# Fund Descriptions
All of the funds described in this prospectus are part of the SICAV, which functions as an umbrella structure for them. The SICAV exists to offer investors access to professional investment management through a range of funds, each taking its own investment approach while offering high liquidity of fund shares and practicing sound risk diversification.
By law, each fund is permitted to invest as described in “General Investment Powers and Restrictions”, and equally is required to comply with the restrictions stated in that same section.
However, each fund also has its own investment policy, which is generally narrower than what is permitted by law. To a limited extent, a fund may use investments and techniques not described in its investment policy so long as it is consistent with law and regulation, and with the portfolio’s investment objective.
Each fund may also temporarily depart from its investment policy to address unusual market conditions or large unpredictable event. Descriptions of the specific investment objectives, main investments, and other key characteristics of each fund begin on the next page.
The Management Company has overall responsibility for the SICAV’s business operations and its investment activities, including the investment activities of all of the funds. The Management Company may delegate some of its functions to various service providers, such as investment management, distribution and central administration. The management company retains supervisory approval and control over its delegates.
More information about the SICAV, the management company and the service providers appear in the final section of this prospectus, “Management and Governance”.
For information on fees and expenses you may have to pay in connection with your investment, consult the following:
- 	Maximum fees for buying, exchanging, and selling most shares: this section.
- Annual fees deducted from your investment: this section.
- Recent actual expenses: the applicable KIID or the SICAV’smost recent shareholder report.
- Fees for currency conversions, bank transactions, and investment advice: your financial advisor, the transfer agent, the distributor, or other service providers, as applicable.

TERMS WITH SPECIFIC MEANINGS
The terms below have the following meanings in this prospectus.
2010 Law The Luxembourg law of December 17, 2010 on Undertakings for Collective Investment, as amended.
the articles means the Articles of Incorporation of the SICAV
article 8 product In SFDR, a fund that promotes environmental and/or social characteristics.
article 9 product In SFDR, a fund that has sustainable investing as its objective. assets in the context of fund assets, means a fund’s total net assets
base currency The currency in which a fund does the accounting for its fund and maintains its primary NAV.
below investment grade (high yield) 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 Board The Board of Directors of the SICAV. bond Any type of debt or debt-related security.
business day A day on which the banks in the relevant jurisdiction are normally open for business.
Connected Person ‘Connected Person’ of any investment adviser, Investment
Manager, depositary or any Distributor means:
- 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;
- any person controlled by a person who meets one or both of the requirements set out in a) above;
- 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
- 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) abovedistressed securities Securities issued by a company, sovereign state or entity that are either in default or in high risk of default.

Distributor a FIL Group company named in the Prospectus through which Shares in the Fund may be bought, sold or switched.
Efficient Portfolio Management refers to techniques and instruments which fulfil the following criteria:
- they are economically appropriate in that they are realised in a cost effective way;
- they are entered into for one or more of the following specific aims;
	- reduction of risk
	- reduction of cost;
	- 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 of the funds

- their risks are adequately captured by the risk management process of the Fundemerging markets generally defined as emerging or developing economies by the World Bank the United Nations or other authorities or included in the MSCI Emerging Markets Index or other comparable index.

ESG Environmental, social and governance.
ESG characteristics An indication of ESG characteristics based on Fidelity’s
assessments, proprietary ESG ratings and/or third-party data. Equity includes equity and equity-linked instruments
FIL Group or Fidelity International Ltd (FIL) and its affiliated companies.
financial reports The annual report of the SICAV, along with any semi- annual report that has been issued since the most recent annual report.
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.
| TERMS WITH SPECIFIC MEANINGS  Continued. fund Except where indicated otherwise, any fund for which the SICAV serves as an umbrella UCITS. Fund Fidelity Funds SICAV General Distributor FIL Distributors government Any government, government agency, supranational or public international entity, local authority or government-sponsored organisation. intermediary Any intermediary, distribution agent or other intermediary with whom the distributor has an agreement to distribute shares. invest in “Fund Descriptions” means both direct and indirect exposure to assets Institutional reserved Funds means Institutional Global Focus Fund Institutional Global Sector Fund Institutional Emerging Markets Equity Fund Institutional European Larger Companies Fund KIID Key Investor Information Document. listed Listed or traded on a Regulated Market NAV Net asset value per share; the value of one share of a fund. the prospectus This document. regulated market A market within the meaning of directive 2014/65/EC of 15 May 2014 or 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. 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 REIT Real Estate Investment Trust or REIT is an entity that is dedicated to owning, and in most cases, managing real estate 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 SFDR The Regulation (EU) 2019/2088 on the sustainability-related disclosures in the financial services sector. | SFTR Regulation Regulation (EU) 2015/2365 on transparency of securities financing transactions sustainable investment is a sustainable investment is an investment in an economic activity that contributes, to an environmental or social objective, provided that such investment does not significantly harm any other environmental or social objectives and that the investee companies follow good governance practices. Sustainability Annex is the annex prepared for each fund which is subject to the requirements of article 8 or article 9 of the SFDR containing pre-contractual disclosures in accordance with the SFDR. 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 an investment, as defined under the SFDR. the SICAV Fidelity Funds. UCITS An Undertaking for Collective Investment in Transferable Securities governed by the Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. US person Any of the following, as defined in the US laws or regulations indicated: a “United States person” per section 7701(a)(30) of the Internal Revenue Code of 1986 a “U.S. person” per Regulation S of the 1933 Act a person that is “in the United States” per Rule 202(a)(30)-1 under the Investment Advisers Act of 1940 a person that does not qualify as a “Non-United States Person” as per Commodities Futures Trading Commission Rule 4.7 Valuation day each weekday (any 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 Other interpretation - in the absence of further specification in “Fund Descriptions”, references to an issuer or company's geographic area means either that the issuer is listed, incorporated, headquartered, or derives most, or a significant part, of its revenues in that geographic area
- no index provider sponsors, endorses, sells, or promotes these funds or makes any warranty, representation or judgment about the SICAV, the management company, the investment manager or the use of any index
 |
| --- | --- |

| CURRENCY ABBREVIATIONS AUD  Australian dollar  CAD  Canadian dollar  CHF  Swiss franc CNH  Chinese offshore renminbi  CNY  Chinese onshore renminbi  CZK  Czech koruna EUR  Euro GBP  British pound sterling  HKD  Hong Kong dollar  HUF  Hungarian forint | JPY  Japanese yen  KRW  South Korean won  NOK  Norwegian krone NZD  New Zealand dollar PLN  Polish zloty RMB  Onshore/offshore renminbi SEK  Swedish krona  SGD  Singapore dollar  TWD  New Taiwan dollar  USD  US dollar |
| --- | --- |


## Absolute Return Global Equity Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to provide an absolute return over the medium to long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies anywhere in the world, including emerging markets, as well as cash and money market instruments.
The fund may invest in the following assets according to the percentages indicated:
- China A and B shares (directly and/or indirectly): less than 30% (in aggregate)The fund typically has between -30% and 30% net equity exposure.

The fund may also seek exposure to eligible REITs.
The Investment Manager aims to outperform the benchmark.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations.
The fund may take long positions in securities that are deemed to be undervalued and may short those deemed to be overvalued. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information see ''Sustainable Investing Policy and ESG integration''.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes. The fund may use long or short positions.
Derivatives may be used to create market exposures through equity, currency, volatility or index related derivatives and include over-the-counter and/or exchange traded options, futures, contracts for difference (CFD), equity linked notes, warrants, forward contracts, swaps, and/or a combination of the above. The long and short active currency positions implemented by the fund may not be correlated with the underlying securities positions held by the fund.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 200%; maximum 400%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
Secured Overnight Financing Rate (SOFR). Used for: performance comparison, outperformance, and performance fee calculation.
The fund is not benchmark-constrained and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Convertible securities
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Leverage
- Liquidity
- Market
- Operational
- Russia
- Short position
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Absolute VaR Approach, limited to 9.5%. Expected leverage: 400% (may be higher or lower but not expected to exceed 650%).

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |  |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution | Performance* |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- | 15% |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% | 15% |
| I | 10 million | 100,000 | —- | 1.05% | —- | —- |
| I | 10 million | 100,000 | —- | 0.80% | —- | 15% |
| W/Y | 2,500 | 1,000 | —- | 0.80% | —- | 15% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## FIRST All Country World Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies in developed and emerging markets anywhere in the world. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics. The fund may also invest in money market instruments on an ancillary basis.
The fund may invest less than 30% of its assets (directly and/or indirectly) in China A and B shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. Investments are usually focused on 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. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 10%; maximum 50%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Counterparty	and collateral
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Dividend Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term and provide income.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in income producing equities of companies from anywhere in the world, including emerging markets. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics. The fund may also invest in money market instruments on an ancillary basis.
The Investment Manager aims to provide income in excess of the benchmark.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager focuses on investments which it believes offer attractive dividend yields in addition to price appreciation. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 0%; maximum 5%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics. Used for: performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Equity Income Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term and provide income.
INVESTMENT POLICY 
The fund will invest at least 70% (and normally 75%) of its assets, in income producing equities of companies from anywhere in the world, including emerging markets. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager will target investments which it believes offer attractive dividend yields in addition to price appreciation. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 10%; maximum 50%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Counterparty	and collateral
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Financial Services Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) in equities of companies from anywhere in the world, including emerging markets, that provide financial services to consumers and industry. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 15%; maximum 50%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC World Financials Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Focus Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies from anywhere in the world, including emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund will invest in a limited number of securities, resulting in portfolio concentration.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see the section “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Industrials Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are involved in the research, development, manufacture, distribution, supply or sale of materials, products or services that relate to cyclical and natural resource industries. These investments may be from anywhere in the world, including emerging markets. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG
Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC World Industrials + Materials + Energy Index. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its
performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Low Volatility Equity Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term, while seeking to maintain a volatility profile that is lower than that of its investment universe.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies from developed markets anywhere in the world.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager takes into account Sustainability Risks in its investment process
For more information, see “Sustainable Investing and ESG
Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI World Index. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.30% | —- |
| E | 2,500 | 1,000 | —- | 1.30% | 0.75% |
| I | 10 million | 100,000 | —- | 0.25% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.65% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Property Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies principally engaged in the real estate industry and other real estate related investments anywhere in the world, including emerging markets. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors
. 
The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
FTSE EPRA/NAREIT Developed Index. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Technology Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies throughout the world, including emerging markets that develop or will develop products, process or services providing or benefiting from technological advances or improvements. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. It also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC World Information Technology Index, an  index  that  does  not  take  into  consideration  ESG
characteristics. Used for: investment selection, risk monitoring, performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Thematic Opportunities Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies from anywhere in the world, including emerging markets. It will seek exposure to long-term market themes that benefit from long-term (structural and not cyclical) economic or social trends, such as disruptive technologies that modify consumer behaviour, demographics (population growth, ageing and middle class growth) and climate change. Secular changes generally last for ten years or more and can lead to structural changes.
Disruptive technologies are innovations that meaningfully change consumer, industry or company behavior. Demographic trends are long-term dynamics including those related to ageing population (including companies relating to healthcare and retirement consumption), growth of the middle class (companies exposed to increased consumption, increasing financial services and urbanization), and population growth (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 fund invests in.
The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- China A and B shares (directly and/or indirectly): less than 30%
- eligible REITS: up to 20%INVESTMENT PROCESS In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.

The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging and for , efficient portfolio management.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 10%; maximum 50%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Global Thematic Opportunities Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Institutional Global Focus Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities from anywhere in the world, including emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The manager will concentrate its investments in a limited number of companies, resulting in portfolio concentration.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Institutional Global Sector Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities from anywhere in the world, including emerging markets, that provide exposure to sectors and industries including, but not limited to, consumer industry, financial services, health care, industrials, metals and mining, energy, technology and telecommunications. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry economic conditions, and other factors. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG
Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Selected GICS Special Weighted Index. Used for: performance comparison only.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Sustainable Biodiversity Fund
 Sustainable Family of Funds 

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies from anywhere in the world including emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund seeks to select companies which aim to enable the stabilisation or mitigation of biodiversity loss through technologies and solutions that (amongst other things) reduce the impact of climate change, pollution and over exploitation of natural resources.
Examples of technologies and solutions to biodiversity loss provided by such companies include electric vehicles, biodegradable materials, agricultural efficiency, waste-water treatment, sustainable fish feeding, reduced land use and sustainable practices in mining and energy production.
The fund aims to select companies which adopt good practices contributing towards the stabilisation or improvement of biodiversity loss either through the products or services they offer, or the policies they have in place. Investments will be focused on the companies that demonstrate leading biodiversity practices in their space as identified by FIL Group research analysts.
The fund may invest less than 30% of its assets (directly and/or indirectly) in China A or B shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other characteristics. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s investment universe will be reduced by at least 20% due to the exclusion of issuers based on their ESG characteristics.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Sustainable Biodiversity Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable Consumer Brands Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies from anywhere in the world including emerging markets and linked to the theme of consumer brands such as companies with intellectual property, pricing power and strong track record of growth). Investments will be made in companied involved in the designing, manufacturing, marketing and/or selling of branded consumer goods and/or services. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund’s largest ten holdings may account for 50% or more of its assets, resulting in portfolio concentration.
The fund may invest less than 30% of its assets (directly and/or indirectly) in China A or B shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other characteristics. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. When selecting investments, the fund’s investment universe will be reduced by at least 20% due to the exclusion of issuers based on their ESG characteristics.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 10%; maximum 50%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Short positions
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Sustainable Consumer Brands Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable Climate Solutions Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies anywhere in the world, including emerging markets. These companies enable global decarbonisation through greenhouse gas reduction technologies and solutions. Decarbonization will be measured by the percentage reduction in greenhouse gas emissions if the global economy fully adopts the solutions, included in the investment universe and/or by the absolute kilotons greenhouse gas emissions offset per year by the solutions the target companies help develop. Investments will include companies involved in the design, manufacture or sale of products or services in technologies or solutions such as (but not limited to) electric vehicles, green hydrogen, autonomous vehicles, ride pooling, 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 is not exclusive and can change over time. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund may invest, less than 30% of its assets (directly and/or indirectly) in China A and B shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors
. 
The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. When selecting investments, the fund’s investment universe is reduced by at least 20% after excluding issuers based on their ESG characteristics.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Sustainable Climate Solutions Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable Demographics Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets in equities of companies from anywhere in the world. The fund aims to invest in companies that are able to benefit from demographics changes. Investments will include, but are not limited to, health care and consumer industries companies that stand to benefit from the effects of rising life expectancy, expanding middle class and population growth. The fund may also invest in money market instruments on a ancillary basis.
The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund may invest less than 30% of its assets in emerging markets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. When selecting investments, the fund’s investment universe will be reduced by at least 20% due to the exclusion of issuers based on their ESG characteristics.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable Future Connectivity Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies from anywhere in the world, including emerging markets that are linked to the theme of future connectivity (the enablers, networks, and beneficiaries of next generation communications). Investments may be made in companies involved in the roll out of cellular networks, wired networks, internet infrastructure, online content production. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund may invest less than 30% of its assets (directly and/or indirectly) in China A and B shares (in aggregate).
The fund’s largest ten holdings may account for 50% of its
assets, resulting in portfolio concentration.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other financial measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. In addition, the Investment Manager engages with issuer to seek improvement in ESG issues. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s investment universe will be reduced by at least 20% after exclusion of issuers based on their ESG characteristics.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Sustainable Future Connectivity Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable Global Dividend Plus Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve income with potential for capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies from anywhere in the world the world including emerging markets. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of companies with improving ESG characteristics.
The fund may invest less than 30% of Its assets (directly and/or indirectly) in China A and B shares (in aggregate).
The Investment Manager aims to provide income in excess of the benchmark.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other characteristics. The Investment Manager focuses on investments which it believes offer attractive dividend yields in addition to price appreciation. It also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s average ESG rating exceeds the average ESG rating of its investment universe after excluding 20% of the assets with the lowest ESG ratings.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS. The fund will use a covered call strategy (writing call options on equities or equity indices) in order to generate additional income.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics. Used for: performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Sustainable Global Dividend Plus Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Sustainable Global Equity Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term by investing in Sustainable Investments.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies from anywhere in the world, including emerging markets.
The fund aims to invest in sustainable investments that contribute to environmental or social objectives which are aligned with the SDGs. The fund may (on an ancillary basis and up to 20% of its assets) hold cash, Money Market Instruments, or other investments used for hedging and efficient portfolio management purposes.
the fund may invest in the following assets according to the percentages of assets indicated:
- China A and B shares (directly and/or indirectly): less than 30% (in aggregate)
- Equity-linked securities: up to 10%
- Emerging markets: less than 30%
- European equities: less than 50%
- Eligible closed-ended REITs: up to 10%INVESTMENT PROCESS In actively managing the fund, the Investment Manager identifies investment ideas, relying on a combination of Fidelity’s research, third-party research, inputs from quantitative screens and company meetings to help narrow the investment universe. Stock research and selection focuses on assessing ESG profile and SDG alignment fundamentals through rigorous bottom-up financial analysis and valuation to select stocks with strong investment return potential.

The Investment Manager selects issuers based on the contribution of their economic activities to environmental or social objectives which are aligned with the SDGs.
The Investment Manager aims to be an active owner and engage with companies held within the fund to influence positive change.
The fund assesses the ESG ratings of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 9 (has a sustainable investment objective).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and for investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, a benchmark that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD

#### Main Risks
| See “Risk Descriptions” for more information. |
| --- |
| - China
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Sustainable investing
 |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable Global Equity Income Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies from anywhere in the world, including emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of companies with improving ESG characteristics.
The fund may invest less than 30% of its assets (directly and/or indirectly) in China A and B shares (in aggregate).
The fund aims to have a lower carbon footprint than that of the benchmark.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG factors when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s average ESG rating exceeds the average ESG rating of its investment universe after excluding 20% of the issuers with the lowest ESG ratings.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, performance and carbon footprint comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable Global Health Care Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are involved in design, manufacture or sale of products and services in connection with health care, medicine or biotechnology from anywhere in the world. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. When selecting investments, the fund’s investment universe will be reduced by at least 20% after excluding issuers based on their ESG characteristics.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging and for efficient portfolio management.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
TRS (including CFD) usage Expected 15%; maximum 50%.	
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC World Health Care Index, an index that does not take into account ESG characteristics. Used for:
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable Water & Waste Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies that are involved in the design, manufacture, or sale of products and services used in connection with the water and waste management. 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. These investments may be from anywhere in the world, including emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuerswith favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund may invest less than 30% of its assets (directly and/or indirectly) in China A and B shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. It also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. In addition, the Investment Manager engages with issuers to seek improvement on ESG issues.
The fund assesses the ESG characteristics of at least 90% of its assets. When selecting investments, the fund’s investment universe is reduced by at least 20% after excluding issuers based on their ESG characteristics.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI ACWI Index, an index that does not take into account ESG characteristics Used for: risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Sustainable Water & Waste Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## World Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies from anywhere in the world, including emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth, valuation metrics, company financials, return on capital, cash flows and other financial measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging and for efficient portfolio management.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI World Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund
may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## America Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are listed, headquartered, or do most of their business in the US. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companieswith favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging and for efficient portfolio management.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 5%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
S&P500 Index, an index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## American Growth Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are headquartered or do most of their business in the US. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companieswith favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors
. 
The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
S&P500 Index, an index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Sustainable US Equity Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are listed, headquartered, or do most of their business in the US. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other financial measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s average ESG rating exceeds the average ESG rating of its investment universe after excluding 20% of the assets with the lowest ESG ratings.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
S&P 500 Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and, performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | - | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## European Dividend Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term and provide income.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in income producing equities of companies that are headquartered, or do most of their business, in Europe. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The Investment Manager aims to provide income in excess of the benchmark.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager will target investments which it believes offer attractive dividend yields in addition to price appreciation. It also considers ESG factors when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
BENCHMARK(S) 
MSCI Europe Index, an index that does not take into account ESG characteristics. Used for: performance comparison only.
The fund invests in securities of the benchmark, however, management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Securities lending Expected 15%; maximum 30%.	
Repos/reverse repos Expected 0%; maximum 30%.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## European Dynamic Growth Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are headquartered, or do most of their business, in Europe. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund typically has a bias towards medium sized companies with a market capitalisation of between 1 and 10 billion Euro.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Europe Index, an index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Small and mid cap equity
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## European Growth Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies listed on European stock exchanges. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging and for efficient portfolio management.
TRS (including CFD) usage None.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Europe Index, an index that does not take into account ESG characteristics. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its
performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Counterparty	and collateral
- Derivatives
- Equities
- Hedging
- Investment fund
 | - Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## European Larger Companies Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of larger companies that are listed, headquartered, or do most of their business in Europe. The fund may also invest in money market instruments. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characeristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Europe Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## European Low Volatility Equity Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term, while seeking to maintain a volatility profile that is lower than that of the benchmark.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are listed, headquartered, or do most of their business in in Europe. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund may invest up to 15% of its assets in eligible REITs.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Europe Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
- Investment fund
 | - Liquidity
- Market
- Operational
- Real estate
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.30% | —- |
| E | 2,500 | 1,000 | —- | 1.30% | 0.75% |
| I | 10 million | 100,000 | —- | 0.25% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.65% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## EURO STOXX 50® Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term, by tracking the performance of the benchmark (before fees and expenses).
INVESTMENT POLICY 
The fund invests, including through the use of derivatives, in equities of companies in the benchmark.
To manage its cash position, the fund may invest in collective investment schemes (such as liquidity funds), including those managed by FIL Group, in addition to money market instruments, cash and term deposits.
INVESTMENT PROCESS 
In passively managing the fund, the Investment Manager seeks to replicate (track) the composition of the benchmark and minimise the difference between the return of the portfolio and that of the benchmark. The Investment Manager does not consider environmental, social and governance (ESG) characteristics. The fund’s ESG characteristics are essentially similar to those of the benchmark.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging and for efficient portfolio management.
TRS (including CFD) usage None.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
EURO STOXX 50® Index. Used for: tracking only. For more information, see “Further Information on Fidelity Funds - EURO STOXX 50® Fund” and stoxx.com/index- details..
For reasons such as liquidity or excessive cost, it may not always be practical for the fund to invest in every company

#### Main Risks
See “Risk Descriptions” for more information.
| - Benchmark orientation
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
share in the benchmark or at its weighting within the Index.	
BASE CURRENCY 
EUR.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 0.20% | —- |
| Y | 2,500 | 1,000 | —- | 0.10% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## European Smaller Companies Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of small and medium sized companies that are listed, headquartered, or do most of their business in Europe. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry economic conditions, and other factors. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
EMIX Smaller European Companies Index. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Small and mid cap equity
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch, or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Germany Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in the equities of companies that are listed, headquartered, or do most of their business in Germany. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
HDAX® Total Return Index. Used for: investment selection, risk monitoring, and performance comparison.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund invests in securities of the benchmark, however, the	 management of the fund is discretionary, therefore the fund
may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.
The fund qualifies under the German Investment Tax Act 2018
as an equity fund (Aktienfonds).
The fund is eligible for the French PEA (Plan d’Epargne en
Actions).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Iberia Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are listed, headquartered, or do most of their business in Spain and Portugal. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. In addition, the Investment Manager engages with issuers to seek improvement on ESG issues.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
80% MSCI Spain Index and 20% MSCI Portugal Index, an index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
This fund is eligible for the French PEA (Plan d’Epargne en
Actions).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Italy Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of Italian companies. The fund shall invest at least 70% in 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 fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The 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 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.
Piano Individuale di Risparmio a lungo termine (PIR) Eligibility: Without prejudice to the investment restrictions set out in General Investment Powers and Restrictions and in accordance with the Italian Law No. 232 of 11 December 2016 (as amended), at least 17.5% of the 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 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.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. It also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
FTSE Italia All Share Index, an index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Small and mid cap equity
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Framework standards. For more information, see “Sustainable	
Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging purposes only.
The fund qualifies under the German Investment Tax Act 2018
as an equity fund (Aktienfonds).
This fund is eligible for the French PEA (Plan d’Epargne en Actions) and the Italian PIR (Piano Individuale di Risparmio a lungo termine).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Institutional	European	Larger	Companies Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of larger companies that are listed, headquartered, or do most of their business in Europe. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry economic conditions, and other factors. The Investment Manager also considers ESG factors when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Europe Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund
may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 Noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| R | 100 million | 1 million | — | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Nordic Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies of any capitalisation listed or traded on stock exchanges in Denmark, Finland, Norway and Sweden. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors
. 
The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
FTSE Nordic 30 Index, an index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
SEK.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Small and mid cap equity
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
This fund is eligible for the French PEA (Plan d’Epargne en
Actions).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable European Dividend Plus Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve income with the potential for capital growth
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies that are listed, headquartered, or do most of their business in Europe, some of which may be from emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of companies with improving ESG characteristics.
The Investment Manager aims to provide income in excess of the benchmark.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager focuses on investments which it believes offer attractive dividend yields in addition to price appreciation. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s average ESG rating exceeds the average ESG rating of its investment universe after excluding 20% of the assets with the lowest ESG ratings.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
As well as investing directly in equity securities, the fund will also achieve exposure indirectly through the use of derivatives. In particular, derivatives may be used to generate additional income, for example, by the writing of covered call options. The generation of additional income may impact the 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. In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Europe Index, an index that does not take into account ESG characteristics. Used for: performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Sustainable Europe Equity Fund
 Sustainable Family of Funds 

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies that are are listed, headquartered, or do most of their business in Europe. The fund may also invest in money market instrumentson an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other characteristics. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies.
Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s average ESG rating exceeds the average ESG rating of its investment universe after excluding 20% of the assets with the lowest ESG ratings.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
BENCHMARK(S) 
MSCI Europe Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Securities lending Expected 15%; maximum 30%.	
Repos/reverse repos Expected 0%; maximum 30%.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable Eurozone Equity Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies in countries which are members of the Economic and Monetary Union (EMU) and denominated in Euro. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund aims to have lower carbon footprint compared to that of the benchmark. Carbon footprint is defined as tonnes of CO2 emissions per $1 million of sales.
The Investment Manager will exclude investment in issuers with
an MSCI ESG rating below ‘’A’’.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other financial measures, as well as company management, industry, economic conditions, and other factors. It also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. When selecting investments, the fund’s investment universe (as represented by the benchmark) will be reduced by at least 20% after excluding issuers based on their ESG characteristics.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 0%; maximum 50%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI EMU Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance and carbon footprint comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
The fund is eligible for the French PEA (Plan d’Epargne en
Actions).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable European Smaller Companies Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of small and medium sized companies that are listed, headquartered, or do most of their business in Europe. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 70% of its assets in securities of issuers with favorable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other characteristics. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. In addition, the Investment Manager engages with issuers to seek improvement on ESG issues. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% after excluding 20% of issuers based on their ESG characteristics.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 10%; maximum 50%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Europe Small Cap Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Small and mid cap equity
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Sustainable European Smaller Companies Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Switzerland Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are listed, headquartered, or do most of their business in Switzerland. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other financial measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Switzerland Index, an index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
CHF.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## UK Special Situations Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies that are listed, headquartered, or do most of their business in the UK. The fund seeks to invest in special situations equities (equities that are undervalued and whose recovery potential is not recognised by the market). The fund will have a mixture of investments in larger, medium, and smaller sized companies. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other financial measures, as well as company management, industry, economic conditions, and other factors. 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 Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG
Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 40%; maximum 100%.
BASE CURRENCY 
GBP.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Small and mid cap equity
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Securities lending Expected 15%; maximum 30%.	
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
FTSE All Share Index, an index that does not take into account ESG characteristics. Used for: performance comparison only.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds)
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## ASEAN Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are listed or traded in the South East Asian Nations (ASEAN) region, including countries such as Singapore, Malaysia, Thailand, the Philippines and Indonesia, as well as other emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC ASEAN Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Australian Diversified Equity Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies of any capitalisation that are listed, headquartered, or do most of their business in in Australia. The fund may also invest in Australian corporate hybrid and debt securities if the Investment Manager believes they offer better investment opportunities than the related equity. The fund may also invest in money market instruments on an ancillary basis.
The fund may invest in the following assets according to the percentages indicated:
- below investment grade bonds: up to 20%
- corporate bonds of any credit quality listed in the Australian stock exchange: up to 30%BENCHMARK(S) S&P ASX 200 Index. Used for: investment selection, risk monitoring, and performance comparison.

The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
AUD.

#### Main Risks
| - Asset allocation
- CoCo bonds
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
 | - Equities
- Hedging
- High yield
- Liquidity
- Market
- Operational
- Securitisation
- Small and mid cap
 |
| --- | --- |

See “Risk Descriptions” for more information.
- collateralised and securitised debt instruments: up to 20%
- hybrids and contingent convertible bonds (CoCos): less than 30%, with less than 20% in CoCosThe fund’s largest ten holdings may account for 50% or more of its assets, resulting in portfolio concentration. The fund will have a mixture of investments in larger, medium and smaller sized companies.

INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors
. 
T The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
As well as investing directly in equity and fixed income securities, the fund will also achieve exposure indirectly through the use of derivatives. To enhance the income of the 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 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.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Australian Diversified Equity Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Asia Pacific Dividend Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term and provide income.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in income producing equity securities of companies that are headquartered or do most of their business in the Asia Pacific region, including emerging markets. The fund may also invest in money market instruments on a ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund will invest less than 30% of its assets (directly and/or indirectly) in China A and B Shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company revenues, return on capital, cash flows and other financial measures, as well as industry and economic conditions, among other factors. The Investment Manager will select investments which it believes offer attractive dividend yields in addition to price appreciation. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC Asia Pacific ex Japan Index, an index that does not take into account ESG characteristics. Used
for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Asia Pacific Opportunities Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies that are headquartered or do most of their business in the Asia Pacific (excluding Japan) region including emerging markets. The fund may also invest in money market instruments on an ancillary basis.
The fund may invest less than 30% of its assets (directly and/or indirectly) in China A and B shares (in aggregate).
The fund may invest in a limited number of securities, resulting in portfolio concentration.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors.
The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC Asia Pacific ex Japan Index. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Small and mid cap equity
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Absolute Return Asian Equity Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to provide a positive return with low correlations to traditional asset classes over the medium to long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets through derivatives, in equities of companies that are listed, headquartered or do most of their business in Asia (excluding Japan), equity related instruments as well as cash and money market instruments. Some of these investments may be from emerging markets.
The fund may invest in the following assets according to the percentages indicated:
- China A and B shares (directly (up to 40%) or indirectly): less than 80% in aggregateThe fund typically has between -30% and 30% net equity exposure. Equity related instruments may include warrants, preference shares, rights issues, depositary receipts, convertible bonds, equity linked or participation notes.

The Investment Manager aims to outperform the benchmark.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager combines qualitative and quantitative market analysis into a disciplined portfolio construction process to allocate investments across various strategies. The fund may take long positions in securities that are deemed to be undervalued and short those deemed to be overvalued. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes. The fund may use long or short positions.
Derivatives may be used to create market exposures through equity, currency, volatility or index related derivatives and include over-the-counter and/or exchange traded options, futures, contracts for difference (CFDs), equity linked notes, warrants, forward contracts and/or a combination of the above. The long and short active currency positions implemented by the fund may not be correlated with the underlying securities positions held by the fund.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 300%; maximum 400%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
Secured Overnight Financing Rate (SOFR). Used for: performance comparison, outperformance and performance fee calculation.
The fund is not benchmark-constrained and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Leverage
- Liquidity
- Market
- Operational
- Short position
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Absolute VaR limited to 10%. Expected leverage: 400% (may be higher or lower but not expected to exceed 900%).

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |  |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution | Performance* |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- | 15% |
| I | 10 million | 100,000 | —- | 0.80% | —- | 15% |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- | 15% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Asian Smaller Companies Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of smaller companies that are headquartered, or do most of their business, in Asia Pacific (excluding Japan), including emerging markets. The fund may also invest in money market instruments on an ancillary basis.
The fund will invest less than 30% of its assets (directly and/or indirectly) in China A and B Shares (in aggregate).
Smaller companies are defined as having market capitalisation range of less than USD 8,000 million in terms of the company’s full market capitalisation. The fund may invest in companies outside this range.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. More particularly, the fund is managed with a quality and value bias within the Asian smaller companies’ space. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC Asia Pacific ex Japan Small Cap Australia Capped 10% Index. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund
may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Small and mid cap equity
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Asian Special Situations Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are listed, headquartered or do most of their business in Asia (excluding Japan), which may include emerging markets. The fund seeks to invest in special situations equities (equities that generally have attractive valuations compared to their earning potential) and in equities of smaller growth companies. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities companies with favourable environmental, social and governance (ESG) characteristics.
The fund may in the following securities according to the percentages of assets indicated:
- China A and B shares (directly and/or indirectly): less than 30% (in aggregate)
- investments other than special situations equities and equities of smaller growth companies: up to 25%INVESTMENT PROCESS In actively managing the fund, the Investment Manager considers the durability of long-term growth prospects that are not fully reflected in current valuations. This includes a focus on special situations such as merger, acquisition and internal restructuring activity, that may affect company’s valuations in the short-term. The Investment Manager also considers ESG factors when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.

The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging and for efficient portfolio management.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 5%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC Asia ex Japan Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark and, its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Small and mid cap equity
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Japan Growth Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies that are listed, headquartered, or do most of their business in in Japan. Investments are not restricted to a particular sector. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
TOPIX Total Return Index Used for: performance comparison.
BASE CURRENCY 
JPY.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | - | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Japan Value Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of Japanese companies listed on the Japanese stock exchange with the focus on companies that Fidelity considers to be undervalued. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
TOPIX Total return Index. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
management of the fund is discretionary, therefore the fund	 may invest in securities not included in the benchmark, and its
performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
JPY.
The fund qualifies under the German Investment Tax Act 2018
as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | - | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Pacific Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are listed, headquartered, or do most of their business in the Asia Pacific region, including, but not limited to, Japan, Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand. Some of the countries in this region are considered to be emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund may invest less than 30% of its assets (directly and/or indirectly) in China A and B Shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging and for efficient portfolio management.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC Pacific Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Sustainable Asia Equity Fund
 Sustainable Family of Funds 

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies that are listed, headquartered, or do most of their business in Asia (excluding Japan). This region includes countries that are considered as emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund may invest less than 30% of its assets (directly and/or indirectly) in China A or B shares (in aggregate).
The fund’s largest ten holdings may account for 50% or more
of its assets, resulting in portfolio concentration.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other characteristics. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s average ESG rating exceeds the average ESG rating of its investment universe (as represented by the benchmark) after excluding 20% of the assets with the lowest ESG ratings.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 0%; maximum 5%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC Asia ex Japan Index, an index that does not take into account ESG characteristics. Used for: risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Sustainable Asia Equity II Fund
 Sustainable Family of Funds 

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are headquartered, listed, or do most of their business in Asia (excluding Japan), including emerging markets. The fund will comply with the Singapore Central Provident Fund Board’s investment guidelines. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund will invest less than 30% of its assets (directly and/or indirectly) in China A and B Shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other characteristics, with the aim to identify high quality growth companies. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
TRS (including CFD) usage Expected 0%; maximum 0%.
investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Securities lending Expected 15%; maximum 30%.	
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC Asia ex Japan Index, an index that does not take into account ESG characteristics. Used for:
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Exit | Management | Distribution |
| S | 10 million | 100,000 | 1.00% | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Sustainable Asian Focus Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term by investing in Sustainable Investments.
INVESTMENT POLICY 
The fund invests at least 70% of its assets in equities of companies that are headquartered, listed, or do most of their business in Asia (excluding Japan) including emerging markets.
The fund aims to invests in sustainable investments that contribute to environmental or social objectives which are aligned with one or more United Nations Sustainable Development Goals (“SDGs”). The fund may (on an ancillary basis and up to 20% of its assets) hold cash, Money Market Instruments, or other investments used for hedging and efficient portfolio management purposes.
The fund may invest in the following assets according to the percentages of assets indicated:
- China A and B shares (directly and/or indirectly): less than 30% (in aggregate)
- Equity linked securities: up to 40%
- Eligible closed-ended REITs: up to 10%INVESTMENT PROCESS In actively managing the fund, the Investment Manager identifies investment ideas, relying on a combination of Fidelity’s research, third-party research, inputs from quantitative screens and company meetings to help narrow the investment universe. Stock research and selection focuses on assessing ESG profile and SDG alignment fundamentals through rigorous bottom-up financial analysis and valuation to select stocks with strong investment return potential.

The Investment Manager selects issuers based on the contribution of their economic activities to environmental or social objectives which are aligned with the SDGs.
The Investment Manager aims to be an active owner and engage with companies held by the fund to influence positive change.
The fund assesses the ESG ratings of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “SustainableInvesting and ESG Integrationand the Sustainability Annex.
SFDR product category Article 9 (has a sustainable investment objective).
TRS (including CFD) usage Expected 10%; maximum 50%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI AC Asia ex Japan Index, a benchmark that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- 	who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives	
for hedging, efficient portfolio management and for investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Sustainable Japan Equity Fund
 Sustainable Family of Funds 

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are listed, headquartered, or do most of their business in Japan. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics. The Investment Manager will exclude investment in issuers with a Fidelity Sustainability Rating of 'C' or below.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other financial measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s average ESG rating exceeds the average ESG rating of its investment universe (as represented by the benchmark) after excluding 20% of the assets with the lowest ESG ratings.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
TOPIX Total Return Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
JPY.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 1 million | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## China Consumer Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies that are headquartered or do most of their business in China or Hong Kong. These companies are involved in the development, manufacture or sales of goods or services to consumers in China. Some of these investments may be from emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund may invest up to 60% of its assets (directly and/or indirectly) in China A and B Shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 10%; maximum 50%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI China Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## China Focus Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies listed in China and Hong Kong, as well as in equities of non-Chinese companies which do most of their business in China. China is considered to be an emerging market. The fund may also invest in money market instruments on an ancillary basis.
The fund may invest up to 60% of its assets (directly and/or Indirectly) in China A and B Shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging and for efficient portfolio management.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 5%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI China Capped 10% Index. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
 | - Equities
- Hedging
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## China Innovation Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies that are listed, headquartered, or do most of their business, in the Greater China Region, including China, Hong Kong, Macau and Taiwan. These investments are considered innovative in technology (such as artificial intelligence, digitisation, robotics and future mobility), lifestyle (such as health, education and wealth) and ecology (such as clean energy, environmental protection and circular economy). These investments may be from emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- China A and B shares (directly and/or indirectly): up to 100%
- China A shares listed on the ChiNext market or STAR board: up to 100%
- China A shares via QFI status: less than 70%The fund’s largest ten holdings may account for 50% or more of its assets, resulting in portfolio concentration.

INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI China All Share Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
In addition to core derivatives (see “How the Funds Use	
Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Greater China Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies listed in the Greater China region including Hong Kong, China and Taiwan. Some of these investments may be from emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund may invest up to 60% of its assets (directly and/or indirectly) in China A and B Shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 5%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Golden Dragon Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
 | - Equities
- Hedging
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Greater China Fund II

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities listed in the Greater China region including Hong Kong, China and Taiwan. Some of these investments may be from emerging markets. The fund will comply with the Singapore Central Provident Fund Board’s investment guidelines. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund may invest less than 60% of its assets (directly and/or indirectly) in China A and B Shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 0%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Golden Dragon Index, an index that does not take into account ESG characteristics. Used for:
investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Exit | Management | Distribution |
| S | 10 million | 100,000 | 1.00% | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable All China Equity Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of Chinese companies listed in mainland China and Hong Kong. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund may invest in the following assets according to the percentages indicated:
- China A and B shares: up to 100% (in aggregate) with direct investments up to 100%
- China A shares, via ChiNext and STAR board (directly): up to 100% (in aggregate)
- China A shares via QFI: less than 70%The fund’s largest ten holdings may account for 50% or moreof its assets, resulting in portfolio concentration.

INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry economic conditions, and other factors. The Investment Manager also considers ESG factors when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s average ESG rating exceeds the average ESG rating of its investment universe as represented by the benchmark, after excluding 20% of assets with the lowest ESG ratings.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI China All Shares Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Sustainable All China Equity Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable China A Shares Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies that are listed or traded in China. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund may invest in the following assets according to the percentages indicated:
- China A and B shares (directly and/or indirectly): up to 100% (in aggregate), with up to 100% in direct investments
- China A shares via ChiNext and/or STAR board: up to 100% (in aggregate)
- China A shares via QFI status: less than 70%INVESTMENT PROCESS In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. It also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.

The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s average ESG rating exceeds the average ESG rating of its investment universe, as represented by the benchmark, after excluding 20% of assets with the lowest ESG ratings.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI China A International Index, an index that does not take into account ESG characteristics. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- 	who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Emerging Asia Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are headquartered or do most of their business in less developed countries of Asia that are considered as emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund will invest less than 30% of its assets (directly and/or indirectly) in China A and B Shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 5%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Emerging Markets Asia Index, an index that does not take into account ESG characteristics. Used for:
investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Emerging Europe, Middle East and Africa Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies that are headquartered or do most of their business in less developed countries of Central, Eastern and Southern Europe (including Russia), Middle East and Africa including those that are considered as emerging markets according to the MSCI EM Europe, Middle East and Africa Index. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG
Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI emerging EMEA Capped 5% Index.
Used for: risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Russia
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Emerging Markets Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies with activities in areas experiencing rapid economic growth including countries and emerging markets in Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund will invest less than 30% of its assets (directly and/or indirectly) in China A and B Shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging and for efficient portfolio management.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 4%; maximum 5%.
Securities lending Expected 15%; maximum 30%.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Russia
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Repos/reverse repos Expected 0%; maximum 30%.	
BENCHMARK(S) 
MSCI Emerging Markets Index, an index that does not take into account ESG characteristics. Used for: risk monitoring and performance comparison.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Institutional Emerging Markets Equity Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies from anywhere in the world including Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East and that are experiencing rapid economic growth. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund may invest less than 30% of its assets (directly and/or indirectly) in China A and B shares (in aggregate).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and company financials, return on capital, cash flows and other measures, as well as company management, industry economic conditions, and other factors. It also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 5%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Emerging Markets Index, an index that does not take into account ESG characteristics. Used for: risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Russia
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## India Focus Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of Indian companies listed in India, or non-Indian companies which do most of their business in India. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry economic conditions, and other factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI India Capped 8% index, an index that does not take into account ESG characteristics. Used for: risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions within 5 business days
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Indonesia Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are listed, headquartered, or do most of their business in Indonesia. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry economic conditions, and other factors. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Indonesia IMI Capped 8% Index. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
may invest in securities not included in the benchmark, and its	 performance over any period may or may not deviate
significantly from that of the benchmark.
BASE CURRENCY 
USD.
The fund qualifies under the German Investment Tax Act 2018
as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Latin America Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities of companies that are listed, headquartered, or do most of their business in Latin America. Some of these investments may be from emerging markets. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry economic conditions, and other factors. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging and for efficient portfolio management.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI EM Latin America Index. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
management of the fund is discretionary, therefore the fund	 may invest in securities not included in the benchmark, and its
performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.
The fund qualifies under the German Investment Tax Act 2018
as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable	Emerging	Markets	Ex	China Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% in equities of, and related instruments providing exposure to, companies of Latin America, Asia (excluding mainland China), Africa, Eastern Europe (including Russia) and the Middle East. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of companies with improving ESG characteristics.
The fund’s largest ten holdings may account for 50% or more
of its assets, resulting in portfolio concentration.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other characteristics. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The fund’s average ESG rating exceeds the average ESG rating of its investment universe (as represented by the benchmark) after excluding 20% of the assets with the lowest ESG ratings.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 15%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Emerging Markets ex China Index, , an index that does not take into consideration ESG characteristics. Used for: risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - Investment fund
- Liquidity
- Market
- Operational
- Russia
- Short position
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable Emerging Markets Equity Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities of companies that are listed, headquartered, or do most of their business, in developing markets including, countries in Latin America, Asia, Africa, Eastern Europe (including Russia) and the Middle East. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 70% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund will invest less than 30% of its assets (directly and/or indirectly) in China A and B Shares (in aggregate).
The fund invests in a limited number of securities (generally between 20 to 80 under normal market conditions).
The Investment Manager aims to outperform the benchmark.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. It also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of the fund’s investment universe, as represented by the benchmark, after exclusion of 20% of the assets with the lowest ESG rating.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 15%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Emerging Markets Index an index that does not take into account ESG characteristics. Used for: outperformance, performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Russia
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Sustainable Emerging Markets Equity Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Thailand Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in equities listed or traded on the stock exchange in Thailand. The fund may also invest in money market instruments on an ancillary basis.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers growth, valuation metrics, company financials, return on capital, cash flows and other financial measures, as well as company management, industry, economic conditions, and other factors. The Investment Manager takes into account Sustainability Risks in its investment process..
For more information, see “Sustainable Investing and ESG
Integration”..
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 0%; maximum 10%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
Solactive GBS Thailand Investable Universe Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
may invest in securities not included in the benchmark, and its	 performance over any period may or may not deviate
significantly from that of the benchmark.
BASE CURRENCY 
USD.
The fund qualifies under the German Investment Tax Act 2018
as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Absolute Return Global Fixed Income Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to provide a positive absolute return over the medium to long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets in below-investment grade and investment grade debt securities, currency instruments, cash and money market instruments, These investments may be from anywhere in the world, including emerging markets and be denominated in any currency.
The fund may invest in the following assets according to the percentages indicated:
- Listed China onshore bonds, including urban investment bonds (directly and/or indirectly): less than 30% (in aggregate)
- credit-linked securities: less than 30%
- collateralised and securitised debt instruments: less than 20%
- equity-linked securities: less than 10%
- 	hybrids and contingent convertible (CoCo) bonds): less than 30%, with less than 20% in CoCosThe fund may also invest in other subordinated financial debt and preference shares.

