known as ‘passive’) investment management approach whereby it aims to replicate the composition of the EURO STOXX 50®
Index (the ‘Index’). Accordingly, the Investment Manager does not currently integrate Sustainability Risks into its security selection
process as the securities to which the fund will take exposure are solely driven by the constituents of the Index and the Investment
Manager is constrained by this. Accordingly, the identified Sustainability Risks and their likely impact as described in the relevant
risk warnings under “Risk Factors”, Part I (1.2) of the Prospectus do not apply for this fund.

6. Income-producing securities
Although a fund will generally invest in income-producing securities, it is not guaranteed that all underlying investments will
generate income. To the extent that underlying investments of the fund are income producing, higher yields generally mean
that there will be:
(i) reduced potential for capital appreciation for equity securities; and
(ii) increased potential for capital appreciation and / or depreciation for fixed income securities.

7. Risks relating to Securities Lending

Securities lending involves risks in that (a) if the borrower of securities lent by a fund fails to return them there is a risk that
the collateral received may realise less than the value of the securities lent out, whether due to inaccurate pricing, adverse
market movements, a deterioration in the credit rating of issuers of the collateral, or the illiquidity of the market in which the
collateral is traded and that (b) in case of reinvestment of cash collateral such reinvestment may (i) create leverage with
corresponding risks and risk of losses and volatility, (ii) introduce market exposures inconsistent with the investment objective
of the fund, or (iii) yield a sum less than the amount of collateral to be returned and that (c) delays in the return of securities
on loans may restrict the ability of a fund to meet delivery obligations under security sales.

8. Risks relating to Repurchase and Reverse Repurchase Transactions

Repurchase transactions are where one party sells a security to a counterparty and agrees to repurchase it in the future.
For the seller this is a ‘repo’; for the buyer it is a ‘reverse repo’. In the event of the failure of the counterparty there is the risk
that collateral received from the counterparty may realise less than the value of the security placed out due to inaccurate
pricing of the collateral or market movements. There are also risks that (i) locking cash in transactions of excessive size or
duration, (ii) delays in recovering cash placed out, or (iii) difficulty in realising collateral may restrict the ability of the Fund to
meet redemption requests, security purchases or, more generally, reinvest.

9. Risks associated with lower and target volatility strategies

Certain funds use models which seek to maintain long-term average annualised volatility of the relevant fund within the range
disclosed in the relevant fund’s investment objective or seek to maintain an overall volatility profile of the relevant fund that
is lower than a market reference. There is no guarantee that the actual annualised volatility that the models will procure over
the long term will be within those limits and accordingly there is a risk that actual volatility of the Net Asset Value may be
higher than the target range and that investors redeeming assets may suffer a loss thereby. There is also a risk that in
targeting its volatility range or a lower volatility level the fund will not capture the full upside from rising markets as the volatility
models are designed to balance growth and volatility. Please note that these strategies may not achieve the desired results
under all circumstances and market conditions.

10. Additional Market/Sector Specific Sustainability Risks

a. Sustainability risks associated with investments in diversified developed markets
Certain funds may invest, in part or in whole, in diversified developed markets securities. A wide range of Sustainability Risks
apply to companies within developed markets. Environmental risks include, but are not limited to; the ability of companies to
mitigate and adapt to climate change and the potential for higher carbon prices, exposure to increasing water scarcity and
potential for higher water prices, waste management challenges, and impact on global and local ecosystems. Social risks
include but are not limited to; product safety, supply chain management and labour standards, health and safety and human
rights, employee welfare, data & privacy concerns and increasing technological regulation. Governance risks include board

Prospectus: Fidelity Funds 42 January 2022

Part I Fund Information

composition and effectiveness, management incentives, management quality and alignment of management with
shareholders.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on
society and the environment.

b. Sustainability risks associated with investments related to global infrastructure companies

Certain funds may invest in securities of global infrastructure companies. A wide range of Sustainability Risks apply to
infrastructure companies. Environmental risks include but are not limited to; potential damage to physical infrastructure
assets resulting from extreme weather events and climate change, the ability of companies to mitigate and adapt to climate
change and the potential for higher carbon prices. Social risks include but are not limited to; cyber risks and the potential
theft of customer data, increasing technological regulation, health and safety and employee welfare. Governance risks
include board composition and effectiveness, management incentives, management quality and alignment of management
with shareholders. Failure to effectively manage such risks can lead to a deterioration in financial outcomes as well as
negative impacts on society and the environment.

c. Sustainability risks associated with investments related to global industrials companies

Certain funds may invest in securities of global industrials companies. A wide range of Sustainability Risks apply to industrials
companies. Environmental risks include, but are not limited to; the ability of companies to mitigate and adapt to climate
change and the potential for higher carbon prices, exposure to increasing water scarcity and potential for higher water prices,
waste management challenges, and impact on global and local ecosystems. Exposure to these risks could lead to incidents
leading to legal procedures, fines and/or damage the investee company’s reputation.
Social risks include but are not limited to; product safety, supply chain management and labour standards, health and safety
and human rights, employee welfare, data & privacy concerns and increasing technological regulation. These could have
direct and indirect impact on an investee company’s reputation and operations.
Governance risks include board composition and effectiveness, audit committee structure, bribery and corruption, lobbying,
whistle-blower schemes, political contributions, management incentives, management quality and alignment of management
with shareholders.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on
society and the environment.

d. Sustainability risks associated with investments related to global consumer companies

Certain funds may invest in securities of companies related to the manufacture and distribution of goods to consumers. A
wide range of Sustainability Risks apply to companies involved in the manufacture and distribution of goods to consumers.
Environmental risks include, but are not limited to; the ability of companies to mitigate and adapt to climate change and the
potential for higher carbon prices, exposure to increasing water scarcity and potential for higher water prices, waste
management challenges, and impact on global and local ecosystems.
Social risks include but are not limited to; product safety, supply chain management and labour standards, health and safety
and human rights, employee welfare, data & privacy concerns and increasing technological regulation. Governance risks
include board composition and effectiveness, management incentives, management quality and alignment of management
with shareholders.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on
society and the environment.

e. Sustainability risks associated with investments related to global demographics companies

Certain funds may invest in securities of companies which are considered as benefitting from demographics changes. A
wide range of Sustainability Risks apply to companies which benefit from demographics changes. Environmental risks
include, but are not limited to; the ability of companies to mitigate and adapt to climate change and the potential for higher
carbon prices, exposure to increasing water scarcity and potential for higher water prices, waste management challenges,
and impact on global and local ecosystems. Social risks include but are not limited to; product safety, supply chain
management and labour standards, health and safety and human rights, employee welfare, data & privacy concerns and
increasing technological regulation. Governance risks include board composition and effectiveness, management incentives,
management quality and alignment of management with shareholders.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on
society and the environment.

11. Risks of investing in Other Collective Investment Schemes/Funds

Certain funds may invest in other funds and will be subject to the risks associated with the underlying funds. The relevant
funds do not have control of the investments of the underlying funds and there is no assurance that the investment objective
and strategy of the underlying funds will be successfully achieved which may have a negative impact to the Net Asset Value
of the relevant funds. The underlying funds in which the relevant funds may invest may not be regulated by the SFC. There
may be additional costs involved when investing into these underlying funds. There is also no guarantee that the underlying
funds will always have sufficient liquidity to meet the relevant funds’ redemption requests as and when made.

Prospectus: Fidelity Funds 43 January 2022

Part I Fund Information

1.3. Sustainable Investing

1.3.1 General approach to sustainable investing

Fidelity considers Sustainability Risks across all asset classes and funds, unless otherwise stated. Sustainability Risks refers to
an environmental (E), social (S) or governance (G) (collectively, “ESG”) event, or condition that, if it occurs, could cause an actual
or a potential material negative impact on the value of the investment.

The approach to Sustainability Risk integration seeks to identify and assess the ESG risks at an individual issuer level.
Sustainability Risks which may be considered by Fidelity’s investment teams include, but are not limited to:

- corporate governance malpractices (e.g. board structure, executive remuneration);

- shareholder rights (e.g. election of directors, capital amendments);
- changes to regulation (e.g. greenhouse gas emissions restrictions, governance codes);
- physical threats (e.g. extreme weather, climate change, water shortages);
- brand and reputational issues (e.g. poor health and safety records, cyber security breaches);
- supply chain management (e.g. increase in fatalities, lost time injury rates, labour relations); and
- work practices (e.g. observation of health, safety and human rights provisions).

Fidelity’s portfolio managers and analysts supplement the study of financial results of potential investments with additional
qualitative and quantitative non-financial (or non-fundamental) analysis including ESG risks and will factor them into investment
decision making and risk monitoring to the extent they represent potential or actual material risks and/or opportunities to maximise
long-term risk-adjusted returns.

This systematic integration of ESG risks in investment analysis and decision-making relies on:

- “qualitative assessments”, which will be by reference, but not limited, to case studies, environmental, social and
governance impacts associated with issuers, product safety documents, customer reviews, company visits or data from
proprietary models and local intelligence; and
- “quantitative assessments”, which will be by reference to ESG ratings which may be from external providers, including
but not limited to MSCI, or an internal rating assigned by the Investment Manager primarily using Fidelity Sustainability
Ratings (described below), relevant data in third-party certificates or labels, assessment reports on carbon footprints,
or percentage of revenue or profits of issuers generated from ESG-relevant activities.

However, it should be noted that while ESG risks are considered systematically no one aspect (including ESG ratings) would
prevent the portfolio manager from making any investment as investment decisions remain discretionary.

Fidelity Sustainability Ratings is a proprietary rating system developed by Fidelity’s research analysts to assess individual issuers.
Those ratings score issuers on an A-E scale on sector-specific factors and a trajectory forecast based on an assessment of
expected change of an issuer’s sustainability characteristics over time. Such ratings are based on fundamental bottom-up research
and materiality assessment using criteria specific to the industry of each issuer relevant to material ESG issues (the ‘Fidelity
Sustainability Rating’). Any material differences between Fidelity Sustainability Ratings and relevant external third party ESG
ratings are examined and contribute to analysis and discussion within Fidelity’s investment teams as part of the assessment of
the investment opportunity and its related ESG risks. ESG ratings and associated ESG data are maintained on a centralised
research platform operated by the Investment Manager. The provision and sourcing of ESG data is reviewed on a regular basis
to ensure its continuing suitability, adequacy and effectiveness for the ongoing assessment of Sustainability Risks.

Fidelity’s Multi Asset Research team aim to understand an individual manager’s approach to ESG by evaluating how far ESG
considerations are integrated within the investment process and philosophy, the analyst’s financial analysis and the composition
of the portfolio. They consider how ESG factors are integrated into the investment policy of the strategy, and, where proprietary
ratings are used, how ESG research and output is evidenced in individual security weights and any applicable engagement and
exclusion policies. The team consults a range of data sources, including Fidelity Sustainability Ratings as well as third-party data,
in order to assess the ESG metrics of the relevant strategies.

Where the Investment Manager has sub-delegated investment management activities in respect of the assets of a fund to Fidelity
Management & Research Company LLC or FIAM LLC, such sub-delegate avails of the expertise of its own ESG team for the
provision of fundamental analysis with sector relative ESG ratings information to identify and assess Sustainability Risks. Sector
relative ratings are provided on a current basis by the ESG team with input from fundamental analysts using materiality factors,
direct company data and quantitative models, and a forward-looking basis by the fundamental analysts with input from corporate
sustainability reports, the ESG team and company engagement.

Where the Investment Manager has sub-delegated investment management activities in respect of the assets of a fund to Geode
Capital Management, LLC, such sub-delegate implements its own ESG programme through proxy voting and participation in
collective company engagement initiatives, and may seek to invest assets of the fund in holdings or instruments which provide
passive exposure to an index incorporating ESG exclusionary criteria within its index methodology.

Fidelity’s Sustainable Investing Policy found on https://fidelityinternational.com/sustainable-investing-policy/ sets out in more

detail Fidelity’s approach to sustainable investing, including Fidelity’ expectations of investee issuers, ESG integration and
implementation, approach to engagement and voting, exclusion and divestment policy, focus on collaboration and policy
governance.

The Sustainable Investing Policy and activities are overseen by the Fidelity Sustainable Investing Operating Committee (the
‘SIOC’). The SIOC is responsible for setting the policies and objectives of Fidelity as they relate to sustainable investing and
oversee the implementation and delivery of these policies and objectives. This committee is comprised of Fidelity senior executives
from across Fidelity’s business units, including the Global Head of Stewardship and Sustainable Investing. In addition, the SIOC
is responsible for the conduct, oversight and execution of Fidelity’s ownership rights in investee issuers, including engagement
and proxy voting activities.

Prospectus: Fidelity Funds 44 January 2022

Part I Fund Information

The general approach for sustainability risk integration set out above applies to all funds within Fidelity Funds subject to the
disclosure requirements of article 6 of the SFDR (i.e., all funds other than Fidelity Funds - Euro STOXX 50® Fund). As detailed in
the investment objective for Fidelity Funds - Euro STOXX 50® Fund, this fund aims to track the composition and returns of the
Index as closely as possible. Accordingly, the Investment Manager does not integrate sustainability risks into its security selection
process as the securities held by the fund are determined by the constituents of the Index and the Investment Manager is
constrained by this. As part of Fidelity’s commitment to responsible investing and enacting Fidelity’s fiduciary responsibility, as
shareholders Fidelity engage with the companies in which it invests to encourage sustainable and responsible corporate behaviour,
as further described in Fidelity’s Sustainable Investing Policy.

Funds subject to the disclosure requirements of article 8 of the SFDR (as specified in the Notes to the investment objective for the
relevant funds) are subject to stricter sustainable requirements described below.

1.3.2 Funds subject to the disclosure requirements of article 8 of the SFDR

Where provided for in their investment objective, certain funds may seek to achieve their investment objectives while promoting,
among other characteristics, environmental or social characteristics, or a combination of those characteristics. The criteria for this
approach are set out below and apply to all funds subject to the disclosure requirements of article 8 of the SFDR (as specified in the Notes
to the investment objective for the relevant fund), except those which are part of Fidelity’s Sustainable Family and are thus subject to the
Fidelity Sustainable Family Framework (described in paragraph (b) below).

(a) Fidelity Sustainable Investing Framework

The Investment Manager considers a wide range of environmental and social characteristics on an ongoing basis for each fund, as set
out below or in each relevant fund’s investment objective, but the Investment Manager has the discretion to implement enhanced, stricter
sustainable characteristics and exclusions from time to time.

- A minimum of 50% of a fund’s net assets are invested in securities deemed to maintain sustainable characteristics.

o Sustainable characteristics are defined by reference to a combination of different measurements such as ESG
ratings provided by external agencies or Fidelity Sustainability Ratings. Further details on the methodology applied
are set out at https://fidelityinternational.com/sustainable-investing-framework/ and may be updated from time to
time.

- The norms-based screening includes issuers which the Investment Manager considers have failed to conduct their business
in accordance with accepted international norms, including as set out in the United Nations Global Compact.

- All funds managed by the Investment Manager are subject to a firm-wide exclusions list, which includes, but is not limited to,
cluster munitions and anti-personnel landmines.

- Through the investment management process, the Investment Manager aims to ensure that investee companies follow good
governance practices.

(b) Fidelity Sustainable Family of Funds

Certain funds are part of the Fidelity Sustainable Family, a dedicated fund range exhibiting enhanced sustainable characteristics. This is
noted in the investment objective of the relevant funds. All the funds in the Fidelity Sustainable Family comply with the Fidelity Sustainable
Family Framework, as detailed below. Fund specific additional requirements and exclusions will also be set out in the relevant investment
objective, where applicable. The Investment Manager for funds in the Fidelity Sustainable Family also has discretion to implement
additional sustainable requirements and exclusions having regard to their applicable investment process from time to time.

Fidelity Sustainable Family Framework

- A minimum of 70% of a fund’s net assets are invested in securities deemed to maintain sustainable characteristics.
o Sustainable characteristics are defined by reference to a combination of different measurements such as ESG
ratings provided by external agencies or Fidelity Sustainability Ratings. Further details on the methodology applied
are set out at https://fidelityinternational.com/sustainable-investing-framework/ and may be updated from time to
time.
- A maximum of 30% of a fund’s net assets are allowed in issuers that are not deemed to maintain sustainable characteristics
in accordance with the criteria above, but which demonstrate improving sustainable indicators. Improving sustainable indicators
are issuers classified as such through the trajectory outlook of Fidelity Sustainability Ratings or issuers which in the view of the
Investment Manager demonstrate the potential for improvement through the implementation and execution of a formal
engagement plan. The criteria used to determine this reference rating may change over time and will be updated at
https://fidelityinternational.com/sustainable-investing-framework/ accordingly.
- Funds adhere to an enhanced principle-based exclusion policy incorporating both norms-based screening and negative
screening of certain sectors, companies or practices based on specific ESG criteria to be determined by the Investment
Manager from time to time.
o The norms-based screening includes issuers which the Investment Manager considers have failed to conduct their
business in accordance with accepted international norms, including as set out in the United Nations Global
Compact.
o The negative screening includes issuers which have exposure, or ties, to:

Prospectus: Fidelity Funds 45 January 2022

Part I Fund Information

 controversial weapons (biological, chemical, incendiary weapons, depleted uranium, non-detectable

fragment, blinding lasers, cluster munitions, landmines and nuclear weapons);
 production of conventional weapons (a weapon of warfare which is not nuclear, chemical or biological in
nature);
 production of semi-automatic firearms intended for sale to civilians or sale of semi-automatic firearms to
civilians;
 tobacco production, retailing, distribution and licensing; or
 thermal coal extraction and power generation provided that such will be permitted issuers where the
revenue share from renewable energy activities exceeds the revenue share from thermal coal activities
or where the issuer has made an effective commitment to a Paris Agreement aligned objective based on
approved Science Based Targets or alignment with a Transition Pathway Initiative scenario or a
reasonably equivalent public commitment.
The Investment Manager may apply revenue thresholds for more refined screens.
- Through the investment management process, the Investment Manager aims to ensure that investee companies follow good
governance practices.
The Fidelity Sustainable Family range offers two investment categories: ‘Sustainable Focused’ and ‘Sustainable Thematic’. Typically, the
Sustainable Focused funds will actively seek to select companies that are higher sustainability performers relative to peers with reference
to MSCI ESG Ratings and Fidelity Sustainability Ratings, while the Sustainable Thematic funds will invest across sectors relating to a
common theme with a long-term investment horizon by aiming to address sustainability challenges. For the avoidance of doubt, they will
both meet the minimum standards set out above.
1.3.3 Taxonomy disclaimer
Where a fund is identified as subject to the disclosure requirements of article 8 of the SFDR, such fund is required by the EU Taxonomy
Regulation (EU) 2020/852 (the “Taxonomy Regulation”) to state that the “do no significant harm” principle applies only to those
investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The
investments underlying the remaining portion of the fund do not take into account the EU criteria for environmentally sustainable economic
activities.
There is currently a lack of market data available to calculate the portfolio alignment of these funds with the Taxonomy Regulation.
Therefore, notwithstanding the above disclosure relating to do no significant harm, none of the funds subject to article 8 of the SFDR
currently take into account the EU criteria for environmentally sustainable economic activities. In due course, as such data becomes
available to enable accurate assessment of a fund’s investments, the calculation of portfolio alignment with the EU criteria for
environmentally sustainable economic activities will be made available to investors.
Where a fund is not identified as subject to the disclosure requirements of article 8 or article 9 of the SFDR, the fund is subject to Article 7
of the Taxonomy Regulation and the investments underlying such a fund do not take into account the EU criteria for environmentally
sustainable economic activities.

1.4. Investment Policies and Objectives

Prospectus: Fidelity Funds 50 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – The fund aims to achieve long-term capital growth through investing primarily in equity Reference Ccy: USD
China Consumer Fund securities of companies having their head office or exercising a predominant part of The fund can directly invest in China A
their activities in China or Hong Kong. China is considered to be an emerging market. Shares through the QFII status of FIL
These companies are involved in the development, manufacture or sales of goods or Investment Management (Hong Kong)
services to consumers in China. The fund may invest its net assets directly in China A Limited and/or through any permissible
and B Shares. means available to the fund under
A minimum of 50% of the fund’s net assets will be invested in securities deemed to prevailing laws and regulations
maintain sustainable characteristics, as described in the section entitled “1.3.2(a) (including through the Stock Connect or
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range any other eligible means) or indirectly
of environmental and social characteristics on an ongoing basis. Environmental such as by way of China A share access
characteristics include but are not limited to climate change mitigation and adaptation, products including, but not limited to,
water and waste management, biodiversity, while social characteristics include but are equity linked notes, participation notes,
not limited to product safety, supply chain, health and safety and human rights. credit-linked notes or funds investing in
Environmental and social characteristics are analysed by Fidelity’s fundamental China A Shares.
analysts and rated through Fidelity Sustainability Ratings. The fund will invest up to 60% of its net
The fund is actively managed. The Investment Manager will, when selecting assets directly and/or indirectly in
investments for the fund and for the purposes of monitoring risk, reference MSCI China onshore China A and B Shares on an
Index (the “Index”) as the Index constituents are representative of the type of aggregated basis.
companies the fund invests in. The fund’s performance can be assessed against its The fund is subject to the disclosure
Index. requirements of article 8 of the SFDR.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Fidelity Funds – China Focus The fund will primarily focus on China through investment in securities of Chinese Reference Ccy: USD
Fund companies listed in China and Hong Kong, as well as securities in non-Chinese The fund invests in China and Hong
companies which have a significant portion of their activities in China. China is Kong. The fund is unconstrained in the
considered to be an emerging market. The fund may invest its net assets directly in amount that it may invest in either Hong
China A and B Shares. Kong or China.
The fund is actively managed. The Investment Manager will, when selecting The fund can directly invest in China A
investments for the fund and for the purposes of monitoring risk, reference MSCI China Shares through the QFII status of FIL
Capped 10% Index (the “Index”) as the Index constituents are representative of the Investment Management (Hong Kong)
type of companies the fund invests in. The fund’s performance can be assessed Limited and/or through any permissible
against its Index. means available to the fund under
The Investment Manager has a wide range of discretion relative to the Index. While the prevailing laws and regulations
fund will hold assets that are components of the Index, it may also invest in companies, (including through the Stock Connect or
countries or sectors that are not included in, and that have different weightings from, any other eligible means) or indirectly
the Index in order to take advantage of investment opportunities. It is expected that such as by way of China A share access
over long time periods, the fund’s performance will differ from the Index. However, over products including, but not limited to,
short time periods, the fund’s performance may be close to the Index, depending on equity linked notes, participation notes,
market conditions. credit-linked notes or funds investing in
China A Shares.
The fund will invest up to 60% of its net
assets directly and/or indirectly in
onshore China A and B Shares on an
aggregated basis.

Prospectus: Fidelity Funds 51 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – China The fund aims to achieve long-term capital growth primarily through investments in Reference Ccy: USD
Innovation Fund equity securities of companies that are listed in, or have their registered office in, or The fund can invest directly in China A
currently exercise, or are expected to exercise, a majority of their activity in the Greater Shares through the QFII status of FIL
China region, which includes Hong Kong, China, Taiwan and Macau. This region Investment Management (Hong Kong)
includes certain countries considered to be emerging markets. Investments will be Limited and/or through any permissible
linked to the theme of innovation, such as technology innovation, lifestyle innovation means available to the fund under
and environmental innovation. The investment focus under the technology innovation prevailing laws and regulations
theme includes, but is not limited to, artificial intelligence and digitization (i.e. technology (including through the Stock Connect or
of converting information into a digital form so as to optimize business processes, any other eligible means) or indirectly
generate new revenue streams, expand market opportunities and increase such as by way of China A share access
productivity); automation and robotics and future mobility (i.e. technology and business products including, but not limited to,
model on driving, transport and travelling). The lifestyle innovation is based around equity linked notes, participation notes,
transforming and improving lives through innovative solutions through health, wealth credit-linked notes or funds investing in
and education. Under the environmental innovation, focus will be on the development China A Shares. The fund may invest up
and application of products and processes that contribute to sustainable environmental to 100% of its net assets directly and/or
protection and ecological improvements. Investments will include but are not limited to indirectly in onshore China A and B
equity securities of companies that are involved in or are benefitting from the adoption Shares on an aggregated basis. Less
of any of these themes. than 70% of the fund’s net assets will be
The largest ten holdings/securities held in the fund’s portfolio may account for 50% or invested in China A Shares through the
more of the fund’s Net Asset Value, resulting in a reasonably concentrated portfolio. QFII status.
A minimum of 50% of the fund’s net assets will be invested in securities deemed to The fund may invest up to 100%, of its
maintain sustainable characteristics, as described in the section entitled “1.3.2(a) net assets directly in China A Shares
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range listed on the ChiNext market, the SME
of environmental and social characteristics on an ongoing basis. Environmental board or the STAR board, on an
characteristics include but are not limited to climate change mitigation and adaptation, aggregate basis.
water and waste management, biodiversity, while social characteristics include but are The fund is subject to the disclosure
not limited to product safety, supply chain, health and safety and human rights. requirements of article 8 of the SFDR.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through the use of sustainability research and ratings.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference MSCI China
All Share Index (the “Index”) as the Index constituents are representative of the type of
companies the fund invests in. The fund’s performance can be assessed against its
Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – European The fund aims to achieve long-term growth, primarily through investments in equity Reference Ccy: Euro
Larger Companies Fund securities of larger European Companies. The fund is subject to the disclosure
A minimum of 50% of the fund’s net assets will be invested in securities deemed to requirements of article 8 of the SFDR.
maintain sustainable characteristics, as described in the section entitled “1.3.2(a)
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range
of environmental and social characteristics on an ongoing basis. Environmental
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability Ratings.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference MSCI
Europe Index (the “Index”) as the Index constituents are representative of the type of
companies the fund invests in. The fund’s performance can be assessed against its
Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Fidelity Funds – European The fund aims to achieve long-term capital growth, principally through investments in Reference Ccy: Euro
Low Volatility Equity Fund European equity securities. The fund seeks to maintain an overall volatility profile that The fund is subject to the disclosure
is lower than the MSCI Europe Index (the “Index”). The Investment Manager is not requirements of article 8 of the SFDR.
restricted in its choice of companies either by size or industry, and will choose
investments largely determined by the availability of attractive opportunities.
A minimum of 50% of the fund’s net assets will be invested in securities deemed to
maintain sustainable characteristics, as described in the section entitled “1.3.2(a)
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range
of environmental and social characteristics on an ongoing basis. Environmental
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability Ratings.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference the Index
as the Index constituents are representative of the type of companies the fund invests
in. The fund’s performance can be assessed against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.
The fund may also seek exposure of up to 15% to closed-ended real estate investment
trusts (REITs).
Shareholders’ attention is drawn to the fact that the Index is not an Index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Prospectus: Fidelity Funds 56 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – European The fund invests principally in equity securities of small and medium-sized European Reference Ccy: Euro
Smaller Companies Fund companies.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference EMIX
Smaller European Companies Index (the “Index”) as the Index constituents are
representative of the type of companies the fund invests in. The fund’s performance
can be assessed against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.

Fidelity Funds – FIRST All The fund aims to achieve long-term capital growth from a portfolio primarily made up Reference Ccy: USD
Country World Fund of equity securities of companies in developed and emerging market countries The fund can directly invest in China A
throughout the world. The Investment Manager is not restricted in its choice of Shares through the QFII status of
companies either by size of industry, or in terms of geographical allocation of the FIL Investment Management (Hong
portfolio, and will choose investments largely determined by the availability of attractive Kong) Limited and/or through any
opportunities. Investments are usually focused in the highest conviction stock permissible means available to the fund
recommendations identified by FIL Group research analysts, other than in extreme under prevailing laws and regulations
market conditions or where required to meet the investment objective of the fund. The (including through the Stock Connect or
fund may invest its net assets directly in China A and B Shares. any other eligible means). The fund will
A minimum of 50% of the fund’s net assets will be invested in securities deemed to invest less than 30% of its net assets
maintain sustainable characteristics, as described in the section entitled “1.3.2(a) directly and/or indirectly in onshore
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range China A and B Shares on an
of environmental and social characteristics on an ongoing basis. Environmental aggregated basis.
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are The fund is subject to the disclosure
not limited to product safety, supply chain, health and safety and human rights. requirements of article 8 of the SFDR.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability Ratings.

The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk consider the MSCI
ACWI Index (the “Index”) as the Index constituents are representative of the type of
companies the fund invests in. When monitoring risk, the Investment Manager may
reference the Index for the purpose of setting internal guidelines. These guidelines
represent overall levels of exposure relative to the Index Where the fund invests in
securities that are included in the Index, its allocation to those securities is likely to differ
from the Index allocation. The Investment Manager has a wide range of discretion with
regards to the investment selection and may invest in companies, sectors, countries
and security types not included in the Index in order to take advantage of investment
opportunities although a substantial portion of the fund’s investments is likely to be part
of the Index Over short time periods, the fund’s performance may be close to the Index,
depending on market conditions. Over longer time periods, both the fund’s portfolio and
performance are expected to vary from that of the Index The fund’s performance can
be assessed against its Index as the Index constituents are representative of the type
of companies the fund invests in.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Prospectus: Fidelity Funds 57 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – FIRST The fund aims to achieve long-term capital growth from a portfolio primarily made up Reference Ccy: USD
Developed World Fund of equity securities of companies throughout the developed world. The Investment
Manager is not restricted in its choice of companies either by size of industry, or in
terms of geographical allocation of the portfolio, and will choose investments largely
determined by the availability of attractive opportunities. Investments are usually
focused in the highest conviction stock recommendations identified by FIL Group
research analysts.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk consider the MSCI
World Index (the “Index”) as the Index constituents are representative of the type of
companies the fund invests in. When monitoring risk, the Investment Manager may
reference the Index for the purpose of setting internal guidelines. These guidelines
represent overall levels of exposure relative to the Index Where the fund invests in
securities that are included in the Index, its allocation to those securities is likely to differ
from the Index allocation. The Investment Manager has a wide range of discretion with
regards to the investment selection and may invest in companies, sectors, countries
and security types not included in the Index in order to take advantage of investment
opportunities although a substantial portion of the fund’s investments is likely to be part
of the Index Over short time periods, the fund’s performance may be close to the Index,
depending on market conditions. Over longer time periods, both the fund’s portfolio and
performance are expected to vary from that of the Index The fund’s performance can
be assessed against its Index as the Index constituents are representative of the type
of companies the fund invests in.

Fidelity Funds – FIRST The fund aims to achieve long-term capital growth by investing principally in equity Reference Ccy: Euro
European Value Fund securities which have a value style bias and are issued by companies having their head
office or exercising a predominant part of their activity in Europe. Investments are
usually focused in the highest conviction stock recommendations identified by FIL
Group research analysts, other than in extreme market conditions or where required
to meet the investment objective of the fund.
The fund is actively managed and references the MSCI Europe Value Index (the
‘’Index’’) for performance comparison only.

Fidelity Funds – France Fund The fund invests principally in French equity securities. The fund will have a mixture of Reference Ccy: Euro
investments in larger, medium and smaller sized companies. This fund is eligible for the French PEA
The fund is actively managed and references the CAC All-Tradable Index (the ‘Index’) (Plan d’Epargne en Actions)
for performance comparison only. tax wrapper.

Fidelity Funds – Germany The fund invests principally in German equity securities. Reference Ccy: Euro
Fund The fund is actively managed. The Investment Manager will, when selecting This fund is eligible for the French PEA
investments for the fund and for the purposes of monitoring risk, reference HDAX® (Plan d’Epargne en Actions)
Total Return Index (the “Index”) as the Index constituents are representative of the type tax wrapper.
of companies the fund invests in. The fund’s performance can be assessed against its
Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.

Prospectus: Fidelity Funds 58 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – The fund aims to achieve long-term capital growth from a portfolio primarily invested in Reference Ccy: USD
Global Demographics Fund equity securities of companies throughout the world that are able to benefit from As the fund may invest globally, it may
demographics changes. Investments will include, but are not limited to, health care and invest across different countries and
consumer industries companies that stand to benefit from the effects of growing life regions. It is unconstrained in the
expectancy in ageing populations, and the creation of wealth in emerging markets. amount it may invest in any single
Less than 30% of the fund’s assets may be invested in emerging markets. Subject to country or region.
the above, the Investment Manager is free to select any company regardless of size,
industry or location and will concentrate its investment in a more limited number of The fund is subject to the disclosure
companies and therefore the resulting portfolio will be less diversified. requirements of article 8 of the SFDR.

A minimum of 50% of the fund’s net assets will be invested in securities deemed to
maintain sustainable characteristics, as described in the section entitled “1.3.2(a)
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range
of environmental and social characteristics on an ongoing basis. Environmental
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability Ratings.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference MSCI ACWI
Index (the “Index”) as the Index constituents are representative of the type of
companies the fund invests in. The fund’s performance can be assessed against its
Index. The Investment Manager has a wide range of discretion relative to the Index.
While the fund will hold assets that are components of the Index, it may also invest in
companies, countries or sectors that are not included in, and that have different
weightings from, the Index in order to take advantage of investment opportunities. It is
expected that over long time periods, the fund’s performance will differ from the Index.
However, over short time periods, the fund’s performance may be close to the Index,
depending on market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Fidelity Funds – The fund aims to provide investors with long-term capital growth, principally through Reference Ccy: Euro
Global Financial Services investment in the equity securities of companies throughout the world which are The fund is subject to the disclosure
Fund involved in providing financial services to consumers and industry. As this fund may requirements of article 8 of the SFDR.
invest globally, it may be exposed to countries considered to be emerging markets.
A minimum of 50% of the fund’s net assets will be invested in securities deemed to
maintain sustainable characteristics, as described in the section entitled “1.3.2(a)
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range
of environmental and social characteristics on an ongoing basis. Environmental
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability Ratings.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference MSCI AC
World Financials Index (the “Index”) as the Index constituents are representative of the
type of companies the fund invests in. The fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Prospectus: Fidelity Funds 59 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – The fund aims to achieve long-term capital growth from a portfolio primarily invested in Reference Ccy: USD
Global Focus Fund stocks across the world’s stock markets. The manager is free to select any company The fund is subject to the disclosure
regardless of size, industry or location and will concentrate its investments in a more requirements of article 8 of the SFDR.
limited number of companies and therefore the resulting portfolio will be less diversified.
As this fund may invest globally, it may be exposed to countries considered to be
emerging markets.
A minimum of 50% of the fund’s net assets will be invested in securities deemed to
maintain sustainable characteristics, as described in the section entitled “1.3.2(a)
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range
of environmental and social characteristics on an ongoing basis. Environmental
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability Ratings.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk consider the MSCI
ACWI Index (the “Index”) as the Index constituents are representative of the type of
companies the fund invests in. When monitoring risk, the Investment Manager may
reference the Index for the purpose of setting internal guidelines. These guidelines
represent overall levels of exposure relative to the Index. Where the fund invests in
securities that are included in the Index, its allocation to those securities is likely to differ
from the Index allocation. The Investment Manager has a wide range of discretion with
regards to the investment selection and may invest in companies, sectors, countries
and security types not included in the index in order to take advantage of investment
opportunities although a substantial portion of the fund’s investments is likely to be part
of the Index. Over short time periods, the fund’s performance may be close to the
Index, depending on market conditions. Over longer time periods, both the fund’s
portfolio and performance are expected to vary from that of the Index The fund’s
performance can be assessed against its Index as the Index constituents are
representative of the type of companies the fund invests in.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Fidelity Funds – The fund aims to provide investors with long-term capital growth, principally through Reference Ccy: Euro
Global Health Care Fund investment in the equity securities of companies throughout the world which are The fund is subject to the disclosure
involved in the design, manufacture, or sale of products and services used for or in requirements of article 8 of the SFDR.
connection with health care, medicine or biotechnology.
A minimum of 50% of the fund’s net assets will be invested in securities deemed to
maintain sustainable characteristics, as described in the section entitled “1.3.2(a)
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range
of environmental and social characteristics on an ongoing basis. Environmental
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability ratings.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference MSCI AC
World Health Care Index (the “Index”) as the Index constituents are representative of
the type of companies the fund invests in. The fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Prospectus: Fidelity Funds 60 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – Global The fund aims to provide investors with long-term capital growth, principally through Reference Ccy: Euro
Industrials Fund investment in the equity securities of companies throughout the world which are
involved in the research, development, manufacture, distribution, supply, or sale of
materials, equipment, products or services related to cyclical and natural resources
industries. As this fund may invest globally, it may be exposed to countries considered
to be emerging markets.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference MSCI AC
World Industrials + Materials + Energy Index (the “Index”) as the Index constituents are
representative of the type of companies the fund invests in. The fund’s performance
can be assessed against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.

Fidelity Funds – Global Low The fund aims to achieve long-term capital growth from a portfolio primarily made up Reference Ccy: USD
Volatility Equity Fund of the equity securities of companies throughout the developed world. The fund seeks
to maintain an overall volatility profile that is lower than the global equity market. The
Investment Manager is not restricted in its choice of companies either by size of
industry, or in terms of geographical allocation of the portfolio, and will choose
investments largely determined by the availability of attractive opportunities.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference MSCI World
Index (the “Index”) as the Index constituents are representative of the type of
companies the fund invests in. The fund’s performance can be assessed against its
Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.

Fidelity Funds – The fund aims to achieve a combination of income and long-term capital growth Reference Ccy: USD
Global Property Fund* primarily from investments in securities of companies principally engaged in the real As the fund may invest globally, it may
estate industry and other real estate related investments. invest across different countries and
The fund is actively managed. The Investment Manager will, when selecting regions. It is unconstrained in the
investments for the fund and for the purposes of monitoring risk consider the FTSE amount it may invest in any single
EPRA/NAREIT Developed Index (the “Index”) as the Index constituents are country or region.
representative of the type of companies the fund invests in. When monitoring risk, the *This fund is also authorised by the
Investment Manager may reference the Index for the purpose of setting internal Securities and Futures Commission in
guidelines. These guidelines represent overall levels of exposure relative to the Index. Hong Kong under the Securities and
Where the fund invests in securities that are included in the Index, its allocation to those Futures Commission Code on Unit
securities is likely to differ from the Index allocation. The Investment Manager has a Trusts and Mutual Funds and not under
wide range of discretion with regards to the investment selection and may invest in the Securities and Futures Commission
companies, sectors, countries and security types not included in the Index in order to Code on Real Estate Investment Trusts.
take advantage of investment opportunities although a substantial portion of the fund’s SFC authorisation is not a
investments is likely to be part of the Index Over short time periods, the fund’s recommendation or endorsement of a
performance may be close to the Index, depending on market conditions. Over longer scheme nor does it guarantee the
time periods, both the fund’s portfolio and performance are expected to vary from that commercial merits of a scheme or its
of the Index The fund’s performance can be assessed against its Index as the Index performance. It does not mean the
constituents are representative of the type of companies the fund invests in. scheme is suitable for all investors nor is
it an endorsement of its suitability for any
particular investor or class of investors.

Prospectus: Fidelity Funds 61 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – The fund aims to provide investors with long-term capital growth, principally through Reference Ccy: Euro
Global Technology Fund investment in the equity securities of companies throughout the world that have, or will, The fund is subject to the disclosure
develop products, processes or services that will provide, or will benefit significantly requirements of article 8 of the SFDR.
from, technological advances and improvements. As this fund may invest globally, it
may be exposed to countries considered to be emerging markets.
A minimum of 50% of the fund’s net assets will be invested in securities deemed to
maintain sustainable characteristics, as described in the section entitled “1.3.2(a)
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range
of environmental and social characteristics on an ongoing basis. Environmental
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability Ratings.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference MSCI AC
World Information Technology Index (the “Index”) as the Index constituents are
representative of the type of companies the fund invests in. The fund’s performance
can be assessed against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Fidelity Funds - Global The fund aims to achieve long-term capital growth from a portfolio primarily made up Reference Ccy: USD
Thematic Opportunities Fund of equity securities of companies throughout the world including emerging markets. As the fund may invest globally, it may
The fund aims to invest in multiple long-term market themes by investing in securities invest across different countries and
that may benefit from structural and/or secular (i.e. long term and not cyclical) changes regions. It is unconstrained in the
in economic and social factors, such as disruptive technologies, demographics and amount it may invest in any single
climate change. Secular changes generally last for ten years or more and can lead to country or region.
structural changes.
The dividend or payout policy of the
Disruptive technologies are innovations that meaningfully change consumer, industry underlying closed-ended REITs is not
or company behavior. Demographic trends are long-term dynamics including those representative of the dividend or payout
related to ageing population (including companies relating to healthcare and retirement policy of this fund.
consumption), growth of the middle class (companies exposed to increased
consumption, increasing financial services and urbanization), and population growth The fund can directly invest in China A
(including companies exposed to scarcity of resources and need for improving Shares through the QFII status of FIL
productivity and automation). The Investment Manager has the discretion on the Investment Management (Hong Kong)
choice of themes the fund invests in. Limited or through any permissible
means available to the fund under
The Investment Manager may invest in any country and in any currency and is not prevailing laws and regulations
restricted in its choice of companies either by size or industry. (including through the Stock Connect or
The fund may invest its net assets directly in China A and B Shares. any other eligible means).
The fund may also seek exposure of up to 20% of its net assets to closed-ended real The fund will invest less than 30% of its
estate investment trusts (REITs). net assets directly and/or indirectly in
A minimum of 50% of the fund’s net assets will be invested in securities deemed to onshore China A and B Shares on an
maintain sustainable characteristics, as described in the section entitled “1.3.2(a) aggregated basis.
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range The fund is subject to the disclosure
of environmental and social characteristics on an ongoing basis. Environmental requirements of article 8 of the SFDR.
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability Ratings.
The fund is actively managed and references the MSCI ACWI Index (the “Index”) for
performance comparison only.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – The fund invests principally in smaller and emerging companies in Japan, including Reference Ccy: JPY
Japan Smaller Companies those listed on regional stock exchanges in Japan and on the Tokyo over-the-counter
Fund market.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference
Russell/Nomura Mid Small Cap Japan with Dividends Index (the “Index”) as the Index
constituents are representative of the type of companies the fund invests in. The fund’s
performance can be assessed against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.

Fidelity Funds – The fund invests principally in the equity securities of Latin American issuers. This Reference Ccy: USD
Latin America Fund region includes certain countries considered to be emerging markets. The fund invests in Latin America and
The fund is actively managed. The Investment Manager will, for the purposes of may invest in different countries in this
monitoring risk, reference MSCI EM Latin America Index (the “Index”) as the Index region. It is unconstrained in the amount
constituents are representative of the type of companies the fund invests in. The fund’s that it may invest in any country in this
performance can be assessed against its Index. region.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.

Fidelity Funds – Malaysia The fund invests principally in Malaysian equity securities. Malaysia is considered to Reference Ccy: USD
Fund be an emerging market.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, consider the MSCI
Malaysia IMI Custom Capped Index (the “Index”) as the Index constituents are
representative of the type of companies the fund invests in. When monitoring risk, the
Investment Manager references the Index for the purpose of setting internal guidelines.
These guidelines represent overall levels of exposure relative to the Index and do not
imply that the fund will invest in the Index constituents although a substantial portion of
the fund’s investments is likely to be part of the Index. Where the fund invests in
securities that are included in the Index, its allocation to those securities is likely to differ
from the Index allocation. However, given that the market in which the fund invests is
highly concentrated, the overlap between the fund’s portfolio and the Index is expected
to be high. The fund’s performance can be assessed against its Index as the Index
constituents are representative of the type of companies the fund invests in.

Fidelity Funds – Nordic Fund The fund invests principally in equity securities quoted on the stock exchanges in Reference Ccy: SEK
Finland, Norway, Denmark and Sweden. The fund will have a mixture of investments The fund invests in Finland, Norway,
in larger, medium and smaller sized companies. Denmark and Sweden and may invest
A minimum of 50% of the fund’s net assets will be invested in securities deemed to in different countries in this region. It is
maintain sustainable characteristics, as described in the section entitled “1.3.2(a) unconstrained in the amount that it may
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range invest in any country in this region. This
of environmental and social characteristics on an ongoing basis. Environmental fund is eligible for the French PEA (Plan
characteristics include but are not limited to climate change mitigation and adaptation, d’Epargne en Actions) tax wrapper.
water and waste management, biodiversity, while social characteristics include but are The fund is subject to the disclosure
not limited to product safety, supply chain, health and safety and human rights. requirements of article 8 of the SFDR.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability Ratings.
The fund is actively managed and references the FTSE Nordic 30 Index (the ‘Index’)
for performance comparison only.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Prospectus: Fidelity Funds 66 January 2022

Part I Fund Information

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – Sustainable The fund aims to provide investors with long-term capital growth, primarily through Reference Ccy: USD
Future Connectivity Fund investment in the equity securities of companies throughout the world, including those As the fund may invest globally, it may
in countries considered to be emerging markets and linked to the theme of future invest across different countries and
connectivity (the enablers, networks and beneficiaries of next generation regions. It is unconstrained in the
communications). Investments will include, but will not be limited to, companies that amount it may invest in any single
are involved in the roll out of cellular networks, wired networks, internet infrastructure, country or region.
social media, online content production, streaming, e-commerce, and the Internet of
things. The fund can directly invest in China A
Shares through the QFII status of FIL
The fund is part of the Fidelity Sustainable Family of Funds and adopts a Sustainable Investment Management (Hong Kong)
Thematic strategy under which a minimum of 90% of the fund’s net assets will be Limited and/or through any permissible
analysed as to whether they maintain sustainable characteristics and a minimum of means available to the fund under
70% of the fund’s net assets will be invested in securities deemed to maintain prevailing laws and regulations
sustainable characteristics, as described in the section entitled “1.3.2 (b) Fidelity (including through the Stock Connect or
Sustainable Family of Funds”. When selecting investments, the fund’s investment any other eligible means) or indirectly
universe, as represented by the Index (for the purpose of this calculation), will be such as by way of China A share access
reduced by at least 20% due to the exclusion of issuers on the basis of their ESG products including, but not limited to,
characteristics. equity linked notes, participation notes,
The fund will consider a wide range of environmental and social characteristics on an credit-linked notes or funds investing in
ongoing basis. Environmental characteristics include, but are not limited to, climate China A Shares.
change mitigation and adaptation, water and waste management and biodiversity, The fund will invest less than 30% of its
while social characteristics include, but are not limited to, product safety, supply chain, net assets directly and/or indirectly in
health and safety and human rights. Controversies involving environmental and social China A Shares and China B Shares on
characteristics are regularly monitored. Environmental and social characteristics are an aggregated basis.
analysed by Fidelity’s fundamental analysts and rated through Fidelity Sustainability
Ratings. The fund seeks to promote these characteristics by adhering to the Fidelity The fund is subject to the disclosure
Sustainable Family Framework. requirements of article 8 of the SFDR.

The largest ten holdings/securities held in the fund’s portfolio may account for 50% or
more of the fund’s Net Asset Value, resulting in a reasonably concentrated portfolio.
The fund may invest its net assets directly in China A and B Shares.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference MSCI ACWI
Index (the “Index”) as the Index constituents are representative of the type of
companies the fund invests in. The fund’s performance can be assessed against its
Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental considerations. Instead, the fund promotes environmental
characteristics by adhering to the Fidelity Sustainable Family Framework, as described
above.

Prospectus: Fidelity Funds 75 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds - Sustainable The fund aims to achieve long-term capital growth from a portfolio primarily made up Reference Ccy: USD
Global Equity Fund of equity securities issued by companies throughout the world. As this fund may invest As the fund may invest globally, it may
globally, it may be exposed to countries considered to be emerging markets. invest across different countries and
The fund is part of the Fidelity Sustainable Family of Funds and adopts a Sustainable regions. It is unconstrained in the
Focused strategy under which a minimum of 90% of the fund’s net assets will be amount it may invest in any single
analysed as to whether they maintain sustainable characteristics and a minimum of country or region.
70% of the fund’s net assets will be invested in securities deemed to maintain The fund can directly invest in China A
sustainable characteristics, as described in the section entitled “1.3.2 (b) Fidelity Shares through the QFII status of FIL
Sustainable Family of Funds”. The average ESG rating of the fund will exceed the Investment Management (Hong Kong)
average ESG rating of the fund’s investment universe after the exclusion of 20% of the Limited and/or through any permissible
assets with the lowest ESG ratings. means available to the fund under
The fund will consider a wide range of environmental and social characteristics on an prevailing laws and regulations
ongoing basis. Environmental characteristics include, but are not limited to, climate (including through the Stock Connect or
change mitigation and adaptation, water and waste management and biodiversity, any other eligible means). The fund will
while social characteristics include, but are not limited to, product safety, supply chain, invest less than 30% of its net assets
health and safety and human rights. Controversies involving environmental and social directly and/or indirectly in onshore
characteristics are regularly monitored. Environmental and social characteristics are China A and B Shares on an
analysed by Fidelity’s fundamental analysts and rated through Fidelity Sustainability aggregated basis.
Ratings. The fund seeks to promote these characteristics by adhering to the Fidelity The fund is subject to the disclosure
Sustainable Family Framework. requirements of article 8 of the SFDR.
In addition, the Investment Manager will exclude investment in issuers having exposure
to adult entertainment, fossil fuel exploration and extraction, alcohol, cannabis,
gambling; thermal coal-based power generation; or fossil fuel-based power generation.
The fund aims to have a lower carbon footprint compared to that of the MSCI ACWI
Index (the “Index”).
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference the Index
as its constituents are representative of the type of companies the fund invests in. The
fund’s performance can be assessed against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable Family
Framework, as described above.
The fund may invest its net assets directly in China A and B Shares.
Portfolio information:
Carbon footprint is defined as tonnes of CO2 emissions per $1 million of sales.

Prospectus: Fidelity Funds 76 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – Sustainable The fund aims to achieve long-term capital growth from a portfolio principally made up Reference Ccy: JPY
Japan Equity Fund of Japanese equity securities. The fund is subject to the disclosure
The fund is part of the Fidelity Sustainable Family of Funds and adopts a Sustainable requirements of article 8 of the SFDR.
Focused strategy under which a minimum of 90% of the fund’s net assets will be
analysed as to whether they maintain sustainable characteristics and a minimum of
70% of the fund’s net assets will be invested in securities deemed to maintain
sustainable characteristics, as described in the section entitled “1.3.2 (b) Fidelity
Sustainable Family of Funds”. The average ESG rating of the fund will exceed the
average ESG rating of the fund’s investment universe as represented by the Index (for
the purpose of this calculation) after the exclusion of 20% of the assets with the lowest
ESG ratings.
The fund will consider a wide range of environmental and social characteristics on an
ongoing basis. Environmental characteristics include, but are not limited to, climate
change mitigation and adaptation, water and waste management and biodiversity,
while social characteristics include, but not limited to, product safety, supply chain,
health and safety and human rights. Controversies involving environmental and social
characteristics are regularly monitored. Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts and rated through Fidelity Sustainability
Ratings. The fund seeks to promote these characteristics by adhering to the Fidelity
Sustainable Family Framework.
In addition, the Investment Manager will exclude investment in issuers with a Fidelity
Sustainability Ratings of ‘C’ or below, or having exposure to fossil fuel extraction,
gambling and adult entertainment.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference TOPIX Total
Return Index (the “Index”) as the Index constituents are representative of the type of
companies the fund invests in. The fund’s performance can be assessed against its
Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable Family
Framework, as described above.

Prospectus: Fidelity Funds 77 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – Sustainable The fund aims to provide long-term capital growth, principally through investment in Reference Ccy: USD
US Equity Fund US equity securities. The fund is subject to the disclosure
The fund is part of the Fidelity Sustainable Family of Funds and adopts a Sustainable requirements of article 8 of the SFDR
Focused strategy under which a minimum of 90% of the fund’s net assets will be
analysed as to whether they maintain sustainable characteristics and a minimum of
70% of the fund’s net assets will be invested in securities deemed to maintain
sustainable characteristics, as described in the section entitled “1.3.2 (b) Fidelity
Sustainable Family of Funds”. The average ESG rating of the fund will exceed the
average ESG rating of the fund’s investment universe after the exclusion of 20% of the
assets with the lowest ESG ratings.
The fund will consider a wide range of environmental and social characteristics on an
ongoing basis. Environmental characteristics include, but are not limited to, climate
change mitigation and adaptation, water and waste management and biodiversity,
while social characteristics include, but are not limited to, product safety, supply chain,
health and safety and human rights. Controversies involving environmental and social
characteristics are regularly monitored. Environmental and social characteristics are
analysed by Fidelity’s fundamental analysts and rated through Fidelity Sustainability
Ratings. The fund seeks to promote these characteristics by adhering to the Fidelity
Sustainable Family Framework.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference the S&P
500 Index (the “Index”) as the Index constituents best represent the characteristics
the fund is seeking to gain exposure to. The fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in issuers,
sectors, countries and security types that are not included in, and that have different
weightings from, the Index in order to take advantage of investment opportunities. It is
expected that over long time periods, the fund’s performance will differ from the Index.
However, over short time periods, the fund’s performance may be close to the Index,
depending on market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable Family
Framework, as described above.

Prospectus: Fidelity Funds 78 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds - Sustainable The fund aims to achieve long-term capital growth from a portfolio primarily made up Reference Ccy: USD
Water & Waste Fund of equity securities issued by companies throughout the world and involved in the As the fund may invest globally, it may
design, manufacture, or sale of products and services used for or in connection with invest across different countries and
water and waste management sectors. As this fund may invest globally, it may be regions. It is unconstrained in the
exposed to countries considered to be emerging markets. amount it may invest in any single
The fund is part of the Fidelity Sustainable Family and adopts a Sustainable Thematic country or region.
strategy, under which a minimum of 90% of the fund’s net assets will be analysed as The fund can directly invest in China A
to whether they maintain sustainable characteristics and a minimum of 70% of the Shares through the QFII status of FIL
fund’s net assets will be invested in securities which are deemed to maintain Investment Management (Hong Kong)
sustainable characteristics, as described in the section entitled “1.3.2 (b) Fidelity Limited and/or through any permissible
Sustainable Family of Funds”. When selecting investments, the fund’s investment means available to the fund under
universe, as represented by the Index (for the purpose of this calculation), will be prevailing laws and regulations
reduced by at least 20% due to the exclusion of issuers on the basis of their ESG (including through the Stock Connect or
characteristics. any other eligible means). The fund will
The water management sector includes but is not limited to, those companies involved invest less than 30% of its net assets
in water production, water conditioning, de-salination, supply, bottling, transport and directly and/or indirectly in onshore
dispatching of water. The waste management sector includes but is not limited to, China A and B Shares on an
those companies involved in the collection, recovery and disposal of waste; including aggregated basis.
recycling, incineration, anaerobic digestion of food waste (biological processes) and The fund is subject to the disclosure
landfilling of residual waste. The sector also includes those companies specialising in requirements of article 8 of the SFDR.
the treatment of wastewater, sewage, solid, liquid and chemical waste and any
consulting or engineering services in connection with these activities.
Environmental characteristics include, but are not limited to, water and waste
management. Controversies involving environmental characteristics are regularly
monitored. Environmental characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability Ratings. The fund seeks to promote
these characteristics by adhering to the Fidelity Sustainable Family Framework.
The fund may invest its net assets directly in China A and B Shares.
The fund is actively managed. The Investment Manager will, for the purposes of
monitoring risk, reference MSCI ACWI Index (the “Index”) as the Index constituents are
representative of the type of companies the fund invests in. The fund’s performance
can be assessed against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental considerations. Instead, the fund promotes environmental
characteristics by adhering to the Fidelity Sustainable Family Framework, as described
above.

Fidelity Funds – Switzerland The fund invests principally in Swiss equities. Reference Ccy: CHF
Fund A minimum of 50% of the fund’s net assets will be invested in securities deemed to The fund is subject to the disclosure
maintain sustainable characteristics, as described in the section entitled “1.3.2(a) requirements of article 8 of the SFDR.
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range
of environmental and social characteristics on an ongoing basis. Environmental
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability Ratings.
The fund is actively managed and references the MSCI Switzerland Index (the “Index”)
for performance comparison only.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Prospectus: Fidelity Funds 79 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – Taiwan Fund The fund invests principally in Taiwanese equities. Taiwan is considered to be an Reference Ccy: USD
emerging market. For further information please refer to
The fund is actively managed. The Investment Manager will, when selecting 1.4. ‘Additional Information’.
investments for the fund and for the purposes of monitoring risk, reference MSCI
Taiwan Capped 8% Index (the “Index”) as the Index constituents are representative of
the type of companies the fund invests in. The fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.

Fidelity Funds – Thailand The fund invests principally in equity securities quoted on the stock exchange in Reference Ccy: USD
Fund Thailand. Thailand is considered to be an emerging market.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference Bangkok
SET Capped Index (the “Index”) as the Index constituents are representative of the
type of companies the fund invests in. The fund’s performance can be assessed
against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.

Fidelity Funds – The fund invests principally in United Kingdom equity securities. Reference Ccy: GBP
United Kingdom Fund The fund is actively managed and references the FTSE All Share Index (the ‘Index’)
for performance comparison only.

Fidelity Funds – UK Special The fund aims to achieve long term capital growth from a portfolio primarily made up Reference Ccy: GBP
Situations Fund of the equity securities of companies that are listed, incorporated or have their domicile
in, or exercise a majority of their activity in the UK. The Investment Manager will focus
on companies it believes to be undervalued and whose recovery potential (i.e. potential
recovery of share prices reflecting improving business fundamentals) is not recognised
by the market (i.e. special situations). The fund will have a mixture of investments in
larger, medium and smaller sized companies. The Investment Manager is not
restricted in its choice of companies either by size or industry, and will choose stocks
largely determined by the availability of attractive investment opportunities.
The fund is actively managed and references the FTSE All Share Index (the ‘Index’)
for performance comparison only.

Prospectus: Fidelity Funds 80 January 2022

Part I Fund Information

Equity funds
Fund Name Investment Objective Notes

Fidelity Funds – World Fund The fund aims to achieve long-term capital growth from a portfolio primarily made up Reference Ccy: USD
of the equity securities of companies around the world. The Investment Manager is not The fund is subject to the disclosure
restricted in its choice of companies either by region, industry or size, and will select requirements of article 8 of the SFDR.
equity securities primarily based on the availability of attractive investment
opportunities. As this fund may invest globally, it may be exposed to countries
considered to be emerging markets.
A minimum of 50% of the fund’s net assets will be invested in securities deemed to
maintain sustainable characteristics, as described in the section entitled “1.3.2(a)
Fidelity Sustainable Investing Framework” above. The fund will consider a wide range
of environmental and social characteristics on an ongoing basis. Environmental
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental
analysts and rated through Fidelity Sustainability Ratings.
The fund is actively managed. The Investment Manager will, when selecting
investments for the fund and for the purposes of monitoring risk, reference MSCI World
Index (the “Index”) as the Index constituents are representative of the type of
companies the fund invests in. The fund’s performance can be assessed against its
Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it may also invest in companies,
countries or sectors that are not included in, and that have different weightings from,
the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on
market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which
integrates environmental and social considerations. Instead, the fund promotes
environmental and social characteristics by adhering to the Fidelity Sustainable
Investing Framework, as described above.

Equity Income funds

Fund Name Investment Objective Notes

Fidelity Funds – The fund aims to achieve income and long-term capital growth principally through Reference Ccy: USD
Asia Pacific Dividend investments in income producing equity securities of companies that have their head The fund invests in the Asia Pacific
Fund office or exercise a predominant part of their activity in the Asia Pacific region. This region and may invest in different
region includes certain countries considered to be emerging markets. The Investment countries in this region. It is
Manager will select investments which it believes offer attractive dividend yields in unconstrained in the amount that it may
addition to price appreciation. invest in any country in this region.
A minimum of 50% of the fund’s net assets will be invested in securities deemed to The fund is subject to the disclosure
maintain sustainable characteristics, as described in the section entitled “1.3.2(a) Fidelity requirements of article 8 of the SFDR.
Sustainable Investing Framework” above. The fund will consider a wide range of
environmental and social characteristics on an ongoing basis. Environmental
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability Ratings.
The fund is actively managed. The Investment Manager will, when selecting investments
for the fund and for the purposes of monitoring risk consider the MSCI AC Asia Pacific
ex Japan Index (the “Index”) as the Index constituents are representative of the type of
companies the fund invests in. When monitoring risk, the Investment Manager
references the Index for the purpose of setting internal guidelines. These guidelines
represent overall levels of exposure relative to the Index and do not imply that the fund
will invest in the Index constituents. Where the fund invests in securities that are included
in the Index, its allocation to those securities is likely to differ from the Index allocation.
The Investment Manager has a wide range of discretion with regards to the investment
selection and may invest in companies, sectors, countries and security types not
included in the Index in order to take advantage of investment opportunities. It is
expected that over long time periods, the fund’s performance will differ from the Index
However, over short time periods, the fund’s performance may be close to the Index,
depending on market conditions. The fund’s performance can be assessed against its
Index.
Shareholders’ attention is drawn to the fact that the Index is not an index which integrates
environmental and social considerations. Instead, the fund promotes environmental and
social characteristics by adhering to the Fidelity Sustainable Investing Framework, as
described above.

Prospectus: Fidelity Funds 81 January 2022

Part I Fund Information

Equity Income funds

Fund Name Investment Objective Notes

Fidelity Funds – The fund aims to achieve income and long-term capital growth principally through Reference Ccy: Euro
European Dividend investments in income producing equity securities of companies that have their head The fund is subject to the disclosure
Fund office or exercise a predominant part of their activity in Europe. The Investment Manager requirements of article 8 of the SFDR.
will target investments which it believes offer attractive dividend yields in addition to price
appreciation.
A minimum of 50% of the fund’s net assets will be invested in securities deemed to
maintain sustainable characteristics, as described in the section entitled “1.3.2(a) Fidelity
Sustainable Investing Framework” above. The fund will consider a wide range of
environmental and social characteristics on an ongoing basis. Environmental
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability Ratings.
The fund is actively managed and aims to provide income and capital growth. Income
will typically be in excess of MSCI Europe Index (the “Index”). The Index constituents
are representative of the type of companies the fund invests in. The fund’s performance
can be assessed against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it also is expected to invest in
companies, sectors, countries and security types that have different weightings from,
and may not be included in the Index in order to take advantage of investment
opportunities. It is expected that over long time periods, the fund’s performance will differ
from the Index. However, over short time periods, the fund’s performance may be close
to the Index, depending on market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which integrates
environmental and social considerations. Instead, the fund promotes environmental and
social characteristics by adhering to the Fidelity Sustainable Investing Framework, as
described above.

Fidelity Funds – The fund aims to achieve income with the potential for some capital growth, investing at Reference Ccy: Euro
European Dividend Plus least 70% of net assets directly in European equity securities. The fund invests at least 70% of net
Fund
As well as investing directly in equity securities, the fund will also achieve exposure assets in Europe and may invest across
indirectly through the use of derivatives. In particular, derivatives may be used to different countries in this region, which
generate additional income, for example, by the writing of covered call options. The may include emerging markets. It is
generation of additional income may impact the fund’s potential for capital growth otherwise unconstrained in the amount it
particularly in periods of rapidly rising markets where capital gains may be lower when may invest in any single country or
compared with an equivalent uncovered portfolio. region.
A minimum of 50% of the fund’s net assets will be invested in securities deemed to The fund is subject to the disclosure
maintain sustainable characteristics, as described in the section entitled “1.3.2(a) Fidelity requirements of article 8 of the SFDR.
Sustainable Investing Framework” above. The fund will consider a wide range of
environmental and social characteristics on an ongoing basis. Environmental
characteristics include but are not limited to climate change mitigation and adaptation,
water and waste management, biodiversity, while social characteristics include but are
not limited to product safety, supply chain, health and safety and human rights.
Environmental and social characteristics are analysed by Fidelity’s fundamental analysts
and rated through Fidelity Sustainability Ratings.
The fund is actively managed and aims to provide income with the potential for capital
growth. Income will typically be in excess of MSCI Europe Index (the ‘’Index’’). The Index
constituents are representative of the type of companies the fund invests in. The fund’s
performance can be assessed against its Index.
The Investment Manager has a wide range of discretion relative to the Index. While the
fund will hold assets that are components of the Index, it also is expected to invest in
companies, sectors, countries and security types that have different weightings from,
and may not be included in, the Index in order to take advantage of investment
opportunities. It is expected that over long time periods, the fund’s performance will differ
from the Index. However, over short time periods, the fund’s performance may be close
to the Index, depending on market conditions.
Shareholders’ attention is drawn to the fact that the Index is not an index which integrates
environmental and social considerations. Instead, the fund promotes environmental and
social characteristics by adhering to the Fidelity Sustainable Investing Framework, as
described above.

Prospectus: Fidelity Funds 82 January 2022

Part I Fund Information

Part I Fund Information

Asset Allocation funds may use financial derivative instruments to manage risks, generate income or capital growth associated with the
asset classes in which they invest. Financial derivative instruments may be over-the-counter (“OTC”) and/or exchange traded instruments.
Financial derivative instruments referencing underlying equity assets, such as futures, contracts for difference and equity swaps may be
used to synthetically replicate the performance of a single stock, basket or index of equity securities. Options such as puts, calls and
warrants may be used to afford funds the right to buy or sell equity at a predetermined value and thereby either generate income, capital
growth or reduce risk.
Financial derivative instruments referencing underlying fixed income assets or components thereof may be used by Asset Allocation
funds to (i) increase or reduce exposure to interest rate risk (including inflation) through the use of interest rate or bond futures,
options and interest rate, total return or inflation swaps, (ii) buy or sell part or all of the credit risk relating to single issuer, or multiple
issuers referenced in a basket or index through the use of bond futures, options, credit default and total return swaps and (iii)
hedge, reduce or increase exposure to currencies through the use of forwards, including non-deliverable forwards and currency
swaps.
Financial derivative instruments may also be used to replicate the performance of a security or asset class (e.g. commodity indexes
or property). Other strategies may include positions that benefit from a decline in value or that give exposure to certain elements
of returns of a particular issuer or asset in order to provide returns that are unrelated to those of the general market or positions
that would not have been available without the use of financial derivative instruments.
Unless otherwise specified in the notes to a fund under the title “Global Exposure”, the method used to calculate the global
exposure relating to financial derivative instruments is the commitment approach (please refer to Part V, 5.1., D. of the Prospectus
for further details).
For funds which global exposure is monitored using the VaR methodology, leverage is determined using the sum of the notionals
(expressed as a sum of positive values) of all financial derivatives instruments used. Shareholders should be aware that (i) a higher
level of expected leverage does not automatically infer a higher level of investment risk; and (ii) the expected level of leverage may
include leverage generated by the use of derivatives for hedging purposes.
While the judicious use of financial derivative instruments may be beneficial, financial derivative instruments also involve risks
different from, and, in certain cases greater than the risks presented by more traditional investments. The use of financial derivative
instruments may cause the Share price to be more volatile. For a further description of risks relating to the use of financial derivative
instruments please refer to “Risk Factors”, Part I (1.2) of the Prospectus.
The Asset Allocation funds intend for the purpose of Efficient Portfolio Management to engage into repurchase and reverse of
repurchase agreements and in securities lending transactions as further disclosed under Part V, section E. “Securities Lending and
Borrowing and Repurchase and Reverse Repurchase Transactions”. They will not enter into margin lending transactions. Asset
Allocation funds also intend to use total return swaps (including CFDs) as further disclosed in under the same section of the
Prospectus..
For further details on the maximum and expected use by each fund of such transactions please refer to Appendix III to this
Prospectus.
Investor Profile
Asset Allocation funds may be suitable for investors who wish to participate in capital markets while being prepared to accept the
risks described for each Asset Allocation fund under “Risk Factors”, Part I (1.2) of the Prospectus. Investment in an Asset Allocation
fund can be regarded as a medium or long-term investment.
The investment objective for each Asset Allocation fund stated below must be read together with the further information set out in
the above section.
Fund Name Investment Objective Notes

Fidelity Funds – Global The fund aims to provide long term capital growth whilst seeking to preserve capital by Reference Ccy: Euro
Multi Asset Defensive providing exposure to a range of global asset classes. The fund will allocate to, and The fund can directly invest in China A
Fund within, different asset classes and geographies (including emerging markets) based on Shares and/or onshore China fixed
their potential to generate growth or reduce risk within the overall portfolio. income securities listed or traded on any
The main asset classes in which the fund will invest include global investment grade Eligible Market in China through the QFII
bonds, global high yield bonds, global equities, commodities, closed-ended real estate status of FIL Investment Management
investment trusts (REITs), cash and Money Market instruments. (Hong Kong) Limited, the Stock Connect,
The fund is actively managed and aims to achieve a better downside profile versus a the China Interbank Bond Market scheme
composite of 20% MSCI ACWI (Net) EUR Index and 80% Barclays Global Aggregate and/or via any other permissible means
Index (EUR Hedged) Index on a rolling 3-year basis. The fund does not use an index available to the fund under prevailing laws
against which the performance of the fund may be assessed. and regulations.

Fidelity Funds – The fund aims to adopt a conservative approach and provide moderate long-term capital Reference Ccy: Euro
Fidelity Patrimoine growth primarily through investment in a range of global assets, including those located, As the fund may invest globally, it may
listed or exposed to emerging markets, providing exposure to equities, bonds, invest across different countries and
commodities and cash. Investments will have an emphasis on Euro denominated regions. It is unconstrained in the amount
securities. it may invest in any single country or
The fund may also seek exposure to infrastructure securities and closed-ended real region. Any commodity exposure for this
estate investment trusts (REITs). The fund may achieve elements of its return through fund will be obtained through eligible
the use of financial derivatives. instruments and derivatives such as (but
The fund is actively managed. The Investment Manager will, for the purposes of not limited to) units/shares of UCITS or
monitoring risk, reference a composite of 50% ICE BofA Euro Large Cap Index; 15% other UCIs, Exchange Traded Funds and
MSCI AC World ex Europe Index; 15% MSCI Europe Index; 10% Bloomberg commodity index swap transactions.
Commodity Index Total Return; 10% EUR 1W LIBID (the “Index”) as the Index Global exposure:
represents the characteristics the fund is seeking to gain exposure to. The fund’s The global exposure of the fund will be
performance can be assessed against its Index. monitored using the relative VaR
The Investment Manager has a wide range of discretion relative to the Index. While the approach. The fund’s VaR is limited to
fund will hold assets that are components of the Index, it may also invest in issuers, 200% of the VaR of the reference portfolio
sectors, countries and security types that are not included in, and that have different which is a composite of 50% ICE BofA
weightings from, the Index in order to take advantage of investment opportunities. It is Euro Large Cap Index; 15% MSCI AC
expected that over long time periods, the fund’s performance will differ from the Index. World ex Europe Index; 15% MSCI
However, over short time periods, the fund’s performance may be close to the Index, Europe Index; 10% Bloomberg
depending on market conditions. Commodity Index Total Return; 10% EUR
Portfolio Information: 1W LIBID.

The fund may use financial derivative instruments, including complex financial derivative The expected level of leverage for
instruments or strategies, to meet the investment objectives of the fund. The fund may investment-related activity is 300% and
maintain long and short exposure to securities through the use of derivative instruments. the expected level of leverage arising from
Such positions may not be correlated with the underlying securities positions held by the hedged share class activity is 150%, for a
fund. This provides the Investment Manager with a degree of flexibility when to choose total of 450%. The fund’s leverage may
a particular technique, or when to concentrate or diversify investments. increase to higher levels. including in
atypical market conditions, however it is
Financial derivative instruments may be used to create economic exposure to an asset not expected to exceed 550% of the Net
akin to a physical holding of that asset. Asset Value of the fund.
Currency derivatives may be used to hedge or gain both long or short exposure to
currencies or replicate currency exposure of the underlying securities of an equity index.
Less than 30% of the fund’s total net
The types of financial derivative instrument that will be used include index, basket or assets will be invested in hybrids and
single name futures, options and contracts for difference referencing equities or bonds. CoCos, with less than 20% of the total net
Options used will include put and call options including covered call options. assets to be invested in CoCos.
The fund may invest in hybrids and CoCos, as well as in other subordinated financial
debt and preference shares.

Prospectus: Fidelity Funds 95 January 2022

Part I Fund Information

Fund Name Investment Objective Notes

Fidelity Funds – The fund aims to provide income and moderate capital growth over the medium to Reference Ccy: USD
Sustainable Multi Asset longer term by actively allocating to, and within, different asset classes including equity, As the fund may invest globally, it may
Income Fund fixed income, commodity, infrastructure, real estate and cash. invest across different countries and
As this fund may invest globally, it may be exposed to countries considered to be regions. It is unconstrained in the amount
emerging markets, including Russia and China. For China, the fund may invest its net it may invest in any single country or
assets directly in China A and B Shares and/or onshore China fixed income securities region.
listed or traded on any Eligible Market in China. Any commodity exposure for this fund will
The fund is part of the Fidelity Sustainable Family of Funds and adopts a Sustainable be obtained through eligible instruments
Focused strategy under which a minimum of 70% of the fund’s net assets will be and derivatives such as (but not limited to)
invested in securities deemed to maintain sustainable characteristics, as described in units/shares of UCITS or other UCIs,
the section entitled “1.3.2 (b) Fidelity Sustainable Family of Funds”. The fund will Exchange Traded Funds and commodity
consider a wide range of environmental and social characteristics on an ongoing basis. index swap transactions.
Environmental characteristics include, but are not limited to, climate change mitigation The fund’s source of income will mainly be
and adaptation, water and waste management and biodiversity, while social generated from dividend payments (from
characteristics include, but are not limited to, product safety, supply chain, health and equity securities) and coupon payments
safety and human rights. Controversies involving environmental and social (from bond holdings) based on their
characteristics are regularly monitored. Environmental and social characteristics are potential to generate income and capital
analysed by Fidelity’s fundamental analysts and rated through Fidelity Sustainability growth.
Ratings. The fund seeks to promote these characteristics by adhering to the Fidelity
Sustainable Family Framework. The dividend or payout policy of the
underlying closed-ended REITs is not
The fund is actively managed without reference to an index. representative of the dividend or payout
Portfolio Information: policy of this fund.
Within the main asset classes described above the fund may, under normal market To achieve its objective the fund adopts a
conditions, invest on a net asset basis up to 100% in fixed income securities (including tactical asset allocation strategy where the
up to 100% in investment grade bonds, up to 60% in high yield bonds, up to 50% in fund’s investments may be actively
government bonds, up to 50% in emerging market bonds and up to 10% in Russian balanced and adjusted. This may result in
bonds), up to 50% in equities (including up to 50% in emerging market equities and up the fund incurring greater transaction
to 10% in Russian equities), up to 30% in eligible closed-ended real estate investment costs than a fund with static allocation
trusts, up to 30% in infrastructure securities (excluding REITs) and up to 5% in strategy.
commodities. The aggregate limit of investment in emerging market equities and bonds The fund can directly invest in China A
is up to 50% of the fund’s net assets. The aggregate limit of investment in Russian Shares and/or onshore China fixed
equities and bonds is up to 10% of the fund’s net assets. In adverse market conditions income securities listed or traded on any
the fund may hold up to 25% of its net assets in cash or money market instruments Eligible Market in China through the QFII
(cash and short-term deposits, certificates of deposit and bills, and Money Market status of FIL Investment Management
Funds). (Hong Kong) Limited and/or through any
Onshore China fixed income securities are listed or traded on any Eligible Market in permissible means available to the fund
China, and are issued by a variety of issuers such as government, quasi-government, under prevailing laws and regulations
banks, financial institutions or other corporate entities established or incorporated in (including through the Stock Connect, the
China or corporate entities with commercial activities in China. China Interbank Bond Market scheme or
Although the fund will not actively invest in distressed securities, it may retain positions any other eligible means) or indirectly
related to such types of assets. Under normal market circumstances, distressed such as by way of access products
securities will not exceed 10% of the fund’s net assets. including, but not limited to, equity linked
notes, participation notes, credit-linked
notes or funds investing in China A
The fund may invest up to 10% of its net assets in aggregate in equity linked notes and Shares and/or onshore China fixed
credit linked notes. income securities. The fund will invest less
The fund may invest in hybrids and CoCos, as well as in other subordinated financial than 30% of its net assets directly and/or
debt and preference shares. indirectly in onshore China A and B
Shares and/or onshore China fixed
income securities on an aggregated basis.
The fund may also invest less than 10% of
its net asset value in offshore China fixed
income instruments including, but not
limited to, dim sum bonds.
Less than 30% of the fund’s total net
assets will be invested in Hybrids and
CoCos, with less than 20% of the total net
assets to be invested in CoCos.
The fund is subject to the disclosure
requirements of article 8 of the SFDR.

1.4.4 BOND FUNDS

The aim of the Bond funds is to provide investors with relatively high income with the possibility of capital gains. They may primarily
invest in, or achieve exposure to, bonds, debt instruments or elements of their return (such as credit, interest rate or foreign
exchange elements). Such bonds or debt instruments can, among others, be issued by governments, agencies, supra-nationals,
private or publicly quoted companies, special purpose or investment vehicles, or trusts, which are linked to the geographies,
sectors, credit quality, currency and asset classes reflected in the investment objective of each individual fund. Where the
investment objective refers to assets such as companies of a particular country or region and in the absence of any further specification,
a company’s listing, incorporation, domicile, or principal business activities may be referenced in the assessment. Power is reserved
to invest up to 100% of the assets of any fund in securities issued or guaranteed by certain government and other public bodies
as described more fully in Part V, section A of the Prospectus. For any remaining assets, the Investment Manager has the freedom
to invest outside the fund’s principal geographies, market sectors, credit quality, currency or asset classes.

Prospectus: Fidelity Funds 96 January 2022

Part I Fund Information

The Bond funds may pay fixed or variable coupons, whereby the variable element may be derived from prevailing market interest rates
or the performance of other assets (e.g. asset-backed securities). Unless otherwise specified in its investment objective, securitised
and/or collateralised securities (e.g. asset-backed securities and mortgage-backed securities) will not exceed 20% of the net assets of
each fund, provided that such limit will not apply to investments in such securities issued or guaranteed by the United States government
or United States government sponsored entities. The repayment of a bond may have a fixed date or may be subject to some issuer
discretion (e.g. some mortgage bonds). The Bond funds may invest in bonds that have conversion or subscription rights to other assets
attached to them (e.g. convertible bonds and CoCos) and hybrids. Not all bonds or debt instruments will have been rated by one or several
rating agencies; some may have a below investment grade rating. Unless otherwise stated in the investment objective of a fund, there
is no limit on the exposures to investment grade securities.
Any reference in this section to investment grade securities shall mean securities with a rating of BBB- or higher from Standard &
Poor’s or equivalent rating from an internationally recognised rating agency (in case of divergent ratings, the worst of the best two
credit ratings applies). Unless otherwise specified in its investment objective, sub investment grade or high yielding securities will not
exceed 20% of the net assets of each fund.
Any reference in this section to sub investment grade or high yielding securities shall mean securities with a rating of BB+ or less
from Standard & Poor’s or equivalent rating from an internationally recognised rating agency (in case of divergent ratings, the
worst of the best two credit ratings applies).
In selecting bond securities, several factors are considered in the investment process; for example, consideration may include,
but is not limited to, a company’s financials, including revenue and profit growth, balance sheet health and positioning, cash flows,
and other financial measures. In addition, company management, industry and economic environment, and other factors may be
considered in the investment process including non-financial criteria.
Where appropriate to implement their investment objective, the investments for all Bond funds may be made in bonds issued in
currencies other than the fund’s Reference Currency. The Investment Manager may choose to hedge currency exposures through
the use of instruments such as forward foreign exchange contracts.
With due consideration given to the restrictions on investments required by applicable law and regulations and on an ancillary
basis, the Bond funds may further hold cash and cash equivalents (including Money Market Instruments and time deposits) up to
49% of their net assets. This percentage may exceptionally be exceeded if the Directors consider this to be in the best interests
of the Shareholders.
Unless otherwise specified in its investment objective, each Bond fund may invest up to 10% of its net assets in UCITS and UCIs.
The Bond funds are actively managed and do not seek to replicate or track the performance of any index. However, as part of the Bond
funds’ active allocation policy, the Investment Manager may invest a portion of their assets from time to time in holdings and instruments
which provide passive exposure, such as ETFs, futures, total return swaps, and swaps/options on an index. All Bond funds may use
financial derivative instruments provided (a) they are economically appropriate in that they are realised in a cost-effective way,
(b) they are entered into for one or more of (i) reduction of risk, (ii) reduction of cost and (iii) generation of additional capital or
income for the Bond funds (including for investment purposes) with a level of risk which is consistent with the risk profile of the
relevant Bond fund(s) and the risk diversification rules laid down in Part V. (5.1, A. III) of the Prospectus, and (c) their risks are
adequately captured by the risk management process of the Fund.
Financial derivative instruments may be used to (i) increase or reduce exposure to interest rate risk (including inflation) through
the use of interest rate or bond futures, options, swaptions and interest rate, total return or inflation swaps, (ii) buy or sell part or
all of the credit risk relating to single issuers, or multiple issuers referenced in a basket or index through the use of options, credit
default and total return swaps and (iii) hedge, reduce or increase exposure to currencies through the use of forwards, including
non-deliverable forwards and currency swaps.
Financial derivative instruments may also be used to replicate the performance of physically held securities. Other fixed income
strategies may include positions that benefit from a decline in value or that give exposure to certain elements of returns of a
particular issuer or asset in order to provide returns that are unrelated to those of the general market or positions that would not
have been available without the use of financial derivative instruments. Financial derivative instruments may be over-the-counter
(“OTC”) and/or exchange traded instruments on underlying assets.
Unless otherwise specified in the notes to a fund under the title “Global Exposure”, the method used to calculate the global exposure
relating to financial derivative instruments is the commitment approach (please refer to Part V, 5.1., D. of the Prospectus for further details).
For funds which global exposure is monitored using the VaR methodology, leverage is determined using the sum of the notionals
(expressed as a sum of positive values) of all financial derivatives instruments used. Shareholders should be aware that (i) a higher
level of expected leverage does not automatically infer a higher level of investment risk; and (ii) the expected level of leverage may
include leverage generated by the use of derivatives for hedging purposes.
While the judicious use of financial derivative instruments may be beneficial, financial derivative instruments also involve risks different
from, and, in certain cases greater than the risks presented by more traditional investments. The use of financial derivative instruments
may cause the Share price to be more volatile. For a further description of risks relating to the use of financial derivative instruments
please refer to “Risk Factors”, Part I (1.2) of the Prospectus.
The Bond funds intend for the purpose of Efficient Portfolio Management to engage into repurchase and reverse of repurchase
agreements and in securities lending transactions as further disclosed under Part V, section E. “Securities Lending and Borrowing and
Repurchase and Reverse Repurchase Transactions”. They will not enter into margin lending transactions. Bond funds also intend to
use total return swaps (including CFDs) as further disclosed in under the same section of the Prospectus.
For further details on the maximum and expected use by each fund of such transactions please refer to Appendix III to this Prospectus.
For the funds that are specifically allowed by their investment objective to make direct investments in China A Shares and/or onshore
China fixed income securities, such investments may, be made through the QFII status of FIL Investment Management (Hong Kong)
Limited, the Stock Connect, the China Interbank Bond Market direct access scheme, the Bond Connect and/or any permissible means
available to the funds under prevailing laws and regulations and are subject to country specific investment restrictions for the funds
registered in certain jurisdictions as stated in Part V, Section 5.3, of the Prospectus.
Investor Profile
Bond funds may be suitable for investors who wish to participate in debt markets while being prepared to accept the risks described for
each Bond fund under “Risk Factors”, Part I (1.2) of the Prospectus. Investment in a Bond fund can be regarded as a short, medium or
long-term investment.

Prospectus: Fidelity Funds 97 January 2022

Part I Fund Information

The investment objective for each Bond fund stated below must be read together with the further information set out in the above
section.