The fund’s largest ten holdings may account for 50% or more
of its assets, resulting in portfolio concentration.
The fund’s exposure to distressed securities is limited to 10% of its assets.
The Investment Manager aims to outperform the benchmark.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across issuers, sectors, geographies and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations.
The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes. The fund may use long or short positions.
The fund uses derivatives, including complex derivative instruments or strategies, to meet the investment objectives of the fund. The types of derivatives that will be used include, futures, forwards, swaps (such as interest rate, credit default, inflation index, and total return swaps), options, swaptions, and credit and equity linked notes. Derivatives are used to achieve indirect exposure to the main assets listed above, to generate additional capital in line with the fund's risk profile or with the aim of risk or cost reduction.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 200%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
ICE BofA 0-3 Month US Treasury Bill Index.
Used for: performance comparison and outperformance.
The fund is not benchmark-constrained and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Hedging
 | - High yield
- Investment fund
- Leverage
- Liquidity
- Market
- Operational
- Russia
- Securitisation
- Short position
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Absolute VaR limited to 10%. Expected leverage: 800% (may be higher or lower but not expected to exceed 650%).

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Continues on next page 
Absolute Return Global Fixed Income Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 0.90% | —- |
| E | 2,500 | 1,000 | —- | 0.90% | 0.25% |
| I | 10 million | 100,000 | —- | 0.55% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.55% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Flexible Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in a broad range of debt securities from anywhere in the world, including emerging markets denominated in GBP or other currencies The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets classes according to the percentages indicated:
- below investment grade or unrated bonds: up to 50%
- Listed China onshore bonds (directly and/or indirectly): less than 30% (in aggregate)
- hybrids and contingent convertible bonds (CoCo): less than 30%, with less than 20% in CoCosThe fund’s exposure to distressed securities is limited to 10% ofits assets.

Exposure to non-GBP investments will be largely hedged back to GBP.
The fund may invest in subordinated financial debt and preference shares.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations.
The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes. The fund may use long or short positions.
The fund uses derivatives, including complex 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. Derivatives 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.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 40%; maximum 200%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 15%; maximum 30%.
BENCHMARK(S) 
ICE BofA Q880 Custom Index (a custom blend of government, investment grade and high yield corporate bond indices), an index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
GBP.

#### Main Risks
See “Risk Descriptions” for more information.
| - CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Hedging
- High yield
 | - Interest rate
- Investment fund
- Leverage
- Liquidity
- Market
- Operational
- Short position
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Absolute VaR limited to 10%. Expected gross leverage: 500% (may be higher or lower but not expected to exceed 1000%).

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Continues on next page 
Flexible Bond Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.00% | —- |
| E | 2,500 | 1,000 | —- | 1.00% | 0.60% |
| I | 10 million | 100,000 | —- | 0.50% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.50% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests in corporate and government debt securities, from anywhere in the world, including emerging markets. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- Listed China onshore bonds (directly and/or indirectly): less than 30% (in aggregate).

The fund aims to maximise performance measured in US Dollars.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations.
The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
Bloomberg Global Aggregate Bond Index, an index that does not take into account ESG characteristics. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Hedging
 | - Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Short position
- Sovereign
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.75% | —- |
| I | 10 million | 100,000 | —- | 0.40% | —- |
| Y | 2,500 | 1,000 | —- | 0.40% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Corporate Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in investment grade corporate debt securities from anywhere in the world, including emerging markets. The fund may also invest in government and other debt securities and on an ancillary basis money market instruments.
The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest less than 30% in hybrids and contingent convertible bonds (CoCos) with less than 20% in CoCos. The fund may also invest in subordinated financial debt and preference shares.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations.
The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
Bloomberg Global Aggregate Corporate Index, an index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Hedging
 | - Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Short position
- Sovereign
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.75% | —- |
| E | 2,500 | 1,000 | —- | 0.75% | xx |
| I | 10 million | 100,000 | —- | 0.40% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.40% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Hybrids Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide a high level of income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in hybrids and contingent convertible (CoCo) bonds, subordinated financial debt and preference shares from anywhere in the world, including emerging markets. Some of these investments may be below investment grade.
The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may also invest in other transferable securities, UCITS/UCIs, money market instruments, cash and term deposits.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 40%; maximum 200%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
50% ICE BofA Contingent Capital Index + 50% ICE BofA Global Hybrid Corporate Index, indices that do not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a good knowledge and experience of investing in this type of fund;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 10,000 | 1,000 | 3.50% | 0.90% | —- |
| E | 10,000 | 1,000 | — | 0.90% | [*] |
| I | 10 million | 100,000 | —- | 0.55% | —- |
| W, Y | 10,000 | 1,000 | —- | 0.55% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global High Yield Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide a high level of income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in high-yielding below investment grade bonds of issuers anywhere in the world, including emerging markets. The fund may also invest in money market instruments. on an ancillary basis. The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- Listed China onshore bonds (directly and/or indirectly): less than 30% (in aggregate)
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCosThe fund may also invest in other subordinated financial debt and preference shares.

The fund will invest in a limited number of securities resulting in portfolio concentration.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG factors when assessing investment risks and opportunities. In determining favourable ESG factors, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
ICE BofA Q788 Custom Index (a custom blend of high yield indices), an index that does not take into account ESG characteristics. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Commodities
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
 | - Emerging markets
- Equities
- Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.00% | —- |
| E | 2,500 | 1,000 | —- | 1.00% | 0.40% |
| I | 10 million | 100,000 | —- | 0.65% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.65% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Income Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide a high level of income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in debt securities from anywhere in the world, including emerging markets. Investments may include investment grade and below investment grade debt securities of varying maturities and high yield bonds and emerging market debt denominated in various currencies. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- investment grade debt securities: at least 50%
- below investment grade bonds: up to 50%
- Listed China onshore bonds (directly and/or indirectly): less than 30% (in aggregate)
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with CoCos less than 20%.

The fund may also invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. It also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.90% | —- |
| E | 2,500 | 1,000 | —- | 0.90% | 0.60% |
| I | 10 million | 100,000 | —- | 0.55% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.55% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Inflation-linked Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to provide an attractive level of real income and capital growth over time.
INVESTMENT POLICY 
The fund invests at least 70% of its assets in investment grade and below investment grade inflation- linked bonds, nominal bonds issued by governments, agencies, supranational entities, corporations, and banks from anywhere in the world, including emerging markets. Investments include below investment grade and investment grade securities. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- money market instruments and term deposits: less than 30%
- convertible bonds: up to 25%
- equities and other participations rights: up to 10%.

INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager will utilize a range of strategies such as active yield curve strategies, sector rotation, security selection, relative value management and duration management from within the global-inflation linked, interest rate and credit markets. The Investment Manager also considers ESG factors when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee issuers and countries follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes. The fund may use long or short positions.
The fund uses derivatives, including complex 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. Derivatives may be used to create economic exposure to an asset akin to a physical holding of that asset. The fund will use (i) interest rate swaps and futures 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 fund may not be correlated with the underlying securities positions held by the fund.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
Bloomberg World Government Inflation- Linked 1 to 10 Year Index, an index that does not take into account ESG factors. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Convertible securities
- Counterparty and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Continues on next page 
Global Inflation-Linked Bond Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.50% | —- |
| E | 2,500 | 1,000 | —- | 0.50% | 0.15% |
| I | 10 million | 100,000 | —- | 0.30% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.30% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Short Duration Income Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to provide income whilst maintaining an average duration of investments not exceeding three years.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in debt securities including investment grade corporate bonds and government bonds of varying maturities, below investment grade and emerging market bonds, from anywhere in the and denominated in various currencies. The fund may also invest in money market instruments and/or other short term debt instruments including certificates of deposit, commercial paper and floating rate notes, cash and cash equivalents. The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- below investment grade debt securities: up to 50%
- investment grade debt securities: at least 50%
- Listed China onshore debt securities (directly and/or indirectly): less than 30% (in aggregate).

The portfolio seeks to maintain an overall average credit rating of investment grade.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations.
The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS..
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.75% | —- |
| E | 2,500 | 1,000 | —- | 0.75% | 0.30% |
| I | 10 million | 100,000 | —- | 0.40% |  |
| W, Y | 2,500 | 1,000 | —- | 0.40% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Sustainable Climate Bond Fund
 Sustainable Family of Funds 

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in investment grade corporate debt securities anywhere in the world, including emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund focuses on the management of climate related risks and favours issuers with the lowest carbon profiles with their sectors, encouraging a transition towards a greener environment through the selection of issuers on an improving carbon transition path and investing in carefully selected green bond issuers. The strategy aims to be proactive in dealing with climate change through the continual engagement with global corporate bond issuers.
The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund may invest in the following assets according to the percentages indicated:
- Listed China onshore bonds (directly and /or indirectly) up to 30% (in aggregate) with direct exposure up to 10%
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos.

The fund may also invest in subordinated debt and preference shares.
The fund will aim to have a lower carbon footprint compared to that of the broader market.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG factors when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets, The average ESG rating of the fund will exceed the average ESG rating of the fund’s investment universe (as represented by the benchmark) after excluding 20% of the assets with the lowest ESG rating.
When investing in green, social and sustainability bonds (the ‘labelled bonds’) the Investment Manager employs a selection process mainly based on the International Capital Market Association (‘ICMA’) Green and Social Bond Principles (‘GSBP’) guidelines. Bonds certified as being compliant with Climate Bonds Initiative (‘CBI’) or European Green Bond Standards (‘EUGBS’) will be prioritised but the Investment Manager may use other standards where deemed appropriate.
The GSBP are voluntary process guidelines for issuing green and social bonds. They seek to support issuers in financing environmentally and socially sound and sustainable projects. The CBI seeks to mobilise the bond market for climate change solutions through the development of the Climate Bonds Standard and Certification Scheme, a labelling scheme for bonds and loans. The EUGBS is a voluntary standard designed to help scale up and raise the environmental ambitions of the green bond market.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS..
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
Bloomberg Global Aggregate Corporate Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Derivatives
- Distressed securities
- Emerging markets
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Russia
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.
Continues on next page 
Sustainable Reduced Carbon Bond Fund (Sustainable Climate Bond Fund) Continued

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.75% | —- |
| E | 2,500 | 1,000 | —- | 0.75% | 0.40% |
| I | 10 million | 100,000 | —- | 0.40% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.40% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable Strategic Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in debt securities which may include government, inflation linked, investment grade and below investment grade corporate debt securities and money market instruments. These investments may be from anywhere in the world, including emerging markets.
The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of companies with improving ESG characteristics.
The fund may invest in the following assets according to the percentages indicated:
- Listed China onshore bonds (directly and/or indirectly): less than 30% (in aggregate)
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos.

The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes. The fund may use long or short positions.
The fund uses derivatives including complex 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. Derivatives 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.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 40%; maximum 200%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 15%; maximum 30%.
BENCHMARK(S) 
ICE BofA Q944 Custom Index (a custom blend of government, investment grade and high yield corporate bond indices), an index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
- Hedging
- High yield
 | - Interest rate
- Investment fund
- Leverage
- Liquidity
- Market
- Operational
- Short position
- Sovereign debt
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Absolute VaR, limited to 10%. Expected gross leverage: 500% (may be higher or lower but not expected to exceed 1000%).

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Continues on next page 
Sustainable Strategic Bond Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.00% | —- |
| E | 2,500 | 1,000 | —- | 1.00% | 0.60% |
| I | 10 million | 100,000 | —- | 0.50% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.50% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Sustainable US High Yield Fund
 Sustainable Family of Funds 

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide a high level of income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in high-yielding below investment grade securities of issuers that are headquartered, or do most of their business in the United States. These securities will be subject to high risk, will not be required to meet a minimum rating standard, although, most, but not all, will be rated for creditworthiness by an internationally recognised rating agency. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of companies with improving ESG characteristics.
The fund may invest in the following assets according to the percentages indicated:
- hybrids and contingent convertible (CoCo) bonds: less than 30% with CoCos less than 20%.

The fund may also invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund assesses the ESG characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of the fund’s investment universe after exclusion of 20% of the assets with the lowers ESG rating.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS..
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
ICE BofA US High Yield Constrained Index an index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - CoCo bonds
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| I | 10 million | 100,000 | —- | 0.65% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.65% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## US Dollar Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) of its assets, in US dollar denominated debt securities.
Then fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 50% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
ICE BofA Q4AR Custom Index (a custom USD Aggregate Bond index which excludes the Federal Reserve
SOMA holdings), an index that does not take into account ESG characteristics. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over an period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - CoCo bonds
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and income,
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.75% | —- |
| E | 2,500 | 1,000 | - | 0.75% | 0.40% |
| I | 10 million | 100,000 | —- | 0.40% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.40% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## US High Yield Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide a high level of income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in high yielding below investment grade debt securities of issuers that do most of their business in the United States These securities will be subject to high risk and will not be required to meet a minimum rating standard and may not be rated for creditworthiness by an internationally recognised rating agency. The fund may also invest in money market instruments on an ancillary basis.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations.
The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
TRS (including CFD) usage None
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
ICE BofA US High Yield Constrained Index and index that does not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.00% | —- |
| E | 2,500 | 1,000 | —- | 1.00% | 0.50% |
| I | 10 million | 100,000 | —- | 0.65% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.65% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Euro Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in debt securities denominated in Euro. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 50% if its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with CoCos less than 20%.

The fund may also invest in other subordinated financial debt and preference shares.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing
and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
ICE BofA Euro Large Cap Index an index that does not take into account ESG characteristics. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - CoCo bonds
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
 | - Hedging
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.75% | —- |
| E | 2,500 | 1,000 | —- | 0.75% | 0.40% |
| I | 10 million | 100,000 | —- | 0.40% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.40% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Euro Corporate Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in Euro denominated corporate debt securities. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 50% if its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with CoCos less than 20%
- non-Euro denominated debt securities and/or non-corporate debt securities: less than 30%.

Exposure to non-Euro denominated debt securities may be hedged back to Euro.
The fund may also invest in other subordinated financial debt and preference shares.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
ICE BofA Euro Corporate Index an index that does not take into account ESG characteristics. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Hedging
 | - Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.75% | —- |
| E | 2,500 | 1,000 | —- | 0.75% | 0.40% |
| I | 10 million | 100,000 | —- | 0.40% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.40% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## European High Yield Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide a high level of income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in high-yielding below investment grade debt securities of issuers that are headquartered, or do most of their business, in Western, Central and Eastern Europe (including Russia), including emerging markets. These securities will be subject to high risk, will not be required to meet a minimum rating standard, although, most, but not all, will be rated for creditworthiness by an internationally recognised rating agency. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with CoCos less than 20%The fund may invest in other subordinated financial debt and preference shares.

The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 40%; maximum 200%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
ICE BofA Global High Yield European Issuers Constrained (Level 4 20% Cap) Index, an index that does not take into account ESG characteristics. Used for: investment selection, risk monitoring, and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Russia
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.00% | —- |
| E | 2,500 | 1,000 | —- | 1.00% | 0.25% |
| I | 10 million | 100,000 | —- | 0.65% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.65% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Euro Short Term Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in euro-denominated debt securities, focusing its investments in investment grade European fixed rate debt securities with less than five years to effective maturity. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- non-euro denominated securities: less than 30%
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCosThe average duration of the fund’s investments will not exceed3 years.

Exposure to non-euro investments may be hedged back to EUR.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
ICE BofA 1-3 Year Euro Broad Market Index, an index that does not take into account ESG characteristics. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - CoCo bonds
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
 | - Hedging
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds,
- who plan to hold their investment for a recommended holding period of at least 2 years,
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.50% | —- |
| E | 2,500 | 1,000 | —- | 0.50% | 0.15% |
| I | 10 million | 100,000 | —- | 0.30% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.30% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Structured Credit Income Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the medium to longer term and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in fixed and floating rate securitised investments issued by government, quasi-government, and corporate issuers from anywhere in the world, including emerging markets. Fixed and floating rate securitized investments may include, but are not limited to, asset-backed securities (ABS), collateralised loan obligations (CLOs), commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), as well as securitisations of other receivables and investment grade and below investment grade debt securities. Underlying assets of the asset-backed securities may include credit card receivables, consumer loans, small-to-medium business loans and commercial and residential real estate mortgage loans. To achieve its investment goals, for treasury purposes or in the event of unfavorable market conditions, the fund may also invest in money market instruments and term deposits.
The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- below investment grade securities: less than 30% collateralised and securitised debt securities: ABS 0-30%, collateralized loan obligations 40-80%, CMBS up to 30%. RMBS up to 30%.
- eligible REITs and infrastructure securities: up to 5%.

The fund’s exposure to distressed securities is limited to 10% of its assets.
The fund’s investments are not currency constrained.
The Investment Manager aims to outperform the benchmark.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager applies a bottom-up approach whereby the selection of securities will be based on fundamental analysis of each securitised investment and underlying collateral and a review of their structural features. This analysis involves a thorough review of each individual securitized investment, its risk retention, its deal structure, as well as the underlying collateral. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
European Short-term rate (€STR) cash Index, an index that does not take into account ESG characteristics. Used for: outperformance.
The fund is not benchmark-constrained and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - CoCo bonds
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Hedging
- High yield
 | - Interest rate
- Investment fund
- Leverage
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Short position
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Absolute VaR. limited to 20% Expected leverage: 250% (may be higher or lower but not expected to exceed 350%).

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds,
- who plan to hold their investment for a recommended holding period of at least 2 years
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to sell fund shares must be received by 4:00 PM CET (3:00 PM UK time) on any Wednesday that is a Valuation Date (or if that is not a Valuation Date, the next day that is). Requests to sell shares are subject to not less than 5 business days’ notice. Settlement typically occurs within 3 business days after receipt of written instructions, and in no case later than 5.
Continues on next page 
Structured Credit Income Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 0.75% | —- |
| E | 2,500 | 1,000 | —- | 0.75% | 0.30% |
| I | 10 million | 100,000 | —- | 0.40% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.40% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Asian Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in investment grade debt securities of issuers that do most of their business in the Asian region, including emerging markets. The fund may also invest in money market instruments on an ancillary basis.
The fund may invest in the following assets according to the percentages indicated:
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos.

The fund may also invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG
Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
ICE BofA Asia Dollar Investment Grade Index. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
 | - Emerging markets
- Hedging
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.75% | —- |
| E | 2,500 | 1,000 | — | 0.75% | 0.40% |
| I | 10 million | 100,000 | —- | 0.40% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.40% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Asian High Yield Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide a high level of income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in high-yielding below investment grade debt securities of issuers, or in high-yielding debt securities of below investment grade issuers, that do most of their business in the Asian region, including emerging markets. These securities will be subject to high risk and will not be required to meet a minimum rating standard and may not be rated for creditworthiness by an internationally recognised rating agency. The fund may also invest in money market instruments on an ancillary basis.
The fund may invest in the following assets according to the percentages indicated:
- Listed China onshore bonds (directly and/or indirectly): less than 30% (in aggregate).
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos.

The fund may also invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager takes into account Sustainability Risks in its investment process. For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
J.P. Morgan Asia Credit Non-Investment Grade Index. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
 | - Emerging markets
- Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holdingperiod of at least 4 years;
- who seek capital growth and provide income over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions and in case of redemption within 5 business days
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.00% | —- |
| E | 2,500 | 1,000 | —- | 1.00% | 0.50% |
| I | 10 million | 100,000 | —- | 0.65% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.65% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Asia Pacific Strategic Income Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in a broad range of debt securities of issuers that are headquartered, or do most of their business in Asia Pacific, including emerging markets. Some of these investments may be below investment grade or unrated. The fund may also invest in money market instruments on an ancillary basis.
The fund may invest in the following assets according to the percentages indicated:
- Asia Pacific local currency bonds: up to 80%
- below investment grade bonds: up to 90%
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with CoCos less than 20%
- Listed China onshore bonds including urban investment bonds, asset-backed securities and below investment grade, or unrated bonds (directly and/or indirectly): up to 50% (in aggregate)
- China offshore bonds (including dim sum bonds): up to 50%
- emerging market bonds: up to 100%.

The fund may also invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The fund will actively allocate among below investment grade and emerging market bonds. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
 | - Emerging markets
- Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.00% | —- |
| E | 2,500 | 1,000 | — | 1.00% | 0.50% |
| I | 10 million | 100,000 |  | 0.65% |  |
| W/ Y | 2,500 | 1,000 | —- | 0.65% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Sustainable Asian Bond Fund
 Sustainable Family of Funds 

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets in debt securities issued by governments, quasi governments and corporate entities that do most of their business in the Asian region, including emerging markets. Some of these investments may be below investment grade. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 70% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with low but improving ESG characteristics.
The fund may invest in the following assets according to the percentages indicated:
- Below investment grade bonds: up to 30%
- Listed China onshore corporate and government bonds including urban investment bonds, asset-backed securities (less than 20%) and below investment grade, or unrated bonds (directly and/or indirectly): less than 30% (in aggregate)
- China offshore bonds (including dim sum bonds): less than 70%
- hybrids and contingent convertible (CoCo) bonds: less than 30% with CoCos less than 20%
- Credit-linked notes: up to 10%
- Emerging markets: up to 100%.

The fund may also invest in subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
The fund aims to have a lower carbon footprint than that of the benchmark
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
BENCHMARK(S) 
J.P.Morgan Asia Credit Index an index that does not take into account ESG characteristics. Used for: risk monitoring, investment selection, performance comparison and carbon footprint comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Continues on next page 
Sustainable Asian Bond Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.00% | —- |
| E | 2,500 | 1,000 | —- | 1.00% | 0.50% |
| I | 10 million | 100,000 | —- | 0.55% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.55% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## China Government Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in debt securities issued by the People’s Republic of China (PRC) government or the policy banks of the PCR, some of which may be unrated. At least 70% of the investments will be denominated in RMB. The fund may also invest in money market instruments on an ancillary basis.
The fund may invest in the following assets according to the percentages indicated:
- Listed China onshore bonds (directly and/or indirectly): up to 100% of which less than 70% will be invested through the QFI scheme,
- Policy bank bonds: with up to 30%.

The fund may also invest in China offshore bonds (including dim sum bonds).
Policy bank bonds are securities issued by three Chinese government agencies the Chinese Development Bank (‘CDB’); the Agricultural Development Bank of China (‘ADBC’); and the China Export Import Bank (“CEIB”).
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
Bloomberg China Treasury + Policy Banks Capped 9% Index. Used for: investment selection, risk monitoring and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.50% | —- |
| E | 2,500 | 1,000 | —- | 0.50% | 0.30% |
| I | 10 million | 100,000 | —- | 0.30% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.30% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## China High Yield Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to provide a high level of income over time.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in below investment grade or unrated debt securities of issuers that are headquartered or do most of their business in the Greater China region, including China, Hong Kong, Macau and Taiwan. These securities will be subject to high risk and will not be required to meet a minimum rating standard and may not be rated for creditworthiness by an internationally recognised rating agency. The fund may also invest in money market instruments on an ancillary basis.
The fund may invest in the following assets according to the percentages indicated:
- China offshore bonds (including dim sum bonds): up to 100%
- Listed China onshore corporate and government bonds including urban investment bonds, asset-backed securities and below investment grade, or unrated bonds (directly and/or indirectly): up to 60% (in aggregate)
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos.

The fund may also invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
Investments of the fund are not currency constrained.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of a bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
 | - Emerging markets
- Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.20% | —- |
| E | 2,500 | 1,000 | —- | 1.20% | 0.50% |
| I | 10 million | 100,000 | —- | 0.70% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.70% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## China RMB Bond Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to maximise total return over the long term.
INVESTMENT POLICY 
The fund aims to achieve its investment objective through exposure to RMB denominated debt, money market instruments, cash and cash equivalents (including term deposits). The fund invests at least 70% of its assets, in investment grade debt securities denominated in RMB, investment grade securities of issuers that do most of their business in the Asia Pacific region, securities denominated in RMB of investment grade issuers, or in securities of investment grade issuers that do most of their business in the Asia Pacific region, including emerging markets.
The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest, directly or indirectly, in the following assets according to the percentages indicated:
- Listed China onshore bonds (directly and/or indirectly): up to 100%
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos.

The fund may invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
Exposure to non-RMB investments may be hedged to maintain the currency exposure to RMB.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers issuer financials, such as revenue and profit growth, cash flows and credit analysis, as well as market and macroeconomic factors. It also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
CNH

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
 | - Emerging markets
- Hedging
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 0.75% | —- |
| E | 2,500 | 1,000 | —- | 0.75% | 0.50% |
| I | 10 million | 100,000 | —- | 0.40% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.40% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Emerging Market Corporate Debt Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in investment grade and below investment grade corporate debt securities from emerging markets that are denominated in globally traded major currencies (‘hard currencies’). The fund may also invest in emerging market debt securities denominated in local currency and on an ancillary basis in money market instruments.
The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- Listed China onshore corporate and government bonds including urban investment bonds, asset-backed securities and below investment grade, or unrated bonds (directly and/or indirectly): less than 30% (in aggregate)
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with CoCos less than 20%
- sovereign bonds of emerging market issuers: up to 25%.

The fund may also invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG factors when assessing investment risks and opportunities. In determining favourable ESG factors, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
J.P. Morgan Corporate Emerging Market Bond Index - Broad Diversified, an index that does not take into account ESG ccharacteristics. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sovereign debt
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.,
Continues on next page 
Emerging Market Corporate Debt Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.20% | —- |
| E | 2,500 | 1,000 | — | 1.20% | 0.40% |
| I | 10 million | 100,000 | — | 0.65% | —- |
| Y | 2,500 | 1,000 | —- | 0.65% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Emerging Market Debt Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in emerging market debt securities issued by governments, quasi governments, banks, financial institutions and corporate entities. The fund may also invest in other types of debt securities, equity securities, lower quality debt securities and on an ancillary basis in money market instruments.
The fund invests at least 50% if its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- Listed China onshore bonds (directly and/or indirectly): less than 30% (in aggregate)
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with CoCos less than 20%.

The fund may also invest in other subordinated financial debt and preference shares.
The fund is unconstrained in the amount that it may invest in below investment grade securities or issuers.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG factors when assessing investment risks and opportunities. In determining favourable ESG factors, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee issuers and countries follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS .
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
J.P. Morgan Emerging Markets Bond Index - Global Diversified, an index that does not take into account ESG characteristics. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Russia
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.20% | —- |
| E | 2,500 | 1,000 | —- | 1.20% | 0.40% |
| I | 10 million | 100,000 | —- | 0.65% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.65% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Emerging Market Local Currency Debt Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in investment grade, below investment grade emerging markets debt securities and denominated in local currency. The fund may also invest in emerging market debt securities denominated in non-local currency and on an ancillary basis money market instruments.
The fund invests at least 50% if its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- Below investment grade debt securities issued or guaranteed by any single country (including its government, a public or local authority or a nationalised industry of that country): more than 10%
- 	Listed China onshore bonds (directly and/or indirectly): less than 30% (in aggregate)
- Corporate bonds of emerging market issuers: up to 25%.

The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 10%; maximum 50%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
J.P. Morgan Government Bond Index - Emerging Markets Global Diversified an index that does not take into account ESG characteristics. Used for: risk monitoring, investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Continues on next page 
Emerging Market Local Currency Debt Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.20% | —- |
| E | 2,500 | 1,000 | —- | 1.20% | 0.40% |
| I | 10 million | 100,000 | —- | 0.65% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.65% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Emerging Market Total Return Debt Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in government and corporate debt securities from emerging markets, including those that are denominated in local or globally traded major currencies (‘hard currencies’), nominal and inflation linked debt securities. The fund may also invest in money market instruments on an ancillary basis. The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- Listed China onshore bonds (directly and/or indirectly): less than 30% (in aggregate)
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos.

The fund may also invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
The fund Is unconstrained in the amount it may invest in below investment grade securities or issuers.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses in-house research and investment capabilities to identify suitable opportunities across bond issuers, sectors, geographies, and security types. This may include an assessment of bond issuers’ creditworthiness, macroeconomic factors, and valuations. The Investment Manager also considers ESG factors when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee issuers and countries follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes (including derivatives which focus on currency, interest rates, equities and volatility). The fund may use long or short positions.
The fund uses derivatives to meet its investment objective and with the aim of risk or cost reduction or to generate additional capital or income, and this may result in leverage and increased volatility. These instruments include but are not limited to futures, options, forwards, swaps, credit linked instruments, and other fixed income, currency and credit derivatives (including but not limited to total return swaps, foreign exchange forward contracts, non-deliverable forwards, single name credit default swaps and indices of credit default swaps. Indices of credit default swaps include but are not limited to iTraxx and CDX).
The underlying exposures of derivatives include instruments such as (but not limited to) government bonds, agency bonds, Money Market Instruments, interest-rates, inflation, currencies, corporate bonds and structured bonds. The fund will hold sufficient liquid assets (including, if applicable, sufficiently
liquid long positions) to cover at all times the fund’s obligations arising from its credit derivative positions (including short positions). In such situations, performance may rise or fall more than it would have done otherwise, reflecting such additional exposures. Under certain market conditions assets may be more difficult to sell.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 40%; maximum 200%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
50% JPMorgan Government Bond Index- Emerging Markets Global Diversified + 25% JPMorgan Corporate Emerging Markets Bond Index-Broad Diversified + 25% JPMorgan Emerging Markets Bond Index-Global Diversified, indices that do not take into account ESG characteristics. Used for: risk monitoring only.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Leverage
- Liquidity
- Market
- Operational
- Short position
- Sovereign debt
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Relative VaR (limited to 150% of the VaR of the benchmark). Expected leverage: 550% (may be higher or lower but not expected to exceed 1000%).

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Continues on next page 
Emerging Market Total Return Debt Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 3.50% | 1.20% | —- |
| E | 2,500 | 1,000 | —- | 1.20% | 0.40% |
| I | 10 million | 100,000 | —- | 0.65% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.65% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable Emerging Market Debt Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over time and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in emerging market debt securities, issued by governments, quasi governments, banks, financial institutions and corporate entities from anywhere in the world, including emerging markets. The fund may also invest in money market instruments on an ancillary basis.
The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of companies with improving ESG characteristics.
The fund may invest in the following assets according to the percentages indicated:
- below investment grade bonds: up to 100%
- Listed China onshore bonds, including urban investment bonds, (directly and/or indirectly): less than 30% (in aggregate)
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with CoCos less than 20%
- collateralised and securitised securities (including asset- backed and mortgage-backed securities): up to 20%.

The fund may also Invest in other subordinated financial debt and preference shares.
The fund’s investments are not currency constrained.
The fund Is unconstrained in the amount it may invest in below investment grade securities or issuers.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers issuer’s financials, such as revenue and profit growth, cash flow and credit analysis, as well as market and macroeconomic factors. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee issuers follow good governance practices.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 5%; maximum 50%.
Securities lending Expected 5%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
50% JPM ESG EMBI Global Diversified Index and 50% JPM ESG CEMBI Broad Diversified Index, an index that does not take into consideration ESG characteristics. Used for: investment selection and performance comparison.
The fund invests in securities of the benchmark, however, the management of the fund is discretionary, therefore the fund may invest in securities not included in the benchmark, and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Hedging
 | - High yield
- Investment fund
- Liquidity
- Market
- Operational
- Russia
- Securitisation
- Sovereign debt
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions and in case of redemption no later than 5.
Continues on next page 
Sustainable Emerging Market Debt Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,500 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.60% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| Y | 2,500 | 1,000 | —- | 1.00% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Asia Pacific Multi Asset Growth & Income  Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the medium to long term and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities and debt securities issued governments, quasi- governments or companies that are listed, headquartered or do most of their business in the Asia Pacific region including Australia and New Zealand and excluding Japan. These investments may be from emerging markets and some bond investments may be below investment grade.
The fund may invest in the following assets according to the percentages indicated:
- equities: up to 80%
- below investment grade bonds: up to 50%
- eligible commodity exposure: up to 10%
- eligible REITs: up to 30%
- investment grade bonds: up to 75%
- China A and B shares and listed onshore bonds (directly and/or indirectly): less than 50% (in aggregate)
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos
- money market instruments: up to 30%.

The fund may also invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager combines macroeconomic, market and fundamental company analysis to flexibly allocate investments across asset classes and geographic areas based on their potential to generate capital growth and income within the portfolio. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- China
- CoCo bonds
- Commodities
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
 | - Emerging markets
- Equities
- Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.25% | —- |
| E | 2,500 | 1,000 | —- | 1.25% | 0.60% |
| I | 10 million | 100,000 | —- | 0.70% |  |
| W/ Y | 2,500 | 1,000 | —- | 0.70% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Absolute Return Multi Strategy Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to provide an absolute positive return with low correlations to traditional asset classes over the medium to long term.
INVESTMENT POLICY 
The fund uses a combination of diverse investment strategies in order to achieve its objective, include arbitrage, equity hedge, fixed income and macro strategies. The strategies will be primarily implemented by taking long and short exposure to a range of asset classes such as equities, corporate and government investment grade and below investment grade bonds, infrastructure, property, commodities, money market instruments and currencies from anywhere in the world, including emerging markets. These investments may be denominated in any currency.
The fund may invest in the following assets according to the percentages indicated:
- China A and B shares and listed onshore bonds (including urban investment bonds): less than 30%
- collateralised and securitised debt instruments: less than 20%
- eligible commodity exposure: up to 10%
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos.

The fund may also invest in China offshore bonds (including dim sum bonds).
The fund’s exposure to distressed securities is limited to 10% of
its assets.
The Investment Manager aims to outperform the benchmark.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager combines qualitative and quantitative market analysis into a disciplined portfolio construction process to allocate investments across various strategies, such as long- short equity, arbitrage, fixed income and macro.
Arbitrage strategies aim to profit from the price difference between instruments that are related and judged to be mispriced. This may involve the simultaneous purchase and sale of related financial instruments.
Equity hedge strategies aim to profit from identifying undervalued stocks and either selling overvalued stocks or hedging the market risk associated with the undervalued stocks.
Fixed Income and Macro strategies are grouped together as strategies can cross both disciplines. Fixed Income strategies aim to produce consistent returns either within fixed income markets or through relative value strategies within markets such as corporate and emerging market bonds. Macro strategies traditionally use a top-down approach which studies macro-economic and political factors to invest in different asset classes across global markets.
The Investment Manager takes into account Sustainability Risks in its investment process. For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes. The fund may use long or short positions. The fund will take long positions in securities that are deemed to be undervalued and short those deemed to be overvalued. Short exposure will only be achieved through the use of derivatives.
The types of derivatives that will be used include, but are not limited to, futures (index, basket or single name), forwards,
swaps (such as interest rate, credit default, inflation index, and total return swaps), options, swaptions, and contracts for difference. Derivatives are used to achieve indirect exposure to the main assets listed above, to generate additional capital or income in line with the fund's risk profile or with the aim of risk or cost reduction.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 200%maximum400%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
Secured Overnight Financing Rate (SOFR). Used for: performance comparison, outperformance and performance fee calculation.
The fund is not benchmark-constrained and its performance over any period may or may not deviate significantly from that of the benchmark.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - China
- CoCo bonds
- Commodities
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
- Equities
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Leverage
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Short position
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Absolute VaR limited to 20%. Expected leverage: 600% (may be higher or lower but not expected to exceed 750%).

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Continues on next page 
Absolute Return Multi Strategy Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |  |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution | Performance |
| A | 2,500 | 1,000 | 5.25% | 1.05% | —- | 10% |
| A | 2,500 | 1,000 | 5.25% | 1.40% | —- | —- |
| I | 10 million | 100,000 | —- | 0.55% | —- | 10% |
| I | 10 million | 100,000 | —- | 0.75% |  | —- |
| W, Y | 2,500 | 1,000 | —- | 0.55% | —- | 10% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. The performance fee is paid if the relevant class exceeds its high water mark, which is adjusted for the return of the relevant cash index. Accrued daily, with accruals written back in case of underperformance, and paid to the Investment Manager annually. |


## European Multi Asset Income Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to provide income over time.
INVESTMENT POLICY 
The fund invests at least 70% of its assets in equities and debt securities of issuers that are listed, headquartered, or do most of their business in Europe, and European governments. The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- European investment grade bonds: up to 70%
- European below investment grade bonds: up to 50%
- European equities: up to 50%
- European government bonds: up to 50%
- China A and B shares and listed onshore bonds (directly and/or indirectly): less than 10% (in aggregate)
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos
- alternative investments, such as infrastructure securities and eligible REITs: up to 20%
- non-European investments (including equities, government bonds, investment or below Investment grade bonds, emerging market debt or eligible alternative investments): up to 20%
- money market instruments: up to 25%.

The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager combines macroeconomic, market and fundamental company analysis to flexibly allocate investments across asset classes and geographic areas based on their potential to generate income. It also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 80%; maximum 300%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- China
- CoCo bonds
- Concentration
- Commodities
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Short position
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.00% | —- |
| E | 2,500 | 1,000 | —- | 1.00% | 0.55% |
| I | 10 million | 100,000 | —- | 0.60% |  |
| W/ Y | 2,500 | 1,000 | —- | 0.60% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Greater China Multi Asset Growth & Income Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the medium to long term and provide income.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in equities and debt securities issued by governments or quasi governments and companies that are listed, headquartered or do most of their business in Greater China region, including China, Hong Kong, Macau and Taiwan. China, Taiwan and Macau are considered as emerging markets.
The fund may invest in the following assets according to the percentages indicated:
- bonds of any type: up to 90%, with up to 75% in below investment grade and unrated bonds and up to 75% in investment grade bonds
- equities: up to 80%
- China A and B shares and listed onshore bonds (directly or indirectly): up to 75% (in aggregate)
- China A shares via QFI or Stock connect listed on the ChiNext market or STAR board: up to 75%
- China offshore bonds (including dim sum bonds): up to 50%
- collateralised and securitised debt instruments: up to 20%
- eligible commodity exposure: up to 30%
- eligibleREITs: up to 30%
- urban investment bonds: up to 10%
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos
- money market instruments: up to 30%.

The fund may also invest in other subordinated financial debt and preference shares. Investments are not required to meet minimum rating standards.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager will allocate investments across asset classes and geographic areas based on their potential to generate capital growth or income. The fund’s income is mainly generated by dividend payments of equities and coupon payments of bonds with capital growth being provided mainly by equity investment. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- China
- CoCo bonds
- Commodities
- Concentration
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
 | - Equities
- Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.25% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Multi Asset Defensive Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth while seeking to preserve capital over the long term.
INVESTMENT POLICY 
The fund invests, in a range of asset classes, including equities, corporate and government investment grade and below investment grade bonds, money market instruments, eligible REITs and eligible commodity exposure, from anywhere in the world, including emerging markets.
The fund may invest in the following assets according to the percentages indicated:
- below investment grade bonds: less than 30%
- China A and B shares and listed onshore (directly and/or indirectly): less than 20% (in aggregate)
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos.

The fund may also Invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager will allocate investments across asset classes and geographic areas based on their potential to generate growth or reduce overall risk. The fund adopts a multi asset approach which affords significant potential for diversification. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes (including derivatives which focus on credit, interest rates and currency). The fund may use long or short positions.
The fund uses derivatives, including complex derivative instruments or strategies, to meet the investment objectives of the fund. Derivative instruments may be used to create economic exposure to an asset akin to a physical holding of that asset. The types of derivatives 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 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 fund may not be correlated with the underlying securities positions held by the fund
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 65%; maximum 200%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
A composite of 80% Bloomberg Global Aggregate Index (EUR Hedged) Index + 20% MSCI ACWI (Net) EUR Index. Used for: risk monitoring only (the fund aims to achieve a better downside profile than that of the benchmark on a 3 -year rolling basis). The fund does not use a benchmark against which the performance of the fund may be assessed.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- China
- CoCo bonds
- Commodities
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
 | - Equities
- Hedging
- High yield
- Interest rate
- Investment fund
- Leverage
- Liquidity
- Market
- Operational
- Real estate
- Short position
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Absolute VaR, limited to 8%. Expected gross leverage: 400% (may be higher or lower but not expected to exceed 750%).

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as a mixed fund (Mischfonds).
Continues on next page 
Global Multi Asset Defensive Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 0.90% | —- |
| E | 2,500 | 1,000 | —- | 0.90% | 0.30% |
| I | 10 million | 100,000 | —- | 0.45% |  |
| W/ Y | 2,500 | 1,000 | —- | 0.45% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Multi Asset Growth & Income Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the medium to long term and provide income.
INVESTMENT POLICY 
The fund invests in a range of asset classes including corporate and government debt securities, equities, real estate, infrastructure and commodities, from anywhere in the world, including emerging markets.
The fund may invest in the following assets according to the percentages indicated:
- below investment grade or unrated bonds: up to 75%
- equities: up to 80%, with up to 60% in emerging market equities
- emerging market bonds: up to 60%
- China A and B shares and listed onshore bonds (directly and/or indirectly) including urban investment bonds: less than 30% (in aggregate)
- China offshore bonds (including dim sum bonds): up to 30%
- convertible securities (hybrids and contingent convertible (CoCo) bonds): less than 30%, with less than 20% in CoCos
- eligible REITs, infrastructure securities and commodities: less than 30% (in each of the asset classes)
- investment grade bonds: up to 100%
- money market instruments: up to 30%.

The fund’s exposure to distressed securities is limited to 10% of its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager combines macroeconomic, market and fundamental company analysis to flexibly allocate investments across asset classes and geographic areas based on their potential to generate capital growth and income within the portfolio. The fund’s income is mainly generated by dividend payments of equities and coupon payments of bonds and payments out of capital. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- China
- CoCo bonds
- Commodities
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
 | - Equities
- Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and provide income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as a mixed fund (Mischfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.25% | —- |
| E | 2,500 | 1,000 | —- | 1.25% | 0.60% |
| I | 10 million | 100,000 | — | 0.70% | — |
| W/ Y | 2,500 | 1,000 | —- | 0.70% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Multi Asset Income Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve moderate capital growth over the medium to long term and provide income.
INVESTMENT POLICY 
The fund invests in a range of asset classes Including debt securities, equities, real estate, infrastructure, from anywhere in the world, including emerging markets.
The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- investment grade bonds: up to 100%
- below investment grade bonds: up to 60%
- emerging market bonds: up to 50%
- equities: up to 50%
- government bonds: up to 50%
- China A and B shares and listed onshore bonds (directly and/or indirectly): less than 20% (in aggregate)
- eligible REITs and infrastructure securities: less than 30% (in each asset class)
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in contingent convertible (CoCo) bonds
- money market instruments: up to 25%.

The fund may also Invest in other subordinated financial debt and preference shares
The fund’s exposure to distressed securities is limited to 10% of its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager will allocate investments across asset classes and geographic areas based on their potential to generate income and capital growth or reduce overall risk. The fund’s income is mainly generated by dividend payments of equities and coupon payments of bonds. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics , the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Investing Framework standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 80%; maximum 300%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- China
- CoCo bonds
- Commodities
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
 | - Equities
- Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.25% | —- |
| E | 2,500 | 1,000 | —- | 1.25% | 0.60% |
| I | 10 million | 100,000 | — | 0.70% | — |
| W/ Y | 2,500 | 1,000 | —- | 0.70% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Multi Asset Target Income 2024 Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve a positive total return up
to the fund’s scheduled liquidation in 2024.
INVESTMENT POLICY 
The fund invests in a range of asset classes, including equities, corporate and government investment grade and below investment grade bonds, eligible REITs, infrastructure, commodities and cash, from anywhere in the world, including emerging markets. The fund may achieve elements of its return by using derivatives and through investment in UCITS and UCIs. Approaching maturity, 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.
At maturity the fund will be automatically liquidated.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager will allocate investments across asset classes and geographic areas based on their potential to generate growth or reduce overall risk. The proportion of assets allocated by the Investment Manager to each asset class varies over time by gradually shifting toward preserving value as the target date approaches. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
The fund uses derivatives, including complex derivative instruments or strategies, to meet the investment objectives of the fund. The fund may maintain long and short exposure to securities through derivatives. Such positions may not be correlated with the underlying securities positions held by the fund. This provides the Investment Manager with a degree of flexibility when to choose a particular technique, or when to concentrate or diversify investments. Derivatives may be used to create economic exposure to an asset akin to a physical holding of that asset.
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 index. The types of financial derivative instruments 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.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- Commodities
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Leverage
- Liquidity
- Market
- Operational
- Real estate
- Short position
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Absolute VaR, limited to 8%. Expected gross leverage: 450% (may be higher or lower but not expected to exceed 750%).

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 3 years;
- who seek capital growth over the recommended holding period and income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
The fund is closed to subscriptions and switches in only from 23 May 2018. Requests to sell and switches out only fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The last NAV will be calculated on 22 May 2024 and proceeds will be returned to shareholders no later than 5 June 2024.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |  |
| Class | Initial and holding | Subsequent | Entry | Redemption Fee | Management | Distribution |
| A | 2,500 | 1,000 | 3.00% | 1.00% | 0.80% | -—- |
| --Y | 2,500 | 1,000 | 3.00% | —- | 0.45% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. The annual management fee, will be reduced to 0% on 24 April 2024 |

 Sustainable Family of Funds 

## Sustainable Multi Asset Income Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve moderate capital growth over the medium to long term and provide income.
INVESTMENT POLICY 
The fund invests in a range of asset classes, including debt securities, equities, real estate, infrastructure, commodities and cash from anywhere in the world, including emerging markets. The fund invests at least 70% of its assets in securities of companies with favourable environmental, social and governance (ESG) characteristics.
The fund may invest in the following assets according to the percentages indicated:
- debt securities of any type: up to 100%
- below investment grade debt securities: up to 60%
- emerging market debt securities and equities: up to 50%
- equities: up to 50%
- government debt securities: up to 50%
- China A and B shares and listed onshore debt securities (directly or indirectly): less than 30% (in aggregate)
- eligible REITS: up to 30%
- infrastructure securities (excluding real estate investment trusts): up to 30%
- China offshore bonds (including dim sum bonds): less than 10%
- credit-linked and equity-linked securities: up to 10%
- Russian debt securities and equities: up to 10% in aggregate
- eligible commodity exposure: up to 5%
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos
- money market instruments: up to 25%.

The fund may also invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager combines macroeconomic, market and fundamental company analysis to dynamically allocate investments across asset classes and geographic areas. The fund’s income is mainly generated by dividend payments of equities and coupon payments of bonds with capital growth being provided mainly by equity investment. To achieve its objective the fund adopts a tactical asset allocation strategy where the fund’s investments may be actively balanced and adjusted. This may result in the fund incurring greater transaction costs than a fund with static allocation strategy. It also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 80%; maximum 300%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- China
- CoCo bonds
- Commodities
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
 | - Equities
- Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Russia
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period and provide income; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Continues on next page 
Sustainable Multi Asset Income Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | 5.25% | 1.25% | —- |
| E | 2,500 | 1,000 | —- | 1.25% | 0.60% |
| I | 10 million | 100,000 | —- | 0.70% | —- |
| Y | 2,500 | 1,000 | —- | 0.70% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Fidelity Institutional TargetTM 2015 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2015.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as equities, bonds, interest bearing and money market securities as well as eligible exposure to commodities, from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments.
INVESTMENT PROCESS 
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. The fund is managed to offer an optimised asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date.. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 months;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.21% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Global Multi Asset Dynamic Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term .
INVESTMENT POLICY 
The fund invests in a range of asset classes including equities, corporate and government bonds, commodities, money market instruments and eligible REITs form anywhere in the world, including emerging markets.
The fund may invest in the following assets according to the percentages indicated:
- bonds of any type: up to 100%
- investment grade bonds: up to 50%
- below investment grade and unrated bonds: up to 75%
- emerging markets bonds : up to 75%
- emerging markets equities: up to 75%
- equities: up to 100%
- Russian securities: up to 15%
- eligible commodity exposure: up to 50%
- China A and B shares and onshore China bonds: less than 30% (in aggregate)
- eligible REITs: up to 30%
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos.

The fund may also Invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager will tactically allocate investments across asset classes and geographic areas (including emerging markets) based on their potential to generate capital growth or reduce overall risk .The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG
Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
75% MSCI ACWI Index; 25% Bloomberg
Global Aggregate Index, indices that do not take into account ESG characteristics. Used for: performance comparison only.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- China
- CoCo bonds
- Commodities
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Distressed securities
- Emerging markets
 | - Equities
- Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Russia
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period and; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as a mixed fund (Mischfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,500 | 5.25% | 1.25% | —- |
| E | 2,500 | 1,000 | —- | 1.25% | 0.60% |
| I | 10 million | 100,000 | —- | 0.63% | —- |
| W/Y | 2,500 | 1,000 | —- | 0.63% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Strategic European Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term.
INVESTMENT POLICY 
The fund invests at least 70% of its assets, in European equities, and euro denominated cash and instruments that may be readily converted to cash. The fund invests primarily in Europe and may invest across different countries in this region, which may include emerging markets.
The fund may invest in the following assets according to the percentages indicated:
- European equities: up to 100%
- Cash and related instruments: up to 50%.

The fund’s portfolio may be concentrated in exposure to a limited number of companies accounting for more than 50% the fund’s net assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager considers valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. Allocation by the Investment Manager is made across three core investment strategies. These core investment strategies comprise a long equity strategy, a market neutral equity strategy and a cash allocation strategy.
The long equity strategy is comprised of long equity positions in European companies that the Investment Manager considers to be good quality businesses at attractive valuations.
The market neutral strategy is comprised of long and short equity or equity index futures positions in European companies. The Investment Manager will gain long exposure to those companies considered to be attractive while maintaining short exposure, through the use of derivatives, to those companies considered to be unattractive.
The cash allocation strategy is comprised of Euro denominated cash and instruments that may be readily converted to cash (including cash deposits, treasury bills and government bonds, short-term corporate bonds, commercial paper, short term money market instruments and certificates of deposit). The Investment Manager will allocate assets between the three strategies guided by the number of opportunities and position sizing within the long equity strategy. When this strategy provides insufficient securities, assets will be allocated to the market neutral equity strategy and/or the cash allocation strategy based on the attractiveness of risk adjusted returns and market conditions, with a preference for the market neutral equity strategy in typical market conditions.
The Investment Manager takes into account Sustainability Risks in its investment process. For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes (including derivatives which focus on currency, equities or bonds). The fund may use long or short positions.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 60%; maximum 240%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
MSCI Europe Index. Used for: risk measurement only.
The Investment Manager is not constrained by the Index and there are no restrictions on the extent to which the fund’s performance may deviate from that of the Index.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Convertible securities
- Counterparty	and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- Investment fund
- Leverage
- Liquidity
- Market
- Operational
- Short position
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Relative VaR limited to 150% of the VaR the benchmark portfolio. Expected leverage: 250% (may be higher or lower but not expected to exceed 350%).

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as a mixed fund (Mischfonds).
Continues on next page 
Strategic European Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A 2 | 2,500 | 1,000 | 5.25% | 1.50% | —- |
| E | 2,500 | 1,000 | —- | 1.50% | 0.75% |
| I | 10 million | 100,000 | —- | 0.80% | —- |
| W, Y | 2,500 | 1,000 | —- | 0.80% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 For this class of Shares an annual asset allocation fee of up to 0.50% is levied. 3 For this class of Shares an annual asset allocation fee of up to 0.25% is levied. |


## SMART Global Defensive Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve stable growth over the long term.
INVESTMENT POLICY 
The fund invests, in a range of asset classes, including investment grade and below investment grade corporate and government bonds, inflation-linked securities, equities, real estate and commodities, from anywhere in the world, including emerging markets. Bond investments may be below investment grade. The fund aims to manage the long-term average volatility, under normal market conditions, within a range of 2 to 5% per annum.
The fund may invest in the following assets according to the percentages indicated:
- below investment grade bonds: up to 40%
- equities: up to 40%
- eligible	REITs,	infrastructure	securities	and	eligible commodity exposure: less than 30% (in aggregate)
- government, corporate, inflation linked and emerging market bonds: up to 100%
- hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos
- money market Instruments: more than 10%.

The fund may also invest in other subordinated financial debt and preference shares.
The fund’s exposure to distressed securities is limited to 10% of
its assets.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager combines macroeconomic, market and fundamental company analysis to flexibly allocate investments across asset classes and geographic areas. It also uses Fidelity’s proprietary Systematic Multi Asset Risk Targeted model that seeks to maintain overall portfolio volatility within a targeted range. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes (including derivatives which focus on equities, credit, interest rates and currency). The fund may use long or short positions.
The fund uses derivatives, including complex 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. Derivatives may be used to create economic exposure to an asset akin to a physical holding of that asset. The types of derivatives 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 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 fund may not be correlated with the underlying securities positions held by the fund.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 50%; maximum 230%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
None.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCo bonds
- Commodities
- Convertible securities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Leverage
- Liquidity
- Market
- Operational
- Real estate
- Short position
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Absolute VaR, limited to 8%. Expected gross leverage: 250% (may be higher or lower but not expected to exceed 650%).

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 2 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Continues on next page 
SMART Global Defensive Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 6,000 | 1,500 | 5.25% | 1.15% | —- |
| E | 2,500 | 1,000 | —- | 1.15% | 0.60% |
| I | 10 million | 100,000 | —- | 0.58% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.58% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Fidelity Institutional TargetTM 2020 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2020.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as equities, bonds, interest bearing and money market instruments as well as eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation
The fund may invest in the following assets according to the percentages indicated:
- UCITS and UCIs: up to 100%
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments.
INVESTMENT PROCESS 
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. The fund is managed to offer an optimised asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 months;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.21% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Fidelity Institutional TargetTM 2025 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2025.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as equities, bonds, interest bearing and money market instruments as well as real estate, infrastructure and eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation
The fund may invest in the following assets according to the percentages indicated:
- UCITS and UCIs: up to 100%
- infrastructure securities, eligible REITs and commodity exposure: less than 30%
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments.
INVESTMENT PROCESS 
The fund is actively managed and references a blend of market indices in order to set internal guidelines around the weightings allocated to different asset classes. The fund is managed to offer an optimised asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de- risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 4 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as a mixed fund (Mischfonds).
Continues on next page 
Fidelity Institutional TargetTM 2025 (Euro) Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.30% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 Reduced to 0.21% on 1 January 2026. |


## Fidelity Institutional TargetTM 2030 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2030.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as equities, bonds, interest bearing and money market instruments as well as real estate, infrastructure and eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- UCITS and UCIs: up to 100%
- infrastructure securities, eligible REITs and commodity exposure: less than 30%
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments.
INVESTMENT PROCESS 
The fund is actively managed and references a blend of market indices in order to set internal guidelines around the weightings allocated to different asset classes. The fund is managed to offer an optimised asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de- risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as a mixed fund (Mischfonds).
Continues on next page 
Fidelity Institutional TargetTM 2030 (Euro) Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.40% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 Reduced to 0.30% on 1 January 2028 and to 0.21% on 1 January 2031. |


## Fidelity Institutional TargetTM 2035 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2035.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as equities, bonds, interest bearing and money market instruments as well as real estate, infrastructure and commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation
The fund may invest in the following assets according to the percentages indicated:
- UCITS and UCIs: up to 100%
- infrastructure securities, eligible REITs and commodity exposure: less than 30%
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments.
INVESTMENT PROCESS 
The fund is actively managed and references a blend of market indices in order to set internal guidelines around the weightings allocated to different asset classes. The fund is managed to offer an optimised asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de- risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.40% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 Reduced to 0.30% on 1 January 2033 and to 0.21% on 1 January 2036. |


## Fidelity Institutional TargetTM 2040 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2040.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as equities, bonds, interest bearing and money market instruments as well as real estate, infrastructure and eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- UCITS and UCIs: up to 100%
- infrastructure securities, eligible REITsand commodity exposure: less than 30%
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments.
INVESTMENT PROCESS 
The fund is actively managed and references a blend of market indices in order to set internal guidelines around the weightings allocated to different asset classes. The fund is managed to offer an optimised asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de- risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use
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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Instruments and Techniques”), the fund intends to use TRS.	
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Fidelity Institutional TargetTM 2040 (Euro) Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.40% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 Reduced to 0.30% on 1 January 2038 and to 0.21% on 1 January 2041. |


## Fidelity Institutional TargetTM 2045 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2045.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as equities, bonds, interest bearing and money market instruments as well as real estate, infrastructure and eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation
The fund may invest in the following assets according to the percentages indicated:
- UCITS and UCIs: up to 100%
- infrastructure securities, eligible REITs and commodity exposure: less than 30%
- collateralised and securitised debt instruments: up to 20%The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments.

INVESTMENT PROCESS 
The fund is actively managed and references a blend of market indices in order to set internal guidelines around the weightings allocated to different asset classes. The fund is managed to offer an optimised asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de- risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
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
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- EquitiesHedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
TRS (including CFD)usage Expected 50%; maximum 150%.	
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Fidelity Institutional TargetTM 2045 (Euro) Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.40% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 Reduced to 0.30% on 1 January 2043 and to 0.21% on 1 January 2046. |


## Fidelity Institutional TargetTM 2050 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2050.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as equities, bonds, interest bearing and money market instruments as well as real estate, infrastructure and eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- UCITS and UCIs: up to 100%
- infrastructure securities, eligible REITs and commodity exposure: less than 30%
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments.
INVESTMENT PROCESS 
The fund is actively managed and references a blend of market indices in order to set internal guidelines around the weightings allocated to different asset classes The fund is managed to offer an optimised asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de- risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use
Instruments and Techniques”), the fund intends to use TRS. TRS (including CFD) usage Expected 50%; maximum 150%. Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Fidelity Institutional TargetTM 2050 (Euro) Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.40% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 Reduced to 0.30% on 1 January 2048 and to 0.21% on 1 January 2051. |


## Fidelity Institutional TargetTM 2055 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2055.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as equities, bonds, interest bearing and money market securities as well as real estate, infrastructure and eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- UCITS and UCIs: up to 100%
- infrastructure securities, eligible REITsand commodity exposure: less than 30%
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments.
INVESTMENT PROCESS 
The fund is actively managed and references a blend of market indices in order to set internal guidelines around the weightings allocated to different asset classes The fund is managed to offer an optimised asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de- risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Fidelity Institutional TargetTM 2055 (Euro) Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.40% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 Reduced to 0.30% on 1 January 2053 and to 0.21% on 1 January 2056. |


## Fidelity Institutional TargetTM 2060 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2060.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as equities, bonds, interest bearing and money market instruments as well as real estate, infrastructure and eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- UCITS and UCIs: up to 100%
- infrastructure securities, eligible REITs and commodity exposure: less than 30%
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments.
INVESTMENT PROCESS 
The fund is actively managed and references a blend of market indices in order to set internal guidelines around the weightings allocated to different asset classes. The fund is managed to offer an optimised asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de- risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
TRS (including CFD) usage Expected 50%; maximum 150%.	
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
Continues on next page 
Fidelity Institutional TargetTM 2060 (Euro) Fund Continued
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.40% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 Reduced to 0.30% on 1 January 2058 and to 0.21% on 1 January 2061. |


## Fidelity TargetTM 2020 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2020.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as bonds, equities, interest bearing and money market instruments as well as eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments. The fund will not terminate at the target date but will continue to be managed in accordance with its investment objective and policy.
INVESTMENT PROCESS 
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. The fund is managed to offer an optimised asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date.
The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 months;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| A | 6,000 | 1,500 | 5.25% | 1,00% | 0.40% |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.20% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Fidelity TargetTM 2020 Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2020.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as equities, bonds, interest bearing and money market instruments from anywhere in the world, including emerging markets. These investments may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- collateralised and securitised debt instruments: up to 20%. The fund will not terminate at the target date but will continue to be managed in accordance with its investment objective and policy.

INVESTMENT PROCESS 
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. The fund is managed to offer an optimised asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date.
The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds,
- who plan to hold their investment for a recommended holding period of at least 6 months,
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 6,500 | 1,000 | 5.25% | 0.40% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


## Fidelity TargetTM 2025 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2025.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as bonds, equities, interest bearing and money market instruments as well as eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments. The fund will not terminate at the target date but will continue to be managed in accordance with its investment objective and policy.
INVESTMENT PROCESS 
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. The fund is managed to offer an optimized asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date.
The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG
Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds,
- who plan to hold their investment for a recommended holding period of at least 4 years,
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| A | 2,500 | 1,000 | 5.25% | 1.00% | 1.10% |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.60% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 For Class A shares the management fee will be reduced to 0.85% on 1 January 2023. For the class P shares, the management fee will be reduced to 0.45% on 1 January 2023. |


## Fidelity TargetTM 2030 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2030.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as bonds, equities, interest bearing and money market instruments as well as eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments. The fund will not terminate at the target date but will continue to be managed in accordance with its investment objective and policy.
INVESTMENT PROCESS 
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. The fund is managed to offer an optimized asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date.
The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| A | 2,500 | 1,000 | 5.25% | --- | 1.50% |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.80% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 For class A shares the management fee will be reduced to 0.85% on 1 January 2028. For class P shares, the management fee will be reduced to 0.60% on 1 January 2023 and to 0.45% on 1 January 2028 . |


## Fidelity TargetTM 2035 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2035.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as bonds, equities, interest bearing and money market instruments as well as eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments. The fund will not terminate at the target date but will continue to be managed in accordance with its investment objective and policy.
INVESTMENT PROCESS 
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. The fund is managed to offer an optimized asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG
Integration.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| A | 2,500 | 1,000 | 5.25% | --- | 1.50% |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.80% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 For class A shares the management fee will be reduced to 1.10% on 1 January 2028 and to 0.85% on 1 January 2033. For class P shares, the management fee will be reduced to 0.60% on 1 January 2028 and to 0.45% on 1 January 2033. |


## Fidelity TargetTM 2040 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2040.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as bonds, equities, interest bearing and money market instruments as well as eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- collateralised and securitised debt instruments: up to 20%The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments. The fund will not terminate at the target date but will continue to be managed in accordance with its investment objective and policy.

INVESTMENT PROCESS 
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. The fund is managed to offer an optimized asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (Including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCos
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
 | - Hedging
- High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| A | 2,500 | 1,000 | 5.25% | --- | 1.50% |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.80% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 For class A shares the management fee will be reduced to 1.10% on 1 January 2033 and to 0.85% on 1 January 2038. For the class P shares, the management fee will be reduced to 0.60% on 1 January 2033 and to 0.45% on 1 January 2038. |


## Fidelity TargetTM 2045 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2045.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as bonds, equities, interest bearing and money market instruments as well as eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments. The fund will not terminate at the target date but will continue to be managed in accordance with its investment objective and policy.
INVESTMENT PROCESS 
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. The fund is managed to offer an optimized asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices. (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCo bonds
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| A | 2,500 | 1,000 | 5.25% | --- | 1.50% |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.80% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 For class A shares the management fee will be reduced to 1.10% on 1 January 2038 and to 0.85% on 1 January 2043. For the class P shares the management fee will be reduced to 0.60% on 1 January 2038 and to 0.45% on 1 January 2043. |


## Fidelity TargetTM 2050 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2050.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as bonds, interest bearing and money market instruments as well as eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments. The fund will not terminate at the target date but will continue to be managed in accordance with its investment objective and policy.
INVESTMENT PROCESS 
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. The fund is managed to offer an optimized asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCo bonds
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| A | 2,500 | 1,000 | 5.25% | --- | 1.50% |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.80% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 For class A shares the management fee will be reduced to 1.10% on 1 January 2043 and to 0.85% on 1 January 2048. For the class P shares the management fee will be reduced to 0.60% on 1 January 2043 and to 0.45% 1 January 2048. |


## Fidelity TargetTM 2055 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2055.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as bonds, equities, interest bearing and money market instruments as well as eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- collateralised and securitised debt instruments: up to 20%The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments. The fund will not terminate at the target date but will continue to be managed in accordance with its investment objective and policy.

INVESTMENT PROCESS 
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. The fund is managed to offer an optimized asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG
Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
Repos/reverse repos Expected 0%; maximum 30%.
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCo bonds
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| A | 2,500 | 1,000 | 5.25% | --- | 1.50% |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.80% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 For class A shares the management fee will be reduced to 1.10% on 1 January 2048 and to 0.85% on 1 January 2053. For the class P shares the management fee i will be reduced to 0.60% on 1 January 2048 and to 0.45% on 1 January 2053. |


## Fidelity TargetTM 2060 (Euro) Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2060.
INVESTMENT POLICY 
The fund invests in a range of asset classes such as bonds, equities, interest bearing and money market instruments as well as eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation.
The fund may invest in the following assets according to the percentages indicated:
- collateralised and securitised debt instruments: up to 20%.

The fund may invest in currencies other than euro and, which may or may not be hedged to euro. The Euro to which the name of the fund refers is a currency of reference and not a currency of investments. The fund will not terminate at the target date but will continue to be managed in accordance with its investment objective and policy.
INVESTMENT PROCESS 
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. The fund is managed to offer an optimized asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund’s target date. The Investment Manager takes into account Sustainability Risks in its investment process.
For more information, see “Sustainable Investing and ESG Integration”.
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
In addition to core derivatives (see “How the Funds Use Instruments and Techniques”), the fund intends to use TRS.
TRS (including CFD) usage Expected 50%; maximum 150%.
Securities lending Expected 15%; maximum 30%.
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.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Asset allocation
- CoCo bonds
- Commodities
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
 | - High yield
- Interest rate
- Investment fund
- Liquidity
- Market
- Operational
- Real estate
- Securitisation
- Target date fund
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 years;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
Repos/reverse repos Expected 0%; maximum 30%.	
BENCHMARK(S) 
The fund references a blend of market indices (each a ‘Market Index’) 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.
The fund qualifies under the German Investment Tax Act 2018 as an equity fund (Aktienfonds).
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Exit | Management2 |
| A | 2,500 | 1,000 | 5.25% | --- | 1.50% |
| P | 10 million | 1 million | 1.00% | 1.00% | 0.80% |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. 2 For class A shares the management fee will be reduced to 1.10% on 1 January 2053 and to 0.85% on 1 January 2058. For the class P shares the l management fee will be reduced to 0.60% on 1 January 2053 and to 0.45% on 1 January 2058. |


## Sustainable Euro Cash Fund
 Sustainable Family of Funds 

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to offer returns in line with money market rates over the recommended holding period.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) in in euro denominated money market instruments such as reverse repurchase agreements and deposits.
The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with improving ESG characteristics.
The fund qualifies as a short-term VNAV money market fund and it is rated Aaa-mf by Moody’s Investor Services, Inc.
INVESTMENT PROCESS 
In actively managing the fund, the Investment Manager uses fundamental and relative analysis to select issuers and short term securities whilst constructing a high quality portfolio with a focus on liquidity and risk management. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives only for the purpose of hedging the interest rate or exchange rate risks inherent in other investments of the fund.
TRS (including CFD) usage None.
Securities lending Expected 0%; maximum 0%.
Repos/reverse repos Expected 0%; maximum 10/15%.
BENCHMARK(S) 
None.
BASE CURRENCY 
EUR.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Hedging
 | - Interest rate
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 months;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | —- | 0.15% | —- |
| E | 2,500 | 1,000 | —- | 0.15% |  |
| I | 10 million | 100,000 | —- | 0.10% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.10% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |

 Sustainable Family of Funds 

## Sustainable US Dollar Cash Fund

#### Investment Objective and Policy
OBJECTIVE 
The fund aims to offer returns in line with money market rates over the recommended holding period.
INVESTMENT POLICY 
The fund invests at least 70% (and normally 75%) in US dollar denominated money market instruments such as reverse repurchase agreements and deposits.
The fund qualifies as a short-term VNAV money market fund and it is rated Aaa-mf by Moody’s Investor Services, Inc.
The fund invests at least 70% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics and up to 30% in securities of issuers with low but improving ESG characteristics.
INVESTMENT PROCESS 
In actively managing the fund the Investment Manager uses fundamental and relative analysis to select issuers and short term securities whilst constructing a high quality portfolio with a focus on liquidity and risk management. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
The fund adheres to the Fidelity Sustainable Family of Funds standards. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex.
SFDR product category Article 8 (promotes environmental and/or social characteristics).
DERIVATIVES AND TECHNIQUES 
The fund may use derivatives only for the purpose of hedging the interest rate or exchange rate risks inherent in other investments of the fund.
TRS (including CFD) usage None.
Securities lending Expected 0%; maximum 0%.
Repos/reverse repos Expected 0%; maximum 10/15%.
BENCHMARK(S) 
None.
BASE CURRENCY 
USD.

#### Main Risks
See “Risk Descriptions” for more information.
| - Concentration
- Counterparty	and collateral
- Credit
- Currency
- Derivatives
- Hedging
 | - Interest rate
- Liquidity
- Market
- Operational
- Sustainable investing
 |
| --- | --- |

RISK MANAGEMENT METHOD 
Commitment.

#### Planning Your Investment
INVESTOR PROFILE 
This product may appeal to investors
- with a basic knowledge of and no or limited experience of investing in funds;
- who plan to hold their investment for a recommended holding period of at least 6 months;
- who seek capital growth over the recommended holding period; and
- who understand the risk of losing some or all of the capital invested.

ORDER PROCESSING 
Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 noon UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5.
| Main Share Classes |
| --- |
|  | Minimum Investment (USD)1 | Maximum Dealing Fees | Maximum Annual Fees |
| Class | Initial and holding | Subsequent | Entry | Management | Distribution |
| A | 2,500 | 1,000 | —- | 0.15% | —- |
| I | 10 million | 100,000 | —- | 0.10% | —- |
| W/ Y | 2,500 | 1,000 | —- | 0.10% | —- |
| For a current and complete list of available share classes, including currency hedged, please see section ‘’Investing in Funds’’. See section “Fund Fees and Costs” for detailed explanation of above fees. 1 Or equivalent in any other freely convertible currency. |


### Sustainable Investing and ESG Integration
Sustainable Investing
The EU Sustainable Finance Disclosure Regulation (SFDR) are EU rules which came into effect in 2021 and aims to help investors understand the sustainability profile of financial products. SFDR focuses on the disclosure of environmental, social and governance (ESG) considerations by firms and within the investment process. SFDR is part of the EU’s Sustainable Finance Framework which promotes sustainable investment across the EU. SFDR establishes requirements for pre-contractual and ongoing disclosures to investors including on the integration of sustainability risks, the consideration of adverse sustainability impacts, on sustainable investment objectives, or on the promotion of environmental or social characteristics, in investment decision‐making. The EU Taxonomy regulation accompanies the SFDR and aims to create consistent standards through enhanced transparency and providing an objective point of comparison to end investors on the proportion of investments that fund environmentally sustainable economic activities.
These measures are in response to the signing of the Paris Agreement, and the United Nations 2030 Agenda for Sustainable Development of 2015 which created the Sustainable Development Goals (UNSDGs). The SFDR and other regulations are also aligned with the European Green Deal, which targets the EU being carbon neutral by 2050.
The transition to a low-carbon, more sustainable, resource- efficient, and circular economy in line with the SDGs is key to ensuring long‐term competitiveness of the economy of the Union. The Paris Agreement entered into force in 2016 and seeks to strengthen the response to climate change by making finance flows consistent with a pathway towards low greenhouse gas emissions and climate‐resilient development.
Fidelity International and Sustainable Investing

###### General approach to sustainable investing
Fidelity’s Sustainable Investing approach may be found on https://fidelityinternational.com/sustainable-investing-framework/. The Sustainable Investing Principles document sets out details of Fidelity’s approach to sustainable investing, including Fidelity’s expectations of investee issuers, ESG integration and implementation, approach to engagement and voting, exclusion and divestment policy and focus on collaboration and policy governance.
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.
SUSTAINABILITY RISK
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.
Fidelity’s 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:
- environmental 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: product safety, supply chain management and labour standards, health and safety and human rights, employee welfare, data & privacy concerns and increasing technological regulation; and
- governance risks: board composition and effectiveness, management incentives, management quality and alignment of management with shareholders.

Fidelity’s portfolio managers and analysts supplement the study of financial results of potential investments with additional qualitative and quantitative non-financial analysis including Sustainability 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 Sustainability 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.
SUSTAINABILITY RATINGS AND PRINCIPAL ADVERSE IMPACTS
Fidelity Sustainability Ratings is a proprietary ESG rating system developed by Fidelity’s research analysts to assess individual issuers. The ratings score issuers on an A-E scale on sector-specific factors, which include relevant principal adverse impact indicators, and a trajectory forecast based on an assessment of expected change of an issuer’s sustainability characteristics over time. The ratings are based on fundamental bottom-up research and assessment using criteria specific to the industry of each issuer relevant to material ESG issues. Any material differences between Fidelity Sustainability Ratings and third party ESG ratings 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.
TAXONOMY
Where a fund is identified as subject to the disclosure requirements 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.
Where a fund is identified as subject to the disclosure requirements of article 8 or article 9 of the SFDR, the information required to be disclosed in accordance with the Taxonomy Regulation is set out in the specific fund’s Sustainability Annex.
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.
SHAREHOLDER ENGAGEMENT
As part of Fidelity’s commitment to sustainable investing and enacting Fidelity’s fiduciary responsibility, as shareholders Fidelity engages with the companies in which it invests to encourage sustainable and responsible corporate behaviour.
PRINCIPAL ADVERSE IMPACTS
Fidelity International considers that principal adverse impacts on sustainability factors are those impacts of our investment decisions that result in material negative impacts on environmental, social and employee matters, respect for human rights, anti‐corruption and anti‐bribery matters such as environment degradation, poor labour practice, and unethical corporate behaviour for example bribery and corruption. Analysis of relevant principal adverse impacts is integrated in our investment process as described below.
Principal adverse impacts (“PAIs”) on sustainability factors are considered by those funds that comply with the disclosure requirements of SFDR Article 8 and 9.
For those funds that consider PAIs, information on PAIs on sustainability factors is available in the specific fund’s Sustainability Annex and in the next annual report of the funds.
In the case of funds which are not identified as subject to the disclosure requirements of SFDR Article 8 or 9, the PAIs on sustainability factors are not considered as this is not part of the strategy or investment restrictions of these funds.

###### Delegated Investment Management
Where the Investment Manager has sub-delegated investment management activities 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.
Where the Investment Manager has sub-delegated investment management activities 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.
The general approach for sustainability risk integration in the investment process set out above applies to all funds within Fidelity 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.
SFDR ARTICLE 8 AND 9 FUNDS
Funds which promote among other characteristics, environmental and/or social characteristics (SFDR Article 8) or which have sustainable investment as their investment objective (SFDR Article 9), integrate ESG considerations into their investment processes and are subject to stricter sustainability and enhanced disclosure requirements, as described below.
Funds which comply with the disclosure requirements of SFDR Article 9 must make sustainable investments and funds which comply with the disclosure requirements of SFDR Article 8 may make sustainable investments.
In accordance with Fidelity’s Sustainable Investing Framework,
Sustainable Investments are determined as investments in:
- issuers that undertake economic activities that contribute to one or more of the environmental objectives set out in the EU Taxonomy and qualify as environmentally sustainable in accordance with EU Taxonomy;
- issuers whereby the majority of their business activities (more than 50% of revenue) contribute to environmental or social objectives aligned with one or more of the United Nations Sustainable Development Goals (“SDGs”);
- issuers which have set a decarbonisation target consistent with a 1.5 degree warming scenario or lower (verified by the Science Based Target Initiative or a Fidelity Proprietary Climate Rating) which would be considered to contribute to environmental objectives;provided that such investment does not significantly harm any other environmental or social objectives and that the investee companies follow good governance practices.

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 SDGs are a series of goals published by the United Nations which recognise that ending poverty and other deprivations must go hand-in-hand with improvements in health and education, economic growth, and a reduction in inequalities, all while tackling climate change and working to preserve the planet’s oceans and forests. For further details see the UN website: https://sdgs.un.org/goals. Environmentally focused SDGs include clean water and sanitation; affordable and clean energy; responsible consumption and production; and climate action. Socially focused SDGs include no poverty; zero hunger; economic growth and productive employment; industry, innovation and infrastructure; safe and sustainable cities and communities.
- FUNDS WHICH PROMOTE ENVIRONMENTAL OR SOCIAL CHARACTERISTICS (SFDR ARTICLE 8)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 article 8 funds of the SFDR. Article 8 funds fall into two categories:
- Funds which promote environmental and social characteristics 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 requirements and exclusions (in addition to the firm wide exclusions list referenced above) from time to time. Additional exclusions applied to each fund are set out at https://fidelityinternational.com/sustainable-investing-framework/.

A minimum of 50% of a fund’s net assets are invested in
securities with favourable ESG characteristics.
Favourable ESG characteristics are established by reference to 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. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.
Each fund will consider a wide range of environmental and social characteristics on an ongoing basis. Environmental characteristics include carbon intensity, carbon emissions, energy efficiency, water and waste management, biodiversity, while social characteristics include 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.
- Fidelity Sustainable Family of FundsCertain 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 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.
- A minimum of 70% of a fund’s net assets are invested in securities deemed to maintain favourable ESG characteristics.

ESG characteristics are determined by reference to ESG ratings provided by Fidelity Sustainability Ratings or external agencies. Favourable ESG characteristics means a Fidelity Sustainability Rating of at least C or the equivalent as assessed by an external agency. 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 favourable ESG 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 thisreference 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.

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.
The negative screening includes issuers which have exposure, or ties, to:
o controversial weapons (biological, chemical, incendiary weapons, depleted uranium, non- detectable fragment, blinding lasers, cluster munitions, landmines and nuclear weapons);
o production of conventional weapons (a weapon of warfare which is not nuclear, chemical or biological in nature);
o production of semi-automatic firearms intended for sale to civilians or sale of semi-automatic firearms to civilians;
o tobacco production, retailing, distribution and licensing;
o 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;
o extraction of oil sands; or
o production of arctic oil and gas, onshore and offshore. The Investment Manager may apply revenue thresholds for more refined screens.
- A list of additional negative screens that are applied to	each	fund	is	set	out	at https://fidelityinternational.com/sustainable- investing-framework/and may be updated from time to time.
- Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.

Unless otherwise set out in the investment objective of some ‘Sustainable Thematic’ funds, each fund will consider a wide range of environmental and social characteristics on an ongoing basis. Environmental characteristics include carbon intensity, carbon emissions, energy efficiency, water and waste management and biodiversity, while social characteristics include, 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. These funds seek to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
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 Fidelity Sustainability Ratings or MSCI ESG Ratings and, 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.
- FUNDS WHICH HAVE SUSTAINABLE INVESTMENT AS THEIR OBJECTIVE (SFDR ARTICLE 9)These funds are required to pursue a sustainable investment objective.
- The funds aim to make sustainable investments.
- Sustainable investments are determined in line with the criteria set out above, in the section “SFDR ARTICLE 8 AND 9 FUNDS”.
- The funds may, on an ancillary basis, invest in investments, including cash, for hedging or liquidity purposes or for efficient portfolio management and where required to do so under sector specific rules, provided that such investments do not affect delivery of the sustainable investment objective.
	- All investments in the fund are screened for activities causing principal adverse impact on environmental or social objectives and governance controversies. These screens are based on 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 determined by the Investment Manager 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 OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, UN Global Compact (UNGC), International Labour Organisation (ILO) Conventions.


The negative screening includes issuers which have exposure, or ties, to:
o controversial weapons (biological, chemical, incendiary weapons, depleted uranium, non- detectable fragment, blinding lasers, cluster munitions, landmines and nuclear weapons);
o production of conventional weapons (a weapon of warfare which is not nuclear, chemical or biological in nature);
o production of semi-automatic firearms intended for sale to civilians or sale of semi-automatic firearms to civilians;
o tobacco production, retailing, distribution and licensing; or
o 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.
o extraction of oil sands; or
o production of arctic oil and gas, onshore and offshore.
The Investment Manager may apply revenue thresholds for more refined screens.
- A list of additional negative screens that are applied to	each	fund	is	set	out	at https://fidelityinternational.com/sustainable-investing- framework/ and may be updated from time to time.
- Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices.


### 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). On 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: 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
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 SICAV’s audited annual and unaudited semi- annual reports, the financial results of the Subsidiary are consolidated with the financial results of the SICAV. For the purpose of the investment restrictions set forth in the Prospectus, the consolidated investments of the SICAV 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.

### Benchmark Policies
BENCHMARK USAGES
The usages stated in “Fund Descriptions” have the following
meanings:
- Risk monitoring For monitoring the fund’s risks and, in case of relative value-at-risk funds, calculating maximum relative underperformance. See “Management and monitoring of global risk” and “Relative Value-at-Risk (Relative VaR)”
- Investment selection For defining the fund’s investmentuniverse and selecting securities.
- Performance  comparison  For  assessing  the  fund’sperformance against the benchmark.
- Carbon footprint/ESG comparison For assessing the fund’sESG characteristics against the benchmark.
- Outperformance For measuring whether a fund that has an objective to outperform its benchmark is doing so.
- Performance fee calculation For calculating the fund’soutperformance. See “Fund Fees and Costs”.
- Tracking For replicating the composition of the benchmark and measuring performance differences (passive investment strategies only).

BENCHMARK REGULATION
Under the benchmark regulation (EU regulation 2016/1011), any benchmarks the funds use, including elements of composite benchmarks, must be appropriately registered with the European Securities and Markets Authority (ESMA).
For index providers based in the EU, or in a non-EU country recognised as equivalent for registration purposes, registration must be at the provider level. Index providers in other countries must register individual indices. Those who are not yet registered are indicated in the Fund Descriptions..
The SICAV maintains written contingency plans for how it would address situations where a benchmark ceases to be offered or to be covered by registration, or where, either through changes in a benchmark or a fund, an existing benchmark ceases to be appropriate. In some cases, the response may involve a change to a fund’s strategy or investment policy, or the merger or termination of the fund. Details are available free of charge upon request at the registered office of the SICAV.
Further information regarding Fidelity funds - EURO STOXX 50® Fund
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-sectors1 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 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 the fund description, 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 “General Investment Powers and Restrictions”. 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 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.
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.

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.

### Credit Policies
The Investment Manager assesses credit quality according to the references and methods described below.
For bonds, credit ratings are considered at the security or issuer level and at the time of securities’ purchases. The funds may hold securities that have been downgraded.
For bonds and money market instruments, the Management Company only uses ratings of credit agencies established and registered in the EU. The Management Company does its own credit analysis and does not solely rely on agency credit ratings.
INVESTMENT GRADE BONDS (AAA/AAA TO BBB-/BAA3) AND BELOW INVESTMENT GRADE BONDS (BB+/BA1 OR LOWER)
These securities must be rated by Standard & Poor’s or another internationally recognised rating agency. If ratings disagree, we use the second-highest rating.
ASSETS HELD BY MONEY MARKET FUNDS
When assessing money market instruments, securitisations and asset-backed commercial papers for money market funds (as defined and regulated by Regulation (EU) 2017/1131) to determine whether their credit quality receives a favourable assessment, the Management Company reviews agency credit ratings and also applies its own internal credit quality assessment procedure using up-to-date quality information from other reliable sources.
This procedure is based on prudent, systematic and continuous assessment methodologies that take into account the characteristics of both issuer and instrument and has been validated by experience and empirical evidence, including back-testing.
The procedure includes criteria to analyse financial data, identify trends, and track key determinants of credit risk. The Management Company supervises the application of the procedure by a team of credit research analysts and regularly monitors the procedure for accuracy, adequacy and proper execution, making adjustments to the relative importance of the assessment criteria from time to time. The procedure complies with articles 19.4 and 20.2 of Regulation (EU) 2017/1131 and is approved by the management company’s conducting officers and subsequently by the management company’s directors.
The internal assessment procedure relies on numerous indicators. Examples of quantitative criteria include pricing of money market instruments and credit default swaps; monitoring of relevant financial indices covering geographical, sector, and asset class; and industry-specific financial and default information. Examples of qualitative criteria include the competitive position, governance risk, financial situation and liquidity sources of the issuer; the issuer’s ability to react to future events; the strength of the issuer’s sector within the economy and relative to economic trends; and the class, structure, short- term characteristics, underlying assets, liquidity profile, relevant markets, and potential operational and counterparty risks of the instrument. According to article 21 of Regulation (EU) 2017/1131, the Management Company documents its internal credit quality assessment procedure and credit quality assessments.