Fund Name Investment Objective Notes

Fidelity Funds – The fund aims to achieve income and capital appreciation by investing primarily in Reference Ccy: USD
Asian Bond Fund investment grade fixed income securities of issuers that have their principal business The fund invests in the Asian region
activities in the Asian region. This region includes certain countries considered to be and may invest in different countries
emerging markets. in this region. It is unconstrained in
The fund is actively managed. The Investment Manager will, when selecting investments the amount that it may invest in any
for the fund and for the purposes of monitoring risk, reference ICE BofA Asia Dollar country in this region.
Investment Grade Index (the “Index”) as the Index constituents best represent the Less than 30% of the fund’s total net
characteristics the fund is seeking to gain exposure to. The fund’s performance can be assets will be invested in hybrids and
assessed against its Index. CoCos, with less than 20% of the
The Investment Manager has a wide range of discretion relative to the Index. While the total net assets to be invested in
fund will hold assets that are components of the Index, it may also invest in issuers, sectors, CoCos.
countries and security types that are not included in, and that have different weightings
from the Index in order to take advantage of investment opportunities. It is expected that
over long time periods, the fund’s performance will differ from the Index. However, over
short time periods, the fund’s performance may be close to the Index, depending on market
conditions.
Portfolio Information:
The fund may invest in hybrids and CoCos, as well as in other subordinated financial debt
and preference shares.

Onshore China fixed income securities are listed or traded on any Eligible Market in China, The fund is subject to the disclosure
and are issued by a variety of issuers such as government, quasi-government, banks, requirements of article 8 of the SFDR.
financial institutions or other corporate entities established or incorporated in China or
corporate entities with commercial activities in China.
The fund may use financial derivative instruments including complex financial derivative
instruments or strategies, to meet the investment objectives of the fund with a level of risk
which is consistent with the risk profile of the fund. Financial derivative instruments may be
used to create economic exposure to the underlying asset, this may include futures,
forwards, options, and swaps. The fund will use (i) index, basket or single credit default
and total return swaps to gain exposure or reduce credit risk of issuers, (ii) interest rate
futures, swaps or options to actively manage the level of interest rate risk and (iii) currency
derivatives to hedge or gain exposure to currencies. The long and short active currency
positions implemented by the fund may not be correlated with the underlying securities
positions held by the fund.
The fund may invest in hybrids and CoCos, as well as in other subordinated financial debt
and preference shares.

Prospectus: Fidelity Funds 118 January 2022

Part I Fund Information

Fund Name Investment Objective Notes

Fidelity Funds – US Dollar The fund invests principally in US Dollar denominated debt securities. Reference Ccy: USD
Bond Fund A minimum of 50% of the fund’s net assets will be invested in securities deemed to The Fund is unconstrained in the
maintain sustainable characteristics, as described in the section entitled “1.3.2(a) Fidelity amount that it may invest in the USA.
Sustainable Investing Framework” above. The fund will consider a wide range of The fund is subject to the disclosure
environmental and social characteristics on an ongoing basis. Environmental requirements of article 8 of the
characteristics include but are not limited to climate change mitigation and adaptation, SFDR.
water and waste management, biodiversity, while social characteristics include but are not
limited to product safety, supply chain, health and safety and human rights. Environmental
and social characteristics are analysed by Fidelity’s fundamental analysts and rated
through the use of sustainability research and ratings.
The fund is actively managed. The Investment Manager will, when selecting investments
for the Fund and for the purposes of monitoring risk, consider the ICE BofA Q4AR Custom
Index (a custom USD Aggregate Bond index) (the “Index”) as the Index constituents best
represent the characteristics the fund is seeking to gain exposure to. When monitoring risk,
the Investment Manager references the Index for the purpose of setting internal guidelines.
These guidelines represent overall levels of exposure relative to the Index and do not imply
that the fund will invest in the Index constituents. Where the fund invests in securities that
are included in the Index its allocation to those securities is likely to differ from the Index
allocation. The Investment Manager has a wide degree of freedom relative to the Index
with regards to investment selection and it may invest in issuers, sectors, countries and
security types not included in the Index in order to take advantage of investment
opportunities. It is expected that over long time periods, the fund’s performance will differ
from the Index. However, over short time periods, the fund’s performance may be close to
the Index, depending on market conditions. The fund’s performance can be assessed
against its Index.
Shareholders’ attention is drawn to the fact that the Index is not an index which integrates
environmental and social considerations. Instead, the fund promotes environmental and
social characteristics by adhering to the Fidelity Sustainable Investing Framework, as
described above.

Fidelity Funds – US High This fund seeks a high level of current income and capital appreciation by investing Reference Ccy: USD
Yield Fund primarily in high-yielding, lower-quality securities of issuers that have their principal
business activities in the United States. This fund will suit those investors seeking high
income and capital appreciation and who are prepared to accept the risks associated with
this type of investment. The type of debt securities in which the fund will primarily invest
will be subject to high risk, will not be required to meet a minimum rating standard and may
not be rated for creditworthiness by any internationally recognised rating agency.
The fund is actively managed and references the ICE BofA US High Yield Constrained
Index (the ‘Index’) for performance comparison only.

1.4.5. CASH FUNDS

The Cash funds qualify as Short-Term Variable Net Asset Value Money Market Funds and have been duly authorised by the
CSSF in accordance with the provisions of the MMFR.
The aim of the Cash funds is to provide investors with a return in line with money market rates where both capital security and
liquidity are primary considerations from professionally managed portfolios of Money Market Instruments and other assets
permitted by MMFR in different geographical areas and currencies, with the opportunity to achieve the objective of regular income
and high liquidity. For the remaining assets, the Investment Manager has the freedom to invest in other permitted assets, within
the restrictions imposed by MMFR
All Cash funds have the same investment policy, the essential differences being the currency in which their assets are
denominated. The assets of the Cash funds shall exclusively be composed of Money Market Instruments, and other eligible assets
under the MMFR (as detailed in Part V. 5.2 Investment Powers and Safeguards for Cash funds) and ancillary liquid assets. No
Cash fund will invest into units or shares of other Money Market Funds. All Cash funds may use financial derivative instruments
only for the purpose of hedging the interest rate or exchange rate risks inherent in other investments of the relevant Cash funds.
Financial derivative instruments may include interest rate futures, interest rate swaps, forward contracts or a combination thereof.
Unless otherwise specified in the notes to a fund under the title “Global Exposure”, the method used to calculate the global
exposure relating to derivative instruments is the commitment approach (please refer to Part V, 5.1., D. of the Prospectus for
further details).
In accordance with Part V, 5.2. Investment Powers and Safeguards for Cash funds of the Prospectus, the Cash funds may enter
into reverse repurchase and repurchase agreements. They will not enter into securities lending transactions nor margin lending
transactions.
For further details on the maximum and expected use by each fund of such transactions please refer to Appendix III to this
Prospectus.
Investor Profile
Cash funds would mainly suit investors for whom capital security and liquidity are primary considerations, recognising that the Net
Asset Value of the funds is not guaranteed, that Shares of the funds are not bank deposits and there is no assurance that any
appreciation in value of Shares will occur (because of the risk that the principal invested is capable of fluctuation). Investment in
a Cash fund can be regarded as a short, medium or long-term investment.
Investors should also note that the Cash funds do not rely on external support for guaranteeing liquidity or stabilising the Net Asset
Value per Share, and that the risk of loss of the principal is borne by the investor.

Prospectus: Fidelity Funds 119 January 2022

Part I Fund Information

At the date of this Prospectus, each of the Cash funds is rated Aaa-mf by Moody’s Investor Services, Inc. These ratings are not
intended to evaluate the prospective performance of the relevant fund with respect to appreciation, volatility of Net Asset Value,
or yield. Such ratings were solicited by the Management Company and financed by the relevant fund.
The investment objective for each Cash fund stated below must be read together with the further information set out in the above
section.
Fund Name Investment Objective Notes

Fidelity Funds – The fund invests principally in Australian Dollar denominated Money Market Reference Ccy: AUD
Australian Dollar Cash Instruments, reverse repurchase agreements and deposits. No sales, switching or redemption
Fund The fund is actively managed without reference to an index. charges are applied to this fund.

Fidelity Funds – Euro Cash The fund invests principally in Euro denominated Money Market Instruments, Reference Ccy: Euro
Fund reverse repurchase agreements and deposits. No sales, switching or redemption
The fund is actively managed without reference to an index. charges are applied to this fund.

Fidelity Funds – The fund invests principally in United Kingdom Pounds Sterling denominated Reference Ccy: GBP
Sterling Cash Fund Money Market Instruments, reverse repurchase agreements and deposits. No sales, switching or redemption
The fund is actively managed without reference to an index. charges are applied to this fund.

Fidelity Funds – US Dollar The fund invests principally in US Dollar denominated Money Market Instruments, Reference Ccy: USD
Cash Fund reverse repurchase agreements and deposits. No sales, switching or redemption
The fund is actively managed without reference to an index. charges are applied to this fund.

1.4.6. FIDELITY LIFESTYLE FUNDS

The aim of the Fidelity Lifestyle Funds is to provide investors with a range of funds that will be managed using a lifecycle approach,
designed to maximise total investment return by holding a diversified portfolio. This should be achieved by co-managing assets
and by changing the asset allocation over time. Where initially the funds may be heavily invested in, or achieve exposure to,
equities, they may also be invested in, or achieve exposure to, a more conservative portfolio of bonds, interest bearing debt
securities, money market securities or elements of their return (such as credit, interest rate or foreign exchange elements),
throughout the world. The percentage weightings will vary over time as the fund approaches, reaches and passes its target date
in accordance with the investment objective and individual market developments. Unless otherwise specified in its investment
objective, each Fidelity Lifestyle Fund does not have a maturity date and will not automatically terminate at the target year, but will
continue to be managed in accordance with its stated investment objective and policy. After passing its target date, each Fidelity Lifestyle
Fund will primarily allocate investments in bonds, cash and cash equivalents.
Bonds or debt instruments can, among others, be issued by governments, agencies, supra-nationals, private or publicly quoted
companies, special purpose or investment vehicles, or trusts. They may pay fixed or variable coupons, whereby the variable
element may be derived from prevailing market interest rates or the performance of other assets (e.g. asset-backed securities).
Where the investment objective refers to assets such as companies of a particular country or region and in the absence of any further
specification, a company’s listing, incorporation, domicile, or principal business activities may be referenced in the assessment. Unless
otherwise specified in its investment objective, securitised and/or collateralised securities (e.g., asset-backed securities and
mortgage-backed securities) will not exceed 20% of the net assets of each fund, provided that such limit will not apply to
investments in such securities issued or guaranteed by the United States government or United States government sponsored
entities. The repayment of a bond may have a fixed date or may be subject to some issuer discretion (e.g. some mortgage bonds).
The Fidelity Lifestyle Funds may invest in bonds that can have conversion or subscription rights to other assets attached to them
(e.g. convertible bonds and CoCos) and hybrids. Not all bonds or debt instruments will have been rated by one or several rating
agencies; some may have a below investment grade rating. Unless otherwise stated in the investment objective of a fund, there is
no limit on the exposures to investment grade securities.
Investments for the Euro denominated Fidelity Lifestyle Funds may be made in transferable securities and/or debt instruments
issued in currencies other than the fund’s Reference Currency. The Investment Manager may choose to hedge currency
exposures through the use of instruments such as forward foreign exchange contracts.
The Board may from time to time introduce additional funds to complement the funds detailed below.
Unless otherwise specified in its investment objective, each Fidelity Lifestyle Fund may invest up to 10% of its net assets in UCITS and
UCIs.
The Fidelity Lifestyle Funds are actively managed and do not seek to replicate or track the performance of any index. However, as part
of the Fidelity Lifestyle Funds’ active allocation policy, the Investment Manager may invest a portion of their assets from time to time in
holdings and instruments which provide passive exposure, such as ETFs, futures, total return swaps, and swaps/options on an index.
All Fidelity Lifestyle Funds may use financial derivative instruments provided (a) they are economically appropriate in that they are
realised in a cost-effective way, (b) they are entered into for one or more of (i) reduction of risk, (ii) reduction of cost and
(iii) generation of additional capital or income for the Fidelity Lifestyle Funds (including for investment purposes) with a level of
risk which is consistent with the risk profile of the relevant Fidelity Lifestyle Fund(s) and the risk diversification rules laid down in
Part V. (5.1, A. III) of the Prospectus, and (c) their risks are adequately captured by the risk management process of the Fund.
Financial derivative instruments may be used to replicate the performance of physically held securities. Financial derivative
instruments such as futures, contracts for difference and equity swaps may be used to synthetically replicate the performance of
a single stock, basket or index of equity securities. Options such as puts, calls and warrants may be used to afford funds the right
or obligation to buy or sell equity at a predetermined value and thereby either generate capital growth, income, or reduce risk.
Also, financial derivative instruments may be used to (i) increase or reduce exposure to interest rate risk (including inflation)
through the use of interest rate or bond futures, options, swaptions and interest rate, total return or inflation swaps, (ii) buy or sell
part or all of the credit risk relating to single issuer, or multiple issuers referenced in a basket or index through the use of options,
credit default and total return swaps and (iii) hedge, reduce or increase exposure to currencies through the use of forwards,
including non-deliverable forwards and currency swaps.
Other fixed income strategies may include positions that benefit from a decline in value or that give exposure to certain elements
of returns of a particular issuer or asset in order to provide returns that are unrelated to those of the general market or positions

Prospectus: Fidelity Funds 120 January 2022

Part I Fund Information

that would not have been available without the use of financial derivative instruments. Financial derivative instruments may be
over-the-counter (“OTC”) and/or exchange traded instruments on underlying assets.
Unless otherwise specified in the notes to a fund under the title “Global Exposure”, the method used to calculate the global
exposure relating to financial derivative instruments is the commitment approach (please refer to Part V, 5.1., D. of the Prospectus
for further details).
While the judicious use of financial derivative instruments may be beneficial, financial derivative instruments also involve risks
different from, and, in certain cases greater than the risks presented by more traditional investments. The use of financial derivative
instruments may cause the Share price to be more volatile. For a further description of risks relating to the use of financial derivative
instruments please refer to “Risk Factors”, Part I (1.2) of the Prospectus.
The Fidelity Lifestyle funds intend for the purpose of Efficient Portfolio Management to engage into repurchase and reverse of
repurchase agreements and in securities lending transactions as further disclosed under Part V, section E. “Securities Lending and
Borrowing and Repurchase and Reverse Repurchase Transactions”. They will not enter into margin lending transactions. Fidelity
Lifestyle funds also intend to use total return swaps (including CFDs) as further disclosed in under the same section of the Prospectus.
For further details on the maximum and expected use by each fund of such transactions please refer to Appendix III to this
Prospectus.
Investor Profile
Fidelity Lifestyle Funds may be suitable for investors who wish to participate in capital markets while being prepared to accept the
risks described for each Fidelity Lifestyle Fund under “Risk Factors”, Part I (1.2) of the Prospectus and should not be selected
based solely on the investors’ age or retirement date. Investment in a Fidelity Lifestyle Fund may suit investors that are willing to
stay invested until the target date of the relevant fund.
The investment objective for each Fidelity Lifestyle Fund stated below must be read together with the further information set out
in the above section.

Fidelity Funds – Fidelity The fund aims to provide long-term capital growth for Euro investors planning to Reference Ccy: Euro
Target™ 2055 (Euro) Fund withdraw substantial portions of their investment in the year 2055. The fund will As the fund may invest globally, it may
typically invest in a wide range of investments covering markets throughout the world, invest across different countries and
including emerging markets, and providing exposure to bonds, equities, interest regions. It is unconstrained in the
bearing securities and money market securities as well as instruments providing amount that it may invest in a country or
exposure to commodities, in accordance with an asset allocation that will become region. Any commodity exposure for this
increasingly conservative as the year 2055 is approached. The Euro to which the fund will be obtained through eligible
name of the fund refers is a currency of reference and not a currency of investments. instruments such as units/shares of
Accordingly, the fund may also invest its assets in currencies other than the Euro. UCITS or other UCIs, Exchange Traded
The fund is actively managed and references a blend of market indices (each a Funds, swap transactions on commodity
‘’Market Index’’) in order to set internal guidelines around the weightings allocated to indices compliant with article 9 of the
different asset classes. As the fund’s exposure to different asset classes evolves over Grand-Ducal Regulation of 8 February
time in line with the fund’s investment policy, the Market Indices referenced and their 2008 and transferable securities and
weightings will also change accordingly. While the fund may take direct or indirect money market instruments with no
exposure to the components of the Market Indices, there are no restrictions on the embedded derivatives.
extent to which the fund’s portfolio and performance may deviate from the Market
Indices. The Market Indices are listed in the KIID and are represented by a blended
index for the purposes of performance comparison. Further information on the current
list of Market Indices as well as past weightings is available on request.

Fidelity Funds – Fidelity The fund aims to provide long-term capital growth for Euro investors planning to Reference Ccy: Euro
Target™ 2060 (Euro) Fund withdraw substantial portions of their investment in the year 2060. The fund will As the fund may invest globally, it may
typically invest in a wide range of investments covering markets throughout the world, invest across different countries and
including emerging markets, and providing exposure to bonds, equities, interest regions. It is unconstrained in the amount
bearing securities and money market securities as well as instruments providing that it may invest in a country or region.
exposure to commodities, in accordance with an asset allocation that will become Any commodity exposure for this fund will
increasingly conservative as the year 2060 is approached. The Euro to which the be obtained through eligible instruments
name of the fund refers is a currency of reference and not a currency of investments. such as units/shares of UCITS or other
Accordingly, the fund may also invest its assets in currencies other than the Euro. UCIs, Exchange Traded Funds, swap
The fund is actively managed and references a blend of market indices (each a transactions on commodity indices
‘’Market Index’’) in order to set internal guidelines around the weightings allocated to compliant with article 9 of the Grand-Ducal
different asset classes. As the fund’s exposure to different asset classes evolves over Regulation of 8 February 2008 and
time in line with the fund’s investment policy, the Market Indices referenced and their transferable securities and money market
weightings will also change accordingly. While the fund may take direct or indirect instruments with no embedded
exposure to the components of the Market Indices, there are no restrictions on the derivatives.
extent to which the fund’s portfolio and performance may deviate from the Market
Indices. The Market Indices are listed in the KIID and are represented by a blended
index for the purposes of performance comparison. Further information on the current
list of Market Indices as well as past weightings is available on request.

1.4.7. INSTITUTIONAL RESERVED FUNDS

The Institutional Reserved funds are a range of Institutional Reserved Equity and Institutional Reserved Bond funds within the
Fund which may only be acquired by Institutional Investors or those who meet the requirements established from time to time by
the General Distributor. The I class of Shares is designed principally for investment of assets of Institutional Investors such as
pension funds, charities and local government bodies.
Institutional Reserved Bond Funds
The aim of all Institutional Reserved Bond funds is to provide investors with the possibility of capital gains. Power is reserved to
invest up to 100% of the assets of any fund in securities issued or guaranteed by certain government and other public bodies as
described more fully in Part V, section A. of the Prospectus.
Investment Policies
Where appropriate to implement their investment objective, investments for all Institutional Reserved Bond funds may be made in
bonds issued in currencies other than the fund’s Reference Currency. The Investment Manager may choose to hedge currency
exposures through the use of instruments such as forward foreign exchange contracts.
With due consideration given to the restrictions on investments required by applicable law and regulations and on an ancillary basis, the
Institutional Reserved Bond funds may further hold cash and cash equivalents (including Money Market Instruments and time deposits)
up to 49% of their net assets. These percentages may exceptionally be exceeded if the Directors consider this to be in the best interests
of the Shareholders.
Any reference in this section to investment grade securities shall mean securities with a rating of BBB- or higher from Standard &
Poor’s or equivalent rating from an internationally recognised rating agency (in case of divergent ratings, the worst of the best two
credit ratings applies).
Any reference in this section to sub investment grade or high yield/ing securities shall mean securities with a rating of BB+ or less
from Standard & Poor’s or equivalent rating from an internationally recognised rating agency (in case of divergent ratings, the
worst of the best two credit ratings applies).
The Institutional Reserved Bond funds may invest in, or obtain exposure to, bonds or debt instruments or elements of their return (such
as credit, interest rate or foreign exchange elements). Such Institutional Reserved bonds or debt instruments can, among others, be
issued by governments, agencies, supra-nationals, private or publicly quoted companies, special purpose or investment vehicles, or
trusts. They may pay fixed or variable coupons, whereby the variable element may be derived from prevailing market interest rates
or the performance of other assets (e.g. asset-backed securities). Where the investment objective refers to assets such as companies
of a particular country or region and in the absence of any further specification, a company’s listing, incorporation, domicile, or principal
business activities may be referenced in the assessment. Unless otherwise specified in its investment objective, securitised and/or
collateralised securities (e.g., asset-backed securities and mortgage-backed securities) will not exceed 20% of the net assets of each

Prospectus: Fidelity Funds 124 January 2022

Part I Fund Information

fund, provided that such limit will not apply to investments in such securities issued or guaranteed by the United States government or
United States government sponsored entities. The repayment of an institutional reserved bond may have a fixed date or may be subject
to some issuer discretion (e.g. some mortgage bonds). The Institutional Reserved Bond funds may invest in bonds that have conversion
or subscription rights to other assets attached to them (e.g. convertible bonds and CoCos) and hybrids. Not all bonds or debt instruments
will have been rated by one or several rating agencies; some may have a below investment grade rating. Unless otherwise stated in
the investment objective of a fund, there is no limit on the exposures to investment grade securities. For any remaining assets, the
Investment Manager has the freedom to invest outside the fund’s principal geographies, market sectors, credit quality, currency or asset
classes.
Unless otherwise specified in its investment objective, each Institutional Reserved Bond fund may invest up to 10% of its net assets in
UCITS and UCIs.
The Institutional Reserved Bond funds are actively managed and do not seek to replicate or track the performance of any index.
However, as part of the Institutional Reserved Bond funds’ active allocation policy, the Investment Manager may invest a portion of their
assets from time to time in holdings and instruments which provide passive exposure, such as ETFs, futures, total return swaps, and
swaps/options on an index. All Institutional Reserved Bond funds may use financial derivative instruments provided (a) they are
economically appropriate in that they are realised in a cost-effective way, (b) they are entered into for one or more of (i) reduction of risk,
(ii) reduction of cost and (iii) generation of additional capital or income for the Institutional Reserved Bond funds (including for investment
purposes) with a level of risk which is consistent with the risk profile of the relevant Institutional Reserved Bond fund(s) and the risk
diversification rules laid down in Part V. (5.1, A. III) of the Prospectus, and (c) their risks are adequately captured by the risk management
process of the Fund.
Financial derivative instruments may be used to (i) increase or reduce exposure to interest rate risk (including inflation) through
the use of interest rate or bond futures, options, swaptions and interest rate, total return or inflation swaps, (ii) buy or sell part or
all of the credit risk relating to single issuer, or multiple issuers referenced in a basket or index through the use of options, credit
default and total return swaps and (iii) hedge, reduce or increase exposure to currencies through the use of forwards, including
non-deliverable forwards and currency swaps.
Financial derivative instruments may also be used to replicate the performance of physically held securities. Other fixed income
strategies may include positions that benefit from a decline in value or that give exposure to certain elements of returns of a
particular issuer or asset in order to provide returns that are unrelated to those of the general market or positions that would not
have been available without the use of financial derivative instruments. Financial derivative instruments may be over-the-counter
(“OTC”) and/or exchange traded instruments on underlying assets.
Unless otherwise specified in the notes to a fund under the title “Global Exposure”, the method used to calculate the global exposure
relating to financial derivative instruments is the commitment approach (please refer to Part V, 5.1., D. of the Prospectus for further details).
While the judicious use of financial derivative instruments may be beneficial, financial derivative instruments also involve risks
different from, and, in certain cases greater than the risks presented by more traditional investments. The use of financial derivative
instruments may cause the Share price to be more volatile. For a further description of risks relating to the use of financial derivative
instruments please refer to “Risk Factors”, Part I (1.2) of the Prospectus.
The Institutional Reserved Bond funds intend for the purpose of Efficient Portfolio Management to engage into repurchase and reverse
of repurchase agreements and in securities lending transactions as further disclosed under Part V, section E. “Securities Lending and
Borrowing and Repurchase and Reverse Repurchase Transactions”. They will not enter into margin lending transactions. Institutional
Reserved Bond funds also intend to use total return swaps (including CFDs) as further disclosed in under the same section of the
Prospectus.
For further details on the maximum and expected use by each fund of such transactions please refer to Appendix III to this Prospectus.

Investor Profile
Institutional Reserved Bond funds may be suitable for investors who wish to participate in debt markets while being prepared to
accept the risks described for each Institutional Reserved Bond fund under “Risk Factors”, Part I (1.2) of the Prospectus.
Investment in an Institutional Reserved Bond fund can be regarded as a short, medium or long-term investment.
The investment objective for each Institutional Reserve Bond fund stated below must be read together with the further information
set out in the above section.
Fund Name Investment Objective Notes

Fidelity Funds – This fund seeks a high level of current income and capital appreciation by investing Reference Ccy: USD
Institutional US High primarily in high-yielding, sub investment grade securities of issuers that have their head
Yield Fund office or who exercise a predominant part of their activity in the United States.
The type of debt securities in which the fund will primarily invest will be subject to high
risk and will not be required to meet a minimum rating standard. Most but not all will be
rated for creditworthiness by an internationally recognised rating agency.
The fund is actively managed and references the ICE BofA US High Yield Constrained
Index for performance comparison only.

Institutional Reserved Equity Funds

1.4.8. INSTITUTIONAL TARGET FUNDS

The aim of the Institutional Target funds is to provide investors with a range of funds that will be managed using a lifecycle
approach, designed to maximise total investment return by holding a diversified portfolio. This should be achieved by co-managing
assets and by changing the asset allocation over time. Where initially the funds may be heavily invested in, or achieve exposure
to, equities, they may also be invested in, or achieve exposure to, a more conservative portfolio of bonds, interest bearing debt
securities, money market securities or elements of their return (such as credit, interest rate or foreign exchange elements),
throughout the world. The percentage weightings will vary over time as the fund approaches, reaches and passes its target date
in accordance with the investment objective and individual market developments.
Bonds or debt instruments which can, among others, be issued by governments, agencies, supra-nationals, private or publicly
quoted companies, special purpose or investment vehicles, or trusts. They may pay fixed or variable coupons, whereby the
variable element may be derived from prevailing market interest rates or the performance of other assets (e.g. asset-backed
securities). Where the investment objective refers to assets such as companies of a particular country or region and in the absence of
any further specification, a company’s listing, incorporation, domicile, or principal business activities may be referenced in the
assessment. Unless otherwise specified in its investment objective, securitised and/or collateralised securities (e.g., asset-backed
securities and mortgage-backed securities) will not exceed 20% of the net assets of each fund, provided that such limit will not
apply to investments in such securities issued or guaranteed by the United States government or United States government
sponsored entities. The repayment of a bond may have a fixed date or may be subject to some issuer discretion (e.g. some
mortgage bonds). The Institutional Target funds may in bonds can have conversion or subscription rights to other assets attached
to them (e.g. convertible bonds and CoCos) and hybrids. Not all bonds or debt instruments will have been rated by one or several
rating agencies; some may have a below investment grade rating. Unless otherwise stated in the investment objective of a fund,
there is no limit on the exposures to investment grade securities.
Investments for the Euro denominated Institutional Target funds may be made in transferable securities and/or debt instruments
issued in currencies other than the fund’s Reference Currency. The Investment Manager may choose to hedge currency
exposures through the use of instruments such as forward foreign exchange contracts.
The Board may from time to time introduce additional funds to complement the funds detailed below.

Prospectus: Fidelity Funds 128 January 2022

Part I Fund Information

Unless otherwise specified in its investment objective, each Institutional Target fund may invest up to 10% of its net assets in UCITS
and UCIs.
The Institutional Target funds are actively managed and do not seek to replicate or track the performance of any index. However, as
part of the Institutional Target funds’ active allocation policy, the Investment Manager may invest a portion of their assets from time to
time in holdings and instruments which provide passive exposure, such as ETFs, futures, total return swaps, and swaps/options on an
index. All Institutional Target funds may use financial derivative instruments provided (a) they are economically appropriate in that
they are realised in a cost-effective way, (b) they are entered into for one or more of (i) reduction of risk, (ii) reduction of cost and
(iii) generation of additional capital or income for the Institutional Target funds (including for investment purposes) with a level of
risk which is consistent with the risk profile of the relevant Institutional Target fund(s) and the risk diversification rules laid down in
Part V. (5.1, A. III) of the Prospectus, and (c) their risks are adequately captured by the risk management process of the Fund.
Financial derivative instruments may be used to replicate the performance of physically held securities. Financial derivative
instruments such as futures, contracts for difference and equity swaps may be used to synthetically replicate the performance of
a single stock, basket or index of equity securities. Options such as puts, calls and warrants may be used to afford funds the right
or obligation to buy or sell equity at a predetermined value and thereby either generate capital growth, income, or reduce risk.
Also, financial derivative instruments may be used to (i) increase or reduce exposure to interest rate risk (including inflation)
through the use of interest rate or bond futures, options, swaptions and interest rate, total return or inflation swaps, (ii) buy or sell
part or all of the credit risk relating to single issuer, or multiple issuers referenced in a basket or index through the use of options,
credit default and total return swaps and (iii) hedge, reduce or increase exposure to currencies through the use of forwards,
including non-deliverable forwards and currency swaps.
Other fixed income strategies may include positions that benefit from a decline in value or that give exposure to certain elements
of returns of a particular issuer or asset in order to provide returns that are unrelated to those of the general market or positions
that would not have been available without the use of financial derivative instruments. Financial derivative instruments may be
over-the-counter (“OTC”) and/or exchange traded instruments on underlying assets.
Unless otherwise specified in the notes to a fund under the title “Global Exposure”, the method used to calculate the global
exposure relating to financial derivative instruments is the commitment approach (please refer to Part V, 5.1., D. of the Prospectus
for further details).
While the judicious use of financial derivative instruments may be beneficial, financial derivative instruments also involve risks
different from, and, in certain cases greater than the risks presented by more traditional investments. The use of financial derivative
instruments may cause the Share price to be more volatile. For a further description of risks relating to the use of financial derivative
instruments please refer to “Risk Factors”, Part I (1.2) of the Prospectus.
The Institutional Target funds intend for the purpose of Efficient Portfolio Management to engage into repurchase and reverse of
repurchase agreements and in securities lending transactions as further disclosed under Part V, section E. “Securities Lending and
Borrowing and Repurchase and Reverse Repurchase Transactions”. They will not enter into margin lending transactions. Institutional
Target funds also intend to use total return swaps (including CFDs) as further disclosed in under the same section of the Prospectus.
For further details on the maximum and expected use by each fund of such transactions please refer to Appendix III to this
Prospectus.
Investor Profile
Institutional Target funds may be suitable for Institutional Investors who wish to participate in capital markets while being prepared
to accept the risks described for each Institutional Target fund under “Risk Factors”, Part I (1.2) of the Prospectus. Investment in
an Institutional Target fund may suit investors that are willing to stay invested until the target date of the relevant fund.
The investment objective for each Institutional Target fund stated below must be read together with the further information set out
in the above section.

Fund Name Investment Objective Notes

Fidelity Funds – Fidelity The fund aims to provide long-term capital growth for Euro investors planning to Reference Ccy: Euro
Institutional Target™ 2015 withdraw substantial portions of their investment in the year 2015. The fund will Class P Shares are not available through
(Euro) Fund typically invest in a wide range of investments covering markets throughout the world clearing houses. Any commodity exposure
and providing exposure to bonds, equities, interest bearing securities and money for this fund will be obtained through
market securities as well as instruments providing exposure to commodities, in eligible instruments such as units/shares
accordance with an asset allocation that will become increasingly conservative as the of UCITS or other UCIs, Exchange Traded
year 2015 is approached. The Euro to which the name of the fund refers is a currency Funds, swap transactions on commodity
of reference and not a currency of investments. Accordingly, the fund may also invest indices compliant with article 9 of the
its assets in currencies other than the Euro. Grand-Ducal Regulation of 8 February
The fund is actively managed and references a blend of market indices (each a 2008 and transferable securities and
‘’Market Index’’) in order to set internal guidelines around the weightings allocated to Money Market Instruments with no
different asset classes. As the fund’s exposure to different asset classes evolves over embedded derivatives.
time in line with the fund’s investment policy, the Market Indices referenced and their
weightings will also change accordingly. While the fund may take direct or indirect
exposure to the components of the Market Indices, there are no restrictions on the
extent to which the fund’s portfolio and performance may deviate from the Market
Indices. The Market Indices are listed in the KIID and are represented by a blended
index for the purposes of performance comparison. Further information on the current
list of Market Indices as well as past weightings is available on request.

Prospectus: Fidelity Funds 129 January 2022

Part I Fund Information

Fund Name Investment Objective Notes

Fidelity Funds – Fidelity The fund aims to provide long-term capital growth for Euro investors planning to Reference Ccy: Euro
Institutional Target™ 2020 withdraw substantial portions of their investment in the year 2020. The fund will Class P Shares are not available through
(Euro) Fund typically invest in a wide range of investments covering markets throughout the world, clearing houses. Any commodity exposure
including emerging markets and providing exposure to bonds, equities, interest for this fund will be obtained through
bearing securities and money market securities as well as instruments providing eligible instruments such as units/shares
exposure to commodities, in accordance with an asset allocation that will become of UCITS or other UCIs, Exchange Traded
increasingly conservative as the year 2020 is approached. The fund may also invest Funds, swap transactions on commodity
up to 100% of its assets in UCITS or UCIs. The Euro to which the name of the fund indices compliant with article 9 of the
refers is a currency of reference and not a currency of investments. Accordingly, the Grand-Ducal Regulation of 8 February
fund may also invest its assets in currencies other than the Euro. 2008 and transferable securities and
The fund is actively managed and references a blend of market indices (each a Money Market Instruments with no
‘’Market Index’’) in order to set internal guidelines around the weightings allocated to embedded derivatives.
different asset classes. As the fund’s exposure to different asset classes evolves over
time in line with the fund’s investment policy, the Market Indices referenced and their
weightings will also change accordingly. While the fund may take direct or indirect
exposure to the components of the Market Indices, there are no restrictions on the
extent to which the fund’s portfolio and performance may deviate from the Market
Indices. The Market Indices are listed in the KIID and are represented by a blended
index for the purposes of performance comparison. Further information on the current
list of Market Indices as well as past weightings is available on request.

Fidelity Funds – Fidelity The fund aims to provide long-term capital growth for Euro investors planning to Reference Ccy: Euro
Institutional Target™ 2025 withdraw substantial portions of their investment in the year 2025. The fund will Class P Shares are not available through
(Euro) Fund typically invest in a wide range of investments covering markets throughout the world clearing houses. Any commodity exposure
and providing exposure to bonds, equities, interest bearing securities and money for this fund will be obtained through
market securities as well as instruments providing exposure to commodities, in eligible instruments such as units/shares
accordance with an asset allocation that will become increasingly conservative as the of UCITS or other UCIs, Exchange Traded
year 2025 is approached. The fund may also seek exposure of less than 30% of its Funds, swap transactions on commodity
assets in infrastructure securities, commodities and closed-ended real estate indices compliant with article 9 of the
investment trusts (REITs). The fund may also invest up to 100% of its assets in Grand-Ducal Regulation of 8 February
UCITS or UCIs. The Euro to which the name of the fund refers is a currency of 2008 and transferable securities and
reference and not a currency of investments. Accordingly, the fund may also invest Money Market Instruments with no
its assets in currencies other than the Euro. embedded derivatives.
The fund is actively managed and references a blend of market indices (each a
‘’Market Index’’) in order to set internal guidelines around the weightings allocated to
different asset classes. As the fund’s exposure to different asset classes evolves over
time in line with the fund’s investment policy, the Market Indices referenced and their
weightings will also change accordingly. While the fund may take direct or indirect
exposure to the components of the Market Indices, there are no restrictions on the
extent to which the fund’s portfolio and performance may deviate from the Market
Indices. The Market Indices are listed in the KIID and are represented by a blended
index for the purposes of performance comparison. Further information on the current
list of Market Indices as well as past weightings is available on request.

Fidelity Funds – Fidelity The fund aims to provide long-term capital growth for Euro investors planning to Reference Ccy: Euro
Institutional Target™ 2030 withdraw substantial portions of their investment in the year 2030. The fund will Class P Shares are not available through
(Euro) Fund typically invest in a wide range of investments covering markets throughout the world, clearing houses. Any commodity exposure
including emerging markets, and providing exposure to bonds, equities, interest for this fund will be obtained through
bearing securities and money market securities as well as instruments providing eligible instruments such as units/shares
exposure to commodities, in accordance with an asset allocation that will become of UCITS or other UCIs, Exchange Traded
increasingly conservative as the year 2030 is approached. The fund may also seek Funds, swap transactions on commodity
exposure of less than 30% of its assets in infrastructure securities, commodities and indices compliant with article 9 of the
closed-ended real estate investment trusts (REITs). The fund may also invest up to Grand-Ducal Regulation of 8 February
100% of its assets in UCITS or UCIs. The Euro to which the name of the fund refers 2008 and transferable securities and
is a currency of reference and not a currency of investments. Accordingly, the fund Money Market Instruments with no
may also invest its assets in currencies other than the Euro. embedded derivatives.
The fund is actively managed and references a blend of market indices (each a
‘’Market Index’’) in order to set internal guidelines around the weightings allocated to
different asset classes. As the fund’s exposure to different asset classes evolves over
time in line with the fund’s investment policy, the Market Indices referenced and their
weightings will also change accordingly. While the fund may take direct or indirect
exposure to the components of the Market Indices, there are no restrictions on the
extent to which the fund’s portfolio and performance may deviate from the Market
Indices. The Market Indices are listed in the KIID and are represented by a blended
index for the purposes of performance comparison. Further information on the current
list of Market Indices as well as past weightings is available on request.

Prospectus: Fidelity Funds 130 January 2022

Part I Fund Information

Fund Name Investment Objective Notes

Fidelity Funds – Fidelity The fund aims to provide long-term capital growth for Euro investors planning to Reference Ccy: Euro
Institutional Target™ 2035 withdraw substantial portions of their investment in the year 2035. The fund will Class P Shares are not available through
(Euro) Fund typically invest in a wide range of investments covering markets throughout the world, clearing houses. Any commodity exposure
including emerging markets, and providing exposure to bonds, equities, interest for this fund will be obtained through
bearing securities and money market securities as well as instruments providing eligible instruments such as units/shares
exposure to commodities, in accordance with an asset allocation that will become of UCITS or other UCIs, Exchange Traded
increasingly conservative as the year 2035 is approached. The fund may also seek Funds, swap transactions on commodity
exposure of less than 30% of its assets in infrastructure securities, commodities and indices compliant with article 9 of the
closed-ended real estate investment trusts (REITs). The fund may also invest up to Grand-Ducal Regulation of 8 February
100% of its assets in UCITS or UCIs. The Euro to which the name of the fund refers 2008 and transferable securities and
is a currency of reference and not a currency of investments. Accordingly, the fund Money Market Instruments with no
may also invest its assets in currencies other than the Euro. embedded derivatives.
The fund is actively managed and references a blend of market indices (each a
‘’Market Index’’) in order to set internal guidelines around the weightings allocated to
different asset classes. As the fund’s exposure to different asset classes evolves over
time in line with the fund’s investment policy, the Market Indices referenced and their
weightings will also change accordingly. While the fund may take direct or indirect
exposure to the components of the Market Indices, there are no restrictions on the
extent to which the fund’s portfolio and performance may deviate from the Market
Indices. The Market Indices are listed in the KIID and are represented by a blended
index for the purposes of performance comparison. Further information on the current
list of Market Indices as well as past weightings is available on request.

Fidelity Funds – Fidelity The fund aims to provide long-term capital growth for Euro investors planning to Reference Ccy: Euro
Institutional Target™ 2040 withdraw substantial portions of their investment in the year 2040. The fund will Class P Shares are not available through
(Euro) Fund typically invest in a wide range of investments covering markets throughout the world, clearing houses. Any commodity exposure
including emerging markets, and providing exposure to bonds, equities, interest for this fund will be obtained through
bearing securities and money market securities as well as instruments providing eligible instruments such as units/shares
exposure to commodities, in accordance with an asset allocation that will become of UCITS or other UCIs, Exchange Traded
increasingly conservative as the year 2040 is approached. The fund may also seek Funds, swap transactions on commodity
exposure of less than 30% of its assets in infrastructure securities, commodities and indices compliant with article 9 of the
closed-ended real estate investment trusts (REITs). The fund may also invest up to Grand-Ducal Regulation of 8 February
100% of its assets in UCITS or UCIs. The Euro to which the name of the fund refers 2008 and transferable securities and
is a currency of reference and not a currency of investments. Accordingly, the fund Money Market Instruments with no
may also invest its assets in currencies other than the Euro. embedded derivatives.
The fund is actively managed and references a blend of market indices (each a
‘’Market Index’’) in order to set internal guidelines around the weightings allocated to
different asset classes. As the fund’s exposure to different asset classes evolves over
time in line with the fund’s investment policy, the Market Indices referenced and their
weightings will also change accordingly. While the fund may take direct or indirect
exposure to the components of the Market Indices, there are no restrictions on the
extent to which the fund’s portfolio and performance may deviate from the Market
Indices. The Market Indices are listed in the KIID and are represented by a blended
index for the purposes of performance comparison. Further information on the current
list of Market Indices as well as past weightings is available on request.

Fidelity Funds – Fidelity The fund aims to provide long-term capital growth for Euro investors planning to Reference Ccy: Euro
Institutional Target™ 2045 withdraw substantial portions of their investment in the year 2045. The fund will Class P Shares are not available through
(Euro) Fund typically invest in a wide range of investments covering markets throughout the world, clearing houses. Any commodity exposure
including emerging markets and providing exposure to bonds, equities, interest for this fund will be obtained through
bearing securities and money market securities as well as instruments providing eligible instruments such as units/shares
exposure to commodities, in accordance with an asset allocation that will become of UCITS or other UCIs, Exchange Traded
increasingly conservative as the year 2045 is approached. The fund may also seek Funds, swap transactions on commodity
exposure of less than 30% of its assets in infrastructure securities, commodities and indices compliant with article 9 of the
closed-ended real estate investment trusts (REITs). The fund may also invest up to Grand-Ducal Regulation of 8 February
100% of its assets in UCITS or UCIs. The Euro to which the name of the fund refers 2008 and transferable securities and
is a currency of reference and not a currency of investments. Accordingly, the fund Money Market Instruments with no
may also invest its assets in currencies other than the Euro. embedded derivatives.
The fund is actively managed and references a blend of market indices (each a
‘’Market Index’’) in order to set internal guidelines around the weightings allocated to
different asset classes. As the fund’s exposure to different asset classes evolves over
time in line with the fund’s investment policy, the Market Indices referenced and their
weightings will also change accordingly. While the fund may take direct or indirect
exposure to the components of the Market Indices, there are no restrictions on the
extent to which the fund’s portfolio and performance may deviate from the Market
Indices. The Market Indices are listed in the KIID and are represented by a blended
index for the purposes of performance comparison. Further information on the current
list of Market Indices as well as past weightings is available on request.

Prospectus: Fidelity Funds 131 January 2022

Part I Fund Information

Fund Name Investment Objective Notes

Fidelity Funds – Fidelity The fund aims to provide long-term capital growth for Euro investors planning to Reference Ccy: Euro
Institutional Target™ 2050 withdraw substantial portions of their investment in the year 2050. The fund will Class P Shares are not available through
(Euro) Fund typically invest in a wide range of investments covering markets throughout the world, clearing houses. Any commodity exposure
including emerging markets, and providing exposure to bonds, equities, interest for this fund will be obtained through
bearing securities and money market securities as well as instruments providing eligible instruments such as units/shares
exposure to commodities, in accordance with an asset allocation that will become of UCITS or other UCIs, Exchange Traded
increasingly conservative as the year 2050 is approached. The fund may also seek Funds, swap transactions on commodity
exposure of less than 30% of its assets in infrastructure securities, commodities and indices compliant with article 9 of the
closed-ended real estate investment trusts (REITs). The fund may also invest up to Grand-Ducal Regulation of 8 February
100% of its assets in UCITS or UCIs. The Euro to which the name of the fund refers 2008 and transferable securities and
is a currency of reference and not a currency of investments. Accordingly, the fund money market instruments with no
may also invest its assets in currencies other than the Euro. embedded derivatives.
The fund is actively managed and references a blend of market indices (each a
‘’Market Index’’) in order to set internal guidelines around the weightings allocated to
different asset classes. As the fund’s exposure to different asset classes evolves over
time in line with the fund’s investment policy, the Market Indices referenced and their
weightings will also change accordingly. While the fund may take direct or indirect
exposure to the components of the Market Indices, there are no restrictions on the
extent to which the fund’s portfolio and performance may deviate from the Market
Indices. The Market Indices are listed in the KIID and are represented by a blended
index for the purposes of performance comparison. Further information on the current
list of Market Indices as well as past weightings is available on request.

Fidelity Funds – Fidelity The fund aims to provide long-term capital growth for Euro investors planning to Reference Ccy: Euro
Institutional Target™ 2055 withdraw substantial portions of their investment in the year 2055. The fund will Class P Shares are not available through
(Euro) Fund typically invest in a wide range of investments covering markets throughout the world, clearing houses. Any commodity exposure
including emerging markets, and providing exposure to bonds, equities, interest for this fund will be obtained through
bearing securities and money market securities as well as instruments providing eligible instruments such as units/shares
exposure to commodities, in accordance with an asset allocation that will become of UCITS or other UCIs, Exchange Traded
increasingly conservative as the year 2055 is approached. The fund may also seek Funds, swap transactions on commodity
exposure of less than 30% of its assets in infrastructure securities, commodities and indices compliant with article 9 of the
closed-ended real estate investment trusts (REITs). The fund may also invest up to Grand-Ducal Regulation of 8 February
100% of its assets in UCITS or UCIs. The Euro to which the name of the fund refers 2008 and transferable securities and
is a currency of reference and not a currency of investments. Accordingly, the fund Money Market Instruments with no
may also invest its assets in currencies other than the Euro. embedded derivatives.
The fund is actively managed and references a blend of market indices (each a
‘’Market Index’’) in order to set internal guidelines around the weightings allocated to
different asset classes. As the fund’s exposure to different asset classes evolves over
time in line with the fund’s investment policy, the Market Indices referenced and their
weightings will also change accordingly. While the fund may take direct or indirect
exposure to the components of the Market Indices, there are no restrictions on the
extent to which the fund’s portfolio and performance may deviate from the Market
Indices. The Market Indices are listed in the KIID and are represented by a blended
index for the purposes of performance comparison. Further information on the current
list of Market Indices as well as past weightings is available on request.

Fidelity Funds – Fidelity The fund aims to provide long-term capital growth for Euro investors planning to Reference Ccy: Euro
Institutional Target™ 2060 withdraw substantial portions of their investment in the year 2060 Class P Shares are not available through
(Euro) Fund The fund will typically invest in a wide range of investments covering markets clearing houses. Any commodity exposure
throughout the world, including emerging markets, and providing exposure to bonds, for this fund will be obtained through
equities, interest bearing securities and money market securities as well as eligible instruments such as units/shares
instruments providing exposure to commodities, in accordance with an asset of UCITS or other UCIs, Exchange Traded
allocation that will become increasingly conservative as the year 2060 is approached. Funds, swap transactions on commodity
The fund may also seek exposure of less than 30% of its assets in infrastructure indices compliant with article 9 of the
securities, commodities and closed-ended real estate investment trusts (REITs). The Grand-Ducal Regulation of 8 February
fund may also invest up to 100% of its assets in UCITS or UCIs. 2008 and transferable securities and
Money Market Instruments with no
The Euro to which the name of the fund refers is a currency of reference and not a embedded derivatives.
currency of investments. Accordingly, the fund may also invest its assets in
currencies other than the Euro.
The fund is actively managed and references a blend of market indices (each a
‘’Market Index’’) in order to set internal guidelines around the weightings allocated to
different asset classes. As the fund’s exposure to different asset classes evolves over
time in line with the fund’s investment policy, the Market Indices referenced and their
weightings will also change accordingly. While the fund may take direct or indirect
exposure to the components of the Market Indices, there are no restrictions on the
extent to which the fund’s portfolio and performance may deviate from the Market
Indices. The Market Indices are listed in the KIID and are represented by a blended
index for the purposes of performance comparison. Further information on the current
list of Market Indices as well as past weightings is available on request.

1.4.9. FIXED-TERM BOND FUNDS

The Fixed-Term Bond funds are a range of funds with a fixed term that will be liquidated once the fund reaches its end date. The
funds are designed to be held to maturity and investors should be prepared to remain invested until the end date. Once launched,
the funds will be closed to all buys, subscriptions and switches in (but not to sales, redemptions and switches out). Redemptions

Prospectus: Fidelity Funds 132 January 2022

Part I Fund Information

and switches out during the term of the respective fund will be subject to a redemption or a switching fee as specified under 2.1.
Classes of Shares and 2.2. Share Dealing in the Prospectus. Where this occurs, such fees would be expected to significantly
reduce the return to the Shareholder.
As the maturity of the fund approaches and, notwithstanding its investment objective, the fund may invest into Money Market
Instruments and / or other short term debt instruments including certificates of deposit, commercial paper and floating rate notes,
as well as in cash and cash equivalents.
After the maturity date is reached, the respective Fixed-Term Bond fund will be automatically liquidated, free of redemption fee. Following
termination of the fund and normally within ten Business Days the proceeds will automatically be returned to the Shareholder.
The Fixed-Term Bond funds may invest in, or achieve exposure to, bonds debt instruments or elements of their return (such as credit,
interest rate or foreign exchange elements). Such bonds or debt instruments can, among others, be issued by governments, agencies,
supra-nationals, private or publicly quoted companies, special purpose or investment vehicles, or trusts. They may pay fixed or variable
coupons, whereby the variable element may be derived from prevailing market interest rates or the performance of other assets (e.g.
asset-backed securities). Where the investment objective refers to assets such as companies of a particular country or region and in the
absence of any further specification, a company’s listing, incorporation, domicile, or principal business activities may be referenced in
the assessment. Unless otherwise specified in its investment objective, securitised and/or collateralised securities (e.g., asset-backed
securities and mortgage-backed securities) will not exceed 20% of the net assets of each fund, provided that such limit will not apply to
investments in such securities issued or guaranteed by the United States government or United States government sponsored entities.
The repayment of a bond may have a fixed date or may be subject to some issuer discretion (e.g. some mortgage bonds). The Fixed-
Term Bond funds may invest in bonds can have conversion or subscription rights to other assets attached to them (e.g. convertible bonds
and CoCos) and hybrids. Not all bonds or debt instruments will have been rated by one or several rating agencies; some may have a
below investment grade rating. Unless otherwise stated in the investment objective of a fund, there is no limit on the exposures to
investment grade securities.
Any reference in this section to investment grade securities shall mean securities with a rating of BBB- or higher from Standard &
Poor’s or equivalent rating from an internationally recognised rating agency (in case of divergent ratings, the worst of the best two
credit ratings applies).
Any reference in this section to sub investment grade or high yielding securities shall mean securities with a rating of BB+ or less
from Standard & Poor’s or equivalent rating from an internationally recognised rating agency (in case of divergent ratings, the
worst of the best two credit ratings applies).
Where appropriate to implement their investment objective, investments for all Fixed-Term Bond funds may be made in bonds
issued in currencies other than the fund’s Reference Currency. The Investment Manager will usually choose to hedge these
currencies, that is with the foreign exchange risk eliminated as far as possible, through the use of forward foreign exchange
contracts.
With due consideration given to the restrictions on investments required by applicable law and regulations and on an ancillary
basis, the Fixed-Term Bond funds may further hold cash and cash equivalents (including Money Market instruments and time
deposits) up to 49% of their net assets. This percentage may exceptionally be exceeded if the Directors consider this to be in the
best interests of the Shareholders.
Unless otherwise specified in its investment objective, each Fixed-Term Bond fund may invest up to 10% of its net assets in UCITS and
UCIs.
The Fixed-Term Bond funds are actively managed and do not seek to replicate or track the performance of any index. However, as part
of the Fixed-Term Bond funds’ active allocation policy, the Investment Manager may invest a portion of their assets from time to time in
holdings and instruments which provide passive exposure, such as ETFs, futures, total return swaps, and swaps/options on an index. All
Fixed-Term Bond funds may use financial derivative instruments provided (a) they are economically appropriate in that they are realised
in a cost-effective way, (b) they are entered into for one or more of (i) reduction of risk, (ii) reduction of cost and (iii) generation of additional
capital or income for the funds (including for investment purposes) with a level of risk which is consistent with the risk profile of the relevant
Fixed-Term Bond fund(s) and the risk diversification rules laid down in Part V. (5.1, A. III) of the Prospectus, and (c) their risks are
adequately captured by the risk management process of the Fund.
Financial derivative instruments may be used to (i) increase or reduce exposure to interest rate risk (including inflation) through the use
of interest rate or bond futures, options, swaptions and interest rate, total return or inflation swaps, (ii) buy or sell part or all of the credit
risk relating to single issuer, or multiple issuers referenced in a basket or index through the use of options, credit default and total return
swaps and (iii) hedge, reduce or increase exposure to currencies through the use of forwards, including non-deliverable forwards and
currency swaps.
Financial derivative instruments may also be used to replicate the performance of physically held securities. Other fixed income strategies
may include positions that benefit from a decline in value or that give exposure to certain elements of returns of a particular issuer or asset
in order to provide returns that are unrelated to those of the general market or positions that would not have been available without the
use of financial derivative instruments. Financial derivative instruments may be over-the-counter (“OTC”) and/or exchange traded
instruments on underlying assets.
Unless otherwise specified in the notes to a fund under the title “Global Exposure”, the method used to calculate the global exposure
relating to financial derivative instruments is the commitment approach (please refer to Part V, 5.1., D. of the Prospectus for further
details).
While the judicious use of financial derivative instruments may be beneficial, financial derivative instruments also involve risks
different from, and, in certain cases greater than the risks presented by more traditional investments. The use of financial derivative
instruments may cause the Share price to be more volatile. For a further description of risks relating to the use of financial derivative
instruments please refer to “Risk Factors”, Part I (1.2) of the Prospectus.
The Fixed-Term Bond funds intend for the purpose of Efficient Portfolio Management to engage into repurchase and reverse of
repurchase agreements and in securities lending transactions as further disclosed under Part V, section E. “Securities Lending and
Borrowing and Repurchase and Reverse Repurchase Transactions”. They will not enter into margin lending transactions. Fixed-Term
Bond funds also intend to use total return swaps (including CFDs) as further disclosed in under the same section of the Prospectus.
For further details on the maximum and expected use by each fund of such transactions please refer to Appendix III to this
Prospectus.
Investor Profile

Prospectus: Fidelity Funds 133 January 2022

Part I Fund Information

Fixed-Term Bond funds may be suitable for investors who wish to participate in debt markets while being prepared to accept the risks
described for each Fixed-Term Bond fund under “Risk Factors”, Part I (1.2) of the Prospectus. Investment in a Fixed-Term Bond fund
may suit investors that are willing to stay invested until the maturity of the fund.
The investment objective for each Fixed-Term Bond fund stated below must be read together with the further information set out
in the above section.

1.4.10. SYSTEMATIC MULTI ASSET RISK TARGETED FUNDS

The aim of each Systematic Multi Asset Risk Targeted fund is to provide investors with a discretionary management service by selecting
a highly diversified investment in equities, bonds and other liquid assets. The weightings of each of these asset classes will vary in
accordance with the investment objective and individual market developments.
Systematic Multi Asset Risk Targeted funds use the term “SMART” in their name to highlight their use of the Fidelity proprietary SMART
model that seeks to maintain the overall portfolio’s volatility within a given long term target range. The model analyses the volatility of
each of the following risk categorised asset groups:

- Defensive: assets with lower volatility and favouring capital stability e.g. government bonds;
- Yield: assets providing income with moderate growth and volatility e.g. high yield bonds and dividend stocks; and
- Growth: assets with the highest growth potential and volatility of the three categories e.g. equities.
The model then generates an allocation between these three asset groups based on the allocation which would efficiently maintain the
long term volatility within a predefined range (targeted (but not guaranteed) over the long term).
The Systematic Multi Asset Risk Targeted funds may invest in bonds or debt instruments which can, among others, be issued by
governments, agencies, supra-nationals, private or publicly quoted companies, special purpose or investment vehicles, or trusts. They
may pay fixed or variable coupons, whereby the variable element may be derived from prevailing market interest rates or the
performance of other assets (e.g. asset-backed securities). Where the investment objective refers to assets such as companies of a
particular country or region and in the absence of any further specification, a company’s listing, incorporation, domicile, or principal
business activities may be referenced in the assessment. Unless otherwise specified in its investment objective, securitised and/or
collateralised securities (e.g. asset-backed securities and mortgage-backed securities) will not exceed 20% of the net assets of each
fund, provided that such limit will not apply to investments in such securities issued or guaranteed by the United States government or
United States government sponsored entities. The repayment of a bond may have a fixed date or may be subject to some issuer
discretion (e.g. some mortgage bonds). The Systematic Multi Asset Risk Targeted funds may invest in bonds that can have conversion
or subscription rights to other assets attached to them (e.g. convertible bonds and CoCos) and hybrids. Not all bonds or debt instruments
will have been rated by one or several rating agencies; some may have a below investment grade rating. Unless otherwise stated in
the investment objective of a fund, there is no limit on the exposures to investment grade securities.
Unless stated in the investment objective of a Systematic Multi Asset Risk Targeted fund, the selection of a company for investment is
not restricted on the basis of market capitalisation or industry.
Unless otherwise specified in its investment objective, each Systematic Multi Asset Risk Targeted fund may invest up to 10% of its net
assets in UCITS and UCIs.
The Systematic Multi Asset Risk Targeted funds are actively managed and do not seek to replicate or track the performance of any
index. However, as part of the Systematic Multi Asset Risk Targeted funds’ active allocation policy, the Investment Manager may invest
a portion of their assets from time to time in holdings and instruments which provide passive exposure, such as ETFs, futures, total
return swaps, and swaps/options on an index. Systematic Multi Asset Risk Targeted funds may use financial derivative instruments
provided (a) they are economically appropriate in that they are realised in a cost-effective way, (b) they are entered into for one or more
of (i) reduction of risk, (ii) reduction of cost and (iii) generation of additional capital or income for Systematic Multi Asset Risk Targeted
funds with a level of risk which is consistent with the risk profile of the relevant Systematic Multi Asset Risk Targeted fund(s) and the
risk diversification rules laid down in Part V. (5.1, A. III) of the Prospectus, and (c) their risks are adequately captured by the risk
management process of the Fund 1.
Financial derivative instruments may include over-the-counter and/or exchange traded options, equity index, single stock, interest rate
and bond futures, contracts for difference, swaps (such as interest rate, credit default and inflation index swaps), forward contracts,
covered call options, derivatives on indices or a combination thereof. Cash or money market instruments may be used as collateral for
derivative positions, in which case, they will not be deemed as (i) cash held on an ancillary basis or (ii) as cash holdings to address
adverse market conditions.
Unless otherwise specified in the notes to a fund under the title “Global Exposure”, the method used to calculate the global exposure
relating to derivative instruments is the commitment approach (please refer to Part V, 5.1., D. of the Prospectus for further details). For
funds which global exposure is monitored using the VaR methodology, leverage is determined using the sum of the notionals (expressed
as a sum of positive values) of all financial derivatives instruments used. Shareholders should be aware that (i) a higher level of expected
leverage does not automatically infer a higher level of investment risk; and (ii) the expected level of leverage may include leverage
generated by the use of derivatives for hedging purposes.
While the judicious use of financial derivative instruments may be beneficial, financial derivative instruments also involve risks different
from, and, in certain cases greater than the risks presented by more traditional investments. The use of financial derivative instruments
may cause the Share price to be more volatile. For a further description of risks relating to the use of financial derivative instruments
please refer to “Risk Factors”, Part I (1.2) of the Prospectus.
The Systematic Multi Asset Risk Targeted funds intend for the purpose of Efficient Portfolio Management to engage into repurchase
and reverse of repurchase agreements and in securities lending transactions as further disclosed under Part V, section E. “Securities
Lending and Borrowing and Repurchase and Reverse Repurchase Transactions”. They will not enter into margin lending transactions.
Systematic Multi Asset Risk Targeted funds also intend to use total return swaps (including CFDs) as further disclosed in under the
same section of the Prospectus.
For further details on the maximum and expected use by each fund of such transactions please refer to Appendix III to this Prospectus.
Systematic Multi Asset Risk Targeted funds rely on a model that aims to maintain long term average annualised volatility of each
Systematic Multi Asset Risk Targeted fund within the range disclosed in the relevant Systematic Multi Asset Risk Targeted fund’s

1 The use of financial derivatives instruments in line with these criteria is referred to as Efficient Portfolio Management under the Regulation of 2008

Prospectus: Fidelity Funds 134 January 2022

Part I Fund Information

investment objective. There is no guarantee that the actual annualised volatility that the SMART model will procure over the long term
will be within those limits and accordingly there is a risk that actual volatility of the Net Asset Value may be higher than the target range
and that investors redeeming assets may suffer a loss thereby. There is also a risk that in targeting its volatility range a Systematic Multi
Asset Risk Targeted fund will not capture the full upside from rising markets as the target volatility model is designed to balance growth
and volatility and would not result in an allocation of all assets to any single market.
Systematic Multi Asset Risk Targeted funds’ target volatility strategy results an increased and more complex use of derivatives in
comparison to multi asset funds using derivatives purely for hedging or investment purposes. Systematic Multi Asset Risk Targeted
funds’ global exposure is therefore monitored under absolute VaR instead of commitment approach. Funds using absolute VaR may
have net leveraged exposure exceeding 100% of the Net Asset Value under the commitment approach and thereby may be considered
to offer increased leverage. Increased net leveraged exposure may result in increased volatility and losses for investors. For further
information, please refer to “High Leverage Risk” in the sub-section “Derivatives / Counterparty Related Risks” under section “1.2 Risk
Factors” in the Prospectus.
Investor Profile
Systematic Multi Asset Risk Targeted funds may be suitable for investors who wish to participate in capital markets while being prepared
to accept the risks described for each Systematic Multi Asset Risk Targeted fund under “Risk Factors”, Part I (1.2) of the Prospectus.
Investment in a Systematic Multi Asset Risk Targeted fund can be regarded as a short, medium or long-term investment.
The investment objective for each Systematic Multi Asset Risk Targeted fund stated below must be read together with the further
information set out in the above section.

Fund Name Investment Objective Notes

Fidelity Funds – SMART The fund aims to provide stable growth over the longer-term by investing in a range Reference Ccy: USD
Global Defensive Fund of global asset classes, including those located, listed or exposed to emerging Any commodity exposure for this fund will
markets. The fund will actively allocate to, and within, different asset classes and be obtained through eligible instruments
geographies based on their potential to generate stable growth or reduce risk or and derivatives such as (but not limited to)
volatility within the overall portfolio. The main asset classes in which the fund will units/shares of UCITS or other UCIs,
invest include global government bonds, global inflation linked bonds, global Exchange Traded Funds and commodity
corporate bonds including investment grade bonds, global high yield bonds, emerging index swap transactions. Any property
market bonds and global equities. exposure will be obtained through
The fund may invest directly and/or indirectly (including through the use of financial investments in securities of companies
derivative instruments) up to 40% of its assets in equities and up to 100% of its assets principally engaged in the real estate
in global government bonds, global corporate bonds, inflation linked bonds and industry and other real estate related
emerging market bonds which may comprise global high yield bonds up to 40% of investments.
the fund’s assets and up to 10% in hybrids. Global Exposure:
The Fund may also seek exposure less than 30% of its assets in infrastructure The global exposure of the fund will be
securities, commodities and closed-ended real estate investment trusts (REITs). monitored using the absolute VaR
The fund aims to manage the long term average volatility, under normal market approach, which is limited to 8%.
conditions, within a range of 2 to 5% per annum. This volatility range is however not The expected level of leverage for
guaranteed. investment-related activity is 100% and
The fund is actively managed without reference to an index. the expected level of leverage arising from
Portfolio Information: hedged share class activity is 150%, for a
total of 250% The fund’s leverage may
The fund may use financial derivative instruments, including complex financial increase to higher levels, including in
derivative instruments or strategies, to meet the investment objectives of the fund with atypical market conditions, however it is
a level of risk which is consistent with the risk profile of the fund. Financial derivative not expected to exceed 650% of the Net
instruments may be used to create economic exposure to an asset akin to a physical Asset Value of the fund.
holding of that asset. The types of financial derivative instruments that will be used
include index, basket or single name futures options and contracts for difference Systematic Multi Asset Risk Targeted
referencing equities or bonds. Options used will include put and call options including funds use the term “SMART” in their name
covered call options. The fund will use index, basket or single credit default and total to highlight their use of the Fidelity
return swaps to gain exposure or reduce credit risk of issuers, interest rate swaps to proprietary Systematic Multi Asset Risk
actively manage the level of interest rate risk and currency derivatives to hedge or Targeted (SMART) model that seeks to
gain exposure to currencies or replicate currency exposure of the underlying maintain the overall portfolio’s volatility
securities of an equity index. within a given long term target range.

The long and short active currency positions implemented by the fund may not be The name of the fund is not indicative of
correlated with the underlying securities positions held by the fund. the fund’s performance and return.

The fund may invest in hybrids and CoCos, as well as in other subordinated financial Less than 30% of the fund’s total net
debt and preference shares. These investments include investment grade and non- assets will be invested in hybrids and
investment grade assets. CoCos, with less than 20% of the total net
assets to be invested in CoCos.
In adverse market conditions the fund may hold more than 10% of its assets in cash
or money market instruments (cash and short-term deposits, certificates of deposit
and bills) and Money Market Funds.

1.4.11. MULTI ASSET TARGET FUNDS

The Multi Asset Target funds are a range of funds with a fixed term that will be liquidated once the fund reaches its end date. The
funds are designed to be held to maturity and investors should be prepared to remain invested until the end date. Once launched,
the funds will be closed to all buys, subscriptions and switches in (but not to sales, redemptions and switches out). Redemptions
and switches out during the term of the respective fund will be subject to a redemption or a switching fee as specified under 2.1.
Classes of Shares and 2.2. Share Dealing in the Prospectus. Where this occurs, such fees would be expected to reduce the return
to the Shareholder.

Prospectus: Fidelity Funds 135 January 2022

Part I Fund Information

As the maturity of the Multi Asset Target funds approaches and, notwithstanding its investment objective, the fund may invest into
Money Market Instruments and / or other short term debt instruments including certificates of deposit, commercial paper and
floating rate notes, as well as in cash and cash equivalents.’
After the maturity date is reached, the respective Multi Asset Target fund will be automatically liquidated, free of redemption fee.
Following termination of the fund, and normally within ten Business Days, the proceeds will automatically be returned to the
Shareholder.
Multi Asset Target funds invest in a diversified portfolio of equities or related instruments (including derivatives), bonds, ancillary
cash and other assets (such as property or commodities), as described in their investment objective and Portfolio Information.
The Multi Asset Target funds may invest in, or achieve exposure to bonds, debt instruments or elements of their return (such as credit,
interest rate or foreign exchange elements). Such bonds or debt instruments can, among others, be issued by governments, agencies,
supra-nationals, private or publicly quoted companies, special purpose or investment vehicles, or trusts. They may pay fixed or variable
coupons, whereby the variable element may be derived from prevailing market interest rates or the performance of other assets (e.g.
asset-backed securities). Where the investment objective refers to assets such as companies of a particular country or region and in the
absence of any further specification, a company’s listing, incorporation, domicile, or principal business activities may be referenced in
the assessment. Unless otherwise specified in its investment objective, securitised and/or collateralised securities (e.g. asset-backed
securities and mortgage-backed securities) will not exceed 20% of the net assets of each fund, provided that such limit will not apply to
investments in such securities issued or guaranteed by the United States government or United States government sponsored entities.
The repayment of a bond may have a fixed date or may be subject to some issuer discretion (e.g. some mortgage bonds). The Multi
Asset Target funds may invest in bonds can have conversion or subscription rights to other assets attached to them (e.g. convertible
bonds and CoCos) and hybrids. Not all bonds or debt instruments will have been rated by one or several rating agencies; some may have
a below investment grade rating.
Unless otherwise stated in the investment objective of a fund, there is no limit on the exposures to investment grade securities. Any
reference in this section to investment grade securities shall mean securities with a rating of BBB- or higher from Standard &
Poor’s or equivalent rating from an internationally recognised rating agency (in case of divergent ratings, the worst of the best two
credit ratings applies).
Any reference in this section to sub investment grade or high yielding securities shall mean securities with a rating of BB+ or less
from Standard & Poor’s or equivalent rating from an internationally recognised rating agency (in case of divergent ratings, the
worst of the best two credit ratings applies).
Unless otherwise specified in its investment objective, each Multi Asset Target fund may invest up to 10% of its net assets in UCITS
and UCIs.
The Multi Asset Target funds are actively managed and do not seek to replicate or track the performance of any index. However, as
part of the Multi Asset Target funds’ active allocation policy, the Investment Manager may invest a portion of their assets from time to
time in holdings and instruments which provide passive exposure, such as ETFs, futures, total return swaps, and swaps/options on an
index.
All Multi Asset Target funds may use financial derivative instruments provided (a) they are economically appropriate in that they
are realised in a cost-effective way, (b) they are entered into for one or more of (i) reduction of risk, (ii) reduction of cost and (iii)
generation of additional capital or income for the Multi Asset Target funds with a level of risk which is consistent with the risk profile
of the relevant Multi Asset Target fund(s) (including for investment purposes) and the risk diversification rules laid down in Part V.
(5.1, A. III) of the Prospectus, and (c) their risks are adequately captured by the risk management process of the Fund.
Multi Asset Target funds may use financial derivative instruments to manage risks, generate income or capital growth associated
with the asset classes in which they invest. Financial derivative instruments may be over-the-counter (“OTC”) and/or exchange
traded instruments.
Financial derivative instruments referencing underlying equity assets, such as futures, contracts for difference and equity swaps
may be used to synthetically replicate the performance of a single stock, basket or index of equity securities. Options such as
puts, calls and warrants may be used to afford funds the right to buy or sell equity at a predetermined value and thereby either
generate income, capital growth or reduce risk.
Financial derivative instruments referencing underlying fixed income assets or components thereof may be used by Multi Asset
Target funds to (i) increase or reduce exposure to interest rate risk (including inflation) through the use of interest rate or bond
futures, options and interest rate, total return or inflation swaps, (ii) buy or sell part or all of the credit risk relating to single issuer,
or multiple issuers referenced in a basket or index through the use of bond futures, options, credit default and total return swaps
and (iii) hedge, reduce or increase exposure to currencies through the use of forwards, including non-deliverable forwards and
currency swaps.
Financial derivative instruments may also be used to replicate the performance of a security or asset class (e.g. commodity indexes
or property). Other strategies may include positions that benefit from a decline in value or that give exposure to certain elements
of returns of a particular issuer or asset in order to provide returns that are unrelated to those of the general market or positions
that would not have been available without the use of financial derivative instruments.
Unless otherwise specified in the notes to a fund under the title “Global Exposure”, the method used to calculate the global
exposure relating to financial derivative instruments is the commitment approach (please refer to Part V, 5.1., D. of the Prospectus
for further details). For funds which global exposure is monitored using the VaR methodology, leverage is determined using the
sum of the notionals (expressed as a sum of positive values) of all financial derivatives instruments used. Shareholders should be aware
that (i) a higher level of expected leverage does not automatically infer a higher level of investment risk; and (ii) the expected level of
leverage may include leverage generated by the use of derivatives for hedging purposes.
While the judicious use of financial derivative instruments may be beneficial, financial derivative instruments also involve risks
different from, and, in certain cases greater than the risks presented by more traditional investments. The use of financial derivative
instruments may cause the Share price to be more volatile. For a further description of risks relating to the use of financial derivative
instruments please refer to “Risk Factors”, Part I (1.2) in the Prospectus.
The Multi Asset Target funds intend for the purpose of Efficient Portfolio Management to engage into repurchase and reverse of
repurchase agreements and in securities lending transactions as further disclosed under Part V, section E. “Securities Lending and
Borrowing and Repurchase and Reverse Repurchase Transactions”. They will not enter into margin lending transactions. Multi Asset
Target funds also intend to use total return swaps (including CFDs) as further disclosed in under the same section of the Prospectus.

Prospectus: Fidelity Funds 136 January 2022

Part I Fund Information

For further details on the maximum and expected use by each fund of such transactions please refer to Appendix III to this
Prospectus.
Investor Profile
Multi Asset Target funds may be suitable for investors who wish to participate in capital markets while being prepared to accept
the risks described for each Multi Asset Target fund under “Risk Factors”, Part I (1.2) of the Prospectus. Investment in a Multi
Asset Target fund may suit investors that are willing to stay invested until the maturity of the fund.
The investment objective for each Multi Asset Target fund stated below must be read together with the further information set
out in the above section.
Fund Name Investment Objective Notes

Fidelity Funds - Absolute The fund aims to provide a positive absolute return over the medium to long Reference Ccy: USD
Return Global Fixed Income term. The fund will seek to achieve this primarily through long and short It is understood that under the current
Fund positions in a portfolio of global investment grade, sub investment grade debt, Luxembourg regulation a fund may invest
currency instruments, cash and Money Market Instruments. As this fund may not more than 10% of its net assets in
invest globally, it may be exposed to countries considered to be emerging unlisted securities not dealt on a Regulated
markets (including Russia). Less than 20% of the fund’s net assets will be Market. Some investments in Russian
exposed to collateralised and securitised debt securities. securities may be considered as falling
The fund may also invest its net assets directly in onshore China fixed income under such limit.
securities listed or traded on any Eligible Market in China. The fund may also The fund may directly invest in onshore
invest in offshore China fixed income instruments including, but not limited to, China fixed income securities listed or
dim sum bonds. traded on Eligible Markets in China through
The fund is actively managed and references the ICE BofA 0-3 Month US the QFII status of FIL Investment
Treasury Bill Index (the “Index”) by seeking to outperform it. Management (Hong Kong) Limited, the
The Investment Manager has full discretion over the composition of the China Interbank Bond Market scheme
fund’s portfolio and is not constrained in any way by the Index. There are and/or via any other permissible means
no restrictions on the extent to which the fund’s performance may deviate available to the fund under prevailing laws
from that of the Index. and regulations.

The largest ten holdings/securities held in the fund’s portfolio may account for The fund will invest less than 30% of its net
50% or more of the fund’s net asset value, resulting in a reasonably assets directly and/or indirectly in onshore
concentrated portfolio. China fixed income securities, which may
include urban investment bonds, on an
Portfolio Information: aggregated basis. “Eligible Market in China”
The fund may use financial derivative instruments, including complex financial refers to the Shanghai Stock Exchange, the
derivative instruments or strategies, to meet the investment objectives of the Shenzhen Stock Exchange or the mainland
fund. The types of financial derivative instrument that will be used include, China interbank bond market, as the case
futures, forwards, swaps (such as interest rate, credit default, inflation index, may be.
and total return swaps), options, swaptions, and credit and equity linked notes. Less than 30% of the fund’s total net assets
Derivatives are used to achieve indirect exposure to the main assets listed will be invested in hybrids and CoCos, with
above, to generate additional capital in line with the fund's risk profile or with less than 20% of the total net assets to be
the aim of risk or cost reduction. The fund may invest in hybrids and CoCos, invested in CoCos.
as well as in other subordinated financial debt and preference shares.
The fund will invest less than 30% of its net
assets in credit linked notes and less than
10% of its net assets in equity linked notes.
Global Exposure:
The global exposure of the fund is
calculated using the absolute VaR
approach, which is limited to 10%.
The expected level of leverage for
investment-related activity is 650% and the
expected level of leverage arising from
hedged share class activity is 150%, for a
total of 800%. The fund’s leverage may
increase to higher levels, including in
atypical market conditions; however, it is not
expected to exceed 1050% of the Net Asset
Value of the fund.

1.5. Additional Information

Mauritian Subsidiary:
Fidelity Funds may invest in the Indian securities market directly or through a wholly-owned Mauritian subsidiary
(the ’Subsidiary’). The Subsidiary is incorporated as a private company limited by shares under the laws of Mauritius, under
the name of FIL Investments (Mauritius) Limited (formerly Fid Funds (Mauritius) Limited). The shares of the Subsidiary are
only registered shares. The Subsidiary has initially received from the Financial Services Commission of Mauritius a Category
1 Global Business Licence. On 31 January 2013, the Financial Services Commission of Mauritius has authorised conversion
of this license to an Investment Holding company. Effective 1 January 2014, FIL Investment Management (Singapore)
Limited has entered into an Investment Management Agreement with the Subsidiary. Pursuant to this agreement,
FIL Investment Management (Singapore) Limited provides investment advisory and management services to the Subsidiary.
FIL Investments (Mauritius) Limited has renewed on 25 February 2019, its approval from the Securities and Exchange Board
of India (‘SEBI’) to invest in India as a Foreign Portfolio Investor (“FPI”) under Indian law. FIL Investments (Mauritius) Limited
is registered under the registration number INMUFP037316 and has been granted approval to invest in Indian securities.
The Subsidiary’s board of directors is as follows: Simon Fraser, Nishith Gandhi, Bashir Nabeebokus, Rooksana Bibi
Sahabally-Coowar and Jon Skillman.
The auditor of the Subsidiary is Deloitte Mauritius.
Designated Bank – Mauritius
Under the terms set forth by the Financial Services Commission of Mauritius, the Subsidiary must make all investments held
outside of Mauritius through a bank account maintained in Mauritius. The Subsidiary holds a bank account for this purpose
with HSBC Bank (Mauritius) Limited, Offshore Banking Unit, Mauritius.
Designated Bank – India

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Part I Fund Information

Under Indian law, the Subsidiary, as a non-Indian foreign investor, must use a designated remitting bank in India for all cash
transfers into and out of India. This remitting bank may have certain reporting requirements to the RBI with regard to the
handling of such transactions. The Subsidiary has appointed Citibank N.A. as its remitting bank in India.
This structure shall not prevent the Depositary from carrying out its legal duties.
Local Mauritian Administrator
The Subsidiary has appointed IQ EQ Services (Mauritius) Ltd to act as administrator, secretary and registrar to the
Subsidiary.
In respect of the Fund’s audited annual and unaudited semi-annual reports, the financial results of the Subsidiary are
consolidated with the financial results of the Fund. For the purpose of the investment restrictions set forth in the Prospectus,
the consolidated investments of the Fund and the Subsidiary are considered.
The Subsidiary incurs and pays certain fees and expenses relating to its investment activity in Indian securities. These fees
and expenses include brokerage costs and commissions, transaction costs associated with converting currency to and from
Indian Rupee from and to US Dollars, fees incurred by its standing proxy, corporate and registration fees and taxes
associated with the establishment and operation of the Subsidiary.
Any expenditure which is considered as capital in nature is not allowable for tax purposes.
The following is a summary of certain tax matters relating to the Fund and the Subsidiary. The summary is based upon
advice received by the Fund and the Subsidiary from advisers in India and Mauritius at the date of the Prospectus regarding
the current tax laws in India and Mauritius, the Tax Treaty and the prevailing practices of the relevant tax authorities, all of
which are subject to change. Any such change could increase the taxes paid by the Fund or the Subsidiary and adversely
affect the Fund’s returns. The Fund and its advisors are not liable for any loss which may arise for a Shareholder as result
of any change of the applicable tax laws or change in the interpretation by the Courts/tax authorities.

India
Tax implications – Subsidiary investing in India
The taxation of the Subsidiary in India is governed by the provisions of the Indian Income-tax Act, 1961 (ITA), read with the
provisions of the Double Taxation Avoidance Agreement (DTAA) between India and Mauritius (Mauritius Treaty).
1. Taxability under the ITA:
a) Dividend:
Earlier,Indian companies declaring, distributing or paying dividends were required to pay Dividend Distribution
Tax (“DDT”) at an effective tax rate of 20.56% (including surcharge and education cess) on the dividend amount
and such dividend income was exempt in the hands of the Subsidiary.

b) However, with effect from April 1, 2020 dividends declared, distributed or paid by Indian companies are not
subject to payment of DDT and such dividends are taxable in the hands of the Subsidiary at an effective tax rate
of 21.84% as per section 115AD of the ITA. Indian companies will be required to withhold necessary taxes before
paying the dividend amount to the Subsidiary. Capital gains (other than gains on buy-back of shares):
Securities held by the Subsidiary in accordance with the applicable FPI regulations in India are regarded as
“capital assets’. Hence, the gains earned by the Subsidiary on disposal of its investments in India are
characterised as capital gains.
Depending on the period for which the securities are held, the gains would be taxable as short-term or long-term
capital gains.

Type of instrument Period of holding Characterization

Listed securities (other than units) / unit of More than 12 months Long Term Capital Asset
equity oriented fund/ unit of Unit Trust of India/ 12 months or less Short Term Capital Asset
zero coupon bond

Unlisted shares (including those offered More than 24 months Long Term Capital Asset
through offer for sale as part of an initial public 24 months or less Short Term Capital Asset
offer)

Other securities (unit of a non-equity oriented More than 36 months Long Term Capital Asset
fund / listed units of business trusts (REITs /
InvITs / any other unlisted securities) 36 months or less Short Term Capital Asset

Capital gains earned by the Subsidiary are taxable at the following rates:

Nature of
Highest Effective Tax Rates for FYE 31 March 2022
Income

Listed Equity/Units of
Listed Equity/Units of equity Debt securities/Units
equity oriented Mutual
oriented Mutual Fund /units of Mutual Fund
Capital Gains Fund/units of Futures & Options
of Business Trust (other than equity
Business Trust
(Subject to STT) oriented)
(not subject to STT)

10.92% on income 10.92% 10.92% Not applicable

Long Term
exceeding INR 0.1 million

Short Term 16.38% 32.76% 32.76% 32.76%

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Part I Fund Information

• While computing long-term capital gains, the Finance Act 2018 has provided grand fathering for gains accrued
on listed shares held as on 31 January 2018, by rebasing the cost to higher of: Actual cost of acquisition; and
• Lower of:
o Fair market value as on 31 January 2018; and
o Value of consideration received upon transfer.
c) Capital gains on buy-back of shares:
Gains arising on buy-back of shares are exempt from tax in the hands of the shareholders. A distribution tax of
23.30% is payable by the Indian company undertaking the buy-back of shares on the difference between the
consideration paid by such company on buy-back and the amount received by the company at the time of issue
of such shares.
d) Interest:
Income received in respect of securities (other than dividend income but could include interest received in
respect of securities) would be taxable at 5.46% (if certain conditions are satisfied) or 21.84%. Capital gains
from Foreign Currency Convertible Bonds (“FCCB”), ADRs and GDRs:
Capital gain arising from transfer of FCCBs, ADRs and GDRs outside India between two non-resident investors
should generally not be subject to tax in India.
e) Transactions under the Securities Lending and Borrowing (SLB) scheme:
Any transfer in the scheme of lending and borrowing of securities which is subject to guidelines prescribed by
the SEBI or RBI is not regarded as ‘transfer’ under the relevant provisions of the ITA. Further, such transactions
are not liable to STT. Gains earned from short sale and re-purchase of securities could be regarded as ‘capital
gains’ or ‘business income’ and taxed accordingly.
If the Fund lends security under the SLB scheme, the lending fee received by the Fund may be regarded as
‘business income’ or ‘income from other sources’ (taxable at 43.68. One could argue that the same should be
nonetheless, regarded as ‘income in respect of securities’, taxable at the rate of 21.84% under the special tax
regime applicable to FPIs.
g) Minimum Alternate tax (MAT)
The Indian Income-tax provisions require companies to pay a Minimum Alternate Tax (MAT) calculated at
16.38% of their “book profits”, in the event that the tax payable by them under normal provisions of the domestic
tax law is less than the MAT so calculated.
In computing ‘book profits’, amongst others, any income in the form of capital gains and interest earned by a
foreign company, are excluded if the tax payable on such income is lower than the MAT rate. Further, the MAT
does not apply to foreign companies, if:
• the foreign company is a resident of a country with whom India has a Treaty and the foreign company does
not have a permanent establishment in India; or
• the foreign company is a resident of a country with whom India does not have a Treaty and is not required
to seek registration under any law in respect of companies.
2. Taxability under the Mauritius Tax Treaty:
a) Capital gains:
As per the Mauritius Tax Treaty, capital gains arising from alienation of shares in companies resident of
India are taxable in India except where the shares are acquired prior to 1 April 2017, in which case such
gains are not taxable in India.
b) Dividend:
As per Article 10 of the Mauritius Tax Treaty, dividend is taxable at the rate of 15% provided the Subsidiary
is the “beneficial owner” of such dividend income.
c) Interest:
Interest received in India by the Subsidiary shall be taxable at the rate of 7.5% under the Mauritius Tax
Treaty, if the beneficial owner of interest is a resident of Mauritius.
d) Business Income:
Any income chargeable as business income is not liable to tax in India as per Article 7(1) of the Mauritius
Tax Treaty if the Subsidiary does not have a Permanent Establishment in India.
e) Other Income:
Any income chargeable as other income is liable to tax in India as per Article 22(1) of the Mauritius Tax
Treaty.
Notes
1. The above rates of tax are considered as per the Finance Act 2021. These rates would apply where taxable income
exceeds Rs.100 million, and is inclusive of surcharge of 5% and education cess of 4%. The surcharge of 5% would
get reduced to 2% where the taxable income exceeds Rs.10 million but does not exceed Rs.100 million. The surcharge
of 2% would not apply where the taxable income does not exceed Rs.10 million.
2. In order to avail Mauritius Tax Treaty benefits, the subsidiary is required to maintain documents such as Tax Residency
Certificate issued by the Mauritius Revenue Authorities and Form No.10F.
3. Benefits under the Mauritius Tax Treaty are subject to the provisions of General Anti Avoidance Rules (GAAR), which
are discussed separately.

Prospectus: Fidelity Funds 144 January 2022

Part I Fund Information

Securities Transaction Tax

Securities transaction tax (STT) is payable on purchase or sale of securities being equity shares of Indian companies, where
the transaction of purchase or sale is entered into in a recognised Stock Exchange in India. The current STT rates have
been tabulated below.

Taxable Securities Transaction STT rate Payable by

Delivery basis Purchase or Sale of equity shares on a recognised stock 0.1% Purchaser and Seller
exchange

Non delivery based sale transaction in equity shares or units of equity 0.025% Seller
oriented Fund entered in a recognised stock exchange

Sale of a Futures in securities 0.01% Seller

Sale of an Option in securities, where option is exercised 0.125%* Buyer

Sale of an Options in securities 0.017% Seller

Sale of a unit of equity oriented fund to the mutual fund 0.001% Seller

Sale of unlisted shares under an offer for sale 0.2% Seller

Sale of unlisted units of business trust under an offer for sale 0.2% Seller
* 0.125% of intrinsic value (i.e., difference between settlement price and strike price)

Stamp duty
The Finance Act, 2019 has made amendments in Indian Stamp Act, 1899 (effective from July 1, 2020) to bring uniformity
and affordability of stamp duty on securities across States and thereby build a pan-India securities market. Further, it has
designated stock exchanges and depositories to collect stamp duty on such securities.

As per the amendment, all issuance and transfers of securities should be subject to stamp duty (i.e. exemption on transfer
of dematerialized securities to be removed) and should be calculated on an ad valorem basis on: (i) actual trade price for
listed securities; or (ii) price identified in instrument of transfer.

The amended stamp duty rate as per the Indian Stamp Act, 1899 on transfer of shares are as below:

Particulars Amended Rates (As per Indian Leviable on

Stamp Act)

0.015 % (through stock exchange - leviable Market Value

On delivery basis
on buyer; Otherwise - Seller)

0.003 % (through stock exchange - leviable Market Value

On non-delivery basis
on buyer; Otherwise - Seller)

Tax implications – the Fund investing directly in India

The taxability of the income (dividend, capital gains and interest) earned by the Fund if it invested directly from Luxembourg
in India, shall be same as discussed in point no. 1, under the heading “Taxability under the ITA”, above. In addition, the Fund
shall be liable to pay STT and Stamp duty at the rates mentioned under the heading STT and Stamp duty above.
Further, since the Fund is a SICAV, it is not eligible to claim benefits available under the India – Luxembourg Tax Treaty.

Other relevant tax considerations

GAAR
The GAAR provisions are effective from April 1, 2017.
GAAR may be invoked by the Indian tax authorities in case arrangements are found to be impermissible tax avoidance
arrangements. A transaction can be declared as an impermissible tax avoidance arrangement, if the main purpose of the
arrangement is to obtain a tax benefit and which also satisfies at least one of the four tests mentioned below:
(a) Creates rights or obligations which are ordinarily not created between parties dealing at arm’s length;
(b) It results in directly / indirectly misuse or abuse of the ITA;
(c) It lacks commercial substance or is deemed to lack commercial substance in whole or in part; or
(d) It is entered into or carried out in a manner, which is not normally employed for bona fide business purposes.
In such cases, the Indian tax authorities are empowered to deny the benefits under a tax treaty, re-allocate the income from
such arrangement, or re-characterize or disregard the arrangement. Some of the illustrative powers are:
(a) Disregarding or combining or re-characterizing any step of the arrangement or party to the arrangement;
(b) Ignoring the arrangement for the purpose of taxation law;
(c) Relocating place of residence of a party, or location of a transaction or situs of an asset to a place other than provided
in the arrangement;
(d) Looking through the arrangement by disregarding any corporate structure; or

Prospectus: Fidelity Funds 145 January 2022

Part I Fund Information

(e) Re-characterizing equity into debt, capital into revenue, etc.

The above terms should be read in context of the definitions provided under the ITA. Further, the onus to prove that the main
purpose of an arrangement was not to obtain any tax benefit is on the taxpayer. The GAAR provisions, if invoked, could
result in denial of the beneficial provisions of the Tax Treaty.
The IT Rules have come out with few exceptions where the provisions of GAAR shall not apply. A summary of the key
exceptions for application of GAAR provisions as provided under the IT Rules, are set out below:
(a) Monetary Threshold Exemption
The GAAR provisions should apply only where the tax benefit (to all the parties in aggregate) from an arrangement
in a relevant year exceeds INR 30,000,000.
(b) Exemption to FPIs and P-Note holders
• SEBI-registered FPIs are excluded from applicability of GAAR provisions if they do not avail benefits under
a tax treaty entered into by India.
• Investments in FPIs made by non-resident investors by way of offshore derivative instruments or otherwise,
directly or indirectly, are excluded from the ambit of the GAAR provisions.
(c) Grandfathered income
The GAAR provisions should not apply to any income accruing or arising to, or deemed to accrue or arise to, or
received or deemed to be received by, any person from transfer of investments made before 1 April 2017.

Offshore transfers
Under the ITA, shares or interest in a company or entity registered or incorporated outside India would be deemed to be
situated in India if the shares or interest derive, directly or indirectly, value substantially from assets located in India.
Indirect transfer provisions were inapplicable with respect to investments held directly or indirectly by non-residents in
Category I and Category II FPIs registered under the erstwhile Securities and Exchange Board of India (FPI) Regulations,
2014. However, the said FPI Regulations was repealed on September 23, 2019 and replaced with the SEBI (FPI)
Regulations, 2019. With this change, the ITA has been subsequently amended, to clarify that the offshore transfer tax
provisions are inapplicable to Category-I FPIs registered with SEBI under the SEBI (Foreign Portfolio Investors) Regulations,
2019.
Subsidiary and the Fund are registered as Category I FPIs under the SEBI (FPI) Regulations 2019 Thus, transfer or
redemption or buyback of shares held by the investors directly or indirectly in Subsidiary and the Fund shall not be subject
to such tax in India.

Deemed income on investment in any shares / securities of Indian Portfolio Company

As per section 56(2)(x) of the ITA, where any person receives any shares and securities from any person for a consideration
which is lower than the Fair Market Value (‘FMV’) by more than INR 0.05 million, then the difference between the FMV and
consideration shall be taxable in the hands of acquirer as ‘Income from other sources’. The rules for determining the fair
market value of shares and securities have been prescribed under the Income Tax Rules,1962.

Multilateral Instrument (“MLI”) to implement Tax Treaty related measures to prevent Base Erosion and Profit Shifting
(“BEPS”)
As a part of its BEPS initiative, the Organisation of Economic Co-operation and Development (“OECD”) released the MLI.
The MLI, amongst others, includes a "principal purpose test", wherein Tax Treaty benefits can be denied if one of the principal
purpose of an arrangement or a transaction is to, directly or indirectly, obtain tax benefit. While India and Mauritius have
signed the MLI, Mauritius has not included its tax treaty with India in the list Covered Tax Agreement (“CTA”) notification
submitted with OECD. Owing to this exclusion by Mauritius, at present, the terms of MLI shall not apply to tax residents of
Mauritius. The press release issued by OECD suggests that Mauritius will have a bilateral discussion with countries not
covered by the MLI to implement the BEPS minimum standards. The tax position in relation to MLI will have to be reviewed
in light of developments in this context.

Mauritius
The Subsidiary has initially been incorporated as a Category 1 Global Business Company. The Financial Services Development
Act 2001 has been repealed and replaced by the Financial Services Act 2007 (FSA). The FSA has simplified the regulatory
regime and consolidated the legislative framework of the global business sector.
As it is now, the Subsidiary will be subject to tax at 15% and may either claim credit for actual foreign taxes suffered on its
foreign income or otherwise claim a presumed credit equivalent to 80% of the Mauritius tax payable on its foreign source
income, whichever is the higher. The foreign tax credit is restricted to the Mauritius tax liability. Hence, the Subsidiary will be
subject to tax at the maximum effective rate of 3% and, where the actual foreign tax suffered is greater than 15%, the
Mauritius tax liability will be reduced to nil. Under the Mauritius Income Tax Act 1995, gains arising from the sale of shares
or securities of a GBC 1 are exempt from income tax. However, expenses directly attributable to the exempt income will be
disallowed for tax purposes. Common expenses indirectly attributable to exempt income should be disallowed to the extent
that the proportion of exempt to total taxable and exempt income is more than 10%.
There has been a major change in the tax and regulatory regime for global business companies in Mauritius.
As per the new regulations provided under the Financial Services Act, as from 1 January 2019, a Global Business Licence
company (“GBL”) should, at all times:
• Carry out its core income generating activities in, or from Mauritius as required by the Income Tax Act, by:
o Employing, directly or indirectly, a reasonable number of suitably qualified persons to carry out the core
activities; and

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Part I Fund Information

o Having a minimum level of expenditure, which is proportionate to its level of activities.

• Be managed and controlled from Mauritius; and
• Be administered by a management company.
In determining whether a holder of a Global Business Licence is managed and controlled from Mauritius, the GBL company
should comply with the below substance requirements.
Determination of management and control in Mauritius
• The corporation shall have or has at least 2 directors, resident in Mauritius, who are appropriately qualified and are of
sufficient calibre to exercise independence of mind and judgement.
• The corporation shall maintain or is maintaining at all times its principal bank account in Mauritius.
• The corporation shall keep and maintain, at all times, its accounting records at its registered office in Mauritius.
• The corporation shall prepare its statutory financial statements and causes or proposes to have such financial
statements to be audited in Mauritius.
• The corporation shall provide for meetings of directors to include at least 2 directors from Mauritius.
The 80% deemed foreign tax credit (“FTC”) available to GBC1 companies has phased out as from 1 January 2019. The
GBC 1 is still able to benefit from the 80% deemed FTC during the grandfathering period. GBC 1 licences issued before 16
October 2017 will be grandfathered up to 30 June 2021. Licences issued after 16 October 2017 are now required to abide
by the new tax regime. After the end of the transitional period, existing GBC1 will be renamed as Global Business Licence
(“GBL”). No conversion will be required. The Subsidiary falls under the grandfathering period and is therefore able to benefit
from the 80% deemed FTC until 30 June 2021.
After the grandfathering period, an 80% partial exemption regime will be introduced on GBL companies on specified income
(amongst others) as follows:
• Foreign dividend, subject to amount not allowed as deduction in source country.
• Interest income.
• Profit attributable to a permanent establishment of a resident company in a foreign country.
• Foreign source income derived by a Collective Investment Scheme (“CIS”), Closed End Funds, CIS manager, CIS
administrator, investment adviser or asset manager licensed or approved by the Financial Services Commission.
• Income derived by companies engaged in ship and aircraft leasing.
Note that no actual foreign tax credit is allowed on foreign source income if the GBL company has claimed the 80%
exemption. According to the Income Tax Act 1995, additional substance requirements are needed if a company claims the
80% on the specific income streams.
Dividends paid by the Subsidiary to its parent company are not subject to any tax in Mauritius. Also, Mauritius does not tax capital
gains and therefore gains resulting from disposal by the Subsidiary of its investments in India will not be subject to tax in Mauritius.
A certificate of Mauritian tax residence has been provided by the Director General, Mauritius Revenue Authority (MRA) in
respect of the Subsidiary. Accordingly, the Subsidiary qualifies as a resident of Mauritius for the purposes of the Treaty.
On this basis the Subsidiary should continue to be entitled to certain reliefs from Indian tax under the Mauritius/India Tax
Treaty (see ‘India’ Taxation above).

Fidelity Funds – Taiwan Fund

Foreign investment made directly into Taiwan is permitted under the Regulations Governing Investments in Securities by
Overseas Chinese and Foreign Nationals and Relevant Foreign Exchange Settlement Procedures (‘Regulations’). The QFII
system was abolished and foreigners need not to be ‘qualified’ in order to buy and sell ROC listed equities, as long as they
register with Taiwan Stock Exchange and obtain an investment ID as Foreign Institutional Investors (‘FINI’) (such as
institutional funds or corporate) or overseas Chinese and Foreign Individual Investors (‘FIDI’). So far, except for certain
investment threshold limitation in the restricted industries, such as Postal Service Business, there should be no more
investment quota applicable to FINI. For not listed securities, the foreigner needs to obtain the Foreigner Investment Approval
from the Investment commission.

Fidelity Funds – EURO STOXX 50® Fund

This section provides additional information on the fund and the EURO STOXX 50® Index (the “Index”).
The Index represents the performance of the 50 largest companies among the 19 super-sectors 1 in terms of free-float market cap
in 11 Eurozone countries. These countries include Austria, Belgium, Finland, France, Germany, Luxembourg, Ireland, Italy, the
Netherlands, Portugal and Spain. The Index has a fixed number of components and is part of the STOXX blue-chip index family.
The Index captures about 60% of the free-float market cap of the EURO STOXX Total Market Index (TMI).
Due to the concentrated nature of the Index, it will not at all times of the cycle fully represent the broader market, as it may
have a bias in terms of sectors, countries, cyclicality, style etc. The Index is weighted based on free float market capitalisation
subject to a cap of 10% for any individual constituent. Investors may obtain the latest Index information (including the Index
constituents and their respective weightings), detailed information on the Index methodology (including the calculation
formula), and other important news of the Index at the website of the index provider, https://www.stoxx.com/index-
details?symbol=sx5e *.
The Investment Manager is independent of the Index provider, STOXX Limited. Investors should note that the composition
of the Index may change from time to time and current constituent securities of the Index may be delisted and other securities

1 This is determined by the Industry Classification Benchmark (“ICB”), which is an industry classification taxonomy used to segregate markets into sectors within the
macroeconomy.
* Please refer to the tab “Data/Component Information” for information on the remaining Index constituents and their respective weightings.

Prospectus: Fidelity Funds 147 January 2022

Part I Fund Information

added to form part of the Index. The accuracy and completeness of the calculation of the Index may be affected if there is
any problem with the system for the computation and/or compilation of the Index.
Subject to the investment restrictions applicable to the fund as described in part V of the Prospectus, the objective of the
fund is to track the performance of the Index thereby seeking to achieve long term capital growth. However, there is no
assurance that the performance of the fund will be the same as the performance of the Index. The fund aims to use a
replication strategy and hold all securities that represent the Index but as the breakdown of the Index will vary according to
movements of the stock market, the fund may not be able to fully track the Index at all times and this may result in tracking
error. Tracking error may also result due to fees and charges and volatility of the constituent securities. To minimise tracking
error and reduce transaction costs, the fund will invest in futures on the Index subject to the restrictions set forth in part V of
the Prospectus. Given the nature and objective of the fund, it may not be able to adapt to market changes and any fall in the
Index is expected to result in a corresponding fall in the value of the fund. In the event that the Index ceases to be operated
or is not available, the Directors will consider whether the fund should maintain its current structure until such time as the
Index is made available again or change its objective to track another index with similar characteristics of the Index.

STOXX and its licensors (the "Licensors") have no relationship to Fidelity Funds, other than the licensing of EURO
STOXX 50® and the related trademarks for use in connection with Fidelity Funds – EURO STOXX 50® Fund, the (“fund”).
STOXX and its Licensors do not:
• Sponsor, endorse, sell or promote the fund.
• Recommend that any person invest in the fund or any other securities.
• Have any responsibility or liability for or make any decisions about the timing, amount or
pricing of the fund.
• Have any responsibility or liability for the administration, management or marketing of the
fund.
• Consider the needs of the fund or the owners of the fund in determining, composing or
calculating the (relevant index) or have any obligation to do so.

German Investment Fund Tax Act

Since 1 January 2018 a new version of the German Investment Fund Tax Act (“German ITA”) applies to taxation at fund level
as well as to taxation at investor level. One of the major new elements, the so-called “partial tax exemption”, provides for
tiered rates of German tax relief at investor level upon taxable income derived from German or foreign funds. The scope of
relief depends on both the investor category (e.g. private individual investor or corporate investor) as well as the category of
fund (e.g. “equity fund” or “mixed fund” both as defined by the German ITA). In order to be considered an equity fund or
mixed fund - and therefore in order to enable the investor to benefit from partial tax relief - a UCITS investment fund must
comply with certain minimum investment ratios in “equity participations” (as defined in section 2 sub-section 8 of the German
ITA) on a permanent basis. All funds qualifying for the “equity fund” or “mixed fund” status are disclosed in Appendix IV, “List
of funds qualifying as “Equity fund” or “Mixed fund” for German tax purposes from 2018” of the Prospectus. The scope of
“equity participations” held in the portfolio of a fund will be monitored on an ongoing basis. Changes in the composition of the
portfolio which constitute a major infringement of the minimum investment ratios will trigger disclosure and notification
consequences.

EU Benchmark Regulation
Certain funds may use benchmarks within the meaning of the Regulation (EU) 2016/1011 of the European Parliament and
of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure
the performance of investment funds, as may be amended or supplemented from time to time (the “EU Benchmark
Regulation”).
The benchmarks used by the funds are provided by administrators which are listed in the register referred to in article 36 of
the EU Benchmark Regulation.
In accordance with the EU Benchmark Regulation, the Fund and the Management Company maintain an index contingency
plan setting out the actions to be taken in the event that any benchmark used in relation to the funds materially changes or
ceases to be provided (the “Contingency Plan”). Shareholders may access the Contingency Plan free of charge upon
request at the registered office of the Fund.

Prospectus: Fidelity Funds 148 January 2022

Part II Classes of Shares and Share Dealing

PART II
2. Classes of Shares and Share Dealing
2.1. Classes of Shares
The Board may decide at any time to create within each fund different classes of Shares whose assets will be commonly
invested pursuant to the specific investment policy of the relevant fund, but where a specific fee structure, or other specific
features may apply according to the characteristics of each class of Share listed below. Additionally, classes of Shares may
be created in Australian Dollar, Canadian Dollar, Chinese Renminbi, Czech Koruna, Euro, Hong Kong Dollar, Hungarian
Forint, Japanese Yen, New Taiwan Dollar, New Zealand Dollar, Norwegian Krone, Polish Zloty, Singapore Dollar, South
Korean Won, Sterling, Swedish Krona, Swiss Francs, US Dollar, or any other freely convertible currency.
Each class of Shares is represented by a code composed by one indicator (the “Class Indicator”) and one or several sub-
indicators defined below (the “Class Sub-Indicators”). Each Class Sub-Indicator represents a specific characteristic and
several Class Sub-Indicators may be combined in order to determine the features of a class of Shares.
A detailed list of Share classes available as at the time of the Prospectus can be found in Appendix II, “List of Share Classes”
of the Prospectus. Such list may be updated from time to time. A complete list of all available Share classes may be obtained,
free of charge and upon request, from the registered office of the Fund in Luxembourg.
The Management Company may, at any time, offer existing classes of Shares through different distribution channels in
different countries.
The Board shall update the relevant country specific information with the addition of existing classes of Shares in order to
conform to local law, custom, business practice or any other reason.

2.1.1 List of the Class Indicators and their related features

Class A Shares

Funds offering Minimum Subsequent Initial Redemption/ Management Distribution

A Shares Investment* Investment* Charge3,4 Sales Exit Fee3 Fee Fee

Asset Allocation Funds USD 6,000 USD 1,500 Up to 5.25% 0% Up to 1.50% n/a

Bond Funds USD 2,500 2

USD 1,000 Up to 3.5% 0% Up to 1.50% n/a

Cash Funds USD 2,500 USD 1,000 0% 0% Up to 1.50% n/a

Reserved Funds USD 500,000 USD 100,000 0% 0% Up to 1.50% n/a

Systematic Multi Asset 0% Up to 1.50% n/a

USD 6,000 USD 1,500 Up to 5.25%
Risk Targeted Funds

Absolute Return Funds USD 2,500 USD 1,000 Up to 5.25% 0% Up to 1.50% n/a

All other Fund ranges

USD 2,500 USD 1,000 Up to 5.25% 0% Up to 1.50% n/a
as applicable
2
Exceptions: Class A Shares of Fidelity Funds – Global Hybrids Bond Fund have a minimum investment amount of USD 10,000.
3
Exceptions: All Class A Shares of Fidelity Funds - Multi Asset Target Income 2024 Fund have an initial charge of up to 3.00% of the Net Asset
Value per Share. A redemption fee of 1% of the Net Asset Value per Share will be applied to redemptions in Fidelity Funds - Multi Asset Target
Income 2024 Fund except for the last calendar month before maturity (22 April 2024 - 22 May 2024) where the 1% redemption or switching fee
is waived.
At the discretion of the General Distributor such redemption fee may revert to the funds. This shall compensate or at least reduce any potential
adverse effect on remaining Shareholders due to a decrease in value of the holdings of the funds as a result of the costs incurred in the sale of
the funds’ investments to meeting the redemption, including stamp duty and any difference between the buying and selling price of such
investments.
4
Exception: Class Fidelity Rentenanlage Klassik A-Euro (hedged) of Fidelity Funds - Sustainable Strategic Bond Fund has an initial charge of up
to 2.50% of the Net Asset Value per Share.
* or the equivalent in any major freely convertible currency of the amounts specified.

The annual management fee rate per class A Share, as currently applied, is disclosed in Appendix II, “List of Share Classes”
of the Prospectus.
Some classes of Shares having the same characteristics as class A Shares may be registered and offered in Singapore for
Central Provident Fund (CPF) investment only, under the label “SR” Shares. No initial charge and a Management Fee up to
1.30% will apply to SR Shares. Also, different minimum investment amounts may apply.

Class C Shares

Minimum Subsequent Redemption/ Management Distribution

Funds offering C Shares Initial Charge
Investment* Investment* Sales Exit Fee Fee Fee

All Fund ranges as

USD 2,500 USD 1,000 0% 0% Up to 1.50% Up to 1.00%
applicable
* or the equivalent in any major freely convertible currency of the amounts specified.

Prospectus: Fidelity Funds 149 January 2022

Part II Classes of Shares and Share Dealing

Class C Shares are subject to an annual distribution fee of up to 1.00% of the Net Asset Value of the relevant class. This fee
is accrued daily and payable quarterly to the General Distributor.
The annual management and annual distribution fee rates per class C Share, as currently applied, are disclosed in Appendix
II, “List of Share Classes” of the Prospectus.

Class D Shares
Class D Shares are available for certain financial intermediaries or institutions in certain countries, or other investors at the
Board’s, the Management Company’s or their delegates’ discretion.

Minimum Subsequent Redemption/ Management Distribution

Funds offering D Shares Initial Charge
Investment* Investment* Sales Exit Fee Fee Fee

Equity Funds USD 2,500 USD 1,000 Up to 4% 0% Up to 1.50% Up to 0.50%

Multi Asset Funds USD 2,500 USD 1,000 Up to 4% 0% Up to 1.50% Up to 0.50%

Bond Funds USD 2,500 USD 1,000 Up to 3% 0% Up to 1.50% Up to 0.50%

Cash Funds USD 2,500 USD 1,000 0% 0% Up to 1.50% n/a

Fidelity Lifestyle Funds USD 2,500 USD 1,000 Up to 4% 0% Up to 1.50% n/a

* or the equivalent in any major freely convertible currency of the amounts specified.

The annual management fee and annual distribution fee rates per class D Share, as currently applied, are disclosed in
Appendix II, “List of Share Classes” of the Prospectus.

Class E Shares

Minimum Subsequent Redemption/ Management Distribution

Funds offering E Shares Initial Charge
Investment* Investment* Sales Exit Fee Fee Fee

All Fund ranges as

USD 2,500 USD 1,000 0% 0% Up to 1.50% Up to 0.75%
applicable
* or the equivalent in any major freely convertible currency of the amounts specified.

Class E Shares are subject to an annual distribution fee (up to 0.75% of the Net Asset Value of the class), which is accrued
daily and payable quarterly to the General Distributor.
The annual management and annual distribution fee rates per class E Share, as currently applied, are disclosed in Appendix
II, “List of Share Classes” of the Prospectus.

Class I Shares
Class I Shares may only be acquired by Institutional Investors who meet the requirements established from time to time by
the General Distributor. The I classes of Shares are designed principally for investment of assets of Institutional Investors
such as pension funds, charities and local government bodies.
The Board may, in its absolute discretion, delay the acceptance of any subscription/purchase for class I Shares until such
date as it has received sufficient evidence of the qualification of the investor as an Institutional Investor. If it appears at any
time that a holder of class I Shares is not an Institutional Investor, the Board will switch such Shares into class A Shares in
the relevant fund (or in another fund with a similar investment policy if the relevant fund does not issue class A Shares)
and notify the relevant Shareholder of such switch.

Minimum Subsequent Redemption/ Management Distribution

Funds offering I Shares Initial Charge
Investment*1 Investment* Sales Exit Fee Fee Fee

All Fund ranges as

USD 10,000,000 USD 100,000 0% 0% Up to 0.80% n/a
applicable

Absolute Return Funds USD 10,000,000 USD 100,000 0% 0% Up to 0.80% n/a

* or the equivalent in any major freely convertible currency of the amounts specified.

The annual management fee rate per class I Share, as currently applied, is disclosed in Appendix II, “List of Share Classes”
of the Prospectus.
Some classes of Shares having the same characteristics as class I Shares may be offered in certain jurisdictions and for
certain investors under the label “S” Shares.

Class J Shares

Minimum Subsequent Redemption/ Management Distribution

Funds offering J Shares Initial Charge
Investment* Investment* Sales Exit Fee Fee Fee

All Fund ranges as

USD 500,000 USD 100,000 0% 0% Up to 1.50% n/a
applicable
* or the equivalent in any major freely convertible currency of the amounts specified.

The annual management fee rate per class J Share, as currently applied, is disclosed in Appendix II, “List of Share Classes”
of the Prospectus.

Prospectus: Fidelity Funds 150 January 2022

Part II Classes of Shares and Share Dealing

Class P Shares
The class P Shares may only be acquired by Institutional Investors who meet the requirements established from time to time
by the General Distributor. The P classes of Shares are designed only for investment of assets of pension funds or for
pension related investments.
Class P Shares are not available through clearing houses.

Minimum Subsequent Redemption/ Management Distribution

Funds offering P Shares Initial Charge
Investment* Investment* Sales Exit Fee Fee Fee

Funds offering SE Minimum Subsequent Redemption/ Management Distribution

Initial Charge
Shares Investment* Investment* Sales Exit Fee Fee Fee

All Fund ranges as

USD 30,000,000 USD 100,000 n/a up to 1.00% Up to 0.80% n/a
applicable

* or the equivalent in any major freely convertible currency of the amounts specified.

The maximum annual management fee rate per class SE Shares, as currently applied, is disclosed in Appendix II “List of
Share Classes” of the Prospectus.
Class SE Shares held without approval will be redeemed.
The annual management fee shall be applicable to Class SE Shares for a period of 18 months (or for a longer period at the
Management Company’s or General Distributor’s discretion as notified to Shareholders) after the launch date of the relevant
fund. Following the expiry of that period, Class SE Shares are subject to fees agreed between the Management Company
and the relevant Shareholders, which will not be greater than the annual management fee specified for the corresponding
Class I Shares of the relevant fund.

Class X Shares
Class X Shares are subject to an alternative charging structure, whereby a fee covering the annual management fee, is
levied and collected by the Management Company or a Connected Person directly from the Investors who are clients of
Fidelity International and who enter into specific agreement with the Management Company or a Connected Person. No
annual management fee will therefore be payable in respect of Class X Shares out of the net assets of the relevant fund.
Class X Shares will bear their pro-rata share of the fees payable to the Depositary as well as of other charges and expenses
as further described in section ‘General Information on Charges and Expenses’.
Class X Shares may only be acquired by Investors who meet the requirements established from time to time by the General
Distributor or at the Management Company’s discretion.

Funds offering X Minimum Subsequent Redemption/ Management Distribution

Initial Charge
Shares Investment* Investment* Sales Exit Fee Fee Fee

All Fund ranges as Available on

USD 100,000 0% 0% 0% 0%
applicable application

* or the equivalent in any major freely convertible currency of the amounts specified.

Class Y Shares
Class Y Shares are available to:
- certain financial intermediaries or institutions for their investment services, which are exclusively remunerated by their
clients, and either have separate fee based advisory arrangements with their clients or provide independent advice or
discretionary portfolio management;
- other investors or intermediaries at the Board’s, the Management Company’s or their delegates’ discretion.
Minimum Subsequent Redemption/ Management Distribution
Funds offering Y Shares Initial Charge
Investment*2 Investment* Sales Exit Fee1 Fee Fee

All Fund ranges as

USD 2,500 USD 1,000 0% 0% Up to 1.00% n/a
applicable
Absolute Return Funds USD 2,500 USD 1,000 0% 0% Up to 0.80% n/a

1
Exceptions:
A redemption fee of 1% of the Net Asset Value per Share will be applied to redemptions in Fidelity Funds - Multi Asset Target Income 2024 Fund, except
for the last calendar month before maturity (22 April 2024 - 22 May 2024) where the 1% redemption or switching fee is waived.
At the discretion of the General Distributor such redemption fee may revert to the funds. This shall compensate or at least reduce any potential adverse
effect on remaining Shareholders due to a decrease in value of the holdings of the funds as a result of the costs incurred in the sale of the funds’ investments
to meeting the redemption, including stamp duty and any difference between the buying and selling price of such investments.
2
Exceptions: Class Y Shares of Fidelity Funds – Global Hybrids Bond Fund have a minimum investment amount of USD 10,000.
* or the equivalent in any major freely convertible currency of the amounts specified. Distributors may apply different minimum amounts.

The annual management fee rate per class Y Share, as currently applied, is disclosed in Appendix II, “List of Share Classes”
of the Prospectus.

Class W Shares
Class W Shares are available to:
- certain financial intermediaries or institutions for their investment services, which are exclusively remunerated by their
clients, and either have separate fee based advisory arrangements with their clients or provide independent advice or
discretionary portfolio management;
- other investors or intermediaries at the Board’s, the Management Company’s or their delegates’ discretion.
Distributors may apply different minimum amounts for class W Shares.
In respect of Class W Share classes launched before 1 September 2021:

Prospectus: Fidelity Funds 152 January 2022

Part II Classes of Shares and Share Dealing

Funds offering W Minimum Subsequent Redemption/ Management Distribution

Initial Charge
Shares Investment* Investment* Sales Exit Fee Fee** Fee

All Fund ranges as

USD 2,500 USD 1,000 0% 0% Up to 1.00% n/a
applicable

Absolute Return
USD 2,500 USD 1,000 0% 0% Up to 0.75% n/a
Funds
* or the equivalent in any major freely convertible currency of the amounts specified.
** unless otherwise disclosed elsewhere in this Prospectus.

In respect of Class W Share classes launched after 1 September 2021:

Funds offering W Minimum Subsequent Redemption/ Management Distribution

Initial Charge
Shares Investment* Investment* Sales Exit Fee Fee** Fee

All Fund ranges as

USD 2,500 USD 1,000 0% 0% Up to 1.00% n/a
applicable

Absolute Return
USD 2,500 USD 1,000 0% 0% Up to 0.80% n/a
Funds
* or the equivalent in any major freely convertible currency of the amounts specified.
** unless otherwise disclosed elsewhere in this Prospectus.

The annual management fee rate per class W Share, as currently applied, is disclosed in Appendix II, “List of Share Classes”
of the Prospectus.

2.1.2 List of the Class Sub-Indicators

Class Sub-Indicator Characteristics

(hedged) When included in a class of Shares’ name, indication that such class of Shares is hedged. With
respect to this class of Shares, hedging is used to reduce exposure to currency movements between
the class of Shares’ currency and the Fund’s investments currencies.

([currency pairing]) When included in a class of Shares’ name, indication that such class of Shares is hedged. With
hedged) respect to this class of Shares, forward foreign exchange currency contracts, of a size comparable to
the class of Shares’ Net Asset Value are utilised to reduce exposure to currency movements between
the class of Shares’ currency and the Fund’s Reference Currency.

ACC When included in a class of Shares’ name, indication that such class of Shares is accumulating.

CDIST When included in a class of Shares’ name, indication that such class of Shares is an annually
distributing income and capital class of Shares.

CDIST(G) When included in a class of Shares’ name, indication that such class of Shares is an annually
distributing gross income and capital class of Shares.

GDIST When included in a class of Shares’ name, indication that such class of Shares is an annually
distributing gross income class of Shares.

GMDIST When included in a class of Shares’ name, indication that such class of Shares is a monthly
distributing gross income class of Shares.

HMDIST When included in a class of Shares’ name, indication that such class of Shares is a monthly
distributing net income class of Shares.

HMDIST(G) When included in a class of Shares’ name, indication that such class of Shares is a monthly
distributing gross income class of Shares.

MDIST When included in a class of Shares’ name, indication that such class of Shares is a monthly
distributing net income class of Shares.

MDIST(G) When included in a class of Shares’ name, indication that such class of Shares is a monthly
distributing gross income class of Shares.

MCDIST When included in a class of Shares’ name, indication that such class of Shares is a monthly
distributing net income and capital class of Shares.

MCDIST(G) When included in a class of Shares’ name, indication that such class of Shares is a monthly
distributing gross income and capital class of Shares.

MINCOME When included in a class of Shares’ name, indication that such class of Shares is a monthly income
class of Shares.

MINCOME(G) When included in a class of Shares’ name, indication that such class of Shares is a monthly gross
income class of Shares.
PF When included in a class of Shares’ name, indication that such class of Shares is paying
Performance Fees.
QINCOME When included in a class of Shares’ name, indication that such class of Shares is a quarterly income
Class of Shares.

Prospectus: Fidelity Funds 153 January 2022

Part II Classes of Shares and Share Dealing

Class Sub-Indicator Characteristics

QINCOME(G) When included in a class of Shares’ name, indication that such class of Shares is a quarterly gross
income class of Shares.

QDIST When included in a class of Shares’ name, indication that such class of Shares is a quarterly
distributing net income class of Shares.

QDIST(G) When included in a class of Shares’ name, indication that such class of Shares is a quarterly
distributing gross income class of Shares.

VMF Variable Management Fee as described below. Reference in this prospectus to annual management
fees or management fees shall include references to the VMF, where the context so requires.
When included in a class of Shares’ name, indication that such class of Shares is a Variable Share
Class.

Share Classes subject to a Variable Management Fee

The Variable Share Classes are subject to a Variable Management Fee or VMF, in place of the annual management fee
applied to other Share classes.

Class I-VMF Shares

Class I-VMF Shares may only be acquired by Institutional Investors who meet the requirements established from time to
time by the General Distributor. The I-VMF class of Shares is designed principally for investment of assets of Institutional
Investors such as pension funds, charities and local government bodies.
The Board may, in its absolute discretion, delay the acceptance of any subscription/purchase for class I-VMF Shares until
such date as it has received sufficient evidence of the qualification of the investor as an Institutional Investor. If it appears at
any time that a holder of class I-VMF Shares is not an Institutional Investor, the Board will switch such Shares into class Y-
VMF Shares in the relevant fund (or in another fund with similar investment policy if the relevant fund does not issue class
A Shares) and notify the relevant Shareholder of such switch.

Funds offering I- Minimum Subsequent Redemption/ Management Distribution

Initial Charge
VMF Shares Investment*1 Investment* Sales Exit Fee Fee Fee

All Fund ranges as See below table

USD 10,000,000 USD 100,000 0% 0% n/a
applicable on VMF
* or the equivalent in any major freely convertible currency of the amounts specified.

The annual management fee rate per class I-VMF Share, as currently applied, is disclosed in Appendix II, “List of Share
Classes” of the Prospectus.

Class Y-VMF Shares

Funds offering Y-VMF Minimum Subsequent Redemption/ Management Distribution

Initial Charge
Shares Investment*2 Investment* Sales Exit Fee1 Fee Fee

All Fund ranges as See below

USD 2,500 USD 1,000 0% 0% n/a
applicable table on VMF
* or the equivalent in any major freely convertible currency of the amounts specified. Distributors may apply different minimum amounts.

Class Y-VMF Shares are available to:

- certain financial intermediaries or institutions for their investment services, which are exclusively remunerated by their
clients, and either have separate fee based advisory arrangements with their clients or provide independent advice or
discretionary portfolio management;
- other investors or intermediaries at the Board’s, the Management Company’s or their delegates’ discretion.
The annual management fee rate per class Y-VMF Share, as currently applied, is disclosed in Appendix II, “List of Share
Classes” of the Prospectus.
The VMF comprises of a set base fee (the “Base Fee”) and a positive or negative variable element of up to 0.20%, which is
calculated daily to the nearest 0.01%. The variable element of the VMF is calculated based on the performance of each
Share of the relevant Share class relative to that of its Market Index over the same period.
The period used to assess the performance of a Variable Share Class and Market Index is the lesser of: (i) the time since
launch of the Share Class; or (ii) the previous 3 years (the “Performance Period”). The difference between the value (inclusive
of income distributions previously paid out) at the beginning of Performance Period compared to the value (inclusive of
income distributions previously paid out) at the end of the Performance Period for each of the relevant Variable Share Class
and the Market Index form the basis of the calculation of the variable element of the VMF.
The Market Index and the Base Fee for each Variable Share Class is set out in the table below, together with the range of
the variable element of the VMF and the resulting maximum and minimum VMF.
Market Index Base Maximum Minimum
Share Class Name Market Index Variable Element
Administrator Fee VMF VMF

FF - America Fund Y-VMF- S&P Dow Jones Between-0.20% and

S&P 500 (Net) 0.70% 0.90% 0.50%
ACC-Euro Indices LLC +0.20%

FF - America Fund Y-VMF- S&P Dow Jones Between -0.20%

S&P 500 (Net) 0.70% 0.90% 0.50%
ACC-USD Indices LLC and +0.20%

Prospectus: Fidelity Funds 154 January 2022

Part II Classes of Shares and Share Dealing

Market Index Base Maximum Minimum

Share Class Name Market Index Variable Element
Administrator Fee VMF VMF

FF - Emerging Markets
MSCI Emerging Between -0.20%
Focus Fund I-VMF-ACC- MSCI Limited 0.70% 0.90% 0.50%
Markets Index (Net) and +0.20%
USD

FF - Emerging Markets
MSCI Emerging Between -0.20%
Focus Fund Y-VMF-ACC- MSCI Limited 0.70% 0.90% 0.50%
Markets Index (Net) and +0.20%
USD

FF - European Growth MSCI Europe Index Between -0.20%

MSCI Limited 0.70% 0.90% 0.50%
Fund Y-VMF-ACC-Euro (Net) and +0.20%

FF - European Larger
MSCI Europe Index Between -0.20%
Companies Fund Y-VMF- MSCI Limited 0.70% 0.90% 0.50%
(Net) and +0.20%
ACC-Euro

FF - World Fund Y-VMF- MSCI World Index Between -0.20%

MSCI Limited 0.70% 0.90% 0.50%
ACC-Euro (Net) and +0.20%

Where the performance of the relevant Variable Share Class is equal to that of the Market Index, the variable element will
be zero and the VMF will equal the Base Fee. The variable element will also be zero during the first 90 days after launch of
each Variable Share Class.
Where a Variable Share Class has outperformed the Market Index, a positive adjustment of the Base Fee will take place. This
positive adjustment will apply on a sliding scale, so that for each 1% (or fraction thereof) of outperformance against the Market Index,
the variable element of the VMF will increase by 0.033%, up to a maximum variable element of 0.20% above the Base Fee.
Similarly, where the performance of the Share class has underperformed the Market Index, a negative adjustment of the
Base Fee will take place. This negative adjustment will apply on a sliding scale so that for each 1% (or fraction thereof) of
underperformance against the Market Index, the variable element will decrease by 0.033%, up to a maximum variable
element of 0.20% below the Base Fee.
Market Indices
The relevant Market Index has been selected by the Investment Manager as appropriate to calculate the VMF of the relevant
Variable Share Class. However, and for the avoidance of doubt, the selection of a Market Index for this purpose should not
necessarily be considered as indicative of a specific investment style.
The value attributed to each Market Index is on the basis of a total return. This means that the value will reflect the
reinvestment of dividends. The Market Index used will also reflect an appropriate application of dividend withholding tax. This
means that where the relevant fund could invest in the securities of the Market Index, without being subject to withholding
tax on dividends, the Market Index used will also be without adjustment for withholding taxes. Where the relevant fund would
have withholding tax applied on any payment of dividends, this will also be reflected in the version of the Market Index used.
Where there is not a readily available version of the Market Index applying the correct withholding tax treatment, the
Investment Manager will adjust the calculation to take account of the relevant applicable withholding taxes.
The Management Company, the Investment Manager and the relevant index provider(s) will not be liable (in negligence or
otherwise) to any Shareholder for any error, delay or change in the provision, availability, composition, calculation or
transmission of any index and shall not be obliged to advise any Shareholder of the same.
The Fund, the Management Company and the Investment Manager are not sponsored, endorsed, sold or promoted by the
relevant index provider(s) and the index provider(s) make(s) no warranty, representation or judgment about the Fund, the
Management Company, the Investment Manager or the use of any index.
The Management Company will maintain a contingency plan setting out the actions to be taken in the event that a market
index changes materially or ceases to be provided.
Note to Investors
As outlined above, the variable element of the VMF is based on the difference in performance of the Variable Share Class
compared to the Market Index. As a result, the VMF will vary based on the relevant Share class performance relative to the
Market Index performance, calculated at the beginning and end of each Performance Period, rather than being based on
increases or decreases in the NAV of the relevant Share class during that period.
The difference in performance between the Variable Share Class and the Market Index is calculated by reference to their
values at the beginning and end of each Performance Period.
Examples of the VMF payable:

Market Index Outperformance /

Share Class Return Base Fee Variable Element VMF
Return Underperformance

15.0% 5.0% 9.5% 0.70% 0.20% 0.90%

10.0% 5.0% 4.8% 0.70% 0.16% 0.86%

5.0% 5.0% 0.0% 0.70% 0.00% 0.70%

0.0% 5.0% -4.8% 0.70% -0.16% 0.54%

0.0% -5.0% 5.3% 0.70% 0.17% 0.87%

-5.0% 5.0% -9.5% 0.70% -0.20% 0.50%

-5.0% -10.0% 5.6% 0.70% 0.18% 0.88%

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Part II Classes of Shares and Share Dealing

Market Index Outperformance /

Share Class Return Base Fee Variable Element VMF
Return Underperformance

-10.0% -20.0% 12.5% 0.70% 0.20% 0.90%

Outperformance/underperformance values are calculated to ensure they are proportionate, compoundable and convertible.
This calculation is expressed as follows:
1 + Share Class Return
Outperformance/Underperformance = −1
1 + Market Index Return
For each 1% of the outperformance/underperformance, the variable element will increase or decrease by 0.033% to a
maximum of 0.20% or a minimum of -0.20%.

Performance Fee Disclosure for Certain Absolute Return Funds

Classes A-PF-ACC, E-PF-ACC, I-PF-ACC, W-PF-ACC and Y-PF-ACC Shares have the same characteristics as class A, I
and Y Shares except for the current max annual management fee described below.

Current Maximum Annual Management Fee (performance fee structure)

4.00 pm 3.00 pm

Non-standard dealing cut-off times

Central European Time UK Time

1.00 pm 12.00 noon

Other dealing cut-off times may be agreed with local Distributors and/or sub-transfer agent(s).

Funds with non-standard dealing cut-off time

All funds within the Institutional Reserved Fund range

Fidelity Funds – Absolute Return Asian Equity Fund Fidelity Funds – Emerging Asia Fund

Fidelity Funds – ASEAN Fund Fidelity Funds – EURO STOXX 50® Fund

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Part II Classes of Shares and Share Dealing

Funds with non-standard dealing cut-off time

Fidelity Funds – Sustainable Asia Equity Fund
Fidelity Funds – Greater China Fund

Fidelity Funds – Asia Pacific Dividend Fund Fidelity Funds – Greater China Fund II

Fidelity Funds – Asia Pacific Multi Asset Growth & Income

Fidelity Funds – Greater China Multi Asset Growth & Income Fund
Fund

Fidelity Funds – Asia Pacific Opportunities Fund Fidelity Funds – India Focus Fund

Fidelity Funds – Asian Bond Fund Fidelity Funds – Indonesia Fund

Fidelity Funds – Asian Equity Fund Fidelity Funds – Sustainable Japan Equity Fund

Fidelity Funds – Asian High Yield Fund Fidelity Funds – Japan Advantage Fund

Fidelity Funds – Asian Smaller Companies Fund Fidelity Funds – Japan Aggressive Fund

Fidelity Funds – Asian Special Situations Fund Fidelity Funds – Japan Smaller Companies Fund

Fidelity Funds – Asia Pacific Strategic Income Fund Fidelity Funds – Malaysia Fund

Fidelity Funds – Australian Dollar Cash Fund Fidelity Funds – Pacific Fund

Fidelity Funds – Australian Diversified Equity Fund Fidelity Funds – Singapore Fund

Fidelity Funds – China Consumer Fund Fidelity Funds – Sterling Cash Fund

Fidelity Funds – China Focus Fund Fidelity Funds – Sustainable Asian Bond Fund

Fidelity Funds – China Government Bond Fund Fidelity Funds – Sustainable China A Shares Fund

Fidelity Funds – China High Yield Fund Fidelity Funds – Taiwan Fund

Fidelity Funds – China Innovation Fund Fidelity Funds – Thailand Fund

Fidelity Funds – China RMB Bond Fund Fidelity Funds – US Dollar Cash Fund

Fidelity Funds – Euro Cash Fund

2.2.1. HOW TO BUY SHARES

Applications
Investors buying Shares for the first time have to complete an application form. The instructions for subsequent purchases must
normally contain full details of registration, the name of the fund(s), class(es) of Shares, settlement currency(ies) and the value of
Shares to be bought. Purchase instructions will normally only be fulfilled on banker’s notification of receipt of cleared monies.
In case of joint holding and unless specifically stated in writing at the time of application, any one of the registered joint
Shareholders is authorised to sign any documents or to give instructions in connection with that holding on behalf of the
other joint Shareholders. Such authorisation shall remain in force unless notice of its termination is received under separate
cover by the Distributor.
Completed applications with cleared monies received by a Distributor or the Management Company, where the investor is
subscribing for Shares directly from the Management Company, on a day that the Distributor and the Management Company
(or the Management Company alone if the application is addressed to it) are open for business before the appropriate dealing
cut-off times on a Valuation Date will normally be fulfilled that day at the next calculated Net Asset Value of the relevant
share plus any applicable initial charge.
Normally, the Management Company and/or the relevant Distributor do not accept from, or make payments to, persons other
than the registered Shareholder or any of the joint Shareholders.
The Management Company may delay the processing of the applications until receipt of all the documents it may request to
comply with the applicable laws and regulations.

Price
The purchase price comprises the Net Asset Value of Shares of the relevant class calculated on a Valuation Date plus the
applicable initial charge. The number of Shares will be rounded up or down to the nearest one-hundredth of a Share.
Details of the most recent Net Asset Value of Shares in each class may be obtained from each Distributor or the Management
Company. Details of the most recent Net Asset Value for the Reserved Funds may only be obtained from the Management
Company. The Net Asset Values of the appropriate classes are published in such manner as decided from time to time by
the Management Company.

Subscription in Specie
The purchase price, excluding any sales commission, may be paid by contributing to the relevant fund securities consistent
with the investment policy and investment restrictions of the relevant fund. This is subject to approval of the Board and all
applicable laws and regulations, notably with respect to the issuance of a special report from the approved statutory auditor
of the Fund, which may also be specifically requested by the Board.

Prospectus: Fidelity Funds 158 January 2022

Part II Classes of Shares and Share Dealing

The specific costs for such purchase in specie, in particular the costs of the special report will normally be borne by the
purchaser, or a third party.

Currencies
Investors may place orders for Shares with Distributors in any of the major freely convertible currencies in addition to the
Principal Dealing Currency of the individual funds and/or classes of Shares. Investors may contact the Distributors for
information about such currencies. The Distributors may publish details of other currencies which will be accepted. Foreign
exchange transactions required to handle client purchases/redemptions may be aggregated and will be carried out by
FIL Group’s central treasury department on an arm’s length basis through certain FIL Group companies from which a benefit
may be derived by such companies. Settlement must be made in the currency in which the order was placed.
Investors subscribing for Shares direct through the Management Company may only settle in one of the Principal Dealing
Currencies of the applicable fund or class.
In case of compulsory redemption of Shares by the Fund, subject to the conditions set out in the Articles of Incorporation, the
relevant investment will be automatically redeemed in the Principal Dealing Currency (unless otherwise specifically decided
by the Board or instructed by the relevant Shareholder) free from any redemption charge at the Net Asset Value per Share
calculated, and the proceeds will be returned to the relevant Shareholder’s bank account.

Settlement
Settlement should be made by electronic bank transfer net of bank charges. Payment should be made to the bank account
published by the Distributor as appropriate to the currency of settlement.
Other methods of payment require the prior approval of the Distributor or the Management Company. Where payments are
accepted by cheque (or where an electronic bank transfer does not result in the immediate receipt of cleared funds),
processing of the application will usually be deferred until cleared monies are received. Cleared monies will be invested net
of bank collection charges.
Shareholders should normally allow at least three Business Days before further switching, selling or redeeming their Shares
after purchase or subscription.
The full ownership of Shares will normally be transferred to the investor upon receipt of cleared monies.

Form of Shares
Class A, E, Y-VMF and Y Shares are issued in registered form in the name of the subscriber or made available through
Clearstream Banking unless shown otherwise in the notes of the respective funds in Part I of the Prospectus. Class C, I and
P Shares are issued in registered form. Class P and SE Shares are not available through the clearing houses and Class I-
VMF, I, R, RA, RY and X Shares may be available through the clearing houses subject to eligibility and Distributor
acceptance. The Fund no longer issues bearer Shares, following the decision taken by the Board on 14 May 1996.
Registered Shares are held on a register established by the Fund or its delegate in the investor’s name. No Share certificates
are issued.
Certification of the registered holding may be requested and will be mailed within approximately four weeks after payment
for the Shares and provision of registration details to the Distributor or the Management Company.

Anti-Money Laundering and Counter-Terrorist Financing Legislation

Pursuant to the Luxembourg law of 5 April 1993 relating to the financial sector (as amended), the Luxembourg law of
12 November 2004 relating to money laundering and counter terrorist financing (as amended), and the CSSF Regulation No.
12-02 of 14 December 2012 implementing a legally binding reinforcement of the regulatory framework (as amended), as well
as associated circulars of the Luxembourg supervisory authority, obligations have been imposed on the Fund to take
measures to prevent the use of investment funds for money laundering and terrorist financing purposes.
Within this context a procedure for the identification of investors and where relevant any beneficial owners has been
established by the Management Company and/or the relevant Distributor. That is, the application form of an investor must
be accompanied by such identification documents as determined from time to time. Investors may also be requested to
provide additional or updated identification documents from time to time pursuant to ongoing client due diligence
requirements under relevant laws and regulations. Such information may include source of wealth and profession. Failure
to provide documentation may result in delay in investment or the withholding of sale proceeds.
If you have any questions regarding the identification documentation required, you should contact the Management Company
or your usual contact at FIL Group.

2.2.2. HOW TO SELL SHARES

Instructions to Sell
Instructions to sell registered Shares should be addressed to a Distributor or to the Management Company. The instructions
must contain full details of registration, the name of the fund(s), class(es) of Shares, settlement currency(ies), the number or
value of Shares to be sold and bank details. Instructions received on a day that the Distributor or the Management Company is
open for business, before the appropriate dealing cut-off times on a Valuation Date, are normally dealt with that day at the next
calculated Net Asset Value of the relevant class. Normally, the Management Company and/or the relevant Distributor do not
accept from, or make payments to, persons other than the registered Shareholder or any of the joint Shareholders.
Holders of registered Shares should submit signed written instructions. In case of joint holding and unless specifically stated
in writing at the time of application, one of the registered joint Shareholders is authorised to sign any documents or give
instructions in connection with that holding on behalf of the other joint Shareholders. Such authorisation shall remain in force
unless notice of its termination is received under separate cover by the Distributor or the Management Company.

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Part II Classes of Shares and Share Dealing

The minimum value of a shareholding in any one fund must amount to the minimum initial investment. If the holding by any
Shareholder in a fund is below the amount specified as being the minimum initial investment, then the Fund may proceed to
a compulsory redemption of all their Shares held in such fund in accordance with the Articles of Incorporation.

Settlement
Settlement will normally be made by electronic bank transfer. The Management Company will aim to make settlement
payments within three Business Days (without however exceeding 5 Business Days) after receipt of written instructions.
Exceptions currently apply in relation to the funds listed below. If in exceptional circumstances it is not possible to make the
payment within the relevant period, then such payment shall be made as soon as reasonably practicable thereafter but without
interest. In addition, different settlement periods may apply if settlement is made via local correspondent banks, paying agents
or other agents. Settlement amounts may be subject to bank charges levied by the Shareholder’s own (or a correspondent)
bank. Payment will be made in one of the Principal Dealing Currencies of the relevant class of Share or may also be made in
one of the major freely convertible currencies if requested by the Shareholder(s) at the time of instruction.

Exceptions: funds for which settlement will normally be made within five Business Days
Fidelity Funds – Asian High Yield Fund Fidelity Funds – India Focus Fund

Price
A sales exit fee or a redemption fee of up to 1.00% of the Net Asset Value inclusive of expenses can be levied on class P Shares,
either of which fee will revert to the General Distributor. Currently, no sales exit fee or redemption fee is applied to any of the other
classes. [However, the right is reserved to charge a sales exit fee or a redemption fee on certain other classes, not exceeding
1.00% of the Net Asset Value, unless an exception is specified for a class in section 2.1. Classes of Shares in Part II of the
Prospectus, if the Directors so determine in the future, which fee will revert to the General Distributor. In the case of a redemption
fee being applied to any other class, the Prospectus shall be updated and the investors duly informed.]

Redemption in Specie
The Fund and/or the Management Company shall have the right, if the Board and/or the Management Company so determines,
to satisfy payment of the redemption price to any Shareholder requesting redemption of any of their Shares in specie (but subject
to the consent of the Shareholder in the case of Shares valued at less than USD 100,000) by allocating to the holder investments
from the pool of assets set up in connection with such class or classes of Shares equal in value (calculated in the manner described
in Article 22 of the Articles of Incorporation) as of the Valuation Date on which the redemption price is calculated to the value of
the Shares to be redeemed. The nature and type of assets to be transferred in such case shall be determined on a fair and
reasonable basis and without prejudicing the interests of the other holders of Shares of the relevant class or classes of Shares
and the valuation used shall be confirmed by a special report of the auditor to the extent required by law or regulation or by the
Board. The costs of any such transfers shall normally be borne by the transferee.

2.2.3. HOW TO SWITCH

Class A Shares
Shareholders may switch some or all of their Shares in one fund or class of Shares into another fund or class of Shares if
they satisfy the applicable minimum investment requirements for the existing and new funds or class of Shares.

Class C Shares
Shareholders may switch some or all of their class C Shares of one fund into class C Shares of another fund provided they
are in issue.

Class D Shares
Shareholders may switch some or all of their class D Shares of one fund into class D Shares of another fund provided they
are in issue.

Class E Shares
Shareholders may switch some or all of their class E Shares of one fund into class E Shares of another fund provided they
are in issue.

Class I Shares
Shareholders may switch some or all of their class I Shares or Class I-VMF Shares of one fund into class I Shares and /or
Class I-VMF Shares of another fund provided they are in issue.

Class J Shares
Shareholders may switch some or all of their class J Shares of one fund into class J Shares of another fund provided they
are in issue.

Class P Shares
Shareholders may switch some or all of their class P Shares of one fund into class P Shares of another fund provided they
are in issue.

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Part II Classes of Shares and Share Dealing

Classes R, RA, RY and SE Shares

Shareholders of classes R, RA, RY and SE Shares may only switch these shares in certain circumstances and at the
Management Company’s discretion.

Class X Shares
Shareholders may switch some or all of their class X Shares of one fund into class X Shares of another fund provided they
are in issue.

Class Y Shares
Shareholders may switch some or all of their class Y Shares or class Y-VMF Shares of one fund into class Y Shares and /or
class Y-VMF Shares of another fund provided they are in issue.

Notwithstanding the rules mentioned above for classes C to Y Shares, the Board or its delegate may, at its discretion, and
with respect to the eligibility requirements described within the Prospectus, decide to accept instructions to switch Shares of
one fund into Shares of another class of Shares in another fund, or within the same fund, provided that all Shareholders of
a particular class requesting such instructions to switch on the same Valuation Date are treated equally.

Procedures
Instructions to switch Shares should be addressed to a Distributor or the Management Company. Instructions should include
full account details and the number or value of Shares to be switched between named funds and classes. In case of joint
holding and unless specifically stated in writing at the time of application, one of the registered joint Shareholders is
authorised to sign any documents or give instructions in connection with that holding on behalf of the other joint Shareholders.
Such authorisation shall remain in force unless notice of its termination is received under separate cover by the Distributor
or the Management Company.
Shareholders may not be registered as the owner of the new Shares of the fund into which the Shareholders have switched
until the Distributor or the Management Company has received renunciation for the Shares of the fund from which the
Shareholders have switched. Shareholders should normally allow up to three Business Days after receipt of completed
instructions by the Distributor or the Management Company before selling or switching the new Shares into another fund.
An exception currently applies to Fidelity Funds – Taiwan Fund. Shareholders of this fund must allow six Business Days
following receipt by the Distributor of completed documentation before selling or further switching into another fund.

Amounts to be Switched
The minimum value of a shareholding in any one fund must amount to the minimum initial investment.
Shareholders must therefore switch the appropriate minimum initial investment or, where investing in a fund where they have
an existing shareholding, the appropriate minimum subsequent investment. When switching a partial holding, the minimum
value of the remaining holding should equate to the minimum initial investment.

Price
Switching instructions received on a day that the Distributors or the Management Company are open for business before
the appropriate dealing cut-off times on a Valuation Date, are dealt with at the Net Asset Value calculated that day for each
of the relevant funds. Switching instructions received before the relevant dealing cut-off times on a day which is not a
Valuation Date for one or both funds will be executed on the next Valuation Date for that fund. If a Shareholder switches
from a fund with a 4.00pm Central European Time (3.00 pm UK time) dealing cut-off point into a fund with an earlier cut-off
point of 1.00pm Central European Time (12.00 noon UK time), the Buy side of the switch may be dealt with at the Net Asset
Value calculated on their respective next following Valuation Date. Switch fees are applied to certain funds outlined in the
table below, and paid to the General Distributor.

INTO
Class of Shares All other classes of Shares
with no initial charge
F Class of Shares with no initial charge 0% Up to the full initial charge of the
R class to be switched into
O
All other classes of Shares 0% Up to 1.00% of the Net Asset Value
M
A switching fee of 1% of the Net Asset Value per Share will be applied to all switches from the Shares in Fidelity Funds - Multi Asset Target Income 2024 Fund into
Shares within the same fund or in other funds of the Fund except for the last calendar month before maturity (22 April 2024 - 22 May 2024) where the 1%
redemption or switching fee is waived. At the discretion of the General Distributor such switching fee may revert to the funds. This shall compensate or at least
reduce any potential adverse effect on remaining Shareholders due to a decrease in value of the holdings of the funds as a result of the costs incurred in the sale of
the funds’ investments to meeting the switch, including stamp duty and any difference between the buying and selling price of such investments.

Switching fees will be applied to all switches (where applicable) between funds and between classes of Shares within a fund.
No switching charges apply to switches into or between funds in the Reserved Funds range.
The currency exchange rate to be applied where the prices of the relevant funds are denominated in different currencies is
that for Share purchases on the relevant day. The number of Shares will be rounded up or down to the nearest one-hundredth
of a Share.

2.3. Calculation of the Net Asset Value

The Net Asset Value of each fund is determined in the Reference Currency of the respective fund in accordance with the
Articles of Incorporation. The Net Asset Value of each class is determined in the Principal Dealing Currency of the respective
class.

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Part II Classes of Shares and Share Dealing

The Net Asset Value per Share of each fund, and, if applicable, of each class of Shares of such fund, is calculated by
determining first, if appropriate, the proportion of the net assets of the relevant fund attributable to each class of Shares,
thereby taking account of the ongoing distribution charge payable by Class E Shares. Each such amount will be divided by
the number of Shares of the relevant class then outstanding as at close of business to the extent feasible.
The Articles of Incorporation contain valuation regulations which provide that for the purpose of determining Net Asset Value:
a. of funds other than Cash funds
1. the value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses,
cash dividends and interest declared or accrued and not yet received shall be deemed to be the full amount
thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall
be arrived at after making such discount as Directors or their delegate may consider appropriate in such case to
reflect the true value thereof;
2. the value of transferable securities, money market instruments and financial derivative instruments are valued on
the basis of the last available price of the relevant stock exchange or Regulated Market on which these securities
or assets are traded or admitted for trading. Where such securities or other assets quoted or dealt in on one or
more than one stock exchange or Regulated Market, the Board or its delegate shall adopt policies as to the order
of priority in which such stock exchanges or other Regulated Markets shall be used for the provisions of prices of
securities or assets;
3. if a transferable security or money market instrument is not traded or admitted on any official stock exchange or an
Regulated Market, or in the case of transferable securities or money market instruments so traded or admitted where
the last available price is not representative of their fair market value, the Board or its delegate shall proceed on the
basis of their reasonably foreseeable sales price, which shall be valued with prudence and in good faith;
4. the financial derivative instruments which are not listed on any official stock exchange or traded on any other
Regulated Market will be valued in accordance with market practice;
5. units or shares of undertakings for collective investment, including funds, shall be valued on the basis of their last
available Net Asset Value, as reported by such undertakings; and
6. liquid assets and money market instruments may be valued at nominal value plus any accrued interest at mark-
to-market or mark-to-model, or on an amortised cost basis under certain limited conditions (including for
instruments with low residual maturities when deemed allowed to gain an appropriate approximation of the price
of the instrument) provided that escalation procedures are in place to ensure corrective actions are promptly
taken when the amortised cost no longer provides a reliable approximation of the price of the instrument. All other
assets, where practice allows, may be valued in the same manner.
b. of Cash funds:
1. the value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses,
cash dividends and interest declared or accrued as aforesaid, and not yet received shall be deemed to be the full
amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value
thereof shall be determined after making such discount as the Board may consider appropriate in such case to
reflect the true value thereof;
2. Shares or units of Money Market Funds shall be valued at their last available net asset value as reported by such
money market funds;
3. liquid assets and Money Market Instruments will be valued at Mark-to-Market or Mark-to-Model where the use of
mark-to-market is not possible or the market data is not of sufficient quality; and
4. any assets or liabilities in currencies other than the Fund currency will be converted using the relevant spot rate
quoted by a bank or other recognised financial institution.
In addition, the Net Asset Value per Share of Share classes within the Cash funds shall be made available on the internet
of the Management Company site on a daily basis and rounded to the nearest four decimal places.
If any of the aforementioned valuation principles do not reflect the valuation method commonly used in specific markets or
if any such valuation principles do not seem accurate for the purpose of determining the value of the Fund’s assets, the
Board or its delegate may adopt different valuation principles in good faith and in accordance with generally accepted
valuation principles and procedures.
For example, if a market in which the Fund invests is closed at the time the Fund is valued, the latest available market prices
may not accurately reflect the fair value of the Fund’s holdings. This might be the case if other markets which are open at the
Fund’s valuation point, and with which the closed market is highly correlated, have experienced price movements (subsequent
to the time of closure of the market in which the Fund has invested). Other factors may also be taken into account when
considering the fair value of holdings in a market which is closed. Failure to adjust those closing prices to fair values could be
exploited by some investors at the expense of long term shareholders in an activity known as market timing.
Accordingly, the Board or its delegates may adjust the last available market price to take account of market and other events
which occur between the relevant market closing and the point at which the Fund is valued. Such adjustments are made on
the basis of an agreed policy and set of procedures which are transparent to the Fund’s depositary and auditors. Any
adjustment is applied consistently across the funds and Share classes.
Other situations, including where a holding has been suspended, has not traded for some time or for which an up to date
market price is not available will be subject to a similar adjustment process. Investors should note that it may be the case
that payments to be made to a fund such as those in respect of a class action may not be included in the Net Asset Value
of a fund until actually received owing to the inherent uncertainty surrounding such payments.
The value of all assets and liabilities not expressed in the Reference Currency of a fund or the Principal Dealing Currency
of a class will be converted into the Reference Currency of such fund or the Principal Dealing Currency of such class at rates
last quoted by any major bank. If such quotations are not available, the rate of exchange will be determined in good faith by
or under procedures established by the Board.
The assets relating to a fund means the assets which are attributed to that fund less the liabilities attributed to that fund and
where any asset or liability of the Fund cannot be considered to be attributed to a fund such asset or liability shall be allocated
to the assets or liabilities relating to all the funds or all the relevant funds pro rata to the Net Asset Values thereof. Liabilities are

Prospectus: Fidelity Funds 162 January 2022

Part II Classes of Shares and Share Dealing

binding on the relevant fund only provided, however, under exceptional circumstances the Board may undertake joint and
several obligations which may be binding upon several or all funds if this is in the interest of the Shareholders concerned.
Calculations of Net Asset Value are made by the Management Company and are made generally in accordance with
generally accepted accounting principles and international standards. In the absence of bad faith, negligence or manifest
error, every decision in calculating Net Asset Values taken by the Management Company will be final and binding on the
Fund and on present, past and future Shareholders.

2.4. Price Adjustment Policy (Swing Pricing)

Large transactions in or out of a fund can create “dilution” of a fund’s assets because the price at which an investor buys or sells
Shares in a fund may not entirely reflect the dealing and other costs that arise when the portfolio manager has to trade in securities
to accommodate large cash inflows or outflows. In order to counter this and enhance the protection of existing Shareholders, the
Board and/or the Management Company has adopted a swing pricing policy to counter the impact of dealing and other costs on
occasions when these are deemed to be significant, and allow price adjustments as part of the regular daily valuation process.
The policy is reviewed on an annual basis.
If on any dealing day the aggregate net transactions in Shares of any of the funds exceed a threshold set by the Board from
time to time for each fund, the asset value may be adjusted upwards or downwards as applicable to reflect the costs (the
“Costs”) that may be deemed to be incurred in liquidating or purchasing investments to satisfy net daily transactions at fund
level. These Costs may include but are not limited to spreads, brokerage fees, transaction tax, commission and transaction
costs. The threshold is set by the Board and or the Management Company taking into account factors such as the prevailing
market conditions, the estimated dilution Costs and the size of the funds, the application of which will be triggered
mechanically and on a consistent basis. The adjustment will be upwards when the net aggregate transactions result in net
subscriptions flows. The adjustment will be downwards when the net aggregate transactions result in net redemption
flows. The adjusted asset value will be applicable to all transactions on that day.
Some of the funds are currently co-managed, the aggregated groups of assets are referred to as a ‘pool’. Individual funds
may have their assets invested via one or more pools. For the purposes of operating a price adjustment policy, the Board
may decide that a threshold for adjusting prices be established at pool level.
The price adjustment, based on both normal net dealings and market volatility, will not exceed 2% of the original Net Asset
Value. The actual level of adjustment will be set periodically by a dedicated committee, to which the Board has delegated specific
powers. However, whilst the price adjustment is normally not expected to exceed 2%, the Board and/or the Management
Company may decide to increase this adjustment limit in exceptional circumstances (such as high net dealings or high market
volatility) to protect Shareholders’ interests. As any such price adjustment will be dependent on aggregate net transactions in
Shares, it is not possible to accurately predict whether it will occur at any future point in time and consequently how frequently
it will need to be made. Shareholders will be notified of such a decision to increase this adjustment limit via notice on
www.fidelityinternational.com.

2.5. Co-Management of Assets

For the purpose of effective management the Board may choose that the assets of certain funds within the Fidelity Funds
range be co-managed. In such cases, assets of different funds will be managed in common. Co-managed assets are referred
to as a ‘pool’, notwithstanding the fact that such pools are used solely for internal management purposes. The pools do not
constitute separate entities and are not directly accessible to investors. Each of the co-managed funds shall be allocated its
specific assets.
Where the assets of more than one fund are pooled, the assets attributable to each participating fund will initially be
determined by reference to its initial allocation of assets to such a pool and will change in the event of additional allocations
or withdrawals.
The entitlement of each participating fund to the co-managed assets applies to each and every line of investments of such pool.
Additional investments made on behalf of the co-managed funds shall be allotted to such funds in accordance with their
entitlements whereas assets sold shall be levied similarly on the assets attributable to each participating fund.

2.6. Temporary Suspension of Determination of Net Asset Value and of the Issue,
Switching and Redemption of Shares
The Board or the Management Company may, in consultation with the Depositary and having regard to the best interest of the
Shareholders, suspend the determination of the Net Asset Value of Shares of any fund, the issue of such Shares, the switching
of such Shares and the redemption of such Shares in the cases described below. In this context, and for the avoidance of any
doubt, the Board or the Management Company, as applicable, will retain full discretion as to the temporary suspension of the
determination of Net Asset Value and of the issue, switching and redemption of Shares:
a. during any period (other than ordinary holidays or customary weekend closings) when any market or stock exchange
is closed on which a significant portion of the Fund’s investments relating to that fund is quoted and which is the main
market or stock exchange for such investments, provided that the closing of such exchange or market affects the
valuation of the investments quoted thereon; or during any period when dealings on such market or stock exchange are
substantially restricted or suspended, provided such restriction or suspension affects the valuation of the investments
of the Fund relating to that fund quoted thereon;
b. during any period when an emergency exists as a result of which disposal by the Fund of investments relating to that
fund which constitute a substantial portion of the assets of the fund is not practically feasible or would be seriously
prejudicial to the Shareholders;
c. during any breakdown in the means of communication normally employed in determining the price of any of the Fund’s
investments relating to that fund or of current prices on any market or stock exchange;
d. when for any other reason the prices of any investments owned by the Fund relating to that fund cannot promptly or
accurately be ascertained;

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Part II Classes of Shares and Share Dealing

e. during any period when remittance of monies which will or may be involved in the realisation of or in the payment for
any of the Fund’s investments relating to that fund cannot, in the opinion of the Board, be carried out at normal rates
of exchange;
f. while the value of the investments held through any subsidiary of the Fund may not be determined accurately;
g. during any period when in the opinion of the Board or the Management Company unusual circumstances exist where
it would be impractical or unfair towards the Shareholders to continue dealing in the Shares of the Fund or of any fund,
or circumstances where a failure to do so might result in the Shareholders of the Fund or a fund incurring any liability
to taxation or suffering other pecuniary disadvantage or other detriment which the Shareholders of the Fund or a fund
might not otherwise have suffered, or any other circumstances;
h. if the Fund or a fund is being or may be wound-up, on or following the date on which such decision is taken by the
Board or notice is given to Shareholders of a general meeting of Shareholders at which a resolution to wind-up the
Fund or a fund is to be proposed;
i. in the case of a merger, if the Board and/or the Management Company deems this to be justified for the protection of
Shareholders; or
j. in the case of a suspension of the calculation of the Net Asset Value of one or several underlying investment funds in
which a fund has invested a substantial portion of assets.
Furthermore, if on any Valuation Date redemption requests and switching requests relate to more than 10% of the Shares
in issue in respect of a fund, the Directors may declare that part or all of such Shares for redemption or switching will be
deferred on a pro rata basis for a period that the Directors consider to be in the best interests of the Fund and/or the Directors
may defer any switching or redemption request which exceeds 10% of the Shares in issue in respect of a fund. Such period
would not normally exceed 20 Valuation Dates. On such Dates, these redemption and switching requests will be met in
priority to later requests.
Suspension of determination of the Net Asset Value of Shares of one fund will not imply suspension in respect of other funds
unaffected by the relevant events.
Shareholders who have requested switching or redemption of their Shares or who have made an application to subscribe
for Shares will be notified in writing of any such suspension of the right to subscribe, to convert or to require redemption of
Shares and will be promptly notified upon termination of such suspension. Any such suspension will be published in such
manner as decided by the Board if in its opinion the suspension is likely to exceed one week.
In the event of any contemplated liquidation of the Fund, no further issues, switchings, or redemptions of Shares will be
permitted after publication of the first notice convening the general meeting of Shareholders for the purpose of winding up
the Fund. All Shares outstanding at the time of such publication will participate in the Fund’s liquidation distribution.
Each Distributor reserves the right to suspend or terminate sales of Shares in one or more funds and to refuse to accept any
applications. Sales will normally be suspended when the Fund suspends the determination of Net Asset Value.

2.7. Restrictions on Buying, Subscribing and Switching into Certain Funds

The Board and/or the Management Company may decide to partially close a fund or class of Shares to all buys, subscription
or switches in from new investors only, or to totally close a fund or class of Shares to all buys or subscription or switches in
(but not, in either of the case of partial or total closure as described, to redemptions or switches out).
Where this occurs, the website www.fidelityinternational.com will be amended to indicate the change in status of the
applicable fund or class of Shares. Shareholders and potential investors should confirm with the Management Company or
the Distributors or check the website for the current status of funds or class of Shares. Once closed, a fund or a class of
Shares will not be re-opened until, in the opinion of the Board, the circumstances which required closure no longer prevail.

Prospectus: Fidelity Funds 164 January 2022

Part III General information

PART III
3. General Information
3.1. Dividends
For additional information regarding the Sub-Indicators referred to below, investors should refer to Part II 2. Classes of Shares
and Share Dealing, 2.1. Classes of Shares in this Prospectus.

Share type Related Sub- Payments

Indicator
Accumulating ACC No dividends will be paid for accumulating Shares. All interest and other
Shares income earned on the investment will be accumulated.
Distributing Shares N/A The Board expects to recommend distribution of substantially the whole of
(from net income) each class’ respective net investment income for the year.
Dividends are normally declared on the first Business Day of August.
Dividends are also declared on certain funds on other dates. These are
shown in the table below.
Distributing Shares MDIST The Board expects to recommend distribution of substantially the whole of
(from net income) each class’ respective net investment income for the year.
Dividends are normally declared on the first Business Day of each month.
Dividends are also declared on certain funds on other dates. These are
shown in the table below.
Distributing Shares MDIST(G) The Board expects to recommend distribution of substantially the whole of
(from gross income) each class’ respective gross investment income for the year.
Dividends are normally declared on the first Business Day of each month.
Dividends are also declared on certain funds on other dates. These are
shown in the table below.
Distributing Shares QDIST The Board expects to recommend distribution of substantially the whole of
(from net income) each class’ respective net investment income for the year.
Dividends are normally declared on the first Business Day of February, May,
August and November.
Dividends are also declared on certain funds on other dates. These are
shown in the table below.
Distributing Shares QDIST(G) The Board expects to recommend distribution of substantially the whole of
(from gross income) each class’ respective gross investment income for the year.
Dividends are normally declared on the first Business Day of February, May,
August and November.
Dividends are also declared on certain funds on other dates. These are
shown in the table below.
Distributing Shares MINCOME The Board expects to recommend distribution of substantially the whole of
(from net income) each class’ respective net investment income for most of the time, and from
capital on occasion so as to seek to maintain, so far as is reasonable, a stable
payment per Share. Such payment per Share is not fixed and will vary
according to economic and other circumstances and the ability of the funds
to support stable monthly payments without a long term positive or negative
impact on capital.
Dividends are normally declared on the first Business Day of each month.
Dividends are also declared on certain funds on other dates. These are
shown in the table below.
Distributing Shares QINCOME The Board expects to recommend distribution of substantially the whole of
(from net income) each class’ respective net investment income for most of the time, and from
capital on occasion so as to seek to maintain, so far as is reasonable, a stable
payment per Share. Such payment per Share is not fixed and will vary
according to economic and other circumstances and the ability of the funds
to support stable monthly payments without a long term positive or negative
impact on capital.
Dividends are normally declared on the first Business Day of February, May,
August and November.
Dividends are also declared on certain funds on other dates. These are
shown in the table below.
Distributing Shares GMDIST The Board expects to recommend distribution of substantially the whole of
(from gross income) each class’ respective gross investment income for the year.
Dividends are normally declared on the first Business Day of each month.
Dividends are also declared on certain funds on other dates. These are
shown in the table below.

Prospectus: Fidelity Funds 165 January 2022

Part III General information

Share type Related Sub- Payments

Indicator
Distributing Shares MINCOME(G) The Board expects to recommend distribution of substantially the whole of
(from gross income) each class’ respective gross investment income for most of the time, and
from capital on occasion so as to seek to maintain, so far as is reasonable, a
stable payment per Share which should not have over the long term a positive
or negative impact on capital.
Dividends are normally declared on the first Business Day of each month.
Dividends are also declared on certain funds on other dates. These are
shown in the table below.
Distributing Shares QINCOME(G) The Board expects to recommend distribution of substantially the whole of
(from gross income) each class’ respective gross investment income for most of the time, and
from capital on occasion so as to seek to maintain, so far as is reasonable, a
stable payment per Share which should not have over the long term a positive
or negative impact on capital.
Dividends are normally declared on the first Business Day of February, May,
August and November.
Dividends are also declared on certain funds on other dates. These are
shown in the table below.
Distributing Shares GDIST The Board expects to recommend distribution of substantially the whole of
(from gross income) each class’ respective gross investment income for the year.
Dividends are normally declared on the first Business Day of August.
Distributing Shares CDIST(G) The Board expects to recommend distribution of substantially the whole of each
(from gross income class’s respective gross investment income and will also determine to what
and capital) extent distribution will be made from capital.
Such distribution however is not fixed and will be reviewed periodically by the
Board according to economic and other circumstances.
Dividends are normally declared on the first Business Day of August every year.
For distributions out of capital, investors should refer to Part I, 1. Fund
Information, 1.2. Risk Factors, X. “Distribution out of capital risk” in this
Prospectus.
Distributing Shares MCDIST The Board expects to recommend distribution of substantially the whole of each
(from gross income class’s respective net investment income, and will also determine to what extent
and capital) distribution will be made from capital so as to seek to achieve a distribution
percentage higher than that of a MINCOME Share class.
Such distribution however is not fixed and will be reviewed periodically by the
Board according to economic and other circumstances.
Dividends are normally declared on the first Business Day of each month.
For distributions out of capital, investors should refer to Part I, 1. Fund
Information, 1.2. Risk Factors, X. “Distribution out of capital risk” in this
Prospectus.
Distributing Shares MCDIST(G) The Board expects to recommend distribution of substantially the whole of each
(from gross income class’s respective gross investment income, and will also determine to what
and capital) extent distribution will be made from capital so as to seek to achieve a
distribution percentage higher than that of a MINCOME Share class.
Such distribution however is not fixed and will be reviewed periodically by the
Board according to economic and other circumstances.
Dividends are normally declared on the first Business Day of each month.
For distributions out of capital, investors should refer to Part I, 1. Fund
Information, 1.2. Risk Factors, X. “Distribution out of capital risk” in this
Prospectus.
Distributing Hedged HMDIST The Board expects to recommend distribution of substantially the whole of
Shares the respective net investment income for the period.
(from net income) The Board may also determine if and to what extent dividends may include
distributions from capital. Such distributions may include a premium when the
interest rate of the hedged currency is higher than the fund’s reference
currency interest rate. Consequently, when the interest rate of the hedged
currency is lower than the fund’s reference currency interest rate, the
dividend may be discounted.
Dividends are normally declared on the first Business Day of each month.

Prospectus: Fidelity Funds 166 January 2022

Part III General information

Share type Related Sub- Payments

Indicator
Distributing Hedged HMDIST(G) The Board expects to recommend distribution of substantially the whole of
Shares the respective gross investment income for the period.
(from gross income) The Board may also determine if and to what extent dividends may include
distributions from capital. Such distributions may include a premium when the
interest rate of the hedged currency is higher than the fund’s reference
currency interest rate. Consequently, when the interest rate of the hedged
currency is lower than the fund’s reference currency interest rate, the
dividend may be discounted.
Dividends are normally declared on the first Business Day of each month.

Dividends are normally paid within five Business Days, or as soon as practicable thereafter.
The funds have available Share classes that accumulate income, pay regular dividends out of net or gross current income
or on occasion make payments out of capital.
Share classes that can make payments out of capital will reduce capital appreciation for the holders of such Shares. For certain
distributing classes of Shares (i.e. MINCOME or QINCOME Shares), any such payments out of capital will only be made to seek
to maintain, so far as is reasonable, a stable payment per Share but the payment per Share is not fixed and will vary according to
economic and other circumstances and the ability of the fund to support stable monthly payments without a long-term positive or
negative impact on capital. For other distributing classes of Shares (i.e. MCDIST Shares) payments out of capital will be made to
seek to achieve a distribution percentage higher than that of a MINCOME Share class, however this distribution is not fixed either
and will vary according to economic and other circumstances. The funds are managed in line with the stated investment objectives
and are not managed to maintain a stable payment per Share on any particular Share class. The Board may also determine if
and to what extent dividends may include distributions from realised and unrealized capital gains as well as from capital. Such
distributions may include a premium when the interest rate of the hedged currency is higher than the fund’s reference currency
interest rate. Consequently, when the interest rate of the hedged currency is lower than the fund’s reference currency interest rate,
the dividend may be discounted (i.e. HMDIST(G) (hedged)).
Dividends paid may include capital, which will be attributable to the relevant class of Shares. To the extent that net income
attributable to these Shares exceeds the amount declared payable, the excess amount will be reflected in the respective
Net Asset Value of such Shares. Alternatively, the amount of dividend may exceed the aggregate amount of net investment
income and net capital gain. Accordingly, the level of dividend does not necessarily indicate the total return of the fund. In
order to assess the total return of the fund, both the Net Asset Value movement (including dividend) and the dividend
distribution should be considered.
For distributions out of capital, investors should refer to Part I, 1. Fund Information, 1.2. Risk Factors, X. “Distribution of
Dividends and Expenses out of / effectively out of capital risk” in this Prospectus.
In case of distribution of gross investment income, charges will be deducted from the assets of the relevant class of Shares.
This will enhance income returns but may constrain capital growth.
In case the payment of the dividend amount per class of Shares accrued between the launch date and the first scheduled
distribution date would not be economically efficient, the Board reserves the right to defer this payment to the following period.
Dividends remaining unclaimed five years after the dividend declaration date will be forfeited and will revert to the Fund.
Exceptions to the payment rules above are shown in the table below.