### Risk Descriptions
All investments involve risk. The risks of some of these funds may be comparatively high.
The risk descriptions below correspond to the main risk factors listed for each fund. A fund could potentially be affected by risks beyond those listed for it or described here, nor are these risk descriptions themselves intended as exhaustive. Each risk is described as for an individual fund.
Any of these risks could cause a fund to lose money, to perform less well than similar investments or a benchmark, to experience high volatility (ups and downs in NAV), or to fail to meet its objective over any period of time.
ACTIVE MANAGEMENT RISK 
The investment managers could be wrong in their analysis of market or economic trends, their choice or design of any software models they use, their allocation of assets, or in other investment decisions.
Investment management practices that have worked well in the past, or are accepted ways of addressing certain conditions, could prove ineffective.
ASSET ALLOCATION RISK 
The fund is subject to the risks of all asset classes included in its asset allocation. To the extent that patterns of correlation or non-correlation among asset classes do not behave as expected, the fund may experience greater volatility or losses than it otherwise would have.
BENCHMARK ORIENTATION RISK 
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. 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
Market indexes, which are typically used as benchmarks, are calculated by independent entities without consideration for how they may affect fund performance. The index providers make no guarantee that their index calculations are accurate and assume no liability for any losses of investors in any investment that tracks any of their indexes. If a provider ceases to maintain an index or loses or fails to gain its ESMA registration as a benchmark provider, the fund may be liquidated if no suitable replacement can be found.
CHINA RISK 
The legal rights of investors in mainland China are uncertain, government intervention is common and unpredictable, some of the major trading and custody systems are unproven, and all types of investments are likely to have comparatively high volatility and greater liquidity and counterparty risks.
In mainland China, it is uncertain whether a court would protect the fund’s right to securities it may purchase via Stock Connect programs, China Interbank Bond Market or other methods whose regulations are untested and subject to change. The structure of these schemes does not require full accountability of some of its component entities and leaves investors such as the fund with relatively little standing to take legal action in mainland China.
In addition, Chinese security exchanges or authorities may tax or limit short-swing profits, recall eligible stocks, set or change quotas (maximum trading volumes, either at the investor level or at the market level) or otherwise block, limit, restrict or delay trading, hampering or preventing a fund from implementing its intended strategies.
Funds that are specifically allowed by their investment objective or are permitted by country specific requirements under 'Additional voluntary requirements' to make investments in China A Shares and/or onshore China fixed income securities, such investments may be made through the
Qualified Foreign Investor (QFI) status of FIL Investment Management (Hong Kong) Limited, the Stock Connect, the China Interbank Bond Market (CIBM) direct access scheme, the Bond Connect and/or any permissible means available to the funds under prevailing laws and regulations
Investments in domestic securities of the PRC denominated in CNY are made through the QFI status or through the Hong Kong Stock Connect Programmes, which are subject to daily and aggregate quotas.
Funds may indirectly invest In China A Shares through China A share access products including, but not limited to, equity linked notes, participation notes, credit-linked notes or funds investing in China A Shares.
QFI status. Unless otherwise stated in the investment objective of a fund, a fund may invest less than 70% in China securities using the license of a qualified foreign institutional investor under the QFI program. Investing through a QFI license has risks. For example, the QFI status could be suspended, reduced or revoked, which may affect the fund’s ability to invest in eligible securities or require the fund to dispose of such securities and this could have an adverse effect on the fund’s performance. QFI Regulations impose strict restrictions on investments (including rules on investment restrictions, minimum holding period and repatriation of capital or profits) that are applicable to the Investment Manager as well as to the investments made by the fund. It is uncertain whether a court would protect the fund’s right to securities held for it by a licensed QFI if the QFI came under legal, financial or political pressure.
Shanghai and Shenzhen Hong Kong Stock Connect programs. Stock Connect is a joint project of the Hong Kong Exchanges and Clearing Limited (HKEC), China Securities Depository and Clearing Corporation Limited (ChinaClear), the Shanghai Stock Exchange and the Shenzhen Stock Exchange. Hong Kong Securities Clearing Company Limited (HKSCC), a clearing house that in turn is operated by HKEC, acts as nominee for investors accessing Stock Connect Securities.
Creditors of the nominee or custodian could assert that the assets in accounts held for the funds are actually assets of the nominee or custodian. If a court should uphold this assertion, creditors of the nominee or custodian could seek payment from the assets of the relevant fund. HKSCC, as nominee, does not guarantee the title to Stock Connect securities held through it and is under no obligation to enforce title or other rights associated with ownership on behalf of beneficial owners (such as the funds). Consequently, title to such securities, or the rights associated with them (such as participation in corporate actions or shareholder meetings), cannot be assured.
Should the SICAV or any fund suffer losses resulting from the performance or insolvency of HKSCC, the SICAV would have no direct legal recourse against HKSCC, because Chinese law does not recognise any direct legal relationship between HKSCC and either the SICAV or the depositary.
Should ChinaClear default, HKSCC’s contractual liabilities will be limited to assisting participants with claims. A fund’s attempts to recover lost assets could involve considerable delays and expenses and may not be successful.
China Interbank Bond Market CIBM and Bond Connect. These markets provide a way for outside investors (such as the fund) to buy Chinese bonds. The CIBM may have low trading volumes, which may cause liquidity risk and may cause the fund to miss out on investment opportunities. Although Bond Connect removes the CIBM’s investment quota and the need for a bond settlement agent, some bonds may still have low trading volumes, investments made through either channel may have high price volatility and there may be large spreads
between bid and offer prices, limiting the ability to make profitable investments.
ChiNext Market and Shanghai Stock Exchange Science & Technology Innovation Board (STAR board). Certain funds may have exposure to stocks listed on ChiNext market of the SZSE and/or the STAR board of the SSE. 
Higher fluctuation on stock prices and liquidity risk 
- ChiNext market and/or STAR board are usually emerging in 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 
-, 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. 
Delisting risk 
- it may be more common and faster for companies listed on the 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, ChiNext market and/or STAR board may result in significant losses for the relevant fund and its investors
Dim Sum bonds. 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
Onshore and offshore renminbi. In mainland China, the government maintains two separate currencies: onshore renminbi (CNY), which must remain within mainland China and generally cannot be owned by foreigners, and offshore renminbi (CNH), which can be owned by any investor. The exchange rate between the two, and the extent to which currency exchanges involving CNH are allowed, are managed by the government, based on a combination of market and policy considerations.
Credit ratings. A fund may invest in securities the credit ratings of which are assigned by mainland China local credit rating agencies. However, the rating criteria and methodology used by such agencies may be different from those adopted by most of the established international credit rating agencies. Therefore, such rating system may not provide an equivalent standard for comparison with securities rated by international credit rating agencies.
Urban Investment Bonds Risks of Urban Investment Bonds, which are issued by Local Government Financing Vehicles (LGFVs) to raise financing for public welfare investment or infrastructure projects include the risk of financial difficulties of the underlying operations.
PRC tax provision. The Management Company reserves the right to provide for appropriate Chinese tax on gains of any fund that invests in PRC securities thus impacting the valuation of the fund. With the uncertainty over whether and how certain gains on PRC securities are to be taxed, coupled with the possibility of the laws, regulations and practice in the PRC changing, and also the possibility of taxes being applied retrospectively, any provision for taxation made by the Management Company may be excessive or inadequate to meet final PRC tax liabilities on gains derived from the disposal of PRC securities. Consequently, investors may be advantaged or disadvantaged depending upon the final outcome of how such gains will be taxed, the level of provision and when they subscribed and/or redeemed their shares in the funds.
This effectively creates currency risk within a single nation’s currency, as well as liquidity risk, since the conversion of CNY to CNH, and of CNH to other currencies, can be restricted, as can the removal of any currency from mainland China or Hong Kong.
COCO BONDS RISK 
Contingent convertible securities (CoCo bonds) are comparatively untested, more vulnerable to losses than equities, carry extension risk, can be highly volatile, and their issuers can cancel or modify scheduled income payments at will.
A CoCo bond can be junior not only to other debt obligations but to equity holders as well. It can also lose some or all of its value instantaneously in case of a write-down or if a trigger event occurs; for example, the trigger could be activated either through a loss of capital (numerator) or an increase in risk- weighted assets (denominator). Because CoCo bonds are in effect perpetual loans, the principal amount may be paid off on the call date, anytime afterward, or never. CoCo bonds can also have liquidity risk and can be difficult to value.
How CoCo bonds will behave in various market situations is unknown, but there is a risk that volatility or price collapses could spread across issuers and that the bonds could become illiquid. This risk could be worse to the extent that CoCo bond issues may be concentrated in certain industries rather than being evenly distributed across many industries and could also be worse depending on the level of underlying instrument arbitrage.
In case of conversion into equity, the Investment Manager would be forced to sell any new equity shares if the fund’s investment policy does not permit equities; this could involve liquidity risk. While CoCo bonds tend to offer attractive yields, any assessment of their risk must include not only their credit ratings (which may be below investment grade) but also the other risks associated with CoCo bonds, such as the risk of conversion, coupon cancellation, and liquidity risk. It also remains unclear whether investors have accurately assessed the risks of CoCo bonds, meaning that a widespread market event affecting CoCo bonds could permanently depress the overall market for CoCo bonds.
COMMODITIES RISK 
Commodities tend to be highly volatile, and may be disproportionately affected by political, economic, weather, trade, agricultural and terrorist-related events, and by changes in energy and transportation costs.
Because they respond to specific factors, commodity prices may behave differently from each other and from equities, bonds, and other common investments.
CONCENTRATION RISK 
To the extent that the fund invests a large portion of its assets in a limited number of industries, sectors, or issuers, or within a limited geographical area, it can be more risky than a fund that invests more broadly.
Focusing on any company, industry, sector, country, region, type of stock, type of economy, etc. makes the fund more sensitive to the factors that determine market value for the area of focus. These factors may include economic, financial
or market conditions as well as social, political, economic, environmental, or other conditions. The result can be both higher volatility and a greater risk of loss.
CONVERTIBLE SECURITIES RISK 
Because convertible securities are structured as bonds that typically can, or must, be repaid with a predetermined quantity of equity shares, rather than cash, they carry both equity risk and the credit and default risks typical of bonds.
COUNTERPARTY AND COLLATERAL RISK 
Any entity with which the fund does business, including the depository, could become unwilling or unable to meet its obligations to the fund.
Agreements with counterparties, such as through the use of securities lending, can involve liquidity risk and operational risk, either of which could cause losses and could limit the fund’s ability to meet redemption requests, meet other payment obligations or invest the assets in question.
Under any of the following circumstances, the fund could lose some or all of its money, or could experience delays in getting back securities or cash that are held by the counterparty (which could also cause losses):
- a depository, sub-custodian, broker, or other counterparty becomes bankrupt or defaults on obligations; in some cases, the depository may not be able to remedy, or have liability for, the actions of a sub-custodian it has appointed
- a serious natural or human-caused disaster, terrorist act, civil unrest, war or other “force majeure” event occurs (since in such cases counterparties typically are not liable for losses)
- in some jurisdictions, collateral agreements (even those using industry-standard language) could prove difficult or impossible to enforceUnder any of the following circumstances, the value of collateral might not cover the full value of a transaction, or any fees or returns owed to the fund:
- the collateral declines in value; this risk is greatest when there is a material delay in the return of assets by the counterparty, but during times of market volatility it can occur even during the short lag between when the placement and settlement of a collateral-related transaction, or between when the need for collateral is calculated and when the fund receives the collateral
- the collateral yields less income than anticipated
- the fund or a counterparty has mispriced the collateral
- collateral that is used to cover a counterparty’s default maytake time to liquidateFor any cash collateral the fund invests, the circumstances immediately above could also create leverage (and consequently volatility) or expose the fund to assets inconsistent with its objective.

CREDIT RISK 
A bond or money market instrument could fall in price, and become more volatile and less liquid, if the credit quality of the issuer or the security declines, or the market believes it might. In extreme cases a debt investment could go into default, meaning its issuer could become unable to make timely payments to the fund.
Adverse effects of environmental issues, such as climate change and natural disasters, may erode the financial health of a bond issuer.
CURRENCY RISK 
To the extent that the fund holds assets that are denominated in currencies other than the base currency, any changes in currency exchange rates could reduce investment gains or income, or increase investment losses, in some cases significantly.
Exchange rates can change rapidly and unpredictably, and it may be difficult for the fund to unwind its exposure to a given currency in time to avoid losses.
Changes in exchange rates can be influenced by such factors as export-import balances, economic and political trends, governmental intervention, and investor speculation.
In addition, shareholders may experience currency risk if the currency in which they subscribe or redeem is different to the base currency of the fund. Changes in currency exchange rates between the base currency and the share class currency can reduce investment gains or income, or increase investment losses, in some cases significantly.
Intervention by a central bank, such as aggressive buying or selling of currencies, changes in interest rates, restrictions on capital movements or a “de-pegging” of one currency to another, could cause abrupt or long-term changes in relative currency values.
DERIVATIVES RISK 
The value of derivatives can be volatile. Small movements in the value of an underlying asset can create large changes in the value of a derivative and expose the fund to losses that could be greater than the cost of the derivative itself.
A fund may use derivatives for various reasons, such as hedging, efficient portfolio management and other investment purposes. Derivatives are specialized instruments that require investment techniques and risk analyses different from those associated with traditional securities.
Derivatives are subject to the risks of the underlying asset(s) – typically in modified and greatly amplified form – as well as carrying their own risks. Some of the main risks of derivatives are:
- the pricing and volatility of some derivatives, in particular credit default swaps and collateralised debt obligations, may diverge from the pricing or volatility of their underlying reference(s), sometimes greatly and unpredictably
- in difficult market conditions, it may be impossible or unfeasible to place orders that would limit or offset the market exposure or financial losses created by some derivatives
- derivatives involve costs that the fund would not otherwise incur
- it can be difficult to predict how a derivative may behave in certain market conditions; this risk is greater for newer or more complex types of derivatives
- changes in tax, accounting, or securities laws or standards could cause the value of a derivative to fall or could force the fund to terminate a derivative position under disadvantageous circumstances
- some derivatives, in particular futures, options, total return swaps, and contracts for difference may involve margin borrowing, meaning that the fund could be forced to choose between liquidating securities to meet a margin call or taking a loss on a position that might, if held longer, have yielded a smaller loss or a gainExchange-traded derivatives. Trading in these derivatives or their underlying assets could be suspended or subject to limits. There is also a risk that settlement of these derivatives through a transfer system may not happen when or as expected.

OTC derivatives – non-cleared. Because OTC derivatives are in essence private agreements between a fund and one or more counterparties, they are less highly regulated than market-traded securities. They also carry greater counterparty and liquidity risks, and their pricing is more subjective. If a counterparty ceases to offer a derivative that a fund had been planning on using, the fund may not be able to find a comparable derivative elsewhere and may miss an opportunity for gain or find itself unexpectedly exposed to risks or losses, including losses from a derivative position for which it was unable to buy an offsetting derivative.
Because it is generally impractical for the SICAV to divide its OTC  derivative  transactions  among  a  wide  variety  of
counterparties, a decline in the financial health of any one counterparty could cause significant losses. Conversely, if any fund experiences any financial weakness or fails to meet an obligation, counterparties could become unwilling to do business with the SICAV, which could leave the SICAV unable to operate efficiently and competitively.
OTC derivatives – cleared. Because these derivatives are cleared on a trading platform, their liquidity risks are similar to those for exchange-traded derivatives. However, they still carry counterparty risk that is similar to non-cleared OTC derivatives.
DISTRESSED SECURITIES RISK 
Some of the funds may hold distressed securities or, may, in accordance with their respective investment policies, invest in distressed securities. Distressed securities involve significant risk. Such investments are highly volatile and are made when the Investment Manager believes that such investments will yield an attractive return based on the level of discount on price compared to perceived fair value of the security, or where there is a prospect of the issuer making a favourable exchange offer or plan of reorganisation. There can be no assurances that an exchange offer or reorganisation will occur or that any securities or other assets received will not have a lower value or income potential than anticipated at the time of investment. In addition, a significant period may pass between the time at which the investment in Distressed Securities is made and the time that any such exchange, offer or plan of reorganisation is completed. distressed securities may frequently not produce income while they are outstanding and there will be significant uncertainty as to whether fair value will be achieved or whether any exchange offer or plan of reorganisation will be completed. There may be a requirement for a fund to bear certain expenses which are incurred to protect and recover its investment in distressed securities, or which arise in the course of negotiations surrounding any potential exchange or plan of reorganisation. Furthermore, constraints on investment decisions and actions with respect to distressed securities due to tax considerations may affect the return realised on distressed securities. A fund’s investments in distressed securities may include issuers with substantial capital needs or negative net worth or issuers that are, have been, or may become, involved in bankruptcy or reorganisation proceedings. A fund may be required to sell its investment at a loss or hold its investment pending bankruptcy proceedings.
EMERGING MARKETS RISK 
Emerging markets are less established, and more volatile, than developed markets. They involve higher risks, particularly market, credit, illiquid security, legal, custody, valuation, and currency risks, and are more likely to experience risks that in developed markets are associated with unusual market conditions.
Reasons for this higher level of risk include:
- political, economic, or social instability
- economies that are heavily reliant on particular industries, commodities or trading partners
- uncontrolled inflation
- high or capricious tariffs or other forms of protectionism
- quotas, regulations, laws, restrictions on repatriation of monies, or other practices that place outside investors (such as the fund) at a disadvantage
- changes in laws or failure to enforce laws or regulations, to provide fair or functioning mechanisms for resolving disputes or pursuing recourse, or to otherwise recognise the rights of investors as understood in developed markets
- excessive fees or trading costs, or outright seizure of assets
- excessive taxation or non-standard, poorly defined, frequently changing or capriciously enforced tax laws and practices
- inadequate reserves to cover issuer or counterparty defaults
- incomplete, misleading, or inaccurate information about securities and issuers
- non-standard or sub-standard accounting, auditing, or financial reporting practices
- markets that are small and have low trading volumes, and consequently can be vulnerable to liquidity risk and to manipulation of market prices
- arbitrary delays and market closures
- less developed market infrastructure that is unable to handle peak trading volumes
- fraud, corruption and errorIn certain countries, securities markets may also suffer from impaired efficiency and liquidity, which may worsen price volatility and market disruptions.

To the extent that emerging markets are in different time zones from Luxembourg, the fund might not be able to react in a timely fashion to price movements that occur during hours when the fund is not open for business.
For purposes of risk, the category of emerging markets includes markets that are less developed, such as most countries in Asia, Africa, South America and Eastern Europe, as well as countries such as China, Russia and India that have successful economies but may not offer the highest levels of investor protection.
EQUITIES RISK 
Equities can lose value rapidly, and typically involve higher (often significantly higher) market risks than bonds or money market instruments.
If a company goes through bankruptcy or a similar financial restructuring, its equities may lose most or all of their value.
The price of an equity varies according to supply and demand and the market expectations about the company’s future profitability, which may be driven by factors such as consumer demand, product innovation, actions of competitors, and how or whether a company chooses to address environmental, social and governance (ESG) factors.
Examples of ESG practices include mitigating the effects of extreme weather events, reducing environmental impacts, improving labour conditions, promoting workplace non- discrimination and establishing strong and transparent governance.
HEDGING RISK 
Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss.
The fund may use hedging within its portfolio, and, with respect to any designated share classes, to hedge the currency exposure of the class. Hedging involves costs, which reduce investment performance. Therefore, with any share class that involves hedging both at the fund level and the share class level, there can be two levels of hedging, some of which may yield no benefit (for example, at the fund level, a fund may hedge SGD- denominated assets to EUR, while an SGD- hedged share class of this fund would then reverse that hedge).
Risks related to share class currency hedging (such as counterparty risk) could affect investors of other share classes. For a list of funds with share classes that could experience contagion risk, go to fidelityinternational.com.
HIGH YIELD RISK 
The values of high yield securities are speculative. Compared to investment grade bonds, high yield securities are more volatile, more sensitive to economic events, less liquid and carry greater default risk.
Foreign high yield securities generally include risks associated with international investing, such as currency risk due to differences in currencies.
INTEREST RATE RISK 
When interest rates rise, bond values generally fall. This risk is generally greater the longer a bond investment’s duration.
For bank deposits and for money market instruments and other short-maturity investments, interest rate risk works in the opposite direction. Falling interest rates can be expected to cause investment yields to fall.
INVESTMENT FUND RISK 
As with any investment fund, investing in the fund involves certain risks an investor would not face if investing in markets directly:
- the actions of other investors, in particular sudden large outflows of cash, could interfere with orderly management of the fund and cause its NAV to fall
- the investor cannot direct or influence how money is invested while it is in the fund
- to the extent that a fund uses its own valuation estimates (fair value) for securities, any error in valuation could affect NAV
- to the extent that a fund shifts non-cash assets into cash or money market instruments as a defensive move, the fund will miss out on any positive performance in the non-cash assets
- the fund is subject to various investment laws and regulations that limit the use of certain securities and investment techniques that might improve performance; to the extent that the fund decides to register in jurisdictions that impose investment requirements, this decision could further limit its investment flexibility and scope
- changes in regulations worldwide and increased regulator scrutiny of financial services could lead to new regulations or other changes that could limit opportunities or increase costs for the SICAV
- because fund shares are not publicly traded, the only option for liquidation of shares is generally redemption, which the fund can suspend for any of the reasons described in “Rights We Reserve” under “Investing in the Funds”
- the fund’s buying and selling of investments may not beoptimal for the tax efficiency of any given investor
- it may be impractical or impossible for different share classes to completely isolate their costs and risks from other share classes, including the risk that creditors of one share class of a fund may attempt to seize assets of another class to settle an obligation
- to the extent the SICAV conducts business with affiliates of FIL (Luxembourg) S.A., and these affiliates (and affiliates of other service providers) do business with each other on behalf of the SICAV, conflicts of interest may be created; to mitigate these, all such dealings must be conducted at arm’s length, and all entities, and the individuals associated with them, are subject to strict fair dealing policies that prohibit profiting from inside information or showing favouritism
- to the extent that the fund invests in other UCITS or in UCIs, it could incur a second layer of fees (which will further erode any investment gains), could face liquidity risk in trying to unwind its investment in a UCITS/UCI, and is subject to all the risks listed above, making shareholders indirectly subject to them as well
- to the extent that the fund invests in cash or cash equivalents beyond its investment allocation (such as for defensive investing) the fund is not pursuing its goal and may not fully participate in positive market movements.

Where a fund invests in another UCITS or a UCI, these risks apply to the fund, and in turn indirectly to shareholders.
LEVERAGE RISK 
The fund’s high net exposure to certain
investments could make its share price more volatile.
To the extent that the fund uses derivatives or Securities lending to increase its net exposure to any market, rate, basket of securities or other financial reference source, fluctuations in the price of the reference source will be amplified.
LIQUIDITY RISK 
Any security could temporarily become hard to value or to sell at a desired time and price.
Liquidity risk could affect the fund’s value and its ability to pay redemption proceeds or to repay, for example, repurchase agreement proceeds by the agreed deadline.
MARKET RISK 
Prices and yields of many securities can change frequently — sometimes with significant volatility — and can fall, based on a wide variety of factors.
Examples of these factors include:
- political and economic news
- government policy
- changes in technology and business practices
- changes in demographics, cultures and populations
- natural or human-caused disasters
- weather and climate patterns
- scientific or investigative discoveries
- costs and availability of energy, commodities and natural resourcesThe effects of market risk can be immediate or gradual, short- term or long-term, narrow or broad.

OPERATIONAL RISK 
In any country, but especially in emerging markets, the fund could suffer losses due to errors, service disruptions or other failures, as well as fraud, corruption, cyber crime, instability, terrorism or other irregular events.
Operational risks may subject the fund to errors affecting valuation, pricing, accounting, tax reporting, financial reporting, custody and trading, among other things. Operational risks may go undetected for long periods of time, and even if they are detected it may prove impractical to recover prompt or adequate compensation from those responsible.
REAL ESTATE RISK 
Real estate investment trusts (REITs) invest directly in physical real estate or related businesses, tend to have above-average volatility, and can be hurt by by mortgage-related risks or by any factor that makes an area or individual property less valuable.
Specifically, investments in real estate holdings or related businesses or securities (including interests in mortgages) can be hurt by natural disasters, physical degradation, economic declines, overbuilding, zoning changes, tax increases, population or lifestyle trends, failures of management, difficulty attracting tenants or collecting payments, environmental contamination and other factors that may affect the market value or cash flow of the investment, including the failure of a REIT to qualify for tax-free pass-through of income.
Equity REITs are most directly affected by real estate factors, while mortgage REITs are more vulnerable to interest rate risk and credit risk (such as declines in the creditworthiness of the mortgage holders).
Many REITs are in effect small corporations and carry small- and mid-cap equity risk. Some are highly leveraged, which increases volatility. The value of real estate-related securities does not necessarily track the value of the underlying assets.
RUSSIA RISK 
In Russia and the Commonwealth of Independent States, risks associated with custody and counterparties are higher than in developed countries.
Russian custodial institutions observe their own rules, have significantly less responsibility and accountability to investors, are poorly regulated and are susceptible to fraud, negligence or error.
The securities markets in these countries may suffer from impaired liquidity, pervasive criminal activity and market manipulation, all of which may worsen price volatility and market disruptions.
It is understood that under the current Luxembourg regulation a fund may invest not more than 10% of its net assets in unlisted securities not dealt on a Regulated Market. Some investments
in Russian securities may be considered as falling under such limit.
SECURITISATION RISK 
Mortgage-backed and asset-backed securities (MBS and ABS), and other types of collateralised debt security, typically carry prepayment and extension risk and can carry above-average liquidity risk.
MBS (a category that includes collateralised mortgage obligations, or CMOs) and ABS (a category that includes collateral debt obligations, or CDOs) represent an interest in a pool of debt, such as credit card receivables, auto loans, student loans, equipment leases, home mortgages and home equity loans.
MBS and ABS also tend to be of lower credit quality than many other types of debt securities. To the extent that the debts underlying an MBS or ABS go into default or become noncollectable, the securities based on those debts will lose some or all of their value.
Any unexpected behavior in interest rates could hurt the performance of ABS/MBS and other callable debt securities (securities whose issuers have the right to pay off the security’s principal before the maturity date).
When interest rates fall, issuers tend to pay off these securities and re-issue new ones at lower interest rates. When this happens, the fund may have no alternative but to reinvest the money from these prepaid securities at a lower rate of interest (prepayment risk).
In contrast, when interest rates rise, borrowers tend not to prepay their low-interest mortgages. This can lock in the fund to receiving below-market yields until interest rates fall or the securities mature (extension risk). It can also mean that the fund must either sell the securities at a loss or forgo the opportunity to make other investments that might have performed better.
The prices and yields of callable securities typically reflect the assumption that they will be paid off at a certain point before maturity. If this prepayment happens when expected, the fund generally will not suffer any adverse effects. However, if it happens substantially earlier or later than expected, it can mean that the fund effectively overpaid for the securities.
These factors can also affect the fund’s duration, increasing or decreasing sensitivity to interest rates In some circumstances, the failure of rates to rise or fall when anticipated could cause prepayment or extension risks as well.
SHORT POSITION RISK 
Taking a short position (a position whose value moves in the opposite direction from the value of the security itself) through derivatives creates losses when the underlying security’s value rises. The use of short positions may increase the risk of both loss and volatility.
Potential losses from using short position are theoretically unlimited as there is no restriction on the price to which a security may rise, whereas the loss from a cash investment in the security cannot exceed the amount invested.
The short selling of investments may be subject to changes in regulations, which could create losses or the inability to continue using short positions as intended or at all.
SMALL AND MID CAP EQUITY RISK 
Equities of small and mid capitalisation companies can be more volatile and less liquid than those of larger companies.
Small and mid capitalisation companies often have fewer financial resources, shorter operating histories and less diverse business lines, and as a result can be at greater risk of long-term or permanent business setbacks. Initial public offerings (IPOs) can be highly volatile and can be hard to evaluate because of a lack of trading history and relative lack of public information.
SOVEREIGN DEBT RISK 
Debt issued by governments and government-owned or -controlled entities can be subject to many risks, especially in cases where the government is reliant on payments or extensions of credit from external sources, is unable to institute necessary systemic reforms or to control domestic sentiment, or is vulnerable to changes in geopolitical or economic sentiment.
Even if a government issuer is financially able to pay off its debt, investors may have little recourse should it decide to delay, discount or cancel its obligations, as the main avenue to pursue payment is typically the sovereign issuer’s own courts.
Investment in sovereign debt exposes a fund to direct or indirect consequences of, inter alia, political, social and economic changes.
SUSTAINABLE INVESTING RISK 
To the extent the fund weighs ESG or sustainability criteria in choosing investments, it may underperform the market or other funds that invest in similar assets but do not apply sustainability criteria.
While the fund, in selecting investments, may use a proprietary ESG scoring process that is based partially on third party data, such data may be incomplete or inaccurate.
In making its proxy voting decisions consistent with ESG criteria, exclusionary criteria, the fund may not always be consistent with maximising an issuer’s short-term performance. For information about Fidelity’s ESG voting policy, go to www.fidelity.lu/sustainable-Investing/our-policies-and-reports
TARGET DATE FUND RISK 
As the fund’s asset allocation becomes more conservative, its potential for growth diminishes, and thus also its ability to recoup any existing or future losses. You might not get all of your original investment back on the target date.
Certain funds may periodically change their allocation across asset classes and therefore may incur greater transaction costs than a fund with a static allocation strategy.
TAX RISK 
Some countries tax interest, dividends or capital gains on certain investments in their country. Any country could change its tax laws or treaties in ways that affect the fund or its shareholders.
Tax changes potentially could be retroactive and could affect investors with no direct investment in the country. For example, if China were to change its tax classification of the SICAV or a related entity, modify or cease honoring a tax treaty or eliminate tax incentives, it could increase the taxes due on Chinese investments or even result in a tax of 10% (or greater) on the income the SICAV receives from all sources worldwide, including in those funds that do not hold any Chinese investments.
The SICAV cannot guarantee that it will be exempt from FATCA or other withholding requirements or that it will provide all necessary information for shareholders to comply with their tax reporting requirements. Any fines associated with the discovery of a US investor as a shareholder in any fund would be paid out of shareholder assets, costs the SICAV is unlikely to be able to recover.
TECHNOLOGY AND INNOVATION RISK 
Technology and innovation companies tend to have above-average volatility. The success or failure of a product or company can change rapidly with new developments in technology, consumer preference and regulation as well as the outcome of lawsuits, mergers and changes in personnel or strategy.
Technology and innovation companies are vulnerable to supply chain disruptions, high employee turnover and workplace welfare issues. The technology sector has above- average cyber security risk because of its disproportionately large online presence.

### General Investment Powers and Restrictions
Each fund, and the SICAV itself, must comply with all applicable EU and Luxembourg laws and regulations, as well as certain circulars, guidelines and other requirements. This section presents, in tabular form, the fund management requirements of the 2010 law (the main law governing the operation of a UCITS) as well as the requirements set by the European Securities and Markets Authority (ESMA) for money market funds and for risk monitoring and management. In case of any discrepancy, law itself, in the original French, would prevail over either the management regulations or the prospectus (with the management regulations taking precedence over the prospectus).
If any violation of the 2010 law or the money market fund regulation by a fund is detected, the Investment Manager must make compliance with the relevant policies a priority in its securities trades and investment management decisions, while also taking due account of the interests of shareholders. Any violation that arises incidentally must be resolved as soon as possible, consistent with the normal course of fund operations.
Except where otherwise noted, all percentages and restrictions apply to each fund individually, and all asset percentages are measured as a percentage of its assets (including cash).

###### Permitted assets, techniques and transactions
The table on the following page describes what is allowable to any UCITS. The funds may set limits that are more restrictive in one way or another, based on their investment objectives and policies. A fund’s usage of any asset, technique or transaction must be consistent with its investment policies and restrictions.
No fund can acquire assets that come with unlimited liability attached, underwrite securities of other issuers (other than if it may be considered to do so in the course of disposing of fund securities), or issue warrants or other rights to subscribe for their shares.
Unless specified in their respective information funds are actively managed and do not seek to replicate or track the performance of any index. However, as part of the 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.
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 Base Currency. The Investment Manager may choose to hedge currency exposures through the use of instruments such as forward foreign exchange contracts.
Unless otherwise specified in its Investment objective or policy, securitised and/or collateralised securities (e.g. asset-backed securities and mortgage-backed securities) will not exceed 20% of the assets of a 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. Equity funds are not expected to have any material exposure to securitised and/or collateralised securities.
Unless otherwise specified in its investment objective or policy, below investment grade or high yielding securities will not exceed 20% of the assets of a fund. Each fund may invest up to 10% of its net assets in UCITS and UCIs, unless otherwise specified in its investment objective,
Funds are not expected to have any material exposure to distressed securities, unless otherwise specified in their investment objectives or policies. Funds authorized to invest in fixed income securities may invest in bonds that can have conversion or subscription rights to other assets attached to
them and can invest up to 100% of their assets in investment grade bonds, unless otherwise specified in their investment objectives. The Investment Manager is unconstrained in the amount it may invest in any country or region, unless otherwise specified in the fund’s investment objective or policy.

###### 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.
TERMS USED IN THIS SECTION
The terms below are used mainly or exclusively in this “General Investment Powers and Restrictions” section and have the following meanings.
ABCP Asset-backed commercial paper.
amortised cost A valuation method in which acquisition cost is adjusted for amortisation of premiums or discounts up through maturity.
CNAV A public debt constant net asset value money market fund.
eligible state Any state that the Board considers to be consistent with a given portfolio’s investment objective.
EU-level issuers The EU, a central authority or central bank of a European member state, the European Central Bank, the European Investment Bank, the European Stability Mechanism or the European Financial Stability Facility.
EU and international issuers All EU-level issuers, plus any regional or local authority of a European state, any sovereign nation or member state of a federation, and any relevant international body to which a European state belongs, such as the International Monetary Fund, International Bank for Reconstruction and Development, Council of Europe Development Bank, European Bank for Reconstruction and Development, or Bank for International Settlements.
mark-to-market A valuation method based on independent, readily available liquidation prices, such as prices from exchanges, screen prices, or quotes from multiple reputable independent brokers.
mark-to-model A valuation method that is benchmarked, extrapolated or otherwise calculated from one or more market inputs.
member state A member state of the EU or of the European Economic Area. MMF A money market fund.
money market instruments Transferable instruments normally dealt in on the money market, such as treasury and local authority bills, certificates of deposits, commercial paper, bankers’ acceptances, and medium- or short-term notes.
LVNAV A low volatility net asset value money market fund.
regulated market A regulated market within the meaning of Directive 2004/39/EC of the European Parliament, or any other market in an eligible state, country, or territory that the directors of the Management Company consider to be regulated, regularly operating, recognised, and open to the public.
short-term MMF An MMF that invests in eligible money market instruments referred to in article 10.1 of Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (the "MMF Regulation") and is subject to the portfolio rules set out in article 24 of the MMF Regulation.
standard MMF An MMF that invests in eligible money market instruments referred to in article 10.1 and 10.2 and is subject to the portfolio rules set out in article 25 of the MMF Regulation.
VNAV A variable net asset value money market fund.
weighted average life (WAL) The average asset-weighted time to legal maturity of an MMF’s total asset exposures; a measure of credit and liquidity risk. weighted average maturity (WAM) The average asset-weighted time to legal maturity or the next interest rate reset, whichever is shorter, of an MMF’s total asset exposures; a measure of sensitivity to interest rate risk.
| Non-money market funds | Money market funds | Usage by funds |
| --- | --- | --- |
|  |  |  |
| 1. Transferable securities and money market instruments |
| Must be listed or traded on an official stock exchange in an eligible state, or on a regulated market in an eligible state (a market that operates regularly, is recognised and is open to the public). Recently issued securities must include in their terms of issue a commitment to apply for official listing on a regulated market and such admission must be received within 12 months of issue. | Must be listed or traded on a money market in an eligible state. For eligible states outside the EU, the money market must be approved by the competent authorities, provided for in law, or identified in the fund’s rules or instruments of incorporation. | Widely used. Material usage is described in “Fund Descriptions”. |
| 2. Money market instruments that do not meet the requirements in row 1 |
| Must be subject (at the securities or issuer level) to regulation aimed at protecting investors and savings and must meet one of the following: - be issued or guaranteed by a central, regional or local authority, or a central bank of an EU member state, the European Central Bank, the European Investment Bank, the EU, a public international body to which at least one EU member state belongs, a sovereign nation, or a member state of a federation
- be issued by an undertaking of any securities that qualify under row 1 (with exception of recently issued securities)
- be issued or guaranteed by an institution that is subject to, and complies with, EU prudential supervision rules or other rules the CSSF considers to be at least as stringentCan also qualify if the issuer belongs to a category approved by the CSSF, is subject to investor protections that are equivalent to those describedabove, and meets one of the following criteria:
- is issued by a company with at least EUR 10 million in capital and reserves that publishes annual accounts consistent with Directive 2013/34/EU
- is issued by an entity dedicated to financing a group of companies at least one of which is publicly listed
- is issued by an entity dedicated to financing securitisation vehicles that benefit from a banking liquidity line
 | Must have a remaining or effective maturity or reset date of 397 days or less (with floating- or fixed-rate instruments hedged by swaps that reset to a money market rate or index) and must also meet all of the following that apply: - be issued or guaranteed by one or more EU-level issuers
- be issued or guaranteed by one or more EU and international issuers, with both issue and issuer receiving favourable internal credit assessments
- if it is a securitisation or ABCP, it must be sufficiently liquid, have a favourable internal credit assessment, have a legal maturity of 2 years or less, and meet one of the following:
	- it is a securitisation referred to in article 13 of Commission Delegated Regulation (EU) 2015/61; Short-Term MMF: also must be an amortising instrument with a WAL of 2 years or less
	- it is not (and does not include, even on a look-through basis) a re-securitisation or synthetic securitisation, and it is fully supported by the issuing regulated credit institution as to liquidity and credit risks, material dilution risks, ongoing transaction and programme costs, and any necessary investor guarantees of full payment; Short-Term MMF: legal maturity at issuance must be 397 days or less
	- it is a simple, transparent, standardised (STS) securitisation or ABCP; Short-Term MMF: must be amortising instruments, have a WAL of 2 years or less, and have had a legal maturity at issuance of 397 days or less

 | Widely used. Material usage is described in “Fund Descriptions”. |
| 3. Transferable securities and money market instruments that do not meet the requirements in rows 1 and 2 |
| Limited to 10% of fund assets. | Permitted as to money market instruments. No such ratio is applicable to money market funds. | Any usage likely to create material risk is described in “Fund Descriptions”. |
| 4. Shares of UCITS or other UCIs that are not linked to the SICAV* |
| Must be limited by constitutional documents to investing up to 10% of assets in other UCITS or other UCIs. If the target investment is an “other UCI”, it must do all of the following: - invest in UCITS-allowable investments
- be authorised by an EU member state or by a state the CSSF considers to have equivalent laws on supervision, with adequate cooperation between authorities sufficiently ensured
- issue annual and semi-annual reports that enable an assessment of assets, liabilities, income and operations over the reporting period
- offer investor protections that are equivalent to those of a UCITS, in particular as to the rules on asset segregation, borrowing, lending and uncovered sales
 | The target MMF must be limited to investing up to 10% of assets in other MMFs, and those MMFs must be authorised under these same rules as those listed in the left column. An acquiring MMF must invest up to 17.5% of assets in other MMFs and up to 5% of assets in any one MMF. By derogation to this rule the acquiring MMF can invest up to 20% of assets in other MMFs with a maximum of 30% in aggregate of assets in targeted MMF which are not UCITS in accordance with Article 55 of the UCITS directive provided that the eligible MMFs are marketed solely through an employee savings scheme, have only natural persons as investors, are governed by national law, and under that law can permit redemptions only in non- market-related circumstances. An MMF that invests 10% or more of assets in other MMFs must disclose in its prospectus the maximum allowable management fees payable by both the target and acquiring MMFs, and in its annual report the amounts actually paid. The target fund cannot invest, in turn, in the acquiring fund (reciprocal ownership). The underlying investments held by the targeted MMF in which a fund invests do not need to be considered for the purposes of the diversification limits set forth in the Diversification requirements for Money Market Funds table. The acquiring MMF surrenders all voting rights in shares of the target MMF it acquires. A short-term MMF can only invest in other short-term MMFs. | Any usage that is over 10% of fund assets is disclosed in “Fund Descriptions”. Total annual management fees of funds and underlying UCITS/ other UCIs may be up to 3%. |
| * May include ETFs. A UCITS or other UCI is considered to be linked to the SICAV if both are managed or controlled by the same Management Company or another affiliated management company. |

| Non-money market funds | Money market funds | Usage by funds |
| --- | --- | --- |
|  |  |  |
| 5. Shares of UCITS or other UCIs that are linked to the SICAV* |  |  |
| Must meet all non-money market fund requirements in row 4. The SICAV’s annual report must state the total annual management and advisory fees charged both to the fund and to the UCITS/other UCIs in which the fund has invested during the relevant period. The UCITS/other UCI cannot charge a fund any fees for subscribing for or redeeming shares. | Same as row 4. If the acquiring MMF and Target MMF are managed or controlled by the same Management Company or another affiliated management company, the Management Company or that other company is prohibited from charging subscription or redemption fees. | Non-MMF usage same as row 4, plus funds pay no annual management or advisory fees to any linked UCITS/ other UCI. |
| 6. Shares of other funds of the SICAV |  |  |
| Must meet all non-money market fund requirements in rows 4 and 5. The target fund cannot invest, in turn, in the acquiring fund (reciprocal ownership). The acquiring fund surrenders all voting rights in shares of the target fund it acquires. When measuring whether a fund meets the minimum required asset level, the value of investment in target funds is not included. | Same as row 4. | Non-MMF usage same as row 4, plus funds pay no annual management or advisory fees to any other funds. |
| 7. Real estate and commodities, including precious metals |  |  |
| Direct ownership of commodities, or certificates representing them, is prohibited. Investment exposure is allowed only indirectly, through assets, techniques and transactions allowed under the 2010 Law. The financial indices used to obtain exposure to commodities through financial derivatives instruments comply with the requirements set out in the article 9 of the Grand-Ducal Regulation of 8 February 2008. Direct ownership of real estate and other tangible property is prohibited except for any used by the SICAV itself for its operations. | Exposure not permitted in any form. | Usage likely to create material risk is described in “Fund Descriptions”. Direct purchases of real or tangible property are unlikely. |
| 8. Deposits with credit institutions |  |  |
| Must be repayable or withdrawable on demand, and any maturity date must be up to 12 months in the future. The credit institutions either must have a registered office in an EU member state or, if not, be subject to prudential supervision rules the CSSF considers to be at least as stringent as EU rules. | Same as for non-money market funds. | Any usage will be described in “Fund Descriptions”. |
| 9. Ancillary liquid assets |  |  |
| Limited to 20% of the portfolio net assets under normal market circumstances. Only bank deposits at sight, such as cash held in current accounts with a bank accessible at any time. Must be held only for treasury purposes or a period of time necessary in case of unfavourable market conditions. On a temporary basis, if justified by exceptionally unfavourable market conditions and where in the best interests of the shareholders, ancillary liquid assets may represent more than 20% of the portfolio net assets. | Limited to 20% of the portfolio net assets. Only bank deposits at sight, such as cash held in current accounts with a bank accessible at any time. | Commonly used by all funds, and may be used extensively for temporary defensive purposes. |
| 10. Derivatives and equivalent cash-settled instruments See also “How the Funds Use Instruments and Techniques” on page 203. |
| Underlying assets must be those described in rows 1, 2, 4, 5, 6 and 8 or must be financial indices (compliant with article 9 of the Grand-Ducal Regulation of 8 February 2008), interest rates, foreign exchange rates or currencies consistent with fund investment objectives and policies. All usage must be adequately captured by the risk management process described in “Management and monitoring of global risk” below. OTC derivatives must meet all of the following criteria: - be subject to reliable and verifiable independent daily valuations
- be able to be sold, liquidated or closed by an offsetting transaction at their fair value at any time at the SICAV’s initiative
- be with counterparties that are institutions subject to prudential supervision and that belong to categories approved by the CSSF
 | Must be dealt in on a regulated market as referred to in row 1 or OTC and all of the following conditions are fulfilled: - the underlying of the derivative instrument consists of interest rates, foreign exchange rates, currencies or indices representing one of those categories;
- the derivative instrument serves only the purpose of hedging the interest rate or exchange rate risks inherent in other investments of the Fund;
- the counterparties to OTC derivative transactions are institutions subject to prudential regulation and supervision and belonging to the categories approved by the competent authority of the Fund;
- 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
 | Material usage is described in “Fund Descriptions”. |
| * May include ETFs. A UCITS or other UCI is considered to be linked to the SICAV if both are managed or controlled by the same Management Company or another affiliated management company. |

| Non-money market funds | Money market funds | Usage by funds |
| --- | --- | --- |
|  |  |  |
| 11. Securities lending, repurchase/reverse repurchase agreements See also “How the Funds Use Instruments and Techniques” on page 203. |
| Must be used for efficient portfolio management only. The volume of transactions must not interfere with a fund’s pursuit of its investment policy or its ability to meet redemptions. With loans of securities and with repurchase transactions, the fund must ensure that it has sufficient assets to settle the transaction. All counterparties must be subject to EU prudential supervision rules or to rules the CSSF considers to be at least as stringent. For each transaction, the fund must receive and hold collateral that is at least equivalent, at all times during the lifetime of the transactions, to the full current value of the securities lent. During the life of a repurchase contract, the fund cannot sell the securities that are the object of the contract, either before the right to repurchase these securities has been exercised by the counterparty, or the repurchase term has expired. A fund may lend securities: - directly to a counterparty
- through a lending system organised by a financial institution that specialises in this type of transaction
- through a standardised lending system organised by a recognised clearing institutionThe SICAV cannot grant or guarantee any other type of loan to a third party.
 The fund must have the right to terminate any securities lending, repurchase or reverse repurchase transaction and to recall the securities that have been lent or are subject to the repurchase agreement. | Securities lending is not permitted. The MMF must have the right to terminate a repurchase or reverse repurchase agreement with up to two working days’ notice; for reverse repurchase agreements, the MMF must receive back the full amount of cash (on either an accrued or mark- to-market basis; if the latter, that value must be used in calculating NAV). Repurchase agreements must meet all of the following criteria: - be no longer than 7 working days
- be used only to manage temporary liquidity
- the counterparty cannot sell, invest, pledge or otherwise transfer assets provided as collateral without the fund’s prior consent
- the cash received must not exceed 10% of MMF assets and must be placed in deposits or invested in assets that are issued or guaranteed by one or more EU-level issuers or a central authority or central bank of a third country and that have received, for both issuer and issue, favourable internal credit assessmentsAssets received through reverse repurchase agreements must meet all of the following:
- market value must at all times at least equal cash paid out
- they are money market instruments as described in row 2 above
- they are issued by an entity that is independent from the counterparty and not expected display high correlation with it
- the MMF cannot sell, invest, pledge or otherwise transfer assets provided as collateral without the counterparty’s prior consent
- they do not create more than 15% exposure to any one issuer except an EU and international issuerAssets received through reverse repurchase agreements in accordance with the exceptions column of row A in the“Diversification requirements” table below.
 | Material usage is described in “Fund Descriptions”. For securities lending, the funds require higher collateral than regulations specify. |
| 12. Borrowing |  |  |
| The SICAV is not allowed to borrow in principle except if it on a temporary basis and represents up to 10% of fund assets. The SICAV may however acquire foreign currency via back-to-back loans. | Not permitted in any form. | No funds currently intend to borrow from banks. |
| 13. Short exposure |  |  |
| Direct short sales are prohibited. Short positions may be acquired only indirectly, through derivatives. | Exposure not permitted in any form. | Any usage likely to create material risk is described in “Fund Descriptions”. |

Master - Feeder funds
The SICAV can create funds, that qualify as a master fund or a feeder fund. It can also convert existing funds into feeder funds, or switch any feeder fund to a different master fund. The rules below apply to any sub-fund that is a feeder fund.
| Security | Investment requirements | Other terms and requirements |
| --- | --- | --- |
| Units of the master fund | - At least 85% of assets
 |  |
| Derivatives and ancillary liquid assets | - Up to 15% of assets
 | Derivatives must only be used for hedging. Movable and immovable property must be essential for the direct pursuit of the feeder fund’s business. In measuring derivatives exposure, the fund must combine its own direct exposure with the exposure created by the master fund. |

Additional voluntary requirements
Certain funds have voluntarily agreed to manage their portfolios to comply with certain requirements where doing so will allow them to distribute the funds in the countries indicated below, and in some cases to offer tax benefits to investors in those countries. This table lists only requirements that concern portfolio investment and that exceed those otherwise applicable to a fund (including the fund’s own limits as stated in this prospectus).
| Jurisdiction | Requirements | Applies to |
| --- | --- | --- |
| France | - Must invest at least 75% of its assets in securities issued in the EU, Norway or Iceland.
 | Funds stating an intention to be eligible under the French Plan d’Epargne en Actions Tax  Act  (PEA)  in  “Fund Descriptions”. |
| Germany | - Must invest at least 50% of its assets (25% for mixed asset funds) in equities.
 | Funds stating an intention to be eligible under the German Investment Tax Act (GITA) in “Fund Descriptions”. |
| Hong Kong | - Must invest up to 10% of its Net Asset Value in securities issued or guaranteed by government, public/local authorities in any one country with a credit rating below investment grade unless otherwise disclosed in the investment objective of the fund.
- Net derivative exposure must not exceed 50% of the fund’s Net Asset Value, except for Fidelity Funds- Global Inflation-linked Bond Fund (up to 100%) and Fidelity Funds - Flexible Bond Fund and Fidelity Funds - Sustainable Strategic Bond Fund (above 100%).
- 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.
- Unless otherwise specified in a fund’s investment objective, those funds authorized for sale in Hong Kong (other than the Cash funds and 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 Such investment will at all times remain below 50% of the funds’ Net Asset Value. Notwithstanding the aforesaid, Fidelity Funds – Australian Diversified Equity Fund may invest less than 30% of its total net assets in such instruments with loss-absorption features.
- 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.”
- Unless otherwise stated in the investment objective of a fund, a fund may invest less than 70% in Chinese bonds via CIBM or less than 70% in Chinese bonds via Bond Connect.
- 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 quantitativeanalysis as well as peer group comparison.
 | Funds registered in Hong Kong. |
| Italy | - Must invest up to 17.5% of its assets in securities in the FTSE MIB index or any equivalent index.
- Must invest up to 3.5% of its assets in securities in the FTSE MIB index, FTSE Mid Cap index or any equivalent index.
 | Funds stating an intention to be eligible under the Italian Piano Individuale di Risparmio a lungo termine (PIR) in “Fund Descriptions”. |
| South Korea | - 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.
- 60% or more of a fund’s net assets shall be invested or otherwise managed in non-Korean Won - denominated securities.
- 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
- 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
- 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 owninterest, except where conflicts of interest are not likely to occur in trading with the foreign
 | Funds registered in Korea. |

| Jurisdiction | Requirements | Applies to |
| --- | --- | --- |
|  | 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. |  |
| South Africa | - Must use derivative instruments only for the purposes of efficient portfolio management. Derivatives can be exchange traded or traded OTC.
- Must not invest in a fund of funds or a feeder fund.
 | Funds registered in South Africa. |
| Taiwan | - 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 (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, at any time, exceed the total market value of the relevant securities held by the fund;
- A fund’s investment in Mainland China is limited to the securities listed or traded on Mainland China exchanges or Mainland China interbank bond market. Unless otherwise specified by the FSC, a fund’s direct and indirect exposure to the abovementioned Mainland China securities shall 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.”
- 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.	
 | Funds registered in Taiwan except those for which the Taiwan Financial Supervisory Commission has granted an exemption. |


###### Diversification requirements
To ensure diversification, a fund cannot invest more than a certain amount of its assets in one issuer, as defined below. These diversification rules do not apply during the first 6 months of a fund’s operation, but the fund must observe the principle of risk spreading.
For purposes of this table, companies that share consolidated accounts (whether in accordance with Directive 83/349/EEC or with recognised international rules) are considered to be a single issuer. The percentage limits indicated by the vertical brackets in the center of the table indicate the maximum aggregate investment in any single issuer for all bracketed rows.
| Maximum investment/exposure, as a % of fund assets |
| --- |
| Category of securities | In any one issuer | In aggregate |  | Other | Exceptions |
|  |  |  |  |  |  |
| NON-MONEY MARKET FUNDS |
|  |
| A. Transferable securities and money market instruments issued or guaranteed by a sovereign nation, any EU public local authority, or any public international body to which one or more EU member states belongs. | 35% |  |  |  | A fund may invest up to 100% of its assets in a single issuer, if it is investing in accordance with the principle of risk spreading and meets all of the following criteria: - it invests in at least 6 different issues
- it invests up to 30% in any one issue
- the securities are issued by an EU member state, its local authorities or agencies, a member state of the OECD or of the G20, Singapore or by a public international bodies of which one or more EU member state belongsThe exception described for row C applies to this row as well.
 |
| B. Bonds issued by a credit institution whose registered office is in an EU member state and which is subject by law to special public supervision designed to protect bondholders*. | 25% | 35 | % | 80% in any issuers in whose bonds a fund has invested more than 5% of assets. |  |
| C. Any transferable securities and money market instruments other than those described in rows A and B above. | 10% | 20% |  | 20% in transferable securities and money market instruments within the same group. 40% in all issuers in which a fund has invested more than 5% of assets (does not include deposits and counterparty exposure for OTC derivative contracts). | For index-tracking funds, the 10% increases to 20% in the case of a published, sufficiently diversified index that is adequate as a benchmark for its market and is recognised by the CSSF. This 20% increases to 35% (but for one issuer only) when a security is highly dominant in the Regulated Market in which it trades. |
| D. Deposits	with	credit institutions. | 20% |  |  |  |  |
| E. OTC derivatives with a counterparty that is a credit institution as defined in row 8 above (first table in section). | 10% max risk exposure (OTC derivatives and efficient	portfolio management techniques combined) |  |  |  | Derivatives on eligible indices do not count for purposes of complying with rows A - D and row G (i.e. there is no look through to the securities comprising the index). |
| F. OTC derivatives with any other counterparty. | 5% max risk exposure |  |  |  |  |
| G. Shares of UCITS or UCIs as defined in rows 4 and 5 above (first table in section). | With no specific statement in the fund’s objective and policies, 10% in one or more UCITS or other UCIs With a specific statement: - 20% in any one UCITS or UCI
- 30% in aggregate in all UCIs other than UCITS
- 100% in aggregate in all UCITS
 |  | Target funds of an umbrella structure whose assets and liabilities are segregated are considered as a separate UCITS or other UCI. Assets held by the UCITS or other UCIs do not count for purposes of complying with rows A - F of this table. |  |
| * These bonds also must invest all sums deriving from their issuance in assets that, for the life of the bonds, are capable of covering all claims attaching to the bonds and in case of issuer bankruptcy would be used, on a priority basis, to reimburse principal and accrued interest. |

| Maximum investment/exposure, as a % of fund assets |
| --- |
| Category of securities | In any one issuer | In aggregate |  | Other | Exceptions |
|  |  |  |  |  |  |
| MONEY MARKET FUNDS |  |  |  |  |  |
|  |  |  |  |  |  |
| H. Money market instruments | 5% | 5% |  |  | With regulator approval, and with disclosure in constitutional and marketing documents that includes a list of issuers in which 5% or more of assets may be invested, a fund may invest in as few as six issues that are issued by an EU member state, its local authorities or agencies, a member state of the OECD or of the G20, Singapore or by a public international bodies of which one or more EU member state belongs, up to 100% net exposure, if it is investing in accordance with the principle of risk spreading and invests up to 30% in any one issue. |
| I. Money market instruments, securitisations and ABCPs issued by the same body | 5% |  |  |  | Derogation: a VNAV MMF fund may invest up to 10 % provided that the total value of such money market instruments, securitisations and ABCPs held in each issuing bodies in each of which it invests more than 5 % of its assets does not exceed 40 % of the value of its assets. Aggregate	exposure	to securitisations and ABCP up to 20% (15% for non STS ones). |
| J. Bonds issued by a credit institution whose registered office is in an European state and which is subject by law to special public supervision designed to protect bondholders. | 10% | 15% |  | 40% in aggregate in all issuers in whose bonds a fund has invested more than 5% of assets. | Sums deriving from the issue of these bonds must be invested in assets which, during the whole period of validity of such bonds, are capable of covering claims attaching to the bonds and which, in the event of failure of the issuer, would be used on a priority basis for the reimbursement of the principal and payment of the accrued interest. |
| K. Bonds issues by a single credit institutional where the requirements set out in point (f) of Article 10(1) or point (c) of Article 11 (1) of the Delegated Regulation (EU) 2015/61 are met. | 20% |  |  |  | When a fund invests more than 5% of its assets in such bonds issued by a single issuer, the total value of those investments shall not exceed 60% of the value of the assets of the Fund. |
| L. Deposits	with	credit institutions. | 10% |  |  |  | Increases to 15% (and the aggregate limit of 15% on row H through L exposures increases to 20%) if there are not enough viable credit institutions in the MMF’s jurisdiction to allow it to meet the diversification requirement	and	it	is	not economically feasible to make deposits in another member state. With local regulator approval, increases to 100% for instruments issued or guaranteed by EU and international issuers. |
| M. OTC derivatives. | 5% exposure to any one counterparty |  |  |  |  |
| N. Reverse	repurchase agreements. | 15% in cash to any one counterparty |  |  |  | Received assets: exposure to a given issuer up to 15%, except where those assets take the form of money market instruments that fulfil the requirements of the 100% derogation under row 1. |


###### Limits on concentration of ownership
These limits are intended to prevent the SICAV or a fund from the risks that could arise (for itself or an issuer) if it were to own a significant percentage of a given security or issuer. For purposes of this table and the diversification table below, companies that share consolidated accounts (whether in accordance with Directive 83/349/EEC or with recognised international rules) are considered to be a single issuer. A fund does not need to comply with the investment limits described below when exercising subscription rights attaching to portfolio assets, so long as any resulting violations of the investment restrictions are corrected as described in the introduction to “General Investment Powers and Restrictions”.
Category of securities	Maximum ownership, as a % of the total value of the securities issued
NON-MONEY MARKET FUNDS
Securities	carrying	voting rights
Debt securities of any one issuer
Shares of any sub-fund of an umbrella UCITS or UCI
Less than would enable the SICAV to exercise significant influence over the management of an issuer
10%
25%
These limits can be disregarded at purchase if at that time the gross amount of bonds or money market instruments, or the net amount of the instruments in issue, cannot be calculated.
These rules do not apply to:
- securities described in row 1 of the table above
- shares of a non-EU company that invests mainly in its home country and represents the only way for a portfolio to invest in that country under the 2010 Law
- purchases or repurchases of shares of subsidiaries that provide only management, advice or marketing in their country, when done as a way of effecting transactions for SICAV shareholders in accordance with the 2010 lawMONEY MARKET FUNDSMoney market instruments, securitisations and ABCPs of any one issuer10%	Does not apply to money market instruments issued or guaranteed by EU and international issuers.


###### Management and monitoring of global risk
The Management Company has implemented a risk management process, approved and supervised by its board, to monitor and measure at any time the overall risk profile of each fund from direct investment, derivatives, techniques, collateral and all other sources. Further information about the risk management process is available upon request from the Management Company.
Global exposure assessments are calculated every trading day (whether or not the fund calculates a NAV for that day), and encompass numerous factors, including coverage for contingent liabilities created by derivative positions, counterparty risk, foreseeable market movements and the time available to liquidate positions.
Any derivatives embedded in transferable securities or money market instruments count as derivatives held by the fund, and any exposure to transferable securities or money market instruments gained through derivatives (except certain index-based derivatives) counts as investment in those securities or instruments.
RISK MONITORING APPROACHES 
There are 3 main risk measurement approaches: the commitment approach and the 2 forms of value at risk (VaR), absolute VaR and relative VaR. These approaches are described below, and the approach each fund uses is identified in “Fund Descriptions”. The Management Company chooses the approach a fund will use based on its investment policy and strategy.
| Approach | Description |
| --- | --- |
| Absolute	Value-at-Risk (Absolute VaR) | The fund seeks to estimate the maximum potential loss due to market risk it could experience in a month (20 trading days) under normal market conditions. The estimate is based on the previous 12 months (250 business days) of the fund’s performance, and requires that 99% of the time, the fund’s worst outcome is no worse than a 20% decline in net asset value. |
| Relative	Value-at-Risk (Relative VaR) | The relative VaR of the fund is expressed as a multiple of a benchmark or reference portfolio. The fund seeks to estimate the potential loss due to market risk it could experience within one month (20 trading days) under normal market conditions. The estimate is based on the previous 12 months (250 Business Days) of the fund’s performance, and requires that 99% of the time, the fund’s worst outcome cannot exceed 200% of the VaR of the relevant benchmark or reference portfolio. |
| Commitment | The fund calculates its global exposure by taking into account either the market value of an equivalent position in the underlying asset or the derivative‘s notional value, as appropriate. This allows the fund to reduce its global exposure by taking into account the effects of any hedging or offsetting positions. Certain types of risk-free transactions, leverage-free transactions and non-leveraged swaps are therefore not included in the calculation. A fund using this approach must ensure that its overall market exposure does not exceed 210% of its assets (100% from direct investment, 100% from derivatives and                                                            10% from borrowings).	 |

GROSS LEVERAGE 
Any fund that uses a VaR approach must also calculate its expected level of gross leverage, which is stated in “Fund Descriptions”. A fund’s expected leverage is a general indication, not a regulatory limit; the actual leverage may exceed the expected level from time to time. However, a fund’s use of derivatives will remain consistent with its investment objective, investment policies and risk profile, and will comply with its VaR limit.
Gross leverage is a measure of the leverage created by total derivative usage and by any instruments or techniques used for efficient portfolio management. It is calculated as the “sum of the notionals” (the exposure of all derivatives, without treating opposing positions as canceling each other out). Since this calculation does not consider sensitivity to market movements or whether a derivative is increasing or decreasing a fund’s overall risk, it may not be representative of a fund’s actual level of investment risk.
How	the	Funds	Use	Instruments	and Techniques

###### Purpose and regulatory framework
A fund may use the instruments and techniques described below for efficient fund management, which is defined as reducing risks or costs or generating additional capital or income, to gain exposure to certain investments or markets and for hedging against various types of risk. All usage must be consistent with the fund’s risk profile, objective and investment strategy as defined in this prospectus, and with the 2010 Law, the UCITS Directive, Grand Ducal regulation of 8 February 2008, CSSF Circulars 08/356 and 14/592, ESMA guidelines 14/937, the Securities Financing Transactions (SFT) regulation (EU) 2015/2365 and any other applicable law and regulation.
The risks associated with instruments and techniques are
described in “Risk Descriptions”.

###### Derivatives the Funds can use
A derivative is a financial contract whose value depends on the performance of one of more reference assets (such as a security or basket of securities, an index or an interest rate). Derivatives may be over-the-counter (“OTC”) and/or exchange traded instruments.
Always consistent with its investment policy, each fund may invest in any type of financial derivative instrument. (for MMF funds, refer to “Rules related to funds”.) These may include the following types currently making up the most common derivatives:
- financial futures (contracts that deliver payments based on future values), such as futures on securities, interest rates, indices or currencies
- options (contracts that confer the right, or the obligation, to buy or sell an asset during a stated period of time), such as options on equities, interest rates, indices (including commodity indices), bonds, currencies or swaps (swaptions), and on futures
- warrants (contracts that confer the right to buy or sell an equity or other security at a certain price during a stated period of time
- forwards (contracts to buy or sell an asset at a specified price on a future date), such as foreign exchange contracts
- swaps (contracts where two parties exchange the returns from two different reference assets, such as foreign exchange, index, inflation rate or interest rate swaps, and swaps on volatility or baskets of equities, but NOT including total return, credit default or variance swaps, which are listed separately
- credit derivatives, such as credit default swaps, or CDSs (contracts where one party receives a fee from the counterparty in exchange for agreeing that, in the event of a bankruptcy, default or other “credit event”, it will make payments to the counterparty designed to cover the latter’s losses)
- structured derivatives, such as credit-linked and equity-linked securities
- contracts for difference (contracts whose value is based on the difference between two reference measurements such asa basket of securities)
- total return swaps or other derivatives with similar characteristics (TRS) (transaction in which one counterparty makes payments based on a fixed or variable rate to the other counterparty, who transfers the total economic performance, including income from interest and fees, gains and losses from price movements, and credit losses, of a reference obligation, such as an equity, bond or index); TRS can be funded or unfunded (with or without a required up- front payment. TRS transaction will be undertaken on single name equity and fixed income instruments or financial indices. The Funds intend to use TRS (including CFDs) in accordance with the provisions on the use of financial derivative instruments and within the maximum and expected levels disclosed in the Fund Descriptions.

Futures are generally exchange-traded. All other types of derivatives are generally OTC.
For any index-linked derivatives, the index provider determines the rebalancing frequency and the effects of the cost to the relevant fund will depend on the rebalancing frequency.

###### What the funds can use derivatives for
A fund may use derivatives for any of the following purposes, consistent with its objective and policies as described in “Fund Descriptions”.
Hedging Hedging is taking a market position that is in the opposite direction from – and is no greater than – the position created by other fund investments, for the purpose of reducing or canceling out exposure to price fluctuations or certain factors that contribute to them.
- Credit hedging Typically done using credit default swaps. The goal is to hedge against credit risk. This includes purchasing or selling protection against the risks of specific assets or issuers as well as proxy hedging (taking an opposite position in a different investment that is likely to behave similarly to the position being hedged).
- Currency hedging Typically done using currency forwards. The goal is to hedge against currency risk. This can be done at the fund level and, with H shares, at the share class level. All currency hedging must involve currencies that are within the applicable fund’s benchmark or are consistent with its objectives and policies. When a fund holds assets denominated in multiple currencies, it might not hedge against currencies that represent small portions of assets or for which a hedge is uneconomical or unavailable. A fund may engage in:direct hedging (same currency, opposite position)cross-hedging (reducing exposure to one currency while increasing exposure to another, the net exposure to the base currency being left unchanged), when it provides an efficient way of gaining the desired exposuresproxy hedging (taking an opposite position in a different currency that is considered likely to behave similarly to the base currency)anticipatory hedging (taking a hedge position in anticipation of an exposure that is anticipated to arise as the result of a planned investment or other event)
- Duration hedging Typically done using interest rate swaps, swaptions and futures. The goal is to seek to reduce the exposure to rate shifts for longer-maturity bonds. Duration hedging can be done only at the fund level.
- Price hedging Typically done using options on indices (specifically, by selling a call or buying a put). Usage is generally limited to situations where there is sufficient correlation between the composition or performance of the index and that of the fund. The goal is to hedge against fluctuations in the market value of a position.
- Interest rate hedging Typically done using interest rate futures, interest rate swaps, writing call options on interest rates or buying put options on interest rates. The goal is to manage interest rate risk.

Investment exposure A fund can use any allowable derivative to gain exposure to permissible assets, in particular when direct investment is economically inefficient or impracticable.
Leverage A fund can use any allowable derivative to increase its total investment exposure beyond what would be possible through direct investment. Leverage typically increases fund volatility.
Index replication derivatives may 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 derivatives.
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.
All funds may use derivatives to manage risks, generate income or capital growth associated with the asset classes in which they invest, 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 with a level of risk which is consistent with the risk profile of the relevant fund(s) and the risk diversification rules of the funds; and (c) their risks are adequately captured by the risk management process of the SICAV.
Derivatives referencing underlying fixed income assets or components thereof may be used by the 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

###### Instruments and techniques the funds can use
A fund can use the following instruments and techniques with respect to any and all securities it holds, but only for efficient portfolio management (as described above).
Securities lending
The Funds 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 in the fund
information. 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 market opportunities, in particular, on the market demand for the securities held in each fund’s portfolio 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 value consistent with the fund’s investment objective and its risk profile. 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 shall 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 regard 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 SICAV’s annual reports and accounts.
Lending agent, collateral agent and collateral manager: The SICAV 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
Repurchase and reverse repurchase agreement transactions
Repurchase transactions are governed by an agreement whereby the owner of the asset agrees to sell a security to another party in exchange for cash collateral and agrees to repurchase it on a specified date for a specified (higher) price. A Reverse Repurchase transaction is the opposite transaction whereby the cash holder agrees to sell the cash to another party in exchange for security collateral and agrees to repurchase the cash on a specified date for a specified (higher) value.
The Funds intend to engage in repurchase and reverse repurchase transactions for the purpose of Efficient Portfolio Management and in accordance with the expected and maximum levels disclosed in fund modules
The Funds may only enter into reverse repurchase agreement and/or repurchase agreement transactions provided that it is able at any time (a) to recall the full amount of cash in a reverse repurchase agreement or any securities subject to a repurchase agreement, or (b) to terminate the agreement in accordance with applicable regulations and subject to prevailing repurchase agreement market rates. In this context, fixed-term transactions that do not exceed seven days should be considered as arrangements on terms that allow the assets to be recalled at any time by the SICAV.
Repurchase agreement transactions and reverse repurchase agreement transactions will be entered into opportunistically and on a temporary basis, in circumstances where the Investment Manager considers that the market rates will allow the relevant fund to benefit from more efficient cash management or improved portfolio returns when entering into any of these transactions.
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: 100% of the revenues (or losses) generated by their execution of repurchase transactions or reverse repurchase 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. Further details on the actual return are published in the Fund’s annual reports and accounts.

###### Where usage and fees are disclosed
The following are disclosed in “Fund Descriptions” for any fund
that currently uses them:
- for total return swaps, contracts for difference and similar derivatives: the maximum and expected exposureexpressed as a percentage of net asset value
- for repurchase and reverse repurchase agreement transactions: the maximum and expected limits expressed as a percentage of net asset value
- for securities lending: the maximum and expected limits expressed as a percentage of net asset valueThe following are disclosed in financial reports:
- the usage of all instruments and techniques used for efficient fund management
- in connection with this usage, the revenues received, and the direct and indirect operational costs and fees incurred by each fund
- who received payment for the above costs and fees and any relationship a recipient might have with any affiliates of FIL Group or the depositary
- information on the nature, use, reuse, and safekeeping of collateral
- the counterparties the SICAV has used during the period covered by the report, including the major counterparties for collateralFees paid to the lending agent are not included in ongoing charges because they are deducted before the revenues are paid to the Fund.

.

###### Counterparties to derivatives and techniques
The Management Company adopts a counterparty risk management framework which measures, monitors and manages counterparty credit risk. In addition to the requirements stated in rows 10 and 11 in “General Investment Powers and Restrictions” table, a counterparty will be assessed on the following criteria:
- regulatory status
- protection provided by local legislation
- operational processes
- creditworthiness analysis including review of available credit spreads or external credit ratings; for CDSs and variance swaps, the counterparty must be a first-rate financial institution
- degree of experience and specialisation in the particular type of derivative or technique concernedLegal status and country of origin or domicile are not in themselves directly considered as selection criteria.

Unless otherwise stated in this prospectus or with the consent of Directors, no counterparty to a fund derivative can serve as an Investment Manager of a fund or otherwise have any control or approval over the composition or management of a fund’s investments or transactions or over the assets underlying a derivative.
The lending agent will continuously assess the ability and willingness of each securities borrower to meet its obligations, and the SICAV retains the right to rule out any borrower or to terminate any loan at any time. The generally low levels of counterparty risk and market risk associated with Securities lending are further mitigated by counterparty default protection from the lending agent and the receipt of collateral.

###### Collateral policies
These policies apply to assets received from counterparties in connection with transactions in securities lending, reverse repurchase transactions and OTC derivatives.
ACCEPTABLE COLLATERAL 
All securities accepted as collateral must be high quality. Collateral must be in form of:
- 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);;
- 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 ;
- 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;
- shares or units issued by UCITS investing mainly in bonds/shares satisfying the conditions under (c);
- bonds issued or guaranteed by first class issuers offering an adequate liquidity, or
- shares admitted to or deal in on a regulated market or on a stock exchange of a members state of the OECD, provided that these shares are included in a main indexSecurities 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 (a), (b), (c), (e) and (f).

Non-cash collateral must be traded on a regulated market or multilateral trading facility with transparent pricing and must be able to be sold quickly for close to its pre-sale valuation.
To ensure that collateral is suitably independent from the counterparty as far as both credit risk and investment correlation risk, collateral issued by the counterparty or its group is not accepted. The collateral is not expected to display a high correlation with the performance of the counterparty.
Counterparty credit exposure is monitored against credit limits. All collateral should be capable of being fully enforced by the fund at any time without reference to, or approval from, the counterparty.
Collateral received from a counterparty in any transaction may be used to offset the overall exposure to that counterparty.
To avoid having to handle small collateral amounts, the SICAV may set a minimum collateral amount (amount below which it will not require collateral) or a threshold (incremental amount above which it will not require additional collateral).
DIVERSIFICATION 
All collateral held by the SICAV must be diversified by country, market and issuer, with exposure to any issuer no greater than 20% of a fund’s net assets. If stated in the fund description, a fund could be fully collateralised by different transferable securities and money market instruments issued or guaranteed by a member state, one or more of its local authorities, a third country, or a public international body to which one or more member states belong. In this case, the fund should receive collateral from at least 6 different issues, with no issue exceeding 30% of the fund’s assets.
REUSE AND REINVESTMENT OF COLLATERAL (CURRENTLY NOT
DONE BY ANY FUND) 
Cash collateral will not be reinvested unless otherwise specifically permitted for a specific fund in the fund’s descriptions. In that event, cash collateral will either be placed on deposit or invested in high-quality government bonds, reverse repurchase transactions or short-term money market funds (as defined in the Guidelines on a Common Definition of European Money Market Funds) that calculate a daily net asset value and are rated AAA or equivalent. 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. All investments must meet diversification requirements disclosed above.
If a fund invests collateral from Securities lending in reverse repurchase transactions, the limits that apply to Securities lending will extend to reverse repurchase transactions.
Non-cash collateral will not be sold, reinvested or pledged.
CUSTODY OF COLLATERAL 
Collateral (as well as other securities that can be held in custody) transferred by title to a fund will be held by the depositary or a sub-custodian. With other types of collateral arrangements, such as a pledge agreement, collateral can be held by a third-party custodian that is subject to prudential supervision and is unrelated to the collateral provider.
VALUATION AND HAIRCUTS 
All collateral is marked to market (valued daily using available market prices), taking into account any applicable haircut (a discount to the value of collateral intended to protect against any decline in collateral value or liquidity). A fund may demand additional collateral (variation margin) from the counterparty to ensure that the collateral value at least equals the corresponding counterparty exposure.
The haircut rates currently applied by the funds are shown below.
The rates take account of the factors likely to affect volatility and risk of loss (such as credit quality, maturity and liquidity), as well as the results of any stress tests which may be performed from time to time. Haircuts will not be applied to cash collateral. The Management Company may adjust these rates at any time, without advance notice, but incorporating any changes into an updated version of the prospectus.
The value of collateral received should, during the duration of the contract, be at least equal to 105% of the global valuation of the securities lent in the case of equities 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.
|  | Allowable as collateral | Haircut |
| --- | --- | --- |
| OTC	Financial Derivative transactions  Securities		Lending transactions - Equity Securities		Lending transactions - Bond | Cash (USD, EUR, GBP, AUD or JPY) | 0% |
| Government	bonds issued	by	G10 sovereigns | 5% |
|  | Government	bonds issued	by	G10 sovereigns | 2% |
| Reverse repurchase transactions | Specified sovereign debt or exposure to certain non-government public - sector entities (in certain currency denominations) as agreed on a fund/counterparty basis | Up	to 2.818% (as applicable by regulation and residual maturity) |

Money Market Fund Regulation
LEGAL AND REGULATORY FRAMEWORK 
The money market fund regulation (officially Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds) applies to all money market funds domiciled or offered in the EU. The regulation seeks to make money market funds more resilient and to ensure that they are able to maintain liquidity during stressed market situations and substantial or sudden redemptions.
TYPES OF MONEY MARKET FUNDS 
The regulation permits funds in the following categories:
| Type of fund | Short-term | Standard |
| --- | --- | --- |
| Public debt constant NAV | • | — |
| Low volatility NAV | • | — |
|   Variable NAV	 | •	 | •	 |

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 relevant Cash 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.
CREDIT AND STRESS TESTING PROCEDURES
Description of the procedure
Consistent with the MMF Regulation and the 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 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.
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 Committee (the "FIIRC"), which is an independent committee responsible for fixed income risk oversight. FIIRC 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. FIIRC is responsible and ultimately the Management Company for ensuring that the annual frequency requirement is met. FIIRC 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.
Description of the methodology
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:
- 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.
- 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.
- 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.
- 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.
PROHIBITION ON EXTERNAL SUPPORT 
No fund that is an MMF
receives any direct or indirect support from a third party, including the sponsor of the MMF. This extends to cash injections, the purchase of portfolio assets at an inflated price, the issuing of a guarantee, or any other action whose intention or effect would be to guarantee the liquidity of the MMF or the stability of its NAV.
OTHER REQUIREMENTS 
Other requirements of the money market fund regulation are described in the section “General Investment Powers and Restrictions”.

Translation (ENFR, 2022-12-30):
# Présentation des Compartiments
Tous les Compartiments décrits dans ce prospectus font partie de la SICAV, qui fonctionne sous forme de fonds à compartiments. La SICAV existe pour donner aux investisseurs un accès à une gestion professionnelle des investissements par le biais d’une gamme de Compartiments, chacun ayant sa propre approche d’investissement, tout en proposant un haut niveau de liquidité des actions des Compartiments et en pratiquant une diversification saine des risques.
Au titre de la loi, chaque Compartiment est autorisé à investir comme indiqué dans les « Pouvoirs et restrictions d’investissement généraux », et il est obligé de la même manière de respecter les restrictions stipulées dans cette même section.
Toutefois, chaque Compartiment a également sa propre politique d’investissement, qui est généralement plus stricte que ce qui est permis par la loi. Dans une faible mesure, un Compartiment peut utiliser des investissements et des techniques qui ne sont pas décrits dans sa politique d’investissement tant qu’ils respectent la loi et la réglementation et qu’ils sont conformes à l’objectif d’investissement du portefeuille.
Chaque Compartiment peut également s’éloigner temporairement de sa politique d’investissement pour faire face à des conditions de marché inhabituelles ou à un événement imprévisible important. Les descriptions des objectifs d’investissement spécifiques, des principaux investissements et autres caractéristiques essentielles de chaque Compartiment commencent à la page suivante.
La Société de gestion est globalement responsable des activités commerciales de la SICAV et de ses activités d’investissement, y compris des activités d’investissement de tous les Compartiments. La Société de gestion peut déléguer certaines de ses fonctions à différents prestataires de services, notamment la gestion des investissements, la distribution et l’administration centrale. La Société de gestion conserve ses pouvoirs de contrôle et d’approbation sur ses sociétés déléguées.
Des informations supplémentaires sur la SICAV, la Société de gestion et les prestataires de services sont présentées dans la dernière section de ce prospectus, « Gestion et gouvernance ».
Concernant les informations sur les frais et les dépenses que vous pourriez devoir payer dans le cadre de votre investissement, consultez ce qui suit :
- 	les frais maximums pour l’achat, l’arbitrage et la vente de la plupart des actions : la présente section ;
- 	les frais annuels déduits de votre investissement : la présente section ;
- les dépenses réelles récentes : le DICI applicable ou le rapport aux actionnaires le plus récent de la SICAV ;
- les frais pour les opérations de change, les transactions bancaires et les conseils en investissement : votre conseiller financier, l’agent de transfert, le distributeur ou autres prestataires de services, selon le cas.

TERMES AYANT UNE SIGNIFICATION SPÉCIFIQUE
Dans ce prospectus, les termes suivants sont interprétés comme précisé ci- dessous.
Loi de 2010 La Loi luxembourgeoise modifiée du 17 décembre 2010 concernant les organismes de placement collectif.
les statuts signifient les Statuts de la SICAV
produit visé à l’Article 8 Dans le Règlement SFDR, un Compartiment qui promeut des caractéristiques environnementales et/ou sociales.
produit visé à l’Article 9 Dans le Règlement SFDR, un Compartiment qui a inscrit l’investissement durable dans son objectif.
actifs Dans le cadre des actifs des Compartiments, signifie l’actif net total
devise de référence La devise dans laquelle un Compartiment effectue la compatibilité pour ses Compartiments et maintient sa VL principale.
titres « below investment grade » (à haut rendement) désigne des titres assortis d’une notation BB+ ou inférieure attribuée par Standard & Poor’s ou une notation équivalente d’une agence de notation internationalement reconnue (en cas de divergence, la plus basse des deux meilleures notations est retenue).
le Conseil Le Conseil d’Administration de la SICAV.
obligation Tout type de titre de créance ou associée à une créance.
jour ouvrable Un jour où les banques de la juridiction concernée sont normalement ouvertes pour les transactions.
Personne liée Une « Personne liée » à tout conseiller en placements, Gérant de Portefeuille, dépositaire ou Distributeur, signifie :
- toute personne possédant effectivement, de façon directe ou indirecte, 20 % ou plus de la totalité du capital en actions ordinaires de cette société ou pouvant exercer, directement ou indirectement, 20 % ou plus de la totalité des droits de vote au sein de cette société ;
- toute personne sous le contrôle d’une autre répondant à l’un des deux critères, ou aux deux, spécifiés au point a) ci-dessus ;
- toute société dans laquelle un conseiller en placements, un Gérant de Portefeuille ou un Distributeur d’Actions détient conjointement, de manière directe ou indirecte, 20 % ou plus du capital en actions ordinaires, ou peut exercer, de manière directe ou indirecte, 20 % ou plus des droits de vote ; et
- tout administrateur ou dirigeant d’un conseiller en placements, d’un Gérant de Portefeuille ou d’un Distributeur d’Actions ou d’une Personne liée de cette société, qui répond à la définition des points a), b) ou c) ci-dessustitres fortement dépréciés Des titres émis par une société, un état souverain ou une entité, qui sont en situation de défaut ou présentent un risque de défaut élevé.

Distributeur Une des sociétés du Groupe FIL énumérées dans le Prospectus par l’intermédiaire de laquelle des Actions de la SICAV peuvent être achetées, cédées ou arbitrées.
Gestion efficace du portefeuille Fait référence aux techniques et instruments qui répondent aux critères suivants :
- ils sont économiquement appropriés, car ils sont conçus de manière rentable ; et
- ils sont conclus pour un ou plusieurs des motifs suivants ;
	- la réduction des risques ;
	- la réduction des coûts ;
	- la génération de capital ou de revenus supplémentaires pour les Compartiments assortis d’un niveau de risque cohérent avec le profil de risque des Compartiments et avec les règles de diversification de ces derniers ;

- leurs risques sont englobés de manière adéquate par le processus de gestion des risques de la SICAV.

marchés émergents Des économies qui sont généralement définies comme émergentes ou en voie de développement par la Banque mondiale, les Nations unies ou d’autres autorités, ou qui sont intégrées dans l’indice MSCI Emerging Markets Index ou un autre indice comparable.
ESG Environnemental, social et de gouvernance.
caractéristiques ESG Une indication des caractéristiques ESG basée sur les évaluations et les notations ESG propriétaires de Fidelity et/ou sur les données de tiers.
Actions Comprend les actions des sociétés et les titres assimilables aux actions. Groupe FIL ou Fidelity International Ltd (FIL) et ses sociétés affiliées.
rapports financiers Le rapport annuel de la SICAV, ainsi que tout rapport semestriel qui a été publié depuis le dernier rapport annuel.
FIRST Le terme « FIRST » signifie « Fidelity Research Strategy », c’est-à-dire la stratégie de recherche de Fidelity. L’intégration du terme « FIRST » dans le nom d’un Compartiment indique que ce Compartiment adopte la procédure d’investissement FIRST. La procédure d’investissement FIRST utilise des méthodes quantitatives pour capter les idées les plus convaincantes (c.-à-d. les plus privilégiées) générées par les analystes en recherche du Gérant de Portefeuille tout en recherchant dans le même temps la cohérence et la répétabilité des résultats d’investissement. Un jugement qualitatif est ensuite appliqué pour s’assurer que seules les actions qui répondent aux critères de l’équipe de gestion de portefeuille sont intégrées dans le portefeuille du Compartiment et que la sélection des actions est le principal moteur de risque et de rendement. Afin d’éviter toute ambiguïté, l’utilisation du terme « FIRST » ne donne aucune indication sur la performance ou les rendements du Compartiment.
| TERMES AYANT UNE SIGNIFICATION SPÉCIFIQUE  Suite. Compartiment Sauf indication contraire, tout compartiment pour lequel la SICAV sert d’OPCVM à compartiments. SICAV Fidelity Funds SICAV Distributeur général FIL Distributors gouvernement tout gouvernement, agence gouvernementale, entité supranationale ou entité internationale publique, autorité locale ou organisme subventionné par un gouvernement. intermédiaire Tout intermédiaire, agent de distribution ou autre intermédiaire avec lequel le distributeur a conclu un accord de distribution des Actions. investir Dans la « Présentation des Compartiments » signifie à la fois une exposition directe et indirecte aux actifs Compartiments institutionnels réservés Désignent les Compartiments Institutional Global Focus Fund, Institutional Global Sector Fund, Institutional Emerging Markets Equity Fund et Institutional European Larger Companies Fund DICI Le Document d’information clé pour l’investisseur. coté Coté ou négocié sur un Marché réglementé VL La Valeur Liquidative par action ; la valeur d’une action d’un Compartiment. le prospectus Le présent document. marché réglementé Un marché au sens de la Directive 2014/65/CE du 15 mai 2014 ou tout autre marché qui est réglementé, fonctionne régulièrement et est reconnu et ouvert au public. Afin d’éviter toute ambiguïté, le Marché obligataire US OTC, la Bourse de Moscou, la Bourse de Shanghai, la Bourse de Shenzhen et le marché obligataire interbancaire de la Chine continentale sont compris dans cette définition. frais de recherche Les frais que le Compartiment concerné doit payer à des tiers en échange des services de recherche sur les investissements et des services de conseil qui se rapportent aux actions et aux titres liés à des actions. Des informations supplémentaires sur les frais de recherche, y compris le montant maximum qui peut être facturé à un Compartiment, ainsi que des informations détaillées sur la méthodologie de recouvrement de ces frais, sont disponibles au siège	social	de	la	SICAV	ou	sur	le	site www.fidelityinternational.com/researchbudget. Pour éviter toute ambiguïté, ces frais ne sont pas facturés actuellement. REIT Un fonds de placements immobiliers (Real Estate Investment Trust ou REIT) est une entité dédiée à la détention et, dans la plupart des cas, à la gestion de biens immobiliers. RMB Une référence communément utilisée pour désigner le renminbi chinois, également connu sur la scène internationale sous le nom de yuan (CNY). Si le CNY est échangé sur les marchés chinois onshore et offshore (essentiellement à Hong Kong), il s’agit de la même devise, même s’ils sont actuellement négociés à des taux différents. Le taux de change offshore du CNY est en général désigné par l’abréviation « CNH ». Le taux CNH sera utilisé pour déterminer la valeur des Actions d’un Compartiment, ainsi qu’à des fins de couverture. SFDR Le Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers. | Règlement SFTR Règlement (UE) 2015/2365 relatif à la transparence des opérations de financement sur titres investissement durable désigne un investissement dans une activité économique qui contribue à un objectif environnemental ou social, sous réserve que cet investissement ne nuise pas de manière importante à tout autre objectif environnemental ou social et que les sociétés détenues suivent des pratiques de bonne gouvernance. Annexe « Durabilité » Il s’agit de l’annexe rédigée pour chaque Compartiment visé par les exigences de publication d’informations de l’Article 8 ou 9 du Règlement SFDR contenant des informations précontractuelles conformément au Règlement SFDR. Risques de durabilité Par « risques de durabilité », on entend un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, potentielle ou réelle, sur la valeur de l’investissement, comme défini par le règlement SFDR. la SICAV Fidelity Funds. OPCVM Un organisme de placement collectif en valeurs mobilières au titre de la Directive 2009/65/CE du Parlement européen et du Conseil du 13 juillet 2009 portant sur la coordination des dispositions législatives, réglementaires et administratives concernant les organismes de placement collectif en valeurs mobilières. Personne américaine Toute personne de la liste suivante, telle que définie par les lois et réglementations des États-Unis : une « Personne américaine » selon la section 7701(a)(30) du Code fiscal américain de 1986 (Internal Revenue Code) ; une « Personne américaine » au sens du règlement S de la Loi de 1933 ; une personne qui est « aux États-Unis » selon la règle 202(a)(30)-1 de la Loi sur les conseillers en placements de 1940 (Investment Advisers Act) ; et une personne qui est n’est pas désignée comme une « Personne non américaine » selon la règle 4.7 de l’autorité américaine des marchés financiers (Commodities Futures Trading Commission). Jour d’évaluation chaque jour de la semaine (du lundi au vendredi compris), hormis le 25 décembre (« Noël ») et le 1er janvier (« Jour de l’an »), ainsi que tout autre jour déterminé par les Administrateurs, dans le meilleur intérêt des actionnaires, comme n’étant pas une Date d’évaluation pour des Compartiments particuliers. Les Dates non considérées comme des Dates d’évaluation peuvent, par exemple, être un jour considéré comme un jour férié sur une bourse de valeurs constituant le marché principal d’une part substantielle des investissements attribuables à un Compartiment, ou tout autre jour considéré comme un jour férié dans un autre pays et pouvant entraver le calcul de la juste valeur de marché des investissements attribuables à un Compartiment donné. Ces Dates peuvent également inclure tout jour précédant immédiatement la fermeture du marché concerné quand les heures limites des transactions du Compartiment concerné surviennent à un moment où le principal marché sous- jacent concerné est déjà fermé aux transactions et que les jours suivants constituent une période de jours de fermeture de marché consécutifs. La liste des Dates non considérées comme des Dates d’évaluation est disponible sur https://fidelityinternational.com/calendrier-jours-fériés/. Elle est actualisée à l’avance tous les semestres. Toutefois, cette liste pourra être mise à jour de temps à autre, aussi tôt que possible en cas de circonstances exceptionnelles, lorsque les Administrateurs penseront qu’un tel changement est dans le meilleur intérêt des actionnaires. Autre interprétation - En l’absence d’une spécification supplémentaire dans la « Présentation des Compartiments », les références à la région géographique d’un émetteur ou d’une société signifient soit que l’émetteur est coté, constitué, a son siège social ou tire l’essentiel, ou une partie substantielle, de ses revenus dans cette région géographique.
- Aucun fournisseur d’indices ne parraine, n’approuve, ne vend ou ne promeut ces Compartiments ou n’accorde de garantie ou ne fait de déclaration ou ne porte un jugement sur la SICAV, la Société de gestion, le Gérant de Portefeuille ou l’utilisation d’un indice.
 |
| --- | --- |

| ABRÉVIATIONS DES DEVISES AUD  Dollar australien  CAD  Dollar canadien  CHF  Franc suisse CNH  Renminbi chinois (offshore)  CNY  Renminbi chinois (onshore)  CZK  Couronne tchèque EUR  Euro GBP  Livre sterling HKD  Dollar de Hong Kong HUF  Forint hongrois | JPY  Yen japonais KRW  Won sud-coréen NOK  Couronne norvégienne  NZD  Dollar néo-zélandais  PLN  Zloty polonais RMB  Renminbi onshore/offshore SEK  Couronne suédoise SGD  Dollar de Singapour TWD  Nouveau dollar de Taïwan USD  Dollar américain |
| --- | --- |


## Absolute Return Global Equity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à dégager un rendement absolu de moyen à long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier, y compris des marchés émergents, et dans des liquidités et des instruments du marché monétaire.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- actions A et B chinoises (directement et/ou indirectement) : moins de 30 % (sur une base globale)Le Compartiment présente en général une exposition nette aux actions de -30 % à 30 %.