Exceptions to Distribution Dates and Distributing Rates for Distributing Shares

Fund Type Distribution Date(s) and Distributing Rate(s)

as applicable
Exceptions within Equity and Equity Income funds

Fidelity Funds – Asia Pacific Dividend Fund A-USD First Business Day of February and August
Fidelity Funds – European Dividend Fund A-Euro
Fidelity Funds – Global Property Fund A-GBP

Fidelity Funds – Global Equity Income Fund I-USD First Business Day of February, May, August and November

Exceptions within Bond funds

Fidelity Funds – Asian High Yield Fund A-RMB First Business Day of February, May, August and November
(hedged)
Fidelity Funds – China RMB Bond Fund E-GDIST
(EUR/USD hedged)
Fidelity Funds – Flexible Bond Fund A-GBP
Fidelity Funds – Flexible Bond Fund Y-GBP
Fidelity Funds – Flexible Bond Fund Y-EUR (EUR/GBP
hedged)
Fidelity Funds – Flexible Bond Fund Y-USD (USD/GBP
hedged)

Fidelity Funds – US Dollar Bond Fund A-USD First Business Day of February and August

Prospectus: Fidelity Funds 167 January 2022

Part III General information

Registered Shares

(i) Dividend Reinvestment

Dividends are reinvested in additional Shares of the same distributing class of Shares unless Shareholders specify otherwise
in writing.
Dividends to be reinvested are credited to the Management Company which acts on behalf of the Shareholders and invests
the amount of the dividends in additional Shares of the same distributing class of Shares. Shares are issued at the
Net Asset Value determined on the dividend declaration date if it is a Valuation Date, or the subsequent Valuation Date.
No initial charge is payable on these Shares. Shares issued through this dividend facility are held in a registered account for
the investor. Shares are calculated to two decimal places and the resulting cash fraction remainder (whose value is less
than 0.01 of a Share) is retained in the Fund for inclusion in subsequent calculations.

(ii) Dividend Payment

Holders of registered distributing Shares may elect to receive a dividend payment which will normally be made by electronic
bank transfer, net of bank charges. In this case, unless specified otherwise, payment is normally made in the Principal
Dealing Currency of the distributing class of Shares of the fund. If requested, payment may be made in any other major
freely convertible currency at the prevailing rate of exchange.
If any dividend payment is lower than USD 50 (or its equivalent in another currency) the dividend will be automatically
reinvested in further Shares of the same distributing class of Shares and not paid directly to the respective Shareholder
unless such re-investment is not allowed under any local applicable regulations.

Income Equalisation Arrangements

Income equalisation arrangements are applied in the case of all Share classes (accumulating and distributing) and for all funds in
all fund ranges. For distributing Shares these arrangements are intended to ensure that the income per Share which is distributed
in respect of a distribution period is not affected by changes in the number of Shares in issue during that period. The amount of the
first distribution received by a Shareholder following the purchase of distributing Shares in that fund represents partly participation
in income received by the fund and partly a return of capital (the ‘equalisation amount’). In general, the equalisation amount
represents the average amount of income of the Share class included in the Net Asset Value of each Share issued during the
relevant period. It is expected that the equalisation amount will not be taxable as an income receipt of the Shareholder but should
be applied to reduce the base acquisition cost of the Shares for the purpose of computing capital gains. The tax treatment of
equalisation amounts may, however, differ in certain jurisdictions. Shareholders who wish to obtain information concerning the
equalisation amount received by them as a part of their distribution, may do so by contacting the Distributor or the Management
Company at the relevant registered address.

3.2. Meetings, Reports and Shareholder Communication

The annual general meeting of Shareholders is held in Luxembourg on the first Thursday of October of each year at noon
or, if such date is not a Business Day in Luxembourg, on the next following Business Day.
If permitted by and under the conditions set forth in Luxembourg laws and regulations, the annual general meeting of
Shareholders may be held at a date, time or place other than those set forth in the preceding paragraph, that date, time or
place to be decided by the Board and specified in the notice of meeting.
Other meetings of Shareholders or funds meetings may be held at such place and time as may be specified in the respective
notices of meeting.
Notices of meetings of Shareholders are given in accordance with Luxembourg Law and the Articles of Incorporation by
publication in the Mémorial and the d’Wort in Luxembourg and in other newspapers as decided from time to time by the
Directors. Written notice will be sent to registered Shareholders at least 8 days prior to each meeting. All notices of meetings
specify the time, place and agenda of the meeting, and the quorum and voting requirements. The Shareholders of any fund
may hold, at any time, general meetings to decide on matters which relate exclusively to that fund.
Under the conditions set forth in Luxembourg laws and regulations, the notice of any general meeting of shareholders may
provide that the quorum and the majority at this general meeting shall be determined according to the shares issued and
outstanding at a certain date and time preceding the general meeting (the “Record Date”), whereas the right of a Shareholder
to attend a general meeting of Shareholders and to exercise the voting rights attaching to their shares shall be determined
by reference to shares held by this Shareholder as at the Record Date.
The Fund’s financial year ends on 30 April each year. The Fund’s annual report incorporating financial statements is
published within four months after the end of the financial year and at least two weeks before the annual general meeting of
Shareholders. The Fund’s accounting records are separately maintained in each fund’s Reference Currency.
Annual accounts are presented in the funds’ Reference Currencies with consolidated accounts presented in US Dollars.
The Fund publishes a semi-annual unaudited financial report, containing a list of each fund’s holdings and their market
values, within two months of the date to which it is made up.
The annual and semi-annual reports can be downloaded from the website www.fidelityinternational.com or may be obtained,
free of charge, on request from the Management Company, the Distributors or the representatives of the Fund.
Any communications to Shareholders will be published on the respective local / country websites and/or may be notified via
e-mail, (in the latter case only) where a Shareholder has consented and provided an e-mail address to the Management
Company for such purposes. When specifically prescribed under applicable law or regulation, Shareholders will also be
notified in writing or in such other manner as required.
In addition to the information made available to Shareholders within the Cash funds in accordance with the main part of the
Prospectus, the following information will be made available on a weekly basis:
- the maturity breakdown of the portfolio of the relevant Cash fund;
- the credit profile of the relevant Cash fund;
- the average length of time to legal maturity of all of the underlying assets on a Money Market Fund reflecting the relative
holding of each asset (“WAL”) and the average length of time to legal maturity or, if shorter, to the next interest rate

Prospectus: Fidelity Funds 168 January 2022

Part III General information

reset to a money market rate, of all of the underlying assets in a Money Market Fund reflecting the relative holdings in
each asset (“WAM”);
- details of the 10 largest holdings in the relevant Cash fund, including the name, country, maturity and asset type, the
counterparty in the case of repurchase and reverse repurchase agreements;
- the total value of the relevant Cash fund; and
- the net yield of the relevant Cash fund.

3.3. Taxation

Taxation of the Fund

The Fund is not liable to any Luxembourg taxes on income or on realised or unrealised capital gains, nor to any Luxembourg
withholding tax. The funds are subject to an annual subscription tax of:
a. 0.01% on Cash and Reserved funds and in general on all shares reserved to institutional investors,
b. 0.00% on the exchange listed index tracking shares; and
c. 0.05% on all fund ranges and classes of shares not listed above under a. or b.
calculated and payable quarterly on the net assets of the fund on the last day of each fiscal quarter.

No such tax is applicable in respect of assets invested in Luxembourg undertakings for collective investments which are themselves
subject to this tax.
Capital gains, dividends and interest on securities held by the Fund may be subject to capital gains, withholding or other taxes
imposed by the country of origin concerned and these taxes may not be recoverable by the Fund or by Shareholders.

Taxation of Chinese Assets

Mainland China (‘China’) sourced income and gains derived by a non-resident without an establishment or place of business
in Mainland China may be subject to withholding tax and VAT unless a specific exemption or reduction applies,
Dividends received are subject to withholding tax of 10% but not VAT. Interest received on onshore fixed income securities
is prima facie subject to withholding tax and VAT but:
interest on government and local government bonds received by QFIIs is exempt from withholding tax (under the Corporate
Income Tax (‘CIT’) law) and VAT (under Caishui [2016] 36 issued jointly by the Chinese Ministry of Finance (‘MOF’) and the
State Administration of Taxation (‘SAT’))
The MOF issued a Circular (Caishui [2018] No. 108) confirming that foreign investors, with no establishment or place of
business in China, are exempt from CIT and VAT on bond interest from 7 November 2018 to 6 November 2021. Nonetheless
some details of the scope of the exemption and the treatment of income derived before 7 November 2018 remain unclear.
Circular (Caishui [2014] No. 79) issued jointly by the Chinese Ministry of Finance (MOF), the State Administration of Taxation
(SAT) and the China Securities Regulatory Commission (CSRC), temporarily exempt QFIIs from withholding tax on gains
derived from the trading of the equity investment assets (A-shares) provided the QFII has no establishment or place of
business in China, or if it does, the gains so derived in China are not effectively connected with this establishment or place
of business in China. Similarly, a circular (Caishui [2016] No. 70) exempts gains made by QFIIs on China marketable
securities from VAT.
Based on professional and independent tax advice, currently no provision is being made for tax on capital gains on disposals
of (i) China A Shares and B Shares, or (ii) China fixed income securities listed or traded on exchanges or the China interbank
bond market or for tax on interest on such onshore fixed income securities. The Investment Manager reviews the tax
provisioning policy on an on-going basis, however, and any tax provision made ultimately may prove excessive or
inadequate to meet any actual tax liabilities that ultimately arise and any shortfall would adversely affect the Net Asset Value.

UK Non-Resident Capital Gains Tax (“NRCGT”)

With effect from 6 April 2019, the disposal of UK property or land (including the disposals of shares in UK property rich companies
(e.g. UK Real Estate Investment Trusts (“REITs”)) as they are by default considered land rich Collective Investment Vehicles
("CIVs")) will need to be taxed and reported to HMRC.
Between 6 April 2019 and 9 April 2020, a disposal of a shareholding of less than 25% in a principal holding company of a group
UK REIT was not within the charge to UK tax. UK legislation was updated such that, effective 10 April 2020, such disposals will
also need to be taxed and reported to HMRC.
The gain or loss is calculated by reference to the market value (of the asset being disposed of) on 5 April 2019, with the option to
use the original acquisition cost. The gain is subject to UK Corporation Tax at the rate of 19% for the year to 31 March 2022,the
UK Government has also announced the corporation tax rate is to increase to 25% (for taxable profits exceeding £250,000) from
1 April 2023).
Luxembourg funds cannot access the UK-Luxembourg DTT and therefore disposals of UK land, property or shares in UK REITs
will bring the Fund within the scope of the new rules.
From 24 March 2021, the NRCGT legislation was amended such that meaning that overseas collective investment vehicles are
outside of the scope of the NRCGT charge where they have a disposal of a less than 10% stake in a UK property rich CIV.
Where this exclusion does not apply, the Fund will need to register for corporation tax where a sale of UK property, land or shares
in UK REITs happens and pay tax on the gain as calculated above.

Prospectus: Fidelity Funds 169 January 2022

Part III General information

Taxation of Shareholders (natural person)

3.5. Liquidation of Fidelity Funds, Funds and Classes of Shares

In the event that for any reason the aggregate value of the Shares of a given fund or class of Shares is below USD 50,000,000
(or its equivalent) or if a change in the economic or political situation relating to the fund or the class of Shares concerned or
if the interests of the Shareholders would justify it, the Board may decide to liquidate the fund or class of Shares concerned.
The decision of the liquidation will be published or notified to the Shareholders by the Fund prior to the effective date of the
liquidation and the publication or notification will indicate the reasons and the procedures for the liquidation. Unless the Board
otherwise decides in the interests of, or to keep equal treatment between, the Shareholders, the Shareholders of the fund or
the class of Shares concerned may continue to request redemption or conversion of their shares. Proceeds which could not
be distributed to their beneficiaries within a maximum of 9 months from the start of the liquidation of the fund or the class of
Shares concerned will be held in escrow accounts by the Caisse de Consignation on behalf of their beneficiaries. Depending
on the liquidation process, such 9 months period may be extended subject to CSSF’s approval. Amounts not claimed from escrow
within 30 years may be liable to be forfeited in accordance with the provisions of Luxembourg law.
In all other circumstances or where the Board determines that the decision should be put to Shareholders for approval, the
decision to liquidate a fund or a class of Shares may be taken at a meeting of Shareholders of the fund or class of Shares to
be liquidated. At such meeting, no quorum shall be required and the decision to liquidate will be taken by simple majority of
the votes cast. The decision of the meeting will be notified and/or published by the Fund in accordance with applicable laws
and regulations.
Any merger of a fund shall be decided upon by the Board unless the Board decides to submit the decision for a merger to a
meeting of Shareholders of the fund concerned. No quorum is required for such meeting and decisions are taken by the simple
majority of the votes cast. In case of a merger of one or more funds where, as a result, the Fund ceases to exist, the merger
shall be decided by a meeting of Shareholders for which no quorum is required and that may decide with a simple majority of
the votes cast. In addition, the provisions on mergers of UCITS set forth in the Law of 2010 and any implementing regulations
(relating in particular to notification to Shareholders) shall apply.
The Board may also, under the circumstances provided in the first paragraph of this section 3.5, decide upon the reorganisation
of any fund by means of a division into two or more separate funds. To the extent required by Luxembourg law, such decision
will be published or notified, if appropriate, in the same manner as described in the first paragraph of this section and, in
addition, the publication or notification will contain information in relation to the funds resulting from the reorganisation. The
preceding paragraph also applies to a division of Shares of any class of Shares.
In the circumstances provided for in the first paragraph of this section 3.5, the Board may also, subject to regulatory approval
(if required), decide to consolidate or split any classes of Shares within a fund. To the extent required by Luxembourg law,
such decision will be published or notified in the same manner as described in the first paragraph of this section 3.5 and the
publication and/or notification will contain information in relation to the proposed split or consolidation. The Board may also
decide to submit the question of the consolidation or split of classes of Shares to a meeting of Shareholders of such classes.
No quorum is required for this meeting and decisions are taken by the simple majority of the votes cast.
The Fund is established of unlimited duration but may be liquidated at any time by resolution of Shareholders in accordance with
Luxembourg law. The net proceeds of liquidation corresponding to each fund shall be distributed by the liquidators to the
Shareholders in that fund in proportion to their holding of Shares in that fund. Amounts which are not claimed by Shareholders within
a maximum period of nine months from the start of the liquidation will be held in escrow accounts by the Caisse de Consignation.
Depending on the liquidation process, such nine months period may be extended subject to CSSF’s approval. Amounts not
claimed from escrow within 30 years may be liable to be forfeited in accordance with the provisions of Luxembourg law.
A general meeting of the Shareholders will be called to consider the liquidation of the Fund if the value of the Fund’s net
assets should decline to less than two-thirds of the minimum capital required by law. The minimum capital required by
Luxembourg law is currently the equivalent of Euro 1,250,000.
If, after the closure of the liquidation of a fund, unexpected payments which relate to that specific fund are received by the
Fund and the Board considers that, in consideration of the amounts concerned or the time elapsed since the close of the
liquidation, it is not appropriate or operationally justified to revert to former shareholders, these amounts will be retained by
the Fund.

3.6. Institutional Reserved Funds – Dilution Levy and Large Deals

The value of the property of a fund may be reduced as a result of the costs incurred in the dealings in the fund’s investments,
including stamp duty and any difference between the buying and selling price of such investments. In order to mitigate against
such ‘dilution’ and consequent potential adverse effect on remaining Shareholders, the Fund has the power to charge a ‘dilution
levy’ when Shares are bought or sold. Any dilution levy must be fair to all Shareholders and potential Shareholders and the
Fund will operate this measure in a fair and consistent manner to reduce dilution and only for that purpose.
The Fund reserves the right to impose a dilution levy:
In respect of a ‘large deal’, i.e. a deal (or series of deals placed on the same day) in respect of Institutional Reserved fund
Shares exceeding Euro 1.5 million in value; or on a Shareholder who redeems or switches a shareholding in an Institutional
Reserved fund within 30 days of its purchase.
It is not possible to predict accurately whether dilution would occur at any point in time. If an investor’s proposed transaction
falls within one of the above categories, the investor should check with its usual Distributor or the Management Company
as to whether a dilution levy will apply in respect of that transaction before giving instructions for that transaction. In deciding
whether to impose a dilution levy, the Board will consider a number of factors including the size of the transaction relative to
the overall value of the fund, the level of transaction costs within that particular market, the liquidity of the underlying
investments within the fund, the amount of investments to be bought/sold and the likely time that this will take, the likelihood
of an adverse impact on the value of investments as a result of the accelerated rate of disposal, and the length of time for
which the Shares in question were held.
The Fund is unlikely to impose a dilution levy unless the dealing costs relating to a Shareholder transaction are significant
and/or will have a material impact on the value of the fund in question. Dealing costs (stamp duty, broker commissions and

Prospectus: Fidelity Funds 173 January 2022

Part III General information

buy/sell spreads) will be considered significant if they amount to Euro 300,000 or more. A material impact is defined as
impacting the Net Asset Value by 10 basis points or more. On a large redemption, the Fund may require the redeeming
Shareholder to accept an in specie redemption subject to the conditions set out above under ‘2.2.2. Redemption in Specie’
instead of imposing a dilution levy.
Based on future projections, the levy will be up to 0.80% of the purchase cost or the redemption or switch proceeds. Any dilution
levy would be paid to the Fund and would become part of the property of the relevant fund. On any day where a price adjustment
is triggered as further described under ‘2.4. Price Adjustment Policy (Swing Pricing)’ above the dilution levy will not be applied.

Prospectus: Fidelity Funds 174 January 2022

Part IV Administration Details, Changes and Expenses

PART IV

4. Administration Details, Charges and Expenses

Board of Directors
The Board is responsible for the overall strategy of the Fund.
The Board’s composition is indicated under the section “Overview – Management of the Fund”.
The Board has appointed the Management Company to assume day-to-day responsibility for the conduct of the management,
administration and marketing functions in relation to the Fund. The Management Company may delegate part or all of such
functions to third parties, subject to its overall control and supervision.
A Director may hold any other office or position of profit under the Fund (other than the office of Auditor) or contract with the
Fund without the risk of disqualifying from their office of Director on such terms as to tenure and otherwise as the Directors
may determine. Any Director may also act in a professional capacity (other than as Auditor) and they or their firm shall be
entitled to remuneration for such services as if they were not a Director.
A Director may not normally vote in respect of any contract in which they are personally interested. Any such contract will
be disclosed in the financial reports of the Fund.
The Directors who are not employed by the Management Company, the Investment Manager or a Distributor or their affiliates are
entitled to an annual Director’s fee and a fee for each Board meeting attended. The aggregate fee payable to the Directors
(including any applicable attendance fee) is disclosed in the annual report and accounts. All Directors may be paid all travelling,
hotel and other expenses properly incurred by them in attending and returning from meetings of the Directors, or otherwise in
connection with the business of the Fund.
The Directors shall be indemnified by the Fund against liability and related expenses in connection with any claim brought
against such person by reason of their having been such Director or officer, provided that no indemnity shall be provided
against liability to the Fund or its Shareholders by reason of wilful misfeasance, bad faith, negligence or reckless disregard
of duties or with respect to any matter as to which they shall have been finally adjudicated not to have acted in good faith in
the reasonable belief that their action was in the best interests of the Fund.

Management Company and Conducting Officers

The Fund has appointed FIL Investment Management (Luxembourg) S.A as the Management Company of the Fund under
a Management Company Services Agreement dated 1 June 2012. The Fund pays fees under this agreement at commercial
rates agreed from time to time between the parties plus reasonable out-of-pocket expenses as further described under the
Services Agreements section below.
The Management Company was incorporated as a Société Anonyme under the laws of the Grand Duchy of Luxembourg by
notarial deed dated 14 August 2002, and published in the Mémorial on 23 August 2002. It has been incorporated for an
undetermined period. It is registered on the Registre de Commerce et des Sociétés under No. B 88 635. The latest
amendments to the Articles of Incorporation dated 22 June 2011 were published in the Mémorial on 22 July 2011. The
Management Company has an authorised and issued share capital of EUR 500,000.
The Management Company is authorised as a management company governed by the EC Directive 2009/65 and therefore
complies with the conditions set out in Chapter 15 of Law of 2010. The corporate object of the Management Company is the
management within the meaning of article 101(2) of Law of 2010 including but not limited to the creation, administration,
management and marketing, of undertakings for collective investment.
The Management Company is responsible for the management, administration, including the overall management of the
investments of the Fund, and for the marketing function.
The Management Company processes subscriptions, redemptions, switches and transfers of Shares and enters these
transactions in the Fund’s register of Shareholders. It provides services to the Fund in connection with keeping the Fund’s
accounts, determination of the Net Asset Value of Shares in each fund on each Valuation Date, despatch of dividend payments
to Shareholders, preparation and distribution of Shareholders’ reports and provision of other administrative services.
HSBC France, Luxembourg branch has been appointed by the Management Company to act as sub-transfer agent for non-
US/Canadian-resident clients that invest through National Securities Clearing Corporation (NSCC) & Canadian Fundserv.
The Management Company has appointed, with the consent of the Fund, the Investment Manager and the General
Distributor. Details of the agreements with these parties and a description of the fees and expenses payable by the Fund
are described below.
Amongst other things, the Management Company shall have the duty to ensure at all times that the tasks of the Investment
Manager and the General Distributor are performed in compliance with Luxembourg law, the Articles of Incorporation and
the Prospectus. Amongst other things, the Management Company and the Conducting Officers appointed by it shall ensure
compliance of the Fund with the investment restrictions (see Part V) and oversee the implementation of the investment policy
of each fund.
The Management Company and/or the Conducting Officers shall report to the Board on a quarterly basis and the Conducting
Officers shall inform the Management Company and the Board without delay of any materially adverse matters resulting
from the actions of the Investment Manager, the General Distributor and of the Management Company in relation to the
administrative functions described here above.

Remuneration Policy
FIL Investment Management (Luxembourg) S.A., is subject to remuneration policies, procedures and practices (together,
the “Remuneration Policy”) which complies with UCITS V directive (the “Directive”) and in particular with the implementation
rules that are available at the time of this Prospectus. The Remuneration Policy is consistent with and promotes sound and
effective risk management and does not encourage risk-taking which is inconsistent with the risk profiles of the funds or the

Prospectus: Fidelity Funds 175 January 2022

Part IV Administration Details, Changes and Expenses

Articles of Incorporation. The Remuneration Policy is in line with the business strategy, objectives, values and interests of
the Management Company, the funds and the investors, and includes measures to avoid conflicts of interest. The
Remuneration Policy applies to staff whose professional activities have a material impact on the risk profile of the
Management Company or the funds, and ensures that no individual will be involved in determining or approving their own
remuneration. The assessment of performance is set in a multi-year framework appropriate to the holding period
recommended to the investors in order to ensure that the assessment process is based on the longer-term performance of
the fund and the investment risks and that the actual payment of performance-based components of remuneration is spread
over the same period. Also, fixed and variable components of total remuneration are appropriately balanced and the fixed
remuneration component represents a sufficiently high proportion of the total remuneration to allow the operation of a fully
flexible policy on variable components, including the possibility to pay no variable remuneration component. Details of the
summary Remuneration Policy is available via https://www.fil.com. A paper copy can be obtained, free of charge, upon
request in English at the office of the Management Company.

The Investment Manager

The Management Company with the consent of the Fund has appointed FIL Fund Management Limited (the “Investment Manager”)
by an Amended and Restated Investment Management Agreement dated 9 July 2020 between the Management Company, the
Fund and the Investment Manager (the ”Investment Management Agreement”) to provide the Fund with day-to-day investment
management of each fund, under the supervision of, and subject to the control of, the Management Company and its Conducting
Officers. The Investment Manager is authorised to act on behalf of the Fund and to select agents, brokers and dealers through
whom to execute transactions and provides the Management Company and the Board with reports they may require.
The Fund, together with other UCIs advised or managed by FIL Fund Management Limited, may place orders for the
purchase or sale of securities in which the Fund may invest with affiliates of FIL Fund Management Limited and other
Connected Persons, provided that, among other conditions, they can reasonably be expected to execute the transaction on
terms as favourable as could be expected to be obtained from other brokers qualified to execute the transaction and at
commission rates comparable to those which would have been charged by such other brokers. Subject to the receipt of best
execution, the Fund may take into account the sale of Shares by brokers and dealers when selecting them for the execution
of transactions.
The Investment Manager may also provide investment management and advisory services to other FIL Group mutual funds
and unit trusts, institutional and private investors.
The Investment Manager may receive investment advice from, and act upon the advice of, any Connected Person of the
Investment Manager or any other third party adviser. Moreover, the Investment Manager may sub-delegate investment
management activities to any Connected Person of the Investment Manager or any other eligible entity under applicable
regulation. The Investment Manager shall remain responsible for the proper performance by such entity of those
responsibilities.
The Investment Manager may sub-delegate investment management activities to the following entities:

FIL Investments International FIL Investments (Japan) Limited

Beech Gate, 7-7 7, Roppongi,
Millfield Lane, Minato-ku,
Lower Kingswood, Tokyo 106 0032
Tadworth, Japan
Surrey, KT20 6RP
United Kingdom

Fidelity Management & Research Company LLC FIL Investment Management (Hong Kong) Limited
245 Summer Street Boston, Level 21, Two Pacific Place
Massachusetts 88 Queensway, Admiralty
USA Hong Kong
FIL Investment Management (Australia) Limited FIL Investment Management (Singapore) Limited
Level 17, 60 Martin Place 8 Marina View
Sydney, NSW 2000 #35-06 Asia Square Tower 1
Australia Singapore 018960
Singapore
FIL Gestion FIAM LLC
21, avenue Kléber 900 Salem Street
75784 Paris Cedex 16 Smithfield
France Rhode Island
USA
Geode Capital Management, LLC* FIL (Luxembourg) S.A.
100 Summer Street, 12th Floor 2a, Rue Albert Borschette
Boston BP 2174
MA 02110 L 1246 Luxembourg
USA Grand-Duchy of Luxembourg

Prospectus: Fidelity Funds 176 January 2022

Part IV Administration Details, Changes and Expenses

Fidelity Investments Canada ULC

483 Bay Street, Suite 300
Toronto
ON M5G 2N7
Canada

The list of all entities having managed all or part of the assets of each fund over the last six or twelve months will be published
in the annual and semi-annual financial reports.

*Geode Capital Management, LLC is not part of the FIL Group. Geode Capital Management, LLC is a United States based
limited liability company which is regulated by the Securities and Exchange Commission.
Geode Capital Management, LLC has been appointed as sub-investment manager for Fidelity Funds - EURO STOXX 50®
Fund.
In addition, Geode Capital Management, LLC may also manage any of the assets of the following funds: Fidelity Funds -
Absolute Return Multi Strategy Fund, Fidelity Funds - Asia Pacific Multi Asset Growth & Income Fund, Fidelity Funds -
European Multi Asset Income Fund; Fidelity Funds - Global Multi Asset Income Fund; Fidelity Funds – Global Multi Asset
Dynamic Fund; Fidelity Funds - Global Multi Asset Growth & Income Fund; Fidelity Funds - Global Multi Asset Defensive
Fund; Fidelity Funds - Global Thematic Opportunities Fund, Fidelity Funds - Greater China Multi Asset Growth & Income
Fund, Fidelity Funds – Sustainable Multi Asset Income Fund; Fidelity Funds - Fidelity Patrimoine; Fidelity Funds - SMART
Global Defensive Fund; Fidelity Funds - Fidelity Institutional Target™ 2025 (Euro) Fund; Fidelity Funds - Fidelity Institutional
Target™ 2030 (Euro) Fund; Fidelity Funds - Fidelity Institutional Target™ 2035 (Euro) Fund; Fidelity Funds - Fidelity
Institutional Target™ 2040 (Euro) Fund; Fidelity Funds - Fidelity Institutional Target™ 2045 (Euro) Fund; Fidelity Funds -
Fidelity Institutional Target™ 2050 (Euro) Fund; Fidelity Funds - Fidelity Institutional Target™ 2055 (Euro) Fund; Fidelity
Funds - Fidelity Institutional Target™ 2060 (Euro) Fund; Fidelity Funds – Fidelity Target™ 2025 (Euro) Fund; Fidelity Funds
– Fidelity Target™ 2030 (Euro) Fund; Fidelity Funds – Fidelity Target™ 2035 (Euro) Fund; Fidelity Funds – Fidelity Target™
2040 (Euro) Fund; Fidelity Funds – Fidelity Target™ 2045 (Euro) Fund; Fidelity Funds – Fidelity Target™ 2050 (Euro) Fund;
Fidelity Funds – Fidelity Target™ 2055 (Euro) Fund; and Fidelity Funds – Fidelity Target™ 2060 (Euro) Fund. The
Investment Manager may decide to allocate to Geode Capital Management, LLC such portion of the assets of these funds
as it deems appropriate. The decision to allocate any portion of the assets, as well as the size of such allocation, will be
based on a qualitative and quantitative selection process involving various criteria such as portfolio management experience,
risk appetite, strategy, style or historical performance as well as suitability with regards to the investment objectives, policies
and risk profile of the various funds. In any event, the portion of the funds’ assets which may be allocated to Geode Capital
Management, LLC shall remain ancillary in respect of all these funds, with the exception of Fidelity Funds - Absolute Return
Multi Strategy Fund. While the Investment Manager will develop the overall strategy for the relevant funds, including the
establishment of appropriate investment guidelines, Geode Capital Management, LLC will be responsible for the day-to-day
investment decisions of the assets under its management, in continued compliance with the investment objectives and
policies of the relevant funds.
The Investment Manager may supplement, replace or terminate the appointment of Geode Capital Management, LLC from
time to time and/or reallocate assets of the funds among sub-investment managers without prior notice to Shareholders in
circumstances where the Investment Manager believes that such action is necessary or desirable.

Termination or Amendment
The Investment Management Agreement has been entered into for an undefined period of time, unless terminated earlier
by either party upon 90 days’ prior written notice.
During such time as any Shares are authorised for sale in Hong Kong, the Fund or the Management Company may terminate
the Investment Management Agreement on 30 days’ prior written notice, if the Investment Manager goes into liquidation,
becomes bankrupt or has a receiver appointed over its assets, or on the grounds that the Board or the Management
Company are of the opinion that a change of Investment Manager is desirable and in the best interests of the Shareholders
(subject to, if the Investment Manager so requires, the concurrence of the Securities and Futures Commission). Subject to
this, the Fund or the Management Company may not give notice to terminate this agreement except with the sanction of a
resolution passed by not less than a two-thirds majority at a Shareholders’ meeting at which the holders of not less than
two-thirds of the Shares are present or represented and voting.
The Investment Management Agreement may be amended by agreement between the Investment Manager, the Fund and
the Management Company, by action of their respective boards, but the Fund or the Management Company may not
increase the Investment Manager’s fee above the rate of 2.00% without the sanction of an ordinary meeting of Shareholders
nor amend the termination provisions of the Investment Management Agreement without the sanction of a resolution passed
by not less than a two-thirds majority at a Shareholders’ meeting at which the holders of not less than two-thirds of the
Shares are present or represented and voting.
If the Investment Management Agreement is terminated for any reason, the Fund shall, at the request of the Investment
Manager, change its name forthwith to a name excluding ‘Fidelity’ and excluding any other name connected with the
Investment Manager.

Investment Management Fee

The Investment Manager receives from the Fund an annual management fee, which is levied on the Net Asset Value of the
funds. This fee varies in accordance with the fund type. The current fee structure per class of Shares is set out in Appendix
II. Further information on the calculation method of the annual management fee for Asset Allocation Funds, Fidelity Lifestyle
Funds and Institutional Target Funds is set out in the table below. Further information on the calculation method of the
management fee (the “Variable Management Fee” or “VMF”) for the A-VMF, Y-VMF, W-VMF, I-VMF and P-VMF Share
Classes (together, the “Variable Share Classes”) is set out below. The annual management fees are accrued daily and paid
monthly, normally in US Dollars.

Prospectus: Fidelity Funds 177 January 2022

Part IV Administration Details, Changes and Expenses

The Investment Manager may waive any or all of its fees in respect of any fund at its discretion from time to time.
The fee may be increased in respect of any one or more funds or Share classes from time to time, provided the fee does
not exceed an annual rate of 2.00% of the Net Asset Value of the fund. Any increase in the fee or, in the case of the Variable
Share Classes, any change to the Variable Management Fee outside the ranges noted below is subject to not less than
three months’ notice being given to Shareholders in the same manner as notices of meetings.
The Investment Manager remunerates the Connected Persons and any other entity to which it has sub-delegated investment
management activities for services performed by them for the Fund. Brokerage Commissions, transaction charges and other
operating costs of the Fund are payable by the Fund.

Investment Management Fee – Asset Allocation Funds, Fidelity Lifestyle Funds and Institutional Target Funds

Fund Type Current Maximum Annual Management Fee

Asset Allocation Funds For class A Shares of the Asset Allocation funds, an annual asset allocation fee of up to 0.50% is levied. In
addition to that, an investment management fee, ranging from 0.40% to 1.50%, is charged and weighted for
each co-managed portion of the portfolio of the fund in accordance with its composition.
For class Y Shares of the Asset Allocation funds, an annual asset allocation fee of up to 0.25% is levied. In
addition to that an investment management fee, ranging from 0.20% to 0.75%, is charged and weighted for
each portion of the co-managed portfolio of the fund in accordance with its composition.
The fees are accrued daily in the Reference Currency of each fund and paid monthly, normally in US Dollars.

Fidelity Lifestyle Funds For the US Dollar denominated Fidelity Lifestyle Funds an asset allocation fee of up to 0.30% may be levied.
For the US Dollar denominated Fidelity Lifestyle Funds, an annual management fee that will range from
0.40% to 1.50% and be weighted for each portion of the funds is levied. In keeping with the change in asset
allocation of the underlying investments, the annual management fee would decrease over time as
investment in bonds and cash increases.

Fidelity Funds – Fidelity For the class P-ACC-Euro Shares, the annual management fee is up to 0.21%.
Institutional Target™ 2015
(Euro) Fund

Fidelity Funds – Fidelity For the class P-ACC-Euro Shares, the annual management fee was initially 0.60%, was reduced to 0.45%
Institutional Target™ 2020 on 1 January 2018 and was further reduced from 0.35% to 0.21% on 1 January 2021.
(Euro) Fund

Fidelity Funds – Fidelity For the class P-ACC-Euro Shares, the annual management fee was initially 0.80%, was reduced to 0.60%
Institutional Target™ 2025 on 1 January 2018, is 0.40% since 1 July 2021 and will be reduced on 1 January 2023 to 0.30% and will be
(Euro) Fund reduced further on 1 January 2026 to 0.21%.

Fidelity Funds – Fidelity For the class P-ACC-Euro Shares, the annual management fee was initially 0.80%, is 0.60% since 1 July
Institutional Target™ 2030 2021, will be reduced to 0.40% on 1 January 2023 and reduced on 1 January 2028 to 0.30% and will be
(Euro) Fund reduced further on 1 January 2031 to 0.21%.

Fidelity Funds – Fidelity For the class P-ACC-Euro Shares, the annual management fee was initially 0.80%, is 0.60% since 1 July
Institutional Target™ 2035 2021, will be reduced to 0.40% on 1 January 2028 and reduced on 1 January 2033 to 0.30% and will be
(Euro) Fund reduced further on 1 January 2036 to 0.21%.

Fidelity Funds – Fidelity For the class P-ACC-Euro Shares, the annual management fee was initially 0.80%, is 0.60% since 1 July
Institutional Target™ 2040 2021, will be reduced to 0.40% on 1 January 2033 and reduced on 1 January 2038 to 0.30% and will be
(Euro) Fund reduced further on 1 January 2041 to 0.21%.

Fidelity Funds – Fidelity For the class P-ACC-Euro Shares, the annual management fee was initially 0.80%, is 0.60% since 1 July
Institutional Target™ 2045 2021, will be reduced to 0.40% on 1 January 2038 and reduced on 1 January 2043 to 0.30% and will be
(Euro) Fund reduced further on 1 January 2046 to 0.21%.

Fidelity Funds – Fidelity For the class P-ACC-Euro Shares, the annual management fee was initially 0.80%, is 0.60% since 1 July
Institutional Target™ 2050 2021, and will be reduced to 0.40% on 1 January 2043 and reduced on 1 January 2048 to 0.30% and will be
(Euro) Fund reduced further on 1 January 2051 to 0.21%.

Fidelity Funds – Fidelity For the class P-ACC-Euro Shares, the annual management fee is initially 0.60% and will be reduced to
Institutional Target™ 2055 0.40% on 1 January 2048 and reduced on 1 January 2053 to 0.30% and will be reduced further on 1 January
(Euro) Fund 2056 to 0.21%.

Fidelity Funds – Fidelity For the class P-ACC-Euro Shares, the annual management fee is initially 0.60% and will be reduced to
Institutional Target™ 2060 0.40% on 1 January 2053 and reduced on 1 January 2058 to 0.30% and will be reduced further on 1 January
(Euro) Fund 2061 to 0.21%.

Fidelity Funds – Fidelity The management fee was initially 1.50%, was reduced to 1.10% on 1 January 2013 and was further reduced
Target™ 2020 (Euro) Fund from 0.85% to 0.40% on 1 January 2021.
For the class P Shares, the annual management fee was initially 0.80%, was reduced to 0.60% on
1 January 2013 and was further reduced from 0.45% to 0.20% on 1 January 2021.

Fidelity Funds – Fidelity The management fee was initially 1.50%, is currently 1.10% and will be reduced further on 1 January 2023
Target™ 2025 (Euro) Fund to 0.85%.
For the class P Shares, the annual management fee was initially 0.80%, is currently 0.60% and will be
reduced further on 1 January 2023 to 0.45%.

Fidelity Funds – Fidelity The management fee is initially 1.50% and will be reduced to 1.10% on 1 January 2023 and reduced further
Target™ 2030 (Euro) Fund on 1 January 2028 to 0.85%.
For the class P Shares, the annual management fee is initially 0.80% and will be reduced to 0.60% on
1 January 2023 and reduced further on 1 January 2028 to 0.45%.

Prospectus: Fidelity Funds 178 January 2022

Part IV Administration Details, Changes and Expenses

Fund Type Current Maximum Annual Management Fee

Fidelity Funds – Fidelity The management fee is initially 1.50% and will be reduced to 1.10% on 1 January 2028 and reduced further
Target™ 2035 (Euro) Fund on 1 January 2033 to 0.85%.
For the class P Shares, the annual management fee is initially 0.80% and will be reduced to 0.60% on
1 January 2028 and reduced further on 1 January 2033 to 0.45%.

Fidelity Funds – Fidelity The management fee is initially 1.50% and will be reduced to 1.10% on 1 January 2033 and reduced further
Target™ 2040 (Euro) Fund on 1 January 2038 to 0.85%.
For the class P Shares, the annual management fee is initially 0.80% and will be reduced to 0.60% on
1 January 2033 and reduced further on 1 January 2038 to 0.45%.

Fidelity Funds – Fidelity The management fee is initially 1.50% and will be reduced to 1.10% on 1 January 2038 and reduced further
Target™ 2045 (Euro) Fund on 1 January 2043 to 0.85%.
For the class P Shares, the annual management fee is initially 0.80% and will be reduced to 0.60% on
1 January 2038 and reduced further on 1 January 2043 to 0.45%.

Fidelity Funds – Fidelity The management fee is initially 1.50% and will be reduced to 1.10% on 1 January 2043 and reduced further
Target™ 2050 (Euro) Fund on 1 January 2048 to 0.85%.
For the class P Shares, the annual management fee is initially 0.80% and will be reduced to 0.60% on
1 January 2043 and reduced further on 1 January 2048 to 0.45%.

Fidelity Funds – Fidelity The management fee is initially 1.50% and will be reduced to 1.10% on 1 January 2048 and reduced
Target™ 2055 (Euro) Fund further on 1 January 2053 to 0.85%.
For the class P Shares, the annual management fee is initially 0.80% and will be reduced to 0.60% on 1
January 2048 and reduced further on 1 January 2053 to 0.45%.

Fidelity Funds – Fidelity The management fee is initially 1.50% and will be reduced to 1.10% on 1 January 2053 and reduced further
Target™ 2060 (Euro) Fund on 1 January 2058 to 0.85%.
For the class P Shares, the annual management fee is initially 0.80% and will be reduced to 0.60% on 1
January 2053 and reduced further on 1 January 2058 to 0.45%.

Performance Fee Methodology

As of the date of this Prospectus, performance fees shall only apply to the Absolute Return funds.
The Investment Manager may be entitled to receive an annual performance fee, which is calculated in relation to the net assets
of classes of Shares of funds that have cash indices as Market Indices, and which is subject to a high water mark (the “High Water
Mark”) adjusted for the return of the relevant Market Index.
The use of a High Water Mark is appropriate in a performance fee methodology for a class of Shares of a fund that seeks to
achieve an absolute return annually. The use of a High Water Mark seeks to ensure that investors will not be charged a
performance fee until any previous losses are recovered. There is no mechanism to lower the High Water Mark.
A hurdle rate may also be used. Funds to which a hurdle rate, being capped or not (hereinafter, the “Hurdle Rate”), applies are
indicated in the table under “Performance Fee Disclosure for Certain Absolute Return Funds” above. The use of the Hurdle Rate
seeks to ensure that investors will not be charged a performance fee until the Investment Manager has delivered, in the Investment
Manager’s opinion, an excess return over the relevant Market Index commensurate of a particular fund or class of Shares. It
should be noted that where a class of Shares has been launched part way through the Fund’s financial year, the Hurdle Rate will
be calculated in proportion to the length of the period.
On each Valuation Date, an accrual is made for the performance generated on the previous Valuation Date, when appropriate,
and the performance fee becomes payable as at the last Valuation Date of the Fund’s financial year, provided each class of
Shares has been in existence for the whole of that financial year. For any class of Shares launched during the Fund’s financial
year, the performance fee becomes payable on the last Valuation Date of the class of Shares’ first full financial year. The Fund’s
financial year begins on 1st May and ends on 30st April. The performance fee rate that the Investment Manager is entitled to
receive is indicated in the table under “Performance Fee Disclosure for Certain Absolute Return Funds” above. Any performance
fee is capped at a maximum of 10% of the daily average Total Net Asset Value of each class of Shares, calculated with reference
to the Fund’s financial year.
The performance fee is calculated as described below.
(i) On each Valuation Date, the “Adjusted Net Asset Value per Share” is determined as follows: such measure is determined
by reference to the Net Asset Value of each class of Shares adjusted for any dividend distributions since the last
performance fee has been paid or, if none, since the launch of the relevant class, any performance fee accrued but not yet
paid and removing any price adjustment referred to in section 2.4 in Part II of the Prospectus, resulting in the “Adjusted
Net Asset Value”, divided by the number of Shares outstanding for each class of Shares.
(ii) On each Valuation Date, the “Adjusted High Water Mark” is determined as follows: the High Water Mark will be the Adjusted
Net Asset Value per Share of a class of Shares at which the last performance fee has been paid or, if none, the Net Asset
Value per Share at the launch of a class of Shares **. The High Water Mark is adjusted, but not below its initial value, for
the cumulative index return since launch or since the last performance fee has been paid, resulting in the Adjusted High
Water Mark. The cumulative Market Index return for each class of Shares since the last performance fee has been paid
or, if none, since the launch of the relevant class, is determined by compounding the previous Valuation Date’s cumulative
Market Index return by the Market Index rate which prevailed on the preceding Valuation Date, to the power of the actual
number of days elapsed since the Valuation Date prior to the preceding Valuation Date divided by 365 (or 366 days in a
leap year) ††.
(iii) Where the Hurdle Rate applies, the cumulative Hurdle Rate for each class of Shares is determined on each Valuation Date
by multiplying the Hurdle Rate by the actual number of days elapsed since the more recent of either the Valuation Date at

** It should be noted that the High Water Mark is therefore not necessarily the highest ever Net Asset Value per Share of a class of Shares.
†† The High Water Mark cannot be adjusted so that the Adjusted High Water Mark would be lower than the High Water Mark.

Prospectus: Fidelity Funds 179 January 2022

Part IV Administration Details, Changes and Expenses

the launch of the same class of Shares, or the Valuation Date since the last performance fee has been paid, divided by
365 (or 366 days in a leap year). The result is rounded to the nearest six decimal places, subject to any cap.
(iv) Where the Hurdle Rate applies, the daily Hurdle Rate for each class of Shares is determined on each Valuation Date by
multiplying the Hurdle Rate by the actual number of days elapsed between the preceding Valuation Date and the Valuation
Date prior to the preceding Valuation Date, divided by 365 (or 366 days in a leap year). The result is rounded to the nearest
six decimal places.
(v) On each Valuation Date, the change in the preceding Valuation Date’s Net Adjusted Asset Value per Share and its
preceding Adjusted Net Asset Value per Share is compared to the daily return of the relevant Market Index plus the daily
Hurdle Rate. If the Adjusted Net Asset Value per Share of a class of Shares is in excess of the Adjusted High Water Mark,
by more than the cumulative Hurdle Rate then a performance fee is accrued. The previous Valuation Date’s performance
fee accrual is increased or decreased (but not below 0) by the performance fee rate multiplied by the previous Valuation
Date’s daily return over the previous Valuation Date’s daily Market Index rate, plus the daily Hurdle Rate, multiplied by the
Adjusted Net Asset Value for that class of Shares on the Valuation Date prior to the preceding Valuation Date, adjusted
for any subscriptions or redemptions reflected in the preceding Valuation Date’s Net Asset Value, adjusted for any
redemptions reflected in that Valuation Date's Net Asset Value.
(vi) On each Valuation Date, if the Adjusted Net Asset Value per Share of a class of Shares is not in excess of the Adjusted
High Water Mark, by more than the cumulative Hurdle Rate, then the performance fee accrual is reduced to zero. No
additional performance fee can be accrued unless the cumulative return of a class of Shares since launch or since the last
performance fee has been paid, exceeds the Adjusted High Water Mark by more than the cumulative Hurdle Rate.
(vii) The annual performance fee payable to the Investment Manager is equal to the total performance fee accrual for the class
of Shares on the last Valuation Date of the Fund’s financial year, provided each class of Shares has been in existence for
the whole of that financial year. For any class of Shares launched during the Fund’s financial year, the performance fee
becomes payable on the last Valuation Date of the class of Shares’ first full financial year.
Where investors redeem or switch their Shares during the financial year, any performance fee accrual in respect of those Shares
will crystallise on that Valuation Date, but will not be paid to the Investment Manager until any annual performance fee is payable
as outlined in (vii) above. This is designed to ensure that Shareholders pay the correct performance fee for their respective holding
periods. This will not trigger an adjustment of the High Water Mark.
For a variety of reasons, different classes of Shares of the same fund may become subject to different amounts of performance
fee.
During periods of market volatility, unusual fluctuations may occur in the Net Asset Value per Share of each class of Shares for
which a performance fee is charged. These fluctuations may happen where the impact of a performance fee causes the Net Asset
Value per Share to be reduced whilst the returns from underlying assets have increased. Conversely, the impact of reducing the
performance fee accrual can cause the Net Asset Value per Share to be increased whilst the underlying assets have decreased.
Additionally, investors who purchase Shares at a time when the Net Asset Value per Share of a class of Shares is less than the
Adjusted High Water Mark for that class of Shares will benefit from any subsequent appreciation in the Net Asset Value per Share
as no performance fee will be accrued until the Adjusted High Water Mark has been reached.
Performance fees paid to the Investment Manager in any financial year are not refundable in any subsequent financial years.
It is important to note that the Investment Manager may waive any or all of its fees in respect of any fund at its discretion from time
to time.
The Board may make such adjustments of accruals as it deems appropriate to ensure that the accruals represent fairly and
accurately the performance fee liability that may eventually be payable by a class of Shares of a fund with a cash index as Market
Index to the Investment Manager.
In the case of liquidation or merger of a fund or Share Class to which a Performance Fee is applicable, the Performance Fee
should be crystallised on the last Valuation Date before the liquidation or merger of the relevant fund or Share Class.
The below examples illustrate hypothetical crystallisation scenarios, assuming a calculation period of a financial year:

Scenario Cumulative Cumulative Index Cumulative share Performance Fee Performance Fee
share class performance class excess return crystallisation?
over Index
performance

1. +10% +5% +5% Yes 0..75%

2. +2% +5% -3% No 0%

3. -2% -5% +3% No 0.0%

4 -10% -5% -5% No 0%

The Depositary
Brown Brothers Harriman (Luxembourg) S.C.A. (the "Depositary") has been appointed by the Fund as the depositary bank for (i)
the safekeeping of the assets of the Fund (ii) the cash monitoring, (iii) the oversight functions and (iv) such other services as are
agreed in the Depositary Agreement. The Depositary is a credit institution established in Luxembourg, whose registered office is
situated at 80, route d’Esch, L-1470 Luxembourg, and which is registered with the Luxembourg register of commerce and
companies under number B 0029923. It is licensed to carry out banking activities under the terms of the Luxembourg law of 5
April 1993 on the financial services sector, as amended, and specialises in custody, fund administration and related services. The
fee paid by the Fund to the Depositary varies depending upon the markets in which the assets of the Fund are invested and
typically range from 0.003% to 0.35% of the net assets of the Fund (excluding transaction charges and reasonable disbursements
and out-of-pocket expenses).

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Part IV Administration Details, Changes and Expenses

(i) Duties of the Depositary

The Depositary shall ensure the safekeeping of the Fund’s assets, which will be held in custody either directly by the
Depositary or, to the extent permitted by applicable laws and regulations, through other third party entities acting as
delegates. The Depositary has also to ensure that the Fund’s cash flows are properly monitored, and in particular that the
subscription monies have been received and all cash of the Fund has been booked in the cash account in the name of (i)
the Fund, (ii) the Management Company on behalf of the Fund or (iii) the Depositary on behalf of the Fund.
In addition, the Depositary shall also ensure:
- that the sale, issue, repurchase, redemption and cancellation of the Shares are carried out in accordance with
Luxembourg law and the Articles of Incorporation;
- that the value of the Shares is calculated in accordance with Luxembourg law and the Articles of Incorporation;
- to carry out the instructions of the Fund and the Management Company, unless they conflict with Luxembourg law
or the Articles of Incorporation;
- that in transactions involving the Fund’s assets any consideration is remitted to the Fund within the usual time limits;
- that the Fund’s incomes are applied in accordance with Luxembourg law and the Articles of Incorporation.
(ii) Delegation of functions
Pursuant to the provisions of Article 34bis of the Law of 2010 and of the Depositary Agreement, the Depositary may,
subject to certain conditions and in order to effectively conduct its duties, delegate part or all of its safekeeping duties over
the Fund’s assets set out in Article 34(3) of the Law of 2010, to one or more third-party delegates appointed by the
Depositary from time to time. The Depositary shall exercise care and diligence in choosing and appointing the third-party
delegates so as to ensure that each third-party delegate has and maintains the required expertise and competence. The
Depositary shall also periodically assess whether the third-party delegates fulfils applicable legal and regulatory
requirements and will exercise ongoing supervision over each third-party delegate to ensure that the obligations of the
third-party delegates continue to be competently discharged. The fees of any third-party delegate appointed by the
Depositary shall be paid by the Fund.
The liability of the Depositary shall not be affected by the fact that it has entrusted all or some of the Fund’s assets in its
safekeeping to such third-party delegates.
An up-to-date list of the appointed third-party delegates is available on bbh.com/luxglobalcustodynetworklist.
According to Article 34bis(3) of the Law of 2010, the Depositary and the Fund will ensure that, where (i) the law of a third
country requires that certain financial instruments of the Fund be held in custody by a local entity and there is no local
entities in that third country subject to effective prudential regulation (including minimum capital requirements) and
supervision and (ii) the Fund instructs the Depositary to delegate the safekeeping of these financial instruments to such a
local entity, the investors of the Fund shall be duly informed, prior to their investment, of the fact that such delegation is
required due to the legal constraints of the law of the third country, of the circumstances justifying the delegation and of
the risks involved in such a delegation.
(iii) Conflicts of interests
The Depositary maintains comprehensive and detailed corporate policies and procedures requiring the Depositary to
comply with applicable laws and regulations. The Depositary has policies and procedures governing the management of
conflicts of interests. These policies and procedures address conflicts of interests that may arise through the provision of
services to the Fund. The Depositary’s policies require that all material conflicts of interests involving internal or external
parties are promptly disclosed, escalated to senior management, registered, mitigated and/or prevented, as appropriate. In
the event a conflict of interest may not be avoided, the Depositary shall maintain and operate effective organizational and
administrative arrangements in order to take all reasonable steps to properly (i) disclose the conflicts of interest to the Fund
and to the shareholders and (ii) to manage and monitor such conflicts. The Depositary ensures that employees are
informed, trained and advised of conflicts of interests policies and procedures and that duties and responsibilities are
segregated appropriately to prevent conflicts of interests issues. Compliance with conflicts of interests policies and
procedures is supervised and monitored by the Board of Managers as general partner of the Depositary and by the
Depositary’s Authorized Management, as well as the Depositary’s compliance, internal audit and risk management
functions. The Depositary shall take all reasonable steps to identify and mitigate potential conflicts of interests. This
includes implementing its conflicts of interests policies that are appropriate for the scale, complexity and nature of its
business. This policy identifies the circumstances that give rise or may give rise to a conflicts of interests and includes the
procedures to be followed and measures to be adopted in order to manage conflicts of interests. A conflict of interests
register is maintained and monitored by the Depositary. Also, a conflict of interests register is maintained and monitored
by the Management Company. No conflicts of interest between the Depositary and the FIL Group have been reported as
of today in these registers.
A potential risk of conflicts of interest may occur in situations where the third party delegates of the Depositary may enter
into or have a separate commercial and/or business relationship with the Depositary in parallel to the safekeeping
delegation relationship. In the conduct of its business, conflicts of interest may arise between the Depositary and the third
party delegate. Where a third party delegate shall have a group link with the Depositary, the Depositary undertakes to
identify potential conflicts of interests arising from that link, if any, and to take all reasonable steps to mitigate those conflicts
of interest.
The Depositary does not anticipate that there would be any specific conflicts of interest arising as a result of any delegation
to any third party delegate. The Depositary will notify the Board and/or the board of directors of the Management Company
of any such conflict should it so arise. To the extent that any other potential conflicts of interest exist pertaining to the
Depositary, they have been identified, mitigated and addressed in accordance with the Depositary’s policies and
procedures. Updated information on the Depositary’s custody duties and conflicts of interest that may arise may be
obtained, free of charge and upon request, from the Depositary.
(iv) Miscellaneous
The Depositary or the Fund may terminate the Depositary Agreement at any time upon ninety (90) calendar days’ written
notice (or earlier in case of certain breaches of the Depositary Agreement, including the insolvency of any of them) provided
that the Depositary Agreement shall not terminate until a replacement depositary is appointed. Up-to-date information
regarding the description of the Depositary’s duties and of conflicts of interest that may arise as well as of any safekeeping

Prospectus: Fidelity Funds 181 January 2022

Part IV Administration Details, Changes and Expenses

functions delegated by the Depositary, the list of third-party delegates and any conflicts of interest that may arise from such
a delegation will be made available to investors on request at the Fund’s registered office.

General Distributor and Distributors

The Management Company with the consent of the Fund has appointed the General Distributor to assist in the promotion of
Shares in the Fund. The General Distributor has appointed the Distributors to distribute Shares. The Distributors always act
as the agent for the General Distributor. The General Distributor acts as principal in the purchase and sale of Shares via the
Distributors and Shares are issued to/redeemed by the Fund to the General Distributor on the terms of the Prospectus. The
General Distributor may not price orders received by it on less favourable terms than those available direct from the Fund.
The General Distributor and the Share Distributors have been appointed as Distributors of Shares by the Fund under the following
current agreements: General Distributor’s Agreement; Share Distributors Agreements with FIL (Luxembourg) S.A., with
FIL Investments International, with FIL Pensions Management with FIL Investment Management (Hong Kong) Limited and
FIL Distributors International Limited, with FIL Investment Management (Singapore) Limited, FIL Administration Services Limited,
with FIL Investment Services GmbH and with FIL Gestion. Each of these agreements may be terminated by either party upon 90
days’ prior written notice.
The General Distributor is paid the initial charge, if any, (up to full initial charge per share class as described in 2.1. “Classes
of Shares” in Part II of the Prospectus) collected by the Share Distributors (as agents for the General Distributor). The General
Distributor is paid the initial charge, if any, on sales of Shares made directly through the Management Company and receives
the fee charged on switches, if any. The distribution fee in respect of the classes C, D and E Shares is accrued daily and
paid quarterly to the General Distributor. The General Distributor remunerates the Share Distributors out of the initial charges,
if any. Initial commissions may be paid to financial intermediaries or institutions from the initial charge. Where ongoing
commissions or other fees and charges are paid to financial intermediaries, these are usually borne by the Investment
Manager from the management fee and/or by the General Distributor from the Distribution fee and in all cases are paid
through the General Distributor.
Under the terms of the Articles of Incorporation the initial charge, if any, may be increased to a maximum of 8% of the
Net Asset Value.

Services Agreement
The Management Company and the Fund have appointed FIL Limited by a services agreement (the “Services Agreement”)
dated 1 June 2012, to provide services in relation to the investments of the funds including valuation, statistical, technical,
reporting and other assistance. The Management Company and/or FIL Limited has outsourced certain administration services
to other Fidelity group entities.
The Fund pays fees for the services noted in the Management Company Services Agreement and the Services Agreement at
commercial rates agreed from time to time between the parties plus reasonable out-of-pocket expenses. The maximum fee paid
for these services by the Fund will be 0.35% of the net assets (excluding reasonable out-of-pocket expenses).
The Agreements may be terminated by either party upon 90 days’ prior written notice.

Auditors
Deloitte Audit S.à r.l. has been appointed as the Fund’s Auditors. This appointment is subject to Shareholder approval at
each annual general meeting.

Hong Kong Representative’s Agreement

The Fund has appointed FIL Investment Management (Hong Kong) Limited by an agreement dated 5 July 1990 to act as
Hong Kong Representative, to receive purchase, sale and switch requests, to provide information to investors and to accept
notices and other services in respect of the Fund. The Hong Kong Representative is paid its reasonable out-of-pocket
expenses.

Taiwan General Representative’s Agreement

The Board and the General Distributor have decided to appoint FIL Securities (Taiwan) Limited to act as Taiwan General
Representative, to receive purchase, sale and switch requests, to provide information to investors and to accept notices and
other services in respect of the Fund. Commencing from 1 September 2016, FIL Securities Investment Trust Co. (Taiwan)
Limited will take over the role of Taiwan General Representative and relevant approvals of competent authorities have been
obtained.

General information on Charges and Expenses

The costs, charges and expenses which may be charged to the Fund include: all taxes which may be due on the assets and
the income of the Fund; usual banking and Brokerage Commission due on transactions involving portfolio securities of the
Fund (the latter to be included in the acquisition price and to be deducted from the selling price) and other expenses incurred
in acquiring and disposing of investments, insurance, postage and telephone; Directors’ fees, fees of the Management
Company and remuneration of officers and employees of the Fund; remuneration of the Investment Manager, the Depositary,
any Paying Agent, the Hong Kong Representative and of representatives in other jurisdictions where the Shares are qualified
for sale, and of all other agents employed on behalf of the Fund; such remuneration may be based on the net assets of the
Fund or on a transaction basis or may be a fixed sum; formation expenses; the cost of preparing, printing and publishing in
such languages as are necessary, and distributing offering information or documents concerning the Fund, annual and semi-
annual reports and such other reports or documents as may be desirable or required under the applicable laws or regulations
of the above cited authorities; the cost of printing certificates and proxies; the cost of preparing and filing the Articles of
Incorporation and all other documents concerning the Fund, including registration statements and offering circulars with all
authorities (including local securities dealers’ associations) having jurisdiction over the Fund or the offering of Shares; the
cost of qualifying the Fund or the sale of Shares in any jurisdiction or of a listing on any exchange; the cost of accounting

Prospectus: Fidelity Funds 182 January 2022

Part IV Administration Details, Changes and Expenses

and bookkeeping; the cost of calculating the Net Asset Value of Shares of each fund; the cost of preparing, printing,
publishing and distributing or sending public notices and other communications (including electronic or conventional contract
notes) to the Shareholders; legal and auditing fees; registrar’s fees; and all similar charges and expenses. Administrative
and other expenses of a regular or recurring nature may be calculated on an estimated basis for yearly or other periods in
advance, and the same may be accrued in equal proportions over any such period.
Costs, charges and expenses which may be attributed to a fund will be borne by that fund; otherwise they will be allocated
in US Dollars pro rata to the Net Asset Value of all, or all appropriate, funds on such basis as the Board considers reasonable.
In so far as a fund invests in other UCITS or UCIs which are administered directly or by delegation by the Management Company
or another company to which the Management Company is linked by common management or control or by a substantial direct
or indirect holding or which is managed by a company in the FIL Group, the fund shall not be charged a subscription fee or a
redemption fee.
A portion of commissions paid to selected brokers for certain portfolio transactions may, where permitted by regulation, be
repaid to the funds which generated the commissions with these brokers and may be used to offset expenses.
Except as described in the Prospectus, no commissions, discounts, brokerage or other special terms have been granted by the
Fund or the Management Company in relation to Shares issued or to be issued by the Fund; on any issue or sale of Shares a
Distributor (including the General Distributor) may, out of its own pocket or out of the initial charges, if any, pay commissions or
other fees and charges on applications received through brokers and other professional agents or grant discounts.
Foreign exchange transactions for investors or the Fund may be effected on an arm’s length basis by or through FIL Group
companies from which a benefit may be derived by such companies.
The above fees may be permanently or temporarily waived or borne by the Investment Manager.

Prospectus: Fidelity Funds 183 January 2022

Part V Investment Restrictions

PART V

For further information in respect of repurchase agreements and reverse repurchase transactions entered into by Money
Market funds, please refer to section 5.2. Investment Powers and Safeguards for Cash funds.

• Counterparties

The counterparties to such transactions must be subject to prudential supervision rules considered by the CSSF as
equivalent to those prescribed by EU law and specialised in this type of transaction. The counterparties to such
transactions will generally be financial institutions based in an OECD member state and having an investment grade credit
rating. The selected counterparties comply with Article 3 of the SFTR Regulation.

• Revenues paid to the funds

With regards to repurchase transactions or reverse repurchase transactions, 100% of the revenues (or losses) generated
by their execution are allocated to the funds. The Investment Manager do not charge any additional costs or fees or receive
any additional revenues in connection with these transactions. Further details on the actual return are published in the
Fund’s annual reports and accounts.

2.Securities Lending

Securities lending transaction consists in a transaction whereby the Fund transfers security subject to a commitment that a
borrower will return equivalent securities on a future date or when requested to do so by the Fund.

• Use of securities lending

The Fund intends to engage in securities lending transactions on stocks, other equity securities instruments, and bonds
for the purpose of Efficient Portfolio Management and in accordance with the expected and maximum levels disclosed
under Appendix III to this prospectus. None of the funds enter into margin lending transactions as at the date of this
prospectus.

Securities lending transactions will be entered into depending on the market opportunities and in particular depending on
the market demand for the securities held in each fund’s portfolio at any time and the expected revenues of the transaction
compared to the market conditions on the investment side.
Securities lending transactions to be entered into exclusively aim to generate additional capital or income. As such, there
is no restriction on the frequency under which a fund may engage into such type of transactions.

Under no circumstances shall the above mentioned operations cause a fund to diverge from its investment objective as
laid down in the Prospectus or result in additional risk higher than its profile as described in the Prospectus.
The Management Company will ensure to maintain the volume of these transactions at a level such that is able, at all times,
to meet redemption requests.

• Counterparties

The counterparties to such securities lending must be subject to prudential supervision rules considered by the CSSF as
equivalent to those prescribed by EU law and specialised in this type of transaction. The counterparties to such
transactions will generally be financial institutions based in an OECD member state and having an investment grade credit
rating. The selected counterparties comply with Article 3 of the SFTR Regulation.

• Revenues paid to the funds

With regards to the securities lending transactions, 87.5% of the gross revenue arising from such transactions are returned
to the funds, while a 12.5% fee is paid to the Lending Agent (which is not an affiliate of the Investment Manager). Any
operational costs (whether direct or indirect) borne by the Lending Agent from such securities lending activities are covered
out of its fee. Further details on the actual return are published in the Fund’s annual reports and accounts.

• Lending agent, collateral agent and collateral manager

The Fund has appointed Brown Brothers Harriman & Co., a New York limited partnership with an office in Boston,
Massachusetts and Citibank N.A., London Branch (both a “Lending Agent”) to carry out the securities lending transactions
and the management of the collateral. Neither Lending Agent is an affiliate of the Investment Manager.

F. Management of collateral for Securities Lending, Repurchase and OTC Financial Derivative Transactions

Prospectus: Fidelity Funds 188 January 2022

Part V Investment Restrictions

With respect to securities lending transactions, the Fund will generally require the borrower to post collateral representing,
at any time during the lifetime of the agreement, at least 105% of the total value of the securities lent in the case of equity
securities and at least 102% of the total value of the securities lent in the case of bonds. Repurchase agreement and
reverse repurchase agreements will generally be collateralised, at any time during the lifetime of the agreement, at a
minimum of 100% of their notional amount.

Collateral with regard to securities lending transactions and OTC Financial Derivative Transactions must be in the form of:
(i) liquid assets (i.e., cash and short term bank certificates, money market instruments as defined in Council Directive
2007/16/EC of 19 March 2007) and their equivalent (including letters of credit and a guarantee at first-demand given by a
first class credit institution not affiliated to the counterparty); (ii) bonds issued or guaranteed by a Member State of the OECD
or their local authorities or by supranational institutions and undertakings with EU, regional or world-wide scope; (iii) shares
or units issued by Money Market Funds calculating a net asset value on a daily basis and assigned a rating of AAA or its
equivalent; (iv) shares or units issued by UCITS investing mainly in bonds/shares satisfying the conditions under (v) and
(vi) hereafter; (v) bonds issued or guaranteed by first class issuers offering an adequate liquidity; or (vi) shares admitted to
or dealt in on a Regulated Market or on a stock exchange of a Member State of the OECD, provided that these shares are
included in a main index. Securities that are the subject of purchase with a repurchase option or that may be purchased in
reverse purchase agreements are limited to the type of securities mentioned under items (i), (ii), (iii), (v) and (vi).
Cash collateral received by the Fund in relation to these transactions will not be reinvested unless otherwise specifically
permitted for a specific fund in the Prospectus. In that event, cash collateral received by such fund in relation to any of
these transactions may be reinvested in a manner consistent with the investment objectives of such fund in (a) shares or
units issued by money market undertakings for collective investment calculating a daily net asset value and being assigned
a rating of AAA or its equivalent, (b) short-term bank deposits, (c) money market instruments as defined in the above
referred Regulation of 2008, (d) short-term bonds issued or guaranteed by an EU member state, Switzerland, Canada,
Japan or the United States or by their local authorities or by supranational institutions and undertakings with EU, regional
or world-wide scope, (e) bonds issued or guaranteed by first class issuers offering an adequate liquidity, and (f) reverse
repurchase agreement transactions according to the provisions described under section I.C.a) of the above referred CSSF
Circular. Such reinvestment will be taken into account for the calculation of each concerned fund’s global exposure relating
to derivative instruments, in particular if it creates a leverage effect.
Non-cash collateral received with regards to such transactions will not be sold, re-invested or pledged.
Collateral received must fall within eligibility criteria, as defined in the Law of 2010 and the above referred Regulation of
2008 and be designed to provide high liquidity with easy pricing, a robust sale price that is close to pre-sale valuation
together with, a low correlation with the counterparties to provide collateral pricing independence and high-grade credit
rating. The collateral is valued daily and a hair-cut is applied to non-cash collateral. Haircuts will not be applied to cash
collateral. Collateral is diversified and monitored to be in line with the Fund’s counterparty limits.

Eligible assets Haircut

OTC Financial Derivative transactions Cash (USD, EUR, GBP, AUD or JPY) 0%

Securities Lending transactions - Equity Government bonds issued by G10 sovereigns 5%

Securities (subject to change from time to time)

Securities Lending transactions - Bond Government bonds issued by G10 sovereigns 2%

Securities (subject to change from time to time)

Reverse repurchase transactions Specified Sovereign Debt OR exposure to certain Up to 2.818%

non-government public-sector entities (in certain
currency denominations) as agreed on a (as applicable by regulation and
fund/counterparty basis residual maturity)

The risks linked to the management of collateral, such as operational and legal risks, are identified, managed and mitigated
by the risk management process.
For the avoidance of doubt, the provisions of this section are also applicable to the Cash funds provided they are not
incompatible with the provisions of MMFR.

G. Total Return Swaps and other Financial Derivative instruments with similar characteristics

Total Return Swaps ("TRS") are derivative contracts in which one counterparty transfers the total economic performance,
including income from dividends, coupons, interest and fees, gains and losses from price movements, and credit losses,
of a reference obligation to another counterparty.

The Fund intends to use TRS or other financial derivative instruments with similar characteristics (at the time of this
Prospectus, “contracts for difference”) (the “TRS/CFD Transactions”) in accordance with the provisions on the use of
financial derivative instruments set forth in their investment policy and within the maximum and expected levels disclosed
under Appendix III to this prospectus.

Whenever the Fund will be using TRS/CFD Transactions the following will apply:
a) the TRS/CFD Transactions will be undertaken on single name equity and fixed income instruments or financial indices
all of which are eligible assets for UCITS under EU law and regulation;
b) each trading counterparty to the TRS/CFD Transactions will be subject to prudential supervision rules considered by
the CSSF as equivalent to those prescribed by EU law and specialised in such TRS/CFD Transactions;
c) risks borne by the respective funds and Shareholders are described in Part I, 1.2., X. “Derivatives Related Risks” of
the Prospectus;
d) the TRS/CFD Transactions will be undertaken in accordance with the requirements detailed in Part V 5. “Investment
Restrictions”, 5.1. “Investment Powers and Safeguards” of the Prospectus;
e) no trading counterparty will assume discretion over the composition or management of the relevant fund’s investment
portfolio or over the underlying of the financial derivative instruments; and
f) none of the Fund’s investment portfolio transactions will require approval by third party.

Prospectus: Fidelity Funds 189 January 2022

Part V Investment Restrictions

The following type of assets can be subject to TRS/CFD: single name equity and fixed income instruments or financial
indices.

Similar to repurchase and reverse repurchase transactions, 100% of the revenues (or losses) generated by the
execution of TRS/CFDs transactions are allocated to the funds. The Investment Manager do not charge any additional
costs or fees or receive any additional revenues in connection with these transactions. Whilst additional costs may be
inherent in certain products (e.g. the financing leg on a CFD), these are imposed by the counterparty based on market
pricing, form part of the revenues or losses generated by the relevant product, and are allocated 100% to the funds.
Details on the actual return and cost for each type of SFT and TRS/CFD (in absolute terms and as a percentage of
overall returns generated by that type of STF or TRS/CFD) are published in the fund’s annual reports and accounts.

H. Miscellaneous
1. The Fund need not comply with the investment limit percentages set out above when exercising subscription rights
attaching to securities which form part of its assets.
2. Such restrictions shall apply to each fund, as well as to the Fund as a whole.
3. If the investment limit percentages set out above are exceeded as a result of events or actions after investment that
are beyond the control of the Fund or by reason of the exercise of subscription rights attaching to securities held by
it, the Fund shall give priority, consistent with the best interests of Shareholders, upon sale of securities to disposing
of these securities to the extent that they exceed such percentages; provided, however, that in any case where the
foregoing percentages are lower than relevant percentages imposed by Luxembourg Law, the Fund need not give
priority to disposing of such securities until the law’s higher limits have been exceeded, and then only to the extent
of such excess.
4. The Fund follows a risk-spreading policy regarding the investment of cash and other liquid assets.
5. The Fund will not purchase or sell real estate or any option right or interest therein, provided that the Fund may invest
in securities secured by real estate or interests therein or issued by companies which invest in real estate or interests
therein.
6. The Investment Manager, any of its delegates and/or any of their Connected Persons may effect transactions by or
through the agency of another person with whom the Investment Manager, any of its delegates and/or any of their
Connected Persons have an arrangement under which that party will from time to time provide to or procure for the
Investment Manager, any of its delegates and/or any of their Connected Persons goods, services or other benefits
(such as research and advisory services, where permitted by regulation only) (“soft dollar arrangements”), the nature
of which is such that their provision can reasonably be expected to benefit the Fund as a whole and may contribute
to an improvement in the Fund’s performance and that of the Investment Manager or any of its delegates in providing
services to the Fund and for which no direct payment is made but instead the Investment Manager, any of its
delegates and/or any of their Connected Persons undertake to place business with that party. For the avoidance of
doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods
or services, general office equipment or premises, membership fees, employee salaries or direct money payments.
Periodic disclosure is made in the annual report of the Fund in the form of a statement describing the soft dollar
policies and practices of the Investment Manager or its delegates, including a description of goods and services
received by them and/or any of their Connected Persons.
7. The Investment Manager, any of its delegates and/or any of their Connected Persons shall not retain the benefit of
any cash commission rebate (being cash commission repayment made by a broker or dealer to the Investment
Manager, any of its delegates and/or any of their Connected Persons) paid or payable from any such broker or dealer
in respect of any business placed with such broker or dealer by the Investment Manager, any of its delegates and/or
any of their Connected Persons for or on behalf of the Fund. Any such cash commission rebate received from any
such broker or dealer shall be held by the Investment Manager, any of its delegates and/or any of their Connected
Persons for the account of the Fund. Brokerage rates will not be excessive of customary institutional full-service
brokerage rates. All transactions will be done with best execution. The availability of soft dollar arrangements may
not be the sole or primary purpose to perform or arrange transaction with such broker or dealer.
8. Any fund having exposure to a financial index will rebalance its portfolio in accordance with the rebalancing of the
securities representing the index, when it is an index tracking fund or, when not specifically replicating the index, in
line with the fund’s strategy. The effects on the costs will depend on the rebalancing frequency.

5.2. Investment Powers and Safeguards for Cash funds

The Board has adopted the following restrictions in relation to the investments of the Cash funds which qualify as Short-Term
Variable Net Asset Value Money Market Funds. These restrictions and policies may be amended from time to time by the Board
of as it shall deem it to be in the best interest of the Fund in which case this Prospectus will be updated.
I) Each Cash fund may exclusively invest in the following eligible assets:
A) Money Market Instruments that fulfil all of the following requirements:
a) It falls within the following categories:
i) Money Market Instruments admitted to or dealt in on a Regulated Market, admitted to official
listing on a stock exchange; and/or
ii) Money Market Instruments other than those dealt in on a Regulated Market, if the issue or the
issuer of such instruments are themselves regulated for the purpose of protecting Investors
and savings, and provided that such instruments are:
1. issued or guaranteed by a central, regional or local authority or by a central bank of an
EU Member State, the European Central Bank, the EU or the European Investment
Bank, a non-EU Member State or, in case of a Federal State, by one of the members
making up the federation, or by a public international body to which one or more EU
Member States belong; or

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Part V Investment Restrictions

2. issued by an undertaking, any securities of which are dealt in on Regulated Markets

referred to in a) i) above; or
3. issued or guaranteed by an establishment subject to prudential supervision, in
accordance with criteria defined by EU Law, or by an establishment which is subject to
and complies with prudential rules considered by the CSSF to be at least as stringent as
those laid down by EU Law; or
4. issued by other bodies belonging to the categories approved by the CSSF provided that
investments in such instruments are subject to investor protection equivalent to that laid
down in 1. 2. and 3. above and provided that the issuer is a company whose capital and
reserves amount to at least EUR 10,000,000 and which presents and publishes its
annual accounts in accordance with Directive 2013/34/EU, is an entity which, within a
group of companies which includes one or several listed companies, is dedicated to the
financing of the group or is an entity which is dedicated to the financing of securitisation
vehicles which benefit from a banking liquidity line.
b) it displays one of the following alternative characteristics:
1. it has a legal maturity at issuance of 397 days or less;
2. it has a residual maturity of 397 days or less.
c) the issuer of the Money Market Instrument and the quality of the Money Market Instrument have
received a favourable assessment pursuant to the internal credit quality assessment procedure
established by the Management Company;
This requirement shall not apply to Money Market Instruments issued or guaranteed by the EU, a
central authority or central bank of an EU Member State, the European Central Bank, the European
Investment Bank, the European Stability Mechanism or the European Financial Stability Facility.
d) where the Cash funds invest in a securitisation or Asset Backed Commercial Papers (“ABCPs”), it
is subject to the requirements laid down in B) below.
B) 1) Eligible securitisation and ABCPs provided that the securitisation or ABCP is sufficiently liquid, has received a
favourable assessment pursuant to the internal credit quality assessment procedure established by the
Management Company, and is any of the following:
a) a securitisation referred to in Article 13 of Commission Delegated Regulation (EU) 2015/61;
b) an ABCP issued by an ABCP programme which:
1. is fully supported by a regulated credit institution that covers all liquidity, credit and
material dilution risks, as well as ongoing transaction costs and ongoing programme-wide
costs related to the ABCP, if necessary to guarantee the investor the full payment of any
amount under the ABCP;
2. is not a re-securitisation and the exposures underlying the securitisation at the level of
each ABCP transaction do not include any securitisation position;
3. does not include a synthetic securitisation as defined in point (11) of Article 242 of
Regulation (EU) No 575/2013;
c) a simple, transparent and standardised (STS) securitisation or ABCP provided that the criteria
identifying these STS as laid down by Article 11 of the MMFR, as amended, are complied with.
As from 1 January 2019, this paragraph will be amended as follows:
"a simple, transparent and standardised (STS) securitisation, as determined in accordance with the
criteria and conditions laid down in Articles 20, 21 and 22 of Regulation (EU) 2017/2402 of the
European Parliament and of the Council, or an STS ABCP, as determined in accordance with the
criteria and conditions laid down in Articles 24, 25 and 26 of that Regulation".
2) The Cash funds may invest in the securitisations or ABCPs provided any of the following conditions is fulfilled,
as applicable:
a) the legal maturity at issuance of the securitisations referred to in point a) above is two years or less
and the time remaining until the next interest rate reset date is 397 days or less;
b) the legal maturity at issuance or residual maturity of the securitisations and ABCPs referred to in 1)
a), b) and c) above is two years or less and the time remaining until the next interest rate reset date
is 397 days or less;
c) The securitisations referred to in points 1) a) and c) above are amortising instruments and have a
WAL of two years or less.
C) Deposits with credit institutions provided that all of the following conditions are fulfilled:
a) the deposit is repayable on demand or is able to be withdrawn at any time;
b) the deposit matures in no more than 12 months;
c) the credit institution has its registered office in a EU Member State or, where the credit institution
has its registered office in a third country, it is subject to prudential rules considered equivalent to
those laid down in EU Law in accordance with the procedure laid down in Article 107(4) of Regulation
(EU) No 575/2013.
D) Repurchase agreements provided that all the following conditions are fulfilled:
a) It is used on a temporary basis, for no more than seven working days, only for liquidity management
purposes and not for investment purposes other than as referred to in point c) below.
b) The counterparty receiving assets transferred by the relevant Cash fund as collateral under the
repurchase agreement is prohibited from selling, investing, pledging or otherwise transferring those
assets without the prior consent of the Fund;
c) The cash received by the relevant Cash fund as part of the repurchase agreement is able to be:
1. placed on deposits in accordance with C) above; or
2. invested in liquid transferable securities or Money Market Instruments other than those
referred to in I) A) above provided that those assets comply with one of the following
conditions:
(i) they are issued or guaranteed by the Union, a central authority or central bank of a
Member State of the EU, the European Central Bank, the European Investment Bank,
the European Stability Mechanism or the European Financial Stability Facility provided

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Part V Investment Restrictions

that a favourable assessment has been received pursuant to the internal credit rating
assessment procedure established by the Management Company;
(ii) they are issued or guaranteed by a central authority or central bank of a non-EU
Member State, provided that a favourable assessment has been received pursuant to
the internal credit rating assessment procedure of the Management Company.
(iii) Cash received by the relevant Cash fund as part of the repurchase agreement shall not
otherwise be invested in other assets, transferred or otherwise reused.
d) Cash received by the relevant Cash fund as part of the repurchase agreement does not exceed 10%
of its assets.
e) The Fund has the right to terminate the agreement at any time upon giving prior notice of no more
than two working days.
E) Reverse repurchase agreements provided that all of the following conditions are fulfilled:
a) the Cash funds have the right to terminate the agreement at any time upon giving prior notice of no
more than two working days;
b) the assets received by the Cash funds as part of a reverse repurchase agreement shall:
1. be Money Market Instruments that fulfil the requirements set out in I) A) above and not
include securitisations and ABCPs;
2. have a market value which is at all times at least equal to the cash paid out;
3. not be sold, reinvested, pledged or otherwise transferred;
4. be sufficiently diversified with a maximum exposure to a given issuer of 15% of the Cash
fund net asset value except where those assets take the form of Money Market
Instruments that fulfil the requirements of III) a) (viii) below.
5. be issued by an entity that is independent from the counterparty and is expected not to
display a high correlation with the performance of the counterparty;
By way of derogation from (1) above, the Cash funds may receive as part of a reverse repurchase
agreement liquid transferable securities or Money Market Instruments other than those referred to
in I) A) above provided that those assets comply with one of the following conditions:
(i) they are issued or guaranteed by the Union, a central authority or central bank of a
Member State of the EU, the European Central Bank, the European Investment Bank,
the European Stability Mechanism or the European Financial Stability Facility provided
that a favourable assessment has been received pursuant to the internal credit rating
assessment procedure established by the Management Company;
(ii) they are issued or guaranteed by a central authority or central bank of a non-EU
Member State, provided that a favourable assessment has been received pursuant to
the internal credit rating assessment procedure of the Management Company;
The assets received as part of a reverse repurchase agreement in accordance with the above shall
fulfil the diversification requirements described under [III) a) viii).
c) The Fund shall ensure that it is able to recall the full amount of cash at any time on either an accrued
basis or a Mark-to-Market basis. When the cash is recallable at any time on a Mark-to-Market basis,
the Mark-to-Market value of the reverse repurchase agreement shall be used for the calculation of
the Net Asset Value per Share of the relevant Cash fund.
F) Units or shares of any other Money Market Fund (“targeted Money Market Fund”) provided that all of the
following conditions are fulfilled:
a) no more than 10% of the assets of the targeted Money Market Fund are able, according to its fund
rules or instruments of incorporation, to be invested in aggregate in units or shares of targeted Money
Market Funds.
b) the targeted Money Market Fund does not hold units or shares of the acquiring Cash fund.
c) the targeted Money Market Fund is authorised under the MMFR.
G) Financial derivative instruments provided that they are dealt in on (i) a stock exchange or a Regulated Market
or OTC provided that all of the following conditions are fulfilled:
i) the underlying of the financial derivative instrument consist of interest rates, foreign exchange rates,
currencies or indices representing one of those categories;
ii) the financial derivative instrument serves only the purpose of hedging the interest rate or exchange
rate risks inherent in other investments of the Cash funds;
iii) the counterparties to OTC derivative transactions are institutions subject and belonging to the
categories approved by the CSSF;
iv) the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold,
liquidated or closed by an offsetting transaction at any time at their fair value at the Fund's initiative.
II) The Fund may hold ancillary liquid assets.
III) a) i) The Fund will invest no more than 5% of the assets of any Cash fund in Money Market Instruments,
securitisations and ABCPs issued by the same body.
The Fund may not invest more than 10% of the assets of such Cash fund in deposits made with the
same credit institution, unless the structure of the Luxembourg banking sector is such that there are
insufficient viable credit institutions to meet that diversification requirement and it is not economically
feasible for the Cash fund to make deposits in another Member State of the EU, in which case up to
15% of its assets may be deposited with the same credit institution.
ii) By way of derogation from III) a) i) first paragraph above, a Cash fund may invest up to 10% of its
assets in Money Market Instruments, securitisations and ABCPs issued by the same body provided
that the total value of such Money Market Instruments, securitisations and ABCPs held by the
relevant Cash fund in each issuing body in which it invests more than 5% of its assets does not
exceed 40% of the value of its assets.
iii) The aggregate of all of a Cash fund’s exposures to securitisations and ABCPs shall not exceed 15%
of its assets.
As from 1 January 2019, the aggregate of all of a Cash fund's exposures to securitisations and
ABCPs shall not exceed 20% of its assets, whereby up to 15% of that Fund's assets may be invested

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Part V Investment Restrictions

in securitisations and ABCPs that do not comply with the criteria for the identification of STS
securitisations and ABCPs.
iv) The aggregate risk exposure to the same counterparty of a Fund stemming from OTC derivative
transactions which fulfil the conditions set out in I) G) above shall not exceed 5% of the assets of the
relevant Cash fund.
v) The aggregate amount of cash provided to the same counterparty of the Fund acting on behalf of a
Cash fund in reverse repurchase agreements shall not exceed 15% of the assets of that Cash fund.
vi) Notwithstanding the individual limits laid down in paragraph III) a) i), ii) and iii), the Fund shall not
combine, for each Fund, any of the following:
i) investments in Money Market Instruments, securitisations and ABCPs issued by, and/or
ii) deposits made with, and/or OTC financial derivative instruments giving counterparty risk
exposure to a single body in excess of 15% of that Fund's assets.
vii) The limit of 15% laid down in III) a) vi) above would be increased to a maximum of 20% in Money
Market Instruments, deposits and OTC financial derivative instruments of that single body to the
extent the structure of the Luxembourg financial market would be such that there are insufficient
viable financial institutions to meet that diversification requirement and it is not economically feasible
for the Company to use financial institutions in other Member States of the EU.
viii) Notwithstanding the provisions outlined in III) a) i), the Fund is authorised to invest up to 100% of the
assets of any Cash fund, in accordance with the principle of risk spreading, in Money Market
Instruments issued or guaranteed separately or jointly by the EU, the national, regional and local
administrations of the Member States of the EU or their central banks, the European Central Bank,
the European Investment Bank, the European Investment Fund, the European Stability Mechanism,
the European Financial Stability Facility, a central authority or central bank of a member state of the
OECD, Group of Twenty or Singapore, the International Monetary Fund, the International Bank for
Reconstruction and Development, the Council of Europe Development Bank, the European Bank for
Reconstruction and Development, the Bank for International Settlements, or any other relevant
international financial institution or organisation to which one or more Member States of the EU
belong, provided that such Fund must hold Money Market Instruments from at least six different
issues by the same issuer and Money Market Instruments from one issue do not account for more
than 30% of the assets of such Cash fund.
ix) The limit laid down in the first paragraph of III) a) i) may be of a maximum of 10% for certain bonds
when they are issued by a single credit institution which has its registered office in a Member State
of the EU and is subject by law, to special public supervision designed to protect bondholders. In
particular, sums deriving from the issue of these bonds must be invested in accordance with the law,
in assets which, during the whole period of validity of the bonds, are capable of covering claims
attached to the bonds and which, in case of failure of the issuer, would be used on a priority basis
for the repayment of the principal and payment of accrued interest.
If a Cash fund invests more than 5% of its assets in the bonds referred to in the above paragraph
and issued by a single issuer, the total value of such investments may not exceed 40% of the value
of the assets of the Cash fund.
x) Notwithstanding the individual limits laid down in III) a) i) the Cash fund may invest no more than
20% of its assets in bonds issued by a single credit institution where the requirements set out in point
(f) of Article 10(1) or point (c) of Article 11(1) of Delegated Regulation (EU) 2015/61 are met, including
any possible investment in assets referred to in [III) a) ix) above].
Where a Cash fund invests more than 5% of its assets in the bonds referred to in the above
paragraph issued by a single issuer, the total value of those investments shall not exceed 60% of
the value of the assets of the relevant Cash fund, including any possible investment in assets referred
to in [III) a) ix) above], respecting the limits set out therein.
Companies which are part of the same group for the purposes of the establishment of consolidated
accounts, as defined in accordance with Directive 2013/34/EU or in accordance with recognised
international accounting rules, are regarded as a single body for the purpose of calculating the limits
contained in section III) a).
IV) a) The Fund may not acquire on behalf of any Cash fund more than 10% of Money Market Instruments,
securitisations and ABCPs issued by a single body.
b) Paragraph a) above is waived as regards Money Market Instruments issued or guaranteed by the EU,
national, regional and local administrations of the Member States of the EU or their central banks, the
European Central Bank, the European Investment Bank, the European Investment Fund, the European
Stability Mechanism, the European Financial Stability Facility, a central authority or central bank of a third
country (i.e. a member state of the OECD, Group of Twenty or Singapore), the International Monetary
Fund, the International Bank for Reconstruction and Development, the Council of Europe Development
Bank, the European Bank for Reconstruction and Development, the Bank for International Settlements,
or any other relevant international financial institution or organisation to which one or more Member States
of the EU belong.
V) a) A Cash fund may acquire units or shares of targeted Money Market Funds as defined under paragraph I)
E) provided that, in principle, no more than 10% in total of a Cash fund's assets be invested in units or
shares of targeted Money Market Funds.
A specific Cash fund may be allowed to invest more than 10% of its assets in units of other targeted
Money Market Funds in which case it will be explicitly mentioned in its investment objective.
b) A Cash fund may acquire units or shares of another targeted Money Market Fund provided that it
represents no more than 5% of a Cash fund’s assets.
c) Any Cash fund which is allowed to derogate from the first paragraph of item V) a) above may not invest
in aggregate more than 17.5% of its assets in units or shares of other targeted Money Market Funds.
d) By derogation to b) and c) above, any Cash fund may either:
(i) be a feeder Money Market Fund investing at least 85% of its assets in one other single targeted
Money Market Fund UCITS in accordance with Article 58 of the UCITS Directive; or

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Part V Investment Restrictions

(ii) invest up until 20% of its assets in other targeted Money Market Funds with a maximum of
30% in aggregate of its assets in targeted Money Market Funds which are not UCITS in
accordance with Article 55 of the UCITS Directive,
provided that the following conditions are met:
a. the relevant Cash fund is marketed solely through an employee savings scheme governed by
national law and which has only natural persons as investors;
b. the employee savings scheme referred to above only allows investors to redeem their
investment subject to restrictive redemption terms which are laid down in national law,
whereby redemptions may only take place in certain circumstances that are not linked to
market developments.
e) Where the target Money Market Fund is managed, whether directly or under a delegation, by the
Management Company or by any other company to which the Management Company is linked by
common management or control, or by a substantial direct or indirect holding, the Management Company
or that other company, is prohibited from charging subscription or redemption fees.
In respect of a Cash fund's investments in the target Money Market Fund linked to the Fund as described
in the preceding paragraph, there shall be no management fee charged to that portion of the assets of
the relevant Cash fund. The Fund will indicate in its annual report the total management fees charged
both to the relevant Cash fund and to the target Money Market Fund in which such Cash fund has invested
during the relevant period.
f) The underlying investments held by the targeted Money Market Fund in which a Cash fund invests do not
have to be considered for the purpose of the investment restrictions set forth under III) a) above.
g) Any Cash fund may act as a master fund for other funds.
h) Notwithstanding the foregoing, a Cash fund may subscribe, acquire and/or hold securities to be issued or
issued by one or more Cash fund(s) qualifying as Money Market Funds without the Fund being subject to
the requirements of the Law of 10 August 1915 on commercial companies, as amended, with respect to
the subscription, acquisition and/or the holding by a company of its own shares, under the condition
however that:
1. the target Money Market Fund does not, in turn, invest in the relevant Cash fund invested in
this target Money Market Fund; and
2. no more than 10% of the assets that the target Money Market Funds whose acquisition is
contemplated may be invested in units of other Money Market Funds; and
3. voting rights, if any, attaching to the shares of the target Money Market Fund are suspended for
as long as they are held by the Cash fund concerned and without prejudice to the appropriate
processing in the accounts and the periodic reports; and
4. in any event, for as long as these securities are held by the Cash fund, their value will not be
taken into consideration for the calculation of the net assets of the Cash fund for the purposes
of verifying the minimum threshold of the net assets imposed by the Luxembourg Law.

VI) In addition, the Fund will not, on behalf of any Cash fund:
a) invest in assets other than those referred to under I) above;
b) short sale Money Market Instruments, securitisations, ABCPs and units or shares of other Money Market
Funds;
c) take direct or indirect exposure to equity or commodities, including via derivatives, certificates
representing them, indices based on them, or any other means or instrument that would give an exposure
to them.
d) enter into securities lending agreements or securities borrowing agreements, or any other agreement that
would encumber the assets of the Fund; or
e) borrow and/or lend cash.

Each Cash fund must ensure an adequate spread of investment risks by sufficient diversification.

VII) The Fund will in addition comply with such further restrictions as may be required by the regulatory authorities in which the
Shares of the Cash funds are marketed, as further detail on Section 5.3. "Additional Country Specific Information and/or
Investment Restrictions for funds registered in France, Germany, Hong Kong & Macau, Korea, Singapore, South Africa,
Taiwan" below.

Portfolio rules
Since each of the Cash funds qualifies as a Short-Term Variable Net Asset Value Money Market Funds, it shall also comply on
an ongoing basis with all of the following requirements:
– its portfolio is to have a WAM of no more than 60 days; and
– its portfolio is to have a WAL of no more than 120 days.
– at least 7,5 % of the total net assets of a Cash Fund are to be comprised of daily maturing assets, reverse repurchase
agreements which are able to be terminated by giving prior notice of one working day, or cash which is able to be withdrawn by
giving prior notice of one working day.
– at least 15 % of its total net assets of a Cash Fund are to be comprised of weekly maturing assets, reverse repurchase
agreements which are able to be terminated by giving prior notice of five working days, or cash which is able to be withdrawn by
giving prior notice of five working days. For the purpose of such calculation, money market instruments or units or shares of other
Money Market Funds may be included within the weekly maturing assets of the relevant Cash Fund up to a limit of 7,5 % of its
total net assets provided they are able to be redeemed and settled within five working days.
If the limits referred to under this paragraph are exceeded for reasons beyond the control of the Fund, acting on behalf of a Cash
fund qualifying as Short-Term Money Market Fund, or as a result of the exercise of subscription or redemption rights, that Fund
shall adopt as a priority objective the correction of that situation, taking due account of the interests of the Shareholders.

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Part V Investment Restrictions

Internal Credit Quality Assessment Procedure

In accordance with the Money Market Fund Regulation and relevant delegated acts supplementing it, the Management Company
will ensure that a customised internal credit quality assessment procedure based on prudent, systematic and continuous
assessment methodologies for systematically determining the credit quality of the Sub-Funds that qualify as money market funds,
is established, implemented and consistently applied. The Management Company has approved four separate credit quality
assessment procedures (i) sovereign issuers, (ii) government related issuers, (iii) financial corporate issuers and (iv) non-financial
corporate issuers.
A list of eligible issuers (known as “Approved List”) is maintained and the money market funds are only allowed to invest into
instruments from issuers that are on this list. Each of the issuer on the list is assigned to an analyst in the credit research team.
An effective process has been established by the Management Company to ensure that relevant information on the issuer and
instrument’s characteristics are obtained and kept up-to-date.
Determination of credit risk of an issuer or guarantor and its instruments will be solely made by the assigned analyst under the
responsibility of the Management Company and will be based on an independent analysis of the issuer’s or guarantor’s ability to
repay its debt obligations. This determination follows a systematic four step process designed in accordance with Chapter 3 of the
delegated regulation 2018/990 and paragraph 1 of Article 20 of the Regulation. An issuer or guarantor and its instruments must
pass each of the four steps. These steps may include the following elements, where applicable:
(i) Quantitative factors: issuers must meet or exceed pre-determined thresholds on quantitative metrics such as
financial ratios and macro-economic performance (such as but not limited to capitalisation, liquidity, asset quality,
profitability, leverage, adjusted EBITDA/interest, liquidity sources, GDP per capita, unemployment rate, world bank
government effectiveness score, bank non-performing loan ratio, government interest expense to government
revenues.
(ii) External and market based factors: issuers must pass thresholds relating to bond or CDS spreads of relevant
instruments as well as having an external credit rating of at least A3 or A- with Moody’s and/or Standard & Poors.
(iii) Qualitative factors: assigned analyst considers qualitative factors (such as but not limited to governance, business
model, risk profile, macro backdrop, diversification, government stability, government plans, currency strength),
that deem to be necessary for a comprehensive and prudent credit quality assessment of the issuer or guarantor.
(iv) Instrument specific factors: assigned analyst considers instrument specific factors (such as but not limited to
whether the instrument is a direct and unconditional payment obligation, the degree of flexibility over the timing of
interest and principal payments, the payment rank of the instrument, and its liquidity profile), that deem to be
necessary for instrument to be considered of high credit quality and liquidity.
For government related issuers and guarantors a different approach is used. The main driver of the credit quality for government
related issuers or guarantor is the strength of the link between the government related issuer or guarantor and the sovereign.
Therefore, the assessment focus on the strength of this link (such as ownership, explicit or implicit guarantees, barriers to support,
client relationships, exposure to common risks, economic importance, classification by rating agencies, etc) and a favourable
assessment is given if the probability or default of the government related issuer deems to be closely linked to the sovereign.
Only if an issuer or guarantor and its instruments passes all stages of the procedure it will receive a favourable assessment and
will be on the approved counterparty list.
A credit assessment for all issuers or guarantors on the approved counterparty risk will be conducted at least annually and made
available to the senior management and/or the Management Company at least annually.
Data used in the credit quality assessment are all from reliable sources, including (but not exhaustively) from Bloomberg, credit
rating agencies, Haver Analytics, the international monetary fund (the "IMF"), and directly from official company reports.
Furthermore, the methodologies used are validated with a comprehensive back-test using Moody’s default data to ensure the
criteria used to assess credit quality remain robust.
The oversight of the internal credit quality assessment procedures will lie with the Management Company which will be assisted
by the Fixed Income Investment Risk Oversight Committee (the "FIIROC"), which is an independent committee responsible for
fixed income risk oversight. FIIROC and ultimately the Management Company is responsible for ensuring that data used in the
credit quality assessments is of sufficient quality, up-to-date and from reliable sources.
A credit assessment for all issuer and guarantors on the approved list will be produced, in accordance with the regulations at least
annually by the assigned analyst. FIIROC is responsible and ultimately the Management Company for ensuring that the annual
frequency requirement is met. FIIROC and ultimately the Management Company will be responsible for deciding whether a
material change has occurred and analysts will need to prepare a new credit assessment for affected issuers or guarantors.
When determining the credit quality of an issuer and of an instrument, the Management Company will ensure that there is no
mechanistic over-reliance on external ratings.
The appropriateness of the credit quality assessment procedures will be assessed annually (or more often if necessary) and
changes thereto will be approved by senior management and/or the Management Company. In case there is a material change,
within the meaning of the Money Market Fund Regulation that could have an impact on the existing assessment of an instrument,
a new credit quality assessment will be performed. In addition, the internal credit quality assessment procedure is monitored on
an ongoing basis.

5.3 Additional Country Specific Information and/or Investment Restrictions for funds registered
in France, Hong Kong & Macau, Korea, Singapore, South Africa, Taiwan

The following information is accurate as of the date of issuing of the present prospectus.

1. Additional investment restrictions applying to funds registered in France:

Funds eligible to the French PEA (Plan d’Epargne en Actions) tax wrapper must invest 75% minimum of their assets in PEA
eligible assets, i.e. securities issued in the EU, Norway and Iceland. The notes attached to the funds’ description indicate whether
they are PEA eligible.
2. Additional information and investment restrictions applying to funds registered in Hong Kong and Macau:

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Part V Investment Restrictions

1. Each of the Cash funds must maintain an average portfolio maturity not exceeding 90 days and must not purchase
an instrument with a remaining maturity of more than one year, or two years in the case of government and other
public securities. The aggregate value of investments by a Cash fund in deposits, Transferable Securities and
Money Market Instruments issued by or placed with the same issuing body may not exceed 10% of the net assets
of the Cash fund except: (a) in the case of deposits, where the issuer is a substantial financial institution (as such
term is defined under the Hong Kong Securities and Futures Commission’s Code on Unit Trust and Mutual Funds)
and the total amount does not exceed 10% of the issuer’s issued capital and published reserves, in which case the
limit may be increased to 25% of the net assets of the Cash fund; and (b) in the case of Transferable Securities or
Money Market Instruments which are issued or guaranteed by a Member State, its local authorities, a non-member
State of the EU accepted by the CSSF or by public international bodies of which one or more Member States of the
EU are members, this limit is increased to 100% provided that the Cash fund holds securities from at least six
different issues and securities from one issue do not account for more than 30% of the net assets of the Cash fund.
The debt securities which the Cash funds invest in are monitored on an ongoing basis, including as regards credit
quality. Credit research of the debt securities involve qualitative and quantitative analysis as well as peer group
comparison.
2. For those funds authorized for sale in Hong Kong, the threshold for deferral of redemption and/or conversion
requests shall be 10% of the issued Shares of a fund.
3. The ‘Redemption in Specie’ section shall generally apply to Hong Kong Shareholders of the Fund. Furthermore,
without prejudice to the obligations of the Fund’s Directors to protect Shareholders against the effects of market
timing or investors who in their opinion, have a pattern of short-term or excessive trading or whose trading has been
or may be disruptive to the Fund, Hong Kong investors with redemption requests of USD 100,000 or above dealing
with the Fund through FIMHK must consent before receiving net redemption proceeds in the form of an in specie
transfer. Hong Kong Investors may elect to receive a cash payment of redemption proceeds, in which case FIMHK
shall arrange for the sale of the in-specie securities. The Hong Kong investors electing to receive a cash payment
of redemption proceeds would bear the costs associated with disposing of the in-specie securities and the market
risks associated with such disposal. Cash redemption proceeds would be payable on the completion of the sale of
all in specie securities.
4. (i) For funds that have stated clearly in the investment objectives that they may have direct access to the China
A Share and B Share markets and/or to onshore China fixed income securities listed or traded on any Eligible
Market in China (collectively referred to under this section as “Onshore Chinese Securities”), it is currently
intended that, unless stated in the investment objective of the relevant fund that it may directly or indirectly
invest in excess of 30% of its Net Asset Value in aggregate in Onshore Chinese Securities, each fund may
directly or indirectly invest less than 30% of its Net Asset Value in aggregate in Onshore Chinese Securities.
“Eligible Market in China” refers to the Shanghai Stock Exchange, the Shenzhen Stock Exchange or the
mainland China interbank bond market, as the case may be.
(ii) For funds that have not stated in their investment objectives that they may have direct access to Onshore
Chinese Securities, it is currently intended that each such fund will not directly or indirectly invest more than
10% of its Net Asset Value in Onshore Chinese Securities on an aggregated basis.
(iii) Should the investment policy in sub-paragraphs (i) and (ii) above change in the future, the Fund’s Prospectus
will be updated and requisite notification (where required) will be given to the Fund’s Shareholders. This will
also be disclosed in the investment objectives of the relevant funds.
(iv) Any direct access to Onshore Chinese Securities may be obtained via the QFII status of FIL Investment
Management (Hong Kong) Limited or through any permissible means available to the funds under prevailing
laws and regulations (including, in respect of China A Shares, via the Stock Connect or in the case of onshore
China fixed income securities, via the China interbank bond market, or any other eligible means). Any indirect
access to Onshore Chinese Securities may be obtained through financial instruments that invest in or are
linked to the performance of Onshore Chinese Securities, e.g. via equity-linked notes, participation notes
and/or credit-linked notes, as the case may be.
5. The Management Company, the Investment Manager and the investment advisers or anyone acting on behalf of
the Fund, the Management Company, the Investment Manager and the investment advisers (as applicable), when
investing for the Fund in units/shares of UCITS and/or other UCIs, may not obtain, for their own account, any rebate
on any fees or charges levied by such UCITS and/or other UCIs or their management companies, if any or any
quantifiable monetary benefits in connection with investments in any of such UCITS and/or other UCIs.
6. Those funds authorised for sale in Hong Kong will not invest more than 10% of their Net Asset Value in securities
issued by or guaranteed by any single country (including its government, a public or local authority of that country)
with a credit rating below investment grade within the meaning assigned to them in Part I. section 1.4.4 of this
Prospectus.
7. Unless otherwise specified in a fund’s investment objective, those funds authorized for sale in Hong Kong (other
than the Equity funds, Cash funds and Institutional Reserved Equity funds) may invest in instruments with loss-
absorption features which may include instruments classified as Additional Tier 1/Tier 2 capital instruments, Cocos,
non-preferred senior bonds which may also be known as Tier 3 bonds and other instruments eligible to count as
loss-absorbing capacity under the resolution regime for financial institution, in compliance with their investment
policy and limits as further disclosed in Part I of the Prospectus. These instruments may be subject to contingent
write-down or contingent conversion to ordinary shares on the occurrence of trigger event(s). In compliance with the
requirements and guidance issued by the SFC, such investment will at all times remain below 50% of the funds’ Net
Asset Value.
8. Except for the funds listed below, the net derivative exposure of each of the funds authorised for sale in Hong Kong
may be up to 50% of the relevant fund’s Net Asset Value.
(i) Fidelity Funds - Flexible Bond Fund and Fidelity Funds - Sustainable Strategic Bond Fund – the fund’s net
derivative exposure may be more than 100% of the fund’s Net Asset Value;
(ii) Fidelity Funds - Global Inflation-linked Bond Fund – the fund’s net derivative exposure may be more than
50% but up to 100% of the relevant fund’s Net Asset Value.
The term “net derivative exposure” means a fund’s net exposure relating to the financial derivative instruments
acquired by the fund and should be calculated in accordance with the requirements and guidance issued by the
SFC which may be updated from time to time

Prospectus: Fidelity Funds 196 January 2022

Part V Investment Restrictions

3. Additional investment restrictions applying to funds registered in Korea:

1. A fund’s securities shall be issued for the unidentified public, and 10% or more of the Shares issued by the fund
shall be sold outside Korea.
2. 60% or more of a fund’s net assets shall be invested or otherwise managed in non-Korean Won-denominated
securities.
3. A fund shall not invest more than 35% of its assets in transferable securities and money market instruments issued
or guaranteed by the government of any member states of G20 (which is not a member state of either the EU or
OECD) or Singapore.
4. Each fund registered in Korea under FSCMA may not invest more than 30% of its total assets in collective
investment vehicles other than collective investment vehicles as defined in Article 229, Item 1 of FSCMA.
5. A policy to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of
Shareholders is in place, to the effect that “ A foreign collective investment business entity or its affiliated company,
any executive or significant shareholder (referring to a shareholder who holds more than 10% of the outstanding
stocks in their own name or any other person’s name) of any of the afore-mentioned companies, or the spouse of
such executive or shareholder shall not conduct any transaction with the collective investment property for their own
interest, except where conflicts of interest are not likely to occur in trading with the foreign collective investment
scheme, such as transactions through an open market”, which is the restriction on transactions with interested
persons under the laws and regulations of Korea.

4. Additional investment restrictions applying to funds registered in Singapore:

1. The following additional investment restrictions apply to funds authorised under the Singapore Central Provident
Fund Investment Scheme (“CPFIS”) (in case of differences between these additional investment restrictions and
the rules listed in part V, 5.1, the stricter rules will apply). Investors should note that complying with the investment
restrictions issued by the Singapore Central Provident Fund Board might have implications on the funds’ risk rating
or investment allocation

CENTRAL PROVIDENT FUND (“CPF”) INVESTMENT GUIDELINES (“CPFIG”)

Introduction
This section sets out the investment guidelines that Fund Management Companies (FMCs) have to comply with, over and
above the investment requirements for authorised Collective Investment Schemes (“CIS”) set out in the Code on Collective
Investment Schemes and all applicable MAS requirements (MAS Guidelines) for such CIS that are allowed under CPFIS:
(I) For the avoidance of doubt,
a) Any feeder fund that is included under CPFIS has to be authorised or recognised by MAS. The feeder fund
must be able to meet MAS Guidelines and all CPF requirements including but not limited to CPFIG, CPF
legislation, CPF disclosure requirements and CPFIS terms and conditions and deed of indemnity and other
directions and procedures as may be imposed by CPF Board from time to time.
b) For CPFIS-Included fund that feeds all or substantially all of its assets into one underlying fund, the underlying
fund must comply with CPFIG, CPF legislation, and CPFIS terms and conditions and deed of indemnity and
other directions and procedures as may be imposed by CPF Board from time to time in addition to the relevant
MAS Guidelines as well as the guidelines of the jurisdiction where it is constituted and regulated.
c) For CPFIS-Included fund which feeds into several underlying funds, the underlying funds must comply with
the MAS Guidelines, and the guidelines of the jurisdiction where the underlying funds are constituted and
regulated and other directions and procedures as may be imposed by CPF Board from time to time. In
addition, the investments of the underlying funds should be done in a manner such that at least 95% of the
CPFIS-Included fund’s net asset value (NAV) are invested in compliance with CPFIG.
1. List of Permissible Investments
1.1. A Fund’s underlying investments may only consist of the following permissible investments:
a) cash;
b) deposits with financial institutions with Baseline Credit Assessment of above a3 by Moody’s, or viability
ratings of above bbb by Fitch;
c) money market instruments;
d) debt securities eligible under para 4.1 to para 4.3;
e) units in collective investment schemes (subject to the CPF Board’s approval 1); and
f)shares (including rights and warrants issued directly by the underlying company), and depositary
receipts 2 listed and traded on an exchange. For the avoidance of doubt, a Fund can continue to hold
listed shares which are subsequently suspended or delisted, and such shares are not subject to the
deviation limit in paragraph 9.1.
1.2. Any other investments/activities not mentioned in these guidelines shall be prohibited, and subject to the
deviation limit stated in paragraph 9.1.

1 For the avoidance of doubt, REITs (both local and foreign listed) and exchange-traded funds are also classified as Collective Investment Schemes under CPFIG. The
Board’s prior approval is required when the aggregate exposure to CIS exceeds 5%. If a Fund has a benchmark whereby REITs make up a substantial part of the benchmark,
the aggregate exposure to CIS (including REITs) can be up to 5% or REITs’ total weightage in the benchmark plus 2%, whichever is higher.
2 The single entity limit of 10% and single group limit of 20% (where applicable) will be imposed on the issuer of the depositary receipts as well as the underlying shares.

Non-Voting Depositary Receipts (NVDRs), CHESS Depositary Interests issued by the CHESS Depositary Nominees Pty Limited (CDIs), Taiwan Depositary Receipts (TDRs),
American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs) are deemed to be “depositary receipts” under CPFIG.
Other than these, the Board’s prior approval should be sought.

Prospectus: Fidelity Funds 197 January 2022

Part V Investment Restrictions

2. Diversification
2.1. Any Fund offered by FMCs under CPFIS must be reasonably diversified (e.g. in terms of type of investment,
market, industry, issuer, etc., as appropriate), taking into account the type and size of the Fund, its investment
objectives, and prevailing market conditions.
2.2. FMCs must adopt appropriate investment limits or operating ranges (by market, asset class, issuer etc.) for
each Fund.
3. Deposits and Account Balances with Financial Institutions 1
For the purpose of this paragraph, a rating refers to a solicited rating and not a "pi" ("public information") rating.
3.1. Funds may place monies with financial institutions with Baseline Credit Assessment of above a3 by Moody’s
or viability ratings of above bbb by Fitch. Branches of a financial institution are deemed to have the same
credit ratings as their head office. However, subsidiaries of financial institutions must have their own credit
ratings.
3.1A If a financial institution does not have the requisite ratings in para 3.1, it will be deemed to satisfy the ratings
under para 3.1 as long as:
a) its parent company satisfies the requisite rating in para 3.1; and
b) its parent company provides an explicit guarantee for the financial institution such that if the financial
institution fails to fulfil its financial obligation to the Fund, the parent company is liable to do so.
3.2. Where a rated financial institution with which the Fund has placed monies ceases to meet the requisite
minimum rating, the placement will be classified as a prohibited investment and will fall under the deviation
limit of 5% in para 9.1. Thus, the FMC should as soon as practicable but in any event within 1 month, withdraw
the monies. In the case of a fixed deposit, if the FMC satisfies the trustee that it is not in the best interest of
unit holders to withdraw the deposits within 1 month, the trustee may, subject to the following conditions,
extend the 1-month period:
• the deposit must not be rolled over or renewed;
• the deposit is not put at substantial risk; and
• such extension is subject to monthly review by the trustee.
3.3. For financial institutions that are custodians or sub-custodians, these additional rules apply:
a) If the custodian or sub-custodian holds cash deposits from CPFIS funds and does not place them with
other financial institutions, the custodian or sub-custodian must fulfil the requirements in para 3.1 or
para 3.1A. Otherwise, the custodian or sub-custodian may obtain a guarantee from a third-party financial
institution that fulfils the requirement in para 3.1 or para 3.1A.
b) If the custodian or sub-custodian does not hold cash deposits from CPFIS funds, i.e. the custodian or
sub-custodian has placed the cash with other financial institutions, the other financial institutions must
fulfil the requirement in para 3.1 or para 3.1A.
4. Credit Rating for Debt Securities 2
4.1. FMCs may invest in debt securities rated at least Baa by Moody’s, BBB by Standard and Poor’s or BBB by
Fitch Inc (including sub-categories or gradations therein). If there is inconsistency in ratings assigned by
different rating agencies, the lowest rating will be used.
4.2. a) For government and other public debt securities that do not have the requisite ratings cited in Para 4.1
but the issuing entity or trust is, or the issue is guaranteed by, either a government, government agency
or supranational, that has a minimum long-term rating of BBB by Fitch, Baa by Moody’s or BBB by
Standard and Poor’s (including such sub-categories or gradations therein), qualify as permissible
investments under these guidelines.
b) Corporate debt securities that do not have the requisite ratings cited in Para 4.1 but satisfy the following
conditions qualify as permissible investments under these guidelines:
i) the issuer has a minimum long-term rating of BBB by Fitch, Baa by Moody’s or BBB by Standard
and Poor’s (including such sub-categories or gradations therein); or
ii)
the issuer’s parent company satisfies the rating in para 4.2b)(i) and has provided an explicit
guarantee for the issuer.
4.3. Paras 4.1 and 4.2 do not apply to unrated debt securities issued by Singapore-incorporated issuers 3 and
Singapore statutory boards. FMCs may invest in all such debt securities until such time as is stated otherwise.
Nevertheless, the single entity limit for these unrated corporate debt securities is lowered to 5% of the Fund’s
NAV as set out in section 2.8 in the appendix 1 of Code on CIS. For the avoidance of doubt, the investment
in such unrated debt securities do not fall under the deviation limit of 5% in para 9.3.
4.4. If the credit rating of a debt security in a Fund’s portfolio falls below the minimum rating, the debt security will
be classified as a prohibited investment and will fall under the deviation limit of 5% in para 9.3.
4.5. For the avoidance of doubt, an unlisted debt security eligible under para 4.1 to 4.3 does not fall under the
deviation limit of 5% in para 9.1 and 9.3.

1 For a Fund that is a money market fund and places deposits with financial institutions, para 3 of CPFIG applies.
2 CD is considered to be money market instrument as set out under para 3.1 of Appendix 2 of the Code on CIS. It needs to comply with both the requirements under the
Code on CIS and CPFIG (i.e. para 4.1, 4.2 or 4.3 of CPFIG).
3 Debt securities issued by Singapore-incorporated special purpose entities that are not owned or established by Singapore-incorporated entities are not deemed to be debt

securities issued by Singapore-incorporated issuers and thus the credit rating requirement under para 4.1 or 4.2 will be applicable.

Prospectus: Fidelity Funds 198 January 2022

Part V Investment Restrictions

4.6. For the avoidance of doubt, “debt securities” in this paragraph include convertible bonds, perpetual bonds
and securitized debt.
5. Unlisted Shares
5.1. Investments in unlisted shares (excluding IPO shares which have been approved for listing) are allowed within
the 5% deviation limit in para 9.1.
6. Financial Derivatives
6.1. Financial derivatives are only allowed for hedging and efficient portfolio management 1. Otherwise, it will be
considered as prohibited investment and fall under the deviation limit of 5% in para 9.1.
6.2. Use of financial derivatives to replicate index performance (i.e. including but not limited to synthetic replication)
is not allowed.
7. Securities Lending
7.1. Securities lending could be carried out solely for the purpose of efficient portfolio management. Up to 50% of
the Fund’s NAV may be lent at any time if all the collateral, counterparty, settlement, reinvestment and liquidity
requirements set out in the MAS guidelines are adhered to.
8. Borrowings
8.1. The 10% borrowing limit set out in the MAS Guidelines must be adhered to without exception. For master-
feeder structures, the borrowing limit is to be applied to the feeder fund.
9. Deviation Limit
9.1. (i) Any prohibited investments (except debt securities without the requisite rating in para 4), and (ii)
investments exceeding the limits set out in the CPFIG, as the case may be, will fall under the deviation limit
of 5%.
9.2. An additional deviation limit of 5% over and above the deviation limit in para 9.1 is granted to Gold ETF listed
on SGX. Therefore, a Fund may invest up to 10% of its NAV in Gold ETF listed on SGX if it has not utilized
the deviation limit in para 9.1.
9.3. A sub-limit of 5% is granted to non-investment grade bonds. Thus, a Fund may still invest up to 5% of its NAV
in non-investment grade bonds even if it has fully utilized the deviation limit in para 9.1. Nevertheless, the
investment in non-investment grade bonds must be capped at 5% in aggregate.
Please see Appendix A of the CPFIG (as shown on
https://www.cpf.gov.sg/Assets/members/Documents/CPFInvestmentGuidelinespdf.pdf) for the diagram illustration
of the various deviation limits.
10. Deviations from the Guidelines
This paragraph sets out the circumstances when a FMC may invest up to 5% of the value of the Fund in investments
which fall outside the MAS Guidelines and/or the CPFIG. The FMC should ensure that the Fund continues to comply
with the above on a regular basis (e.g. when periodic reports of the CIS are available), no less than once every 6
months.
10.1. For a Fund that is an Authorised Scheme (regardless of whether the authorised scheme feeds into other
schemes)
10.2. The FMC of a Fund must ensure that the Fund is managed in full compliance with the MAS Guidelines and
at least 95% of the Fund’s NAV is invested in accordance with the CPFIG at all times. The 5% deviation may
only be in respect of CPFIG.
10.3. For a Fund that is a Recognised Scheme 2
The FMC must ensure that at least 95% of the Fund’s NAV is invested in accordance with the MAS Guidelines
and the CPFIG at all times.
Where a Fund invests partially in another scheme, the 5% deviation allowed applies as follows:
The total sum of the Fund’s pro-rated share of the deviating investments by the underlying CIS and the
deviating investments of the Fund, shall not exceed 5% of the NAV of the Fund.
"Pro-rated share" is defined as follows:-
Dollar value of investments of Fund in underlying CIS
X
(Dollar value of deviating investments of underlying CIS / Total dollar value of underlying CIS.)
10.4. For Underlying Scheme(s) (that a CPFIS-Included fund feeds into)
The FMC must ensure that the investments of the underlying scheme(s) should be done in a manner such that the
CPFIS-Included fund is in compliance with MAS Guidelines and CPFIG as per para 10.1 or 10.2.
Please see Appendix B of the CPFIG (as shown on
https://www.cpf.gov.sg/Assets/members/Documents/CPFInvestmentGuidelinespdf.pdf) for the diagram illustration
for the application of the deviation limit under various fund structure.
11. Breach of Deviation Limits
11.1. If the 5% limits on investments which deviate from the stated guidelines in paragraph 9 are exceeded as a
result of one or more of the following events:
a) the appreciation or depreciation of the Fund’s NAV; or

1For efficient portfolio management, FMCs must (i) demonstrate that they have adequate measures in place to monitor the risks of financial derivatives and (ii) obtain CPFB’s
prior approval.
2The recognised scheme must fully meet the requirements stated in Chapter 8 and 9 of the Code on CIS.

Prospectus: Fidelity Funds 199 January 2022

Part V Investment Restrictions

b) any redemption of units or payments made from the Fund; or

c) change in the capital of a company (e.g. change in the total outstanding shares of a company arising
from the issuance of pro-rata rights or bonuses); or
d) reduction in the weight of a constituent in the benchmark being tracked by a Fund; or
e) downgrade in or cessation of a credit rating; or
f) the underlying fund of a Fund acquiring more deviating investments
the FMC shall within 3 months from the date when the limit is exceeded:
i) For a Fund which is an Authorised Scheme, sell such securities or units to bring the Fund back
in compliance as per para 10.1;
ii) For a Fund that is a Recognised Scheme, sell such securities or units in the CIS to bring the
Fund back in compliance as per para 10.2.
The period may be extended if the FMC satisfies the trustee that it is in the best interest of unit
holders to do so. Such extension is subject to monthly review by the trustee.
11.2. If any of the limits is exceeded other than as a result of the events stated in paragraph 11.1, or exceeded as
a result of the underlying funds of a Fund acquiring more prohibited investments, the FMC (i) should not enter
into any transaction that would increase the extent of the breach, and (ii) is required to sell such investments
and/or reduce such borrowings immediately to result in compliance with the relevant limit.
11.3. Reporting of Breaches
a) A FMC is required to inform the CPF Board of a breach of the CPF Investment Guidelines by Funds
that it manages within 14 calendar days of the occurrence of the breach. For Funds which invest in other
funds that are not managed by the FMC/ itself, the FMC/ is required to inform the CPF Board within 14
days of the date of notification of the breach by the manager of the other fund or the date the FMC/
becomes aware of the breach, whichever is the earlier.
b) In the event that the trustee agrees to an extension of the deadline (beyond that stipulated in the CPFIG)
to rectify the breach, the FMC/ should ensure that the trustee informs the CPF Board within 7 calendar
days of its agreement to the extension 1. The FMC/ should also inform the CPF Board within 7 calendar
days of the rectification of the breach.
11.4. A FMC/ that is unable to adhere to Paragraph 11.2 and is unable to (or does not) obtain an extension under
Paragraph 11.1(ii) set out above must take the following actions:
a) report such breach to the CPF Board within 14 calendar days of the occurrence of the breach;
b) cease to accept subscriptions for the Fund from the CPF Ordinary and Special Accounts with immediate
effect and seek to exclude the Fund from CPFIS 2;
c) provide, within 3 months from the date of the breach,
• notice to each CPF member invested in the Fund;
• full disclosure on the impact of the breach; and
• each investing CPF member the right to redeem or make free switch to another fund included
under CPFIS that meets the prevailing admission criteria, without any fees or charges;
d) continue to monitor the breach and report to the CPF Board on a monthly basis as to the status of the
breach until the breach is rectified.

INVESTMENT GUIDELINES IN THE CODE ON COLLECTIVE INVESTMENT SCHEMES (THE “CODE”)

For as long as the relevant funds are approved for retail distribution and sale in Singapore, the investment guidelines
issued by The Monetary Authority of Singapore (“MAS”) under the relevant Appendix to the Code, as may be amended,
re-stated, supplemented or replaced from time to time, shall apply to the relevant funds, to the extent required by the
MAS.

Additional investment restrictions applying to funds registered in South Africa:

Funds authorised for sale in South Africa must comply with investment restrictions contained in the Collective Investment
Schemes Control Act (CISCA). In addition to what is stated in the Prospectus, the current policy of the Fund in respect
of the funds approved for distribution is as follows:
1. The funds utilise any derivative instruments, including but not restricted to option contracts, swaps and futures
contracts, only for the purposes of Efficient Portfolio Management. Derivatives utilised may be either exchange-
traded derivatives or traded over-the-counter. Derivative positions must be covered by assets within the portfolio
of the funds.
2. The funds may not invest in a fund of funds or a feeder fund.
3. Scrip borrowing is allowed under the conditions provided in Part V, section 5.1 B.1. of the Prospectus.
Additional investment restrictions applying to funds registered in Taiwan:
The funds offered and sold in Taiwan shall be subject to the following additional restrictions:
1. Unless exempted by the Financial Supervisory Commission (the ‘FSC’), the total value of each fund's non-offset
position in derivatives for efficient portfolio management shall not exceed 40% of the Net Asset Value of the fund

1 Alternatively, the FMC may provide evidence of the trustee’s agreement to the extension within 7 calendar days.
2 All requests for exclusion of Sub-Funds under CPFIS must be submitted in writing. Sub-Funds delisted from CPFIS remain subject to MAS guidelines at all times.

Prospectus: Fidelity Funds 200 January 2022

Part V Investment Restrictions

(or such other percentage stipulated by the FSC from time to time), and the total value of each fund's non-offset
position in derivatives for hedging purposes shall not exceed the total market value of the relevant securities held
by the fund;
2. The fund may not invest in gold, spot commodities, or real estate;
3. The direct investments that a fund is permitted to make in Mainland China are restricted to the securities listed
or traded on Mainland China exchanges or Mainland China interbank bond market, and unless otherwise
specified by the FSC, the fund’s holdings may not, at any time, exceed 20% (or such other percentage stipulated
by the FSC from time to time) of the fund’s Net Asset Value;
4. The total investment in each fund by domestic investors in Taiwan shall not exceed a certain percentage
stipulated by the FSC from time to time; and
5. The securities market of Taiwan may not constitute the primary investment region in the portfolio of each fund.
The investment amount of each Fund in the securities market of Taiwan shall not exceed a certain percentage
stipulated by the FSC from time to time.
6. Any other investment restrictions announced by the FSC from time to time.

Prospectus: Fidelity Funds 201 January 2022

Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

APPENDIX I
IMPORTANT INFORMATION FOR INVESTORS IN CERTAIN COUNTRIES AND
SELLING RESTRICTIONS IN CERTAIN JURISDICTIONS

DENMARK 203
FINLAND 203
GREECE 206
GUERNSEY 206
HONG KONG 207
IRELAND 207
ITALY 209
JERSEY 209
KOREA 209
MALTA 209
THE NETHERLANDS 211
NORWAY 212
SINGAPORE 215
SOUTH AFRICA 215
SWEDEN 218
TAIWAN 219
UNITED KINGDOM 219
SELLING RESTRICTIONS IN PARTICULAR JURISDICTIONS 223

Prospectus: Fidelity Funds 202 January 2022

Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

DENMARK
Fidelity Funds (the “Fund”) is an open-ended investment company with variable capital incorporated in Luxembourg on 15 June 1990.
By virtue of rulings of the Danish Financial Supervisory Authority (DFSA) dated 21 December 2007 the Fund is authorised to sell its
Shares to Institutions in Denmark.
The information below describes the facilities available to investors residing in Denmark and the procedures which apply to dealing in
Shares in the Fund. This information must be read in conjunction with the current Prospectus of the Fund and the most recent annual
report and the most recent semi-annual report.
Conditions applying to subscription, purchase, sale and redemption
Investors may give instructions (directly, or through their bank or other financial representative) to the Distributor of the Fund:
FIL (Luxembourg) S.A.
2a, Rue Albert Borschette
BP 2174
L-1246 Luxembourg
Telephone: (352) 250 404 1
Fax: (352) 26 38 39 38
FIL (Luxembourg) S.A. is the Distributor for Denmark and acts as agent for the General Distributor, FIL Distributors. All instructions
can be addressed to Distributor.
Documents Available for Inspection
The following documents are available for inspection free of charge during normal business hours on weekdays (Saturdays, Sundays
and other public holiday excepted) at the registered office of the Fund or at the offices of the Distributor.
• Instruments of Incorporation of the Fund.
• The Reports of the Fund.
Copies of the Prospectus and the latest financial reports of the Fund may be obtained, free of charge, upon request at the
registered office of the Fund and the office of the Distributor.
Danish representative
The Company has appointed P/F BankNordik as its Danish representative (the “Representative”) under Section 8 of Danish Executive
Order no. 746 of 28 June 2011 on Foreign Investments Under-takings Marketing in Denmark. The details of the Representative are
as follows:
P/F BankNordik
Attn.: Backoffice
Amagerbrogade
DK-2300 Copenhagen S
CVR no. 32049664
Denmark
Telephone number: +45 32 66 66 66
Fax number: +45 32 66 66 01
e-mail: [email protected]
Procedure in the Event of Termination
In the event that the Fund or a fund of the Fund ceases to market shares in Denmark, the investors will be notified hereof. The
investors will be informed that the information and documentation will still be available to the investors in the same way as before.
However, it will be stressed that the KIID will no longer be available in the Danish language. Furthermore, the procedure for the
payment of dividend and redemption or sale proceeds will be unchanged for the Danish investors, unless the general procedure of
the Fund or the Danish legislative environment is subject to change.

FINLAND
Registration and Supervision
The official name of the fund is Fidelity Funds (the “Fund”). The Fund is an open-ended investment company incorporated in Luxemburg
on 15 June 1990 and it fulfils the conditions laid down in the amended Council Directive (2009/65/EEC) on the coordination of laws,
regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS).
By virtue of a ruling of the Finnish Financial Supervisory Authority (the ‘FSA’), the Fund is authorised to sell its Shares to members
of the public in Finland.
The following funds are available to Finnish investors under the Fund as at the time of this Prospectus: Equity Funds: Fidelity Funds –
America Fund, Fidelity Funds – American Growth Fund, Fidelity Funds – ASEAN Fund, Fidelity Funds – Asia Pacific Opportunities
Fund, Fidelity Funds – Asian Smaller Companies Fund, Fidelity Funds – Asian Special Situations Fund, Fidelity Funds – Australian
Diversified Income Fund, Fidelity Funds – China Consumer Fund, Fidelity Funds – China Focus Fund, Fidelity Funds – China Innovation
Fund, Fidelity Funds – Emerging Asia Fund, Fidelity Funds – Emerging Europe, Middle East and Africa Fund, Fidelity Funds – Emerging
Markets Fund, Fidelity Funds – Emerging Markets Focus Fund, Fidelity Funds – EURO STOXX 50® Fund, Fidelity Funds – European
Growth Fund, Fidelity Funds – European Larger Companies Fund, Fidelity Funds – European Dynamic Growth Fund, Fidelity Funds –
European Smaller Companies Fund, Fidelity Funds - FIRST All Country World Fund Fidelity Funds - FIRST European Value Fund,
Fidelity Funds - FIRST Developed World Fund, Fidelity Funds – France Fund, Fidelity Funds – Sustainable Future Connectivity Fund,
Fidelity Funds – Germany Fund, Fidelity Funds – Global Demographics Fund, Fidelity Funds – Global Financial Services Fund, Fidelity
Funds – Global Focus Fund, Fidelity Funds – Global Health Care Fund, Fidelity Funds – Global Industrials Fund, Fidelity Funds – Global
Dividend Plus Fund, Fidelity Funds – Global Property Fund, Fidelity Funds – Global Technology Fund, Fidelity Funds - Global Thematic
Opportunities Fund, Fidelity Funds – Greater China Fund, Fidelity Funds – Iberia Fund, Fidelity Funds – India Focus Fund, Fidelity
Funds – Indonesia Fund, Fidelity Funds – Italy Fund, Fidelity Funds – Japan Advantage Fund, Fidelity Funds – Japan Aggressive Fund,
Fidelity Funds – Japan Smaller Companies Fund, Fidelity Funds – Latin America Fund, Fidelity Funds – Malaysia Fund, Fidelity Funds
– Nordic Fund, Fidelity Funds – Pacific Fund, Fidelity Funds – Singapore Fund, Fidelity Funds – Sustainable Asia Equity Fund, Fidelity
Funds – Sustainable Consumer Brands Fund, Fidelity Funds – Sustainable European Smaller Companies Fund, Fidelity Funds –
Sustainable Europe Equity Fund, Fidelity Funds – Sustainable Eurozone Equity Fund, Fidelity Funds – Sustainable Future Connectivity

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

Fund, Fidelity Funds - Sustainable Global Equity Fund, Fidelity Funds – Sustainable Japan Equity Fund; Fidelity Funds – Sustainable
US Equity Fund, Fidelity Funds - Sustainable Water & Waste Fund, Fidelity Funds – Switzerland Fund, Fidelity Funds – Taiwan Fund,
Fidelity Funds – Thailand Fund, Fidelity Funds – United Kingdom Fund, Fidelity Funds – World Fund, Equity Income Funds: Fidelity
Funds – Asia Pacific Dividend Fund, Fidelity Funds – European Dividend Fund, Fidelity Funds – European Dividend Plus Fund Fidelity
Funds – Global Dividend Fund; Asset Allocation Funds: Fidelity Funds – Fidelity Patrimoine, Multi Asset Funds: Fidelity Funds –
European Multi Asset Income Fund, Fidelity Funds - Global Income Fund, Fidelity Funds - Global Multi Asset Dynamic Fund, Fidelity
Funds - Global Multi Asset Income Fund, Fidelity Funds – Sustainable Multi Asset Income Fund, Fidelity Funds - Global Multi Asset
Defensive Fund, Fidelity Funds – Global Multi Asset Growth & Income Fund; Bond Funds: Fidelity Funds – Asian Bond Fund, Fidelity
Funds – Asian High Yield Fund, Fidelity Funds – China RMB Bond Fund, Fidelity Funds - Emerging Market Corporate Debt Fund,
Fidelity Funds – Emerging Market Debt Fund, Fidelity Funds - Emerging Market Local Currency Debt Fund, Fidelity Funds - Emerging
Market Total Return Debt Fund, Fidelity Funds – Euro Bond Fund, Fidelity Funds – Euro Corporate Bond Fund, Fidelity Funds –
European High Yield Fund, Fidelity Funds – Euro Short Term Bond Fund, Fidelity Funds – Flexible Bond Fund, Fidelity Funds – Global
Bond Fund, Fidelity Funds – Global Corporate Bond Fund, Fidelity Funds – Global High Yield Fund, Fidelity Funds - Global Hybrids
Bond Fund, Fidelity Funds – Global Inflation-linked Bond Fund, Fidelity Funds - Global Short Duration Income Fund, Fidelity Funds -
Sustainable Reduced Carbon Bond Fund, Fidelity Funds – Sustainable Strategic Bond Fund, Fidelity Funds – US Dollar Bond Fund,
Fidelity Funds – US High Yield Fund; Cash Funds: Fidelity Funds - Australian Dollar Cash Fund, Fidelity Funds – Euro Cash Fund,
Fidelity Funds - Sterling Cash Fund, Fidelity Funds – US Dollar Cash Fund Fidelity Lifestyle Funds: Fidelity Funds – Fidelity Target™
2020 Fund, Fidelity Funds – Fidelity Target™ 2020 (Euro) Fund, Fidelity Funds – Fidelity Target™ 2025 (Euro) Fund, Fidelity Funds –
Fidelity Target™ 2030 (Euro) Fund, Fidelity Funds – Fidelity Target™ 2035 (Euro) Fund, Fidelity Funds – Fidelity Target™ 2040
(Euro) Fund; Fidelity Funds – Fidelity Target™ 2045 (Euro) Fund, Fidelity Funds – Fidelity Target™ 2050 (Euro) Fund, Fidelity Funds
– Fidelity Target™ 2055 (Euro) Fund, Fidelity Funds – Fidelity Target™ 2060 (Euro) Fund, Institutional Reserved Funds:, Fidelity Funds
– Institutional Emerging Markets Equity Fund, Fidelity Funds – Institutional Euro Blue Chip Fund, Fidelity Funds – Institutional Global
Focus Fund, Fidelity Funds – Institutional Japan Fund, Systematic Multi Asset Risk Targeted Funds: Fidelity Funds – SMART Global
Defensive Fund, Absolute Return Funds : Fidelity Funds - Absolute Return Global Equity Fund, Fidelity Funds - Absolute Return Global
Fixed Income Fund, Fidelity Funds - Absolute Return Multi Strategy Fund
The information below describes the facilities available to investors resident in Finland and the procedures which apply to dealing in
Shares in the Fund. This information must be read in conjunction with the current Prospectus of the Fund and the KIIDs, the most recent
annual report and accounts and, if published thereafter, the most recent semi-annual report and accounts. Material amendments to the
Prospectus, the KIIDs, or to the Articles of Incorporation as well as the annual and semi-annual reports and accounts will be filed with
the FSA. Investors will be informed about material changes in the Fund as required by the home state legislation or as laid out in the
Articles of Incorporation or the Prospectus, as in force from time to time.
Marketing and Purchase of Shares
The target investors/distribution channels for the Fund will be inclusive of asset managers, large and small banks, life companies
and IFAs. Both above-the-line and below-the-line marketing will be employed in the promotion of the Fund and will be inclusive of
trade and national press, billboards and online advertising, as well as brochures, mailings, teleconferences and events.
FIL (Luxembourg) S.A. is the Distributor for Finland and acts as agent for the General Distributor, FIL Distributors. A list of the
Finnish Sales Representatives may be obtained by calling the following toll free number: 0800 113 582.
Investors may give instructions in writing or in the form prescribed (directly, through their bank or other financial representative)
to the Distributor for Finland mentioned above at the address given below or any other Distributor listed in the Prospectus or to a
Finnish Sales Representative or to FIL (Luxembourg) at the address given below:
2a, Rue Albert Borschette
BP 2174
L-1246 Luxembourg
Grand-Duchy of Luxembourg
Telephone: (352) 250 404 1
Fax: (352) 26 38 39 38.

Investors buying Shares for the first time have to complete an application form. The instructions for subsequent purchases must
normally contain full details of registration, the name of the fund(s), class(es) of Shares, settlement currency(ies) and the value of
Shares to be bought. Purchase instructions will normally only be fulfilled on banker’s notification of receipt of cleared monies.
Completed applications with cleared monies received by a Distributor on a day that the Distributor and the Management Company
are open for business before the appropriate dealing cut-off times on a Valuation Date will normally be fulfilled that day at the next
calculated Net Asset Value of the relevant share plus any applicable initial charge.
Settlement should be made by electronic bank transfer net of bank charges. Payment should be made to the bank account
published by the Distributor as appropriate to the currency of settlement.
Other methods of payment require the prior approval of the Distributor. Processing of the application will usually be deferred until
cleared monies are received. Cleared monies will be invested net of bank collection charges.
Shareholders should normally allow at least three Business Days before further switching, selling or redeeming their Shares after
purchase or subscription.
The purchase price comprises the Net Asset Value of Shares of the relevant class calculated on a Valuation Date plus the
applicable initial charge. The initial charge for class A Shares is described in 2.1. “Classes of Shares” in Part II of the Prospectus
and for class P Shares is up to 1.00% of the Net Asset Value of the Shares.
Investors may place orders for Shares with Distributors in any of the major freely convertible currencies in addition to the Principal
Dealing Currency of the individual funds and/or classes of Shares. Investors may contact the Distributors for information about
such currencies. The Distributors may publish details of other currencies which will be accepted.
The Depositary
The Fund has appointed Brown Brothers Harriman (Luxembourg) S.C.A. to act as depositary of the Fund and to hold all cash,
securities and other property of the Fund on behalf of the Fund. The Depositary may, with the approval of the Fund, appoint other
banks and financial institutions to hold the Fund’s assets. The Depositary is required to perform all the duties of a depositary
prescribed by Article 33 of the Law of 2010.

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

Payments to Shareholders
Dividends
No dividends will be paid for accumulating Shares. All interest and other income earned on the investment will be accumulated.
For distributing Shares the Directors expect to recommend distribution of substantially the whole of each class’ respective net
investment income for the year. Dividends are declared on all Distributing Shares on the first Business Day of August. Dividends
are also declared on certain Bond, Multi Asset and Equity funds on other dates.
Dividends for distributing Shares are reinvested in additional Shares in the same distributing class of Shares unless Shareholders
specify otherwise in writing.
Dividends to be reinvested are credited to the Management Company who acts on behalf of the Shareholders and invests the
amount of the dividends in additional Shares of the same distributing class of Shares. Shares are issued at the Net Asset Value
determined on the dividend declaration date if it is a Valuation Date, or the subsequent Valuation Date. No initial charge is payable
on these Shares. Shares issued through this dividend facility are held in a registered account for the investor. Shares are
calculated to two decimal places and the resulting cash fraction remainder (whose value is less than 0.01 of a Share) is retained
in the Fund for inclusion in subsequent calculations.
Holders of registered distributing Shares may elect to receive a dividend payment which will normally be made within ten Business
Days, and as from April 2015 normally within five Business Days, or as soon as practicable thereafter by electronic bank transfer,
net of bank charges. In this case, unless specified otherwise, payment is normally made in the Principal Dealing Currency of the
distributing class of Shares of the fund. If requested, payment may be made in any other major freely convertible currency at the
prevailing rate of exchange. If any dividend payment is lower than USD 50 (or its equivalent in another currency) the dividend will
be automatically reinvested in further Shares of the same distributing class of Shares and not paid directly to holders of registered
Shares.
Dividends are normally paid within ten Business Days, and as from April 2015 normally within five Business Days, or as soon as
practicable thereafter.
Redemption of Shares
Instructions to sell registered Shares should be addressed to a Distributor and must be received by a Distributor or the Management
Company before the relevant cut-off times. The instructions must contain full details of registration, the name of the fund(s), class(es)
of Shares, settlement currency(ies), the number or value of Shares to be sold and bank details. Instructions received on a day that
the Distributor or the Management Company is open for business, before the appropriate dealing cut-off times on a Valuation Date,
are normally dealt with that day at the next calculated Net Asset Value of the relevant class.
A sales exit fee or a redemption fee of up to 1.00% of the Net Asset Value inclusive of expenses can be levied on P Shares, either
of which fee will revert to the General Distributor.
Settlement will normally be made by electronic bank transfer. The Management Company will aim to make settlement payments
within three Business Days (without however exceeding 5 Business Days) after receipt of written instructions. Exceptions currently
apply in relation to the funds listed below. If in exceptional circumstances it is not possible to make the payment within the relevant
period, then such payment shall be made as soon as reasonably practicable thereafter but without interest. In addition, different
settlement periods may apply if settlement is made via local correspondent banks, paying agents or other agents. Settlement
amounts may be subject to bank charges levied by the Shareholder’s own (or a correspondent) bank. Payment will be made in one
of the Principal Dealing Currencies of the relevant class of Share or may also be made in one of the major freely convertible
currencies if requested by the Shareholder(s) at the time of instruction.
Payment may also be made in one of the major freely convertible currencies if requested by the Shareholder(s) at the time
of instruction. Foreign exchange transactions required to handle client purchases/redemptions may be aggregated and will be
carried out by FIL Group’s central treasury department on an arm’s length basis through certain FIL Group companies from which
a benefit may be derived by such companies.
Publication of prices
Prices for Shares of the Fund may be obtained from any Distributor or from the Finnish Sales Representatives. Shares are listed
on the Luxembourg Stock Exchange. Price information may be published in certain media as decided from time to time.
Documents Available for Inspection
The latest Prospectus, the KIIDs, Articles of Incorporation, audited annual report and accounts and unaudited semi-annual report
and accounts can be obtained, free of charge, upon request at the offices of the Finnish Sales Representatives, at the registered
office of the Fund and the offices of the Distributors and of the Management Company.
Taxation
The Directors of the Fund are informed of the following taxation consequences for individuals resident in Finland (‘Individuals’)
and companies carrying on a trade in Finland (“Companies”):
a) In a precedent issued by the Finnish Supreme Administrative Court, distributions from a Luxembourg SICAV were treated
as dividend for Finnish tax purposes. In this light, it seems that dividends declared in respect of Shares should be regarded
– for Finnish tax purposes – as dividend income.
Should such dividends be regarded as dividend income for Finnish tax purposes, then
i. for Individuals, 100% of such dividends should be taxable as earned income and
ii. for Companies, 100% of such dividends should be taxable income.
Nonetheless, in case the dividends declared in respect of Shares would not be regarded as dividend for Finnish tax purposes,
but rather as profit distribution from an investment fund, such income would, for Individuals, be treated as taxable capital
income and, for Companies, as fully taxable income.
b) Capital gains realised upon the disposal or redemption of Shares should be fully taxable income for Individuals. For the
purposes of determining the taxable capital gain received by an Individual, the greater of the actual acquisition cost or the
presumed acquisition cost shall be deducted from the assignment price. The presumed acquisition cost is 40% of the
assignment price if the period of ownership of the assigned property is at least 10 years and 20% in other cases. A capital

Prospectus: Fidelity Funds 205 January 2022

Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

gain shall not be subject to taxation for Individuals in case the aggregate amount of assignment prices in that tax year does
not exceed 1,000 Euro (excluding tax exempt assignments).
c) As regards Companies, capital gains are subject to Finnish corporate income tax.
d) The capital income of Individuals up to 30,000 Euro is currently taxable at 30% and capital income exceeding 30,000 Euro
is currently taxable at 34%. Earned income is taxed at separate progressive rates. The corporate income tax rate for
Companies is currently 20%.
e) Individuals suffering a net loss from capital, e.g. as a result of a capital loss upon the disposal, conversion or redemption of
Shares may deduct the loss from their capital gains generally in the same tax year and in the five following years. If Individuals
do not have sufficient capital gains to deduct the entire capital loss, the remaining capital loss is deducted from capital
income in the same tax year and in the five following years as the income is borne. A capital loss is, however, not deductible
for Individuals in case the acquisition costs of the assigned assets in that tax year do not exceed 1,000 Euro (excluding tax
exempt assignments). Capital losses are hence treated differently from ordinary capital expenditures. If the capital
expenditures of an Individual in a tax year exceed the capital income, the Individual may claim a deduction in the tax levied
on earned income for the same tax year (‘tax credit for the deficit in capital income’). The deficit in capital income that may
be claimed is equal to 30% of such excess expenditures and its maximum amount is 1,400 Euro. The maximum amount will
be increased by 400 Euro if the Individual alone or together with their spouse has maintained one child during the year. The
increase is 800 Euro in the same situation if there has been more than one child.
f) For Companies, capital losses upon the disposal or redemption of Shares should be fully deductible for Companies if the
Shares are not considered “other assets”. Losses may be set off in the same tax year and in the following ten years. If the
Shares are considered “other assets”, capital losses arising from such may only be set off against capital gains, arising from
disposal or redemption of “other assets”, in the same tax year and five following years. It should be noted that the above
does not apply to all Finnish Companies. The rules and tax treatment applicable to capital gains and losses arising from the
disposals of Shares should therefore be confirmed on a case-by-case basis.
g) In the light of current legal practice it seems that a switch of Shares from one sub-fund to another is generally treated as a
taxable event, irrespective of the fact that the switch is made within the Fund. For the sake of completeness, a switch of
Share class within a single sub-fund should not in the light of current tax practice be treated as taxable event. The above-
mentioned cannot however be stated with certainty.
The tax treatment of an investment in the Fund may vary depending on the situation of each Investor and should be checked
separately in each case.
h) It should be noted that the above mentioned analysis of tax consequences is based on current tax legislation and practices.
The tax law and practices, and the levels of taxation, may be subject to change in the future. It should be noted especially,
that the Supreme Administrative Court of Finland has, with a decision dated 19 June 2019, referred a case to the Court of
Justice of the European Union. The case in question concerns how the income received by a Finnish individual from a
Luxembourg SICAV is to be taxed for Finnish tax purposes. Depending on the outcome of this case, the tax treatment of
investors might be subject to change.
i) Investors should seek their own professional advice as to the tax consequences before investing in Shares in the Fund.

GREECE
Effective 1 May 2003 the agreement covering distribution of Fidelity Funds in Greece between Laiki Bank (Hellas) S.A.
and FIL Investments International was terminated. Fidelity Funds is no longer publicly offered in Greece.
Taxation
The Directors of the Fund are informed of the following taxation consequences for investors resident in Greece:
A new Income Tax Code (ITC- L. 4172/2013) has entered into force as of 1 January 2014.
The new ITC (L. 4172/2013), as amended by L. 4254/2014, provides for a general exemption from corporate income taxation for
UCITs established either in Greece or in an EU/EEA country. However, the law itself does not provide any explicit provisions of
the tax treatment of proceeds received from mutual funds and UCITS.
Nevertheless, according to the Ministerial Circular 1042/2015, issued in January 2015, it was clarified that any proceeds that are
distributed by UCITS established in Greece or within an EU/EEA/EFTA country or mutual funds that are established in third party
countries fall within the concept of dividends for income tax purposes.
The above mentioned Ministerial Circular also indicated that the proceeds received by the unitholders in the form of dividends or,
in general, any other form of benefits received by the shareholders/unitholders of domestic or EU/EEA/EFTA UCITS shall not be
subject to any income tax in Greece, by application of the special provisions of art. 103 par. 5 of L. 4099/2012, which are still in
force.
With respect to the capital gains realized by the disposal of shares/units in UCITs, the Ministerial Circular 1032/2015, issued in
January 2015, stipulates that, in case said UCITS are established in Greece, no capital gains tax shall be due, by application of
art. 103 par. 5 of L. 4099/2012. The Ministerial Circular also provides that for UCITS established in an EU/EEA country, the same
tax treatment should be applicable, in accordance with the ECJ jurisprudence (case C-370/2011, Commision vs Belgium).
To be noted that special solidarity charge, incorporated in the ITC, will apply on the above mentioned income. Such charge is
based on a tax scale starting from income in excess of 12,000 Euros, and rates range from 2.20% to 10% for income exceeding
220,000 Euros.
In the case of legal entities, the tax treatment outlined above shall be equally applicable on any dividends and capital gains
received by the latter (except for the special solidarity charge).
Investors should also read the taxation section in Part III of the Prospectus which describes additional tax consequences for
investors. Investors should also seek their own professional advice as to the tax consequences before investing in Shares in
the Fund. Taxation law and practice and the levels of taxation are subject to future amendments.

GUERNSEY
The circulation of the Prospectus and the offering of Shares has been authorised by the Guernsey Financial Services Commission
under the provisions of the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. In giving this authorisation the

Prospectus: Fidelity Funds 206 January 2022

Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

Commission does not vouch for the financial soundness of the scheme or for the correctness of any of the statements made or
opinions expressed with regard to it.

HONG KONG
It should be noted that a Partial Prospectus for investors in Hong Kong exists. Such Partial Prospectus includes the country-specific
information for Hong Kong.

IRELAND
Registration and Supervision
While the Fund has fulfilled the notification requirements of the Central Bank of Ireland to market its Shares to the public in Ireland,
the Fund is not supervised or authorised in Ireland by the Central Bank of Ireland. It is incorporated in Luxembourg and subject to
the laws and regulations of Luxembourg. It should be noted that the following funds or classes of Shares are not approved for
distribution in Ireland as at the time of this Prospectus: Fidelity Funds - Absolute Return Asian Equity Fund, Fidelity Funds – Asian
Equity Fund, Fidelity Funds - Asia Pacific Multi Asset Growth & Income Fund, Fidelity Funds - Asia Pacific Strategic Income Fund,
Fidelity Funds - China High Yield Fund, Fidelity Funds - Emerging Market Total Return Debt Fund, Fidelity Funds - Emerging
Markets Focus Fund, Fidelity Funds - Fidelity Target™ 2045 (Euro) Fund, Fidelity Funds - Fidelity Target™ 2050 (Euro) Fund,
Fidelity Funds - FIRST Developed World Fund, Fidelity Funds - Global Equity Income Fund, Fidelity Funds - Global Hybrids Bond
Fund, Fidelity Funds - Global Low Volatility Equity Fund, Fidelity Funds – Global Short Duration Income Fund, Fidelity Funds –
Greater China Fund II, Fidelity Funds - Greater China Multi Asset Growth & Income Fund, Fidelity Funds - Institutional Global
Sector Fund, Fidelity Funds - Institutional US High Yield Fund, Fidelity Funds - Sustainable Global Equity Fund, Fidelity Funds -
UK Special Situations Fund, the Fixed-Term Bond funds range, the Institutional Target funds range and the Multi Asset Target
funds range.
Class C, E, J, P and S Shares are not approved for distribution in Ireland.
The information below describes the facilities available to investors and the procedures, which apply, to dealing in Shares in the
Fund. This information must be read in conjunction with the current Prospectus of the Fund, the most recent annual report and
accounts and, if published thereafter, the most recent semi-annual report and accounts. Terms defined in the Prospectus have
the same meaning in the following information.
Facilities Agent in Ireland
The Fund has appointed FIL Fund Management (Ireland) Limited, George’s Quay House 43 Townsend Street, Dublin 2,
DO2 VK65, Ireland, as its Facilities Agent in Ireland. Orders for the redemption of Shares may be placed through the Facilities
Agent. Complaints concerning the Fund, the Management Company or the Distributor may also be lodged with the Facilities Agent
for forwarding to the relevant company.
Irish Representative: FIL Fund Management (Ireland) Limited, George’s Quay House 43 Townsend Street, Dublin 2, DO2 VK65,
Ireland.
Dealing Procedures
Investors may place dealing instructions with any of the Distributors listed in the Prospectus or alternatively may deal directly with
the Management Company.
Further information about the Fund and the relevant dealing procedures may be obtained from any Distributor or the Facilities Agent.
FIL Pensions Management is the Distributor for Ireland. All instructions can be addressed to the Distributor:
FIL Pensions Management
Beech Gate,
Millfield Lane,
Lower Kingswood,
Tadworth,
Surrey, KT20 6RP
United Kingdom
(Authorised and regulated in the UK by the Financial Conduct Authority)
Telephone: (44) 1732 777377
Fax: (44) 1732 777262
Investors must ensure that subscriptions for Shares or dealing instructions are provided to the Distributor in writing, in the form
prescribed by the Distributor. Application forms are available from any Distributor on request.
Purchase of Shares may be made in any major freely convertible currency. Where the investor purchases in a currency that differs
from the Principal Dealing Currency of the relevant fund, the purchase amount will be converted into the Principal Dealing Currency
prior to investment as set out in the Prospectus. Similarly, sales proceeds may be received by the investor in any major freely
convertible currency.
Contract notes will be issued, usually within 24 hours of the determination of the relevant prices and foreign exchange rates.
Applications are normally processed on receipt of cleared funds. Full details are set out on the application form and in
the Prospectus.
Publication of Prices
Details of the most recent dealing prices of Shares in the Fund may be obtained from any Distributor or the Facilities Agent.
The Net Asset Values of the appropriate funds are published in such manner as decided from time to time by the Directors.
Taxation
A company which has its central management and control in Ireland may be considered resident in Ireland for taxation purposes.
The Directors intend to conduct the affairs of the Fund so that it does not become resident in Ireland for taxation purposes.
Accordingly, provided the Fund does not exercise a trade within Ireland or carry on a trade in Ireland through a branch or agency,
the Fund will not be subject to Irish tax on its income and gains other than on certain Irish source income and gains.

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

Irish pension funds within the meaning of Section 774, 784 and 785 of the Taxes Consolidation Act, 1997, (as
amended).
On the basis that the pension funds are wholly approved under the aforementioned sections, they are exempt from Irish income
tax in respect of income derived from their investments or deposits. Similarly, all gains accruing to a person on the disposal of
investments in approved Irish pension funds are exempt from capital gains tax in Ireland under Section 608(2) of the Taxes
Consolidation Act, 1997 (as amended).
Other Irish Shareholders

Subject to their personal circumstances, Shareholders resident or ordinarily resident in Ireland for taxation purposes will be liable
to Irish income tax or corporation tax in respect of any income distributions made by the Fund (whether distributed or reinvested
in new Shares).
The attention of individuals resident or ordinarily resident in Ireland for tax purposes is drawn to Chapter 1 of Part 33 of the Taxes
Consolidation Act 1997 (as amended), which may render them liable to income tax in respect of undistributed income or profits of
the Fund. These provisions are aimed at preventing the avoidance of income tax by individuals through a transaction resulting in
the transfer of assets or income to persons (including companies) resident or domiciled abroad and may render them liable to
Irish income or corporation tax in respect of undistributed income or profits of the Fund on an annual basis.
The attention of persons resident or ordinarily resident in Ireland (and who, if they are individuals, are domiciled in Ireland) is drawn to the
fact that the provisions of Chapter 4 (Section 590) of Part 19 of the Taxes Consolidation Act, 1997 (as amended) could be material to any
person who holds 5% or more of the Shares in the Fund if, at the same time, the Fund is controlled in such a manner as to render it a
company that would, were it to have been resident in Ireland, be a ‘close’ company for Irish taxation purposes. These provisions could, if
applied, result in a person being treated, for the purposes of the Irish taxation of chargeable gains, as if part of any gain accruing to the
Fund (such as on a disposal of its investments that constitute a chargeable gain for those purposes) had accrued to that person directly;
that part being equal to the proportion of the assets of the Fund to which that person would be entitled to on the winding up of the Fund
at the time when the chargeable gain accrued to the Fund.
The Shares in the Fund will constitute a ‘material interest’ in an offshore fund located in a qualifying jurisdiction for the purposes
of Chapter 4 (Sections 747B to 747E) of Part 27 of the Taxes Consolidation Act, 1997 (as amended). This Chapter provides that
if an investor resident or ordinarily resident in Ireland for taxation purposes holds a ‘material interest’ in an offshore fund and that
fund is located in a ‘qualifying jurisdiction’ (including a Member State of the EU, a Member State of the European Economic Area
or a member of the OECD with which Ireland has a double taxation treaty) then, dividends or other distributions or any gain
(calculated without the benefit of indexation relief) accruing to the investor upon the sale or on the disposal of the interest will be
charged to tax at the rate of 41%.
Shareholders who are tax resident in Ireland will be obliged to deliver a tax return to the Irish Revenue Commissioners on the
acquisition of Shares which must include the name and address of the Fund, a description of the Shares acquired (including the
cost to the Shareholder), and the name and address of the person through whom the Shares were acquired.
Dividends or other distributions made by the Fund to an investor that is a company that is resident in Ireland or any gain (calculated
without the benefit of indexation relief) accruing to such investor upon disposal of their interest in the Fund will be subject to
corporation tax at the rate of 25% where the payments are not taken into account in computing the profits or gains of a trade
carried on by the Fund. Where any computation would produce a loss the gain shall be treated as nil and no loss shall be treated
as occurring on such disposal. An Irish resident corporate investor whose Shares are held in connection with a trade will be taxable
at a rate of 12.5% on any income or gains as part of that trade.
The holding of Shares at the end of a period of 8 years from acquisition (and thereafter on each subsequent 8 year anniversary)
will constitute a deemed disposal and reacquisition at market value by the Shareholder of the relevant Shares. This shall apply to
Shares acquired on or after 1 January 2001. The tax payable on the deemed disposal will be equivalent to that of a disposal of a
‘material interest’ in an offshore fund (i.e. the appropriate gain is subject to tax currently at the rate of 41% or 25% in the case of
an investor that is a company and the payments are not taken into account in respect of the trade carried on by the company). To
the extent that any tax arises on such a deemed disposal, such tax will be taken into account to ensure that any tax payable on
the subsequent encashment, redemption, cancellation or transfer of the relevant Shares does not exceed the tax that would have
been paid had the deemed disposal not taken place.
An offshore fund will be considered a Personal Portfolio Investment Undertaking (“PPIU”) in relation to a specific investor where
that investor has influence over the selection of some or all of the property held by the offshore fund, either directly or through
persons acting on behalf of or connected with the investor. Depending on individual investors’ circumstances, an investment
undertaking may be considered a PPIU in relation to some, none or all individual investors (i.e. it will only be a PPIU in respect of
those individuals who can “influence’ selection). Any gain arising on a chargeable event in relation to an offshore fund which is a
PPIU in respect of an individual, will be taxed at a rate of 60%. A higher tax rate of 80% may apply where details of the
payment/disposal are not correctly disclosed in the individual’s tax return and the individual fails to meet the necessary filing
requirements under Chapter 4 of Part 27 of The Taxes Consolidation Act, 1997 (as amended). Specific exemptions apply where
the property invested has been clearly identified in the offshore fund’s marketing and promotional literature and the investment is
widely marketed to the public. Further restrictions may be required in the case of investments in land or unquoted shares deriving
their value from land. An investment undertaking is not a PPIU if the property which may or has been selected was acquired on
arm’s length terms as part of a general offering to the public.
For the purposes of Irish taxation a conversion of Shares in the Fund from one class of Shares to another class of Shares will not
constitute a disposal. The replacement Shares shall be treated as if they had been acquired at the same time for the same amount
as the holding of Shares to which they relate. There are special rules relating to situations where additional consideration is paid
in respect of the conversion of Shares, or if a Shareholder receives consideration other than the replacement Shares in a fund.
Special rules may also apply when a fund operates equalisation arrangements.
Attention is drawn to the fact that the above rules may not be relevant to particular types of Shareholders (such as financial institutions),
which may be subject to special rules. Investors should seek their own professional advice as to the tax consequences before investing
in Shares in the Fund. Taxation law and practice, and the levels of taxation may change from time to time.
Documents available for inspection
The following documents are available for inspection free of charge during normal business hours on weekdays (Saturdays,
Sundays and public holidays excepted) at the office of the Facilities Agent:
a) Articles of Incorporation of the Fund;

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

b) the material contracts referred to in the Prospectus;

c) the most recent annual and half-yearly reports of the Fund;
d) the full Prospectus; and
e) the latest KIIDs.
Copies of the Articles of Incorporation of the Fund, the Prospectus and the KIIDs (each as amended from time to time) and of the
most recent annual and half-yearly reports of the Fund may be obtained, free of charge, upon request from the office of the
Facilities Agent.

ITALY
Distribution procedures
Different procedures may apply to Shares dealing in Italy (including but not limited to fees, charges and minimum investment
amounts), as outlined in the Italian subscription form, to be read in conjunction with the present Prospectus.
Please note that additional costs may be imposed by intermediaries for services provided according to local distribution model, as
per local regulatory requirements.
Investors may purchase Shares without single settlements (through e.g. saving plans) and may also grant mandate to the local
paying agent in this respect. Further information is available in the Italian subscription form.

JERSEY
Registration and Supervision
The consent of the Jersey Financial Services Commission (the ‘Commission’) under the Control of Borrowing (Jersey) Order, 1958
(as amended) has been obtained to the circulation of the Prospectus. It must be distinctly understood that in giving this consent
the Commission does not take any responsibility for the financial soundness of any schemes or for the correctness of any
statements made or opinions expressed with regard to them. The Commission is protected by the Control of Borrowing (Jersey)
Law, 1947, as amended, against liability arising from the discharge of its functions under that law.

KOREA
It should be noted that a Partial Prospectus for investors in Korea exists. Such Partial Prospectus includes the country-specific
information for Korea.

MALTA
Registration and Supervision
The Fund is an open-ended investment company incorporated in Luxembourg on 15 June 1990 and is regulated in Luxembourg
(the Fund’s home state) by the Supervisory Commission for the Financial Sector (Commission de Surveillance du Secteur
Financier) and has a listing on the Luxembourg Stock Exchange.
In accordance with the EU UCITS Directive and Undertakings for Collective Investment in Transferable Securities and
Management Companies Regulations, 2004 (Legal Notice 207 of 2004, as amended or replaced from time to time; with effect
from the 1 July 2011 these have been replaced by the Investment Services Act (Marketing of UCITS) Regulations (Legal Notice
241 of 2011)), the Fund is authorised to market its Shares in Malta with respect to the following (categories of) funds as at the
time of this Prospectus: Equity funds (except: Fidelity Funds – Asian Equity Fund, Fidelity Funds – EURO STOXX 50® Fund,
Fidelity Funds - FIRST Developed World Fund, Fidelity Funds - Global Low Volatility Equity Fund, Fidelity Funds – Greater China
Fund II, Fidelity Funds - UK Special Situations Fund); Equity Income funds (except: Fidelity Funds – Asia Pacific Dividend Fund,
Fidelity Funds - Global Equity Income Fund); Assets Allocation Funds (except: Fidelity Funds - Fidelity Patrimoine), Multi Asset
Funds (except Fidelity Funds - Greater China Multi Asset Growth & Income Fund); Bond funds (except Fidelity Funds - Asia Pacific
Strategic Income Fund), Fidelity Funds - Emerging Market Corporate Debt Fund, Fidelity Funds - Emerging Market Local Currency
Debt Fund, Fidelity Funds - Global Income Fund); Cash funds; Fidelity Lifestyle Funds; Institutional Reserved funds (except:
Fidelity Funds - Institutional Global Sector Fund, Fidelity Funds - Institutional US High Yield Fund), Systematic Multi Asset Risk
Targeted Funds (except Fidelity Funds - SMART Global Defensive Fund).
Certain classes of Shares in funds that are authorised for marketing in Malta may not be available for distribution in Malta
(in particular, C, D, E J, P, SR and W Shares), and certain dealing currencies may not be available in respect of certain classes
of Shares in such funds.
The information provided below includes details in relation to the facilities available to investors in Malta, and the procedures,
which apply to dealing in Shares in the Fund. This information must be read in conjunction with the current Prospectus of the Fund,
the most recent annual report and accounts and, if published thereafter, the most recent semi-annual report and accounts. Terms
defined in the Prospectus have the same meaning in this country specific section for Malta.
Representative in Malta
Growth Investments Ltd., Middle Sea House, Floriana FRN 1442, Malta (telephone +356-2123 4582) (the “Local
Representative”) has been appointed as the entity to provide the facilities for making payments to Shareholders, repurchasing or
redeeming Shares and making available the information which the Fund is obliged to provide in Malta.
The Fund is promoted in Malta by the Local Representative.
Documents Available for Inspection
The Fund’s regulations and the Articles of Incorporation (as amended from time to time) may be inspected at the registered office
of the Fund, the offices of the Distributors, and the Local Representative. Copies of the latest Prospectus, the latest KIIDs and the
latest audited annual report and accounts and unaudited semi-annual report and accounts of the Fund may be obtained, free of
charge, upon request, at the registered office of the Fund, the offices of the Distributors, the Local Representative’s office, and
from authorised financial intermediaries in Malta.
Complaints concerning the Fund may be lodged with the Local Representative for forwarding to the relevant company.

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

Dealing Procedures
Investors may give instructions to the Local Representative or any of the Distributors listed in the Prospectus, the Head Office of
the Fund, or to FIL (Luxembourg) S.A. at the following address:
FIL (Luxembourg) S.A.
2a, Rue Albert Borschette
BP 2174
L 1246 Luxembourg
Telephone: (352) 250 404 1
Fax: (352) 26 38 39 38
Investors must ensure that applications for purchases and subscriptions for Shares or dealing instructions are provided to the Local
Representative, permitted Distributor or FIL (Luxembourg) S.A. in writing, in the form prescribed by the Local Representative or
Distributor. Application forms are available from the Local Representative on request.
Shares may be purchased in any major freely convertible currency as set out in the Prospectus. Where the investor subscribes in
a currency which differs from the Principal Dealing Currency of the relevant class, the subscription amount will be converted into
the Principal Dealing Currency prior to investment. Similarly, sales proceeds may be received by the investor in any major freely
convertible currency as set out in the Prospectus.
Contract notes will be issued, usually within 24 hours of the determination of the relevant prices and foreign exchange rates.
Applications are normally processed on receipt of cleared funds. Full details are set out on the application form and in
the Prospectus.
Investors may also apply to redeem shares and obtain payment through the Local Representative. Investors may also apply to
the Local Representative for the payment of dividends that have been declared and are payable by the Fund.
Publication of Prices
Details of the most recent dealing prices of Shares in the Fund may be obtained from the Local Representative.
Taxation
The Directors are informed of the following general Maltese income tax implications for investors (excluding investors dealing in
securities in the course of their normal trading activity), which implications are based on tax law and practice applicable at the
date of the Scheme Particulars. This information does not constitute legal or tax advice and investors and prospective investors
are urged to seek professional advice as regards tax legislation applicable to the acquisition, holding and disposal of Shares in
the Fund (hereinafter ‘Shares’) as well as that applicable to distributions made by the Fund. General:
Maltese income tax is charged on a worldwide basis on income (including specified capital gains) of persons having both Maltese
domicile and ordinary residence. Persons lacking any of these attributes are taxable on income (including capital gains) arising in
Malta and on foreign source income received in Malta.
In general, the income tax rate for income (including dividends) and capital gains currently stands at 35% for companies
(as defined in the Income Tax Act) and varies between 0% and 35% for other persons.
The tax regime for collective investment schemes is based on the classification of funds into prescribed or non-prescribed funds
in terms of the conditions set out in the Collective Investment Schemes (Investment Income) Regulations, 2001 (as amended). In
general a prescribed fund is defined as a Maltese-resident fund which has declared that the value of its assets situated in Malta
amount to at least 85% of the value of the total assets of the fund. A non-prescribed fund is a fund which does not qualify as a
prescribed fund.
On the assumption that none of the Fund’s funds would fall within the definition of a prescribed fund, all the assets of the funds
would constitute in their entirety non-Maltese assets and none of the Fund’s funds derive any income from immovable property
situated in Malta, then the Fund should in general not be taxable in Malta on its income/ gains arising from such non-Maltese
assets.
Shareholders:
Shareholders (both individual and corporate) who are both domiciled and ordinarily resident in Malta for tax purposes and who
are in receipt of dividends from the Fund (whether these are reinvested or otherwise) should declare such income, which is
chargeable to tax under Maltese law. Unless otherwise exempt, the same applies for persons having any one of these attributes
missing, to the extent that dividends from the Fund are received by them in Malta. However the regulations specify that dividends
distributed to Maltese resident Shareholders by a non-resident non-prescribed fund may qualify for a 15% withholding tax if the
recipient of the dividends utilises the services of an authorised financial intermediary licensed under Maltese law in connection
with the payment of the said dividends. Should all the relevant conditions be satisfied, the intermediary will have an obligation to
withhold the tax at source and pass on such tax to the Government of Malta. No further tax would be charged on the dividends in
such circumstances and a resident individual Shareholder would not even be obliged to declare the dividends in the income tax
return. Where no such authorised financial intermediary exists or where the resident Shareholder requests the intermediary not to
effect the deduction of the said 15% withholding tax, the investor would be required to declare the dividends in their income tax
return and will be subject to tax at the normal rates.
Gains (in this case including also trading gains) realised on transfers or redemptions by non-Maltese-residents (covered by the
relevant exemption) of Shares in the Fund are exempt from Maltese income tax. Capital gains realised by resident Shareholders on
the redemption, liquidation, or cancellation of Shares in non-prescribed funds may be subject to a 15% withholding tax where the
transferor utilises the services of an authorised financial intermediary licensed in Malta in connection with the disposal of the said fund
Shares. In that case and should all the relevant conditions be satisfied, the obligation to deduct such tax at source lies on the licensed
authorised financial intermediary of the Fund. Where no such authorised financial intermediary exists or where the resident
Shareholder requests the intermediary not to effect the deduction of the said 15% withholding tax, the Maltese-resident investor would
be required to declare the capital gains in their income tax return and will be subject to tax at the normal rates. Switching of units from
a non-prescribed fund to another fund of the Fund (or, subject to certain conditions, to a sub-fund of another collective investment
scheme) constitutes a transfer for income tax purposes. However, the switching of units within the non prescribed funds of the Fund
will not trigger any tax at that point but the tax on any gains, if any, will continue to be calculated (and paid) at the final transfer of the
units by reference to the cost of acquisition of the original units. Maltese-resident investors realising a capital gain on direct transfers
to third parties of securities in non-prescribed funds must be declared by the transferor in their tax return and tax is charged thereon

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

at normal rates, so however that on an eventual redemption, the gain on redemption is calculated without reference to the direct
intermediate transfer.