Le Compartiment peut également rechercher une exposition aux REIT éligibles.
Le Gérant de Portefeuille cherche à dépasser la référence.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations.
Le Compartiment peut adopter des positions longues sur les titres jugés sous-évalués et des positions courtes sur ceux considérés comme surévalués. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations consultez « Politique en matière d’investissement durable et intégration des caractéristiques ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille. Le Compartiment peut utiliser des positions longues ou courtes.
Les instruments dérivés peuvent être utilisés pour créer des expositions de marché par le biais de dérivés sur actions, de change, de volatilité ou sur indice, et comprennent des options, contrats à terme standardisés, contrats de différence (CFD), obligations adossées à des actions, warrants, contrats à terme et swaps négociés de gré à gré et/ou en bourse, et/ou une combinaison de ceux-ci. Les positions monétaires actives longues et courtes mises en place par le Compartiment peuvent ne présenter aucune corrélation avec les positions sous-jacentes détenues par le Compartiment.
En plus des instruments dérivés de base (cf. « Méthode
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le taux de financement au jour le jour garanti (Secured Overnight Financing Rate ou SOFR). Utilisée pour : la comparaison des performances et le calcul de la commission de surperformance et de performance.
Le Compartiment n’est pas limité par sa référence et sa performance peut s’éloigner fortement ou rester très proche de celle de cette dernière, au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Titres convertibles
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Effet de levier
- Liquidité
- Marché
- Opérationnel
- Russie
- Positions courtes
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Approche de la VaR
absolue, limitée à 9,5 %. Effet de levier anticipé : 400 % (peut être plus ou moins élevé, mais ne devrait pas dépasser 650 %).

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
d’utilisation des instruments et techniques par les	 Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 200 % ; maximale 400 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |  |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution | Performance* |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ | 15 % |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % | 15 % |
| I | 10 millions | 100 000 | —­ | 1,05 % | —­ | —­ |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ | 15 % |
| W/Y | 2 500 | 1 000 | —­ | 0,80 % | —­ | 15 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## FIRST All Country World Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés des marchés développés et émergents du monde entier. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment peut investir moins de 30 % de ses actifs (directement et/ou indirectement) dans des actions A et B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Les investissements sont généralement concentrés sur les actions les plus convaincantes qui sont identifiées et recommandées par les analystes du Groupe FIL, dans des conditions autres que des conditions de marché extrêmes ou, lorsque nécessaire pour atteindre l’objectif d’investissement du Compartiment. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de la performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Contrepartie et garantie
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Dividend Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions génératrices de revenus émises par des sociétés du monde entier, y compris les marchés émergents. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Gérant de Portefeuille cherche à générer un revenu supérieur à celui de la référence.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille cible les investissements qui, selon lui, dégagent un rendement du dividende intéressant, en plus d’une appréciation du prix. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 5 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la comparaison de la performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Equity Income Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investira au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés génératrices de revenus du monde entier, y compris des marchés émergents. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille cible les investissements qui, selon lui, dégagent un rendement du dividende intéressant, en plus d’une appréciation de leur prix. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Contrepartie et garantie
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Financial Services Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés du monde entier, y compris les marchés émergents, qui fournissent des services financiers aux particuliers et aux professionnels. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 15 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI AC World Financials Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de la performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Focus Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier, y compris les marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment investira dans un nombre de titres limité, ce qui se traduira par un portefeuille concentré.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez la section «Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Industrials Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui sont engagées dans la recherche, le développement, la fabrication, la distribution, la fourniture ou la vente de matériaux, produits ou services associés aux industries cycliques et aux ressources naturelles. Ces investissements peuvent provenir de n’importe où dans le monde, y compris des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
RÉFÉRENCE(S) 
MSCI AC World Industrials + Materials + Energy Index. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des
titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Low Volatility Equity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme, tout en maintenant un profil de volatilité inférieur à celui de son univers d’investissement.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés des marchés développés du monde entier.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
RÉFÉRENCE(S) 
MSCI World Index. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des
titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,30 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,30 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,25 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,65 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Property Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui opèrent principalement dans le secteur immobilier, et dans d’autres investissements associés à l’immobilier, dans le monde entier, y compris les marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs
. 
Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
RÉFÉRENCE(S) 
FTSE EPRA/NAREIT Developed Index. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Technology Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés du monde entier, y compris les marchés émergents, qui développent ou développeront des produits, procédés ou services apportant des avancées ou des améliorations technologiques ou bénéficiant de celles-ci. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Il tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
REFERENCE(S) 
MSCI AC World Information Technology Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques, la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ;	 maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Thematic Opportunities Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier, y compris les marchés émergents. Il vise une exposition aux thèmes à long terme du marché, qui profitent de tendances économiques ou sociales (structurelles et non cycliques) à long terme, comme les technologies perturbatrices qui modifient le comportement des consommateurs, les tendances démographiques (croissance de la population, vieillissement de la population et croissance de la classe moyenne) et le changement climatique. Les changements pérennes durent généralement dix ans ou plus et peuvent entraîner des changements structurels.
Les technologies perturbatrices sont les innovations qui transforment profondément les comportements des ménages, des industries et des sociétés. Les tendances démographiques sont des dynamiques à long terme, notamment celles qui sont liées au vieillissement de la population (y compris les sociétés liées à la consommation de produits/prestations santé et vieillesse), à la croissance de la classe moyenne (les sociétés exposées à une augmentation de la consommation et des services financiers et à l’urbanisation), et à la croissance démographique (y compris les sociétés exposées à la rareté des ressources et à la nécessité d’améliorer la productivité et l’automatisation). Le Gérant de Portefeuille est libre de choisir les thèmes dans lesquels le Compartiment investit.
Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- actions A et B chinoises (directement et/ou indirectement) : moins de 30 %
- REIT éligibles : jusqu’à 20 %PROCÉDURE D’INVESTISSEMENT Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure deINSTRUMENTS DERIVES ET TECHNIQUES Le Compartiment peut utiliser des instruments dérivés à des fins de couverture et de gestion efficace du portefeuille.

En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
gestion des investissements, à ce que les sociétés détenues dans	 le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
Au titre de la loi allemande sur la fiscalité des investissements
de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante
Global Thematic Opportunities Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Institutional Global Focus Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions du monde entier, y compris les marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le gérant concentrera ses investissements sur un nombre limité de sociétés, ce qui se traduira par un portefeuille concentré.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (Aktienfonds).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Institutional Global Sector Fund

#### Objectif	et	politique
d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions du monde entier, y compris des marchés émergents, qui offrent une exposition aux secteurs et industries, et notamment, aux secteurs de la consommation, des services financiers, de la santé, des industries, des métaux et mines, de l’énergie, de la technologie et des télécommunications. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques et d’autres facteurs. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
RÉFÉRENCE(S) 
MSCI ACWI Selected GICS Special Weighted Index.
Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Sustainable Biodiversity Fund
 Famille de Compartiments durables 

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier, y compris les marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment cherche à sélectionner des sociétés qui tentent de stabiliser ou d’atténuer la perte de biodiversité par le biais de technologies et de solutions qui (entre autres choses) réduisent l’impact du changement climatique, de la pollution et de la surexploitation des ressources naturelles.
Les technologies et les solutions que ces sociétés fournissent face à la perte de biodiversité comprennent, par exemple, les véhicules électriques, les matériaux biodégradables, l’efficacité agricole, le traitement des eaux usées, l’alimentation durable des poissons, la conservation des sols et les pratiques durables de la production minière et énergétique.
Le Compartiment cherche à sélectionner des sociétés qui adoptent de bonnes pratiques en contribuant à la stabilisation ou à l’inversion de la perte de biodiversité, soit au travers des produits ou services qu’elles proposent soit grâce aux politiques qu’elles mettent en place. Les investissements seront axés sur les sociétés qui recourent à des pratiques de biodiversité exemplaires dans leur secteur, comme identifiées par les analystes en recherche du Groupe FIL.
Le Compartiment peut investir moins de 30 % de ses actifs (directement et/ou indirectement) dans des actions A ou B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques et d’autres caractéristiques. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. L’univers d’investissement du Compartiment sera réduit d’au moins 20 % en raison de l’exclusion des émetteurs basée sur leurs caractéristiques ESG.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable Biodiversity Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Consumer Brands Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier, y compris des marchés émergents, qui ont un rapport avec le thème des marques de consommation comme les sociétés possédant une propriété intellectuelle, un pouvoir de tarification et un excellent historique de croissance. Les investissements seront réalisés dans les sociétés opérant dans le secteur de la conception, de la fabrication, du marketing et/ou de la vente de biens et/ou de services de consommation de marque. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Les dix principales participations du Compartiment peuvent représenter 50 % ou plus de ses actifs, ce qui se traduit par un portefeuille concentré.
Le Compartiment peut investir moins de 30 % de ses actifs (directement et/ou indirectement) dans des Actions A ou B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. Lors de la sélection, l’univers d’investissement du Compartiment sera réduit d’au moins 20 % après l’exclusion des émetteurs basée sur leurs caractéristiques ESG.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Positions courtes
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable Consumer Brands Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Climate Solutions Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier, y compris des marchés émergents. Ces sociétés facilitent la décarbonisation mondiale par le biais de technologies et de solutions de réduction des gaz à effet de serre. La décarbonisation sera mesurée par le pourcentage de réduction des émissions de gaz à effet de serre, si l’économie mondiale adoptait entièrement les solutions comprises dans l’univers d’investissement, et/ou par le nombre absolu de kilotonnes d’émissions de gaz à effet de serre compensé chaque année par les solutions que les sociétés ciblées permettent de développer. Les investissements porteront sur les sociétés opérant dans les secteurs de la conception, la fabrication ou la vente de produits ou de services technologiques ou de solutions tels que (sans pour autant s’y limiter) les véhicules électriques, l’hydrogène vert, les véhicules autonomes, le covoiturage, l’énergie renouvelable, les réseaux électriques intelligents, l’automatisation industrielle, l’efficacité de l’industrie agricole, le cloud computing, les réseaux cellulaires, les solutions d’efficacité énergétique des bâtiments (y compris l’isolation, l’éclairage à diodes électroluminescentes et les systèmes de bâtiments intelligents), le recyclage, les alternatives à la viande/au lait, la cybersanté, le télétravail et l’apprentissage à distance. Cette liste n’est pas exhaustive et peut changer au fil du temps. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment peut investir moins de 30 % de ses actifs (directement et/ou indirectement) dans des Actions A et B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs
. 
Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. Lors de la sélection, l’univers d’investissement du Compartiment est réduit d’au moins 20 % après l’exclusion des émetteurs basée sur leurs caractéristiques ESG.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable Climate Solutions Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Demographics Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier. Le Compartiment cherche à investir dans des sociétés susceptibles de profiter des changements démographiques. Les investissements comprendront, entre autres, des sociétés des secteurs de la santé et de la consommation bien placés pour profiter des effets de l’allongement de l’espérance de vie, de l’augmentation de la classe moyenne et de la croissance démographique. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment peut investir moins de 30 % de ses actifs sur les marchés émergents.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. Lors de la sélection, l’univers d’investissement du Compartiment sera réduit d’au moins 20 % après l’exclusion des émetteurs basée sur leurs caractéristiques ESG.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Catégorie  de  produits  visés  par  le  Règlement SFDR	
Article 8 (promotion des caractéristiques environnementales
et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Au titre de la loi allemande sur la fiscalité des investissements
de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable Demographics Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Future Connectivity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier, y compris des marchés émergents, qui ont un rapport avec le thème de la connectivité future (les facilitateurs, les réseaux et les bénéficiaires des communications de nouvelle génération). Les investissements peuvent être réalisés dans les sociétés liées à la généralisation des réseaux cellulaires, des réseaux câblés, de l’infrastructure Internet et de la production de contenu en ligne. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment peut investir moins de 30 % de ses actifs (directement et/ou indirectement) dans des Actions A et B chinoises (sur une base globale).
Les dix principales participations du Compartiment peuvent représenter 50 % de ses actifs, ce qui se traduit par un portefeuille concentré.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures financières, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. En outre, le Gérant de Portefeuille s’engage auprès des émetteurs pour chercher à améliorer les problèmes ESG. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. L’univers d’investissement du Compartiment sera réduit d’au moins 20 % après l’exclusion des émetteurs basée sur leurs caractéristiques ESG.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante
Sustainable Future Connectivity Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Global Dividend Plus Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à générer des revenus avec un potentiel de croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier, y compris des marchés émergents. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres de sociétés dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment peut investir moins de 30 % de ses actifs (directement et/ou indirectement) dans des actions A et B chinoises (sur une base globale).
Le Gérant de Portefeuille cherche à générer un revenu supérieur à celui de la référence.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille cible les investissements qui, selon lui, dégagent un rendement du dividende intéressant, en plus d’une appréciation du prix. Il tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépasse la notation ESG moyenne de son univers d’investissement après l’exclusion de 20 % des actifs ayant les notations ESG les plus faibles.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS. Le Compartiment utilisera une stratégie d’options d’achat couvertes (vente d’options d’achat sur actions ou indices boursiers) pour générer un revenu supplémentaire.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la comparaison de la performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable Global Dividend Plus Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Sustainable Global Equity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme en investissant dans des Investissements durables.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier, y compris les marchés émergents.
Le Compartiment cherche à investir dans des investissements durables qui contribuent à des objectifs environnementaux ou sociaux conformes aux ODD. Le Compartiment peut détenir (de manière accessoire et jusqu’à 20 % de ses actifs) des liquidités, des Instruments du marché monétaire ou d’autres investissements à des fins de couverture et de gestion efficace du portefeuille.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages d’actifs indiqués :
- Actions A et B chinoises (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- Titres adossés à des actions : jusqu’à 10 %
- Marchés émergents : moins de 30 %
- Actions européennes : moins de 50 %
- REIT à capital fixe éligibles : jusqu’à 10 %PROCÉDURE D’INVESTISSEMENT Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille identifie des idées d’investissement en s’appuyant à la fois sur la recherche de Fidelity, sur les recherches de tiers, sur les données issues des sélections quantitatives et sur les rencontres avec les sociétés pour resserrer l’univers d’investissement. La recherche et la sélection des actions visent à évaluer les fondamentaux du profil ESG et de la conformité aux ODD par le biais d’une évaluation et d’une analyse financière « bottom-up » rigoureuses pour sélectionner les actions présentant un excellent potentiel de retour sur investissement.

Le Gérant de Portefeuille sélectionne les émetteurs en fonction de la contribution de leurs activités économiques aux objectifs environnementaux ou sociaux conformes aux ODD.
Le Gérant de Portefeuille cherche à être un actionnaire actif et s’implique auprès des sociétés détenues dans le Compartiment pour influencer un changement positif.
Le Compartiment évalue les notations ESG d’au moins 90 % de ses actifs. L’univers d’investissement du Compartiment est réduit d’au moins 20 % en raison de l’exclusion des émetteurs basée sur leurs caractéristiques ESG.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez
« Investissement durable et intégration ESG » et l’Annexe
« Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 9 (a un objectif d’investissement durable).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, de gestion efficace du portefeuille ou d’investissement.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, une référence qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
| Consultez la « Présentation des risques » pour en savoir plus. |
| --- |
| - Chine
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Investissement durable
 |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Sustainable Global Equity Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Global Equity Income Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier, y compris les marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres de sociétés dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment peut investir moins de 30 % de ses actifs (directement et/ou indirectement) dans des Actions A et B chinoises (sur une base globale).
Le Compartiment cherche à avoir une empreinte carbone inférieure à celle de la référence.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des facteurs ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépasse la notation ESG moyenne de son univers d’investissement après l’exclusion de 20 % des émetteurs ayant les notations ESG les plus faibles.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques, la comparaison de performance et l’empreinte carbone.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Global Health Care Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés du monde entier qui sont engagées dans la conception, la fabrication ou la vente de produits et services ayant un lien avec les soins de santé, la médecine ou la biotechnologie. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. Lors de la sélection, l’univers d’investissement du Compartiment sera réduit d’au moins 20 % après l’exclusion des émetteurs basée sur leurs caractéristiques ESG.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 15 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI AC World Health Care Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée
pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable Global Health Care Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Water & Waste Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui sont engagées dans la conception, la fabrication ou la vente de produits et de services utilisés dans le cadre de la gestion de l’eau et des déchets. Le secteur de la gestion de l’eau comprend, sans s’y limiter, les sociétés impliquées dans la production de l’eau, le conditionnement de l’eau, le dessalement, la fourniture, la mise en bouteille, le transport et la distribution de l’eau. Le secteur de la gestion des déchets comprend, sans s’y limiter, les sociétés chargées de la collecte, de la récupération et de la mise au rebut des déchets ; y compris le recyclage, l’incinération, la digestion anaérobie des déchets alimentaires (processus biologiques) et la mise en décharge des déchets résiduels. Ce secteur comprend également les sociétés spécialisées dans le traitement des eaux usées, des égouts, des déchets solides, liquides et chimiques, et tous les services de conseil ou techniques en rapport avec ces activités. Ces investissements peuvent provenir de n’importe où dans le monde, y compris des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment peut investir moins de 30 % de ses actifs (directement et/ou indirectement) dans des actions A et B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Il tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. En outre, le Gérant de Portefeuille s’engage auprès des émetteurs pour chercher à améliorer les problèmes ESG.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. Lors de la sélection, l’univers d’investissement du Compartiment est réduit d’au moins 20 % après l’exclusion des émetteurs basée sur leurs caractéristiques ESG.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI ACWI Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable Water & Waste Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A E | 2 500 2 500 | 1 000 1 000 | 5,25 % —­ | 1,50 % 1,50 % | —­ 0,75 % |

| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| --- | --- | --- | --- | --- | --- |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## World Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier, y compris les marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte de la croissance, des paramètres de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI World Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## America Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité aux États-Unis. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 5 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
S&P500 Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## American Growth Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui ont leur siège social ou exercent la majeure partie de leur activité aux États-Unis. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs
. 
Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
S&P500 Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Sustainable US Equity Fund
 Famille de Compartiments durables 

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité aux États- Unis. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures financières, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépasse la notation ESG moyenne de son univers d’investissement après l’exclusion de 20 % des actifs ayant les notations ESG les plus faibles.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
S&P 500 Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des
investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable US Equity Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | - | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## European Dividend Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions génératrices de revenus, émises par des sociétés qui ont leur siège social ou exercent la majeure partie de leur activité en Europe. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Gérant de Portefeuille cherche à générer un revenu supérieur à celui de la référence.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille cible les investissements qui, selon lui, dégagent un rendement du dividende intéressant, en plus d’une appréciation de leur prix. Il tient également compte des facteurs ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Europe Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## European Dynamic Growth Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui ont leur siège social ou exercent la majeure partie de leur activité en Europe. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment se caractérise de manière générale par une orientation sur les sociétés de taille moyenne, dotées d’une capitalisation boursière comprise entre 1 et 10 milliards d’euros.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Europe Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Actions des PME
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
En plus des instruments dérivés de base (cf. « Méthode		 d’utilisation	des	instruments	et	techniques	par	les
Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Au titre de la loi allemande sur la fiscalité des investissements
de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## European Growth Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés cotées sur les bourses européennes. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture et de gestion efficace du portefeuille.
Utilisation des TRS (y compris des CFD) Aucune.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Europe Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Contrepartie et garantie
- Instruments dérivés
- Actions
- Couverture
- Fonds d’investissement
 | - Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## European Larger Companies Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de grandes sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Europe. Le Compartiment peut également investir dans des instruments du marché monétaire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Europe Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## European Low Volatility Equity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme tout en maintenant un profil de volatilité inférieur à celui de la référence.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Europe. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir jusqu’à 15 % de ses actifs dans des REIT éligibles.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Europe Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
- Fonds d’investissement
 | - Liquidité
- Marché
- Opérationnel
- Immobilier
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,30 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,30 % | 0,75 % |
| I W/ Y | 10 millions 2 500 | 100 000 1 000 | —­ —­ | 0,25 % 0,65 % | —­ —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## EURO STOXX 50® Fund

#### Objectif	et	politique
d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital, en suivant la performance de la référence (avant frais et dépenses).
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans des actions de sociétés comprises dans la référence. Il pourra également le faire en recourant à des instruments dérivés.
Afin de gérer sa position liquide, le Compartiment peut investir dans des organismes de placement collectif (comme des fonds de liquidités), y compris ceux gérés par le Groupe FIL, ainsi que dans des instruments du marché monétaire, des liquidités et des dépôts à terme.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion passive du Compartiment, le Gérant de Portefeuille cherche à répliquer (suivre) la composition de la référence et à minimiser l’écart de rendement entre le portefeuille et la référence. Le Gérant de Portefeuille ne tient pas compte des caractéristiques environnementales, sociales et de gouvernance (ESG). Les caractéristiques ESG du Compartiment sont essentiellement similaires à celles de la référence.
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture et de gestion efficace du portefeuille.
Utilisation des TRS (y compris des CFD) Aucune.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
RÉFÉRENCE(S) 
EURO STOXX 50® Index. Utilisée pour : le suivi uniquement. Pour plus d’informations, consultez « Informations supplémentaires sur Fidelity Funds – EURO STOXX 50® Fund » et sur stoxx.com/index-details.
Pour des raisons de liquidités ou de coût excessif, le Compartiment ne peut pas toujours investir dans les actions de chaque société présente dans la référence ou respecter les mêmes pondérations que l’indice.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Orientation	de	la référence
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 0,20 % | —­ |
| Y | 2 500 | 1 000 | —­ | 0,10 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## European Smaller Companies Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de petites et moyennes entreprises qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Europe. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
EMIX Smaller European Companies Index. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut
s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Actions des PME
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Germany Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Allemagne. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
RÉFÉRENCE(S) 
HDAX® Total Return Index. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
En France, ce Compartiment est éligible au Plan d’épargne en actions (PEA).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Iberia Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Espagne et au Portugal. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. En outre, le Gérant de Portefeuille s’engage auprès des émetteurs pour chercher à améliorer les problèmes ESG.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
80 % de MSCI Spain Index et 20 % de MSCI Portugal Index, des indices qui ne tiennent pas compte des caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
En France, ce Compartiment est éligible au Plan d’épargne en actions (PEA).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I Y | 10 millions 2 500 | 100 000 1 000 | —­ —­ | 0,80 % 0,80 % | —­ —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Italy Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés italiennes. Le Compartiment investira au moins 70 % de ses actifs dans les sociétés qui n’ont aucun lien avec le secteur immobilier et qui résident en Italie ou dans un autre État membre de l’UE ou de l’EEE tout en ayant un établissement permanent en Italie. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment ne peut pas investir plus de 10 % de ses actifs dans des instruments financiers émis ou contractés par la même société ou par des sociétés appartenant au même groupe, ou dans des dépôts en espèces.
Le Compartiment ne peut pas investir dans des instruments financiers émis ou contractés par des sociétés qui ne résident pas dans des pays permettant un échange d’informations adéquat avec l’Italie.
Éligibilité au « Piano Individuale di Risparmio a lungo termine » (PIR) : Sans préjudice des limites d’investissement établies dans la section « Pouvoirs et restrictions d’investissement généraux », et conformément à la Loi italienne no 232 du 11 décembre 2016 (dans sa version modifiée), au moins 17,5 % des actifs du Compartiment seront des titres émis par des sociétés qui n’appartiennent pas à l’indice FTSE MIB Index, ou tout autre indice équivalent, et au moins 3,5 % des actifs du Compartiment seront des titres émis par des sociétés qui n’appartiennent pas aux indices FTSE MIB Index, FTSE Mid Cap Index ou tout autre indice équivalent.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte de la croissance et des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Il tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le  Compartiment  respecte  les  normes  du  Cadre
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
FTSE Italia All Share Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Actions des PME
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
d’investissement durable de Fidelity. Pour plus d’informations,	 consultez « Investissement durable et intégration ESG » et
l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés uniquement à des fins de couverture.
Au titre de la loi allemande sur la fiscalité des investissements
de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Ce Compartiment est éligible au Plan d’épargne en actions (PEA) en France et au Piano Individuale di Risparmio a lungo termine (PIR) en Italie.
Suite à la page suivante 
Italy Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Institutional	European	Larger	Companies Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de grandes sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Europe. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des facteurs ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Europe Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| R | 100 millions | 1 million | — | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Nordic Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés de toutes tailles, cotées sur les bourses ou les marchés réglementés du Danemark, de la Finlande, de la Norvège et de la Suède. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs
. 
Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
FTSE Nordic 30 Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
SEK

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Actions des PME
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
En France, ce Compartiment est éligible au Plan d’épargne en actions (PEA).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable European Dividend Plus Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à générer des revenus avec un potentiel de croissance du capital.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Europe, dont certaines peuvent provenir des marchés émergent. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres de sociétés dont les caractéristiques ESG sont en phase d’amélioration.
Le Gérant de Portefeuille cherche à générer un revenu supérieur à celui de la référence.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille cible les investissements qui, selon lui, dégagent un rendement du dividende intéressant, en plus d’une appréciation du prix. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépasse la notation ESG moyenne de son univers d’investissement après l’exclusion de 20 % des actifs ayant les notations ESG les plus faibles.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
Si le Compartiment investit directement dans les actions, il présentera également une exposition indirecte par le biais d’instruments dérivés. Les instruments dérivés peuvent être utilisés, par exemple, pour générer un revenu supplémentaire, notamment en souscrivant des options d’achat garanties. La création d’un revenu supplémentaire pourrait affecter le potentiel de croissance du capital du Compartiment, notamment en périodes de hausse rapide des marchés lorsque les plus-values peuvent être inférieures à celles d’un
portefeuille équivalent non couvert. En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Europe Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la comparaison de la performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable European Dividend Plus Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Europe Equity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Europe. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes.
Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépasse la notation ESG moyenne de son univers d’investissement après l’exclusion de 20 % des actifs ayant les notations ESG les plus faibles.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Europe Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable Europe Equity Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Eurozone Equity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions, libellées en euros, de sociétés des pays membres de l’Union économique et monétaire (UEM). Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment cherche à avoir une empreinte carbone inférieure à celle de la référence. L’empreinte carbone est définie en tonnes d’émissions de CO
2 
par million de dollars de chiffre d’affaires.
Le Gérant de Portefeuille évitera d’investir dans les émetteurs ayant une notation MSCI ESG inférieure à « A ».
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures financières, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Il tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. Lors de la sélection, l’univers d’investissement du Compartiment (tel que représenté par la référence) sera réduit d’au moins 20 % après l’exclusion des émetteurs basée sur leurs caractéristiques ESG.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI EMU Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques, et la comparaison des performances et des empreintes carbone.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
En France, ce Compartiment est éligible au Plan d’épargne en actions (PEA).
Suite à la page suivante 
Sustainable Eurozone Equity Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable European Smaller Companies Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de petites et moyennes entreprises qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Europe. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. En outre, le Gérant de Portefeuille s’engage auprès des émetteurs pour chercher à améliorer les problèmes ESG. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. L’univers d’investissement du Compartiment est réduit d’au moins 20 % après l’exclusion de 20 % des émetteurs basée sur leurs caractéristiques ESG.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Europe Small Cap Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Actions des PME
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable European Smaller Companies Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |

| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| --- | --- | --- | --- | --- | --- |
| E | 2 500 | 1 000 | —- | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Switzerland Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Suisse. Le Compartiment peut également investir dans des instruments
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Switzerland Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
CHF

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
du marché monétaire à titre accessoire. Le Compartiment
investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durablefinancières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures financières, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.

Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## UK Special Situations Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité au Royaume-Uni. Le Compartiment cherche à investir dans des actions qui se trouvent dans une situation particulière (c.-à-d. qui sont sous-évaluées et dont le potentiel de reprise n’est pas reconnu par le marché). Le Compartiment investira dans un éventail de sociétés à grande, moyenne et petite capitalisation. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures financières, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille se concentrera sur les sociétés qu’il considère comme sous-évaluées et dont le potentiel de reprise (c.-à-d. la hausse potentielle des prix des actions en réaction à une amélioration de leurs fondamentaux) n’est pas reconnu par le marché (c.-à-d. les situations spéciales). Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 40 % ; maximale 100 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
FTSE All Share Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
GBP

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Actions des PME
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## ASEAN Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui cotées ou négociées dans les pays de l’Asie du Sud-Est (ASEAN), y compris des pays tels que Singapour, la Malaisie, la Thaïlande, les Philippines et l’Indonésie, ainsi que d’autres marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
REFERENCE(S) 
MSCI AC ASEAN Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ;	 maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Australian Diversified Equity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés de toutes tailles qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Australie. Le Compartiment peut également investir dans des titres hybrides et de créance des sociétés australiennes s’ils représentent, de l’avis du Gérant de Portefeuille, de meilleures opportunités d’investissement que l’action associée. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations « below investment grade » : jusqu’à 20 %
- obligations de sociétés de toute qualité de crédit cotées sur la bourse australienne : jusqu’à 30 %Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.

Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE (S) 
S&P ASX 200 Index. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
AUD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
- instruments de créance garantis et titrisés : jusqu’à 20 %
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCoLes dix principales participations du Compartiment peuvent représenter 50 % ou plus de ses actifs, ce qui se traduit par un portefeuille concentré. Le Compartiment investira dans un éventail de sociétés à grande, moyenne et petite capitalisation.
- Allocation des actifs
- Obligations CoCo
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Actions
- Couverture
- Haut rendement
- Liquidité
- Marché
- Opérationnel
- Titrisation
- PMEPROCÉDURE D’INVESTISSEMENT Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. 

Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
Si le Compartiment investit directement dans des actions et des titres à revenu fixe, il présentera également une exposition indirecte par le biais d’instruments dérivés. Afin d’améliorer le revenu du Compartiment, des instruments dérivés (comme des options) peuvent être utilisés afin de générer des revenus supplémentaires. Les types d’instruments financiers dérivés qui seront utilisés comprennent les contrats à terme standardisés sur indices, sur paniers ou 
single name
, les options et les contrats de différence qui se rapportent à des actions ou des obligations. Les options utilisées comprendront des options d’achat et de vente, ainsi que des options d’achat garanties. La création d’un revenu supplémentaire, par exemple par le biais d’options d’achat garanties, pourrait affecter le potentiel de croissance du capital du Compartiment, notamment en périodes de hausse rapide des marchés lorsque les plus-values peuvent être inférieures à celles d’un portefeuille équivalent non couvert.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Australian Diversified Equity Fund Suite

##### Principales Catégories d’Actions
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| --- | --- | --- | --- | --- | --- |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Asia Pacific Dividend Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions génératrices de revenus, émises par des sociétés qui ont leur siège social ou qui exercent la majeure partie de leur activité dans la région de l’Asie-Pacifique, y compris les marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment investira moins de 30 % de ses actifs (directement et/ou indirectement) dans des actions A et B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des revenus des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures financières, ainsi que du secteur et des conditions économiques, entre autres facteurs. Le Gérant de Portefeuille sélectionnera les investissements qui, selon lui, dégagent un rendement du dividende intéressant en plus d’une appréciation de leurs prix. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI AC Asia Pacific ex Japan Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
d’utilisation	des	instruments	et	techniques	par	les	 Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Asia Pacific Opportunities Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui ont leur siège social ou qui exercent la majeure partie de leur activité dans la région de l’Asie-Pacifique (hors Japon), y compris les marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment peut investir moins de 30 % de ses actifs (directement et/ou indirectement) dans des Actions A et B chinoises (sur une base globale).
Le Compartiment peut investir dans un nombre de titres limité, ce qui se traduit par un portefeuille concentré.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs.
Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCES(S) 
MSCI AC Asia Pacific ex Japan Index. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des
titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Actions des PME
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Absolute Return Asian Equity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment vise un rendement positif qui sera faiblement corrélé avec les catégories d’actifs traditionnelles de moyen à long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs, par le biais d’instruments dérivés, dans des actions de sociétés sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Asie (à l’exclusion du Japon), ainsi que dans des instruments assimilables aux actions, des liquidités et des instruments du marché monétaire. Certains de ces investissements peuvent provenir des marchés émergents.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- actions A et B chinoises (directement (jusqu’à 40 %) ou indirectement) : moins de 80 % sur une base globaleLe Compartiment présente en général une exposition nette aux actions de -30 % à 30 %. Les instruments assimilables aux actions peuvent comprendre des warrants, des actions privilégiées, des émissions de droits, des certificats de dépôt, des obligations convertibles, des obligations adossées à des actions ou des titres participatifs.

Le Gérant de Portefeuille cherche à dépasser la référence.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille associe une analyse de marché qualitative et quantitative au sein du processus de construction disciplinée du portefeuille pour répartir les investissements entre les différentes stratégies. Le Compartiment peut adopter des positions longues sur des titres jugés sous-évalués et des positions courtes sur ceux jugés surévalués. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille. Le Compartiment peut utiliser des positions longues ou courtes.
Les instruments dérivés peuvent être utilisés pour créer des expositions de marché par le biais d’instruments dérivés sur actions, de change, de couverture ou sur indice, et comprennent des options, contrats à terme standardisés, contrats de différence (CFD), obligations adossées à des actions, warrants et contrats à terme négociés de gré à gré et/ou en bourse, et/ou une combinaison de ceux-ci. Les positions monétaires actives longues et courtes mises en place par le Compartiment peuvent ne présenter aucune corrélation avec les positions sous- jacentes détenues par le Compartiment.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 300 % ; maximale 400 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le taux de financement au jour le jour garanti (Secured Overnight Financing Rate ou SOFR). Utilisée pour : la comparaison des performances et le calcul de la commission de surperformance et de performance.
Le Compartiment n’est pas limité par sa référence et sa performance peut s’éloigner fortement ou rester très proche de celle de cette dernière, au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Effet de levier
- Liquidité
- Marché
- Opérationnel
- Positions courtes
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
VaR absolue limitée à 10 %. Effet de levier anticipé : 400 % (peut être plus ou moins élevé, mais ne devrait pas dépasser 900 %).

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Absolute Return Asian Equity Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |  |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution | Performance* |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ | 15 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ | 15 % |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ | 15 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Asian Smaller Companies Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de petites sociétés qui ont leur siège social ou qui exercent la majeure partie de leur activité dans la région de l’Asie-Pacifique (hors Japon), y compris les marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investira moins de 30 % de ses actifs (directement et/ou indirectement) dans des actions A et B chinoises (sur une base globale).
Les petites entreprises sont celles dont la valeur totale des actions en circulation de la société est inférieure à 8 milliards de dollars US en termes de capitalisation boursière. Le Compartiment peut investir dans des sociétés qui n’entrent pas dans cette fourchette.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Compartiment est plus particulièrement géré avec une orientation sur la qualité et la valeur au sein de l’univers des petites sociétés asiatiques. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI AC Asia Pacific ex Japan Small Cap Australia Capped 10% Index. Utilisée pour : la sélection des
investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Actions des PME
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Asian Special Situations Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Asie (à l’exclusion du Japon), qui peut comprendre des marchés émergents. Le Compartiment cherche à investir dans des actions en situation particulière (c.-à-d. qui ont en général une valorisation intéressante par rapport à leur potentiel de gains) et dans des actions de petites sociétés de croissance. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les titres suivants selon les pourcentages indiqués :
- actions A et B chinoises (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- investissements autres que les actions en situation particulière et les actions des petites sociétés de croissance : jusqu’à 25 %PROCÉDURE D’INVESTISSEMENT Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte de la pérennité des perspectives de croissance à long terme qui n’apparaissent pas entièrement dans les valorisations actuelles. Cette gestion comprend une orientation sur les situations particulières, comme les activités de fusion, d’acquisition et de restructuration interne, qui peuvent affecter les valorisations des sociétés à court terme. Le Gérant de Portefeuille tient également compte des facteurs ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.

Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 5 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI AC Asia ex Japan Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Actions des PME
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Asian Special Situations Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |

| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| --- | --- | --- | --- | --- | --- |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Japan Growth Fund

#### Objectif	et	politique d’investissement

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité au Japon. Les investissements ne sont pas limités à un secteur particulier. Le Compartiment peut
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnelégalement investir dans des instruments du marché monétaire à titre accessoire.

PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte de la croissance et des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
TOPIX Total Return Index Utilisée pour : la comparaison de performance.
DEVISE DE REFERENCE 
JPY
METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | - | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Japan Value Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés japonaises cotées sur la bourse japonaise, en ciblant notamment les sociétés que Fidelity juge sous- évaluées. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
RÉFÉRENCE(S) 
TOPIX Total return Index. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
JPY

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | - | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Pacific Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des action ode sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité dans la région de l’Asie-Pacifique, y compris, mais sans s’y limiter, le Japon, l’Australie, la Chine, Hong Kong, l’Inde, l’Indonésie, la Corée, la Malaisie, la Nouvelle-Zélande, les Philippines, Singapour, Taïwan et la Thaïlande. Certains pays de cette région sont considérés comme des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir moins de 30 % de ses actifs (directement et/ou indirectement) dans des Actions A et B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI AC Pacific Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Pacific Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Sustainable Asia Equity Fund
 Famille de Compartiments durables 

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Asie (à l’exclusion du Japon). Cette région comprend des pays qui sont considérés comme des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment peut investir moins de 30 % de ses actifs (directement et/ou indirectement) dans des actions A ou B chinoises (sur une base globale).
Les dix principales participations du Compartiment peuvent représenter 50 % ou plus de ses actifs, ce qui se traduit par un portefeuille concentré.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépasse la notation ESG moyenne de son univers d’investissement (tel que représenté par la référence) après l’exclusion de 20 % des actifs ayant les notations ESG les plus faibles.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 5 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI AC Asia ex Japan Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Asia Equity II Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui ont leur siège social, qui sont cotées ou qui exercent la majeure partie de leur activité en Asie (à l’exclusion du Japon), y compris les marchés émergents. Le Compartiment sera conforme aux directives du Conseil du Fonds central de prévoyance de Singapour (Central Provident Fund Board). Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment investira moins de 30 % de ses actifs (directement et/ou indirectement) dans des actions A et B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres caractéristiques, dans le but d’identifier les sociétés de croissance de haute qualité. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI AC Asia ex Japan Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
utiliser des instruments dérivés à des fins de couverture,	 d’investissement et de gestion efficace du portefeuille.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 0%.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Sortie | Gestion | Distribution |
| S | 10 millions | 100 000 | 1,00 % | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Asian Focus Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme en investissant dans des Investissements durables.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui ont leur siège social, qui sont cotées ou qui exercent la majeure partie de leur activité en Asie (à l’exclusion du Japon), y compris les marchés émergents.
Le Compartiment cherche à investir dans des investissements durables qui contribuent aux objectifs environnementaux ou sociaux conformes à un ou plusieurs Objectifs de développement durable des Nations unies (« ODD »). Le Compartiment peut détenir (de manière accessoire et jusqu’à 20 % de ses actifs) des liquidités, des Instruments du marché monétaire ou d’autres investissements à des fins de couverture et de gestion efficace du portefeuille.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages d’actifs indiqués :
- Actions A	et	B chinoises	(directement	et/ou indirectement) : moins de 30 % (sur une base globale)
- Titres adossés à des actions : jusqu’à 40 %
- REIT à capital fixe éligibles : jusqu’à 10 %PROCÉDURE D’INVESTISSEMENT Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille identifie des idées d’investissement en s’appuyant à la fois sur la recherche de Fidelity, sur les recherches de tiers, sur les données issues des sélections quantitatives et sur les rencontres avec les sociétés pour resserrer l’univers d’investissement. La recherche et la sélection des actions visent à évaluer les fondamentaux du profil ESG et de la conformité aux ODD par le biais d’une évaluation et d’une analyse financière « bottom-up » rigoureuses pour sélectionner les actions présentant un excellent potentiel de retour sur investissement.

Le Gérant de Portefeuille sélectionne les émetteurs en fonction de la contribution de leurs activités économiques aux objectifs environnementaux ou sociaux conformes aux ODD.
Le Gérant de Portefeuille cherche à être un actionnaire actif et s’implique auprès des sociétés détenues par le Compartiment pour influencer un changement positif.
Le Compartiment évalue les notations ESG d’au moins 90 % de ses actifs. L’univers d’investissement du Compartiment est réduit d’au moins 20 % en raison de l’exclusion des émetteurs basée sur leurs caractéristiques ESG.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 9
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI AC Asia ex Japan Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- 	qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
(a un objectif d’investissement durable).	
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, de gestion efficace du portefeuille ou d’investissement.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable Asian Focus Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |

| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| --- | --- | --- | --- | --- | --- |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section
« Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.
 Famille de Compartiments durables 

## Sustainable Japan Equity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité au Japon. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration. Le Gérant de Portefeuille évitera d’investir dans les émetteurs ayant une Notation de la durabilité de Fidelity « C » ou inférieure.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
TOPIX Total Return Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
JPY

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures financières, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Actions
- Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durablecaractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.

Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépasse la notation ESG moyenne de son univers d’investissement (tel que représenté par la référence) après l’exclusion de 20 % des actifs ayant les notations ESG les plus faibles.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.

##### Principales Catégories d’Actions
METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| --- | --- | --- | --- | --- | --- |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 1 million | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## China Consumer Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui ont leur siège social ou qui exercent la majeure partie de leur activité en Chine ou à Hong Kong. Les activités de ces sociétés portent sur le développement, la fabrication ou la vente de biens ou services à des consommateurs en Chine. Certains de ces investissements peuvent provenir des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI China Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
de gouvernance (ESG) favorables.
Le Compartiment peut investir jusqu’à 60 % de ses actifs (directement et/ou indirectement) dans des Actions A et B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de
- Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durabletrésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.

Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## China Focus Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés cotées en Chine et à Hong Kong, ainsi que dans des actions de sociétés non chinoises qui exercent la majeure partie de leur activité en Chine. La Chine est considérée comme un marché émergent. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment peut investir jusqu’à 60 % de ses actifs (directement et/ou indirectement) dans des Actions A et B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 5 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI China Capped 10% Index. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des
titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
 | - Actions
- Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## China Innovation Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité dans la région de la Grande Chine, y compris la Chine, Hong Kong, Macao et Taïwan. Ces investissements sont considérés comme des innovations en matière de technologie (comme l’intelligence artificielle, la numérisation, la robotique et la mobilité du futur), de mode de vie (comme la santé, l’éducation et la fortune) et d’écologie (comme les énergies propres, la protection de l’environnement et l’économie circulaire). Ces investissements peuvent provenir des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- actions A et B chinoises (directement et/ou indirectement) : jusqu’à 100 %
- actions A chinoises cotées sur le marché ChiNext ou le STAR Board : jusqu’à 100 %
- actions A chinoises via le statut QFI : moins de 70 %Les dix principales participations du Compartiment peuvent représenter 50 % ou plus de ses actifs, ce qui se traduit par un portefeuille concentré.

PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie  de  produits  visés  par  le  Règlement SFDR
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI China All Share Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Article 8 (promotion des caractéristiques environnementales	 et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Au titre de la loi allemande sur la fiscalité des investissements
de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
China Innovation Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |

| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| --- | --- | --- | --- | --- | --- |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Greater China Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés cotées dans la région de la Grande Chine, y compris Hong Kong, la Chine et Taïwan. Certains de ces investissements peuvent provenir des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir jusqu’à 60 % de ses actifs
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Golden Dragon Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
(directement et/ou indirectement) dans des Actions A et
B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du
- Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
- Liquidité
- Marché
- Opérationnel
- Investissement durablesecteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.

Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 5 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).

##### Principales Catégories d’Actions
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| --- | --- | --- | --- | --- | --- |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Greater China Fund II

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions cotées dans la région de la Grande Chine, y compris Hong Kong, la Chine et Taïwan. Certains de ces investissements peuvent provenir des marchés émergents. Le Compartiment sera conforme aux directives du Conseil du Fonds central de prévoyance de Singapour (Central Provident Fund Board). Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir moins de 60 % de ses actifs (directement et/ou indirectement) dans des Actions A et B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 0 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Golden Dragon Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Sortie | Gestion | Distribution |
| S | 10 millions | 100 000 | 1,00 % | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable All China Equity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés chinoises cotées en Chine continentale et à Hong Kong. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- Actions A et B chinoises : jusqu’à 100 % (sur une base globale) avec des investissements directs jusqu’à 100 %
- Actions A chinoises , via le marché ChiNext ou le STAR Board (directement) : jusqu’à 100 % (sur une base globale)
- Actions A chinoises via le statut QFI : moins de 70 %Les dix principales participations du Compartiment peuvent représenter 50 % ou plus de ses actifs, ce qui se traduit par un portefeuille concentré.

PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des facteurs ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépasse la notation ESG moyenne de son univers d’investissement, tel que représenté par la référence, après l’exclusion de 20 % des actifs ayant les notations ESG les plus faibles.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI China All Shares Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable All China Equity Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —- |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable China A Shares Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui sont cotées ou négociées en Chine. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- Actions A et B chinoises (directement ou indirectement) : jusqu’à 100 % (sur une base globale), avec jusqu’à 100 % en investissements directs
- Actions A chinoises via le marché ChiNext et/ou le STAR Board : jusqu’à 100 % (sur une base globale)
- actions A chinoises via le statut QFI : moins de 70 %PROCÉDURE D’INVESTISSEMENT Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Il tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.

Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépasse la notation ESG moyenne de son univers d’investissement, tel que représenté par la référence, après l’exclusion de 20 % des actifs ayant les notations ESG les plus faibles.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI China A International Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- 	qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable China A Shares Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —- |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Emerging Asia Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins de 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui ont leur siège social ou exercent la majeure partie de leur activité dans les pays moins développés de l’Asie, qui sont considérés comme des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment investira moins de 30 % de ses actifs (directement et/ou indirectement) dans des actions A et B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 5 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Emerging Markets Asia Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |

| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| --- | --- | --- | --- | --- | --- |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Emerging Europe, Middle East and Africa Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui ont leur siège social ou qui exercent la majeure partie de leur activité dans les pays moins développés de l’Europe centrale, orientale et du sud (y compris la Russie), du Moyen-Orient et de l’Afrique, y compris ceux considérés comme des marchés émergents selon l’indice MSCI EM Europe, Middle East and Africa Index. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Russie
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
RÉFÉRENCE(S) 
MSCI  emerging  EMEA  Capped  5%  Index.	
Utilisée pour : la surveillance des risques et la comparaison
de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des
Au titre de la loi allemande sur la fiscalité des investissements
de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Emerging Markets Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui exercent leur activité dans des secteurs profitant d’une croissance économique rapide, y compris des pays et des marchés émergents de l’Amérique latine, de l’Asie du Sud-est, de l’Afrique, de l’Europe de l’Est (Russie comprise) et du Moyen- Orient. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment investira moins de 30 % de ses actifs (directement et/ou indirectement) dans des actions A et B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 4 % ; maximale 5 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Emerging Markets Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Russie
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I W/ Y | 10 millions 2 500 | 100 000 1 000 | —­ —­ | 0,80 % 0,80 % | —­ —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Institutional Emerging Markets Equity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés du monde entier, y compris d’Amérique latine, d’Asie du Sud-est, d’Afrique, d’Europe de l’Est (Russie comprise) et du Moyen- Orient, qui profitent d’une croissance économique rapide. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir moins de 30 % de ses actifs (directement et/ou indirectement) dans des Actions A et B chinoises (sur une base globale).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte de la croissance et des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Il tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Emerging Markets Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Russie
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Utilisation des TRS (y compris des CFD) Anticipée 5 % ;	 maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Au titre de la loi allemande sur la fiscalité des investissements
de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## India Focus Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés indiennes cotées en Inde ou de sociétés non indiennes qui exercent la majeure partie de leur activité en Inde. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI India Capped 8% Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Indonesia Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Indonésie. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Indonesia IMI Capped 8% Index. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de la performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut
s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Latin America Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité en Amérique latine. Certains de ces investissements peuvent provenir des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
RÉFÉRENCE(S) 
MSCI EM Latin America Index. Utilisée pour : la
s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
sélection des investissements, la surveillance des risques et la	 comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut
Au titre de la loi allemande sur la fiscalité des investissements
de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |

W/ Y	2 500	1 000	—­	0,80 %	—­
Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.
Famille de Compartiments durables

## Sustainable	Emerging	Markets	Ex	China Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions et des instruments assimilables qui offrent une exposition aux sociétés de l’Amérique latine, de l’Asie (à l’exclusion de la Chine continentale), de l’Afrique, de l’Europe de l’Est (y compris la Russie) et du Moyen-Orient. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres de sociétés dont les caractéristiques ESG sont en phase d’amélioration.
Les dix principales participations du Compartiment peuvent représenter 50 % ou plus de ses actifs, ce qui se traduit par un portefeuille concentré.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépasse la notation ESG moyenne de son univers d’investissement (tel que représenté par la référence) après l’exclusion de 20 % des actifs ayant les notations ESG les plus faibles.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Emerging Markets ex China Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Russie
- Positions courtes
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
utiliser des instruments dérivés à des fins de couverture,	 d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 15 % ; maximale 50 %.
Au titre de la loi allemande sur la fiscalité des investissements
de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable Emerging Markets Ex China Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Emerging Markets Equity Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions de sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité sur les marchés en voie de développement, y compris en Amérique latine, en Asie, en Europe de l’Est (y compris la Russie) et au Moyen-Orient. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 70 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment investira moins de 30 % de ses actifs (directement et/ou indirectement) dans des actions A et B chinoises (sur une base globale).
Le Compartiment investit dans un nombre de titres limité (en général, entre 20 à 80 titres dans des conditions de marché normales).
Le Gérant de Portefeuille cherche à dépasser la référence.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de croissance et de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Il tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépassera la notation ESG moyenne de l’univers d’investissement du Compartiment, tel que représenté par la référence, après l’exclusion de 20 % des actifs ayant la notation ESG la plus faible.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 15 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Emerging Markets Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surperformance, la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Russie
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Sustainable Emerging Markets Equity Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Thailand Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des actions cotées ou négociées sur la bourse thaïlandaise. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte de la croissance, des paramètres de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques, et d’autres facteurs. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 0 % ; maximale 10 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Solactive GBS Thailand Investable Universe Index, un indice qui ne tient pas compte des caractéristiques ESG.  Utilisée  pour :  la  sélection  des
s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
investissements, la surveillance des risques et la comparaison	 de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut
Au titre de la loi allemande sur la fiscalité des investissements
de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).

##### Principales Catégories d’Actions
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| --- | --- | --- | --- | --- | --- |
| A | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Absolute Return Global Fixed Income Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à générer un rendement absolu positif de moyen à long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance « below investment grade » et « investment grade », des instruments monétaires, des liquidités et des instruments du marché monétaire. Ces investissements peuvent provenir de n’importe où dans le monde, y compris des marchés émergents, et être libellés dans n’importe quelle devise.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations 
- onshore 
- chinoises cotées, y compris des obligations d’investissement urbain (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- titres adossés à des crédits : moins de 30 %
- instruments de créance garantis et titrisés : moins de 20 %
- titres adossés à des actions : moins de 10 %
- 	obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCoLe Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.

Les dix principales participations du Compartiment peuvent représenter 50 % ou plus de ses actifs, ce qui se traduit par un portefeuille concentré.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
Le Gérant de Portefeuille cherche à dépasser la référence.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations.
Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille. Le Compartiment peut utiliser des positions longues ou courtes.
Le Compartiment utilise des instruments dérivés, y compris des instruments dérivés ou des stratégies complexes, pour atteindre ses objectifs d’investissement. Les types d’instruments dérivés qui seront utilisés comprennent des contrats à terme standardisés, des contrats à terme, des swaps (notamment de taux d’intérêt, de défaut, d’inflation et de rendement total), des options, des swaptions et des obligations adossées à des crédits et à des actions. Les dérivés servent à atteindre une exposition indirecte aux principaux actifs énumérés précédemment, pour générer un capital supplémentaire conforme au profil de risque du Compartiment ou pour réduire le risque ou les coûts.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 200 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
RÉFÉRENCE(S) 
ICE BofA 0-3 Month US Treasury Bill Index. Utilisée pour : la comparaison de performance et la surperformance.
Le Compartiment n’est pas limité par sa référence et sa performance peut s’éloigner fortement ou rester très proche de celle de cette dernière, au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Couverture
 | - Haut rendement
- Fonds d’investissement
- Effet de levier
- Liquidité
- Marché
- Opérationnel
- Russie
- Titrisation
- Positions courtes
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
VaR absolue limitée à 10 %. Effet de levier anticipé : 800 % (peut être plus ou moins élevé, mais ne devrait pas dépasser 650 %).

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Absolute Return Global Fixed Income Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |

| A | 2 500 | 1 000 | 5,25 % | 0,90 % | —­ |
| --- | --- | --- | --- | --- | --- |
| E | 2 500 | 1 000 | —­ | 0,90 % | 0,25 % |
| I | 10 millions | 100 000 | —­ | 0,55 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,55 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Flexible Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans une large gamme de titres de créance du monde entier, y compris des marchés émergents, qui sont libellés en GBP ou dans d’autres devises. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les catégories d’actifs suivantes selon les pourcentages indiqués :
- obligations « below investment grade » ou sans notation : jusqu’à 50 %
- obligations 
- onshore 
- chinoises cotées (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCoL’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.

L’exposition à des investissements non libellés en GBP sera largement couverte par rapport à cette devise.
Le Compartiment peut investir dans des créances financières subordonnées et des actions privilégiées.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations.
Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille. Le Compartiment peut utiliser des positions longues ou courtes.
Le Compartiment utilise des instruments dérivés, y compris des stratégies ou des instruments dérivés complexes, pour atteindre ses objectifs d’investissement, avec un niveau de risque compatible avec son profil de risque. Les instruments dérivés peuvent être utilisés pour créer une exposition économique à l’actif sous-jacent, à savoir des contrats à terme standardisés, des contrats à terme non standardisés, des options et des swaps entre autres. Le Compartiment utilisera
(i) des swaps de défaut de crédit sur indices, paniers ou 
single
name
, ainsi que des swaps de rendement total pour obtenir une exposition à ou réduire le risque de crédit des émetteurs,
(ii) des contrats à terme standardisés sur taux d’intérêt, des swaps ou des options pour gérer activement le risque de taux d’intérêt et (iii) des dérivés de change pour couvrir ou obtenir une exposition de change. Les positions monétaires actives longues et courtes mises en place par le Compartiment peuvent ne présenter aucune corrélation avec les positions sous-jacentes détenues par le Compartiment.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 40 % ; maximale 200 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 15 % ; maximale 30 %.
REFERENCE(S) 
ICE BofA Q880 Custom Index (une combinaison personnalisée d’indices d’emprunts d’État et d’obligations de sociétés à haut rendement et « investment grade »), un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
GBP

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Couverture
- Haut rendement
 | - Taux d’intérêt
- Fonds d’investissement
- Effet de levier
- Liquidité
- Marché
- Opérationnel
- Positions courtes
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
VaR absolue limitée à 10 %. Effet de levier brut anticipé : 500 % (peut être plus ou moins élevé, mais ne devrait pas dépasser 1 000 %).

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Flexible Bond Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,00 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,00 % | 0,60 % |
| I | 10 millions | 100 000 | —­ | 0,50 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,50 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans des titres de créance de sociétés et gouvernements du monde entier, y compris des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations 
- onshore 
- chinoises cotées (directement et/ou indirectement) : moins de 30 % (sur une base globale).

Le Compartiment cherche à optimiser la performance mesurée en dollars des États-Unis.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations.
Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Bloomberg Global Aggregate Bond Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Couverture
 | - Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Positions courtes
- Souverain
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Global Bond Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 0,75 % | —­ |
| I | 10 millions | 100 000 | —­ | 0,40 % | —­ |
| Y | 2 500 | 1 000 | —­ | 0,40 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Corporate Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance de sociétés
« investment grade » du monde entier, y compris des marchés émergents. Le Compartiment peut également investir dans des créances d’État et d’autres titres de créance ainsi que dans des instruments du marché monétaire, à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir moins de 30 % dans des obligations hybrides et des obligations convertibles contingentes (CoCo) avec moins de 20 % dans les CoCo. Le Compartiment peut également investir dans des créances financières subordonnées et des actions privilégiées.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations.
Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Bloomberg Global Aggregate Corporate Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Couverture
 | - Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Positions courtes
- Souverain
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 0,75 % | —­ |
| E | 2 500 | 1 000 | —­ | 0,75 % | xx |
| I | 10 millions | 100 000 | —­ | 0,40 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,40 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global High Yield Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer un niveau de revenus élevé.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des obligations « below investment grade » à rendement élevé d’émetteurs du monde entier, y compris des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations 
- onshore 
- chinoises cotées (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCoLe Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.

Le Compartiment investira dans un nombre de titres limité, ce qui se traduira par un portefeuille concentré.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des facteurs ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les facteurs ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
ICE BofA Q788 Custom Index (une combinaison personnalisée d’indices à haut rendement), un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Matières premières
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
 | - Marchés émergents
- Actions
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Global High Yield Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,00 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,00 % | 0,40 % |
| I | 10 millions | 100 000 | —­ | 0,65 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,65 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Hybrids Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer un niveau de revenus élevé.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des obligations hybrides et convertibles contingentes (CoCo), des créances financières subordonnées et des actions privilégiées du monde entier, y compris des marchés émergents. Certains de ces investissements peuvent être de qualité « below investment grade ».
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut également investir dans d’autres valeurs mobilières, des OPCVM/OPC, des instruments du marché monétaire, des liquidités et des dépôts à terme.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 40 % ; maximale 200 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
50 % ICE BofA Contingent Capital Index et 50% ICE BofA Global Hybrid Corporate Index, des indices qui ne tiennent pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont de bonnes connaissances et une expérience de l’investissement dans ce type de fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 10 000 | 1 000 | 3,50 % | 0,90 % | —­ |
| E | 10 000 | 1 000 | — | 0,90 % | [*] |
| I | 10 millions | 100 000 | —­ | 0,55 % | —­ |
| W, Y | 10 000 | 1 000 | —­ | 0,55 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Income Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer un niveau de revenus élevé.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance du monde entier, y compris des marchés émergents. Les investissements peuvent comprendre des titres de créance « investment grade » et « below investment grade » d’échéances variables, ainsi que des obligations à haut rendement et des titres de créance des marchés émergents libellés dans différentes devises. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- titres de créance « investment grade » : au moins 50 %
- obligations « below investment grade » : jusqu’à 50 %
- obligations 
- onshore 
- chinoises cotées (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % pour les CoCo.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Il tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A E | 2 500 2 500 | 1 000 1 000 | 3,50 % —­ | 0,90 % 0,90 % | —­ 0,60 % |

| I | 10 millions | 100 000 | —­ | 0,55 % | —­ |
| --- | --- | --- | --- | --- | --- |
| W, Y | 2 500 | 1 000 | —­ | 0,55 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Global Inflation-linked Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIVE 
Le Compartiment cherche à générer un niveau de revenus réels intéressant et une croissance du capital au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des obligations « investment grade » et
« below investment grade » indexées sur l’inflation, des obligations nominales émises par des gouvernements, des agences, des entités supranationales, des sociétés et des banques du monde entier, y compris des marchés émergents. Les investissements comprennent des titres « below investment grade » et « investment grade ». Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- instruments du marché monétaire et dépôts à terme : moins de 30 %
- obligations convertibles : jusqu’à 25 %
- actions et autres droits de participation : jusqu’à 10 %.

PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille recourra à une gamme de stratégies, comme les stratégies de courbe de rendements gérées activement, la rotation sectorielle, la sélection des titres, la gestion de la valeur relative et la gestion de la duration sur les marchés liés à l’inflation mondiale, les marchés de taux d’intérêt et du crédit. Le Gérant de Portefeuille tient également compte des facteurs ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs et les pays détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille. Le Compartiment peut utiliser des positions longues ou courtes.
Le Compartiment utilise des instruments dérivés, y compris des stratégies ou des instruments dérivés complexes, pour atteindre ses objectifs d’investissement, avec un niveau de risque compatible avec son profil de risque. Les instruments dérivés peuvent être utilisés pour créer une exposition économique à un actif, qui sera similaire à la détention physique de cet actif. Le Compartiment utilisera (i) des swaps de taux d’intérêt et des contrats à terme standardisés pour gérer activement le niveau de risque de taux d’intérêt, (ii) des swaps d’inflation pour adopter une exposition à des risques
d’inflation ou éliminer les risques indésirables, et (iii) des dérivés de change pour couvrir ou obtenir une exposition de change ou répliquer l’exposition monétaire des titres sous- jacents d’un indice obligataire. Les positions monétaires actives longues et courtes mises en place par le Compartiment peuvent ne présenter aucune corrélation avec les positions sous-jacentes détenues par le Compartiment.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Bloomberg World Government Inflation-Linked 1 to 10 Year Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Global Inflation-Linked Bond Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 0,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 0,50 % | 0,15 % |
| I | 10 millions | 100 000 | —­ | 0,30 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,30 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Short Duration Income Fund

#### Objectif	et	politique d’investissement
OBJECTIVE 
Ce Compartiment cherche à générer un revenu tout en maintenant une duration moyenne des investissements inférieure ou égale à trois ans.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance, y compris des obligations « investment grade » de sociétés et des emprunts d’État à échéance variable, des obligations « below investment grade » et des obligations des marchés émergents du monde entier, libellés dans différentes devises. Le Compartiment peut également investir dans des instruments du marché monétaire et/ou d’autres titres de créance à court terme, y compris des certificats de dépôt, des billets de trésorerie et des obligations à taux variable, ainsi que dans des liquidités et quasi-liquidités. Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- titres de créance « below investment grade » : jusqu’à 50 %
- titres de créance « investment grade » : au moins 50 %
- titres de créance 
- onshore 
- chinois cotés (directement et/ou indirectement) : moins de 30 % (sur une base globale).

Le portefeuille cherche à maintenir une notation de crédit moyenne globale de qualité « investment grade ».
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations.
Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A E | 2 500 2 500 | 1 000 1 000 | 3,50 % —­ | 0,75 % 0,75 % | —­ 0,30 % |

| I | 10 millions | 100 000 | —­ | 0,40 % |  |
| --- | --- | --- | --- | --- | --- |
| W, Y | 2 500 | 1 000 | —­ | 0,40 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.
 Famille de Compartiments durables 

## Sustainable Climate Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance de sociétés « investment grade » du monde entier, y compris des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment se concentre sur la gestion des risques climatiques et privilégie les émetteurs ayant le profil d’émissions carbone le plus bas de leur secteur, en encourageant une transition vers un environnement plus écologique par la sélection d’émetteurs qui réduisent leur bilan carbone et en investissant dans des émetteurs d’obligations vertes soigneusement sélectionnés. La stratégie se veut proactive dans la gestion du changement climatique par le biais d’un engagement continu auprès des émetteurs d’obligations de sociétés du monde entier.
Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- titres de créance 
- onshore 
- chinois cotés (directement et/ou indirectement) : jusqu’à 30 % (sur une base globale) avec une exposition directe allant jusqu’à 10 %
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo.

Le Compartiment peut également investir dans des créances subordonnées et des actions privilégiées.
Le Compartiment cherchera à avoir une empreinte carbone inférieure à celle du reste du marché.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des facteurs ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépassera la notation ESG moyenne de son univers d’investissement, tel que représenté par la référence, après l’exclusion de 20 % des actifs ayant la notation ESG la plus faible.
Lorsqu’il investit dans des obligations durables, vertes et sociales (les « obligations labellisées »), le Gérant de Portefeuille a recours à un processus de sélection qui repose essentiellement sur les lignes directrices des Principes applicables aux obligations vertes et sociales (« GSBP » – Green and Social Bond Principles) de l’International Capital Market Association (« ICMA »). Les obligations certifiées conformes à la Climate Bonds Initiative (« CBI ») ou à la norme de l’UE sur les obligations vertes (« EUGBS » – European
Green Bond Standards) seront privilégiées. Cependant, le Gérant de Portefeuille pourra faire appel à d’autres normes s’il le juge approprié.
Les GSBP représentent les directives d’une démarche volontaire pour émettre des obligations vertes et sociales. Elles visent à aider les investisseurs à financer des projets sains et durables sur le plan environnemental et social. La CBI cherche à mobiliser le marché obligataire afin de trouver des solutions au changement climatique en élaborant une norme relative aux obligations climatiques (« Climate Bonds Standard ») et un programme de certification, c’est-à-dire un plan de dénomination pour les obligations et les prêts. L’EUGBS est une norme volontaire, qui vise à intensifier et à relever les ambitions environnementales du marché des obligations vertes.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Bloomberg Global Aggregate Corporate Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Russie
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements. Suite à la page suivante 
Sustainable Reduced Carbon Bond Fund (Sustainable Climate Bond Fund) Suite

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 0,75 % | —­ |
| E | 2 500 | 1 000 | —­ | 0,75 % | 0,40 % |
| I | 10 millions | 100 000 | —­ | 0,40 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,40 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Strategic Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance qui peuvent inclure des titres de créance gouvernementaux, des titres de créance indexés sur l’inflation, des titres de créance de sociétés « investment grade » et « below investment grade » et des instruments du marché monétaire. Ces investissements peuvent provenir de n’importe où dans le monde, y compris des marchés émergents.
Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres de sociétés dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations 
- onshore 
- chinoises cotées (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo.

L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille. Le Compartiment peut utiliser des positions longues ou courtes.
Le Compartiment utilise des instruments dérivés, y compris des stratégies ou des instruments dérivés complexes, pour atteindre ses objectifs d’investissement, avec un niveau de risque compatible avec son profil de risque. Les instruments dérivés peuvent être utilisés pour créer une exposition économique à l’actif sous-jacent, à savoir des contrats à terme standardisés, des contrats à terme non standardisés, des options et des swaps entre autres. Le Compartiment utilisera
(i) des swaps de défaut de crédit sur indices, paniers ou 
single name
, ainsi que des swaps de rendement total pour obtenir une exposition à ou réduire le risque de crédit des émetteurs,
(ii) des contrats à terme standardisés sur taux d’intérêt, des
swaps ou des options pour gérer activement le risque de taux d’intérêt et (iii) des dérivés de change pour couvrir ou obtenir une exposition de change. Les positions monétaires actives longues et courtes mises en place par le Compartiment peuvent ne présenter aucune corrélation avec les positions sous-jacentes détenues par le Compartiment.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 40 % ; maximale 200 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 15 % ; maximale 30 %.
REFERENCE(S) 
ICE BofA Q944 Custom Index (une combinaison personnalisée d’indices d’emprunts d’État et d’obligations de sociétés à haut rendement et « investment grade »), un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
- Couverture
- Haut rendement
 | - Taux d’intérêt
- Fonds d’investissement
- Effet de levier
- Liquidité
- Marché
- Opérationnel
- Positions courtes
- Créance souveraine
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
VaR absolue, limitée à 10 %. Effet de levier brut anticipé : 500 % (peut être plus ou moins élevé, mais ne devrait pas dépasser 1 000 %).

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Sustainable Strategic Bond Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,00 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,00 % | 0,60 % |

| I | 10 millions | 100 000 | —­ | 0,50 % | —­ |
| --- | --- | --- | --- | --- | --- |
| W/ Y | 2 500 | 1 000 | —­ | 0,50 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.
 Famille de Compartiments durables 

## Sustainable US High Yield Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer un niveau de revenus élevé.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance « below investment grade » à rendement élevé d’émetteurs qui ont leur siège social ou exercent la majeure partie de leur activité aux États-Unis. Ces titres seront soumis à un risque élevé, n’auront pas à atteindre un niveau de notation minimum, bien que la majeure partie d’entre eux, mais pas la totalité, sera évaluée en termes de solvabilité par une agence de notation internationalement reconnue. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres de sociétés dont les caractéristiques ESG sont en phase d’amélioration.
et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
ICE BofA US High Yield Constrained Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
Le Compartiment peut investir dans les actifs suivants selon les
pourcentages indiqués :
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 % avec moins de 20 % pour les CoCo.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion
- Obligations CoCo
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durableactive du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.

Le Compartiment évalue les caractéristiques ESG d’au moins 90 % de ses actifs. La notation ESG moyenne du Compartiment dépassera la notation ESG moyenne de l’univers d’investissement du Compartiment après l’exclusion de 20 % des actifs ayant les notations ESG les plus faibles.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie  de  produits  visés  par  le  Règlement SFDR
Article 8 (promotion des caractéristiques environnementales
METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| I | 10 millions | 100 000 | —­ | 0,65 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,65 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## US Dollar Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des titres de créance libellés en dollars US.
Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
ICE BofA Q4AR Custom Index (un indice personnalisé d’obligations agrégées en dollars US qui exclut les participations SOMA de la Réserve fédérale), un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Obligations CoCo
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et un revenu,
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 0,75 % | —­ |
| E | 2 500 | 1 000 | - | 0,75 % | 0,40 % |
| I | 10 millions | 100 000 | —­ | 0,40 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,40 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## US High Yield Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer un niveau de revenus élevé.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance « below investment grade » à rendement élevé d’émetteurs qui exercent la majeure partie de leur activité aux États-Unis. Ces titres seront soumis à un risque élevé, n’auront pas à atteindre un niveau de notation minimum et pourront ne pas être évalués, en termes de solvabilité, par une agence de notation internationalement reconnue. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations.
Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
Utilisation des TRS (y compris des CFD) Aucune
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
ICE BofA US High Yield Constrained Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,00 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,00 % | 0,50 % |
| I | 10 millions | 100 000 | —­ | 0,65 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,65 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Euro Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance en euros. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % pour les CoCo.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
ICE BofA Euro Large Cap Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Obligations CoCo
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
 | - Couverture
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 0,75 % | —­ |
| E | 2 500 | 1 000 | —­ | 0,75 % | 0,40 % |
| I | 10 millions | 100 000 | —­ | 0,40 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,40 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Euro Corporate Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance de sociétés libellés en euros. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % pour les CoCo
- titres de créance non libellés en euros et/ou titres de créance non émis par des sociétés : moins de 30 %.

L’exposition à des titres de créance non libellés en euros peut être couverte par rapport à l’euro.
Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
ICE BofA Euro Corporate Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Couverture
 | - Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 0,75 % | —­ |
| E | 2 500 | 1 000 | —­ | 0,75 % | 0,40 % |
| I W, Y | 10 millions 2 500 | 100 000 1 000 | —­ —­ | 0,40 % 0,40 % | —­ —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## European High Yield Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer un niveau de revenus élevé.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance « below investment grade » à rendement élevé d’émetteurs qui ont leur siège social ou exercent la majeure partie de leur activité en Europe occidentale, centrale et orientale (y compris la Russie), y compris les marchés émergents. Ces titres seront soumis à un risque élevé, n’auront pas à atteindre un niveau de notation minimum, bien que la majeure partie d’entre eux, mais pas la totalité, sera évaluée en termes de solvabilité par une agence de notation internationalement reconnue. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales,  sociales  et  de  gouvernance (ESG)
Utilisation des TRS (y compris des CFD) Anticipée 40 % ; maximale 200 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
ICE BofA Global High Yield European Issuers Constrained (Level 4 20% Cap) Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % pour les CoCoLe Compartiment peut investir dans d’autres créances financières subordonnées et des actions privilégiées.

L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les
- Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Russie
- Investissement durablecapacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.

Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
European High Yield Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,00 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,00 % | 0,25 % |
| I | 10 millions | 100 000 | —­ | 0,65 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,65 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Euro Short Term Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance libellés en euros, en concentrant ses investissements sur les titres de créance à taux fixe « investment grade » européens, dont l’échéance effective est inférieure à cinq ans. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- titres non libellés en euros : moins de 30 %
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCoLa duration moyenne des investissements du Compartiment ne dépassera pas 3 ans.

L’exposition aux investissements non libellés en euros peut être couverte par rapport à l’EUR.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
ICE BofA 1-3 Year Euro Broad Market Index, un indice qui ne prend pas en compte les caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Obligations CoCo
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
 | - Couverture
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds,
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans,
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Euro Short Term Bond Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 0,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 0,50 % | 0,15 % |
| I | 10 millions | 100 000 | —­ | 0,30 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,30 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Structured Credit Income Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital de moyen à long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des investissements titrisés à taux fixe et variable émis par des organismes publics ou quasi-publics et des sociétés du monde entier, y compris des marchés émergents. Les investissements en titres titrisés à taux fixe et variable peuvent comprendre, sans pour autant s’y limiter, des titres adossés à des actifs (ABS), des CLO (Collateralised Loan Obligations), des titres adossés à des créances hypothécaires commerciales (CMBS), des titres adossés à des prêts hypothécaires résidentiels (RMBS) ainsi que des titrisations d’autres créances et de titres de créance
« investment grade » et « below investment grade ». Les actifs sous-jacents aux titres adossés à des actifs peuvent comprendre des créances sur cartes de crédit, des prêts à la consommation, des prêts aux PME et des prêts hypothécaires commerciaux ou résidentiels. Le Compartiment peut également investir dans des instruments du marché monétaire et des dépôts à terme en vue d’atteindre ses objectifs d’investissement, à des fins de trésorerie ou en cas de conditions de marché défavorables.
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- titres « below investment grade » : moins de 30 % titres de créance garantis et titrisés : ABS 0-30 %, obligations structurées adossées à des prêts (CLO) 40-80 %, CMBS jusqu’à 30 %. RMBS jusqu’à 30 %.
- REIT éligibles et titres d’infrastructure : jusqu’à 5 %.

L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
Les investissements du Compartiment ne sont pas limités en matière de devises.
Le Gérant de Portefeuille cherche à dépasser la référence.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille applique une approche « bottom-up » au titre de laquelle il sélectionne les titres en fonction d’une analyse des fondamentaux de chaque investissement titrisé et de la garantie sous-jacente, et d’un examen de leurs caractéristiques structurelles. Cette analyse comprend un examen minutieux de chaque investissement titrisé individuel, sa rétention du risque, sa structure de négociation ainsi que la garantie sous-jacente. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le taux du marché monétaire euro au jour le jour (European Short-term rate ou €STR), qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surperformance.
Le Compartiment n’est pas limité par sa référence et sa performance peut s’éloigner fortement ou rester très proche de celle de cette dernière, au cours d’une période.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Obligations CoCo
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Couverture
- Haut rendement
 | - Taux d’intérêt
- Fonds d’investissement
- Effet de levier
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Positions courtes
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
VaR absolue : limitée à 20 % Effet de levier anticipé : 250 % (peut être plus ou moins élevé, mais ne devrait pas dépasser 350 %).

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds,
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans,
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes de vente des Actions du Compartiment doivent être reçues tout mercredi avant 16 h 00 HEC (15 h 00, au Royaume-Uni) qui est une Date d’évaluation (ou si ce jour n’est pas une Date d’évaluation, le prochain jour considéré comme tel). Les demandes de vente d’Actions sont soumises à un préavis d’au moins 5 jours ouvrables. Le règlement intervient en général 3 jours ouvrables (5 jours ouvrables au maximum) après la réception des instructions écrites.
Suite à la page suivante 
Structured Credit Income Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 0,75 % | —­ |
| E | 2 500 | 1 000 | —­ | 0,75 % | 0,30 % |
| I | 10 millions | 100 000 | —­ | 0,40 % | —- |
| W/ Y | 2 500 | 1 000 | —­ | 0,40 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Asian Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance
« investment grade » d’émetteurs qui exercent la majeure partie de leur activité dans la région asiatique, y compris les marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
RÉFÉRENCE(S) 
ICE BofA Asia Dollar Investment Grade Index. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
 | - Marchés émergents
- Couverture
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 0,75 % | —­ |
| E | 2 500 | 1 000 | — | 0,75 % | 0,40 % |
| I | 10 millions | 100 000 | —­ | 0,40 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,40 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Asian High Yield Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer un niveau de revenus élevé.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance « below investment grade » à rendement élevé, ou dans des titres de créance à rendement élevé d’émetteurs « below investment grade », qui exercent la majeure partie de leur activité dans la région asiatique, y compris les marchés émergents. Ces titres seront soumis à un risque élevé, n’auront pas à atteindre un niveau de notation minimum et pourront ne pas être évalués, en termes de solvabilité, par une agence de notation internationalement reconnue. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations 
- onshore 
- chinoises cotées (directement et/ou indirectement) : moins de 30 % (sur une base globale).
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement. Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
RÉFÉRENCE(S) 
J.P. Morgan Asia Credit Non-Investment Grade Index. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
 | - Marchés émergents
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, del’investissement dans les fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandéed’au moins 4 ans ;
- qui visent une croissance du capital et un revenu sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,00 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,00 % | 0,50 % |
| I | 10 millions | 100 000 | —­ | 0,65 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,65 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Asia Pacific Strategic Income Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans une large gamme de titres de créance d’émetteurs qui ont leur siège social ou exercent la majeure partie de leur activité dans la région de l’Asie-Pacifique y compris les marchés émergents. Certains de ces investissements peuvent être de qualité « below investment grade » ou ne pas être notés. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations libellées dans les devises locales de l’Asie- Pacifique : jusqu’à 80 %
- obligations « below investment grade » : jusqu’à 90 %
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % pour les CoCo
- obligations 
- onshore 
- chinoises cotées, y compris des obligations d’investissement urbain, des titres adossés à des actifs et des obligations « below investment grade » ou sans notation cotées (directement et/ou indirectement) : moins de 50 % (sur une base globale)
- obligations 
- offshore 
- chinoises (y compris les obligations Dim Sum) : jusqu’à 50 %
- obligations des marchés émergents : jusqu’à 100 %.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Compartiment répartira ses actifs de manière active entre les obligations « below investment grade
» et les obligations des marchés émergents. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
 | - Marchés émergents
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,00 % | —­ |
| E | 2 500 | 1 000 | — | 1,00 % | 0,50 % |
| I | 10 millions | 100 000 |  | 0,65 % |  |
| W/ Y | 2 500 | 1 000 | —­ | 0,65 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Asian Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance émis par des entités publiques ou quasi-publiques et des sociétés qui exercent la majeure partie de leur activité dans la région asiatique y compris les marchés émergents. Certains de ces investissements peuvent être de qualité « below investment grade ». Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 70 % de ses actifs dans des titres des sociétés ayant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs ayant des caractéristiques ESG faibles mais en phase d’amélioration.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations « below investment grade » : jusqu’à 30 %
- obligations 
- onshore 
- chinoises cotées de sociétés et gouvernements, y compris des obligations d’investissement urbain, des titres adossés à des actifs (moins de 20 %) et des obligations « below investment grade » ou sans notation (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- obligations 
- offshore 
- chinoises (y compris les obligations Dim Sum) : moins de 70 %
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 % avec moins de 20 % pour les CoCo
- obligations adossées à des crédits : jusqu’à 10 %
- marchés émergents : jusqu’à 100 %.

Le Compartiment peut également investir dans des créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
Le Compartiment cherche à avoir une empreinte carbone inférieure à celle de la référence.
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille
prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations , consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
REFERENCE(S) 
J.P.Morgan Asia Credit Index, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements, la comparaison de performance et la comparaison de l’empreinte carbone.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Sustainable Asian Bond Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,00 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,00 % | 0,50 % |
| I | 10 millions | 100 000 | —­ | 0,55 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,55 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## China Government Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans les titres de créance émis par le gouvernement de la République populaire de Chine (RPC) ou les banques publiques spécialisées de la RPC, dont certaines peuvent n’avoir aucune notation. Au moins 70 % des investissements seront libellés en RMB. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations 
- onshore 
- chinoises cotées (directement et/ou indirectement) : jusqu’à 100 %, dont moins de 70 % seront investis par le biais du régime QFI,
- obligations des banques publiques spécialisées : jusqu’à 30 %.

Le Compartiment peut également investir dans des obligations
offshore 
chinoises (y compris des obligations Dim Sum).
Les obligations des banques publiques spécialisées sont des titres émis par trois organismes gouvernementaux chinois : la banque de développement de Chine (China Development Bank ou CDB) ; la banque de développement agricole de Chine (Agricultural Development Bank of China ou ADBC) ; et la banque d’exportation et d’importation de Chine (China Export Import Bank ou CEIB).
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
RÉFÉRENCE(S) 
Bloomberg China Treasury + Policy Banks Capped 9% Index. Utilisée pour : la sélection des investissements, la surveillance des risques et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 0,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 0,50 % | 0,30 % |
| I | 10 millions | 100 000 | —­ | 0,30 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,30 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## China High Yield Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à générer un niveau de revenus élevé au fil du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance « below investment grade » ou sans notation d’émetteurs qui ont leur siège social ou qui exercent la majorité de leur activité dans la région de la Grande Chine, y compris la Chine, Hong Kong, Macao et Taïwan. Ces titres seront soumis à un risque élevé, n’auront pas à atteindre un niveau de notation minimum et pourront ne pas être évalués, en termes de solvabilité, par une agence de notation internationalement reconnue. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations 
- offshore 
- chinoises (y compris les obligations Dim Sum) : jusqu’à 100 %
- obligations 
- onshore 
- chinoises cotées de sociétés et gouvernements, y compris des obligations d’investissement urbain, des titres adossés à des actifs et des obligations« below investment grade » ou sans notation cotées (directement et/ou indirectement) : moins de 60 % (sur une base globale)
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
Les investissements du Compartiment ne pas limités en matière de devises.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
 | - Marchés émergents
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,20 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,20 % | 0,50 % |

| I | 10 millions | 100 000 | —­ | 0,70 % | —­ |
| --- | --- | --- | --- | --- | --- |
| W, Y | 2 500 | 1 000 | —­ | 0,70 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## China RMB Bond Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à optimiser le rendement total sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment cherche à atteindre son objectif d’investissement par le biais d’une exposition à la créance, aux instruments du marché monétaire, aux liquidités et autres instruments assimilés (y compris des dépôts à terme) libellés en RMB. Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance
« investment grade » libellés en RMB, des titres « investment grade » d’émetteurs qui exercent la majeure partie de leur activité dans la région de l’Asie-Pacifique, des titres libellés en RMB d’émetteurs « investment grade », ou des titres d’émetteurs « investment grade » qui exercent la majeure partie de leur activité dans la région de l’Asie-Pacifique, y compris les marchés émergents.
Le Compartiment investit au moins 50 % de ses actifs dans des
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
CNH

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir, directement ou indirectement, dans les actifs suivants selon les pourcentages indiqués :
- obligations 
- onshore 
- chinoises cotées (directement et/ou indirectement) : jusqu’à 100 %
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo.

Le Compartiment peut investir dans d’autres créances financières subordonnées et des actions privilégiées.
- Chine
- Obligations CoCo
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
- Couverture
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durableL’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.

L’exposition à des investissements non libellés en RMB peut être couverte afin de maintenir une exposition de change sur le RMB.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des données financières des émetteurs, comme la croissance des revenus et des bénéfices, les flux de trésorerie et l’analyse du crédit, ainsi que les facteurs du marché et les conditions macroéconomiques. Il tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
China RMB Bond Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 0,75 % | —­ |
| E | 2 500 | 1 000 | —­ | 0,75 % | 0,50 % |
| I | 10 millions | 100 000 | —­ | 0,40 % | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,40 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Emerging Market Corporate Debt Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance de sociétés « investment grade » et « below investment grade » des marchés émergents, qui sont libellés dans les principales devises échangées dans le monde (les « monnaies fortes »). Le Compartiment peut également investir dans des titres de créance des marchés émergents libellés en devise locale et, à titre accessoire, dans des instruments du marché monétaire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations 
- onshore 
- chinoises cotées de sociétés et gouvernements, y compris des obligations d’investissement urbain, des titres adossés à des actifs et des obligations« below investment grade » ou sans notation (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % pour les CoCo
- obligations souveraines des émetteurs des marchés émergents : jusqu’à 25 %.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des facteurs ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les facteurs ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
J.P. Morgan Corporate Emerging Market Bond Index - Broad Diversified, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Créance souveraine
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Emerging Market Corporate Debt Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,20 % | —­ |
| E | 2 500 | 1 000 | — | 1,20 % | 0,40 % |
| I | 10 millions | 100 000 | — | 0,65 % | —­ |
| Y | 2 500 | 1 000 | —­ | 0,65 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Emerging Market Debt Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance des marchés émergents, émis par des entités publiques ou quasi- publiques, des banques, des établissements financiers et des sociétés. Le Compartiment peut également investir dans d’autres types de créance, des actions, des titres de créance de moindre qualité et dans des instruments du marché monétaire, à titre accessoire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations 
- onshore 
- chinoises cotées (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % pour les CoCo.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
Les sommes que le Compartiment peut investir dans des titres ou des émetteurs « below investment grade » ne sont pas limitées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des facteurs ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les facteurs ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs et les pays détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE (S) 
J.P. Morgan Emerging Markets Bond Index - Global Diversified, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Russie
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Emerging Market Debt Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,20 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,20 % | 0,40 % |
| I | 10 millions | 100 000 | —­ | 0,65 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,65 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Emerging Market Local Currency Debt Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance « investment grade » et « below investment grade » des marchés émergents et libellés en devise locale. Le Compartiment peut également investir dans des titres de créance des marchés émergents libellés en devise non locale et, à titre accessoire, dans des instruments du marché monétaire.
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- titres de créance « below investment grade » émis ou garantis par un seul pays (y compris son gouvernement, un organisme public ou local ou un secteur nationalisé du pays en question) : plus de 10 %
- 	obligations 
- onshore 
- chinoises cotées (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- obligations émises par des sociétés des marchés émergents : jusqu’à 25 %.