THE NETHERLANDS
Registration and Supervision
The information below describes the facilities available to investors who are resident in The Netherlands, and the procedures
which apply to dealing in Shares. This information must be read in conjunction with the current Prospectus and latest KIIDs of the
Fund, the most recent annual report and accounts, and, if published thereafter, the most recent semi-annual report and accounts.
Terms defined in the Prospectus have the same meaning in the following information.
Dealing Procedures
Dutch investors may place dealing instructions (either directly, or through their bank or intermediary) with FIL (Luxembourg) S.A.
at the following address or, alternatively, with the Management Company at its registered address.
FIL (Luxembourg) S.A. is the Distributor for The Netherlands and acts as agent for the General Distributor, FIL Distributors.
All instructions can be addressed to the Distributor:
FIL (Luxembourg) S.A.
2a, Rue Albert Borschette
BP 2174
L-1246 Luxembourg
Telephone: (352) 250 404 1
Fax: (352) 26 38 39 38
Investors should note that applications for the purchase of and subscription for Shares or dealing instructions are provided to the
Distributor in writing, in the form prescribed by the Distributor. Application forms are available from the Distributor on request.
Investors may purchase Shares in any major freely convertible currency as set out in the Prospectus. Where the investor
purchases Shares in a currency which differs from the Principal Dealing Currency of the relevant class, the investment amount
will be converted into the Principal Dealing Currency prior to investment. Similarly, sales proceeds may be received by the investor
in any major freely convertible currency.
Taxation
The Directors of the Fund are informed of the following tax consequences for investors tax resident in The Netherlands.
a) Corporate shareholders tax resident in The Netherlands subject to Dutch corporate income tax, will in principle be liable to
Dutch corporate income tax in respect of income derived from the Shares at a rate of 25%, with a step up rate of 15% on the
first Euro 245,000 of taxable income (rates 2021). This income includes, amongst others, dividends and other profit
distributions received from the Fund, and capital gains realised on the disposal or redemption of the Shares. Based on current
legislation the step up rate of 15% will be applicable to taxable profits up to EUR 395,000 in 2022.
b) Certain institutional investors tax resident in The Netherlands (such as qualifying pension funds, charities, family foundations
and tax exempt investment institutions (“VBI”)) are, in principle, fully exempt from Dutch corporate income tax in respect of
dividends and other profit distributions received from the Shares and capital gains realised on the disposal or redemption of
Shares.
c) Dutch investment institutions (‘FBI’) are subject to 0% Dutch corporate income tax.
d) Unless the situations mentioned under e) and f) apply, the Shares held by individual Shareholders tax resident in The
Netherlands will be deemed to generate an income of a progressive rate of the fair market value of the Shares at the beginning
of the calendar year. The applicable deemed return depends on the amount of the taxable holder’s yield basis (in Dutch
“rendementsgrondslag”) and consequently ranges between 1.90% and 5.69% (rates 2021). The deemed income will be taxed
at a rate of 31% (rate 2021). Actual income from the Shares, such as dividends and capital gains, will as such not be subject
to Dutch personal income tax.
e) As an exception to the tax treatment described under d) above, individual Shareholders who own or own the right to acquire
(either alone or together with their partner or certain other relatives as defined in the Dutch Personal Income Tax Act 2001)
Shares in the Company which represent 5% or more of the issued and outstanding capital of (i) the Fund, (ii) a fund, or (iii) a
separate class of Shares of a fund (a so called ‘substantial interest’) will be liable to tax at a rate of 26.9% (rate 2021) in respect
of dividends and other profit distributions received from the Fund and capital gains realised on the disposal or redemption of
the Shares. In addition, owners of a substantial interest in the Fund need to report a deemed income of 5.69% of the fair
market value of the Shares (at the beginning of the calendar year) less actual income of the Shares (but not lower than nil)
which will be taxed at the rate of 26.9% (rates 2021). Capital gains realised on the disposal or redemption of the Shares will
be reduced with any deemed income that was taxed previously. Investors owning a ‘substantial interest’ are advised to seek
professional advice as to the tax consequences related to their shareholding in the Fund.
f) As an exception to the tax treatment described under d) and e) above, individual Shareholders resident in The Netherlands
who carry on an enterprise or an independent activity to which the Shares are attributable, will in principle be liable to Dutch
personal income tax at progressive rates of up to 49.5% (rate 2021). This includes among others dividends and other profit
distributions made by the Fund, and capital gains realised upon disposal or redemption of the Shares.
g) Investors should also read the taxation section of the Prospectus that describes additional tax consequences for investors.
Investors should seek their own professional advice as to the tax consequences before investing in the Shares.
It should be noted that this information does not constitute legal or tax advice and investors and prospective investors are urged
to seek professional advice as regards tax legislation applicable to the acquisition, holding and disposal of Shares as well as that
applicable to distributions made by the Fund. The tax treatment as described in this section refers to the current law and practice
as valid at the date of the Prospectus. Both, taxation law and practice, and the levels of taxation, are subject to future alteration,
with or without retro-active effect.
Publication of Prices
Details of the most recent dealing prices of Shares may be obtained from the Distributor.

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General
Further information about the Fund and the relevant dealing procedures may be obtained from the Management Company,
2a, Rue Albert Borschette, BP 2174, L-1246 Luxembourg.

NORWAY
Registration and Supervision
The Directive 2009/65/EC for marketing in certain Member States of the EU has been implemented in Norway by the Act of 25
November 2011 no. 44 and the Regulation of 21 December 2011 no. 1467. The Fund has been registered, and the circulation of
the Prospectus has been authorised, by the Financial Supervisory Authority of Norway (Finanstilsynet).
The information below describes the facilities available to investors in Norway, and the procedures which apply to dealing in
Shares in the Fund. Further information is also provided as to consequences of purchasing or holding and disposing of Shares.
This information must be read in conjunction with the current Prospectus of the Fund. Terms defined in the Prospectus have the
same meaning in the following information.
Representative
The Fund has appointed FIL (Luxembourg) S.A. at the address below as a Distributor of Shares and as Representative of the Fund:
2a, Rue Albert Borschette
BP 2174
L-1246 Luxembourg
Telephone: (352) 250 404 1
Fax: (352) 26 38 39 38.
A list of Norwegian Sales Representatives can be obtained by calling the following toll free number: +47 800 11 507.
Dealing Procedures
Application forms are available on request from the Representative in Luxembourg, the Management Company or any other
Distributor listed in the Prospectus.
Further information about the Fund and the relevant dealing procedures may be obtained from any Distributor, the Representative
of the Fund or the Sales Representatives.
Publication of Prices
Details of the most recent prices of Shares in the Fund may be obtained from the Representative in Luxembourg. The Net Asset
Value of the appropriate funds will also generally be published on a daily basis on the website https://www.fidelity.no/funds/pricing-
and-performance.
Taxation
The information given below does not constitute legal or tax advice and is not exhaustive. Existing or prospective investors should
consult their own professional advisers as to the implications of their subscribing for acquisition, on holding, switching, redemption
or disposal of shares under the laws of the jurisdiction in which they may be subject to tax. Furthermore, taxation laws and practices
as well as the level of taxation are subject to future alteration.
The Directors of the Fund are informed of the following taxation consequences for individuals (‘individuals’) and companies
(‘companies’) resident in Norway.
On condition that the Fund is regarded as tax resident and has sufficient substance in Luxembourg, investments in the Fund
should be comprised by the Norwegian tax exemption rules to the extent the investment is classified as share investment as
defined below and the investor is a corporate shareholder. Each Norwegian investor should however seek to find out whether or
not the investment will be subject to Norwegian tax.
a) The taxation of investments classified as securities funds for Norwegian tax purposes, held by Norwegian resident
shareholders will depend on the classification of the fund’s investments. Distributions from collective investment funds where
more than 80% of the underlying investments are shares, are taxed as dividends. Distributions from collective investment
funds where less than 20% of the underlying investments are shares, are taxed as interest income. Distributions from
collective investment funds where the share portion of the underlying investment is between 20% and 80% will be split in
one part which will be taxed as dividend and one part which will be taxed as interest income, calculated on a pro rata basis
as defined in b).
b) The share portion mentioned under (a) above of the underlying investment in the fund is calculated based on the ratio
between the value of shares and other securities (e.g. bonds, derivatives, including derivatives with shares as underlying
objects, and other debt instruments) at the beginning of the income year. Cash is not taken into account when calculating
the ratio between shares and other securities. For funds that have been established during the income year, the share
portion is calculated based on the ratio at the end of the income year. Shares in underlying funds are included in the
calculation with their respective proportionate part. If the underlying fund does not report its investments to the Norwegian
tax authorities, the unitholder is required to document the share portion and report this to the Norwegian tax authorities.
Further, if the share ratio is reported by the unitholder, calculation of the share ratio is subject to the following limitations:
1. Shares held in underlying funds shall only be included in the calculation of the share ratio if the fund’s investment in
the underlying fund amount to more than 25% of the total value of the fund in question at the beginning of the income
year.
2. Only shares that are owned directly by the underlying fund are included with a corresponding proportionate part.
Investments that are owned by underlying funds further down than one level in the ownership chain are not taken into
account in the share ration calculation.
If the share ratio in a securities fund, or underlying fund of a securities fund, is not sufficiently documented, that part of the
investment will be regarded as other securities than shares. Penalty tax may be levied if the unitholder fails to provide
sufficient documentation to the Norwegian tax authorities.
c) Lawful dividends on shares received by Norwegian resident corporate shareholders (defined as limited liability companies,
savings banks and other self-owned finance enterprises, mutual insurance companies, co-operatives, equity funds,
associations, foundations, certain bankrupt estates and estates under administration, municipalities, county municipalities,

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

intermunicipal companies, companies 100% owned by the Government, SE-companies and SE-co-operatives) should be
comprised by the Norwegian tax exemption method. Shares etc. covered by the tax exemption method are shares in
Norwegian limited liability companies, savings banks, mutual insurance companies, co-operatives, securities funds and
intermunicipal companies as well as shares in similar foreign companies. Distributions from securities funds are covered by
the tax exemption rules to the extent the distribution is classified as dividends from shares cf. (a) and (b) above. Exemptions
from this basis are stated below.
d) Lawful dividends on shares (as defined under c) above) received by Norwegian resident corporate shareholders from
Norwegian resident entities (as referred to under c) above), are 97% tax exempt. All portfolio management expenses except
for acquisition/sales costs, etc. related to exempt income from shares are fully tax deductible. In order to limit the benefit of
these deductions, the tax exemption method is limited to 97% of the dividend income, with the remaining 3% taxable for
Norwegian corporate shareholders (0.75% effective tax rate for shareholders covered by the financial tax scheme and 0.66%
effective tax rate for other corporate shareholders). An exemption from the 3% rule applies for dividends distributed within a
tax group (i.e. where a parent company owns more than 90% of the shares and the voting rights, directly or indirectly, in the
company and is actually established in an EEA State and carries out genuine economic business activity). For investments
in EEA companies the 97% tax exemption for lawful dividends on shares will only apply if the foreign company invested into
is not resident in a low-tax country. However, if the company is resident in a low-tax country, the 97% tax exemption will still
apply if the Company is actually established in an EEA State and carries out genuine economic business activity there. It
must be documented that these requirements are met. If not covered by the tax exemption rules mentioned under (c),
dividends from a foreign company to Norwegian resident corporate shareholders would be taxable at a rate of 22% (25% for
entities covered by the financial tax scheme). Dividends on shares as mentioned under (i) below to Norwegian corporate
shareholders will consequently be taxable in Norway. Dividends received by Norwegian resident corporate shareholders on
shares in NOKUS companies are not subject to taxation as long as the dividends paid fall within the NOKUS income which
has already been subject to taxation, see under (g) below for further details.
e) For individuals resident in Norway, only dividends (as defined under (c) above) received in excess of a calculated shield
deduction (equal to the arithmetic average interest on Norwegian three months exchequer bills, after tax multiplied with the
cost price of the shares, previous years’ unused shield deduction included), will be taxable at a rate of 22%. For the purpose
of calculating the shield deduction, funds owning more than 80% shares are considered only to own shares and funds owning
less than 20% shares are considered only to own other securities than shares. This means that a shield deduction will be
granted on the whole cost price of the share when the share portion in the fund in the year of acquisition was more than
80%. For funds with a share portion between 20% and 80%, the shield deduction will be calculated on the basis of the cost
price corresponding to the share ratio. It is a condition for deduction of shield deduction that the dividends are paid out in
accordance with the rules and regulations of the applicable corporate and accounting laws/regulations. The shield deduction
is linked to the individual share. After the deduction of the shield deduction, the basis for taxation of the dividend is increased
with an adjustment factor of 1.44, leaving the (effective dividend tax rate for individuals at 31.68% (22% * 1.44)).
f) Distributions classified as interest income according to (a) above are not comprised by the Norwegian tax exemption method
and neither qualify for shield deductions. This means that distributions classified as interests received by Norwegian resident
corporate shareholders and individuals resident in Norway from a fund are taxable at a rate of 22% (25% for entities covered
by the financial tax scheme).
g) Capital gains made by Norwegian resident corporate shareholders on disposal, conversion or redemption of units in funds
where 100% of the underlying investments are other securities than shares, are as a starting point taxable at a rate of 22%
(25% for corporate shareholders covered by the financial tax scheme). Capital losses are in this situation deductible. The
capital gain or loss is calculated as the difference between the cost price of the shares (including costs related to the
acquisition of the shares), and the sales price.
h) Capital gains made by Norwegian resident corporate shareholders (as defined under (c) above) on disposal, conversion or
redemption of units in Norwegian securities funds where 100% of the underlying investments are shares (as defined under
(c) above) should be tax exempt under the Norwegian tax exemption method. Capital gains on shares in securities funds
resident in the EEA are comprised by the tax exemption if the company is not regarded as resident in a low-tax country. If
the securities fund is resident in a low-tax country, it would still qualify for the tax exemption method if the securities fund
invested into is actually established in an EEA State and carries out genuine economic business activity there. It must be
documented that these requirements are met.
i) Capital gains as mentioned under (h) above on shares in securities funds resident in low-tax countries outside the EEA, are,
however, not covered by the Norwegian tax exemption method and are therefore taxable (tax rate is 25% for corporate
shareholders covered by the financial tax scheme and 22% for other corporate shareholders). Consequently, any losses on
such investments will be deductible. The same applies for capital gains and losses on portfolio investments in securities
funds outside the EEA. For capital gains, a portfolio investment exists if the tax payer has not continuously in the last two
years owned 10% or more of the capital and 10% or more of the voting rights at the general meeting. For losses, a portfolio
investment exists if the taxpayer alone or together with any closely related persons has not owned 10% or more of the capital
or 10% or more of the voting rights at the general meeting consecutively for the last two years.
j) For Norwegian resident corporate shareholders in funds with both shares and other securities as underlying investments,
the applicability of the Norwegian tax exemption method on capital gains is limited on a pro rata basis to the calculated share
portion in the fund. The share portion is calculated based on the average between the share portion in the year of acquisition
and in the year of sale. The share ratio in the year of acquisition and the year of sale is calculated based on the principles
described under (b) above.
k) Corporate shareholders as defined under (c) will not be allowed a deduction for losses to the extent capital gains would have
been exempt.
l) Capital gains or losses for other corporate entities than defined under (c), if taxable, are calculated as the difference between
the cost price of the shares, (including costs related to the acquisition of the shares), and the sales price (tax rate is 25% for
corporate shareholders covered by the financial tax scheme and 22% for other corporate shareholders).
m) For individuals resident in Norway, only capital gains and losses on disposal, conversion or redemption of units in excess of
a calculated shield deduction (as defined under e above) will be taxable at a rate of 22%. The shield deduction is only earned
on investments in shares and on the share ratio in securities funds calculated in the year of the investment in the fund. The
shield deduction can be deducted in the total capital gain on investment in securities funds, not just the portion of the gain
that stems from shares. Unused shield deduction cannot exceed the capital gain and create or increase a tax deductible
loss. The taxable capital gain or loss will be the difference between the cost price of the shares (including costs related to

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

the acquisition of the shares) and the sales price. For the portion of the gain or loss that is related to the fund’s underlying
investments consisting of shares, the basis for taxation of the gain – after the deduction of the shield deduction - is increased
with an upwards adjustment factor of 1.44 and then taxed at a rate of 22 % (effective tax rate 31.68%).
n) Individuals, and entities not covered by the tax exemption rules mentioned under (c), suffering a net loss from capital, e.g. as
a result of a capital loss upon sale, switch, redemption etc. of shares, may claim a deduction in ordinary income (which is
taxed at a rate of 22% (25% for corporate shareholders covered by the financial tax scheme)), but not for gross tax purposes
(gross tax applies only to individuals on income classified as salary).
o) If a capital gain is taxable, the applicable tax rate is 25% for shareholders covered by the financial tax scheme and 22% for
all other taxable persons (i.e. other companies and individuals).
p) Most Norwegian institutional investors are taxed as corporate shareholders (see (c) above) with respect to dividends and
capital gains on the disposal of shares. Some institutional and governmental investors are tax-exempt. In addition to be
comprised by the Norwegian tax exemption method, Norwegian securities funds are also comprised by a special tax rule
whereby all capital gains on shares in non-EEA companies are tax exempt. Norwegian securities funds do not have the right
to deduct losses on disposal of shares in companies resident in countries outside the EEA. Norwegian pension funds and
insurance companies, holding a license in accordance with the Norwegian Financial Undertakings Act, may offset income
derived from investments held within the technical assets/collective portfolio against future payouts to the beneficiaries.
Hence, income derived from investments held as part of the technical assets are in effect tax exempt. Investments in shares,
etc. held within the company’s investment portfolio is however subject to the ordinary tax rules, hence investments in shares,
etc. may be eligible for the tax exemption method.
q) Each Norwegian investor should seek to find out whether the investment will be subject to Norwegian NOKUS taxation (CFC
taxation). Norwegian residents (individual or company) will be taxed directly for their part in the foreign Company’s/Fund’s
income if the company is located in a low-tax country, irrespective of whether any funds, etc. are distributed to the investor.
A low-tax country in this respect is a country where the assessed income tax on the company’s profits is less than two-thirds
of assessed taxes calculated according to Norwegian tax rules as if the company had been located (resident) in Norway. A
condition for such taxation is that 50% or more of the foreign company’s shares or capital are owned or controlled, directly
or indirectly, by Norwegian taxpayers (alone or together), based on ownership status at the beginning and end of the income
year. Furthermore, if Norwegian taxpayers own or control more than 60% of the shares or capital at the end of the income
year, Norwegian control exists irrespective of the level of control at the beginning of the year. Norwegian control ceases to
exist if Norwegian taxpayers own or control less than 50% of the shares or capital at both the beginning and end of the
income year, or less than 40% of the shares or capital at the end of the income year. In relation to umbrella funds it should
be noted that the ownership requirement is normally calculated based on ownership at the level of the different sub-funds.
On condition that Norway has signed a Tax Treaty with the country involved and the entity in question is covered by that Tax
Treaty, the NOKUS rules will only be applicable if the income of the company in question is mainly of a passive nature.
Furthermore, NOKUS taxation is prohibited if the company in question is actually established and carries out genuine
business activity in an EEA State. The Norwegian rules in this respect are more or less in accordance with the “wholly
artificial arrangement” statement of the ECJ’s judgment in the Cadbury Schweppes case.
r) Individuals (and estates of deceased persons) will have to pay net wealth tax based on their ownership in the Fund. The
maximum tax rate is 0.85% (i.e. 0.15% state tax and 0.7% municipal tax). There is no net wealth tax for limited liability
companies, securities funds, state-owned enterprises according to the State-owned Enterprise Act, intermunicipal
companies and companies which somebody owns a part in or receives income from, when the responsibility for the
companies’ liabilities are limited to the companies’ capital. Some institutional investors such as mutual insurance companies,
savings banks, cooperatives, taxable pension funds, self-owned finance institutions and mortgage credit associations pay
0.15% net wealth tax. Otherwise, the maximum net wealth tax rate for a corporate body is 0.85%. Shares in limited liability
companies and the share portion in securities funds as defined in a and b above, are valued at 65% (55% applies to the
income year of 2021) of the quoted value for net wealth tax purposes as of 1 January of the year after the relevant income
year. Other assets held by securities funds are valued at 100% of the value for net wealth tax purposes as of 1 January of
the year after the relevant income year. If quoted both on Norwegian and foreign stock exchanges, the Norwegian quoted
value will be applicable. If not quoted, the basis for taxation is the company’s net assets for wealth tax purposes as per 1
January of the income year in question. The basis for taxation of not quoted shares in foreign companies is as a starting
point the shares assumed market value as per 1 January of the assessment year.
s) Investors should also read the taxation section in Part III of this Prospectus, which describes additional tax consequences
for the Fund and its investors.
Documents Available for Inspection
The following documents are available for inspection free of charge during normal business hours on weekdays (Saturdays,
Sundays and other public holidays excepted) at the registered office of the Fund. These documents, together with a translation of
the Law of 2010, may also be inspected, free of charge, at the offices of the Distributors and of the Management Company.
a) Articles of Incorporation of the Fund
b) Management Company Services Agreement
c) Depositary Agreement
d) Distributors’ Agreements
e) Investment Management Agreement
f) Services Agreement
g) Paying Agency Agreement
h) Hong Kong Representative’s Agreement
i) The KIIDs
The Agreements listed above may be amended from time to time by agreement between the parties thereto. Any such agreement
on behalf of the Fund or the Management Company will be made by its Directors, except as noted in Appendix B under Management
and Administration, Termination or Amendment.
The Articles of Incorporation (as amended from time to time) may also be inspected at the Sales Representatives.

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

Copies of the Prospectus, the latest KIIDs and the latest audited annual report and accounts and unaudited semi-annual report
and accounts of the Fund may be obtained free of charge upon request from the registered office of the Fund, the offices of the
Distributors and of the Management Company and the Sales Representatives.

SINGAPORE
It should be noted that for investors in Singapore the Prospectus is accompanied by a Singapore supplementary prospectus. Such
Singapore supplementary prospectus includes the country-specific information for Singapore.

SOUTH AFRICA
Registration and Supervision
The Financial Sector Conduct Authority in South Africa (‘the FSCA’) has duly approved the marketing of the Fund in South Africa.
Prescient Management Company Ltd Prescient House, Westlake Business Park, Otto Close, Westlake, 7945, South Africa is the
representative of the Fund in South Africa.
The solicitation of investments in, and promotion of, any foreign collective investment scheme or fund in South Africa that has not
been approved by the FSCA is prohibited. Switching South African investors to another unapproved scheme or fund is also
prohibited by the FSCA.
The following funds are approved for distribution as at the time of this Prospectus: Fidelity Funds – America Fund, Fidelity Funds
– Asian Special Situations Fund, Fidelity Funds – China Focus Fund, Fidelity Funds – Emerging Markets Fund, Fidelity Funds –
European Growth Fund, Fidelity Funds – Global Health Care Fund, Fidelity Funds - Global Thematic Opportunities Fund, Fidelity
Funds – Latin America Fund, Fidelity Funds – Pacific Fund, Fidelity Funds – United Kingdom Fund, and Fidelity Funds – World
Fund.
General
In addition to what is stated in the Prospectus, the current policy of the Fund in respect of the funds approved for distribution is as
follows:
1. The funds may utilise derivative instruments, including but not restricted to option contracts, swaps and futures contracts,
only for the purposes of Efficient Portfolio Management. Derivatives utilised may be either exchange-traded or traded over-
the-counter. Derivative positions must be covered by assets within the portfolio of the funds.
2. The funds may not invest in a fund of funds or a feeder fund.
3. Scrip borrowing is allowed under the conditions provided in Part V, section 5.1. B.1. of the Prospectus.

Important differences between South African collective investment schemes and the Fund
Ring-fencing of funds
In terms of South African legislation, the sub-funds of a South African collective investment scheme are ring-fenced. If the
collective investment scheme is unable to meet liabilities attributable to any particular sub-fund out of the assets attributable to
that sub-fund, the excess liabilities may not be met out of the assets attributable to the other sub-funds.
Article 181(6) of the Luxembourg law of 17 December 2010 concerning undertakings on collective investment provides that each
compartment of an undertaking may be separately liquidated without such separate liquidation resulting in the liquidation of
another compartment. Only the liquidation of the last remaining compartment of the UCI will result in the liquidation of the UCI.
Repurchases of units/shares
In terms of South African legislation and deeds, a South African collective investment scheme is required to repurchase units from
the public at a price which has been calculated not more than 24 hours preceding the receipt of the application. Participatory
interests are priced daily. Unit certificates are issued to investors on request.
The Fund is required to buy back Shares on demand and may only suspend trading under limited conditions as laid down by the
constitutional document of the Fund. The Directors of the Fund may suspend the pricing, sale switch and repurchase of Shares
of any class for any period of time under extreme market conditions as disclosed in Part II, 2.6. “Temporary Suspension of
Determination of Net Asset Value and of the Issue, Switching and Redemption of Shares”) of the Prospectus.
Fund expenses
In terms of South African legislation, South African collective investment schemes are only allowed to deduct certain amounts
from a portfolio, namely charges payable on the buying and selling of assets for the portfolio (such as brokerage, marketable
securities tax, value-added tax or stamp duties), auditor’s fees, bank charges, trustee and depositary fees and other levies and
taxes, share creation fees payable to the Registrar of Companies, and the agreed and disclosed service charges of the manager.
The deed of a collective investment scheme must contain full disclosure of the charges (managers’ charges and service charges)
that may be levied by the manager and the method of calculation of such charges. The manager must give investors not less than
three months’ written notice of any change in the existing charges or the introduction of an additional charge that could result in
an increase of charges for investors.
It is a practice in foreign collective investment schemes that the scheme carries additional expenses. These are set out in detail
in Part IV, 4. “Administration Details, Charges and Expenses” of the Prospectus. This includes the amortisation or formation costs
of the Fund.
Liquidity requirement/borrowing powers
In terms of South African legislation, South African collective investment schemes may only borrow funds where insufficient
liquidity exists in a portfolio or where assets cannot be realised to repurchase or cancel participatory interests, in which event the
manager may borrow the necessary funds for such repurchase or cancellation, on security of the assets and for the account of
the portfolio in question, from a registered financial institution at the best commercial terms available and until assets can be
realised to repay such a loan, provided that the maximum amount so borrowed may not exceed 10% of the market value of such
portfolio at the time of borrowing.

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

The Fund is allowed at times to borrow up to 10% of the total value of the net assets of the Fund on a temporary basis to redeem
Shares or for settlement of investment acquisitions pending receipt of subscription monies. See Part V, 5.1. “Investment Powers
and Safeguards” of the Prospectus.
Capital adequacy requirement
In terms of the Collective Investment Scheme Control Act 45 of 2002 and the regulations promulgated thereunder, a manager
may not be registered or be allowed to continue as manager unless at the time of registration and at all times thereafter
(except where specifically exempted by the Registrar of Collective Investment Schemes) the manager has net assets in liquid
form which exceed the minimum capital requirement. FIL Fund Management Limited, as the Investment Manager of the Fund,
is not subject to any capital adequacy requirement.
Investment restrictions
The laws governing the investment guidelines of South African collective investment schemes are clearly set out in the Collective
Investment Schemes Control Act 45 of 2002 (the “CISC Act”), the various regulations promulgated thereunder and the relevant deeds.
In terms of the CISC Act, a maximum of 10% of a fund may be invested in securities listed on an exchange which is not a full
member of the World Federation of Exchanges or to which the due diligence guidelines prescribed by the Registrar have not been
applied. Unlisted securities must be listed within 12 months of the purchase date or be disposed of. The investment restriction on
an individual security in respect of equity funds is a maximum of 5% of fund if market capitalisation of company is less than R2
billion, otherwise it is 10%, or 120% of free float weighting in appropriate exchange index with an overall limit of 20% for general
funds and 35% for specialist funds. The investment in non-equity securities (other than government issued and listed securities)
is limited. Such non-equity securities must be included subject to the conditions prescribed in terms of the CISC Act (which includes
requirements as to the rating of the securities).
The general investment restrictions of the Fund are set out in full in Part V, 5.1. “Investment Powers and Safeguards” of the Prospectus,
and set out the maximum exposure limits allowed in the Fund as to securities, debt, warrants, unlisted Shares, bonds etc. Investors are
advised to refer to the investment objectives of the range of funds, as set out in Part I of the Prospectus, for full details of the applicable
investment restrictions. However, the Fund is required to meet all the requirements of the European Community Directive 2009/65. This
sets out in great detail the minimum requirements the Fund must comply with regarding investment restrictions. These are restrictive, are
comparable to South African legislation, and in some cases are more restrictive than South African legislation.
Reporting
In terms of South African legislation, South African collective investment schemes report to investors on an annual basis.
Distributions
In terms of South African legislation, the income of South African collective investment schemes is distributed regularly and may
be reinvested at the option of the investor by the issue of additional participatory interests.
Derivatives
For the purpose of Efficient Portfolio Management, the Fund may use various techniques, instruments and derivatives for the
purposes of hedging and Efficient Portfolio Management. The use of these instruments for these purposes in managing the funds
is regulated under Luxembourg and EU law.
The South African legislation in relation to such techniques and derivative investments is more stringent.
Securities lending
The Fund allows for security lending and borrowing, as set out in Part V, D. ”Securities Lending and Borrowing” of the Prospectus.
Scrip lending by South African collective investment schemes is permitted up to 50% with limits on single borrower and subject to
105% collateral. Scrip borrowing and the pledging of securities is prohibited.
Taxation
Investment in an offshore investment company
South African residents are taxed on their worldwide income at the earliest of receipt or accrual of the income. South African
residents include individuals that are ordinarily resident in South Africa or are physically present in South Africa for a minimum
aggregate period in six successive years, and any trust, company or any other entity that is incorporated, established or formed
in South Africa or that has its place of effective management in South Africa. A person exclusively resident in another jurisdiction
in terms of a valid double tax convention between that state and South Africa is not a resident.
Dividend and interest income
Distributions by foreign companies are recognised as foreign dividends where such amounts are treated as dividend or similar
payments in terms of the tax laws of the country in which the foreign company has its place of effective management. In the
absence of tax laws, the distribution is a foreign dividend if treated as such by the company law of the jurisdiction in which the
company is incorporated.
Foreign dividends (save for limited exemptions) are generally taxable in South Africa as part of a South African resident’s taxable
income. A foreign dividend will qualify for an exemption under the general participation exemption if the recipient of the dividend,
together with any company forming part of the same group of companies, holds at least 10% of the equity shares and voting rights in
the foreign company declaring the dividend (this exemption is denied unless the dividend is paid in respect of an equity share in the
foreign company). Foreign dividends received or accrued to any person in relation to any participatory interest in a “collective
investment scheme” carried on outside of South Africa are denied exemption under the general participation exemption available to
persons holding not less than 10% in a non-South African resident company. Foreign dividends not qualifying for the general
participation exemption should however qualify for the general dividend exemption that is available to individuals and companies,
whereby the effective tax rate on dividends is reduced to a maximum of 20%. Note: The effective tax rate on foreign dividends
increased to 20% with retrospective effect to years of assessment commencing 1 March 2017.
It is important to note that the above participation exemption and general dividend exemption will not apply to any foreign dividends
distributed to a person in respect of services rendered or to be rendered by that person by virtue of employment or the holding of any
office (other than a foreign dividend distributed in respect of a “restricted equity instrument” (as defined)).
Dividends from South African resident companies may be subject to a withholding tax of 20% if paid to a South African resident
shareholder, other than a company or certain specified exempt institutions. Note: The rate of withholding tax on domestic dividends
increased to 20% with retrospective effect to 1 March 2017. Dividends from a South African company, or foreign dividends declared

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

by a non-South African resident company out of profits that have been or will be subject to tax in South Africa, are exempt from normal
tax in the hands of South African recipients (i.e. are not included in taxable income).
Foreign dividends received or accrued from hybrid equity instruments (as defined) on or after 1 April 2012, or which became such an
instrument after such date, shall be deemed to be an amount of income (hence subject to tax without exemption) in the recipient’s
hands and therefore included in the recipient’s gross income.
Any interest received by or accrued to a South African resident or which is deemed to have accrued to a South African resident,
is likely to be taxable in South Africa.
Accumulation of income
Where the underlying income of the Fund is rolled up and not distributed, the South African resident investor will not be in receipt of
any foreign dividends. Accordingly, no South African income tax liability will arise in the hands of a South African resident until such
time as a distribution or deemed distribution takes place.
Sale of Shares to third parties
The ‘gross income’ definition contained in the South African Income Tax Act provides a starting point for the determination of any
person’s taxable income. The definition of ‘gross income’ for South African tax residents refers to the total amount, whether in cash
or otherwise, received by or accrued to or in favour of any resident, excluding such receipt or accruals of a capital nature. The definition
of ‘gross income’ for non-South African tax residents refers to the total amount, whether in cash or otherwise, received by or accrued
to or in favour of such person from a source or deemed source within South Africa, excluding such receipt or accruals of a capital
nature.
Accordingly, each individual investor would be required to determine whether the receipt or accrual, arising from a disposal or
redemption is of a capital nature or not. This cannot be determined without reference to the individual facts and circumstances of the
resident.
Any amount received or accrued to an investor as a result of the disposal by that investor of an “equity share” (as defined) will, subject
to certain exemptions, be deemed to be of a capital nature if it was held for a period of at least three years.
Capital gains on the disposal of shares in a “foreign company” to a non-South African tax resident by a person who holds (whether
alone or together with any other person forming part of the same group of companies as that person) at least 10% of the equity share
capital and voting rights, and has held such an interest for a period of not less than 18 months are exempt from capital gains tax (save
for limited exemptions), provided that the disposal is to a person who is not a resident (other than a company which is a controlled
foreign company (as defined), or any person that is a connected person in relation to the person disposing of that interest). This
exemption from capital gains tax shall not apply to inter alia the disposal of any interest in the equity share capital of a “collective
investment scheme” carried on outside of South Africa.
If the proceeds on disposal are of a revenue nature, the investor will be taxed on the total amount at the rate of taxation applicable to
that investor. If the receipt is of capital nature, individual investors will pay normal income tax on 40% of the net capital gain (being the
amount by which their aggregate capital gains exceed their aggregate capital losses), and corporate investors and trust investors will
pay normal income tax on 80% of the net capital gain on disposal (provided no exemptions apply) in respect of all disposals taking
place on or after 1 March 2016.
The capital gain or loss arising on the disposal of an asset is calculated by deducting the base cost of the asset from the proceeds
received or which accrued in respect of the disposal. Where an asset is disposed of and the consideration includes an amount that
cannot be quantified, then so much of the consideration that cannot be quantified will be treated as not having accrued to the investor
until such date that the amount is quantifiable.
Similarly, when determining the capital gains or losses (if any) in respect of assets disposed of, where all the proceeds do not
accrue to the seller in the same year of assessment, capital losses on such disposals will be deferred until the full proceeds accrue.
Capital losses may be deducted from subsequent capital gains on the disposal of assets when the proceeds in relation to that
asset accrue or when it can be shown that no further proceeds will accrue.
The investment does not qualify as an exchange item. As a result, any exchange gain will be taxable as part of the capital gain on
disposal.
Redemption of Shares and Share buy-backs
Any amount that is paid or payable by a foreign company in respect of any share, is recognized as a foreign return of capital where
such amount is treated as a distribution or similar payment other than a foreign dividend in terms of the tax laws of the country in
which the foreign company has its place of effective management, or where there are no tax laws, by the company law of the
country in which the company is incorporated. An amount cannot be regarded as a foreign return of capital if it is deductible by a
foreign company in terms of its foreign tax law.
Where a foreign return of capital takes place, the amount accruing to the shareholder must be applied to reduce the base cost of
the investment. In the event that the foreign return of capital exceeds the expenditure incurred in respect of the acquisition of the
shares to which the foreign return relates, the excess must be treated as a capital gain during the year of assessment in which
the foreign return of capital is received or accrued (whichever is earlier), subject to a participation exemption similar to a full
redemption mentioned below.
A foreign return of capital arising from a full redemption of an investor’s shares is likely to be regarded as a disposal event, and should
qualify for a participation exemption provided that the investor holds at least 10% of the equity share capital and voting rights of the
company. This exemption from capital gains tax shall not apply to inter alia the disposal of any interest in the equity share capital of a
“collective investment scheme” carried on outside of South Africa.
Receipts or accruals which do not constitute foreign returns of capital (as defined) or foreign dividends (as defined) are not
specifically dealt with in the South African Income Tax Act. The general rules pertaining to receipts and accruals will therefore
apply to such amounts.
Share buy backs should qualify for a participation exemption provided that the investor holds at least 10% of the equity share
capital and voting rights of the company, and has held such interest for a period of 18 months, provided that the share buy back
is from a person who is not a resident (other than a company which is a controlled foreign company (as defined), or any person
that is a connected person in relation to the person disposing of that interest). This exemption from capital gains tax shall not apply
to inter alia the disposal of any interest in the equity share capital of a “collective investment scheme” carried on outside of
South Africa.

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

To the extent that any South African investor (which is a company) receives an ‘extraordinary dividend’ as consequence of a share
buy-back, and such investor held a ‘qualifying interest’ in the shares disposed of, certain “dividend stripping” rules may find
application.
In this respect an ‘extraordinary dividend’ includes, inter alia, so much of any dividend received or accrued within a period of
18 months prior to the disposal of the shares, or by reason or in consequence of the disposal of the shares, of which exceeds
15% of the higher of the market value of the shares disposed of as at the beginning of the 18 month period or the date of disposal.
‘Qualifying interest’ means a direct or indirect interest (individually or with connected persons), of at least 50% of the equity shares
or voting right; 20% of the equity shares or voting rights if no other person holds majority equity shares or voting rights; or 10% of
the equity shares or voting rights if the company is a listed company.
Where applicable, the dividend stripping rules will have the effect that –
a) To the extent that the shares were held as trading stock, an investor will be required to re-characterise the extraordinary
dividends it receives as consequence of the share buy-back, as income for normal income tax purposes; or
b) To the extent that the shares were held on capital account, an investor will be required to re-characterise the extraordinary
dividend it receives as consequence of the share buy-back, as Proceeds for Capital Gains Tax purposes.
These principles came into effect on 19 July 2017, and are applicable in respect of any disposal on or after that date.
NOTE: This summary of the tax consequences for South African investors briefly sets out the tax position as at 14 January 2020
and is for information only. It should be noted that no proposed amendments to the South Africa Income Tax Act has been included
in the above description of the South African tax position. Investors should consult their own tax advisors in relation to an
investment in the Fund as the individual circumstances of each investor will determine the full tax consequences of any investment
in the Fund.

SWEDEN
Registration and Supervision
The Fund is an open-ended investment company incorporated in Luxembourg on 15 June 1990.
By virtue of rulings of the Swedish Financial Supervisory Authority (Finansinspektionen) dated 18 December 1995 and
27 October 2005, the Fund is authorised to sell its Shares to members of the public in Sweden.
The information below describes the facilities available to investors resident in Sweden and the procedures which apply to dealing
in Shares in the Fund. This information must be read in conjunction with the current Prospectus of the Fund, the most recent
annual report and accounts and, if published thereafter, the most recent semi-annual report and accounts. Amendments to the
Prospectus, the Fund’s regulations or to the Articles of Incorporation, or any other information will be held available at the offices
of the Representative. Material amendments to the Prospectus, the Fund’s regulations or to the Articles of Incorporation will be
filed with the Swedish Financial Supervisory Authority.
Representative
The management of the Fund has appointed Svenska Handelsbanken AB, Blasieholmstorg 12, SE-106 70 Stockholm, Sweden,
as the Representative for the Fund in Sweden. The Paying Agency, the place of performance and court of law have been
substantiated at the Representative’s registered office as regards the Shares distributed in Sweden.
Dealing Procedures
Investors may give instructions (directly, or through their bank or other financial representative) to the Representative or any of
the Distributors listed in the Prospectus, or to the head office of the Management Company. Investors may also apply to redeem
Shares and obtain payment through the Representative.
FIL (Luxembourg) S.A. is the Distributor for Sweden and acts as agent for the General Distributor, FIL Distributors. All instructions
can be addressed to the Representative or to FIL (Luxembourg) S.A. at the address given below:
2a, Rue Albert Borschette
BP 2174
L-1246 Luxembourg
Telephone: (352) 250404 1
Fax: (352) 26 38 39 38.
Investors should bear in mind that applications for the acquisition of Shares or instructions to change from one category of Share
to another should be delivered in writing to the Representative or Distributor and in the form prescribed by the Representative or
Distributor.
Application forms may be obtained in Sweden on request from the Representative or the Distributor. Investors may apply for
Shares in any major freely convertible currency. Where the investor deals in a currency which differs from the Principal Dealing
Currency of the relevant class, the investment amount will be converted into the Principal Dealing Currency prior to purchase.
Similarly, sales proceeds may be received by the investor in other major freely convertible currency as set out in the Prospectus.
Further information concerning the Fund and procedures for application and redemption may be obtained from a Distributor or the
Representative in Sweden.
Publication of Prices
Prices for Shares of the Fund may be obtained from any Distributor or from the Representative in Sweden. Shares are listed on
the Luxembourg Stock Exchange. The Net Asset Values of the appropriate funds will generally be published with the mention
‘plus charges’ in Dagens Industri at least twice a month.
Taxation
The Directors of the Fund are informed of the following summary of certain Swedish tax consequences related to the holding of
Shares for individuals and limited liability companies resident in Sweden for tax purposes. The summary is intended to provide
general information only. It does not constitute legal or tax advice and is not exhaustive. The summary does inter alia not cover
income tax issues in cases where the Shares are held as financial instruments in stock for corporate tax purposes or by a
partnership. The tax treatment for investors depends in part on their particular situation. Before investing in Shares of the Fund,
each investor should consult a professional tax advisor as to the tax consequences relating to their particular circumstances
resulting from holding the Shares.

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Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

a) For individuals, dividends declared in respect of Shares and such capital gains as are made upon the disposal, conversion
or redemption of Shares are classified as capital income and are taxed at a rate of 30%. It should be noted that the switch
of Shares in one fund into Shares in another fund is treated as a disposal of Shares.
b) For individuals, capital losses on listed securities that are taxed as share related instruments (Sw: delägarrätter) may as a
general rule be fully deducted from capital gains on all listed securities that are taxed as share related instruments and from
capital gains on unlisted share related instruments. 70% of a loss in excess of such gains may be deducted from other capital
income. However, a loss on listed securities (that are taxed as share related instruments) in a UCITS which only holds bonds
is fully deductible in the capital income category. If a net loss should arise in the capital income category in a given year,
such net loss may reduce the tax on income from employment and business operations as well as property tax. This tax
reduction is granted at 30% of the net loss that does not exceed SEK 100,000 and at 21% of the net loss for any remaining
part. Net losses not absorbed by these tax reductions cannot be carried forward to future tax years.
c) For limited liability companies, all income is attributable to the category of business operations and is taxed at a rate of 20.6%.
Please see a) above regarding taxable events.
d) For limited liability companies, capital losses on Shares, which are held as capital investments, may only be deducted from
capital gains on securities that are taxed as share related instruments. Capital losses not deducted from such gains may be
carried forward to reduce such capital gains in future tax periods without limitations in time.
e) Individual as well as corporate investors have to include a notional income in their tax returns based on the value of their
fund investments. The notional income is 0.4% of the value of the fund shares at the beginning of the calendar year. The
notional income will be taxed at the investment income rate of 30% for individuals and 20.6% for corporate investors.
f) An elective regime for taxation of capital gains and dividend distributions of individuals may be applied. For assets deposited
in an investment savings account (“investeringssparkonto”) there is no taxation of gains and dividends. Instead, the account
holder must declare a notional income based on the average value of the account during the year calculated in a certain
way prescribed in the legislation. The notional income is tied to the interest rate on government bonds at the end of November
in the year before the year for which the notional income is recognised. For the income year 2021 the notional income is
1.25% of the calculated average value. The notional income is taxed at the investment income rate of 30%.
For individuals who elect to apply this regime items a) and b) above will not apply. Further, they will not declare the notional
income described in e) above.
g) Specific tax consequences may be applicable to certain categories of companies, e.g. investment companies, insurance
companies and pension foundations.
h) Investors should also read the taxation section in the Prospectus, which describes additional tax consequences for investors.
Investors should seek their own professional advice as to the tax consequences before investing in Shares in the Fund.
Taxation law and practices, and the levels of taxation, are subject to future alteration.
Documents Available for Inspection
The Articles of Incorporation (as amended from time to time) may be inspected at the registered office of the Fund, the offices of
the Distributors, the Management Company and of the Representative in Sweden. Copies of the Prospectus, the latest KIIDs and
the latest audited annual report and accounts and unaudited semi-annual report and accounts of the Fund may be obtained free
of charge upon request from the registered office of the Fund, the offices of the Distributors, the Management Company and of
the Representative in Sweden.

TAIWAN
It should be noted that a Partial Prospectus for investors in Taiwan exists. Such Partial Prospectus includes the country-specific
information for Taiwan.

UNITED KINGDOM
Registration and Supervision
The Fund is recognised under the provisions of Section 264 of the Financial Services and Markets Act 2000. Investors should
note that transactions in or a holding of Shares in the Fund, will not be covered by the provisions of the Financial Services
Compensation Scheme, nor by any similar scheme in Luxembourg.
The Prospectus must be read in conjunction with the KIID. Together these constitute a direct offer financial promotion and a UK
investor applying for Shares in response only to these documents will not have any right to cancel or withdraw that application
under the provisions dealing with cancellation and withdrawal set out in the Conduct of Business Sourcebook issued by the UK
Financial Conduct Authority if such an application is accepted by the UK Distributors (as defined below). No rights of cancellation
arise when dealing direct with the Management Company or with any other Distributor. Cancellation Rights are granted in
accordance with FCA Rules for applications made through regulated intermediaries.
The Prospectus, the KIIDs and this information shall be made available in the United Kingdom by FIL Pensions Management,
authorised and regulated by the Financial Conduct Authority.
Representative in the UK
The Management Company, on behalf of the Fund has appointed FIL Pensions Management as the UK Representative of the
Fund. FIL Pensions Management is authorised and regulated by the Financial Conduct Authority.
Complaints concerning the Fund may be lodged with the UK Representative for forwarding to the Fund.
Dealing Procedures
Investors may give instructions to the Representative or any of the Distributors.
For all UK retail clients the Global Distributor has appointed Financial Administration Services Limited to act as Distributor of
Shares of the Fund. Financial Administration Services Limited is authorised and regulated in the UK by the Financial Conduct
Authority.
For UK investors other than retail investors the Global Distributor has appointed FIL Pensions Management to act as Distributor
of Shares of the Fund within the UK.
FIL Pensions Management Financial Administration Services Limited
Beech Gate, Beech Gate

Prospectus: Fidelity Funds 219 January 2022

Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

Millfield Lane, Millfield Lane,

Lower Kingswood, Lower Kingswood,
Tadworth, Tadworth,
Surrey, KT20 6RP Surrey, KT20 6RP
Telephone: 0800 414181 (Professional Advisors) (44) 1732 777377
Fax: 01732 777262 (44) 1732 777262

For the purposes of this section ‘United Kingdom’, Financial Administration Services Limited and FIL Pensions Management will
individually or jointly be referred to as “UK Distributor” or “UK Distributors”.
Applications to subscribe for, redeem or switch Shares may be placed with Financial Administration Services Limited by UK retail
investors or with FIL Pensions Management by UK investors other than UK retail investors either in writing or (subject to the
restriction that the investor’s first subscription must be made on an application form) by telephone at the above address.
An investor may also place instructions using facsimile, where an appropriate authority (contained on the application form) has
been received. Application forms are available on request from the UK Distributors.
A description of how an investor may purchase, switch or sell Shares in the Fund and the relevant settlement procedures is
contained in the application form. All dealing in Shares will be on a forward pricing basis. That is, subject to any temporary
suspension of dealing in Shares, applications to subscribe for, switch or redeem Shares received by the UK Distributors on a day
that they are open for business before 3.00.pm UK time (4.00pm Central European Time), or 12 noon (1.00pm Central European
Time) for funds with non-standard dealing cut-off time, on a Valuation Date will be effected that day using the prices at the next
calculated Net Asset Value (together with the appropriate sales or switch fee).
Investors may place orders for Shares in Pounds Sterling or in another major freely convertible currency as set out in the
Prospectus. Where the investor deals in a currency which differs from the Principal Dealing Currency of the relevant class,
the investment amount will be converted into the Principal Dealing Currency prior to purchase. Similarly, redemption proceeds
may be received by the investor in Pounds Sterling or other major freely convertible currency. A savings plan is available to
UK investors with a minimum monthly subscription of GBP 50 payable by direct debit. Further details are available on request.
Foreign exchange transactions in respect of such deals will normally be placed on the same UK Business Day of receipt of
the instructions.
Contract notes will be issued, usually within 24 hours of the determination of the relevant prices and foreign exchange rates.
Further information about the Fund and the relevant dealing procedures may be obtained from the UK Distributors.
Publication of Prices
Details of the most recent prices of Shares in the Fund may be obtained from the UK Distributors. The Net Asset Values of the
appropriate funds are published in such manner as decided from time to time by the Directors.
Taxation
The summary below is intended only as a general guide for potential investors and does not constitute tax advice. Intending
investors are strongly advised to seek independent professional advice concerning possible taxation or other considerations that
may be relevant to their particular circumstances. Potential investors should note that the following information relates only to
United Kingdom taxation and is based on advice received by the Directors regarding current law and practice. It is therefore
subject to any subsequent changes.
The Directors of the Fund are informed of the following general taxation consequences for investors resident in the United Kingdom
and subject to UK tax:
a) The Offshore Funds (Tax) Regulations 2009 (as amended) (“the Regulations”) provide that if an investor resident in the UK for
taxation purposes holds an interest in an offshore fund, and the fund is not certified as a ‘reporting fund’ for the entire period in which
the investor holds that interest, any gain (calculated without the benefit of indexation) accruing to the investor upon sale or other
disposal of the interest (including a disposal pursuant to a switch transaction) will be taxed as income and not as a capital gain.
Investors (or their advisors) should now use the “Statutory Residence Test” to determine whether the individual is resident in the
tax for UK tax purposes.
b) Section 355 TIOPA (Taxation (International and Other Provisions) Act 2010 defines the term “offshore fund” for the purposes of
applying the Regulations. For these purposes, each of the constituent funds and Share classes of the Fund will be regarded as a
separate offshore fund. Accordingly, the different funds and/or Share classes of the Fund must each obtain “reporting fund” status
in their own right.
c) HM Revenue & Customs (‘HMRC’) have granted ‘UK reporting fund’ status, for the purposes of the Offshore Funds (Tax)
Regulations 2009 (as amended), in respect of all funds and Share classes of the Fund which are registered in the United
Kingdom beginning with the accounting period commencing 1 May 2010, or, if later, the date on which the fund / Share class
was first registered for distribution to UK resident Shareholders. This regime replaced a previous regime under which all
funds and Share classes of the Fund registered in the UK obtained “distributing fund” status for periods up to and including
the year ending 30 April 2010 (see also e) below). Please note there can be no guarantee that these funds or Share classes
will remain so certified, however, once reporting fund status has been obtained from HMRC for each fund / Share class, it
remains in place for all subsequent periods provided that the annual reporting requirements set out in the Regulations are
satisfied. The Directors undertake to operate the Fund in a manner that will enable the relevant funds / Share classes to
comply with the annual requirements under the UK reporting fund regime.
d) Under the Regulations, all “reporting funds” are required to disclose annually to investors and HMRC the “total reportable income”
arising in each certified fund / Share class in order to maintain “reporting fund” status. UK resident Shareholders who hold their
interests at the end of the reporting period to which the reported income relates will be subject to income tax or corporation tax on
the higher of any cash distribution paid and the full reported amount for the relevant funds or Share classes held. Please note that
the tax point for investors in relation to the excess reportable income over cash distributions is 6 months following the end of the
fund’s accounting period.
e) For shareholders that held an interest in one or more funds during the accounting periods up to and including the period ending
30 April 2010, “reporting fund” certification will apply in accordance with the transitional provisions in the Regulations, which cover
those funds previously certified as “distributing funds” for UK tax purposes. Specifically, the distributing funds and Share classes
of the Fund which are registered in the UK and which have been certified for all accounting periods up to 30 April 2010 as
“distributing funds” will be treated as having obtained “reporting fund” status for these periods for the purposes of applying the
Regulations. Shareholders who have held interests in funds / Share classes not previously certified as ‘distributing funds’ for UK

Prospectus: Fidelity Funds 220 January 2022

Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

tax purposes will be regarded as holding interests in ‘non-reporting offshore funds’ for the purposes of the Regulations and, as
such, will be subject to income tax or corporation tax on any ‘offshore income gain’ subsequently arising on disposal of those
interests.
f) Subject to paragraph (a) above, capital gains arising on a disposal of Shares by individuals will be liable to capital gains tax if
together with other net gains, they exceed the annual exemption, which is GBP 12,300 for the fiscal year ended 5 April 2022. The
applicable rate of capital gains tax for non-corporate investors is currently a flat rate of 10% for basic rate taxpayers and 20% for
higher / additional rate income tax payers. In the case of companies generally, gains arising on a disposal of Shares, will be liable
to corporation tax. The mainstream rate of corporation tax is currently 19%. Tax rates may be different for subsequent financial
years and the UK Government has announced the corporation tax rate is to increase to 25% (for taxable profits exceeding £250,000)
from 1 April 2023..
g) Dividends received by Shareholders liable to UK income tax or reinvested on their behalf in further Shares, or reported income in
excess of the dividends received by Shareholders, received from corporate offshore funds which are largely invested in equities will
be charged to income tax as dividends from a non-UK resident company. These income receipts should be declared on the
investor’s tax return and will be taxable at the applicable rate of income tax. The rate will be 7.5% for basic rate tax payers, 32.5%
for higher rate tax payers and 38.1% for additional rate tax payers. From 5 April 2018, an annual allowance of £2,000 of tax-free
dividend income is available to UK tax-resident individual Shareholders. There is no longer a 10% tax credit in respect of dividend
income.
h) It should be noted that, where 60% or more of the fund assets are invested in interest-bearing products, individuals receiving
distributions and/or reported income will be treated for UK tax purposes as having received interest income and not a dividend.
This will mean that the applicable tax rates will be those for interest income, currently 0% starting rate (applies to savings income
only up to a maximum income of £5,000 where other taxable income is less than GBP 12,570, reduced by GBP 1 for each GBP
1 of other taxable income in excess of GBP 12,570 for the fiscal year ending 5 April 2020); 20% basic rate; 40% higher rate; and
45% additional rate for taxable income over GBP 150,000) and that no tax credit will apply. An annual tax-free personal savings
allowance of £1,000 for basic rate or £500 for higher rate taxpayers is also available. It will be noted in the report to investors
where a specific fund is to be regarded as a ‘bond fund’ for UK tax purposes such that the above treatment will apply.
i) Income equalisation arrangements operate in respect of all Share classes in all fund ranges. As a result, except where noted, it is
expected that for distributions or reportable income received from 1 May 2010 Shareholders resident in the United Kingdom for
taxation purposes should not be liable to tax on the first distribution or reported income allocated to them after the issue of Shares,
to the extent that there is any equalisation amount reported to them which represents income accrued at the date of subscription;
such equalisation amount will instead be deducted from the base cost of their Shares.
j) Individual Shareholders resident in the UK should note the provisions of Chapter 2 of Part 13 of the Income Tax Act 2007. These
provisions are directed to the prevention of avoidance of income tax through transactions resulting in the transfer of assets or income
to persons (including companies) resident or domiciled outside the UK and may render them liable to taxation in respect of any
undistributed income and profits of the Fund on an annual basis. In view of the income distribution and reporting policy of the Fund,
it is not anticipated that these provisions will have any material effect on UK resident individual Shareholders. This legislation is not
directed towards the taxation of capital gains.
k) The attention of investors resident in the UK (and who, if individuals, are also domiciled in the UK for those purposes) is also drawn
to the provisions of Section 3 (formerly Section 13) of Taxation of Chargeable Gains Act 1992 ‘Section 3’). Under these provisions,
where a chargeable gain accrues to a company that is not resident in the UK, but which would be a close company if it were resident
in the UK, a person may be treated as though a proportional part of that chargeable gain, calculated by reference to their interest in
the company, has accrued to them. No liability under Section 13 can be incurred by such a person, however, where such proportion
does not exceed one-quarter of the gain.
l) Dividends received by Shareholders subject to UK corporation tax or reinvested on their behalf in further Shares, will be treated as
income receipts. For Shareholders subject to UK corporation tax, most forms of overseas dividends will be exempt from the charge
to UK corporation tax provided they fall within one of the exempt classes of distributions listed in Part 9A of the Corporation Tax Act
2009. The attention of corporate Shareholders is drawn to Chapter 3 of Part 6 of the Corporation Tax Act 2009, whereby relevant
interests of companies in offshore funds may be deemed to constitute a loan relationship with the consequence that all profits
and losses on such relevant interests are chargeable to corporation tax in accordance with a fair value basis of accounting.
The relevant provisions apply where the market value of interest bearing-securities and other qualifying investments of a
fund comprises more than 60% of the value of all the investments of that fund at any time during an accounting period.
m) Corporate Shareholders resident in the UK should note that Part 9A of TIOPA 2010 introduced an extensive reform of the
UK controlled foreign companies (“CFC”) rules, which may affect UK Corporate Shareholders in the Fund if certain conditions
are met. These provisions may subject UK resident companies to corporation tax on profits of non-resident companies, controlled
by persons resident in the UK, in which they have a ‘relevant interest’. If a company falls within the definition of a CFC, the attribution
of chargeable profits to UK corporate investors will be determined to the extent that chargeable profits cannot be reduced through
any of the available exemptions. The risk of falling within the scope of the UK CFC regime will depend largely on the composition
of Shareholders in the Fund and any UK Corporate Shareholders concerned about the application of these provisions to their
interest in the Fund should seek independent advice.
n) Investors who are insurance companies within the charge to United Kingdom corporation taxation holding their Shares in the Fund
for the purposes of their long-term business (other than pension business) will be deemed to dispose of and immediately reacquire
those Shares at the end of each accounting period.
o) Investors should also read the taxation section in Part III of the Prospectus which describes additional tax consequences for
investors. Shareholders should seek their own professional advice as to the tax consequences before investing in Shares in the
Fund. Taxation law and practice, and the levels of taxation, are subject to future alteration.
Documents Available for Inspection
The Articles of Incorporation of the Fund (as amended from time to time), together with other documents listed in
Part I, 1. ”Fund Information” in the Prospectus may be inspected free of charge on weekdays (excluding public holidays)
during normal business hours at the registered office of the Fund, and at the offices of the UK Distributors. Further copies of the
Prospectus, the latest KIIDs and the latest audited annual report and accounts and unaudited semi-annual report and accounts of
the Fund may be obtained free of charge upon request from the registered office of the Fund and the offices of the UK Distributors
and of the Management Company.

Prospectus: Fidelity Funds 221 January 2022

Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

Commissions/Charges
The price of Shares in the Fund will consist of the Net Asset Value of the Shares for the relevant fund plus an initial charge per
share class as described in 2.1. “Classes of Shares” in Part II of the Prospectus. On a switch, a fee will be charged of up to 1.00%
of the Net Asset Value of the Shares to be issued. Please refer to 2.2.3. “How to Switch” in Part II of the Prospectus for full details.
However, instead of the above initial charge Financial Administration Services Limited may apply a service fee. Further details will
be given in the application form.
Part or all of the initial charge may be used by the UK Distributors to remunerate intermediaries through which Shares are
purchased at a rate not exceeding the rate of the initial charge. When an investment is switched from one fund to another,
commission at a rate not exceeding the switch fee may be paid to the regulated intermediary concerned. An ongoing commission
may also be payable to intermediaries based on the value of your holding. Your intermediary will give you full details on request.
Further information about the Fund and the relevant dealing procedures may be obtained from the UK Distributors.

Prospectus: Fidelity Funds 222 January 2022

Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

SELLING RESTRICTIONS IN PARTICULAR JURISDICTIONS

Australia
This Prospectus does not constitute a prospectus, product disclosure statement or other disclosure document within the meaning
of the Corporations Act 2001 (Cth) (“Corporations Act”) and does not constitute a recommendation to acquire, an invitation to
apply for, an offer to apply for or buy, an offer to arrange the issue or sale of, or an offer for issue or sale of, any securities in
Australia. The Fund is not registered with the Australian Securities & Investments Commission (“ASIC”) and it has not authorised
nor taken any action to prepare or lodge with ASIC an Australian law compliant prospectus or product disclosure statement.
Accordingly, this Prospectus may not be issued or distributed in Australia and the Shares may not be offered, issued, sold or
distributed in Australia by the Management Company, or any other person, under this Prospectus other than by way of or pursuant
to an offer or invitation that does not need disclosure to investors under Part 6D.2 or Part 7.9 of the Corporations Act or otherwise.
This Prospectus does not constitute or involve a recommendation to acquire, an offer or invitation for issue or sale, an offer or
invitation to arrange the issue or sale, or an issue or sale, of Shares to a ‘retail client’ (as defined in section 761G of the
Corporations Act and applicable regulations) in Australia. The information provided in this Prospectus is general information only
and does not take account of your personal financial situation or needs. You should obtain financial advice tailored to your personal
circumstances.
Brunei
This Prospectus is intended for distribution only to specific classes of investors who are either an accredited investor, an expert
investor or an institutional investor as defined in the Securities Markets Order, 2013 and the regulations thereunder (the “Order”)
at their request and must not, therefore, be delivered to, or relied on by, a retail client. This Prospectus does not and is not intended
to be a commitment, advice or recommendation to purchase or subscribe for the Shares and is for information purposes of the
recipient only. This Prospectus, and any other notice or material issued in connection therewith shall not be distributed or published,
directly or indirectly, to the public or any member of the public in Brunei. This Prospectus and the Shares have not been delivered
to, registered with, licensed or approved, by the authority designated under the Order or any other government agency, or under
any other law, in Brunei.
India
The Shares are not being offered to the Indian public for sale or subscription. The Shares are not registered and/or approved by
the Securities and Exchange Board of India, the Reserve Bank of India or any other governmental/regulatory authority in India
and no such authority has confirmed the accuracy or determined the adequacy of this Prospectus. This Prospectus is not and
should not be deemed to be a ‘prospectus’ as defined under the provisions of the Companies Act, 2013 and the same shall not
be filed with any governmental/regulatory authority in India.
Pursuant to the Foreign Exchange Management Act, 1999 and the regulations issued thereunder, any investor resident in India
may be required to obtain prior special permission of the Reserve Bank of India before making investments outside of India,
including any investment in the Fund. The Fund and the Management Company have neither obtained any approval from the
Securities and Exchange Board of India, the Reserve Bank of India or any other governmental/regulatory authority in India in
respect of their respective roles or functions in relation to the Fund nor do they intend to do so and hence any eligible investor
who is resident of India will be entirely responsible for determining its eligibility to invest in the Shares and must seek legal advice
as to whether they are entitled to subscribe or purchase such Shares and also comply with all relevant Indian laws in this respect.
Indonesia
This Prospectus does not constitute a public offer to sell nor a solicitation to buy securities in Indonesia.
Malaysia
No action has been, or will be, taken to comply with Malaysian laws for making available, offering for subscription or purchase, or
issuing any invitation to subscribe for or purchase or sale of the Shares in Malaysia or to persons in Malaysia as the Shares are
not intended by the issuer to be made available, or made the subject of any offer or invitation to subscribe or purchase, in Malaysia.
Neither this Prospectus nor any document or other material in connection with the Shares should be distributed, caused to be
distributed or circulated in Malaysia. No person should make available or make any invitation or offer or invitation to sell or
purchase the Shares in Malaysia unless such person takes the necessary action to comply with Malaysian laws.
New Zealand
The offer in this Prospectus is not a “regulated offer” and this Prospectus is not and does not cover the same information as a
product disclosure statement or offer register entry under the Financial Markets Conduct Act 2013 (the “FMCA”).
The offer of Shares in this Prospectus is not intended to be an offer to the public. It can only be made to, and capable of acceptance
by, a wholesale investor as defined in cl 3(2) of Schedule 1 of the FMCA or a person who is otherwise not required to receive
prescribed disclosure under Part 3 of the FMCA without the need for the Fund to take any further step. Any further sale or
transaction involving the units of the Fund may only be made in compliance with the FMCA.
This Prospectus is also not intended to constitute financial advice under the Financial Advisers Act 2008 (or from 29 June 2020,
subpart 5A of Part 6 of the FMCA).
Philippines
The Shares being offered or sold herein have not been registered with the Securities and Exchange Commission under the
Securities Regulation Code of the Philippines (the “Code”). Any future offer or sale of the Shares is subject to registration
requirements under the Code unless such offer or sale qualifies as an exempt transaction. The Shares are being sold to the
investor on the understanding that it is a “qualified buyer” as defined under 10.1(1) of the Code, and consequently this transaction
is exempt from registration requirements. By a purchase of a Share, the investor will be deemed to acknowledge that the issue of,
offer for subscription or purchase of, or invitation to subscribe for or purchase, such Share was made outside the Philippines.
People’s Republic of China
This Prospectus does not constitute an offer or solicitation of the Fund, whether by sale or subscription, in the People’s Republic
of China (excluding Hong Kong, Macau and Taiwan, the “PRC”), and is not intended to be distributed in the PRC. None of this
Prospectus or any other materials relating to the same has been approved by, or registered with, the China Securities Regulatory
Commission or other competent authorities or self-regulatory organisations in China. The Fund is not being offered or sold directly
or indirectly in the PRC to or for the benefit of, legal or natural persons within the PRC. Further, no legal or natural persons of the
PRC may directly or indirectly purchase any of the Fund or any beneficial interest therein without obtaining all prior PRC’s

Prospectus: Fidelity Funds 223 January 2022

Appendix I Important Information for Investors in Certain Countries and Selling Restrictions in Certain Jurisdictions

governmental approvals that are required, whether statutorily or otherwise. Persons who come into possession of this Prospectus
are required by the issuer and its representatives to observe these restrictions.

Thailand
This Prospectus has not been registered as a prospectus with and approved by the Securities and Exchange Commission of
Thailand which takes no responsibility for its contents. Accordingly, this Prospectus and any other documents or materials in
connection with the offer or sale, or invitation for subscription or purchase, of the Shares, may only be circulated or distributed by
an entity as permitted by applicable laws and regulations. The Fund or the Management Company do not have any intention to
solicit the public in Thailand for any subscription or purchase of the Shares, and any such solicitation will be made by an entity
permitted by applicable laws and regulations.

United Arab Emirates

This Prospectus, and the information contained herein, does not constitute, and are not intended to constitute, a public offer of
securities in the United Arab Emirates and accordingly should not be construed as such. The Shares are only being offered to a
limited number of investors in the UAE who: (a) are willing and able to conduct an independent investigation of the risks involved
in an investment in Shares, and (b) upon their specific request. The Shares have not been approved by or licensed or registered
with the UAE Central Bank, the Securities and Commodities Authority (the “SCA”) or any other relevant licensing authorities or
governmental agencies in the UAE. Therefore, the Shares cannot be marketed in the UAE unless the provisions of the SCA Board
of Directors’ Chairman Decision No. 9/R.M. of 2016 concerning the regulations of mutual funds and the SCA Board of Directors
Chairman decision no. 3/RM of 2017 in relation to Promotion and Introduction do not apply. This Prospectus is for the use of the
named addressee only and should not be given or shown to any other person (other than employees, agents or consultants in
connection with the addressee’s consideration thereof). No transaction will be concluded in the UAE.

Prospectus: Fidelity Funds 224 January 2022

Appendix II List of Share Classes

APPENDIX II

LIST OF SHARE CLASSES

The list of Share classes and the related information below is valid as at 9 December 2021. Such list may be updated from time to
time. A complete list of all available Share classes may be obtained, free of charge and upon request, from the registered office
of the Fund in Luxembourg. Certain classes of Shares may be subject to corporate actions and the name of certain classes of
Shares may also change as a result of the change of name of the relevant fund. For further information please refer to the Part I of
the Prospectus for fund related information.
Investors should verify whether Shares they are interested in buying are registered for public distribution in their jurisdiction.
Further information in respect of the Variable Share Classes (I-VMF, Y-VMF) is included at Part IV of the Prospectus, entitled
“Administration Details, Charges and Expenses”, see also the section entitled “Share Classes subject to a Variable Management
Fee” in Part II. It is important to note that the VMF Share classes consist in Base Fee and Variable Element. The Annual Management
Fee reflected in the table below consists in the Base Fee. Historical VMF rates applied to each Share class will be available upon request
at the registered office of the Fund.
Investors should also note that the Annual Management Fee rate set-out below for the Classes REST-I Shares, R Shares, Classes RA Shares,
Classes RY Shares and Classes SE Shares is a maximum.
Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Absolute Return Asian Equity Fund A-PF-ACC-USD LU1968584588 1.50 05/12/2019

FF - Absolute Return Asian Equity Fund I-PF-ACC-USD LU1968585718 0.80 05/12/2019

FF - Absolute Return Asian Equity Fund Y-PF-ACC-USD LU1968586104 0.80 05/12/2019

FF - Absolute Return Global Equity Fund A-PF-ACC- SGD (SGD/USD LU2210151853 1.50 3 24/09/2020
hedged)

FF - Absolute Return Global Equity Fund A-PF-ACC-EUR (EUR/USD LU2210151341 1.50 3 24/09/2020
hedged)

FF - Absolute Return Global Equity Fund A-PF-ACC-USD LU2210151697 1.50 24/09/2020

FF - Absolute Return Global Equity Fund I-ACC-GBP (GBP/USD LU2272223442 1.05 3 16/12/2020
hedged)

FF - Absolute Return Global Equity Fund I-PF-ACC-USD LU2210152232 0.80 24/09/2020

FF - Absolute Return Global Equity Fund W-PF-ACC GBP (GBP/USD LU2210152588 0.80 3 24/09/2020
hedged)

FF - Absolute Return Global Equity Fund Y-PF-ACC-EUR (EUR/USD LU2210152745 0.80 3 24/09/2020
hedged)

FF - Absolute Return Global Equity Fund Y-PF-ACC-USD LU2210152661 0.80 24/09/2020

FF - Absolute Return Global Fixed Income Fund A-ACC-EUR (EUR/USD LU2207571022 0.90 3 24/09/2020
hedged)

FF - Absolute Return Global Fixed Income Fund A-ACC-SGD LU2207569554 0.90 24/09/2020

FF - Absolute Return Global Fixed Income Fund A-ACC-SGD (SGD/USD LU2207571535 0.90 3 24/09/2020
hedged)

FF - Absolute Return Global Fixed Income Fund A-ACC-USD LU2207571451 0.90 24/09/2020

FF - Absolute Return Global Fixed Income Fund A-MDIST-USD LU2207569638 0.90 24/09/2020

FF - Absolute Return Global Fixed Income Fund E-ACC-EUR (EUR/USD LU2207570305 0.90 0.25 3 24/09/2020
hedged)

FF - Absolute Return Global Fixed Income Fund I-ACC-EUR LU2207569802 0.55 24/09/2020

FF - Absolute Return Global Fixed Income Fund I-ACC-USD LU2207569984 0.55 24/09/2020

FF - Absolute Return Global Fixed Income Fund W-ACC-GBP LU2207570057 0.55 3 24/09/2020
(GBP/USD hedged)

FF - Absolute Return Global Fixed Income Fund Y-ACC-EUR (EUR/USD LU2207569711 0.55 3 24/09/2020
hedged)

FF - Absolute Return Global Fixed Income Fund Y-ACC-SGD LU2207570131 0.55 24/09/2020

FF - Absolute Return Global Fixed Income Fund Y-ACC-USD LU2207647020 0.55 24/09/2020

FF - Absolute Return Multi Strategy Fund A-ACC-EUR (EUR/USD LU1989786550 1.40 3 12/11/2019
hedged)

FF - Absolute Return Multi Strategy Fund A-ACC-USD LU1989786121 1.40 12/11/2019

FF - Absolute Return Multi Strategy Fund I-ACC-EUR (EUR/USD LU1989786717 0.75 3 12/11/2019
hedged)

FF - Absolute Return Multi Strategy Fund I-ACC-GBP (GBP/USD LU1989786980 0.75 3 12/11/2019
hedged)

FF - Absolute Return Multi Strategy Fund I-ACC-USD LU1989786477 0.75 12/11/2019

FF - Absolute Return Multi Strategy Fund W-ACC-GBP (GBP/USD LU1989786808 0.75 3 12/11/2019
hedged)

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 225 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Absolute Return Multi Strategy Fund Y-ACC-EUR (EUR/USD LU1989786634 0.75 3 12/11/2019
hedged)

FF - Absolute Return Multi Strategy Fund Y-ACC-USD LU1989786394 0.75 12/11/2019

FF - America Fund A-ACC-AUD (hedged) LU0963029086 1.50 1 30/08/2013

FF - America Fund A-ACC-CZK (hedged) LU0979392767 1.50 1 05/11/2013

FF - America Fund A-ACC-EUR LU0251127410 1.50 03/07/2006

FF - America Fund A-ACC-EUR (hedged) LU0945775517 1.50 1 12/07/2013

FF - America Fund A-ACC-HUF (hedged) LU0979392684 1.50 1 05/11/2013

FF - America Fund A-ACC-PLN (hedged) LU0959717173 1.50 1 30/09/2013

FF - America Fund A-ACC-SEK LU1190411634 1.50 24/02/2015

FF - America Fund A-ACC-USD LU0251131958 1.50 03/07/2006

FF - America Fund A-EUR LU0069450822 1.50 16/02/2004

FF - America Fund A-GBP LU0251120670 1.50 26/06/2006

FF - America Fund A-SGD LU0251142724 1.50 15/05/2006

FF - America Fund A-SGD (hedged) LU0742534661 1.50 1 12/03/2012

FF - America Fund A-USD LU0048573561 1.50 01/10/1990

FF - America Fund D-ACC-EUR LU1387833160 1.50 0.50 15/04/2016

FF - America Fund E-ACC-EUR LU0115759606 1.50 0.75 01/09/2000

FF - America Fund I-ACC-EUR LU1642889353 0.80 11/07/2017

FF - America Fund I-ACC-EUR (hedged) LU1355508760 0.80 1 08/02/2016

FF - America Fund I-ACC-USD LU1243244081 0.80 24/06/2015

FF - America Fund SR-ACC-SGD LU1235257950 1.30 12/06/2015

FF - America Fund SR-ACC-SGD (hedged) LU1235260079 1.30 1 12/06/2015

FF - America Fund SR-ACC-USD LU1235258255 1.30 12/06/2015

FF - America Fund W-ACC-GBP LU1033662245 0.80 11/03/2014

FF - America Fund W-ACC-GBP (hedged) LU1550162488 0.80 1 23/01/2017

FF - America Fund Y-ACC-EUR LU0755218046 0.80 13/03/2012

FF - America Fund Y-ACC-EUR (hedged) LU0963540371 0.80 1 16/09/2013

FF - America Fund Y-ACC-USD LU0318939179 0.80 22/10/2007

FF - America Fund Y-EUR LU0951202539 0.80 12/09/2013

FF - America Fund Y-EUR (hedged) LU1064925149 0.80 1 23/05/2014

FF - America Fund Y-USD LU1064925735 0.80 23/05/2014

FF - American Growth Fund A-ACC-EUR LU0275692696 1.50 04/12/2006

FF - American Growth Fund A-ACC-EUR (hedged) LU0346393456 1.50 1 10/03/2008

FF - American Growth Fund A-ACC-USD LU0275693405 1.50 04/12/2006

FF - American Growth Fund A-USD LU0077335932 1.50 30/06/1997

FF - American Growth Fund E-ACC-EUR LU0115760109 1.50 0.75 01/09/2000

FF - American Growth Fund I-ACC-Euro LU1955085425 0.80 27/02/2019

FF - American Growth Fund W-ACC-GBP LU1235295885 0.80 24/06/2015

FF - American Growth Fund W-ACC-GBP (hedged) LU1955085771 0.80 1 27/02/2019

FF - American Growth Fund Y-ACC-EUR LU1338166587 0.80 25/01/2016

FF - American Growth Fund Y-ACC-USD LU0318939252 0.80 22/10/2007

FF - American Growth Fund Y-USD LU0949332265 0.80 09/10/2013

FF - ASEAN Fund A-ACC-HKD LU0737861269 1.50 09/02/2012

FF - ASEAN Fund A-ACC-USD LU0261945553 1.50 25/09/2006

FF - ASEAN Fund A-SGD LU0251143029 1.50 15/05/2006

FF - ASEAN Fund A-USD LU0048573645 1.50 01/10/1990

FF - ASEAN Fund E-ACC-EUR LU0840140791 1.50 0.75 07/11/2012

FF - ASEAN Fund I-ACC-USD LU1560649987 0.80 20/02/2017

FF - ASEAN Fund Y-ACC-SGD LU2219351959 0.80 18/08/2021

FF - ASEAN Fund Y-ACC-USD LU0346390510 0.80 25/03/2008

FF - ASEAN Fund Y-SGD LU2219352098 0.80 18/08/2021

FF - ASEAN Fund Y-USD LU0936575439 0.80 25/09/2013

FF - Asia Pacific Dividend Fund A-HMDIST(G)-AUD (hedged) LU1046420714 1.50 1 09/04/2014

FF - Asia Pacific Dividend Fund A-MINC(G)-HKD LU1119993845 1.50 16/10/2014

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 226 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Asia Pacific Dividend Fund A-MINC(G)-USD LU0877626530 1.50 24/01/2013

FF - Asia Pacific Dividend Fund A-USD LU0205439572 1.50 16/12/2004

FF - Asia Pacific Dividend Fund Y-ACC-USD LU1273509064 0.80 20/08/2015

FF - Asia Pacific Dividend Fund Y-USD LU1295424540 0.80 05/10/2015

FF - Asia Pacific Multi Asset Growth & Income Fund A-ACC-EUR LU1846738604 1.25 3 11/07/2018
(EUR/USD hedged)

FF - Asia Pacific Multi Asset Growth & Income Fund A-ACC-HUF LU1984161429 1.25 24/04/2019

FF - Asia Pacific Multi Asset Growth & Income Fund A-ACC-USD LU1366333414 1.25 31/05/2016

FF - Asia Pacific Multi Asset Growth & Income Fund A-HMDIST(G)-AUD LU1560650480 1.25 3 23/02/2017
(AUD/USD hedged)

FF - Asia Pacific Multi Asset Growth & Income Fund A-MCDIST(G)-SGD LU1883994102 1.25 3 12/12/2018
(SGD/USD hedged)

FF - Asia Pacific Multi Asset Growth & Income Fund A-MCDIST(G)-USD LU1509826936 1.25 22/11/2016

FF - Asia Pacific Multi Asset Growth & Income Fund A-MINC(G)-SGD LU1439102457 1.25 23/02/2017

FF - Asia Pacific Multi Asset Growth & Income Fund A-MINC(G)-USD LU1439102374 1.25 23/02/2017

FF - Asia Pacific Multi Asset Growth & Income Fund A-MINCOME(G)- LU2057168234 1.25 3 23/10/2019
SGD (SGD/USD hedged)

FF - Asia Pacific Multi Asset Growth & Income Fund A-QINC(G)-EUR LU1846738869 1.25 3 11/07/2018
(EUR/USD hedged)

FF - Asia Pacific Multi Asset Growth & Income Fund E-ACC-EUR LU1846738786 1.25 0.60 3 11/07/2018
(EUR/USD hedged)

FF - Asia Pacific Multi Asset Growth & Income Fund E-QINC(G)-EUR LU1846738943 1.25 0.60 3 11/07/2018
(EUR/USD hedged)

FF - Asia Pacific Multi Asset Growth & Income Fund Y-ACC-EUR LU1978675319 0.70 10/04/2019

FF - Asia Pacific Opportunities Fund A-ACC-EUR LU0345361124 1.50 18/02/2008

FF - Asia Pacific Opportunities Fund A-ACC-HUF LU2268341844 1.50 09/12/2020

FF - Asia Pacific Opportunities Fund A-ACC-SGD (hedged) LU2177674079 1.50 1 24/06/2020

FF - Asia Pacific Opportunities Fund A-ACC-USD LU2008162690 1.50 12/06/2019

FF - Asia Pacific Opportunities Fund A-EUR LU2169679920 1.50 13/05/2020

FF - Asia Pacific Opportunities Fund E-ACC-EUR LU0345362106 1.50 0.75 18/02/2008

FF - Asia Pacific Opportunities Fund I-ACC-EUR LU1689651096 0.80 27/09/2017

FF - Asia Pacific Opportunities Fund I-ACC-GBP LU2178498452 0.80 27/05/2020

FF - Asia Pacific Opportunities Fund I-ACC-USD LU2045877524 0.80 28/08/2019

FF - Asia Pacific Opportunities Fund I-EUR LU2376060948 0.80 18/08/2021

FF - Asia Pacific Opportunities Fund Y-ACC-EUR LU0345362361 0.80 18/02/2008

FF - Asia Pacific Opportunities Fund Y-ACC-USD LU1116431138 0.80 08/10/2014

FF - Asia Pacific Opportunities Fund Y-EUR LU1968466208 0.80 27/03/2019

FF - Asia Pacific Strategic Income Fund A-ACC-USD LU1313547892 1.00 30/11/2015

FF - Asia Pacific Strategic Income Fund A-HMDIST(G)-AUD (hedged) LU1345484106 1.00 1 29/01/2016

FF - Asia Pacific Strategic Income Fund A-MCDIST(G)-USD LU1509826852 1.00 22/11/2016

FF - Asia Pacific Strategic Income Fund A-MINC(G)-HKD (hedged) LU1345483983 1.00 1 29/01/2016

FF - Asia Pacific Strategic Income Fund A-MINC(G)-SGD LU1345483041 1.00 29/01/2016

FF - Asia Pacific Strategic Income Fund A-MINC(G)-SGD (SGD/USD LU1817858373 1.00 3 25/07/2018
hedged)

FF - Asia Pacific Strategic Income Fund A-MINC(G)-USD LU1345482746 1.00 29/01/2016

FF - Asia Pacific Strategic Income Fund A-MINC(G)-USD (hedged) LU1345483470 1.00 1 29/01/2016

FF - Asia Pacific Strategic Income Fund I-ACC-EUR (EUR/USD hedged) LU2367616906 0.65 3 28/07/2021

FF - Asia Pacific Strategic Income Fund Y-USD LU1345484361 0.65 29/01/2016

FF - Asian Bond Fund A-ACC-PLN (hedged) LU2268342495 0.75 2 09/12/2020

FF - Asian Bond Fund A-ACC-USD LU0605512275 0.75 18/04/2011

FF - Asian Bond Fund A-EUR (hedged) LU0605512192 0.75 2 24/06/2015

FF - Asian Bond Fund A-HMDIST(G)-AUD (hedged) LU1371569549 0.75 2 03/03/2016

FF - Asian Bond Fund A-HMDIST(G)-RMB (hedged) LU2262856953 0.75 2 16/12/2020

FF - Asian Bond Fund A-MCDIST(G)-HKD LU2317111552 0.75 23/06/2021

FF - Asian Bond Fund A-MCDIST(G)-USD LU2156567054 0.75 22/04/2020

FF - Asian Bond Fund A-MDIST-USD LU0605512432 0.75 18/04/2011

FF - Asian Bond Fund A-MINC(G)-HKD LU1371569465 0.75 03/03/2016

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 227 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Asian Bond Fund A-MINC(G)-SGD (hedged) LU1420312487 0.75 2 13/06/2016

FF - Asian Bond Fund A-MINC(G)-USD LU1371569200 0.75 03/03/2016

FF - Asian Bond Fund D-ACC-EUR LU2281273297 0.75 0.30 13/01/2021

FF - Asian Bond Fund I-ACC-EUR (hedged) LU2171252609 0.40 2 13/05/2020

FF - Asian Bond Fund I-ACC-USD LU1322385458 0.40 30/11/2015

FF - Asian Bond Fund I-QDIST-SGD (hedged) LU1817858290 0.40 2 23/05/2018

FF - Asian Bond Fund Y-ACC-CHF (hedged) LU2242162381 0.40 2 14/10/2020

FF - Asian Bond Fund Y-ACC-USD LU0605512606 0.40 18/04/2011

FF - Asian Bond Fund Y-EUR (hedged) LU1881786690 0.40 2 26/09/2018

FF - Asian Bond Fund Y-MINCOME(G)-USD LU2296468189 0.40 10/02/2021

FF - Asian Bond Fund Y-QDIST-USD LU1284738405 0.40 15/09/2015

FF - Asian Equity Fund S-ACC-SGD LU0605512861 0.80 07/06/2011

FF - Asian High Yield Fund A-ACC-EUR LU0286668966 1.00 02/04/2007

FF - Asian High Yield Fund A-ACC-SEK (hedged) LU0566130646 1.00 2 06/12/2010

FF - Asian High Yield Fund A-ACC-USD LU0286668453 1.00 02/04/2007

FF - Asian High Yield Fund A-EUR (hedged) LU0575482749 1.00 2 10/01/2011

FF - Asian High Yield Fund A-HMDIST(G)-AUD (hedged) LU1046420631 1.00 2 09/04/2014

FF - Asian High Yield Fund A-MDIST-HKD LU0532244745 1.00 18/08/2010

FF - Asian High Yield Fund A-MDIST-JPY (hedged) LU0765273429 1.00 2 10/04/2012

FF - Asian High Yield Fund A-MDIST-SGD (hedged) LU0286669774 1.00 2 28/01/2010

FF - Asian High Yield Fund A-MDIST-USD LU0286669428 1.00 02/04/2007

FF - Asian High Yield Fund A-MINC(G)-SGD (hedged) LU1235294219 1.00 2 03/06/2015

FF - Asian High Yield Fund A-MINC(G)-USD LU0937949237 1.00 18/06/2013

FF - Asian High Yield Fund A-MINC-USD LU0605512788 1.00 13/04/2011

FF - Asian High Yield Fund A-RMB (hedged) LU0831375760 1.00 2 16/10/2012

FF - Asian High Yield Fund E-MDIST-EUR (hedged) LU0922333165 1.00 0.50 2 07/05/2013

FF - Asian High Yield Fund I-ACC-USD LU1322385706 0.65 30/11/2015

FF - Asian High Yield Fund I-MDIST-USD LU1235294300 0.65 03/06/2015

FF - Asian High Yield Fund Y-ACC-EUR LU1261430794 0.65 07/08/2015

FF - Asian High Yield Fund Y-ACC-SGD (hedged) LU1046422256 0.65 2 09/04/2014

FF - Asian High Yield Fund Y-ACC-USD LU0370790650 0.65 21/07/2008

FF - Asian High Yield Fund Y-EUR (hedged) LU0575482582 0.65 2 10/01/2011

FF - Asian High Yield Fund Y-MDIST-HKD LU1273507365 0.65 20/08/2015

FF - Asian High Yield Fund Y-MDIST-SGD (hedged) LU1273507449 0.65 2 20/08/2015

FF - Asian High Yield Fund Y-MDIST-USD LU1273507282 0.65 20/08/2015

FF - Asian High Yield Fund Y-MINC-USD LU1284734750 0.65 15/09/2015

FF - Asian Smaller Companies Fund A-ACC-EUR LU0702159772 1.50 07/12/2011

FF - Asian Smaller Companies Fund A-ACC-SGD LU1166156734 1.50 26/01/2015

FF - Asian Smaller Companies Fund A-ACC-USD LU0702159699 1.50 07/12/2011

FF - Asian Smaller Companies Fund A-EUR LU0702159426 1.50 07/12/2011

FF - Asian Smaller Companies Fund A-USD LU0702159343 1.50 07/12/2011

FF - Asian Smaller Companies Fund E-ACC-EUR LU1116432292 1.50 0.75 08/10/2014

FF - Asian Smaller Companies Fund I-ACC-EUR LU1961889240 0.80 13/03/2019

FF - Asian Smaller Companies Fund I-ACC-USD LU2152795881 0.80 08/04/2020

FF - Asian Smaller Companies Fund I-USD LU1791708768 0.80 14/03/2018

FF - Asian Smaller Companies Fund Y-ACC-EUR LU1261430877 0.80 07/08/2015

FF - Asian Smaller Companies Fund Y-ACC-GBP LU0702160192 0.80 07/12/2011

FF - Asian Smaller Companies Fund Y-ACC-USD LU0702159939 0.80 07/12/2011

FF - Asian Smaller Companies Fund Y-EUR LU1273507522 0.80 20/08/2015

FF - Asian Smaller Companies Fund Y-USD LU1273507795 0.80 20/08/2015

FF - Asian Special Situations Fund A-ACC-EUR LU0413542167 1.50 23/02/2009

FF - Asian Special Situations Fund A-ACC-EUR (hedged) LU0337569841 1.50 1 27/02/2013

FF - Asian Special Situations Fund A-ACC-SEK LU1723455900 1.50 22/11/2017

FF - Asian Special Situations Fund A-ACC-USD LU0261950983 1.50 25/09/2006

FF - Asian Special Situations Fund A-GBP LU0251122882 1.50 26/06/2006

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 228 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Asian Special Situations Fund Asijskych akcii A-ACC-CZK (hedged) LU1213835512 1.50 1 16/04/2015

FF - Asian Special Situations Fund A-USD LU0054237671 1.50 03/10/1994

FF - Asian Special Situations Fund D-ACC-EUR LU1387833913 1.50 0.50 04/05/2016

FF - Asian Special Situations Fund E-ACC-EUR LU0778324086 1.50 0.75 14/05/2012

FF - Asian Special Situations Fund I-ACC-EUR LU1357938338 0.80 18/02/2016

FF - Asian Special Situations Fund I-ACC-SEK LU1723463169 0.80 22/11/2017

FF - Asian Special Situations Fund I-ACC-USD LU0807813265 0.80 20/02/2017

FF - Asian Special Situations Fund I-USD LU1777189397 0.80 28/02/2018

FF - Asian Special Situations Fund R-ACC-USD LU2038752825 0.80 14/08/2019

FF - Asian Special Situations Fund SR-ACC-SGD LU1235260665 1.30 12/06/2015

FF - Asian Special Situations Fund W-GBP LU1235295968 0.80 24/06/2015

FF - Asian Special Situations Fund Y-ACC-EUR LU1575864084 0.80 16/03/2017

FF - Asian Special Situations Fund Y-ACC-EUR (hedged) LU1777189124 0.80 1 28/02/2018

FF - Asian Special Situations Fund Y-ACC-USD LU0346390601 0.80 17/03/2008

FF - Asian Special Situations Fund Y-USD LU0936575603 0.80 25/09/2013

FF Australian Diversified Equity Fund A-ACC-AUD LU0261950041 1.50 25/09/2006

FF - Australian Diversified Equity Fund A-AUD LU0048574536 1.50 06/12/1991

FF - Australian Diversified Equity Fund I-ACC-USD LU1808853821 0.80 25/04/2018

FF - Australian Diversified Equity Fund Y-ACC-AUD LU0346392649 0.80 25/03/2008

FF - Australian Diversified Equity Fund Y-ACC-EUR LU2334583411 0.80 28/04/2021

FF - Australian Dollar Cash Fund A-ACC-AUD LU0766124985 0.40 15/01/2016

FF - Australian Dollar Cash Fund W-ACC-AUD LU1303741588 0.20 15/01/2016

FF - China Consumer Fund A-ACC-AUD (hedged) LU1046420391 1.50 1 09/04/2014

FF - China Consumer Fund A-ACC-EUR LU0594300096 1.50 23/02/2011

FF - China Consumer Fund A-ACC-HKD LU0605514214 1.50 13/04/2011

FF - China Consumer Fund A-ACC-HUF LU2373640825 1.50 11/08/2021

FF - China Consumer Fund A-ACC-USD LU0594300179 1.50 23/02/2011

FF - China Consumer Fund A-EUR LU0594300252 1.50 23/02/2011

FF - China Consumer Fund A-GBP LU0594300336 1.50 23/02/2011

FF - China Consumer Fund A-SGD LU0650527681 1.50 01/08/2011

FF - China Consumer Fund A-USD LU0594300419 1.50 23/02/2011

FF - China Consumer Fund D-ACC-EUR LU1387832865 1.50 0.50 15/04/2016

FF - China Consumer Fund E-ACC-EUR LU0766124126 1.50 0.75 14/05/2012

FF - China Consumer Fund I-ACC-GBP LU2367617037 0.80 28/07/2021

FF - China Consumer Fund I-ACC-USD LU1148194506 0.80 15/12/2014

FF - China Consumer Fund W-GBP LU2291806730 0.80 29/01/2021

FF - China Consumer Fund Y-ACC-EUR LU0605514057 0.80 12/02/2014

FF - China Consumer Fund Y-ACC-USD LU0594300500 0.80 23/02/2011

FF - China Focus Fund A-ACC-EUR LU0318931192 1.50 24/09/2007

FF - China Focus Fund A-ACC-HKD LU0737861699 1.50 09/02/2012

FF - China Focus Fund A-ACC-USD LU1224709979 1.50 19/05/2015

FF - China Focus Fund A-GBP LU0200822756 1.50 04/10/2004

FF - China Focus Fund A-SGD LU0287142896 1.50 02/04/2007

FF - China Focus Fund A-USD LU0173614495 1.50 18/08/2003

FF - China Focus Fund C-USD LU0324709806 1.50 1.00 05/11/2007

FF - China Focus Fund D-ACC-EUR LU1387835538 1.50 0.50 04/05/2016

FF - China Focus Fund E-ACC-EUR LU0766123821 1.50 0.75 14/05/2012

FF - China Focus Fund I-ACC-EUR LU2152795964 0.80 08/04/2020

FF - China Focus Fund I-ACC-USD LU1560650134 0.80 20/02/2017

FF - China Focus Fund SR-ACC-SGD LU1235261390 1.30 12/06/2015

FF - China Focus Fund X-MINC-USD LU2262857175 0.00 16/12/2020

FF - China Focus Fund Y-ACC-EUR LU0936575868 0.80 12/09/2013

FF - China Focus Fund Y-ACC-USD LU0346390866 0.80 17/03/2008

FF - China Focus Fund Y-GBP LU0457959939 0.80 26/10/2009

FF - China Focus Fund Y-SGD LU1295421793 0.80 05/10/2015

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 229 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - China Focus Fund Y-USD LU0936576080 0.80 25/09/2013

FF - China Government Bond Fund A-ACC-EUR LU2386384965 0.50 11/01/2022

FF - China Government Bond Fund A-ACC-RMB LU2386385004 0.50 11/01/2022

FF - China Government Bond Fund A-ACC-USD LU2386385186 0.50 11/01/2022

FF - China Government Bond Fund A-ACC-EUR (hedged) LU2386386234 0.50 2 11/01/2022

FF - China Government Bond Fund A-MINCOME(G)-RMB LU2386385269 0.50 11/01/2022

FF - China Government Bond Fund A-MINCOME(G)-SGD (hedged) LU2386385343 0.50 2 11/01/2022

FF - China Government Bond Fund A-MINCOME(G)-USD LU2386386317 0.50 11/01/2022

FF - China Government Bond Fund I-ACC-EUR LU2386385426 0.30 11/01/2022

FF - China Government Bond Fund I-ACC-EUR (hedged) LU2386386408 0.30 2 11/01/2022

FF - China Government Bond Fund I-ACC-USD LU2386385699 0.30 11/01/2022

FF - China Government Bond Fund W-ACC-GBP LU2386385772 0.30 11/01/2022

FF - China Government Bond Fund Y-ACC-EUR LU2386385855 0.30 11/01/2022

FF - China Government Bond Fund Y-ACC-EUR (hedged) LU2386386580 0.30 2 11/01/2022

FF - China Government Bond Fund Y-ACC-RMB LU2386386077 0.30 11/01/2022

FF - China Government Bond Fund Y-ACC-USD LU2386385939 0.30 11/01/2022

FF - China Government Bond Fund Y-MINCOME(G)-RMB LU2386386150 0.30 11/01/2022

FF - China Government Bond Fund Y-MINCOME(G)-USD LU2386386663 0.30 11/01/2022

FF - China High Yield Fund A-ACC-EUR (EUR/USD hedged) LU2034656020 1.20 3 14/08/2019

FF - China High Yield Fund A-ACC-USD LU1313547462 1.20 30/11/2015

FF - China High Yield Fund A-HMDIST(G)-AUD (hedged) LU1345482316 1.20 1 29/01/2016

FF - China High Yield Fund A-MINC(G)-HKD (hedged) LU1345481854 1.20 1 29/01/2016

FF - China High Yield Fund A-MINC(G)-SGD (hedged) LU1345482076 1.20 1 29/01/2016

FF - China High Yield Fund A-MINC(G)-USD(hedged) LU1345481698 1.20 1 29/01/2016

FF - China High Yield Fund A-MINCOME(G)-EUR (EUR/USD hedged) LU2034656376 1.20 3 14/08/2019

FF - China High Yield Fund A-MINCOME(G)-RMB (RMB/USD hedged) LU2034656889 1.20 3 14/08/2019

FF - China High Yield Fund I-ACC-USD LU2314629614 0.70 24/03/2021

FF - China High Yield Fund W-MINC(G)-GBP (hedged) LU2184871734 0.70 1 10/06/2020

FF - China High Yield Fund Y-USD LU1345482589 0.70 29/01/2016

FF - China Innovation Fund A-ACC-EUR LU0455706654 1.50 23/11/2009

FF - China Innovation Fund A-ACC-HKD LU0502904849 1.50 31/05/2010

FF - China Innovation Fund A-ACC-HUF LU2373640742 1.50 11/08/2021

FF - China Innovation Fund A-ACC-SGD LU2242644610 1.50 10/03/2021

FF - China Innovation Fund A-ACC-SGD (SGD/USD hedged) LU2242644701 1.50 3 24/03/2021

FF - China Innovation Fund A-ACC-USD LU2242644883 1.50 24/03/2021

FF - China Innovation Fund A-USD LU0455707207 1.50 23/11/2009

FF - China Innovation Fund D-ACC-EUR LU2303031343 1.50 0.50 10/03/2021

FF - China Innovation Fund E-ACC-EUR LU2303031699 1.50 0.75 10/03/2021

FF - China Innovation Fund I-ACC-EUR LU2242644966 0.80 10/03/2021

FF - China Innovation Fund I-ACC-USD LU2242645005 0.80 10/03/2021

FF - China Innovation Fund W-ACC-GBP LU2242645187 0.80 10/03/2021

FF - China Innovation Fund Y-ACC-EUR LU2242645260 0.80 10/03/2021

FF - China Innovation Fund Y-ACC-SGD LU2242645344 0.80 24/03/2021

FF - China Innovation Fund Y-ACC-USD LU0455707462 0.80 23/11/2009

FF - China RMB Bond Fund A-ACC-EUR LU0740036131 0.75 18/06/2012

FF - China RMB Bond Fund A-ACC-HUF LU2373641047 0.75 11/08/2021

FF - China RMB Bond Fund A-ACC-RMB LU0715234463 0.75 08/12/2011

FF - China RMB Bond Fund A-ACC-USD LU0740036214 0.75 07/05/2014

FF - China RMB Bond Fund A-MCDIST(G)-HKD LU2345781202 0.75 11/08/2021

FF - China RMB Bond Fund A-MCDIST(G)-USD LU2345781111 0.75 11/08/2021

FF - China RMB Bond Fund A-MINC(G)-SGD (SGD/USD hedged) LU1791709907 0.75 3 28/03/2018

FF - China RMB Bond Fund A-MINCOME(G)-AUD LU2345781038 0.75 28/07/2021

FF - China RMB Bond Fund A-MINCOME(G)-HKD LU2345780907 0.75 28/07/2021

FF - China RMB Bond Fund A-MINCOME(G)-RMB LU2308741151 0.75 24/03/2021

FF - China RMB Bond Fund A-MINCOME(G)-USD LU2308741235 0.75 24/03/2021

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 230 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - China RMB Bond Fund E-ACC-EUR LU0788144201 0.75 0.50 18/06/2012

FF - China RMB Bond Fund I-ACC-EUR LU1261430950 0.40 07/08/2015

FF - China RMB Bond Fund I-ACC-USD LU0740036560 0.40 09/12/2020

FF - China RMB Bond Fund I-QDIST-CHF LU2311307727 0.40 10/03/2021

FF - China RMB Bond Fund I-QDIST-EUR LU2311307644 0.40 10/03/2021

FF - China RMB Bond Fund I-QDIST-GBP LU2311307990 0.40 10/03/2021

FF - China RMB Bond Fund I-QDIST-USD LU1380730330 0.40 29/03/2016

FF - China RMB Bond Fund W-ACC-GBP LU1235296008 0.40 24/06/2015

FF - China RMB Bond Fund Y-ACC-EUR LU0788144623 0.40 18/06/2012

FF - China RMB Bond Fund Y-ACC-USD LU0740036727 0.40 07/05/2014

FF - China RMB Bond Fund Y-MINC(G)-RMB LU1797663538 0.40 11/04/2018

FF - China RMB Bond Fund Y-MINCOME(G)-USD LU2308741318 0.40 14/04/2021

FF - Emerging Asia Fund A-ACC-EUR LU0329678410 1.50 21/04/2008

FF - Emerging Asia Fund A-ACC-HKD LU0737861772 1.50 09/02/2012

FF - Emerging Asia Fund A-ACC-PLN (hedged) LU0805777611 1.50 1 06/08/2012

FF - Emerging Asia Fund A-ACC-USD LU0329678337 1.50 21/04/2008

FF - Emerging Asia Fund A-EUR LU0329678253 1.50 21/04/2008

FF - Emerging Asia Fund A-USD LU0329678170 1.50 21/04/2008

FF - Emerging Asia Fund E-ACC-EUR LU0630951415 1.50 0.75 06/06/2011

FF - Emerging Asia Fund I-ACC-USD LU0742535718 0.80 27/02/2012

FF - Emerging Asia Fund W-ACC-GBP LU1033662591 0.80 11/03/2014

FF - Emerging Asia Fund Y-ACC-EUR LU1731832918 0.80 13/12/2017

FF - Emerging Asia Fund Y-ACC-USD LU0390711777 0.80 14/10/2008

FF - Emerging Europe, Middle East and Africa Fund A-ACC-EUR LU0303816705 1.50 11/06/2007

FF - Emerging Europe, Middle East and Africa Fund A-ACC-PLN LU0805778007 1.50 1 06/08/2012
(hedged)

FF - Emerging Europe, Middle East and Africa Fund A-ACC-USD LU0303823156 1.50 11/06/2007

FF - Emerging Europe, Middle East and Africa Fund A-EUR LU0303816028 1.50 11/06/2007

FF - Emerging Europe, Middle East and Africa Fund A-GBP LU0303817182 1.50 11/06/2007

FF - Emerging Europe, Middle East and Africa Fund A-USD LU0303821028 1.50 11/06/2007

FF - Emerging Europe, Middle East and Africa Fund E-ACC-EUR LU0303816887 1.50 0.75 11/06/2007

FF - Emerging Europe, Middle East and Africa Fund I-ACC-USD LU0742535122 0.80 25/10/2017

FF - Emerging Europe, Middle East and Africa Fund Y-ACC-EUR LU0936576247 0.80 12/09/2013

FF - Emerging Europe, Middle East and Africa Fund Y-ACC-USD LU0370788910 0.80 14/07/2008

FF - Emerging Market Corporate Debt Fund A-ACC-EUR (hedged) LU0900495853 1.20 2 20/03/2013

FF - Emerging Market Corporate Debt Fund A-ACC-USD LU0900495697 1.20 20/03/2013

FF - Emerging Market Corporate Debt Fund A-HMDIST(G)-AUD LU1284739635 1.20 2 15/09/2015

(hedged)

FF - Emerging Market Corporate Debt Fund A-MDIST-EUR (hedged) LU0900496232 1.20 2 20/03/2013

FF - Emerging Market Corporate Debt Fund A-MDIST-USD LU0900496075 1.20 20/03/2013

FF - Emerging Market Corporate Debt Fund A-MINC(G)-HKD LU1284739478 1.20 15/09/2015

FF - Emerging Market Corporate Debt Fund A-MINC(G)-USD LU1284738744 1.20 15/09/2015

FF - Emerging Market Corporate Debt Fund E-MDIST-EUR (hedged) LU0900496406 1.20 0.40 2 20/03/2013

FF - Emerging Market Corporate Debt Fund E-MDIST-USD LU1162115643 1.20 0.40 12/01/2015

FF - Emerging Market Corporate Debt Fund I-ACC-EUR (hedged) LU2392950023 0.65 2 13/10/2021

FF - Emerging Market Corporate Debt Fund I-USD LU0900497123 0.65 20/03/2013

FF - Emerging Market Corporate Debt Fund Y-ACC-USD LU0900496661 0.65 20/03/2013

FF - Emerging Market Corporate Debt Fund Y-QDIST-EUR (hedged) LU0900496828 0.65 2 20/03/2013

FF - Emerging Market Debt Fund A-ACC-EUR LU0238205289 1.20 23/01/2006

FF - Emerging Market Debt Fund A-ACC-EUR (hedged) LU0337572712 1.20 2 30/06/2010

FF - Emerging Market Debt Fund A-ACC-HUF (hedged) LU1295422502 1.20 2 05/10/2015

FF - Emerging Market Debt Fund A-ACC-SEK (hedged) LU0566130729 1.20 2 06/12/2010

FF - Emerging Market Debt Fund A-ACC-USD LU0238205958 1.20 23/01/2006

FF - Emerging Market Debt Fund A-EUR LU0238203821 1.20 23/01/2006

FF - Emerging Market Debt Fund A-EUR (hedged) LU1611857365 1.20 2 18/05/2017

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 231 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Emerging Market Debt Fund A-HMDIST(G)-PLN (hedged) LU1677766476 1.20 2 11/10/2017

FF - Emerging Market Debt Fund A-MCDIST(G)-USD LU2156567138 1.20 22/04/2020

FF - Emerging Market Debt Fund A-MDIST-AUD (hedged) LU0963542070 1.20 2 18/09/2013

FF - Emerging Market Debt Fund A-MDIST-EUR LU0238204472 1.20 23/01/2006

FF - Emerging Market Debt Fund A-MDIST-USD LU0238206170 1.20 23/01/2006

FF - Emerging Market Debt Fund A-MINC(G)-USD LU0937949310 1.20 18/06/2013

FF - Emerging Market Debt Fund A-USD LU0238205446 1.20 23/01/2006

FF - Emerging Market Debt Fund E-ACC-EUR LU0238206840 1.20 0.40 23/01/2006

FF - Emerging Market Debt Fund E-ACC-EUR (hedged) LU2184871817 1.20 0.40 2 10/06/2020

FF - Emerging Market Debt Fund E-MDIST-EUR (hedged) LU0718470049 1.20 0.40 2 19/12/2011

FF - Emerging Market Debt Fund I-ACC-EUR (hedged) LU1992937299 0.65 2 15/05/2019

FF - Emerging Market Debt Fund I-ACC-USD LU1353442657 0.65 18/02/2016

FF - Emerging Market Debt Fund W-ACC-GBP LU1235296180 0.65 24/06/2015

FF - Emerging Market Debt Fund X-ACC-GBP (GBP/USD hedged) LU2099031135 0.00 3 15/01/2020

FF - Emerging Market Debt Fund X-ACC-USD LU1858163469 0.00 25/07/2018

FF - Emerging Market Debt Fund Y-ACC-EUR LU1116432458 0.65 08/10/2014

FF - Emerging Market Debt Fund Y-ACC-EUR (hedged) LU0611490078 0.65 2 12/01/2015

FF - Emerging Market Debt Fund Y-ACC-USD LU0238206337 0.65 23/01/2006

FF - Emerging Market Debt Fund Y-MINCOME(G)-USD LU2404868577 0.65 24/11/2021

FF - Emerging Market Debt Fund Y-QDIST-EUR (hedged) LU0840140015 0.65 2 07/11/2012

FF - Emerging Market Local Currency Debt Fund A-ACC-EUR LU2219351280 1.20 18/08/2021

FF - Emerging Market Local Currency Debt Fund A-ACC-USD LU0900493726 1.20 12/04/2013

FF - Emerging Market Local Currency Debt Fund A-MDIST-EUR LU0900494534 1.20 12/04/2013

FF - Emerging Market Local Currency Debt Fund D-ACC-EUR LU2219351363 1.20 0.30 18/08/2021

FF - Emerging Market Local Currency Debt Fund E-ACC-EUR LU2219351447 1.20 0.40 18/08/2021

FF - Emerging Market Local Currency Debt Fund E-MDIST-EUR LU0900494708 1.20 0.40 12/04/2013

FF - Emerging Market Local Currency Debt Fund I-EUR LU1791706127 0.65 14/03/2018

FF - Emerging Market Local Currency Debt Fund I-GBP LU1791705665 0.65 14/03/2018

FF - Emerging Market Local Currency Debt Fund I-USD LU0900495341 0.65 12/04/2013

FF - Emerging Market Local Currency Debt Fund R-ACC-USD LU1894117826 0.80 24/10/2018

FF - Emerging Market Local Currency Debt Fund Y-ACC-EUR LU2055639384 0.65 3 25/09/2019
(EUR/USD hedged)

FF - Emerging Market Local Currency Debt Fund Y-ACC-USD LU0900494963 0.65 12/04/2013

FF - Emerging Market Local Currency Debt Fund Y-QDIST-EUR LU0900495184 0.65 12/04/2013

FF - Emerging Market Total Return Debt Fund A-ACC-EUR LU1830996044 1.20 13/06/2018

FF - Emerging Market Total Return Debt Fund A-ACC-EUR (EUR/USD LU1268459010 1.20 3 29/09/2015
hedged)

FF - Emerging Market Total Return Debt Fund A-ACC-USD LU1268458988 1.20 29/09/2015

FF - Emerging Market Total Return Debt Fund A-EUR LU1268459101 1.20 29/09/2015

FF - Emerging Market Total Return Debt Fund A-EUR (EUR/USD LU1828124989 1.20 3 13/06/2018
hedged)

FF - Emerging Market Total Return Debt Fund A-USD LU1828124716 1.20 13/06/2018

FF - Emerging Market Total Return Debt Fund D-ACC-EUR (EUR/USD LU1858163899 1.20 0.30 3 22/08/2018
hedged)

FF - Emerging Market Total Return Debt Fund E-ACC-EUR LU2184871908 1.20 0.40 10/06/2020

FF - Emerging Market Total Return Debt Fund E-MDIST-EUR (EUR/USD LU1268459283 1.20 0.40 3 29/09/2015
hedged)

FF - Emerging Market Total Return Debt Fund I-ACC-EUR LU1968466547 0.65 27/03/2019

FF - Emerging Market Total Return Debt Fund I-ACC-EUR (EUR/USD LU1689649603 0.65 3 27/09/2017
hedged)

FF - Emerging Market Total Return Debt Fund I-ACC-USD LU1830996127 0.65 14/08/2019

FF - Emerging Market Total Return Debt Fund I-EUR (EUR/USD LU1268459366 0.65 3 29/09/2015
hedged)

FF - Emerging Market Total Return Debt Fund I-QINC(G)-GBP LU1340195905 0.65 3 07/01/2016
(GBP/USD hedged)

FF - Emerging Market Total Return Debt Fund I-USD LU1268459440 0.65 29/09/2015

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 232 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Emerging Market Total Return Debt Fund R-GDIST-GBP (GBP/USD LU2078917205 0.80 3 13/11/2019
hedged)

FF - Emerging Market Total Return Debt Fund W-ACC-GBP (GBP/USD LU2111945536 0.65 3 05/02/2020
hedged)

FF - Emerging Market Total Return Debt Fund W-GDIST-GBP LU2184872039 0.65 3 10/06/2020
(GBP/USD hedged)

FF - Emerging Market Total Return Debt Fund Y-ACC-EUR LU1268459796 0.65 29/09/2015

FF - Emerging Market Total Return Debt Fund Y-ACC-EUR (EUR/USD LU1731832751 0.65 3 13/12/2017
hedged)

FF - Emerging Market Total Return Debt Fund Y-ACC-USD LU1268459523 0.65 29/09/2015

FF - Emerging Market Total Return Debt Fund Y-EUR (EUR/USD LU1417856058 0.65 3 03/06/2016
hedged)

FF - Emerging Markets Focus Fund A-ACC-USD LU1102505929 1.50 29/09/2014

FF - Emerging Markets Focus Fund A-EUR LU1102505689 1.50 29/09/2014

FF - Emerging Markets Focus Fund A-USD LU1102505762 1.50 29/09/2014

FF - Emerging Markets Focus Fund I-ACC-GBP LU2355208773 0.80 23/06/2021

FF - Emerging Markets Focus Fund I-ACC-USD LU1102506067 0.80 29/09/2014

FF - Emerging Markets Focus Fund I-GBP LU2219037731 0.80 26/08/2020

FF - Emerging Markets Focus Fund R-GDIST-GBP LU1968468329 0.80 27/03/2019

FF - Emerging Markets Focus Fund W-GBP LU1937123476 0.80 23/01/2019

FF - Emerging Markets Focus Fund Y-ACC-HUF LU2084129738 0.80 27/11/2019

FF - Emerging Markets Focus Fund Y-ACC-USD LU1102506141 0.80 29/09/2014

FF - Emerging Markets Focus Fund Y-EUR LU2201875601 0.80 08/07/2020

FF - Emerging Markets Fund A-ACC-EUR LU1048684796 1.50 02/04/2014

FF - Emerging Markets Fund A-ACC-EUR (hedged) LU1097728288 1.50 2 28/08/2014

FF - Emerging Markets Fund A-ACC-HUF LU1273508843 1.50 20/08/2015

FF - Emerging Markets Fund A-ACC-SGD (SGD/USD hedged) LU1791710236 1.50 3 28/03/2018

FF - Emerging Markets Fund A-ACC-USD LU0261950470 1.50 25/09/2006

FF - Emerging Markets Fund A-EUR LU0307839646 1.50 23/07/2007

FF - Emerging Markets Fund A-GBP LU0251123260 1.50 26/06/2006

FF - Emerging Markets Fund A-SGD LU0251143458 1.50 15/05/2006

FF - Emerging Markets Fund A-USD LU0048575426 1.50 18/10/1993

FF - Emerging Markets Fund A-USD (hedged) LU1481012133 1.50 2 12/09/2016

FF - Emerging Markets Fund D-ACC-EUR LU1387833327 1.50 0.50 15/04/2016

FF - Emerging Markets Fund E-ACC-EUR LU0115763970 1.50 0.75 01/09/2000

FF - Emerging Markets Fund I-ACC-USD LU0742536872 0.80 27/02/2012

FF - Emerging Markets Fund I-EUR LU1258527420 0.80 22/07/2015

FF - Emerging Markets Fund I-GBP LU1391767743 0.80 20/04/2016

FF - Emerging Markets Fund RA-ACC-USD LU2404983913 1.50 10/11/2021

FF - Emerging Markets Fund SR-ACC-SGD LU1235258685 1.30 12/06/2015

FF - Emerging Markets Fund W-ACC-GBP LU1033662674 0.80 11/03/2014

FF - Emerging Markets Fund W-GBP LU1499161997 0.80 10/10/2016

FF - Emerging Markets Fund Y-ACC-EUR LU1097728361 0.80 28/08/2014

FF - Emerging Markets Fund Y-ACC-EUR (EUR/USD hedged) LU1769044709 0.80 3 14/02/2018

FF - Emerging Markets Fund Y-ACC-USD LU0346390940 0.80 17/03/2008

FF - Emerging Markets Fund Y-EUR LU1711971041 0.80 08/11/2017

FF - Emerging Markets Fund Y-USD LU0936576593 0.80 25/09/2013

FF - Euro Bond Fund A-ACC-EUR LU0251130638 0.75 03/07/2006

FF - Euro Bond Fund A-ACC-HUF (hedged) LU1295422171 0.75 2 05/10/2015

FF - Euro Bond Fund A-ACC-USD (hedged) LU1046421522 0.75 2 09/04/2014

FF - Euro Bond Fund A-EUR LU0048579097 0.75 01/10/1990

FF - Euro Bond Fund A-MDIST-EUR LU0168050333 0.75 09/06/2003

FF - Euro Bond Fund E-ACC-EUR LU0238209513 0.75 0.40 23/01/2006

FF - Euro Bond Fund I-ACC-EUR LU1322386183 0.40 30/11/2015

FF - Euro Bond Fund X-ACC-EUR LU1858163543 0.00 25/07/2018

FF - Euro Bond Fund Y-ACC-EUR LU0346390197 0.40 17/03/2008

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 233 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Euro Bond Fund Y-ACC-USD LU1295424383 0.40 05/10/2015

FF - Euro Bond Fund Y-ACC-USD (hedged) LU1261431172 0.40 2 07/08/2015

FF - Euro Bond Fund Y-EUR LU0949332349 0.40 09/10/2013

FF - Euro Cash Fund A-ACC-EUR LU0261953490 0.15 25/09/2006

FF - Euro Cash Fund A-EUR LU0064964074 0.15 20/09/1993

FF - Euro Cash Fund E-ACC-EUR LU0393653836 0.15 19/11/2008

FF - Euro Cash Fund W-ACC-EUR LU1303741745 0.10 15/01/2016

FF - Euro Cash Fund X-ACC-EUR LU2247935021 0.00 28/10/2020

FF - Euro Cash Fund Y-ACC-EUR LU0346390353 0.10 17/03/2008

FF - Euro Corporate Bond Fund A-ACC-EUR LU0370787193 0.75 12/06/2009

FF - Euro Corporate Bond Fund A-ACC-HUF (hedged) LU1295422338 0.75 2 05/10/2015

FF - Euro Corporate Bond Fund A-EUR LU0605514560 0.75 06/04/2011

FF - Euro Corporate Bond Fund A-MDIST-EUR LU0605514487 0.75 06/04/2011

FF - Euro Corporate Bond Fund D-ACC-EUR LU1387835371 0.75 0.30 04/05/2016

FF - Euro Corporate Bond Fund E-ACC-EUR LU0605514644 0.75 0.40 07/11/2012

FF - Euro Corporate Bond Fund E-MDIST-EUR LU0840139355 0.75 0.40 07/11/2012

FF - Euro Corporate Bond Fund I-ACC-EUR LU1353442574 0.40 18/02/2016

FF - Euro Corporate Bond Fund I-EUR LU1550162728 0.40 23/01/2017

FF - Euro Corporate Bond Fund Y-ACC-EUR LU0370787359 0.40 12/06/2009

FF - Euro Corporate Bond Fund Y-QDIST-EUR LU0840140106 0.40 07/11/2012

FF - Euro Short Term Bond Fund A-ACC-EUR LU0267388220 0.50 10/03/2008

FF - Euro Short Term Bond Fund A-EUR LU0267388576 0.50 28/09/2016

FF - Euro Short Term Bond Fund D-ACC-EUR LU1387834564 0.50 0.15 04/05/2016

FF - Euro Short Term Bond Fund E-ACC-EUR LU0346393613 0.50 0.15 10/03/2008

FF - Euro Short Term Bond Fund I-ACC-EUR LU1457522560 0.30 16/08/2016

FF - Euro Short Term Bond Fund R-ACC-EUR LU1731833999 0.80 11/12/2017

FF - Euro Short Term Bond Fund X-ACC-EUR LU2247934560 0.00 28/10/2020

FF - Euro Short Term Bond Fund Y-ACC-EUR LU0346393704 0.30 10/03/2008

FF - EURO STOXX 50® Fund A-ACC-EUR LU0261952682 0.20 25/09/2006

FF - EURO STOXX 50® Fund A-EUR LU0069450319 0.20 08/10/1996

FF - EURO STOXX 50® Fund A-GBP LU0112642557 0.20 26/06/2000

FF - EURO STOXX 50® Fund Y-ACC-EUR LU0370789215 0.10 14/07/2008

FF - European Dividend Fund A-ACC-EUR LU0353647737 1.50 02/11/2010

FF - European Dividend Fund A-EUR LU0353647653 1.50 02/11/2010

FF - European Dividend Fund A-HMDIST(G)-AUD (hedged) LU1046420805 1.50 1 09/04/2014

FF - European Dividend Fund A-MCDIST(G)-EUR LU1509826779 1.50 22/11/2016

FF - European Dividend Fund A-MINC(G)-EUR LU0857700040 1.50 03/12/2012

FF - European Dividend Fund A-MINC(G)-HKD (hedged) LU1119994140 1.50 1 16/10/2014

FF - European Dividend Fund A-MINC(G)-USD (hedged) LU0997587240 1.50 1 10/01/2014

FF - European Dividend Fund A-QINC(G)-EUR LU0742537177 1.50 03/12/2012

FF - European Dividend Fund I-ACC-EUR LU1642889437 0.80 11/07/2017

FF - European Dividend Fund W-GBP LU1915587239 0.80 28/11/2018

FF - European Dividend Fund Y-ACC-EUR LU0353648032 0.80 02/11/2010

FF - European Dividend Fund Y-QINC(G)-EUR LU1169812549 0.80 26/01/2015

FF - European Dividend Plus Fund A-ACC-EUR LU2272373502 1.50 20/01/2021

FF - European Dividend Plus Fund A-EUR LU2272373767 1.50 20/01/2021

FF - European Dividend Plus Fund A-GDIST-EUR LU2272373841 1.50 20/01/2021

FF - European Dividend Plus Fund W-ACC-GBP LU2272373924 0.80 20/01/2021

FF - European Dividend Plus Fund W-GDIST-GBP LU2339791472 0.80 12/05/2021

FF - European Dividend Plus Fund Y-ACC-EUR LU2272373684 0.80 20/01/2021

FF - European Dividend Plus Fund Y-EUR LU2272374146 0.80 20/01/2021

FF - European Dividend Plus Fund Y-GDIST-EUR LU2272374229 0.80 20/01/2021

FF - European Dynamic Growth Fund A-ACC-EUR LU0261959422 1.50 25/09/2006

FF - European Dynamic Growth Fund A-ACC-HUF (hedged) LU1088279044 1.50 1 28/07/2014

FF - European Dynamic Growth Fund A-ACC-PLN (hedged) LU0959717256 1.50 1 30/09/2013

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 234 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - European Dynamic Growth Fund A-ACC-SGD (hedged) LU1273509221 1.50 1 20/08/2015

FF - European Dynamic Growth Fund A-ACC-USD (hedged) LU0997586515 1.50 1 10/01/2014

FF - European Dynamic Growth Fund A-EUR LU0119124781 1.50 15/01/2001

FF - European Dynamic Growth Fund A-SGD LU1196032939 1.50 11/03/2015

FF - European Dynamic Growth Fund D-ACC-EUR LU1858164194 1.50 0.50 22/08/2018

FF - European Dynamic Growth Fund E-ACC-EUR LU0119124864 1.50 0.75 15/01/2001

FF - European Dynamic Growth Fund I-ACC-EUR LU1353442731 0.80 18/02/2016

FF - European Dynamic Growth Fund I-ACC-USD LU1322385615 0.80 30/11/2015

FF - European Dynamic Growth Fund I-ACC-USD (hedged) LU2115357092 0.80 1 12/02/2020

FF - European Dynamic Growth Fund W-ACC-GBP LU1033662831 0.80 11/03/2014

FF - European Dynamic Growth Fund Y-ACC-EUR LU0318940003 0.80 22/10/2007

FF - European Dynamic Growth Fund Y-ACC-USD (hedged) LU1731833213 0.80 1 13/12/2017

FF - European Dynamic Growth Fund Y-EUR LU0936577138 0.80 25/09/2013

FF - European Growth Fund A-ACC-EUR LU0296857971 1.50 02/05/2007

FF - European Growth Fund A-ACC-USD (hedged) LU0997586606 1.50 1 10/01/2014

FF - European Growth Fund A-EUR LU0048578792 1.50 01/10/1990

FF - European Growth Fund A-SGD LU0550127509 1.50 27/10/2010

FF - European Growth Fund C-EUR LU0324710721 1.50 1.00 05/11/2007

FF - European Growth Fund E-ACC-EUR LU0115764192 1.50 0.75 01/09/2000

FF - European Growth Fund I-ACC-EUR LU1642889510 0.80 11/07/2017

FF - European Growth Fund SR-ACC-EUR LU1235258925 1.30 12/06/2015

FF - European Growth Fund SR-ACC-SGD LU1235259576 1.30 12/06/2015

FF - European Growth Fund W-ACC-GBP LU1235296263 0.80 24/06/2015

FF - European Growth Fund Y-ACC-EUR LU0346388373 0.80 17/03/2008

FF - European Growth Fund Y-EUR LU0936577302 0.80 25/09/2013

FF - European High Yield Fund A-ACC-CZK LU1756523533 1.00 24/01/2018

FF - European High Yield Fund A-ACC-CZK (hedged) LU0979393146 1.00 2 05/11/2013

FF - European High Yield Fund A-ACC-EUR LU0251130802 1.00 03/07/2006

FF - European High Yield Fund A-ACC-PLN (hedged) LU1306267003 1.00 2 21/10/2015

FF - European High Yield Fund A-ACC-SEK (hedged) LU0413545426 1.00 2 23/02/2009

FF - European High Yield Fund A-ACC-USD (hedged) LU0621411155 1.00 2 18/05/2011

FF - European High Yield Fund A-EUR LU0110060430 1.00 26/06/2000

FF - European High Yield Fund A-HMDIST(G)-AUD (hedged) LU1235294482 1.00 2 03/06/2015

FF - European High Yield Fund A-MDIST-EUR LU0168053600 1.00 09/06/2003

FF - European High Yield Fund A-MDIST-SGD LU0251145669 1.00 15/05/2006

FF - European High Yield Fund A-MDIST-SGD (hedged) LU1084809042 1.00 2 23/07/2014

FF - European High Yield Fund A-MDIST-USD (hedged) LU0882574212 1.00 2 27/03/2013

FF - European High Yield Fund A-MINC(G)-EUR LU0937949070 1.00 18/06/2013

FF - European High Yield Fund A-MINC(G)-HKD (hedged) LU1046421365 1.00 2 09/04/2014

FF - European High Yield Fund A-MINC(G)-SGD (hedged) LU1284738660 1.00 2 15/09/2015

FF - European High Yield Fund A-MINC(G)-USD (hedged) LU1284738587 1.00 2 15/09/2015

FF - European High Yield Fund A-MINC-EUR LU0605515021 1.00 13/04/2011

FF - European High Yield Fund D-ACC-EUR LU1387834051 1.00 0.30 04/05/2016

FF - European High Yield Fund D-MDIST-EUR LU1387833673 1.00 0.30 15/04/2016

FF - European High Yield Fund E-ACC-EUR LU0238209786 1.00 0.25 23/01/2006

FF - European High Yield Fund E-MDIST-EUR LU0718468068 1.00 0.50 19/12/2011

FF - European High Yield Fund I-ACC-EUR LU0957027591 0.65 12/08/2013

FF - European High Yield Fund I-QDIST-EUR LU0954694930 0.65 26/07/2013

FF - European High Yield Fund REST RY-ACC-EUR LU2367617110 0.50 28/07/2021

FF - European High Yield Fund RY-ACC-EUR LU2115356797 0.80 12/02/2020

FF - European High Yield Fund RY-ACC-USD (hedged) LU2115356870 0.80 2 12/02/2020

FF - European High Yield Fund RY-EUR LU2115356953 0.80 12/02/2020

FF - European High Yield Fund Y-ACC-CHF (hedged) LU1207410397 0.65 2 01/04/2015

FF - European High Yield Fund Y-ACC-CZK (hedged) LU1261431255 0.65 2 07/08/2015

FF - European High Yield Fund Y-ACC-EUR LU0346390270 0.65 17/03/2008

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 235 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - European High Yield Fund Y-ACC-SEK (hedged) LU1261431339 0.65 2 07/08/2015

FF - European High Yield Fund Y-ACC-USD (hedged) LU1207409209 0.65 2 01/04/2015

FF - European High Yield Fund Y-EUR LU0936577567 0.65 25/09/2013

FF - European High Yield Fund Y-MDIST-USD (hedged) LU1284738314 0.65 2 15/09/2015

FF - European High Yield Fund Y-MINCOME(G)-EUR LU2404868817 0.65 24/11/2021

FF - European High Yield Fund Y-QDIST-EUR LU0840140288 0.65 07/11/2012

FF - European Larger Companies Fund A-ACC-EUR LU0251129549 1.50 03/07/2006

FF - European Larger Companies Fund A-EUR LU0119124278 1.50 16/09/2002

FF - European Larger Companies Fund D-ACC-EUR LU1387833244 1.50 0.50 15/04/2016

FF - European Larger Companies Fund E-ACC-EUR LU0119124435 1.50 0.75 16/09/2002

FF - European Larger Companies Fund I-ACC-EUR LU0933614405 0.80 05/06/2013

FF - European Larger Companies Fund I-ACC-SGD LU1322385375 0.80 30/11/2015

FF - European Larger Companies Fund I-ACC-SGD (SGD/EUR hedged) LU1968586286 0.80 3 10/04/2019

FF - European Larger Companies Fund Y-ACC-EUR LU0318939765 0.80 22/10/2007

FF - European Larger Companies Fund Y-ACC-USD (hedged) LU0959716878 0.80 1 12/09/2013

FF - European Larger Companies Fund Y-EUR LU0936577724 0.80 25/09/2013

FF - European Low Volatility Equity Fund A-ACC-EUR LU2346229433 1.30 29/06/2021

FF - European Low Volatility Equity Fund I-ACC-EUR LU2346229516 0.25 29/06/2021

FF - European Low Volatility Equity Fund W-ACC-GBP LU2346229607 0.65 29/06/2021

FF - European Low Volatility Equity Fund Y-ACC-EUR LU2346229359 0.65 29/06/2021

FF - European Multi Asset Income Fund A-ACC-EUR LU0261950553 1.00 25/09/2006

FF - European Multi Asset Income Fund A-ACC-USD (hedged) LU1046421449 1.00 1 09/04/2014

FF - European Multi Asset Income Fund A-EUR LU0052588471 1.00 17/10/1994

FF - European Multi Asset Income Fund A-MCDIST(G)-EUR LU1509826423 1.00 22/11/2016

FF - European Multi Asset Income Fund A-QINCOME(G)-EUR LU2061962895 1.00 13/11/2019

FF - European Multi Asset Income Fund D-ACC-EUR LU2061962382 1.00 0.50 13/11/2019

FF - European Multi Asset Income Fund D-QINCOME(G)-EUR LU2061963513 1.00 0.50 13/11/2019

FF - European Multi Asset Income Fund E-ACC-EUR LU0283900842 1.00 0.55 19/03/2007

FF - European Multi Asset Income Fund E-QINCOME(G)-EUR LU2061962978 1.00 0.55 13/11/2019

FF - European Multi Asset Income Fund Y-ACC-EUR LU0346389934 0.60 17/03/2008

FF - European Multi Asset Income Fund Y-QINCOME(G)-EUR LU2061963356 0.60 13/11/2019

FF - European Smaller Companies Fund A-ACC-EUR LU0261951528 1.50 25/09/2006

FF - European Smaller Companies Fund A-ACC-USD (hedged) LU0997586788 1.50 1 10/01/2014

FF - European Smaller Companies Fund A-EUR LU0061175625 1.50 01/12/1995

FF - European Smaller Companies Fund E-ACC-EUR LU0115764358 1.50 0.75 01/09/2000

FF - European Smaller Companies Fund I-ACC-Euro LU1915587312 0.80 28/11/2018

FF - European Smaller Companies Fund Y-ACC-EUR LU0346388456 0.80 17/03/2008

FF - European Smaller Companies Fund Y-ACC-USD (USD/EUR LU2404868650 0.80 3 24/11/2021

hedged)

FF - European Smaller Companies Fund Y-EUR LU0936578029 0.80 25/09/2013

FF - Fidelity Institutional Target™ 2055 (Euro) Fund P-ACC-EUR LU2219270019 0.60 22/10/2020

FF - Fidelity Institutional Target™ 2060 (Euro) Fund P-ACC-EUR LU2219270100 0.60 22/10/2020

FF - Fidelity Institutional Target™ 2015 (Euro) Fund P-ACC-EUR LU1153363632 0.21 14/01/2015

FF - Fidelity Institutional Target™ 2020 (Euro) Fund P-ACC-EUR LU1153363715 0.21 14/01/2015

FF - Fidelity Institutional Target™ 2025 (Euro) Fund P-ACC-EUR LU1153363806 0.40 14/01/2015

FF - Fidelity Institutional Target™ 2030 (Euro) Fund P-ACC-EUR LU1153363988 0.60 14/01/2015

FF - Fidelity Institutional Target™ 2035 (Euro) Fund P-ACC-EUR LU1153364010 0.60 14/01/2015

FF - Fidelity Institutional Target™ 2040 (Euro) Fund P-ACC-EUR LU1153364101 0.60 14/01/2015

FF - Fidelity Institutional Target™ 2045 (Euro) Fund P-ACC-EUR LU1153364283 0.60 14/01/2015

FF - Fidelity Institutional Target™ 2050 (Euro) Fund P-ACC-EUR LU1153364366 0.60 14/01/2015

FF - Fidelity Target™ 2020 (Euro) Fund A-ACC-EUR LU0251131289 0.40 03/07/2006

FF - Fidelity Target™ 2020 (Euro) Fund A-EUR LU0172516865 0.40 05/09/2003

FF - Fidelity Target™ 2020 (Euro) Fund P-ACC-EUR LU0393654644 0.20 23/12/2008

FF - Fidelity Target™ 2020 Fund A-USD LU0147748072 0.40 10/05/2002

FF - Fidelity Target™ 2025 (Euro) Fund A-ACC-EUR LU0251131792 1.10 03/07/2006

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 236 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Fidelity Target™ 2025 (Euro) Fund A-ACC-GBP (GBP/EUR hedged) LU2122942761 1.10 3 26/02/2020

FF - Fidelity Target™ 2025 (Euro) Fund A-ACC-USD (USD/Euro hedged) LU2132457917 1.10 3 11/03/2020

FF - Fidelity Target™ 2025 (Euro) Fund A-EUR LU0215158840 1.10 16/05/2005

FF - Fidelity Target™ 2025 (Euro) Fund P-ACC-EUR LU0393654727 0.60 23/12/2008

FF - Fidelity Target™ 2025 (Euro) Fund P-ACC-USD (USD/EUR hedged) LU2242648108 0.60 3 23/06/2021

FF - Fidelity Target™ 2030 (Euro) Fund A-ACC-EUR LU0251131362 1.50 03/07/2006

FF - Fidelity Target™ 2030 (Euro) Fund A-ACC-GBP (GBP/EUR hedged) LU2122942928 1.50 3 26/02/2020

FF - Fidelity Target™ 2030 (Euro) Fund A-ACC-USD (USD/Euro hedged) LU2132458055 1.50 3 11/03/2020

FF - Fidelity Target™ 2030 (Euro) Fund A-EUR LU0215159145 1.50 16/05/2005

FF - Fidelity Target™ 2030 (Euro) Fund P-ACC-EUR LU0393654990 0.80 23/12/2008

FF - Fidelity Target™ 2030 (Euro) Fund P-ACC-USD (USD/EUR hedged) LU2242648017 0.80 3 23/06/2021

FF - Fidelity Target™ 2035 (Euro) Fund A-ACC-EUR LU0251119078 1.50 26/06/2006

FF - Fidelity Target™ 2035 (Euro) Fund A-ACC-GBP (GBP/EUR hedged) LU2122943140 1.50 3 26/02/2020

FF - Fidelity Target™ 2035 (Euro) Fund A-ACC-USD (USD/Euro hedged) LU2132458139 1.50 3 11/03/2020

FF - Fidelity Target™ 2035 (Euro) Fund A-EUR LU0251118260 1.50 26/06/2006

FF - Fidelity Target™ 2035 (Euro) Fund P-ACC-EUR LU0393655021 0.80 23/12/2008

FF - Fidelity Target™ 2035 (Euro) Fund P-ACC-USD (USD/EUR hedged) LU2362899077 0.80 3 14/07/2021

FF - Fidelity Target™ 2040 (Euro) Fund A-ACC-EUR LU0251120084 1.50 26/06/2006

FF - Fidelity Target™ 2040 (Euro) Fund A-ACC-GBP (GBP/EUR hedged) LU2122943496 1.50 3 26/02/2020

FF - Fidelity Target™ 2040 (Euro) Fund A-ACC-USD (USD/Euro hedged) LU2132458212 1.50 3 11/03/2020

FF - Fidelity Target™ 2040 (Euro) Fund A-EUR LU0251119318 1.50 26/06/2006

FF - Fidelity Target™ 2040 (Euro) Fund P-ACC-EUR LU0393655294 0.80 23/12/2008

FF - Fidelity Target™ 2040 (Euro) Fund P-ACC-USD (USD/EUR hedged) LU2362899150 0.80 3 14/07/2021

FF - Fidelity Target™ 2045 (Euro) Fund A-ACC-EUR LU1025014389 1.50 03/03/2014

FF - Fidelity Target™ 2045 (Euro) Fund A-ACC-GBP (GBP/EUR hedged) LU2122943652 1.50 3 26/02/2020

FF - Fidelity Target™ 2045 (Euro) Fund A-ACC-USD (USD/Euro hedged) LU2132458303 1.50 3 11/03/2020

FF - Fidelity Target™ 2045 (Euro) Fund A-EUR LU1025014207 1.50 03/03/2014

FF - Fidelity Target™ 2045 (Euro) Fund P-ACC-EUR LU1025014462 0.80 03/03/2014

FF - Fidelity Target™ 2045 (Euro) Fund P-ACC-USD (USD/EUR hedged) LU2362899234 0.80 3 14/07/2021

FF - Fidelity Target™ 2050 (Euro) Fund A-ACC-EUR LU1025014629 1.50 03/03/2014

FF - Fidelity Target™ 2050 (Euro) Fund A-ACC-GBP (GBP/EUR hedged) LU2122943819 1.50 3 26/02/2020

FF - Fidelity Target™ 2050 (Euro) Fund A-ACC-USD (USD/Euro hedged) LU2132458485 1.50 3 11/03/2020

FF - Fidelity Target™ 2050 (Euro) Fund A-EUR LU1025014546 1.50 03/03/2014

FF - Fidelity Target™ 2050 (Euro) Fund P-ACC-EUR LU1025014892 0.80 03/03/2014

FF - Fidelity Target™ 2050 (Euro) Fund P-ACC-USD (USD/Euro hedged) LU2362899317 0.80 3 14/07/2021

FF - Fidelity Target ™ 2055 (Euro) Fund A-ACC-EUR LU2218679988 1.50 22/10/2020

FF - Fidelity Target ™ 2055 (Euro) Fund A-ACC-GBP (GBP/Euro LU2218680218 1.50 3 22/10/2020
hedged)

FF - Fidelity Target ™ 2055 (Euro) Fund A-ACC-USD (USD/EUR LU2218680309 1.50 3 22/10/2020
hedged)

FF - Fidelity Target ™ 2055 (Euro) Fund A-EUR LU2218680051 1.50 22/10/2020

FF - Fidelity Target ™ 2055 (Euro) Fund P-ACC-EUR LU2218680135 0.80 22/10/2020

FF - Fidelity Target™ 2055 (Euro) Fund P-ACC-USD (USD/EUR hedged) LU2362899408 0.80 3 14/07/2021

FF - Fidelity Target ™ 2060 (Euro) Fund A-ACC-EUR LU2218680481 1.50 22/10/2020

FF - Fidelity Target ™ 2060 (Euro) Fund A-ACC-GBP (GBP/EUR LU2218680721 1.50 3 22/10/2020
hedged)

FF - Fidelity Target ™ 2060 (Euro) Fund A-ACC-USD (USD/EUR LU2218680994 1.50 3 22/10/2020
hedged)

FF - Fidelity Target ™ 2060 (Euro) Fund A-EUR LU2218680564 1.50 22/10/2020

FF - Fidelity Target ™ 2060 (Euro) Fund P-ACC-EUR LU2218680648 0.80 22/10/2020

FF - Fidelity Target ™ 2060 (Euro) Fund P-ACC-USD (USD/EUR LU2362899580 0.80 3 14/07/2021
hedged)

FF - FIRST All Country World Fund A-ACC-EUR LU0267387255 1.50 16/12/2019

FF - FIRST All Country World Fund A-SGD LU1046422926 1.50 16/12/2019

FF - FIRST All Country World Fund A-USD LU0267386448 1.50 16/12/2019

FF - FIRST All Country World Fund E-ACC-EUR LU0267387339 1.50 0.75 16/12/2019

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 237 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - FIRST All Country World Fund I-ACC-EUR LU1132648889 0.80 04/12/2014

FF - FIRST All Country World Fund I-ACC-GBP LU1132649002 0.80 04/12/2014

FF - FIRST All Country World Fund I-ACC-USD LU1132648962 0.80 04/12/2014

FF - FIRST All Country World Fund I-USD LU1132649184 0.80 04/12/2014

FF - FIRST All Country World Fund RY-ACC-USD LU2404984135 0.80 10/11/2021

FF - FIRST All Country World Fund Y-ACC-USD LU1132649267 0.80 04/12/2014

FF - FIRST European Value Fund A-ACC-EUR LU0353646689 1.50 31/08/2011

FF - FIRST European Value Fund Y-ACC-EUR LU0353646929 0.80 31/08/2011

FF - Flexible Bond Fund A-ACC-EUR LU1345485095 1.00 16/02/2016

FF - Flexible Bond Fund A-ACC-EUR (EUR/GBP hedged) LU1345484874 1.00 3 16/02/2016

FF - Flexible Bond Fund A-ACC-GBP LU0261947765 1.00 25/09/2006

FF - Flexible Bond Fund A-ACC-USD LU2296468262 1.00 10/02/2021

FF - Flexible Bond Fund A-EUR (EUR/GBP hedged) LU1492825564 1.00 3 28/09/2016

FF - Flexible Bond Fund A-GBP LU0048620586 1.00 12/11/1990

FF - Flexible Bond Fund A-MINCOME(G)-EUR LU2303047935 1.00 24/02/2021

FF - Flexible Bond Fund A-MINCOME(G)-GBP LU2303048073 1.00 24/02/2021

FF - Flexible Bond Fund A-MINCOME(G)-USD LU2303048156 1.00 24/02/2021

FF - Flexible Bond Fund E-ACC-EUR (EUR/GBP hedged) LU1345485335 1.00 0.60 3 16/02/2016

FF - Flexible Bond Fund E-MDIST-EUR (EUR/GBP hedged) LU1345484528 1.00 0.60 3 16/02/2016

FF - Flexible Bond Fund I-GBP LU2152796004 0.50 08/04/2020

FF - Flexible Bond Fund Y-ACC-EUR LU1345486143 0.50 16/02/2016

FF - Flexible Bond Fund Y-ACC-EUR (EUR/GBP hedged) LU1345485921 0.50 3 16/02/2016

FF - Flexible Bond Fund Y-ACC-GBP LU1284736961 0.50 15/09/2015

FF - Flexible Bond Fund Y-ACC-USD LU2303047851 0.50 24/02/2021

FF - Flexible Bond Fund Y-EUR (EUR/GBP hedged) LU1345485509 0.50 3 16/02/2016

FF - Flexible Bond Fund Y-GBP LU0896308789 0.50 17/04/2013

FF - Flexible Bond Fund Y-MINCOME(G)-EUR LU2303048230 0.50 24/02/2021

FF - Flexible Bond Fund Y-MINCOME(G)-GBP LU2303048313 0.50 24/02/2021

FF - Flexible Bond Fund Y-MINCOME(G)-USD LU2303048404 0.50 24/02/2021

FF - Flexible Bond Fund Y-USD (USD/GBP hedged) LU1345485764 0.50 3 16/02/2016

FF - France Fund A-ACC-EUR LU0261948060 1.50 25/09/2006

FF - France Fund A-EUR LU0048579410 1.50 01/10/1990

FF - France Fund I-ACC-EUR LU1420312057 0.80 03/06/2016

FF - France Fund Y-ACC-EUR LU0318940185 0.80 22/10/2007

FF - Germany Fund A-ACC-CHF (hedged) LU1190411048 1.50 1 24/02/2015

FF - Germany Fund A-ACC-EUR LU0261948227 1.50 25/09/2006

FF - Germany Fund A-ACC-USD (hedged) LU1046421878 1.50 1 09/04/2014

FF - Germany Fund A-EUR LU0048580004 1.50 01/10/1990

FF - Germany Fund I-ACC-EUR LU1968468162 0.80 27/03/2019

FF - Germany Fund Y-ACC-CHF (hedged) LU1261431412 0.80 1 07/08/2015

FF - Germany Fund Y-ACC-EUR LU0346388530 0.80 25/03/2008

FF - Germany Fund Y-ACC-USD (hedged) LU1261431503 0.80 1 07/08/2015

FF - Germany Fund Y-EUR LU1273507878 0.80 20/08/2015

FF - Global Bond Fund A-ACC-EUR (hedged) LU0337577430 0.75 2 10/03/2008

FF - Global Bond Fund A-ACC-USD LU0261946288 0.75 25/09/2006

FF - Global Bond Fund A-USD LU0048582984 0.75 01/10/1990

FF - Global Bond Fund I-ACC-EUR (hedged) LU1992936994 0.40 2 20/05/2019

FF - Global Bond Fund I-ACC-USD LU1550162991 0.40 23/01/2017

FF - Global Bond Fund Y-ACC-EUR (hedged) LU2252533661 0.40 2 29/01/2021

FF - Global Bond Fund Y-ACC-USD LU0896351102 0.40 18/03/2013

FF - Global Corporate Bond Fund A-ACC-EUR LU0532243267 0.75 09/05/2012

FF - Global Corporate Bond Fund A-ACC-EUR (hedged) LU0532243341 0.75 2 09/05/2012

FF - Global Corporate Bond Fund I-ACC-EUR (hedged) LU2184872112 0.40 2 10/06/2020

FF - Global Corporate Bond Fund S restricted A-ACC-SEK (hedged) LU1980295213 0.75 2 24/04/2019

FF - Global Corporate Bond Fund Y-ACC-EUR (hedged) LU0532244588 0.40 2 08/09/2010

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 238 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Global Corporate Bond Fund Y-ACC-USD LU0532244406 0.40 08/09/2010

FF - Global Demographics Fund A-ACC-CZK (CZK/USD hedged) LU1961889083 1.50 3 13/03/2019

FF - Global Demographics Fund A-ACC-EUR (hedged) LU0528228074 1.50 1 12/04/2012

FF - Global Demographics Fund A-ACC-HUF LU1295422767 1.50 05/10/2015

FF - Global Demographics Fund A-ACC-PLN (PLN/USD hedged) LU2268342222 1.50 3 09/12/2020

FF - Global Demographics Fund A-ACC-SGD LU1791710400 1.50 28/03/2018

FF - Global Demographics Fund A-ACC-SGD (SGD/USD hedged) LU1791710582 1.50 3 28/03/2018

FF - Global Demographics Fund A-ACC-USD LU0528227936 1.50 14/03/2012

FF - Global Demographics Fund A-EUR LU1906296352 1.50 14/11/2018

FF - Global Demographics Fund D-ACC-EUR LU1387834648 1.50 0.50 04/05/2016

FF - Global Demographics Fund E-ACC-EUR (hedged) LU0528228157 1.50 0.75 1 07/11/2012

FF - Global Demographics Fund I-ACC-USD LU1961889323 0.80 13/03/2019

FF - Global Demographics Fund Y-ACC-EUR (hedged) LU0528228314 0.80 1 12/04/2012

FF - Global Demographics Fund Y-ACC-GBP LU0654618890 0.80 14/03/2012

FF - Global Demographics Fund Y-ACC-USD LU0528228231 0.80 14/03/2012

FF - Global Dividend Fund A-ACC-EUR LU1261431768 1.50 07/08/2015

FF - Global Dividend Fund A-ACC-EUR (hedged) LU0605515377 1.50 1 30/01/2012

FF - Global Dividend Fund A-ACC-HUF (hedged) LU0979393062 1.50 1 05/11/2013

FF - Global Dividend Fund A-ACC-USD LU0772969993 1.50 04/05/2012

FF - Global Dividend Fund A-GDIST-EUR LU2009125860 1.50 26/06/2019

FF - Global Dividend Fund A-HMDIST(G)-AUD (hedged) LU1005136848 1.50 1 23/01/2014

FF - Global Dividend Fund A-HMDIST(G)-PLN (hedged) LU1482752117 1.50 1 15/09/2016

FF - Global Dividend Fund A-HMDIST(G)-RMB (hedged) LU1046421100 1.50 1 09/04/2014

FF - Global Dividend Fund A-MCDIST(G)-SGD (SGD/USD hedged) LU2375672263 1.50 3 22/09/2021

FF - Global Dividend Fund A-MCDIST(G)-USD LU1509826696 1.50 22/11/2016

FF - Global Dividend Fund A-MINC(G)-AUD (hedged) LU0982800491 1.50 1 28/10/2013

FF - Global Dividend Fund A-MINC(G)-EUR LU0731782826 1.50 30/01/2012

FF - Global Dividend Fund A-MINC(G)-HKD LU0742537680 1.50 10/05/2012

FF - Global Dividend Fund A-MINC(G)-HKD (hedged) LU1481011671 1.50 1 12/09/2016

FF - Global Dividend Fund A-MINC(G)-SGD LU0731783394 1.50 30/01/2012

FF - Global Dividend Fund A-MINC(G)-SGD (hedged) LU1599440770 1.50 1 10/05/2017

FF - Global Dividend Fund A-MINC(G)-USD LU0731783048 1.50 30/01/2012

FF - Global Dividend Fund A-MINC(G)-USD (hedged) LU1481011911 1.50 1 12/09/2016

FF - Global Dividend Fund A-QINC(G)-EUR LU0731782404 1.50 30/01/2012

FF - Global Dividend Fund A-QINC(G)-USD LU0731782586 1.50 30/01/2012

FF - Global Dividend Fund D-ACC-EUR LU1387832436 1.50 0.50 15/04/2016

FF - Global Dividend Fund D-ACC-EUR (hedged) LU1387832519 1.50 0.50 1 15/04/2016

FF - Global Dividend Fund D-MINC(G)-EUR (hedged) LU1387832600 1.50 0.50 1 15/04/2016

FF - Global Dividend Fund D-QINC(G)-EUR LU1387832782 1.50 0.50 15/04/2016

FF - Global Dividend Fund E-ACC-EUR LU1038895451 1.50 0.75 10/03/2014

FF - Global Dividend Fund E-MINC(G)-EUR (hedged) LU0840139785 1.50 0.75 1 07/11/2012

FF - Global Dividend Fund I-ACC-EUR LU0731783477 0.80 30/01/2012

FF - Global Dividend Fund I-ACC-USD (hedged) LU1261431685 0.80 1 07/08/2015

FF - Global Dividend Fund I-QDIST-EUR LU2191834295 0.80 24/06/2020

FF - Global Dividend Fund SR-ACC-SGD LU1380763851 1.30 04/04/2016

FF - Global Dividend Fund SR-MINC(G)-SGD LU1380763935 1.30 04/04/2016

FF - Global Dividend Fund Svetovych dividend A-ACC-CZK(hdg) LU0979392924 1.50 1 05/11/2013

FF - Global Dividend Fund W-ACC-GBP LU1033663052 0.80 11/03/2014

FF - Global Dividend Fund W-QINC(G)-GBP LU1070707374 0.80 02/06/2014

FF - Global Dividend Fund W-QINCOME(G)-GBP (hedged) LU1550162645 0.80 1 23/01/2017

FF - Global Dividend Fund Y-ACC-CHF (hedged) LU1201780084 0.80 1 16/03/2015

FF - Global Dividend Fund Y-ACC-EUR LU1731833056 0.80 13/12/2017

FF - Global Dividend Fund Y-ACC-EUR (hedged) LU0605515880 0.80 1 30/01/2012

FF - Global Dividend Fund Y-ACC-USD LU0605515963 0.80 30/01/2012

FF - Global Dividend Fund Y-EUR LU1961889166 0.80 13/03/2019

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 239 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Global Dividend Fund Y-HMDIST(G)-AUD (AUD/USD hedged) LU2404868734 0.80 3 24/11/2021

FF - Global Dividend Fund Y-QINC(G)-EUR LU1169812200 0.80 26/01/2015

FF - Global Dividend Fund Y-QINC(G)-USD LU1560650217 0.80 20/02/2017

FF - Global Dividend Plus Fund A-ACC-EUR LU0261951957 1.50 25/09/2006

FF - Global Dividend Plus Fund A-ACC-USD LU2242646235 1.50 09/06/2021

FF - Global Dividend Plus Fund A-EUR LU0099575291 1.50 01/09/1999

FF - Global Dividend Plus Fund A-GBP LU0116927707 1.50 08/09/2000

FF - Global Dividend Plus Fund A-GDIST-EUR LU2242646318 1.50 26/05/2021

FF - Global Dividend Plus Fund A-MCDIST(G)-USD LU2401740654 1.50 10/11/2021

FF - Global Dividend Plus Fund A-MDIST-HKD LU2242646581 1.50 26/05/2021

FF - Global Dividend Plus Fund A-MDIST-USD LU2242646664 1.50 12/05/2021

FF - Global Dividend Plus Fund A-MINC(G)-AUD (hedged) LU1920062871 1.50 1 12/12/2018

FF - Global Dividend Plus Fund A-MINC(G)-HKD (hedged) LU1920062954 1.50 1 12/12/2018

FF - Global Dividend Plus Fund A-MINC(G)-USD (hedged) LU1920063259 1.50 1 12/12/2018

FF - Global Dividend Plus Fund A-MINCOME(G)-HKD LU2242646748 1.50 26/05/2021

FF - Global Dividend Plus Fund A-MINCOME(G)-SGD LU2242646821 1.50 26/05/2021

FF - Global Dividend Plus Fund A-MINCOME(G)-USD LU2401740738 1.50 10/11/2021

FF - Global Dividend Plus Fund A-USD LU2242652126 1.50 12/05/2021

FF - Global Dividend Plus Fund E-ACC-EUR LU0115774233 1.50 0.75 01/09/2000

FF - Global Dividend Plus Fund I-ACC-EUR LU1622585831 0.80 31/05/2017

FF - Global Dividend Plus Fund I-ACC-USD LU2242647043 0.80 12/05/2021

FF - Global Dividend Plus Fund I-USD LU2242647126 0.80 26/05/2021

FF - Global Dividend Plus Fund W-ACC-GBP LU1033663722 0.80 11/03/2014

FF - Global Dividend Plus Fund W-GDIST-GBP LU2242647399 0.80 09/06/2021

FF - Global Dividend Plus Fund Y-ACC-EUR LU0346389694 0.80 25/03/2008

FF - Global Dividend Plus Fund Y-ACC-USD LU1711970662 0.80 08/11/2017

FF - Global Dividend Plus Fund Y-EUR LU0936579696 0.80 09/10/2013

FF - Global Dividend Plus Fund Y-GDIST-EUR LU2242647472 0.80 09/06/2021

FF - Global Dividend Plus Fund Y-QDIST-USD LU2387414753 0.80 22/09/2021

FF - Global Dividend Plus Fund Y-USD LU2242647555 0.80 12/05/2021

FF - Global Equity Income Fund A-ACC-USD LU1084165130 1.50 15/07/2014

FF - Global Equity Income Fund A-MINC(G)-EUR LU1084165056 1.50 15/07/2014

FF - Global Equity Income Fund A-QINCOME(G)-EUR LU2219038036 1.50 26/08/2020

FF - Global Equity Income Fund I-ACC-USD LU0994413051 0.80 18/11/2013

FF - Global Equity Income Fund I-USD LU1005136764 0.80 10/01/2014

FF - Global Equity Income Fund W-GBP LU2206821451 0.80 22/07/2020

FF - Global Equity Income Fund X-ACC-GBP LU2099031218 0.00 15/01/2020

FF - Global Equity Income Fund Y-ACC-USD LU1084165213 0.80 15/07/2014

FF - Global Equity Income Fund Y-QINCOME(G)-EUR LU2219038119 0.80 26/08/2020

FF - Global Financial Services Fund A-ACC-EUR LU1391767586 1.50 20/04/2016

FF - Global Financial Services Fund A-ACC-SGD LU1363072403 1.50 19/02/2016

FF - Global Financial Services Fund A-ACC-USD (hedged) LU1273508926 1.50 1 20/08/2015

FF - Global Financial Services Fund A-EUR LU0114722498 1.50 01/09/2000

FF - Global Financial Services Fund A-GBP LU0116932376 1.50 08/09/2000

FF - Global Financial Services Fund A-USD LU0971096721 1.50 16/10/2013

FF - Global Financial Services Fund E-ACC-EUR LU0114722738 1.50 0.75 01/09/2000

FF - Global Financial Services Fund I-ACC-EUR LU1550163023 0.80 23/01/2017

FF - Global Financial Services Fund W-ACC-GBP LU1033663136 0.80 11/03/2014

FF - Global Financial Services Fund Y-ACC-EUR LU0346388704 0.80 25/03/2008

FF - Global Financial Services Fund Y-ACC-USD LU1711970159 0.80 08/11/2017

FF - Global Financial Services Fund Y-EUR LU0936578532 0.80 25/09/2013

FF - Global Focus Fund A-ACC-EUR (hedged) LU1366332952 1.50 1 12/05/2016

FF - Global Focus Fund A-ACC-USD LU1366333091 1.50 12/05/2016

FF - Global Focus Fund A-EUR LU0157922724 1.50 14/01/2003

FF - Global Focus Fund A-GBP LU0157924183 1.50 14/01/2003

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 240 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Global Focus Fund A-USD LU0157215616 1.50 14/01/2003

FF - Global Focus Fund E-ACC-EUR LU0157217158 1.50 0.75 14/01/2003

FF - Global Focus Fund E-ACC-EUR (hedged) LU1366333174 1.50 0.75 1 12/05/2016

FF - Global Focus Fund I-ACC-CHF LU2334583171 0.80 28/04/2021

FF - Global Focus Fund I-ACC-EUR LU2334583254 0.80 28/04/2021

FF - Global Focus Fund I-ACC-GBP LU2334583338 0.80 28/04/2021

FF - Global Focus Fund I-ACC-USD LU1366333257 0.80 12/05/2016

FF - Global Focus Fund W-ACC-GBP LU1033663219 0.80 11/03/2014

FF - Global Focus Fund Y-ACC-EUR LU0933613696 0.80 03/06/2013

FF - Global Focus Fund Y-ACC-EUR (hedged) LU1366333331 0.80 1 12/05/2016

FF - Global Focus Fund Y-ACC-USD LU0370789058 0.80 14/07/2008

FF - Global Focus Fund Y-EUR LU0936578706 0.80 25/09/2013

FF - Global Health Care Fund A-ACC-EUR LU0261952419 1.50 25/09/2006

FF - Global Health Care Fund A-ACC-HUF LU1273508686 1.50 20/08/2015

FF - Global Health Care Fund A-ACC-USD LU0882574055 1.50 27/03/2013

FF - Global Health Care Fund A-EUR LU0114720955 1.50 01/09/2000

FF - Global Health Care Fund A-GBP LU0116931725 1.50 08/09/2000

FF - Global Health Care Fund D-ACC-EUR LU1387833830 1.50 0.50 04/05/2016

FF - Global Health Care Fund E-ACC-EUR LU0114721177 1.50 0.75 01/09/2000

FF - Global Health Care Fund I-ACC-EUR LU1668149443 0.80 23/08/2017

FF - Global Health Care Fund W-ACC-GBP LU1033663300 0.80 11/03/2014

FF - Global Health Care Fund Y-ACC-EUR LU0346388969 0.80 25/03/2008

FF - Global Health Care Fund Y-ACC-USD LU2078916223 0.80 13/11/2019

FF - Global Health Care Fund Y-EUR LU0936578961 0.80 25/09/2013

FF - Global High Yield Fund A-ACC-USD LU0740037022 1.00 05/03/2012

FF - Global High Yield Fund A-EUR (hedged) LU0740037295 1.00 2 05/03/2012

FF - Global High Yield Fund A-MINC-EUR (hedged) LU0740037378 1.00 2 05/03/2012

FF - Global High Yield Fund E-ACC-EUR LU0766124472 1.00 0.40 14/05/2012

FF - Global High Yield Fund E-MINC-EUR (hedged) LU0740037451 1.00 0.40 2 05/03/2012

FF - Global High Yield Fund I-ACC-USD LU1791708172 0.65 14/03/2018

FF - Global High Yield Fund I-EUR (hedged) LU0740037535 0.65 2 05/03/2012

FF - Global High Yield Fund Svet. dluhopisu s vysokym vynosem A-ACC- LU1114574418 1.00 2 13/10/2014
CZK (hedged)

FF - Global High Yield Fund W-ACC-GBP LU2417702730 0.65 08/12/2021

FF - Global High Yield Fund W-MDIST-GBP LU2417702656 0.65 08/12/2021

FF - Global High Yield Fund Y-ACC-USD LU1591691891 0.65 24/04/2017

FF - Global High Yield Fund Y-MINC-EUR (hedged) LU0740037881 0.65 2 05/03/2012

FF - Global Hybrids Bond Fund A-ACC-EUR LU2207557542 0.90 22/07/2020

FF - Global Hybrids Bond Fund A-ACC-EUR (hedged) LU2206821022 0.90 2 22/07/2020

FF - Global Hybrids Bond Fund A-EUR LU2206820990 0.90 22/07/2020

FF - Global Hybrids Bond Fund I-EUR LU1261432816 0.55 21/09/2015

FF - Global Hybrids Bond Fund Y-ACC-EUR LU1261433038 0.55 21/09/2015

FF - Global Hybrids Bond Fund Y-ACC-EUR (hedged) LU1261433111 0.55 2 21/09/2015

FF - Global Hybrids Bond Fund Y-ACC-USD (hedged) LU1261433624 0.55 2 21/09/2015

FF - Global Hybrids Bond Fund Y-EUR LU1261433384 0.55 21/09/2015

FF - Global Hybrids Bond Fund Y-EUR (hedged) LU1261433541 0.55 2 21/09/2015

FF - Global Hybrids Bond Fund Y-USD LU1261433467 0.55 21/09/2015

FF - Global Income Fund A-ACC-CZK (hedged) LU1692483032 0.90 2 11/10/2017

FF - Global Income Fund A-ACC-EUR (hedged) LU0882574998 0.90 2 09/04/2013

FF - Global Income Fund A-ACC-USD LU0882574303 0.90 09/04/2013

FF - Global Income Fund A-HMDIST(G)-AUD (hedged) LU1816631466 0.90 2 09/05/2018

FF - Global Income Fund A-MCDIST(G)-USD LU2156566916 0.90 22/04/2020

FF - Global Income Fund A-MDIST-USD LU0882574485 0.90 09/04/2013

FF - Global Income Fund A-MINC(G)-HKD (hedged) LU1481012216 0.90 2 12/09/2016

FF - Global Income Fund A-MINC(G)-USD LU0882574568 0.90 09/04/2013

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 241 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Global Income Fund A-MINC(G)-USD (hedged) LU0997587323 0.90 2 10/01/2014

FF - Global Income Fund A-QINC(G)-EUR (hedged) LU0893310481 0.90 2 09/04/2013

FF - Global Income Fund E-QINC(G)-EUR (hedged) LU0893322494 0.90 0.60 2 09/04/2013

FF - Global Income Fund E-QINC(G)-USD LU1162112384 0.90 0.60 12/01/2015

FF - Global Income Fund Fidelity Rentenanlage Zinsertrag A-EUR LU1116431484 0.90 2 08/10/2014
(hedged)

FF - Global Income Fund Y-ACC-EUR (Hedged) LU1116431641 0.55 2 08/10/2014

FF - Global Industrials Fund A-EUR LU0114722902 1.50 01/09/2000

FF - Global Industrials Fund A-GBP LU0116932533 1.50 08/09/2000

FF - Global Industrials Fund E-ACC-EUR LU0114723033 1.50 0.75 01/09/2000

FF - Global Industrials Fund W-ACC-GBP LU1033663482 0.80 11/03/2014

FF - Global Industrials Fund Y-ACC-EUR LU0346389181 0.80 25/03/2008

FF - Global Industrials Fund Y-EUR LU0936579183 0.80 09/10/2013

FF - Global Inflation-linked Bond Fund A-ACC-EUR (hedged) LU0353649279 0.50 2 29/05/2008

FF - Global Inflation-linked Bond Fund A-ACC-USD LU0353648891 0.50 29/05/2008

FF - Global Inflation-linked Bond Fund A-GBP (hedged) LU0353648974 0.50 2 29/05/2008

FF - Global Inflation-linked Bond Fund E-ACC-EUR (hedged) LU0353649352 0.50 0.15 2 29/05/2008

FF - Global Inflation-linked Bond Fund I-ACC-EUR (hedged) LU2067029152 0.30 2 23/10/2019

FF - Global Inflation-linked Bond Fund I-ACC-USD LU0742537763 0.30 27/02/2012

FF - Global Inflation-linked Bond Fund X-ACC-GBP (hedged) LU2099031051 0.00 2 15/01/2020

FF - Global Inflation-linked Bond Fund Y-ACC-EUR (hedged) LU0353649436 0.30 2 29/05/2008

FF - Global Inflation-linked Bond Fund Y-ACC-USD LU0935944362 0.30 12/06/2013

FF - Global Inflation-linked Bond Fund Y-GBP (hedged) LU0393653919 0.30 2 14/10/2008

FF - Global Low Volatility Equity Fund A-ACC-EUR LU2099030756 1.30 15/01/2020

FF - Global Low Volatility Equity Fund A-ACC-HUF LU1984161692 1.30 24/04/2019

FF - Global Low Volatility Equity Fund A-ACC-USD LU1912680839 1.30 04/12/2018

FF - Global Low Volatility Equity Fund A-MINC(G)-USD LU1912680912 1.30 04/12/2018

FF - Global Low Volatility Equity Fund A-MINCOME(G)-SGD (SGD/USD LU2057169125 1.30 3 09/10/2019
hedged)

FF - Global Low Volatility Equity Fund E-ACC-EUR LU2099030830 1.30 0.75 15/01/2020

FF - Global Low Volatility Equity Fund I-ACC-GBP LU1912681050 0.25 04/12/2018

FF - Global Low Volatility Equity Fund I-ACC-USD LU1912681134 0.25 04/12/2018

FF - Global Low Volatility Equity Fund I-GBP LU1912681217 0.25 04/12/2018

FF - Global Low Volatility Equity Fund W-GBP LU1912681308 0.65 04/12/2018

FF - Global Low Volatility Equity Fund Y-ACC-EUR LU2099030913 0.65 15/01/2020

FF - Global Low Volatility Equity Fund Y-ACC-USD LU1912681480 0.65 04/12/2018

FF - Global Multi Asset Defensive Fund A-ACC-EUR LU0393653166 1.15 19/01/2009

FF - Global Multi Asset Defensive Fund A-ACC-SGD LU1235295372 1.15 03/06/2015

FF - Global Multi Asset Defensive Fund A-ACC-USD LU1295423658 1.15 05/10/2015

FF - Global Multi Asset Defensive Fund A-EUR LU0413543991 1.15 18/09/2009

FF - Global Multi Asset Defensive Fund D-ACC-EUR LU1387833756 1.15 0.50 04/05/2016

FF - Global Multi Asset Defensive Fund E-ACC-EUR LU0393653240 1.15 0.60 19/01/2009

FF - Global Multi Asset Defensive Fund Vermoeg def A-EUR LU1355508844 1.15 08/02/2016

FF - Global Multi Asset Defensive Fund Y-ACC-EUR LU1261431925 0.70 07/08/2015

FF - Global Multi Asset Defensive Fund Y-ACC-GBP (GBP/USD hedged) LU1261431842 0.70 3 07/08/2015

FF - Global Multi Asset Dynamic Fund A-ACC-EUR LU1431863932 1.25 30/06/2016

FF - Global Multi Asset Dynamic Fund A-ACC-EUR (EUR/USD hedged) LU1431864237 1.25 3 30/06/2016

FF - Global Multi Asset Dynamic Fund A-ACC-HKD LU2242650005 1.25 28/04/2021

FF - Global Multi Asset Dynamic Fund A-ACC-USD LU0261961675 1.25 25/09/2006

FF - Global Multi Asset Dynamic Fund A-EUR LU1431864070 1.25 30/06/2016

FF - Global Multi Asset Dynamic Fund A-EUR (EUR/USD hedged) LU1431864153 1.25 3 30/06/2016

FF - Global Multi Asset Dynamic Fund A-USD LU0080751232 1.25 31/12/1997

FF - Global Multi Asset Dynamic Fund E-ACC-EUR (EUR/USD hedged) LU1431864310 1.25 0.60 3 30/06/2016

FF - Global Multi Asset Dynamic Fund I-ACC-USD LU2242650187 0.63 28/04/2021

FF - Global Multi Asset Dynamic Fund W-ACC-GBP LU2242650260 0.63 28/04/2021

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 242 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Global Multi Asset Dynamic Fund Y-ACC-EUR LU1431864583 0.63 30/06/2016

FF - Global Multi Asset Growth & Income Fund A-ACC-EUR LU0267387685 1.25 30/10/2006

FF - Global Multi Asset Growth & Income Fund A-ACC-EUR (EUR/USD LU0365262384 1.25 3 20/05/2008
hedged)

FF - Global Multi Asset Growth & Income Fund A-ACC-SGD LU1235295455 1.25 03/06/2015

FF - Global Multi Asset Growth & Income Fund A-EUR LU0267387503 1.25 30/10/2006

FF - Global Multi Asset Growth & Income Fund A-USD LU0267386521 1.25 30/10/2006

FF - Global Multi Asset Growth & Income Fund E-ACC-EUR LU0267388147 1.25 0.60 30/10/2006

FF - Global Multi Asset Growth & Income Fund E-ACC-EUR (EUR/USD LU0365263192 1.25 0.60 3 20/05/2008
hedged)

FF - Global Multi Asset Growth & Income Fund I-ACC-USD LU2242648363 0.70 23/06/2021

FF - Global Multi Asset Growth & Income Fund Vermoegensverwaltung LU1355509065 1.25 3 08/02/2016
mod A-EUR (EUR/USD hedged)

FF - Global Multi Asset Growth & Income Fund W-GDIST-GBP LU2242648447 0.70 23/06/2021

FF - Global Multi Asset Growth & Income Fund Y-ACC-EUR LU1261432147 0.70 07/08/2015

FF - Global Multi Asset Growth & Income Fund Y-ACC-EUR (EUR/USD LU1261432220 0.70 3 07/08/2015
hedged)

FF - Global Multi Asset Growth & Income Fund Y-ACC-USD LU0346392300 0.70 17/03/2008

FF - Global Multi Asset Growth & Income Fund Y-MCDIST(G)-USD LU2242648520 0.70 23/06/2021

FF - Global Multi Asset Income Fund A-ACC-EUR LU1116430247 1.25 08/10/2014

FF - Global Multi Asset Income Fund A-ACC-EUR (hedged) LU0987487336 1.25 1 11/11/2013

FF - Global Multi Asset Income Fund A-ACC-HKD LU0905234067 1.25 27/03/2013

FF - Global Multi Asset Income Fund A-ACC-HUF (hedged) LU1088281024 1.25 1 28/07/2014

FF - Global Multi Asset Income Fund A-ACC-JPY (hedged) LU1295424110 1.25 1 05/10/2015

FF - Global Multi Asset Income Fund A-ACC-PLN (PLN/USD hedged) LU1306267185 1.25 3 21/10/2015

FF - Global Multi Asset Income Fund A-ACC-SEK (SEK/USD hedged) LU1380764156 1.25 3 29/03/2016

FF - Global Multi Asset Income Fund A-ACC-USD LU0905233846 1.25 27/03/2013

FF - Global Multi Asset Income Fund A-ACC-USD (hedged) LU0997587596 1.25 1 23/05/2014

FF - Global Multi Asset Income Fund A-EUR LU1333218029 1.25 21/12/2015

FF - Global Multi Asset Income Fund A-HMDIST(G)-AUD (hedged) LU1046420987 1.25 1 09/04/2014

FF - Global Multi Asset Income Fund A-HMDIST(G)-PLN (PLN/USD LU1340200838 1.25 3 18/02/2016
hedged)

FF - Global Multi Asset Income Fund A-MCDIST(G)-SGD (SGD/USD LU1883994011 1.25 3 12/12/2018
hedged)

FF - Global Multi Asset Income Fund A-MCDIST(G)-USD LU1883993989 1.25 12/12/2018

FF - Global Multi Asset Income Fund A-MDIST-Euro LU1563521951 1.25 17/02/2017

FF - Global Multi Asset Income Fund A-MINC(G)-AUD (hedged) LU0982800228 1.25 1 28/10/2013

FF - Global Multi Asset Income Fund A-MINC(G)-HKD LU0905234497 1.25 27/03/2013

FF - Global Multi Asset Income Fund A-MINC(G)-JPY (hedged) LU1295423815 1.25 1 05/10/2015

FF - Global Multi Asset Income Fund A-MINC(G)-SGD LU1084809471 1.25 21/07/2014

FF - Global Multi Asset Income Fund A-MINC(G)-SGD (SGD/USD LU1391767313 1.25 3 15/04/2016
hedged)

FF - Global Multi Asset Income Fund A-MINC(G)-USD LU0905234141 1.25 27/03/2013

FF - Global Multi Asset Income Fund A-QINC(G)-EUR (hedged) LU0987487419 1.25 1 11/11/2013

FF - Global Multi Asset Income Fund A-QINC(G)-SGD LU0905234570 1.25 27/03/2013

FF - Global Multi Asset Income Fund D-ACC-EUR LU1387831974 1.25 0.50 15/04/2016

FF - Global Multi Asset Income Fund D-ACC-EUR (hedged) LU1387832196 1.25 0.50 1 15/04/2016

FF - Global Multi Asset Income Fund D-MINC(G)-EUR LU1387832279 1.25 0.50 15/04/2016

FF - Global Multi Asset Income Fund D-QINC(G)-EUR (hedged) LU1387832352 1.25 0.50 1 15/04/2016

FF - Global Multi Asset Income Fund E-ACC-EUR LU2178498619 1.25 0.60 27/05/2020

FF - Global Multi Asset Income Fund E-ACC-EUR (hedged) LU1116430676 1.25 0.60 1 08/10/2014

FF - Global Multi Asset Income Fund E-QINC(G)-EUR (hedged) LU0987487500 1.25 0.60 1 11/11/2013

FF - Global Multi Asset Income Fund E-QINC(G)-USD LU1116430916 1.25 0.60 08/10/2014

FF - Global Multi Asset Income Fund Fidelity Zins & Dividende A-GDIST- LU1129851157 1.25 1 17/11/2014
EUR (hedged)

FF - Global Multi Asset Income Fund I-ACC-EUR LU1862482442 0.70 08/08/2018

FF - Global Multi Asset Income Fund I-ACC-EUR (hedged) LU0985943025 0.70 4 28/10/2013

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 243 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Global Multi Asset Income Fund I-ACC-GBP LU0987487849 0.70 11/11/2013

FF - Global Multi Asset Income Fund I-ACC-USD LU1563522173 0.70 17/02/2017

FF - Global Multi Asset Income Fund I-EUR (EUR/USD hedged) LU2055639970 0.70 3 25/09/2019

FF - Global Multi Asset Income Fund I-GMDIST-GBP LU1961888945 0.70 13/03/2019

FF - Global Multi Asset Income Fund Urok a dividenda A-ACC- LU1322385888 1.25 3 30/11/2015
CZK(CZK/USD hedged)

FF - Global Multi Asset Income Fund X-QDIST-EUR (EUR/USD hedged) LU1858157149 0.00 3 25/07/2018

FF - Global Multi Asset Income Fund Y-ACC-EUR LU0979392502 0.70 16/10/2013

FF - Global Multi Asset Income Fund Y-ACC-EUR (hedged) LU1097728445 0.70 1 28/08/2014

FF - Global Multi Asset Income Fund Y-ACC-USD LU1797663298 0.70 28/03/2018

FF - Global Multi Asset Income Fund Y-MINC(G)-GBP (GBP/USD LU1698187975 0.70 3 11/10/2017
hedged)

FF - Global Multi Asset Income Fund Y-MINC(G)-USD LU1622746433 0.70 09/06/2017

FF - Global Multi Asset Income Fund Y-QINC(G)-EUR (hedged) LU0987487765 0.70 1 11/11/2013

FF - Global Property Fund A-ACC-EUR LU0237698757 1.50 05/12/2005

FF - Global Property Fund A-ACC-HUF LU1273508413 1.50 20/08/2015

FF - Global Property Fund A-ACC-USD LU0237698914 1.50 05/12/2005

FF - Global Property Fund A-EUR LU0237697510 1.50 05/12/2005

FF - Global Property Fund A-GBP LU0237697940 1.50 05/12/2005

FF - Global Property Fund A-USD LU0237698245 1.50 05/12/2005

FF - Global Property Fund E-ACC-EUR LU0237699995 1.50 0.75 05/12/2005

FF - Global Property Fund I-ACC-USD LU2201876161 0.80 08/07/2020

FF - Global Property Fund W-ACC-GBP LU1033663565 0.80 11/03/2014

FF - Global Property Fund Y-ACC-EUR LU0951203008 0.80 12/09/2013

FF - Global Property Fund Y-ACC-USD LU0346391088 0.80 25/03/2008

FF - Global Short Duration Income Fund A-ACC-EUR LU0766124712 0.75 14/05/2012

FF - Global Short Duration Income Fund A-ACC-EUR (EUR/USD LU1731833304 0.75 3 13/12/2017
hedged)

FF - Global Short Duration Income Fund A-ACC-USD LU0390710027 0.75 25/11/2008

FF - Global Short Duration Income Fund A-MDIST-EUR LU0718465395 0.75 19/12/2011

FF - Global Short Duration Income Fund A-MDIST-USD LU0390710613 0.75 25/11/2008

FF - Global Short Duration Income Fund A-MINC-EUR LU0840141252 0.75 07/11/2012

FF - Global Short Duration Income Fund A-QINC(G)-EUR (EUR/USD LU1731833486 0.75 3 13/12/2017
hedged)

FF - Global Short Duration Income Fund E-ACC-EUR (EUR/USD LU1731833569 0.75 0.30 3 13/12/2017
hedged)

FF - Global Short Duration Income Fund E-MDIST-EUR LU0718467177 0.75 0.30 19/12/2011

FF - Global Short Duration Income Fund E-MINC-EUR LU0840141500 0.75 0.30 07/11/2012

FF - Global Short Duration Income Fund E-QINC(G)-EUR (EUR/USD LU1731833643 0.75 0.30 3 13/12/2017
hedged)

FF - Global Short Duration Income Fund W-QINC-GBP (GBP/USD LU2184872203 0.40 3 10/06/2020
hedged)

FF - Global Short Duration Income Fund X-QDIST(G)-AUD(AUD/USD LU2345083260 0.00 3 09/06/2021

hedged)

FF - Global Short Duration Income Fund Y-ACC-EUR LU0766124803 0.40 14/05/2012

FF - Global Short Duration Income Fund Y-ACC-EUR (EUR/USD LU1731833726 0.40 3 13/12/2017
hedged)

FF - Global Short Duration Income Fund Y-ACC-USD LU1797663371 0.40 28/03/2018

FF - Global Technology Fund A-ACC-EUR LU1213836080 1.50 16/04/2015

FF - Global Technology Fund A-ACC-EUR (hedged) LU1841614867 1.50 1 11/07/2018

FF - Global Technology Fund A-ACC-HUF LU1984161932 1.50 24/04/2019

FF - Global Technology Fund A-ACC-SGD LU1823568750 1.50 13/06/2018

FF - Global Technology Fund A-ACC-USD LU1046421795 1.50 09/04/2014

FF - Global Technology Fund A-ACC-USD (hedged) LU1235294995 1.50 1 03/06/2015

FF - Global Technology Fund A-EUR LU0099574567 1.50 01/09/1999

FF - Global Technology Fund A-GBP LU0116926998 1.50 08/09/2000

FF - Global Technology Fund D-ACC-EUR LU1387835298 1.50 0.50 04/05/2016

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 244 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Global Technology Fund E-ACC-EUR LU0115773425 1.50 0.75 01/09/2000

FF - Global Technology Fund I-ACC-EUR LU1642889601 0.80 11/07/2017

FF - Global Technology Fund I-ACC-Euro (hedged) LU2082327623 0.80 1 27/11/2019

FF - Global Technology Fund I-ACC-USD LU1457522305 0.80 16/08/2016

FF - Global Technology Fund W-ACC-GBP LU1033663649 0.80 11/03/2014

FF - Global Technology Fund Y-ACC-EUR LU0346389348 0.80 17/03/2008

FF - Global Technology Fund Y-ACC-EUR (hedged) LU1482751903 0.80 1 15/09/2016

FF - Global Technology Fund Y-ACC-USD LU1560650563 0.80 23/02/2017

FF - Global Technology Fund Y-EUR LU0936579340 0.80 12/09/2013

FF - Global Thematic Opportunities Fund A-ACC-EUR LU0251129895 1.50 03/07/2006

FF - Global Thematic Opportunities Fund A-ACC-HKD LU2242649171 1.50 14/04/2021

FF - Global Thematic Opportunities Fund A-ACC-HUF LU2373640668 1.50 11/08/2021

FF - Global Thematic Opportunities Fund A-ACC-USD LU0251132253 1.50 03/07/2006

FF - Global Thematic Opportunities Fund A-EUR LU0069451390 1.50 16/02/2004

FF - Global Thematic Opportunities Fund A-SGD LU2242649254 1.50 14/04/2021

FF - Global Thematic Opportunities Fund A-USD LU0048584097 1.50 31/12/1991

FF - Global Thematic Opportunities Fund D-ACC-EUR LU2366186331 1.50 0.50 28/07/2021

FF - Global Thematic Opportunities Fund E-ACC-EUR LU2334583098 1.50 0.75 28/04/2021

FF - Global Thematic Opportunities Fund I-ACC-USD LU2242649338 0.80 14/04/2021

FF - Global Thematic Opportunities Fund W-ACC-GBP LU1033663995 0.80 11/03/2014

FF - Global Thematic Opportunities Fund W-GBP LU2242649502 0.80 28/04/2021

FF - Global Thematic Opportunities Fund Y-ACC-Euro LU2242649684 0.80 14/04/2021

FF - Global Thematic Opportunities Fund Y-ACC-SGD LU2242649767 0.80 14/04/2021

FF - Global Thematic Opportunities Fund Y-ACC-USD LU0370789132 0.80 14/07/2008

FF - Global Thematic Opportunities Fund Y-EUR LU0936580785 0.80 09/10/2013

FF - Global Thematic Opportunities Fund Y-USD LU0936580512 0.80 09/10/2013

FF - Greater China Fund A-ACC-EUR LU1400166911 1.50 05/05/2016

FF - Greater China Fund A-ACC-NOK LU1808853748 1.50 25/04/2018

FF - Greater China Fund A-ACC-USD LU1224710126 1.50 19/05/2015

FF - Greater China Fund A-SGD LU0370786039 1.50 09/07/2008

FF - Greater China Fund A-USD LU0048580855 1.50 01/10/1990

FF - Greater China Fund D-ACC-EUR LU1387835611 1.50 0.50 04/05/2016

FF - Greater China Fund E-ACC-EUR LU0115765595 1.50 0.75 01/09/2000

FF - Greater China Fund I-ACC-USD LU1575869638 0.80 16/03/2017

FF - Greater China Fund Y-ACC-USD LU0346391161 0.80 25/03/2008

FF - Greater China Fund SR-ACC-SGD LU1235261044 1.30 12/06/2015

FF - Greater China Fund II S-ACC-SGD LU0605518397 0.80 16/05/2011

FF - Greater China Multi Asset Growth & Income Fund A-ACC-USD LU1366333505 1.25 01/03/2016

FF - Greater China Multi Asset Growth & Income Fund A-HMDIST(G)- LU1439104586 1.25 3 23/02/2017
AUD (AUD/USD hedged)

FF - Greater China Multi Asset Growth & Income Fund A-MINC(G)-AUD LU1439103265 1.25 3 23/02/2017
(AUD/USD hedged)

FF - Greater China Multi Asset Growth & Income Fund A-MINC(G)-CAD LU1439104743 1.25 3 23/02/2017
(CAD/USD hedged)

FF - Greater China Multi Asset Growth & Income Fund A-MINC(G)-GBP LU1439104404 1.25 3 23/02/2017
(GBP/USD hedged)

FF - Greater China Multi Asset Growth & Income Fund A-MINC(G)-HKD LU1439103422 1.25 23/02/2017

FF - Greater China Multi Asset Growth & Income Fund A-MINC(G)-SGD LU1439103000 1.25 23/02/2017

FF - Greater China Multi Asset Growth & Income Fund A-MINC(G)-USD LU1439102887 1.25 23/02/2017

FF - Iberia Fund A-ACC-EUR LU0261948904 1.50 25/09/2006

FF - Iberia Fund A-EUR LU0048581077 1.50 01/10/1990

FF - Iberia Fund E-ACC-EUR LU0115765678 1.50 0.75 01/09/2000

FF - Iberia Fund I-ACC-EUR LU1417855837 0.80 03/06/2016

FF - Iberia Fund Y-ACC-EUR LU0346389850 0.80 17/03/2008

FF - India Focus Fund A-ACC-USD LU1805238398 1.50 11/04/2018

FF - India Focus Fund A-EUR LU0197230542 1.50 23/08/2004

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 245 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - India Focus Fund A-GBP LU0197230971 1.50 23/08/2004

FF - India Focus Fund A-SGD LU0287143357 1.50 27/08/2007

FF - India Focus Fund A-USD LU0197229882 1.50 23/08/2004

FF - India Focus Fund E-ACC-EUR LU2178498379 1.50 0.75 27/05/2020

FF - India Focus Fund I-ACC-USD LU0742534745 0.80 25/10/2017

FF - India Focus Fund Y-ACC-EUR LU1306267268 0.80 21/10/2015

FF - India Focus Fund Y-ACC-USD LU0346391245 0.80 17/03/2008

FF - India Focus Fund Y-EUR LU0936579852 0.80 12/09/2013

FF - India Focus Fund Y-GBP LU0457960192 0.80 26/10/2009

FF - India Focus Fund Y-USD LU0936580199 0.80 09/10/2013

FF - Indonesia Fund A-USD LU0055114457 1.50 05/12/1994

FF - Indonesia Fund Y-ACC-USD LU0346391328 0.80 25/03/2008

FF - Indonesia Fund Y-USD LU0936580355 0.80 09/10/2013

FF - Instl Emerging Markets Equity Fund I-ACC-EUR LU0261963291 0.80 02/05/2007

FF - Instl Emerging Markets Equity Fund I-ACC-JPY LU1439739308 0.80 12/07/2016

FF - Instl Emerging Markets Equity Fund I-ACC-USD LU0261963887 0.80 14/08/2006

FF - Instl European Larger Companies Fund R-ACC-EUR LU2038752072 0.80 14/08/2019

FF - Instl Global Focus Fund I-ACC-EUR LU0287143605 0.80 02/05/2007

FF - Instl Global Sector Fund I-ACC-GBP LU0965548422 0.80 21/10/2013

FF - Instl Japan Fund I-ACC-JPY LU0195660641 0.80 31/01/2006

FF - Instl US High Yield Fund I-ACC-USD LU1668667667 0.65 28/11/2017

FF - Instl US High Yield Fund Y-ACC-USD LU1668667824 0.65 28/11/2017

FF - Italy Fund A-ACC-EUR LU0922333322 1.50 07/05/2013

FF - Italy Fund A-EUR LU0048584766 1.50 01/10/1990

FF - Italy Fund D-ACC-EUR LU1387835702 1.50 0.50 04/05/2016

FF - Italy Fund E-ACC-EUR LU0283901063 1.50 0.75 19/03/2007

FF - Italy Fund I-ACC-Euro LU1946852545 0.80 27/02/2019

FF - Italy Fund Y-ACC-EUR LU0318940342 0.80 22/10/2007

FF - Italy Fund Y-EUR LU1273507951 0.80 20/08/2015

FF - Japan Advantage Fund A-ACC-EUR LU0413543058 1.50 23/02/2009

FF - Japan Advantage Fund A-ACC-JPY LU0413544379 1.50 18/09/2009

FF - Japan Advantage Fund A-ACC-USD (hedged) LU0997587083 1.50 1 10/01/2014

FF - Japan Advantage Fund A-EUR (hedged) LU0611489658 1.50 1 28/03/2011

FF - Japan Advantage Fund A-JPY LU0161332480 1.50 30/01/2003

FF - Japan Advantage Fund I-ACC-JPY LU1777188316 0.80 28/02/2018

FF - Japan Advantage Fund W-ACC-GBP LU2178498296 0.80 27/05/2020

FF - Japan Advantage Fund Y-ACC-EUR LU0933613423 0.80 03/06/2013

FF - Japan Advantage Fund Y-ACC-JPY LU0370789561 0.80 14/07/2008

FF - Japan Advantage Fund Y-EUR (hedged) LU1777188233 0.80 1 28/02/2018

FF - Japan Aggressive Fund A-JPY LU1060955314 1.50 06/05/2014

FF - Japan Aggressive Fund I-ACC-JPY LU0261965585 0.80 14/08/2006

FF - Japan Aggressive Fund Y-ACC-EUR LU1449576799 0.80 25/07/2016

FF - Japan Aggressive Fund Y-ACC-EUR (hedged) LU1060955405 0.80 1 06/05/2014

FF - Japan Aggressive Fund Y-ACC-JPY LU1060955660 0.80 06/05/2014

FF - Japan Smaller Companies Fund A-ACC-EUR LU1048684440 1.50 02/04/2014

FF - Japan Smaller Companies Fund A-ACC-USD (hedged) LU0997587166 1.50 2 10/01/2014

FF - Japan Smaller Companies Fund A-JPY LU0048587603 1.50 06/12/1991

FF - Japan Smaller Companies Fund I-USD LU1777189470 0.80 28/02/2018

FF - Japan Smaller Companies Fund Y-ACC-JPY LU0370789306 0.80 14/07/2008

FF - Latin America Fund A-ACC-EUR LU1213835942 1.50 16/04/2015

FF - Latin America Fund A-ACC-USD LU1224710043 1.50 19/05/2015

FF - Latin America Fund A-USD LU0050427557 1.50 09/05/1994

FF - Latin America Fund D-ACC-EUR LU1387834994 1.50 0.50 04/05/2016

FF - Latin America Fund E-ACC-EUR LU0115767021 1.50 0.75 01/09/2000

FF - Latin America Fund I-ACC-USD LU1560649805 0.80 20/02/2017

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 246 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Latin America Fund W-ACC-GBP LU1033664027 0.80 11/03/2014

FF - Latin America Fund Y-ACC-EUR LU1731832835 0.80 13/12/2017

FF - Latin America Fund Y-ACC-USD LU0346391674 0.80 25/03/2008

FF - Latin America Fund Y-EUR LU1731834021 0.80 13/12/2017

FF - Latin America Fund Y-USD LU0936581320 0.80 09/10/2013

FF - Malaysia Fund A-USD LU0048587868 1.50 01/10/1990

FF - Malaysia Fund Y-ACC-USD LU0346391757 0.80 25/03/2008

FF - Multi Asset Target Income 2024 Fund A-ACC-EUR LU1812926019 0.80 23/05/2018

FF - Multi Asset Target Income 2024 Fund A-CDIST(G)-EUR LU1777188076 0.80 23/05/2018

FF - Multi Asset Target Income 2024 Fund Y-CDIST(G)-EUR LU1777188159 0.45 23/05/2018

FF - Nordic Fund A-ACC-EUR LU0922334643 1.50 07/05/2013

FF - Nordic Fund A-ACC-SEK LU0261949381 1.50 25/09/2006

FF - Nordic Fund A-ACC-USD (hedged) LU0997586861 1.50 1 10/01/2014

FF - Nordic Fund A-SEK LU0048588080 1.50 01/10/1990

FF - Nordic Fund Y-ACC-EUR LU1808854043 0.80 25/04/2018

FF - Nordic Fund Y-ACC-EUR (hedged) LU1711971983 0.80 1 08/11/2017

FF - Nordic Fund Y-ACC-SEK LU0346392995 0.80 25/03/2008

FF - Nordic Fund Y-SEK LU1777189041 0.80 28/02/2018

FF - Pacific Fund A-ACC-EUR LU0368678339 1.50 02/06/2008

FF - Pacific Fund A-ACC-HUF LU1273508769 1.50 20/08/2015

FF - Pacific Fund A-SGD LU1046422090 1.50 09/04/2014

FF - Pacific Fund A-USD LU0049112450 1.50 10/01/1994

FF - Pacific Fund A-USD (hedged) LU1235295612 1.50 1 03/06/2015

FF - Pacific Fund E-ACC-EUR LU1116431997 1.50 0.75 08/10/2014

FF - Pacific Fund I-ACC-USD LU1560650050 0.80 20/02/2017

FF - Pacific Fund W-ACC-GBP LU1033664373 0.80 11/03/2014

FF - Pacific Fund Y-ACC-EUR LU0951203180 0.80 12/09/2013

FF - Pacific Fund Y-ACC-USD LU0346391831 0.80 17/03/2008

FF - Pacific Fund Y-USD LU0936581676 0.80 09/10/2013

FF - Singapore Fund A-SGD LU0287143431 1.50 27/08/2007

FF - Singapore Fund A-USD LU0048588163 1.50 01/10/1990

FF - Singapore Fund Y-ACC-SGD LU1046422686 0.80 09/04/2014

FF - Singapore Fund Y-ACC-USD LU0346391914 0.80 25/03/2008

FF - Singapore Fund Y-SGD LU1284735484 0.80 15/09/2015

FF - Singapore Fund Y-USD LU1284736292 0.80 15/09/2015

FF - SMART Global Defensive Fund A-ACC-EUR LU0251130554 1.15 03/07/2006

FF - SMART Global Defensive Fund A-ACC-EUR (EUR/USD hedged) LU1431865044 1.15 3 30/06/2016

FF - SMART Global Defensive Fund A-ACC-USD LU1431864740 1.15 30/06/2016

FF - SMART Global Defensive Fund A-EUR LU0056886558 1.15 04/08/1997

FF - SMART Global Defensive Fund A-EUR (EUR/USD hedged) LU1431864823 1.15 3 30/06/2016

FF - SMART Global Defensive Fund E-ACC-EUR (EUR/USD hedged) LU1431865127 1.15 0.60 3 30/06/2016

FF - SMART Global Defensive Fund I-ACC-EUR (EUR/USD hedged) LU1808853235 0.58 3 25/04/2018

FF - SMART Global Defensive Fund Y-ACC-EUR LU1431865473 0.58 30/06/2016

FF - Sterling Cash Fund A-ACC-GBP LU0766125016 0.40 15/01/2016

FF - Sterling Cash Fund W-ACC-GBP LU1303741661 0.20 15/01/2016

FF - Strategic European Fund A-ACC-EUR LU2342928038 1.50 15/07/2021

FF - Strategic European Fund I-ACC-EUR LU2342928111 0.80 15/07/2021

FF - Strategic European Fund W-ACC-GBP LU2342928384 0.80 15/07/2021

FF - Strategic European Fund Y-ACC-EUR LU2342928202 0.80 15/07/2021

FF - Sustainable Asia Equity Fund A-ACC-EUR LU0261946445 1.50 25/09/2006

FF - Sustainable Asia Equity Fund A-ACC-EUR (hedged) LU2348703278 1.50 1 09/06/2021

FF - Sustainable Asia Equity Fund A-ACC-NOK LU1808853409 1.50 25/04/2018

FF - Sustainable Asia Equity Fund A-ACC-USD LU0261947096 1.50 25/09/2006

FF - Sustainable Asia Equity Fund A-EUR LU0069452877 1.50 16/02/2004

FF - Sustainable Asia Equity Fund A-GBP LU0251126107 1.50 26/06/2006

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 247 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Sustainable Asia Equity Fund A-SGD LU0251144936 1.50 15/05/2006

FF - Sustainable Asia Equity Fund A-USD LU0048597586 1.50 01/10/1990

FF - Sustainable Asia Equity Fund C-USD LU0324710481 1.50 1.00 05/11/2007

FF - Sustainable Asia Equity Fund E-ACC-EUR LU0115768185 1.50 0.75 01/09/2000

FF - Sustainable Asia Equity Fund I-ACC-EUR LU1400167562 0.80 05/05/2016

FF - Sustainable Asia Equity Fund I-ACC-NOK LU2327456146 0.80 14/04/2021

FF - Sustainable Asia Equity Fund I-ACC-USD LU1777188829 0.80 28/02/2018

FF - Sustainable Asia Equity Fund SR-ACC-SGD LU1235261630 1.30 12/06/2015

FF - Sustainable Asia Equity Fund W-ACC-GBP LU1033664456 0.80 11/03/2014

FF - Sustainable Asia Equity Fund Y-ACC-EUR LU0880599641 0.80 04/02/2013

FF - Sustainable Asia Equity Fund Y-ACC-EUR (hedged) LU2348702627 0.80 1 09/06/2021

FF - Sustainable Asia Equity Fund Y-ACC-USD LU0318941159 0.80 22/10/2007

FF - Sustainable Asia Equity Fund Y-EUR LU0951203347 0.80 12/09/2013

FF - Sustainable Asia Equity Fund Y-USD LU0936582054 0.80 09/10/2013

FF - Sustainable Asian Bond Fund A-ACC-EUR LU2386144906 1.00 17/11/2021

FF - Sustainable Asian Bond Fund A-ACC-EUR (hedged) LU2386145978 1.00 2 17/11/2021

FF - Sustainable Asian Bond Fund A-ACC-USD LU2386145036 1.00 17/11/2021

FF - Sustainable Asian Bond Fund A-MCDIST-SGD (hedged) LU2417707614 1.00 2 08/12/2021

FF - Sustainable Asian Bond Fund A-MINCOME(G)-SGD ( hedged) LU2386145200 1.00 2 17/11/2021

FF - Sustainable Asian Bond Fund A-MINCOME(G)-USD LU2417702227 1.00 08/12/2021

FF - Sustainable Asian Bond Fund E-ACC-USD LU2386146190 1.00 0.50 17/11/2021

FF - Sustainable Asian Bond Fund I-ACC-EUR LU2386145382 0.55 17/11/2021

FF - Sustainable Asian Bond Fund I-ACC-USD LU2386145465 0.55 17/11/2021

FF - Sustainable Asian Bond Fund W-ACC-GBP LU2386145549 0.55 17/11/2021

FF - Sustainable Asian Bond Fund Y-ACC-EUR LU2386145622 0.55 17/11/2021

FF - Sustainable Asian Bond Fund Y-ACC-USD LU2386145895 0.55 17/11/2021

FF - Sustainable Asian Bond Fund Y-MINCOME(G)-USD LU2417702573 0.55 08/12/2021

FF - Sustainable China A Shares Fund A-ACC-EUR LU2385790154 1.50 01/12/2021

FF - Sustainable China A Shares Fund A-ACC-RMB LU2385789222 1.50 01/12/2021

FF - Sustainable China A Shares Fund A-ACC-SGD (SGD/USD hedged) LU2385789495 1.50 3 01/12/2021

FF - Sustainable China A Shares Fund A-ACC-USD LU2385789578 1.50 01/12/2021

FF - Sustainable China A Shares Fund A-EUR LU2385790238 1.50 01/12/2021

FF - Sustainable China A Shares Fund E-ACC-EUR LU2385789651 1.50 0.75 01/12/2021

FF - Sustainable China A Shares Fund I-ACC-EUR LU2385790311 0.80 08/12/2021

FF - Sustainable China A Shares Fund I-ACC-USD LU2385789735 0.80 01/12/2021

FF - Sustainable China A Shares Fund W-ACC-GBP LU2385789818 0.80 01/12/2021

FF - Sustainable China A Shares Fund Y-ACC-EUR LU2385790402 0.80 01/12/2021

FF - Sustainable China A Shares Fund Y-ACC-RMB LU2385789909 0.80 08/12/2021

FF - Sustainable China A Shares Fund Y-ACC-USD LU2385790071 0.80 01/12/2021

FF - Sustainable Climate Solutions Fund A-ACC-EUR LU2376061086 1.50 18/08/2021

FF - Sustainable Climate Solutions Fund A-ACC-HUF LU2373640585 1.50 11/08/2021

FF - Sustainable Climate Solutions Fund A-ACC-SGD (SGD/USD LU2348336343 1.50 3 06/07/2021

hedged)

FF - Sustainable Climate Solutions Fund A-ACC-USD LU2348335964 1.50 06/07/2021

FF - Sustainable Climate Solutions Fund A-EUR LU2349440961 1.50 14/07/2021

FF - Sustainable Climate Solutions Fund E-ACC-EUR LU2348336004 1.50 0.75 06/07/2021

FF - Sustainable Climate Solutions Fund I-ACC-GBP LU2348336426 0.80 06/07/2021

FF - Sustainable Climate Solutions Fund I-ACC-USD LU2348336186 0.80 06/07/2021

FF - Sustainable Climate Solutions Fund W-ACC-GBP LU2348336699 0.80 06/07/2021

FF - Sustainable Climate Solutions Fund Y-ACC-USD LU2348336269 0.80 06/07/2021

FF - Sustainable Consumer Brands Fund A-ACC-EUR LU1805238125 1.50 11/04/2018

FF - Sustainable Consumer Brands Fund A-ACC-HKD LU2347768272 1.50 27/10/2021

FF - Sustainable Consumer Brands Fund A-ACC-HUF LU1273508504 1.50 20/08/2015

FF - Sustainable Consumer Brands Fund A-ACC-USD LU0882574139 1.50 27/03/2013

FF - Sustainable Consumer Brands Fund A-EUR LU0114721508 1.50 01/09/2000

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 248 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Sustainable Consumer Brands Fund A-GBP LU0116932293 1.50 08/09/2000

FF - Sustainable Consumer Brands Fund D-ACC-EUR LU1387833590 1.50 0.50 15/04/2016

FF - Sustainable Consumer Brands Fund D-ACC-EUR (hedged) LU1387834218 1.50 0.50 1 04/05/2016

FF - Sustainable Consumer Brands Fund E-ACC-EUR LU0840140957 1.50 0.75 07/11/2012

FF - Sustainable Consumer Brands Fund E-ACC-EUR (hedged) LU0840141096 1.50 0.75 1 07/11/2012

FF - Sustainable Consumer Brands Fund W-ACC-GBP LU1033662914 0.80 11/03/2014

FF - Sustainable Consumer Brands Fund Y-ACC-EUR LU0346388613 0.80 25/03/2008

FF - Sustainable Consumer Brands Fund Y-ACC-USD LU1295421017 0.80 05/10/2015

FF - Sustainable Consumer Brands Fund Y-EUR LU0936578375 0.80 25/09/2013

FF - Sustainable Consumer Brands Fund Y-GBP LU1295421280 0.80 05/10/2015

FF - Sustainable Europe Equity Fund A-ACC-CZK (hedged) LU0979392841 1.50 1 05/11/2013

FF - Sustainable Europe Equity Fund A-ACC-EUR LU0251128657 1.50 03/07/2006

FF - Sustainable Europe Equity Fund A-ACC-USD (hedged) LU0997586432 1.50 1 10/01/2014

FF - Sustainable Europe Equity Fund A-EUR LU0088814487 1.50 30/09/1998

FF - Sustainable Europe Equity Fund D-ACC-EUR LU1387833087 1.50 0.50 15/04/2016

FF - Sustainable Europe Equity Fund E-ACC-EUR LU0115764275 1.50 0.75 01/09/2000

FF - Sustainable Europe Equity Fund I-ACC-EUR LU2055641109 0.80 25/09/2019

FF - Sustainable Europe Equity Fund I-EUR LU1417855753 0.80 03/06/2016

FF - Sustainable Europe Equity Fund Y-ACC-EUR LU0346388290 0.80 17/03/2008

FF - Sustainable Europe Equity Fund Y-EUR LU0936576759 0.80 25/09/2013

FF - Sustainable Europe Equity Fund Y-SGD LU1295420803 0.80 05/10/2015

FF - Sustainable European Smaller Companies Fund A-ACC-EUR LU2296467611 1.50 10/02/2021

FF - Sustainable European Smaller Companies Fund I-ACC-EUR LU1075904802 0.80 25/06/2014

FF - Sustainable European Smaller Companies Fund W-ACC-GBP LU2296467702 0.80 10/02/2021

FF - Sustainable European Smaller Companies Fund Y-ACC-EUR LU2296467884 0.80 10/02/2021

FF - Sustainable Eurozone Equity Fund A-ACC-EUR LU0238202427 1.50 12/12/2005

FF - Sustainable Eurozone Equity Fund A-ACC-HUF LU2268341760 1.50 09/12/2020

FF - Sustainable Eurozone Equity Fund A-EUR LU2219351876 1.50 10/02/2021

FF - Sustainable Eurozone Equity Fund E-ACC-EUR LU0238202773 1.50 0.75 12/12/2005

FF - Sustainable Eurozone Equity Fund I-ACC-EUR LU2084129654 0.80 27/11/2019

FF - Sustainable Eurozone Equity Fund W-ACC-GBP LU2206821378 0.80 22/07/2020

FF - Sustainable Eurozone Equity Fund X-ACC-EUR LU2247934644 0.00 28/10/2020

FF - Sustainable Eurozone Equity Fund Y-ACC-EUR LU0318939419 0.80 22/10/2007

FF Sustainable Future Connectivity Fund A-ACC-CZK (CZK/USD LU2268342065 1.50 3 29/01/2021

hedged)

FF - Sustainable Future Connectivity Fund A-ACC-EUR LU1881514001 1.50 11/12/2018

FF - Sustainable Future Connectivity Fund A-ACC-EUR (hedged) LU2291806813 1.50 1 29/01/2021

FF - Sustainable Future Connectivity Fund A-ACC-HUF LU2268341927 1.50 09/12/2020

FF - Sustainable Future Connectivity Fund A-ACC-PLN (PLN/USD LU2268342149 1.50 3 29/01/2021

hedged)

FF - Sustainable Future Connectivity Fund A-ACC-SGD (SGD/USD LU2338036424 1.50 3 22/09/2021

hedged)

FF - Sustainable Future Connectivity Fund A-ACC-USD LU2247934214 1.50 28/10/2020

FF - Sustainable Future Connectivity Fund A-EUR LU2296467967 1.50 10/02/2021

FF - Sustainable Future Connectivity Fund E-ACC-EUR LU2171252351 1.50 0.75 13/05/2020

FF - Sustainable Future Connectivity Fund I-ACC-EUR LU1881514266 0.80 11/12/2018

FF - Sustainable Future Connectivity Fund I-ACC-USD LU2247934305 0.80 28/10/2020

FF - Sustainable Future Connectivity Fund W-ACC-GBP LU1955028383 0.80 27/02/2019

FF - Sustainable Future Connectivity Fund Y-ACC-EUR LU1881514779 0.80 11/12/2018

FF - Sustainable Future Connectivity Fund Y-ACC-EUR (hedged) LU2291806904 0.80 1 29/01/2021

FF - Sustainable Future Connectivity Fund Y-ACC-USD LU2247934487 0.80 28/10/2020

FF - Sustainable Future Connectivity Fund Y-EUR LU1881514423 0.80 11/12/2018

FF - Sustainable Global Equity Fund A-ACC-EUR LU1627197004 1.50 22/06/2017

FF - Sustainable Global Equity Fund A-ACC-NOK LU1627197186 1.50 22/06/2017

FF - Sustainable Global Equity Fund A-ACC-SEK LU1627197269 1.50 22/06/2017

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 249 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Sustainable Global Equity Fund A-EUR (EUR/USD hedged) LU2220376110 1.50 3 18/08/2021

FF - Sustainable Global Equity Fund A-QINCOME(G)-EUR LU2219037814 1.50 26/08/2020

FF - Sustainable Global Equity Fund E-ACC-EUR LU2178498536 1.50 0.75 27/05/2020

FF - Sustainable Global Equity Fund I-ACC-EUR LU1627197343 0.80 22/06/2017

FF - Sustainable Global Equity Fund I-ACC-GBP LU2191833560 0.80 24/06/2020

FF - Sustainable Global Equity Fund I-ACC-NOK LU1627197426 0.80 22/06/2017

FF - Sustainable Global Equity Fund I-ACC-SEK LU1627197772 0.80 22/06/2017

FF - Sustainable Global Equity Fund W-ACC-GBP LU2206821295 0.80 22/07/2020

FF - Sustainable Global Equity Fund X-ACC-EUR LU2247934727 0.00 28/10/2020

FF - Sustainable Global Equity Fund Y-ACC-EUR LU1808853318 0.80 25/04/2018

FF - Sustainable Global Equity Fund Y-ACC-USD LU1627197855 0.80 22/06/2017

FF - Sustainable Global Equity Fund Y-QINCOME(G)-EUR LU2219037905 0.80 26/08/2020

FF - Sustainable Japan Equity Fund A-ACC-EUR LU0251130042 1.50 03/07/2006

FF - Sustainable Japan Equity Fund A-ACC-USD (hedged) LU0997586945 1.50 2 10/01/2014

FF - Sustainable Japan Equity Fund A-EUR LU0069452018 1.50 16/02/2004

FF - Sustainable Japan Equity Fund A-JPY LU0048585144 1.50 01/10/1990

FF - Sustainable Japan Equity Fund A-SGD LU0251144696 1.50 15/05/2006

FF - Sustainable Japan Equity Fund E-ACC-EUR LU0115766213 1.50 0.75 01/09/2000

FF - Sustainable Japan Equity Fund I-ACC-EUR LU2242649841 0.80 24/03/2021

FF - Sustainable Japan Equity Fund I-ACC-USD (hedged) LU2242649924 0.80 2 24/03/2021

FF - Sustainable Japan Equity Fund I-USD LU2219352171 0.80 18/08/2021

FF - Sustainable Japan Equity Fund W-ACC-GBP LU2327455841 0.80 14/04/2021

FF - Sustainable Japan Equity Fund X-JPY LU2008161619 0.00 12/06/2019

FF - Sustainable Japan Equity Fund Y-ACC-JPY LU0318940771 0.80 22/10/2007

FF - Sustainable Japan Equity Fund Y-EUR LU0936581163 0.80 09/10/2013

FF - Sustainable Multi Asset Income Fund A-ACC-CZK (CZK/USD LU2151106999 1.25 3 08/04/2020
hedged)

FF - Sustainable Multi Asset Income Fund A-ACC-EUR (EUR/USD LU2151107021 1.25 3 08/04/2020
hedged)

FF - Sustainable Multi Asset Income Fund A-MINCOME(G)-USD 1.25 0.00 22/12/2021

FF - Sustainable Multi Asset Income Fund A-QINC(G)-EUR LU2151107294 1.25 08/04/2020

FF - Sustainable Multi Asset Income Fund A-QINC(G)-USD LU2151107377 1.25 08/04/2020

FF - Sustainable Multi Asset Income Fund A-QINCOME(G)-SGD 1.25 0.00 22/12/2021

FF - Sustainable Multi Asset Income Fund A-USD LU0138981039 1.25 20/11/2001

FF - Sustainable Multi Asset Income Fund REST I-ACC-EUR (EUR/USD LU2247935294 0.80 3 28/10/2020
hedged)

FF - Sustainable Multi Asset Income Fund Y-ACC-USD LU0346392219 0.70 17/03/2008

FF - Sustainable Reduced Carbon Bond Fund A-ACC-CZK (hedged) LU2111945700 0.75 2 05/02/2020

FF - Sustainable Reduced Carbon Bond Fund A-ACC-EUR (hedged) LU0417495982 0.75 2 16/03/2017

FF - Sustainable Reduced Carbon Bond Fund A-ACC-USD LU2111945882 0.75 05/02/2020

FF - Sustainable Reduced Carbon Bond Fund E-ACC-EUR (hedged) LU2115357175 0.75 0.40 2 12/02/2020

FF - Sustainable Reduced Carbon Bond Fund E-ACC-USD LU2115357258 0.75 0.40 12/02/2020

FF - Sustainable Reduced Carbon Bond Fund I-ACC-EUR (hedged) LU2115357332 0.40 2 12/02/2020

FF - Sustainable Reduced Carbon Bond Fund I-ACC-GBP (hedged) LU2115357415 0.40 2 12/02/2020

FF - Sustainable Reduced Carbon Bond Fund I-ACC-USD LU2111945965 0.40 05/02/2020

FF - Sustainable Reduced Carbon Bond Fund W-GBP (hedged) LU2115357506 0.40 2 12/02/2020

FF - Sustainable Reduced Carbon Bond Fund Y-ACC-CHF (hedged) LU2253111533 0.40 2 11/11/2020

FF - Sustainable Reduced Carbon Bond Fund Y-ACC-EUR (hedged) LU0417496105 0.40 2 29/07/2009

FF - Sustainable Reduced Carbon Bond Fund Y-ACC-USD LU2111946005 0.40 05/02/2020

FF - Sustainable Reduced Carbon Bond Fund Y-MDIST-Euro (hedged) LU0479691668 0.40 2 09/02/2010

FF - Sustainable Strategic Bond Fund A-ACC-EUR (hedged) LU0594300682 1.00 2 08/03/2011

FF - Sustainable Strategic Bond Fund A-ACC-PLN (hedged) LU0805778932 1.00 2 06/08/2012

FF - Sustainable Strategic Bond Fund A-ACC-SEK (hedged) LU0594300765 1.00 2 08/03/2011

FF - Sustainable Strategic Bond Fund A-ACC-USD LU0594300849 1.00 08/03/2011

FF - Sustainable Strategic Bond Fund A-EUR (hedged) LU0594301060 1.00 2 08/03/2011

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 250 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Sustainable Strategic Bond Fund A-GMDIST-EUR (hedged) LU0859966730 1.00 2 10/12/2012

FF - Sustainable Strategic Bond Fund D-ACC-EUR (hedged) LU2281273370 1.00 0.30 2 13/01/2021

FF - Sustainable Strategic Bond Fund D-GMDIST-EUR (hedged) LU2281273453 1.00 0.30 2 13/01/2021

FF - Sustainable Strategic Bond Fund E-ACC-EUR (hedged) LU0718472250 1.00 0.60 2 19/12/2011

FF - Sustainable Strategic Bond Fund E-GMDIST-EUR (hedged) LU0859970500 1.00 0.60 2 10/12/2012

FF - Sustainable Strategic Bond Fund Fidelity Rentenanlage Klassik A- LU0954695234 1.00 2 26/07/2013
EUR (hedged)

FF - Sustainable Strategic Bond Fund I-ACC-EUR (hedged) LU2250149650 0.50 2 11/11/2020

FF - Sustainable Strategic Bond Fund REST I-ACC EUR (hedged) LU2247935377 0.80 2 28/10/2020

FF - Sustainable Strategic Bond Fund W-QDIST-GBP (hedged) LU2230269073 0.50 2 16/12/2020

FF - Sustainable Strategic Bond Fund Y-ACC-EUR (hedged) LU0594301144 0.50 2 08/03/2011

FF - Sustainable Strategic Bond Fund Y-ACC-USD LU2308741409 0.50 14/04/2021

FF - Sustainable Strategic Bond Fund Y-QDIST-EUR (hedged) LU0840140445 0.50 2 07/11/2012

FF - Sustainable US Equity Fund A-ACC-EUR LU0261960354 1.50 25/09/2006

FF - Sustainable US Equity Fund A-ACC-EUR (hedged) LU2244417205 1.50 1 11/08/2021

FF - Sustainable US Equity Fund A-ACC-USD LU2244417387 1.50 11/08/2021

FF - Sustainable US Equity Fund A-USD LU0187121727 1.50 01/03/2004

FF - Sustainable US Equity Fund E-ACC-EUR LU2244417460 1.50 0.75 10/11/2021

FF - Sustainable US Equity Fund I-ACC-EUR (hedged) LU2338037232 0.80 1 08/12/2021

FF - Sustainable US Equity Fund I-ACC-GBP (hedged) LU2338037158 0.80 1 08/12/2021

FF - Sustainable US Equity Fund I-ACC-USD LU2244417544 0.80 10/11/2021

FF - Sustainable US Equity Fund W-ACC-GBP (hedged) LU2338036937 0.80 1 08/12/2021

FF - Sustainable US Equity Fund Y-ACC-EUR (hedged) LU2338036853 0.80 1 08/12/2021

FF - Sustainable US Equity Fund Y-ACC-GBP LU2244417627 0.80 11/08/2021

FF - Sustainable US Equity Fund Y-ACC-USD LU0346390437 0.80 17/03/2008

FF - Sustainable Water & Waste Fund A-ACC-EUR LU1892829828 1.50 07/11/2018

FF - Sustainable Water & Waste Fund A-ACC-EUR (EUR/USD hedged) LU1892830248 1.50 3 07/11/2018

FF - Sustainable Water & Waste Fund A-ACC-HUF LU1984161858 1.50 24/04/2019

FF - Sustainable Water & Waste Fund A-ACC-NOK LU2016206943 1.50 26/06/2019

FF - Sustainable Water & Waste Fund A-ACC-PLN (PLN/USD hedged) LU2111945619 1.50 3 05/02/2020

FF - Sustainable Water & Waste Fund A-ACC-SEK LU2016206604 1.50 26/06/2019

FF - Sustainable Water & Waste Fund A-ACC-SGD (SGD/USD hedged) LU2296468007 1.50 3 10/02/2021

FF - Sustainable Water & Waste Fund A-ACC-USD LU1892829315 1.50 07/11/2018

FF - Sustainable Water & Waste Fund A-EUR LU1998886177 1.50 12/06/2019

FF - Sustainable Water & Waste Fund D-ACC-EUR LU2009125274 1.50 0.50 26/06/2019

FF - Sustainable Water & Waste Fund D-ACC-EUR (EUR/USD hedged) LU2009125514 1.50 0.50 3 26/06/2019

FF - Sustainable Water & Waste Fund E-ACC-EUR LU1915587072 1.50 0.75 28/11/2018

FF - Sustainable Water & Waste Fund E-ACC-EUR (EUR/USD hedged) LU1915587155 1.50 0.75 3 28/11/2018

FF - Sustainable Water & Waste Fund I-ACC-EUR LU1892830164 0.80 07/11/2018

FF - Sustainable Water & Waste Fund I-ACC-NOK LU2016206869 0.80 26/06/2019

FF - Sustainable Water & Waste Fund I-ACC-SEK LU2016206786 0.80 26/06/2019

FF - Sustainable Water & Waste Fund I-ACC-USD LU1892829588 0.80 07/11/2018

FF - Sustainable Water & Waste Fund RY-ACC-CHF LU2242162548 0.80 14/10/2020

FF - Sustainable Water & Waste Fund RY-ACC-EUR LU2242162621 0.80 14/10/2020

FF - Sustainable Water & Waste Fund RY-ACC-USD LU2242162464 0.80 14/10/2020

FF - Sustainable Water & Waste Fund W-ACC-GBP LU1892829745 0.80 07/11/2018

FF - Sustainable Water & Waste Fund W-GBP LU1892829661 0.80 07/11/2018

FF - Sustainable Water & Waste Fund X-ACC-EUR LU2247934990 0.00 28/10/2020

FF - Sustainable Water & Waste Fund Y-ACC-CHF (CHF/USD hedged) LU1915586934 0.80 3 28/11/2018

FF - Sustainable Water & Waste Fund Y-ACC-EUR LU1892830081 0.80 07/11/2018

FF - Sustainable Water & Waste Fund Y-ACC-EUR (EUR/USD hedged) LU1892830321 0.80 3 07/11/2018

FF - Sustainable Water & Waste Fund Y-ACC-USD LU1892829406 0.80 07/11/2018

FF - Switzerland Fund A-ACC-CHF LU0261951288 1.50 25/09/2006

FF - Switzerland Fund A-CHF LU0054754816 1.50 13/02/1995

FF - Switzerland Fund Y-ACC-CHF LU0346393027 0.80 25/03/2008

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 251 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - Taiwan Fund A-USD LU0075458603 1.50 24/03/1997

FF - Taiwan Fund Y-ACC-USD LU0346392052 0.80 25/03/2008

FF - Thailand Fund A-ACC-USD LU1224710803 1.50 19/05/2015

FF - Thailand Fund A-USD LU0048621477 1.50 01/10/1990

FF - Thailand Fund Y-ACC-USD LU0346392136 0.80 25/03/2008

FF - Thailand Fund Y-USD LU1284737696 0.80 15/09/2015

FF - UK Special Situations Fund A-ACC-EUR LU2050860480 1.50 11/09/2019

FF - UK Special Situations Fund A-ACC-GBP LU2244417031 1.50 18/08/2021

FF - UK Special Situations Fund A-GBP LU2219351520 1.50 10/02/2021

FF - UK Special Situations Fund I-GBP LU0605513679 0.80 26/06/2018

FF - UK Special Situations Fund W-GBP LU0605513752 0.80 26/09/2018

FF - UK Special Situations Fund Y-ACC-GBP LU2219351793 0.80 25/08/2021

FF - United Kingdom Fund A-ACC-EUR LU1048714023 1.50 02/04/2014

FF - United Kingdom Fund A-GBP LU0048621717 1.50 01/10/1990

FF - United Kingdom Fund Y-ACC-GBP LU0346393373 0.80 25/03/2008

FF - US Dollar Bond Fund A-ACC-CZK LU1756522485 0.75 24/01/2018

FF - US Dollar Bond Fund A-ACC-PLN (hedged) LU1677766633 0.75 2 11/10/2017

FF - US Dollar Bond Fund A-ACC-USD LU0261947682 0.75 25/09/2006

FF - US Dollar Bond Fund A-MCDIST(G)-HKD LU2231582003 0.75 23/09/2020

FF - US Dollar Bond Fund A-MCDIST(G)-USD LU2231581880 0.75 23/09/2020

FF - US Dollar Bond Fund A-MDIST-USD LU0168055563 0.75 09/06/2003

FF - US Dollar Bond Fund A-USD LU0048622798 0.75 12/11/1990

FF - US Dollar Bond Fund D-ACC-USD LU1387835454 0.75 0.30 04/05/2016

FF - US Dollar Bond Fund I-ACC-CHF (hedged) LU2152796186 0.40 2 08/04/2020

FF - US Dollar Bond Fund I-ACC-EUR (hedged) LU1599147714 0.40 2 28/04/2017

FF - US Dollar Bond Fund I-ACC-USD LU1560649714 0.40 20/02/2017

FF - US Dollar Bond Fund Y-ACC-CHF (hedged) LU1756522642 0.40 2 24/01/2018

FF - US Dollar Bond Fund Y-ACC-EUR (hedged) LU1756522998 0.40 2 24/01/2018

FF - US Dollar Bond Fund Y-ACC-USD LU0346392482 0.40 17/03/2008

FF - US Dollar Bond Fund Y-MDIST-USD LU1284737852 0.40 15/09/2015

FF - US Dollar Bond Fund Y-USD LU1284737779 0.40 15/09/2015

FF - US Dollar Cash Fund A-ACC-HKD LU1986416003 0.15 12/06/2019

FF - US Dollar Cash Fund A-ACC-USD LU0261952922 0.15 25/09/2006

FF - US Dollar Cash Fund A-USD LU0064963852 0.15 20/09/1993

FF - US Dollar Cash Fund W-ACC-USD LU1892487684 0.10 10/10/2018

FF - US Dollar Cash Fund Y-ACC-USD LU0346392565 0.10 17/03/2008

FF - US High Yield Fund A-ACC-EUR LU0261953904 1.00 25/09/2006

FF - US High Yield Fund A-ACC-EUR (hedged) LU0337581549 1.00 2 18/05/2011

FF - US High Yield Fund A-ACC-HUF (hedged) LU1295421959 1.00 2 05/10/2015

FF - US High Yield Fund A-ACC-USD LU0605520377 1.00 06/04/2011

FF - US High Yield Fund A-EUR LU0132385880 1.00 05/09/2001

FF - US High Yield Fund A-GBP LU0132385534 1.00 05/09/2001

FF - US High Yield Fund A-MCDIST(G)-USD LU2099030673 1.00 15/01/2020

FF - US High Yield Fund A-MDIST-AUD (hedged) LU0963542310 1.00 2 18/09/2013

FF - US High Yield Fund A-MDIST-SGD LU0251145404 1.00 15/05/2006

FF - US High Yield Fund A-MDIST-USD LU0168057262 1.00 09/06/2003

FF - US High Yield Fund A-MINC(G)-USD LU0937948932 1.00 18/06/2013

FF - US High Yield Fund A-MINC-HKD LU0532245395 1.00 18/08/2010

FF - US High Yield Fund A-MINC-USD LU0532245122 1.00 18/08/2010

FF - US High Yield Fund A-USD LU0132282301 1.00 05/09/2001

FF - US High Yield Fund D-ACC-EUR (hedged) LU1387834481 1.00 0.30 2 04/05/2016

FF - US High Yield Fund D-MDIST-USD LU1387834309 1.00 0.30 04/05/2016

FF - US High Yield Fund E-MDIST-EUR (hedged) LU0766124555 1.00 0.50 2 14/05/2012

FF - US High Yield Fund I-ACC-EUR (hedged) LU1642889783 0.65 2 11/07/2017

FF - US High Yield Fund I-ACC-USD LU0891474172 0.65 28/02/2013

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 252 January 2022
Appendix II List of Share Classes

Annual
Annual Management
Distribution Fee Hedging
Share Class Name ISIN Number Fee rate Launch Date
rate Methodology*
(%)
(%)

FF - US High Yield Fund I-EUR (hedged) LU1295423492 0.65 2 05/10/2015

FF - US High Yield Fund I-MDIST-USD LU1235295703 0.65 03/06/2015

FF - US High Yield Fund RY-ACC-Euro (hedged) LU2122943900 0.80 2 26/02/2020

FF - US High Yield Fund RY-ACC-USD LU2122944031 0.80 26/02/2020

FF - US High Yield Fund RY-USD LU2122944114 0.80 26/02/2020

FF - US High Yield Fund W-ACC-GBP LU1033664530 0.65 11/03/2014

FF - US High Yield Fund Y-ACC-CHF (hedged) LU0963540884 0.65 2 16/09/2013

FF - US High Yield Fund Y-ACC-EUR LU1261432576 0.65 07/08/2015

FF - US High Yield Fund Y-ACC-EUR (hedged) LU0665148036 0.65 2 16/09/2011

FF - US High Yield Fund Y-ACC-USD LU0370788753 0.65 02/07/2008

FF - US High Yield Fund Y-EUR LU0936582484 0.65 09/10/2013

FF - US High Yield Fund Y-GBP LU1273508330 0.65 20/08/2015

FF - US High Yield Fund Y-MDIST-AUD (hedged) LU1273508256 0.65 2 20/08/2015

FF - US High Yield Fund Y-MDIST-SGD LU1273508090 0.65 20/08/2015

FF - US High Yield Fund Y-MDIST-USD LU1273508173 0.65 20/08/2015

FF - US High Yield Fund Y-MINC-HKD LU1284734321 0.65 15/09/2015

FF - US High Yield Fund Y-MINC-USD LU1284733786 0.65 15/09/2015

FF - US High Yield Fund Y-QDIST-EUR (hedged) LU0840140528 0.65 2 07/11/2012

FF - US High Yield Fund Y-USD LU0936582211 0.65 09/10/2013

FF - World Fund A-ACC-CZK LU1756523376 1.50 24/01/2018

FF - World Fund A-ACC-CZK (hedged) LU1400167216 1.50 1 05/05/2016

FF - World Fund A-ACC-EUR LU1261432659 1.50 07/08/2015

FF - World Fund A-ACC-HKD LU1119994496 1.50 16/10/2014

FF - World Fund A-ACC-HUF LU1984162237 1.50 24/04/2019

FF - World Fund A-ACC-JPY (hedged) LU1797663454 1.50 1 28/03/2018

FF - World Fund A-ACC-SGD LU1261432733 1.50 07/08/2015

FF - World Fund A-ACC-USD LU1084165304 1.50 17/07/2014

FF - World Fund A-EUR LU0069449576 1.50 06/09/1996

FF - World Fund E-ACC-EUR LU0115769746 1.50 0.75 01/09/2000

FF - World Fund I-ACC-EUR LU1322386266 0.80 30/11/2015

FF - World Fund I-ACC-USD LU1322385532 0.80 30/11/2015

FF - World Fund RY-ACC-Euro LU2158760806 0.80 22/04/2020

FF - World Fund Y-ACC-EUR LU0318941662 0.80 22/10/2007

FF - World Fund Y-ACC-EUR (hedged) LU1723463326 0.80 1 22/11/2017

FF - World Fund Y-ACC-USD LU1084165486 0.80 17/07/2014

FF - World Fund Y-EUR LU0936582641 0.80 09/10/2013

FF - World Fund Y-VMF-ACC-EUR LU1781691065 0.70 09/05/2018

*
1. Look-through to underlying portfolio; 2. Look-through to fund reference index; 3. Translation hedging; 4. Custom hedging.
Prospectus: Fidelity Funds 253 January 2022
Appendix III EU Securities Financing Transactions Regulation

APPENDIX III
EU SECURITIES FINANCING TRANSACTIONS REGULATION
Information contained in Appendix III is valid as at the date of the Prospectus and will be reviewed each time this Prospectus will be
updated.
The Appendix shows the maximum and expected use of securities lending transactions, repurchase and reverse repurchase
agreements and TRS/CFDs.
The expected % of the NAV per fund to use securities lending transactions, repurchase and reverse repurchase agreements and
TRS/CFD transactions is in line with the current investment objective of each fund outlined in this Prospectus. The expected % is
not a limit and may fluctuate between 0% and the maximum % due to factors including, but not limited to, market conditions.
In the event that the % of the NAV per fund to use securities lending transactions repurchase and reverse repurchase agreements
and TRS/CFD transactions changes, the Prospectus will be updated accordingly.

Repurchase and
Securities
CFDs TRS reverse repurchase
Lending
agreements

Maximum level

Maximum level
Expected level

Expected level

Expected level
(in % of TNA)

(in % of TNA)

(in % of TNA)
Fund Name

FF - Absolute Return Asian Equity Fund 400 300 0 0 30 15 30 0

FF – Absolute Return Global Equity Fund 400 200 0 0 30 15 30 0

FF – Absolute Return Global Fixed Income Fund 0 0 200 10 30 15 30 15

FF - Absolute Return Multi Strategy Fund 400 200 25 5 30 15 30 0

FF - America Fund 50 10 0 0 30 15 30 0

FF - American Growth Fund 50 10 0 0 30 15 30 0

FF - ASEAN Fund 10 0 0 0 30 15 30 0

FF - Asia Pacific Dividend Fund 10 0 0 0 30 15 30 0

FF - Asia Pacific Multi Asset Growth & Income Fund 100 40 50 10 30 15 30 0

FF - Asia Pacific Opportunities Fund 10 0 0 0 30 15 30 0

FF - Asia Pacific Strategic Income Fund 0 0 50 10 30 15 30 0

FF - Asian Bond Fund 0 0 50 10 30 15 30 0

FF - Asian Equity Fund 0 0 0 0 30 15 30 0

FF - Asian High Yield Fund 0 0 50 10 30 15 30 0

FF - Asian Smaller Companies Fund 50 10 0 0 30 15 30 0

FF - Asian Special Situations Fund 50 10 0 0 30 15 30 0

FF – Australian Diversified Equity Fund 10 0 0 0 30 15 30 0

FF - Australian Dollar Cash Fund 0 0 0 0 0 0 10/15 0

FF - China Consumer Fund 50 10 0 0 30 15 30 0

FF - China Focus Fund 50 10 0 0 30 15 30 0

FF – China Government Bond Fund 0 0 50 10 0 0 30 0

FF - China High Yield Fund 0 0 50 10 30 15 30 0

FF – China Innovation Fund 50 10 0 0 30 15 30 0

FF - China RMB Bond Fund 0 0 50 10 30 15 30 0

FF - Emerging Asia Fund 10 5 0 0 30 15 30 0

FF - Emerging Europe, Middle East and Africa Fund 10 0 0 0 30 15 30 0

FF - Emerging Market Corporate Debt Fund 0 0 50 10 30 15 30 0

FF - Emerging Market Debt Fund 0 0 50 10 30 15 30 0

FF - Emerging Market Local Currency Debt Fund 0 0 50 10 30 15 30 0

FF - Emerging Market Total Return Debt Fund 0 0 200 40 30 15 30 0

Prospectus: Fidelity Funds 254 January 2022

Appendix III EU Securities Financing Transactions Regulation

Repurchase and
Securities
CFDs TRS reverse repurchase
Lending
agreements

Maximum level

Maximum level
Expected level

Expected level

Expected level
(in % of TNA)

(in % of TNA)

(in % of TNA)
Fund Name

FF - Emerging Markets Focus Fund 50 15 0 0 30 15 30 0

FF - Emerging Markets Fund 5 4 0 0 30 15 30 0

FF - Emerging Markets Inflation-Linked Bond Fund 0 0 50 10 30 15 30 0

FF- European Multi Asset Income Fund 100 40 200 40 30 15 30 0

FF - Euro Bond Fund 0 0 50 10 30 15 30 0

FF - Euro Cash Fund 0 0 0 0 0 0 10/15 0

FF - Euro Corporate Bond Fund 0 0 50 10 30 15 30 0

FF - Euro Short Term Bond Fund 0 0 50 10 30 15 30 0

FF - EURO STOXX 50® Fund 0 0 0 0 30 15 30 0

FF - European Dividend Fund 10 0 0 0 30 15 30 0

FF – European Dividend Plus Fund 50 10 0 0 30 15 30 0

FF - European Dynamic Growth Fund 10 0 0 0 30 15 30 0

FF - European Growth Fund 0 0 0 0 30 15 30 0

FF - European High Yield Fund 0 0 200 40 30 15 30 0

FF - European Larger Companies Fund 10 0 0 0 30 15 30 0

FF – European Low Volatility Equity Fund 10 0 0 0 30 15 30 0

FF - European Smaller Companies Fund 10 0 0 0 30 15 30 0

FF - Fidelity Institutional Target™ 2015 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Institutional Target™ 2020 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Institutional Target™ 2025 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Institutional Target™ 2030 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Institutional Target™ 2035 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Institutional Target™ 2040 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Institutional Target™ 2045 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Institutional Target™ 2050 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Institutional Target™ 2055 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Institutional Target™ 2060 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Patrimoine 100 40 0 0 30 15 30 0

FF - Fidelity Selection Internationale 50 10 0 0 30 15 30 0

FF - Fidelity Target™ 2020 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Target™ 2020 Fund 100 40 50 10 30 15 30 0

FF - Fidelity Target™ 2025 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Target™ 2030 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Target™ 2035 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Target™ 2040 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Target™ 2045 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Target™ 2050 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Target™ 2055 (Euro) Fund 100 40 50 10 30 15 30 0

FF - Fidelity Target™ 2060 (Euro) Fund 100 40 50 10 30 15 30 0

FF - FIRST All Country World Fund 50 10 0 0 30 15 30 0

Prospectus: Fidelity Funds 255 January 2022

Appendix III EU Securities Financing Transactions Regulation

Repurchase and
Securities
CFDs TRS reverse repurchase
Lending
agreements

Maximum level

Maximum level
Expected level

Expected level

Expected level
(in % of TNA)

(in % of TNA)

(in % of TNA)
Fund Name

FF - FIRST Developed World Fund 50 10 0 0 30 15 30 0

FF - FIRST European Value Fund 10 0 0 0 30 15 30 0

FF - Flexible Bond Fund 0 0 200 40 30 15 30 15

FF - France Fund 10 0 0 0 30 15 30 0

FF - Germany Fund 10 0 0 0 30 15 30 0

FF - Global Bond Fund 0 0 50 10 30 15 30 0

FF - Global Corporate Bond Fund 0 0 50 10 30 15 30 0

FF - Global Demographics Fund 50 10 0 0 30 15 30 0

FF - Global Dividend Fund 50 10 0 0 30 15 30 0

FF - Global Dividend Plus Fund 50 10 0 0 30 15 30 0

FF - Global Equity Income Fund 50 10 0 0 30 15 30 0

FF - Global Financial Services Fund 50 15 0 0 30 15 30 0

FF - Global Focus Fund 50 10 0 0 30 15 30 0

FF - Global Health Care Fund 50 15 0 0 30 15 30 0

FF - Global High Yield Fund 0 0 50 10 30 15 30 0

FF - Global Hybrids Bond Fund 0 0 200 40 30 15 30 0

FF - Global Income Fund 0 0 50 10 30 15 30 0

FF - Global Industrials Fund 10 0 0 0 30 15 30 0

FF - Global Inflation-linked Bond Fund 0 0 50 10 30 15 30 0

FF - Global Low Volatility Equity Fund 10 0 0 0 30 15 30 0

FF - Global Multi Asset Dynamic Fund 100 40 50 10 30 15 30 0

FF - Global Multi Asset Income Fund 100 40 200 40 30 15 30 0

FF - Global Multi Asset Defensive Fund 100 40 100 25 30 15 30 0

FF – Global Multi Asset Growth & Income Fund 100 40 50 10 30 15 30 0

FF - Global Property Fund 50 10 0 0 30 15 30 0

FF - Global Short Duration Income Fund 0 0 50 10 30 15 30 0

FF - Global Technology Fund 50 10 0 0 30 15 30 0

FF – Global Thematic Opportunities Fund 50 10 0 0 30 15 30 0

FF - Greater China Fund 50 10 0 0 30 15 30 0

FF - Greater China Fund II 0 0 0 0 30 15 30 0

FF - Greater China Multi Asset Growth & Income Fund 100 40 50 10 30 15 30 0

FF - Iberia Fund 50 10 0 0 30 15 30 0

FF - India Focus Fund 10 0 0 0 30 15 30 0

FF - Indonesia Fund 10 0 0 0 30 15 30 0

FF - Institutional Emerging Markets Equity Fund 10 5 0 0 30 15 30 0

FF - Institutional European Larger Companies Fund 10 0 0 0 30 15 30 0

FF - Institutional Global Focus Fund 50 10 0 0 30 15 30 0

FF - Institutional Global Sector Fund 50 10 0 0 30 15 30 0

FF - Institutional Japan Fund 10 0 0 0 30 15 30 0

FF - Institutional US High Yield Fund 0 0 50 10 30 15 0 0

Prospectus: Fidelity Funds 256 January 2022

Appendix III EU Securities Financing Transactions Regulation

Repurchase and
Securities
CFDs TRS reverse repurchase
Lending
agreements

Maximum level

Maximum level
Expected level

Expected level

Expected level
(in % of TNA)

(in % of TNA)

(in % of TNA)
Fund Name

FF - Italy Fund 10 0 0 0 30 15 30 0

FF - Japan Advantage Fund 10 0 0 0 30 15 30 0

FF - Japan Aggressive Fund 10 0 0 0 30 15 30 0

FF - Japan Smaller Companies Fund 10 0 0 0 30 15 30 0

FF - Latin America Fund 10 0 0 0 30 15 30 0

FF - Malaysia Fund 10 0 0 0 30 15 30 0

FF – Multi Asset Income Fund 100 40 50 10 30 15 30 0

FF - Multi Asset Target Income 2024 Fund 100 40 50 10 30 15 30 0

FF - Nordic Fund 10 0 0 0 30 15 30 0

FF - Pacific Fund 50 10 0 0 30 15 30 0

FF - Singapore Fund 10 0 0 0 30 15 30 0

FF - SMART Global Defensive Fund 180 40 50 10 30 15 30 0

FF - Sterling Cash Fund 0 0 0 0 0 0 10/15 0

FF - Strategic European Fund 240 60 0 0 30 15 30 0

FF - Sustainable Asia Equity Fund 50 10 0 0 30 15 30 0

FF - Sustainable Asian Bond Fund 0 0 50 10 30 15 30 0

FF - Sustainable China A Shares Fund 50 10 0 0 30 15 30 0

FF - Sustainable Climate Solutions Fund 50 10 0 0 30 15 30 0

FF - Sustainable Consumer Brands Fund 50 10 0 0 30 15 30 0

FF - Sustainable Europe Equity Fund 10 0 0 0 30 15 30 0

FF - Sustainable European Smaller Companies Fund 50 10 0 0 30 15 30 0

FF- Sustainable Eurozone Equity Fund 50 0 0 0 30 15 30 0

FF - Sustainable Future Connectivity Fund 50 10 0 0 30 15 30 0

FF - Sustainable Global Equity Fund 50 10 0 0 30 15 30 0

FF - Sustainable Japan Equity Fund 10 0 0 0 30 15 30 0

FF - Sustainable Multi Asset Income Fund 100 40 200 40 30 15 30 0

FF - Sustainable Reduced Carbon Bond Fund 0 0 50 10 30 15 30 0

FF - Sustainable Strategic Bond Fund 0 0 200 40 30 15 30 15

FF - Sustainable US Equity Fund 10 0 0 0 30 15 30 0

FF - Sustainable Water & Waste Fund 50 10 0 0 30 15 30 0

FF - Switzerland Fund 10 0 0 0 30 15 30 0

FF - Taiwan Fund 10 0 0 0 30 15 30 0

FF - Thailand Fund 10 0 0 0 30 15 30 0

FF - United Kingdom Fund 10 0 0 0 30 15 30 0

FF - UK Special Situations Fund 100 40 0 0 30 15 30 0

FF - US Dollar Bond Fund 0 0 50 10 30 15 30 0

FF - US Dollar Cash Fund 0 0 0 0 0 0 10/15 0

FF - US High Yield Fund 0 0 0 0 30 15 30 0

FF - World Fund 50 10 0 0 30 15 30 0

Prospectus: Fidelity Funds 257 January 2022

Appendix IV List of funds qualifying as “Equity fund” or “Mixed fund” for German tax purposes 2018

APPENDIX IV
List of funds qualifying as “Equity fund” or “Mixed fund” for German tax purposes from 2018

From 1 January 2018 onwards German shareholders of such investment funds qualifying as either “equity fund” (section 2
sub-section 6 German Investment Fund Tax Act, “German ITA”) or “mixed fund” (section 2 sub-section 7 German ITA) may benefit
from partial tax relief on taxable income derived from their investment into the funds (section 20 German ITA).
• To qualify for equity fund status, a UCITS investment fund must invest more than 50% of its assets in “equity participations”
as defined in section 2 sub-section 8 of the German ITA on a permanent basis.
• To qualify for “Mixed fund” status a UCITS investment fund must invest at least 25% of its assets in such “equity
participations” on a permanent basis.
The list below displays those funds which according to their investment policy and conditions meet the requirements as equity fund
or mixed fund. The respective status applies to all share classes of a given fund.

Equity fund Mixed fund

Fund Name According to section 2 sub- According to section 2 sub-section

section 6 German ITA with more 7 German ITA with at least 25%
than 50% equity participations equity participations

Fidelity Funds - Absolute Return Global Equity Fund Yes

Fidelity Funds - America Fund Yes

Fidelity Funds - American Growth Fund Yes

Fidelity Funds - ASEAN Fund Yes

Fidelity Funds - Asia Pacific Dividend Fund Yes

Fidelity Funds - Asia Pacific Opportunities Fund Yes

Fidelity Funds - Asian Equity Fund Yes

Fidelity Funds - Asian Smaller Companies Fund Yes

Fidelity Funds - Asian Special Situations Fund Yes

Fidelity Funds – Australian Diversified Equity Fund Yes

Fidelity Funds - China Consumer Fund Yes

Fidelity Funds - China Focus Fund Yes

Fidelity Funds – China Innovation Fund Yes

Fidelity Funds - Emerging Asia Fund Yes

Fidelity Funds - Emerging Europe, Middle East and Africa Fund Yes

Fidelity Funds - Emerging Markets Focus Fund Yes

Fidelity Funds - Emerging Markets Fund Yes

Fidelity Funds - EURO STOXX 50® Fund Yes

Fidelity Funds - European Dividend Fund Yes

Fidelity Funds – European Dividend Plus Fund Yes

Fidelity Funds - European Dynamic Growth Fund Yes

Fidelity Funds - European Growth Fund Yes

Fidelity Funds - European Larger Companies Fund Yes

Fidelity Funds – European Low Volatility Equity Fund Yes

Fidelity Funds - European Smaller Companies Fund Yes

Fidelity Funds - Fidelity Institutional Target™ 2025 (Euro) Fund Yes

Fidelity Funds - Fidelity Institutional Target™ 2030 (Euro) Fund Yes

Fidelity Funds - Fidelity Institutional Target™ 2035 (Euro) Fund Yes

Fidelity Funds - Fidelity Institutional Target™ 2040 (Euro) Fund Yes

Fidelity Funds - Fidelity Institutional Target™ 2045 (Euro) Fund Yes

Fidelity Funds - Fidelity Institutional Target™ 2050 (Euro) Fund Yes

Fidelity Funds - Fidelity Institutional Target™ 2055 (Euro) Fund Yes

Prospectus: Fidelity Funds 258 January 2022

Appendix IV List of funds qualifying as “Equity fund” or “Mixed fund” for German tax purposes 2018

Equity fund Mixed fund

Fund Name According to section 2 sub- According to section 2 sub-section

section 6 German ITA with more 7 German ITA with at least 25%
than 50% equity participations equity participations

Fidelity Funds - Fidelity Institutional Target™ 2060 (Euro) Fund Yes

Fidelity Funds - Fidelity Sélection Internationale Yes

Fidelity Funds - Fidelity Target™ 2025 (Euro) Fund Yes

Fidelity Funds - Fidelity Target™ 2030 (Euro) Fund Yes

Fidelity Funds - Fidelity Target™ 2035 (Euro) Fund Yes

Fidelity Funds - Fidelity Target™ 2040 (Euro) Fund Yes

Fidelity Funds - Fidelity Target™ 2045 (Euro) Fund Yes

Fidelity Funds - Fidelity Target™ 2050 (Euro) Fund Yes

Fidelity Funds - Fidelity Target™ 2055 (Euro) Fund Yes

Fidelity Funds - Fidelity Target™ 2060 (Euro) Fund Yes

Fidelity Funds - FIRST All Country World Fund Yes

Fidelity Funds - FIRST Developed World Fund Yes

Fidelity Funds - France Fund Yes

Fidelity Funds - Germany Fund Yes

Fidelity Funds - Global Demographics Fund Yes

Fidelity Funds - Global Dividend Fund Yes

Fidelity Funds - Global Dividend Plus Fund Yes

Fidelity Funds - Global Equity Income Fund Yes

Fidelity Funds - Global Financial Services Fund Yes

Fidelity Funds - Global Focus Fund Yes

Fidelity Funds - Global Health Care Fund Yes

Fidelity Funds - Global Industrials Fund Yes

Fidelity Funds – Global Multi Asset Defensive Fund Yes

Fidelity Funds – Global Multi Asset Dynamic Fund Yes

Fidelity Funds – Global Multi Asset Growth & Income Fund Yes

Fidelity Funds - Global Thematic Opportunities Fund Yes

Fidelity Funds - Global Technology Fund Yes

Fidelity Funds - Greater China Fund Yes

Fidelity Funds - Greater China Fund II Yes

Fidelity Funds - Iberia Fund Yes

Fidelity Funds - India Focus Fund Yes

Fidelity Funds - Indonesia Fund Yes

Fidelity Funds - Institutional Emerging Markets Equity Fund Yes

Fidelity Funds - Institutional Global Focus Fund Yes

Fidelity Funds - Institutional Global Sector Fund Yes

Fidelity Funds - Institutional Japan Fund Yes

Fidelity Funds - Italy Fund Yes

Fidelity Funds - Japan Advantage Fund Yes

Fidelity Funds - Japan Aggressive Fund Yes

Fidelity Funds - Japan Smaller Companies Fund Yes

Fidelity Funds - Latin America Fund Yes

Fidelity Funds - Malaysia Fund Yes

Prospectus: Fidelity Funds 259 January 2022

Appendix IV List of funds qualifying as “Equity fund” or “Mixed fund” for German tax purposes 2018

Equity fund Mixed fund

Fund Name According to section 2 sub- According to section 2 sub-section

section 6 German ITA with more 7 German ITA with at least 25%
than 50% equity participations equity participations

Fidelity Funds - Nordic Fund Yes

Fidelity Funds - Pacific Fund Yes

Fidelity Funds - Singapore Fund Yes

Fidelity Funds - Strategic European Fund Yes

Fidelity Funds - Sustainable Asia Equity Fund Yes

Fidelity Funds - Sustainable China A Shares Fund Yes

Fidelity Funds - Sustainable Climate Solutions Fund Yes

Fidelity Funds - Sustainable Consumer Brands Fund Yes

Fidelity Funds - Sustainable Europe Equity Fund Yes

Fidelity Funds - Sustainable European Smaller Companies Fund Yes

Fidelity Funds - Sustainable Eurozone Equity Fund Yes

Fidelity Funds - Sustainable Future Connectivity Fund Yes

Fidelity Funds - Sustainable Global Equity Fund Yes

Fidelity Funds -- Sustainable Japan Equity Fund Yes

Fidelity Funds -- Sustainable Multi Asset Income Fund No

Fidelity Funds - Sustainable US Equity Fund Yes

Fidelity Funds - Sustainable Water & Waste Fund Yes

Fidelity Funds - Switzerland Fund Yes

Fidelity Funds - Taiwan Fund Yes

Fidelity Funds - Thailand Fund Yes

Fidelity Funds - United Kingdom Fund Yes

Fidelity Funds - UK Special Situations Fund Yes

Fidelity Funds - World Fund Yes

Prospectus: Fidelity Funds 260 January 2022

LL002915

Fidelity, Fidelity International, the Fidelity International logo and symbol are trademarks of FIL Limited.

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