L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 10 % ; maximale 50 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
J.P. Morgan Government Bond Index - Emerging Markets Global Diversified, un indice qui ne tient pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques, la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Emerging Market Local Currency Debt Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,20 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,20 % | 0,40 % |
| I | 10 millions | 100 000 | —­ | 0,65 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,65 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Emerging Market Total Return Debt Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance de sociétés et de gouvernements des marchés émergents, y compris ceux libellés en devises locales ou dans les principales devises échangées dans le monde (les « monnaies fortes »), et dans des titres de créance nominaux et indexés sur l’inflation. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire. Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations 
- onshore 
- chinoises cotées (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
Les sommes que le Compartiment peut investir dans des titres ou émetteurs « below investment grade » ne sont pas limitées.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille utilise les capacités internes de recherche et d’investissement pour identifier les opportunités appropriées parmi les émetteurs d’obligations, les secteurs, les régions et les types de titres. Ce processus peut comprendre une évaluation de la solvabilité d’un émetteur d’obligations, des facteurs macroéconomiques et des valorisations. Le Gérant de Portefeuille tient également compte des facteurs ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs et les pays détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille (y compris des instruments dérivés axés sur les devises, les taux d’intérêt, les actions et la volatilité). Le Compartiment peut utiliser des positions longues ou courtes.
Le Compartiment emploie des instruments dérivés pour atteindre son objectif d’investissement et dans le but de réduire les risques ou les coûts, ou de dégager un capital ou des revenus supplémentaires. Ceci peut donner lieu à un effet de levier ou une volatilité accrue. Ces instruments comprennent, mais sans s’y limiter, des contrats à terme standardisés, des options, des contrats à terme, des swaps, des instruments liés à des crédits et autres instruments à revenu fixe, des instruments dérivés sur devises et liés à des
crédits (y compris, sans s’y limiter, des swaps de rendement total, des contrats de change à terme, des contrats à terme non livrables, des swaps de défaut de crédit 
single name 
et des indices de swaps de défaut de crédit). Les indices de swaps de défaut de crédit comprennent, notamment, mais pas exclusivement, les indices iTraxx et CDX).
Les expositions sous-jacentes des instruments dérivés comprennent des instruments comme (sans s’y limiter) des obligations d’État, des obligations émises par des organismes publics, des instruments du marché monétaire, des titres liés aux taux d’intérêt, à l’inflation, aux devises, des obligations de sociétés et des obligations structurées. Le Compartiment détiendra suffisamment d’actifs liquides (y compris, le cas échéant, des positions longues suffisamment liquides) pour couvrir à tout moment les obligations du Compartiment découlant de ses positions en dérivés de crédit (y compris les positions courtes). Dans ces situations, la performance peut augmenter ou baisser davantage que dans d’autres circonstances, reflétant ainsi ces expositions supplémentaires. Dans certaines conditions de marché, les actifs peuvent être plus difficiles à vendre.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 40 % ; maximale 200 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
50 % JPMorgan Government Bond Index- Emerging Markets Global Diversified, 25 % JPMorgan Corporate Emerging Markets Bond Index-Broad Diversified et 25 % JPMorgan Emerging Markets Bond Index-Global Diversified, des indices qui ne tiennent pas compte des caractéristiques ESG. Utilisée pour : la surveillance des risques uniquement.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Effet de levier
- Liquidité
- Marché
- Opérationnel
- Positions courtes
- Créance souveraine
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
VaR relative (limitée à 150 % de la VaR de la référence). Effet de levier anticipé : 550 % (peut être plus ou moins élevé, mais ne devrait pas dépasser 1 000 %).
Suite à la page suivante 
Emerging Market Total Return Debt Fund Suite

#### Planification de votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,50 % | 1,20 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,20 % | 0,40 % |
| I | 10 millions | 100 000 | —­ | 0,65 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,65 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables 

## Sustainable Emerging Market Debt Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital au fil du temps et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des titres de créance des marchés émergents, émis par des entités publiques ou quasi- publiques, des banques, des établissements financiers et des sociétés du monde entier, y compris des marchés émergents. Le Compartiment peut également investir dans des instruments du marché monétaire à titre accessoire.
Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres de sociétés dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations « below investment grade » : jusqu’à 100 %
- obligations 
- onshore 
- chinoises cotées, y compris des obligations d’investissement urbain (directement et/ou indirectement) : moins de 30 % (sur une base globale)
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % pour les CoCo
- titres titrisés et garantis (y compris des titres adossés à des actifs et à des créances hypothécaires) : jusqu’à 20 %.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
Les investissements du Compartiment ne sont pas limités en matière de devises.
Les sommes que le Compartiment peut investir dans des titres ou émetteurs « below investment grade » ne sont pas limitées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des données financières des émetteurs, comme la croissance des revenus et des bénéfices, les flux de trésorerie et l’analyse du crédit, ainsi que les facteurs du marché et les conditions macroéconomiques. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les émetteurs détenus dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 5 % ; maximale 50 %.
Prêt de titres Anticipée 5 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
50 % JPM ESG EMBI Global Diversified Index et 50 % JPM ESG CEMBI Broad Diversified Index, des indices qui ne tiennent pas compte des caractéristiques ESG. Utilisée pour : la sélection des investissements et la comparaison de performance.
Bien qu’il investisse dans les titres de la référence, la gestion du Compartiment étant libre, ce dernier peut investir dans des titres qui n’y sont pas présents, et sa performance peut s’éloigner fortement ou rester très proche de celle de la référence au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Couverture
 | - Haut rendement
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Russie
- Titrisation
- Créance souveraine
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas d’un rachat.
Suite à la page suivante 
Sustainable Emerging Market Debt Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 500 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,60 % |
| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| Y | 2 500 | 1 000 | —­ | 1,00 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Asia Pacific Multi Asset Growth & Income  Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital de moyen à long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions et des titres de créance émis par des entités publiques ou quasi-publiques et des sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité dans la région de l’Asie-Pacifique, y compris en Australie et en Nouvelle-Zélande mais à l’exclusion du Japon. Ces investissements peuvent provenir des marchés émergents, et certains investissements obligataires peuvent être de qualité
« below investment grade ».
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- actions : jusqu’à 80 %
- obligations « below investment grade » : jusqu’à 50 %
- exposition aux matières premières éligibles : jusqu’à 10 %
- REIT éligibles : jusqu’à 30 %
- obligations « investment grade » : jusqu’à 75 %
- actions A et B chinoises et obligations 
- onshore 
- cotées (directement et/ou indirectement) : moins de 50 % (sur une base globale)
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo
- instruments du marché monétaire : jusqu’à 30 %.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille associe une analyse des conditions macroéconomiques, des marchés et des fondamentaux des sociétés pour répartir les investissements de manière flexible entre les différentes catégories d’actifs et régions en fonction de leur potentiel à générer une croissance du capital et des revenus. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Chine
- Obligations CoCo
- Matières premières
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
 | - Marchés émergents
- Actions
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,25 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,25 % | 0,60 % |
| I | 10 millions | 100 000 | —­ | 0,70 % |  |
| W/ Y | 2 500 | 1 000 | —­ | 0,70 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Absolute Return Multi Strategy Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment vise un rendement positif absolu qui sera faiblement corrélé avec les catégories d’actifs traditionnelles, de moyen à long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment utilise une variété de stratégies d’investissement diversifiées pour atteindre son objectif, y compris les stratégies d’arbitrage, de couverture des actions, de revenu fixe et macro. Les stratégies seront mises en œuvre essentiellement par une exposition longue et courte à une gamme de catégories d’actifs tels que des actions, des obligations « investment grade » et « below investment grade » de sociétés et de gouvernements, des titres immobiliers et d’infrastructure, des matières premières, des instruments du marché monétaire et des devises, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés n’importe quelle devise.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- actions A et B chinoises et obligations 
- onshore 
- cotées (y compris des obligations d’investissement urbain) : moins de 30 %
- instruments de créance garantis et titrisés : moins de 20 %
- exposition aux matières premières éligibles : jusqu’à 10 %
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo.

Le Compartiment peut également investir dans des obligations
offshore 
chinoises (y compris des obligations Dim Sum).
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
Le Gérant de Portefeuille cherche à dépasser la référence.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille associe une analyse de marché qualitative et quantitative au sein d’une procédure de construction disciplinée du portefeuille pour répartir les investissements entre les différentes stratégies, comme les stratégies long-short sur les actions, l’arbitrage, le revenu fixe et les stratégies macro.
Les stratégies d’arbitrage visent à tirer parti de la différence de prix entre des instruments liés considérés comme étant sous-évalués. Cela peut impliquer l’achat et la vente simultanés d’instruments financiers liés.
Les stratégies de couverture d’actions cherchent à tirer parti des actions considérées comme étant sous-évaluées en vendant celles qui sont surévaluées ou en couvrant le risque de marché associé à celles qui sont sous-évaluées.
Les stratégies de revenu fixe et macro sont regroupées car elles peuvent s’appliquer aux deux disciplines. Les stratégies de revenu fixe visent à produire des rendements constants, que ce soit sur les marchés du revenu fixe ou par le biais de stratégies de valeur relative sur des marchés tels que les obligations de sociétés et des marchés émergents. Les stratégies macro utilisent traditionnellement une approche
« top down » qui analyse les facteurs macroéconomiques et politiques pour investir dans plusieurs catégories d’actifs sur les marchés mondiaux.
Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement. Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille. Le Compartiment peut utiliser des positions longues ou courtes. Le Compartiment adoptera des positions longues sur les titres jugés sous-évalués et des positions courtes sur ceux jugés surévalués. Une exposition courte ne sera obtenue qu’en utilisant des instruments dérivés.
Les types d’instruments dérivés qui seront employés comprennent, sans s’y limiter, des contrats à terme standardisés (sur indice, panier ou 
single name
), des contrats à terme, des swaps (notamment de taux d’intérêt, de défaut de crédit, indexés sur l’inflation et de rendement total), des options, des swaptions et des contrats de différence. Les instruments dérivés servent à atteindre une exposition indirecte sur les principaux actifs énumérés précédemment, pour générer un capital ou un revenu supplémentaire en accord avec le profil de risque du Compartiment ou dans le but de réduire les risques ou les coûts.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 200 % ; maximale 400 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le taux de financement au jour le jour garanti (Secured Overnight Financing Rate ou SOFR). Utilisée pour : la comparaison des performances et le calcul de la commission de surperformance et de performance.
Le Compartiment n’est pas limité par sa référence et sa performance peut s’éloigner fortement ou rester très proche de celle de cette dernière, au cours d’une période.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Chine
- Obligations CoCo
- Matières premières
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
- Actions
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Effet de levier
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Positions courtes
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
VaR absolue limitée à 20 %. Effet de levier anticipé : 600 % (peut être plus ou moins élevé, mais ne devrait pas dépasser 750 %).
Suite à la page suivante 
Absolute Return Multi Strategy Fund Suite

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |  |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution | Performance |
| A | 2 500 | 1 000 | 5,25 % | 1,05 % | —­ | 10 % |
| A | 2 500 | 1 000 | 5,25 % | 1,40 % | —­ | —­ |
| I | 10 millions | 100 000 | —­ | 0,55 % | —­ | 10 % |
| I | 10 millions | 100 000 | —­ | 0,75 % |  | —­ |
| W, Y | 2 500 | 1 000 | —­ | 0,55 % | —­ | 10 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci- dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. La commission de performance est payée si la catégorie concernée dépasse son effet de cliquet qui est ajusté en fonction du rendement de l’indice monétaire concerné. Elle est cumulée quotidiennement, les intérêts courus étant réintégrés en cas de performance inférieure, et versée chaque année au Gérant de Portefeuille. |


## European Multi Asset Income Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à générer des revenus au fin du temps.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions et des titres de créance des gouvernements européens, ou des émetteurs qui sont cotés, qui ont leur siège social ou exercent la majeure partie de leur activité en Europe. Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations « investment grade » européennes : jusqu’à 70 %
- obligations « below investment grade » européennes : jusqu’à 50 %
- actions européennes : jusqu’à 50 %
- obligations gouvernementales européennes : jusqu’à 50 %
- actions A et B chinoises et obligations 
- onshore 
- cotées (directement et/ou indirectement) : moins de 10 % (sur une base globale)
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo
- investissements alternatifs, comme des titres d’infrastructure et des REIT éligibles : jusqu’à 20 %
- investissements non européens (y compris des actions, des obligations d’État, des obligations « investment grade » ou« below Investment grade », des créances des marchés émergents ou des investissements alternatifs éligibles) : jusqu’à 20 %
- instruments du marché monétaire : jusqu’à 25 %.

L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant associe une analyse des conditions macroéconomiques, des marchés et des fondamentaux des sociétés pour répartir les investissements de manière flexible entre les différentes catégories d’actifs et régions, en fonction de leur potentiel de création de revenus. Il tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 80 % ; maximale 300 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Chine
- Obligations CoCo
- Concentration
- Matières premières
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Positions courtes
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
European Multi Asset Income Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,00 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,00 % | 0,55 % |
| I | 10 millions | 100 000 | —­ | 0,60 % |  |
| W/ Y | 2 500 | 1 000 | —­ | 0,60 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Greater China Multi Asset Growth & Income Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital de moyen à long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions et des titres de créance émis par des entités publiques ou quasi-publiques, et des sociétés qui sont cotées, qui ont leur siège social ou qui exercent la majeure partie de leur activité dans la région de la Grande Chine, y compris la Chine, Hong Kong, Macao et Taïwan. La Chine, Taïwan et Macao sont considérés comme des marchés émergents.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations de tout type : jusqu’à 90 %, avec jusqu’à 75 % dans des obligations « below investment grade » et sans notation, et jusqu’à 75 % dans des obligations « investment grade »
- actions : jusqu’à 80 %
- actions A et B chinoises et titres de créance 
- onshore 
- cotés (directement ou indirectement) : moins de 75 % (sur une base globale)
- Actions A chinoises via le QFI ou le Stock Connect, cotées sur le marché ChiNext ou le STAR Board : jusqu’à 75 %
- obligations 
- offshore 
- chinoises (y compris les obligations Dim Sum) : jusqu’à 50 %
- instruments de créance garantis et titrisés : jusqu’à 20 %
- exposition aux matières premières éligibles : jusqu’à 30 %
- REIT éligibles : jusqu’à 30 %
- obligations d’investissement urbain : jusqu’à 10 %
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo
- instruments du marché monétaire : jusqu’à 30 %.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées. Aucune notation minimale n’est requise pour les investissements.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille répartira les investissements entre les catégories d’actifs et les régions d’après leur potentiel à générer une croissance du capital ou un revenu. Le revenu du Compartiment découle principalement du versement des dividendes des actions et du paiement des coupons des obligations, la croissance du capital étant générée principalement par les investissements en actions. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Chine
- Obligations CoCo
- Matières premières
- Concentration
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
 | - Actions
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Greater China Multi Asset Growth & Income Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,25 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Multi Asset Defensive Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital tout en cherchant à préserver le capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, y compris des actions, des obligations « investment grade » et « below investment grade » de sociétés et de gouvernements, des instruments du marché monétaire, des REIT éligibles, et une exposition éligible aux matières premières, dans le monde entier, y compris les marchés émergents.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations « below investment grade » : moins de 30 %
- actions A et B chinoises et obligations 
- onshore 
- cotées (directement ou indirectement) : moins de 20 % (sur une base globale)
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille répartira les investissements entre les catégories d’actifs et les régions d’après leur potentiel à générer une croissance du capital ou à réduire le risque global. Le Compartiment adopte une approche multi asset qui permet un potentiel de diversification important. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille (y compris des instruments dérivés axés sur le crédit, les taux d’intérêt et les devises). Le Compartiment peut utiliser des positions longues ou courtes.
Le Compartiment utilise des instruments dérivés, y compris des instruments dérivés ou des stratégies complexes, pour atteindre ses objectifs d’investissement. Les instruments dérivés peuvent permettre de créer une exposition économique à un actif, qui sera similaire à la détention physique de cet actif. Les types d’instruments dérivés qui seront utilisés comprennent des contrats à terme standardisés sur indices, sur paniers ou 
single name
, des , options et des contrats de différence qui se rapportent à des actions ou des obligations. Les options utilisées comprendront des options d’achat et de vente, ainsi que des options d’achat garanties. Le Compartiment utilisera des swaps sur indice, des swaps de défaut de crédit sur paniers ou 
single name
, ainsi que des swaps de rendement total pour adopter une exposition ou réduire le risque de crédit des émetteurs, des swaps de taux d’intérêt pour assurer une gestion active du risque de taux, et des dérivés de change pour couvrir ou obtenir une exposition monétaire ou répliquer l’exposition monétaire des actions sous-jacentes d’un indice. Les positions monétaires actives longues et courtes mises en place par le Compartiment peuvent ne présenter aucune corrélation avec les positions sous-jacentes détenues par le Compartiment.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 65 % ; maximale 200 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Un indice composite composé de 80 % Bloomberg Global Aggregate Index (EUR Hedged) Index et 20 % MSCI ACWI (Net) EUR Index. Utilisée pour : la surveillance des risques uniquement (le Compartiment cherche à atteindre un risque baissier inférieur à celui de la référence sur une période glissante de 3 ans). Le Compartiment n’utilise aucune référence pour évaluer sa performance.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Chine
- Obligations CoCo
- Matières premières
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
 | - Actions
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Effet de levier
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Positions courtes
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
VaR absolue, limitée à 8 %. Effet de levier brut anticipé : 400 % (peut être plus ou moins élevé, mais ne devrait pas dépasser 750%).

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds mixte (
Mischfonds
).
Suite à la page suivante 
Global Multi Asset Defensive Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 0,90 % | —­ |
| E | 2 500 | 1 000 | —­ | 0,90 % | 0,30 % |
| I | 10 millions | 100 000 | —­ | 0,45 % |  |
| W/ Y | 2 500 | 1 000 | —­ | 0,45 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Multi Asset Growth & Income Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital de moyen à long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, y compris des titres de créance des sociétés et des gouvernements, des actions, des titres immobiliers et d’infrastructure, et des matières premières, du monde entier, y compris des marchés émergents.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations « below investment grade » ou sans notation : jusqu’à 75 %
- actions : jusqu’à 80 %, avec jusqu’à 60 % d’actions des marchés émergents
- obligations des marchés émergents : jusqu’à 60 %
- actions A et B chinoises et obligations 
- onshore 
- cotées (directement et/ou indirectement), y compris des obligations d’investissement urbain : moins de 30 % (sur une base globale)
- obligations 
- offshore 
- chinoises (y compris les obligations Dim Sum) : jusqu’à 30 %
- titres convertibles (obligations hybrides et convertibles contingentes (CoCo)) : moins de 30 %, avec moins de 20 % dans les CoCo
- REIT éligibles, titres d’infrastructure et matières premières : moins de 30 % (dans chaque catégorie d’actifs)
- obligations « investment grade » : jusqu’à 100 %
- instruments du marché monétaire : jusqu’à 30 %.

L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille associe une analyse des conditions macroéconomiques, des marchés et des fondamentaux des sociétés pour répartir les investissements de manière flexible entre les différentes catégories d’actifs et régions en fonction de leur potentiel à générer une croissance du capital et des revenus. Le revenu du Compartiment découle principalement du versement des dividendes des actions et du paiement des coupons des obligations ainsi que des paiements réalisés à partir du capital. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Chine
- Obligations CoCo
- Matières premières
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
 | - Actions
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ainsi qu’un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds mixte (
Mischfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,25 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,25 % | 0,60 % |
| I | 10 millions | 100 000 | — | 0,70 % | — |
| W/ Y | 2 500 | 1 000 | —­ | 0,70 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Multi Asset Income Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital modérée de moyen à long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, y compris des titres de créance, des actions, des titres immobiliers et d’infrastructure, du monde entier, y compris des marchés émergents.
Le Compartiment investit au moins 50 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations « investment grade » : jusqu’à 100 %
- obligations « below investment grade » : jusqu’à 60 %
- obligations des marchés émergents : jusqu’à 50 %
- actions : jusqu’à 50 %
- obligations d’État : jusqu’à 50 %
- actions A et B chinoises et obligations 
- onshore 
- cotées (directement et/ou indirectement) : moins de 20 % (sur une base globale)
- REIT éligibles et titres d’infrastructure : moins de 30 % (dans chaque catégorie d’actifs)
- obligations hybrides et obligations convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les obligations CoCo
- instruments du marché monétaire : jusqu’à 25 %.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille répartira les investissements entre les catégories d’actifs et les régions, d’après leur potentiel de création de revenu et de croissance du capital ou de réduction du risque global. Le revenu du Compartiment provient principalement du versement des dividendes des actions et du paiement des coupons des obligations. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes du Cadre d’investissement durable de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 80 % ; maximale 300 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Chine
- Obligations CoCo
- Matières premières
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
 | - Actions
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Global Multi Asset Income Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | 5,25 % | 1,25 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,25 % | 0,60 % |
| I | 10 millions | 100 000 | — | 0,70 % | — |
| W/ Y | 2 500 | 1 000 | —­ | 0,70 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Multi Asset Target Income 2024 Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre un rendement total positif jusqu’à la liquidation programmée du Compartiment en 2024.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, y compris des actions, des obligations « investment grade » et « below investment grade » de sociétés et de gouvernements, des REIT éligibles, des titres d’infrastructure, des matières premières et des liquidités, du monde entier, y compris des marchés émergents. Le Compartiment peut obtenir une partie de ses rendements en utilisant des instruments dérivés et en investissant dans des OPCVM et des OPC. À l’approche de sa date d’échéance, le Compartiment peut investir dans des instruments du marché monétaire et/ou dans d’autres titres de créance à court terme, y compris des certificats de dépôt, des billets de trésorerie et des obligations à taux variable, ainsi que dans des liquidités et autres instruments assimilés.
À l’échéance, le Compartiment sera automatiquement liquidé.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille répartira les investissements entre les catégories d’actifs et les régions d’après leur potentiel à générer une croissance du capital ou à réduire le risque global. La proportion d’actifs alloués par le Gérant de Portefeuille à chaque catégorie d’actifs varie au fil du temps et s’oriente progressivement vers une préservation de la valeur à l’approche de la date cible. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
Le Compartiment utilise des instruments dérivés, y compris des instruments dérivés ou des stratégies complexes, pour atteindre ses objectifs d’investissement. Le Compartiment peut conserver une exposition longue ou courte sur les titres grâce aux instruments dérivés. De telles positions peuvent ne pas être liées à des titres sous-jacents détenus par le Compartiment. Ce processus offre au Gérant de Portefeuille une certaine flexibilité lorsqu’il s’agit de choisir une technique particulière, ou de déterminer le moment où les investissements doivent être concentrés ou diversifiés. Les instruments dérivés peuvent être utilisés pour créer une exposition économique à un actif, qui sera similaire à la détention physique de cet actif.
Les dérivés de change peuvent être utilisés à des fins de couverture ou de gain sur les expositions de change longues et courtes ou pour répliquer l’exposition de change des titres sous-jacents d’un indice. Les types d’instruments financiers dérivés qui seront utilisés comprennent des contrats à terme standardisés sur indices, sur paniers ou 
single name
, des options et des contrats de différence qui se rapportent à des actions ou des obligations. Les options utilisées comprendront des options d’achat et de vente, ainsi que des options d’achat garanties.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Matières premières
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Effet de levier
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Positions courtes
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
VaR absolue, limitée à 8 %. Effet de levier brut anticipé : 450 % (peut être plus ou moins élevé, mais ne devrait pas dépasser 750 %).

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 3 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée et un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Le Compartiment est fermé aux souscriptions et aux arbitrages entrants uniquement depuis le 23 mai 2018. Les demandes de vente et d’arbitrage sortants uniquement des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont habituellement traitées à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
La dernière VL sera calculée le 22 mai 2024 et le produit sera restitué aux actionnaires le 5 juin 2024 au plus tard.
Suite à la page suivante 
Multi Asset Target Income 2024 Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |  |
| Catégorie | Initial et participation | Ultérieur | Entrée | Droits de rachat | Gestion | Distribution |
| A | 2 500 | 1 000 | 3,00 % | 1,00 % | 0,80 % | -—­ |
| --Y | 2 500 | 1 000 | 3,00 % | —­ | 0,45 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci- dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. Les frais de gestion annuels seront ramenés à 0 % le 24 avril 2024. |

 Famille de Compartiments durables	

## Sustainable Multi Asset Income Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital modérée de moyen à long terme et à générer des revenus.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, y compris des titres de créance, des actions, des titres immobiliers et d’infrastructure, des matières premières et des liquidités du monde entier, y compris des marchés émergents. Le Compartiment investit au moins 70 % de ses actifs dans des titres de sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- titres de créance de tout type : jusqu’à 100 %
- titres de créance « below investment grade » : jusqu’à 60 %
- titres de créance des marchés émergents et actions : jusqu’à 50 %
- actions : jusqu’à 50 %
- titres de créance gouvernementaux : jusqu’à 50 %
- actions A et B chinoises et titres de créance 
- onshore 
- cotés (directement ou indirectement) : moins de 30 % (sur une base globale)
- REIT éligibles : jusqu’à 30 %
- titres d’infrastructure (à l’exclusion des fonds de placements immobiliers) : jusqu’à 30 %
- obligations 
- offshore 
- chinoises (y compris des obligations Dim Sum) : moins de 10 %
- titres adossés à des crédits et à des actions : jusqu’à 10 %
- titres de créance et actions russes : jusqu’à 10 % sur une base globale
- exposition aux matières premières éligibles : jusqu’à 5 %
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo
- instruments du marché monétaire : jusqu’à 25 %.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant associe une analyse des conditions macroéconomiques, des marchés et des fondamentaux des sociétés pour répartir les investissements de manière dynamique entre les différentes catégories d’actifs et régions. Le revenu du Compartiment découle principalement du versement des dividendes des actions et du paiement des coupons des obligations, la croissance du capital étant générée principalement par les investissements en actions. Pour atteindre cet objectif, le Compartiment adopte une stratégie d’allocation d’actifs tactique au titre de laquelle les investissements peuvent être équilibrés et ajustés de manière active. Le Compartiment pourrait, en conséquence, supporter des frais de transaction plus élevés qu’un fonds faisant appel à une stratégie d’allocation statique. Il tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille,  par  le  biais  de  la  procédure  de  gestion  des
investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 80 % ; maximale 300 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Chine
- Obligations CoCo
- Matières premières
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
 | - Actions
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Russie
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ainsi qu’un revenu ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Sustainable Multi Asset Income Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A E | 2 500 2 500 | 1 000 1 000 | 5,25 % —­ | 1,25 % 1,25 % | —­ 0,60 % |

| I | 10 millions | 100 000 | —­ | 0,70 % | —­ |
| --- | --- | --- | --- | --- | --- |
| Y | 2 500 | 1 000 | —­ | 0,70 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Fidelity Institutional TargetTM 2015 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2015.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des actions, des obligations, des titres portant intérêt et des titres du marché monétaire, ainsi que dans une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices (chacun un « Indice de marché ») afin d’établir des directives internes sur les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les
pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 mois ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Fidelity Institutional TargetTM 2015 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,21 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Global Multi Asset Dynamic Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, y compris des actions, des obligations de sociétés et de gouvernements, des matières premières, des instruments du marché monétaire et des REIT éligibles, dans le monde entier, y compris les marchés émergents.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations de tout type : jusqu’à 100 %
- obligations « investment grade » : jusqu’à 50 %
- obligations « below investment grade » et sans notation : jusqu’à 75 %
- obligations des marchés émergents : jusqu’à 75 %
- actions des marchés émergents : jusqu’à 75 %
- actions : jusqu’à 100 %
- titres russes : jusqu’à 15 %
- exposition aux matières premières éligibles : jusqu’à 50 %
- actions A et B chinoises et obligations 
- onshore 
- chinoises : moins de 30 % (sur une base globale)
- REIT éligibles : jusqu’à 30 %
- obligations hybrides et convertibles contingentes (CoCo) : moins de 30 %, avec moins de 20 % dans les CoCo.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille répartira les investissements de manière tactique entre les catégories d’actifs et les régions (y compris les marchés émergents) d’après leur potentiel à générer une croissance du capital ou à réduire le risque global. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
75 % MSCI ACWI Index et 25 % Bloomberg Global Aggregate Index, des indices qui ne tiennent pas compte des caractéristiques ESG. Utilisée pour : la comparaison de performance uniquement.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Chine
- Obligations CoCo
- Matières premières
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Titres fortement dépréciés
- Marchés émergents
 | - Actions
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Russie
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui cherchent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds mixte (
Mischfonds
).
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A E | 2 500 2 500 | 1 500 1 000 | 5,25 % —­ | 1,25 % 1,25 % | —­ 0,60 % |

| I | 10 millions | 100 000 | —­ | 0,63 % | —­ |
| --- | --- | --- | --- | --- | --- |
| W/Y | 2 500 | 1 000 | —­ | 0,63 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible.

## Strategic European Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % de ses actifs dans des actions européennes ainsi que des liquidités et des instruments libellés en euros qui peuvent être convertis rapidement en espèces. Le Compartiment investit essentiellement en Europe et peut investir dans différents pays de cette région qui peut comprendre des marchés émergents.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- actions européennes : jusqu’à 100 %
- liquidités et instruments associés : jusqu’à 50 %.

Le portefeuille du Compartiment peut avoir une exposition concentrée sur un nombre de sociétés limité représentant plus de 50 % de son actif net.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille tient compte des paramètres de valorisation, des données financières des sociétés, du rendement du capital, des flux de trésorerie et d’autres mesures, ainsi que des dirigeants, du secteur, des conditions économiques et d’autres facteurs. Le Gérant de Portefeuille répartit les investissements selon trois stratégies de base. Ces stratégies d’investissement de base comprennent une stratégie longue en actions, une stratégie d’actions neutre par rapport au marché et une stratégie d’allocation des liquidités.
La stratégie longue en actions est composée de positions longues sur les sociétés européennes que le Gérant de Portefeuille considère comme des sociétés de bonne qualité aux valorisations intéressantes.
La stratégie neutre par rapport au marché est composée de positions longues et courtes en actions ou de contrats à terme standardisés sur indice d’actions des sociétés européennes. Le Gérant de Portefeuille obtiendra une exposition longue aux sociétés qu’il juge intéressantes tout en maintenant une exposition courte, par le biais d’instruments dérivés, à celles jugées peu attrayantes.
La stratégie d’allocation des liquidités comprend des liquidités et des instruments libellés en euros qui peuvent être rapidement convertis en espèces (y compris des dépôts en espèces, des bons du Trésor et des obligations gouvernementales, des obligations de sociétés à court terme, des billets de trésorerie, des instruments du marché monétaire à court terme et des certificats de dépôt). Le Gérant de Portefeuille répartira les actifs entre les trois stratégies en fonction du nombre d’opportunités et de la taille des positions au sein de la stratégie longue en actions. Lorsque cette stratégie ne permettra pas d’atteindre un nombre de titres suffisant, les actifs seront alloués à la stratégie d’actions neutre par rapport au marché et/ou à la stratégie d’allocation des liquidités en fonction de l’attrait des rendements ajustés aux risques et des conditions du marché, avec une préférence pour la stratégie d’actions neutre par rapport au marché lorsque les conditions de marché seront normales.
Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement. Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille (y
compris des instruments dérivés axés sur les devises, les actions ou les obligations). Le Compartiment peut utiliser des positions longues ou courtes.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 60 % ; maximale 240 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
MSCI Europe Index. Utilisée pour : la mesure des risques uniquement.
Le Gérant de Portefeuille n’est pas limité par l’Indice, et il n’existe aucune restriction quant à l’écart de performance entre le Compartiment et l’Indice.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Titres convertibles
- Contrepartie et garantie
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Fonds d’investissement
- Effet de levier
- Liquidité
- Marché
- Opérationnel
- Positions courtes
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
VaR relative limitée à 150 % de la VaR du portefeuille de référence. Effet de levier anticipé : 250 % (peut être plus ou moins élevé, mais ne devrait pas dépasser 350 %).

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds mixte (
Mischfonds
).
Suite à la page suivante 
Strategic European Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A 2 | 2 500 | 1 000 | 5,25 % | 1,50 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,50 % | 0,75 % |

| I | 10 millions | 100 000 | —­ | 0,80 % | —­ |
| --- | --- | --- | --- | --- | --- |
| W, Y | 2 500 | 1 000 | —­ | 0,80 % | —­ |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Pour cette catégorie d’Actions, une commission d’allocation d’actifs annuelle allant jusqu’à 0,50 % est prélevée. 3 Pour cette catégorie d’Actions, une commission d’allocation d’actifs annuelle allant jusqu’à 0,25 % est prélevée.

## SMART Global Defensive Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance stable sur le long terme.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, y compris des obligations
« investment grade » et « below investment grade » de sociétés et de gouvernements, des titres indexés sur l’inflation, des actions, des titres immobiliers et des matières premières, du monde entier, y compris des marchés émergents. Les investissements obligataires peuvent être de qualité « below investment grade ». Dans des conditions de marché normales, le Compartiment cherche à gérer la volatilité moyenne à long terme dans une fourchette de 2 à 5 % par an.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- obligations « below investment grade » : jusqu’à 40 %
- actions : jusqu’à 40 %
- REIT éligibles, titres d’infrastructure et exposition éligible aux matières premières : moins de 30 % (sur une base globale)
- obligations d’État, de sociétés, indexées sur l’inflation et des marchés émergents : jusqu’à 100 %
- obligations hybrides et convertibles contingentes (CoCo) :réduire le risque de crédit des émetteurs, des swaps de taux d’intérêt pour assurer une gestion active du risque de taux, et des dérivés de change pour couvrir ou obtenir une exposition monétaire ou répliquer l’exposition monétaire des actions sous-jacentes d’un indice.

Les positions monétaires actives longues et courtes mises en place par le Compartiment peuvent ne présenter aucune corrélation avec les positions sous-jacentes détenues par le Compartiment.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 230 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
moins de 30 %, avec moins de 20 % dans les CoCo
- instruments du marché monétaire : plus de 10 %.

Le Compartiment peut également investir dans d’autres créances financières subordonnées et des actions privilégiées.
L’exposition du Compartiment aux titres fortement dépréciés est limitée à 10 % de ses actifs.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille associe une analyse des conditions macroéconomiques, des marchés et des fondamentaux des sociétés pour répartir les investissements de manière flexible entre les différentes catégories d’actifs et régions. Il utilise également le modèle
- Allocation des actifs
- Obligations CoCo
- Matières premières
- Titres convertibles
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Effet de levier
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Positions courtesSystematic Multi Asset Risk Targeted de Fidelity qui cherche à maintenir la volatilité globale du portefeuille dans une fourchette ciblée. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.

Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille (y compris des instruments dérivés axés sur les actions, le crédit, les taux d’intérêt et les devises). Le Compartiment peut utiliser des positions longues ou courtes.
Le Compartiment utilise des instruments dérivés, y compris des stratégies ou des instruments dérivés complexes, pour atteindre ses objectifs d’investissement, avec un niveau de risque compatible avec son profil de risque. Les instruments dérivés peuvent être utilisés pour créer une exposition économique à un actif, qui sera similaire à la détention physique de cet actif. Les types d’instruments dérivés qui seront utilisés comprennent des contrats à terme standardisés sur indices, sur paniers ou 
single name
, des , options et des contrats de différence qui se rapportent à des actions ou des obligations. Les options utilisées comprendront des options d’achat et de vente, ainsi que des options d’achat garanties. Le Compartiment utilisera des swaps sur indice, des swaps de défaut de crédit sur paniers ou 
single name
, ainsi que des swaps de rendement total pour adopter une exposition ou
METHODE DE GESTION DES RISQUES 
VaR absolue, limitée à
8 %. Effet de levier brut anticipé : 250 % (peut être plus ou moins élevé, mais ne devrait pas dépasser 650 %).

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 2 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
SMART Global Defensive Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 6 000 | 1 500 | 5,25 % | 1,15 % | —­ |
| E | 2 500 | 1 000 | —­ | 1,15 % | 0,60 % |
| I | 10 millions | 100 000 | —­ | 0,58 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,58 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Fidelity Institutional TargetTM 2020 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2020.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des actions, des obligations, des titres portant intérêt et des instruments du marché monétaire, ainsi que dans une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- OPCVM et OPC : jusqu’à 100 %
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices (chacun un « Indice de marché ») afin d’établir des directives internes sur les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de
marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs.
Les Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 mois ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Suite à la page suivante 
Fidelity Institutional TargetTM 2020 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,21 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Fidelity Institutional TargetTM 2025 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2025.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des actions, des obligations, des titres portant intérêt et des instruments du marché monétaire, ainsi que des titres immobiliers, des titres d’infrastructure et une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- OPCVM et OPC : jusqu’à 100 %
- titres d’infrastructure, REIT éligibles et exposition aux matières premières : moins de 30 %
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les
pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds mixte (
Mischfonds
).
Suite à la page suivante 
Fidelity Institutional TargetTM 2025 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,30 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Ramené à 0,21 % le 1er janvier 2026. |


## Fidelity Institutional TargetTM 2030 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2030.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des actions, des obligations, des titres portant intérêt et des instruments du marché monétaire, ainsi que des titres immobiliers, des titres d’infrastructure et une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- OPCVM et OPC : jusqu’à 100 %
- titres d’infrastructure, REIT éligibles et exposition aux matières premières : moins de 30 %
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention
« Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs
pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché.
Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment à date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds mixte (
Mischfonds
).
Suite à la page suivante 
Fidelity Institutional TargetTM 2030 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,40 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Ramené à 0,30 % le 1er janvier 2028 et à 0,21 % le 1er janvier 2031. |


## Fidelity Institutional TargetTM 2035 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2035.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des actions, des obligations, des titres portant intérêt et des instruments du marché monétaire, ainsi que dans des titres immobiliers, des titres d’infrastructure et des matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- OPCVM et OPC : jusqu’à 100 %
- titres d’infrastructure, REIT éligibles et exposition aux matières premières : moins de 30 %
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs.
Les Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment à date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity Institutional TargetTM 2035 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,40 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Ramené à 0,30 % le 1er janvier 2033 et à 0,21 % le 1er janvier 2036. |


## Fidelity Institutional TargetTM 2040 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2040.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des actions, des obligations, des titres portant intérêt et des instruments du marché monétaire, ainsi que des titres immobiliers, des titres d’infrastructure et une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- OPCVM et OPC : jusqu’à 100 %
- titres d’infrastructure, REIT éligibles et exposition aux matières premières : moins de 30 %
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de
marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment à date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity Institutional TargetTM 2040 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,40 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Ramené à 0,30 % le 1er janvier 2038 et à 0,21 % le 1er janvier 2041. |


## Fidelity Institutional TargetTM 2045 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2045.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des actions, des obligations, des titres portant intérêt et des instruments du marché monétaire, ainsi que des titres immobiliers, des titres d’infrastructure et une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- OPCVM et OPC : jusqu’à 100 %
- titres d’infrastructure, REIT éligibles et exposition aux matières premières : moins de 30 %
- instruments de créance garantis et titrisés : jusqu’à 20 %Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention« Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement.

PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement.
Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Couverture des actions
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment à date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ;	 maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs
Au titre de la loi allemande sur la fiscalité des investissements
de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity Institutional TargetTM 2045 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,40 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Ramené à 0,30 % le 1er janvier 2043 et à 0,21 % le 1er janvier 2046. |


## Fidelity Institutional TargetTM 2050 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2050.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des actions, des obligations, des titres portant intérêt et des instruments du marché monétaire, ainsi que des titres immobiliers, des titres d’infrastructure et une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- OPCVM et OPC : jusqu’à 100 %
- titres d’infrastructure, REIT éligibles et exposition aux matières premières : moins de 30 %
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention
« Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices de marché afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs
pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement.
Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity Institutional TargetTM 2050 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,40 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Ramené à 0,30 % le 1er janvier 2048 et à 0,21 % le 1er janvier 2051. |


## Fidelity Institutional TargetTM 2055 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2055.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des actions, des obligations, des titres portant intérêt et des titres du marché monétaire, ainsi que des titres immobiliers, des titres d’infrastructure et une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- OPCVM et OPC : jusqu’à 100 %
- titres d’infrastructure, REIT éligibles et exposition aux matières premières : moins de 30 %
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices de marché afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Les
Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity Institutional TargetTM 2055 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,40 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Ramené à 0,30 % le 1er janvier 2053 et à 0,21 % le 1er janvier 2056. |


## Fidelity Institutional TargetTM 2060 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2060.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des actions, des obligations, des titres portant intérêt et des instruments du marché monétaire, ainsi que des titres immobiliers, des titres d’infrastructure et une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- OPCVM et OPC : jusqu’à 100 %
- titres d’infrastructure, REIT éligibles et exposition aux matières premières : moins de 30 %
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention
« Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs
pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement.
Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity Institutional TargetTM 2060 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,40 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Ramené à 0,30 % le 1er janvier 2058 et à 0,21 % le 1er janvier 2061. |


## Fidelity TargetTM 2020 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2020.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des obligations, des actions, des titres portant intérêt et des instruments du marché monétaire, ainsi que dans une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement. Le Compartiment ne sera pas fermé lorsque la date cible sera atteinte. Il continuera d’être géré conformément à son objectif et sa politique d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices (chacun un « Indice de marché ») afin d’établir des directives internes sur les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment.
Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les
pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 mois ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity TargetTM 2020 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| A | 6 000 | 1 500 | 5,25 % | 1,00 % | 0,40 % |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,20 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Fidelity TargetTM 2020 Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2020.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des actions, des obligations, des titres portant intérêt et des instruments du marché monétaire du monde entier, y compris des marchés émergents. Ces investissements peuvent être de qualité
« below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment ne sera pas fermé lorsque la date cible sera atteinte. Il continuera d’être géré conformément à son objectif et sa politique d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices (chacun un « Indice de marché ») afin d’établir des directives internes sur les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment.
Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au
fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment à date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds,
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 mois,
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity TargetTM 2020 Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 6 500 | 1 000 | 5,25 % | 0,40 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


## Fidelity TargetTM 2025 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2025.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des obligations, des actions, des titres portant intérêt et des instruments du marché monétaire, ainsi que dans une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement. Le Compartiment ne sera pas fermé lorsque la date cible sera atteinte. Il continuera d’être géré conformément à son objectif et sa politique d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices (chacun un « Indice de marché ») afin d’établir des directives internes sur les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment.
Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les
pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds,
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 4 ans,
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity TargetTM 2025 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| A | 2 500 | 1 000 | 5,25 % | 1,00 % | 1,10 % |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,60 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Pour les Actions de catégorie A, les frais de gestion annuels seront réduits à 0,85 % le 1er janvier 2023. Pour les Actions de catégorie P, les frais de gestion seront réduits à 0,45 % le 1er janvier 2023. |


## Fidelity TargetTM 2030 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2030.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des obligations, des actions, des titres portant intérêt et des instruments du marché monétaire, ainsi que dans une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement. Le Compartiment ne sera pas fermé lorsque la date cible sera atteinte. Il continuera d’être géré conformément à son objectif et sa politique d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices (chacun un « Indice de marché ») afin d’établir des directives internes sur les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment.
Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les
pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity TargetTM 2030 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| A | 2 500 | 1 000 | 5,25 % | --- | 1,50 % |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,80 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Pour les Actions de catégorie A, les frais de gestion annuels seront réduits à 0,85 % le 1er janvier 2028. Pour les Actions de catégorie P, les frais de gestion annuels seront réduits à 0,60 % le 1er janvier 2023 et à 0,45 % le 1er janvier 2028. |


## Fidelity TargetTM 2035 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2035.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des obligations, des actions, des titres portant intérêt et des instruments du marché monétaire, ainsi que dans une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement. Le Compartiment ne sera pas fermé lorsque la date cible sera atteinte. Il continuera d’être géré conformément à son objectif et sa politique d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices (chacun un « Indice de marché ») afin d’établir des directives internes sur les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les
pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity TargetTM 2035 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| A | 2 500 | 1 000 | 5,25 % | --- | 1,50 % |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,80 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Pour les Actions de catégorie A, les frais de gestion annuels seront réduits à 1,10 % le 1er janvier 2028 et à 0,85 % le 1er janvier 2033. Pour les Actions de catégorie P, les frais de gestion annuels seront réduits à 0,60 % le 1er janvier 2028 et à 0,45 % le 1er janvier 2033. |


## Fidelity TargetTM 2040 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2040.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des obligations, des actions, des titres portant intérêt et des instruments du marché monétaire, ainsi que dans une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- instruments de créance garantis et titrisés : jusqu’à 20 %Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement. Le Compartiment ne sera pas fermé lorsque la date cible sera atteinte. Il continuera d’être géré conformément à son objectif et sa politique d’investissement.

PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices (chacun un « Indice de marché ») afin d’établir des directives internes sur les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Les
Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
 | - Couverture
- Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity TargetTM 2040 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| A | 2 500 | 1 000 | 5,25 % | --- | 1,50 % |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,80 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Pour les Actions de catégorie A, les frais de gestion annuels seront réduits à 1,10 % le 1er janvier 2033 et à 0,85 % le 1er janvier 2038. Pour les Actions de catégorie P, les frais de gestion annuels seront réduits à 0,60 % le 1er janvier 2033 et à 0,45 % le 1er janvier 2038. |


## Fidelity TargetTM 2045 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2045.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des obligations, des actions, des titres portant intérêt et des instruments du marché monétaire, ainsi que dans une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement. Le Compartiment ne sera pas fermé lorsque la date cible sera atteinte. Il continuera d’être géré conformément à son objectif et sa politique d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices (chacun un « Indice de marché ») afin d’établir des directives internes sur les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment se réfère à une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Les Indices de
marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Obligations CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity TargetTM 2045 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| A | 2 500 | 1 000 | 5,25 % | --- | 1,50 % |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,80 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Pour les Actions de catégorie A, les frais de gestion annuels seront réduits à 1,10 % le 1er janvier 2038 et à 0,85 % le 1er janvier 2043. Pour les Actions de catégorie P les frais de gestion annuels seront réduits à 0,60 % le 1er janvier 2038 et à 0,45 % le 1er janvier 2043. |


## Fidelity TargetTM 2050 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2050.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des obligations, des titres portant intérêt et des instruments du marché monétaire, ainsi que dans une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement. Le Compartiment ne sera pas fermé lorsque la date cible sera atteinte. Il continuera d’être géré conformément à son objectif et sa politique d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices (chacun un « Indice de marché ») afin d’établir des directives internes sur les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du
Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement.
Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Obligations CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity TargetTM 2050 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| A P | 2 500 10 millions | 1 000 1 million | 5,25 % 1,00 % | --- 1,00 % | 1,50 % 0,80 % |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Pour les Actions de catégorie A, les frais de gestion annuels seront réduits à 1,10 % le 1er janvier 2043 et à 0,85 % le 1er janvier 2048. Pour les Actions de catégorie P, les frais de gestion annuels seront réduits à 0,60 % le 1er janvier 2043 et à 0,45 % le 1er janvier 2048.

## Fidelity TargetTM 2055 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2055.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des obligations, des actions, des titres portant intérêt et des instruments du marché monétaire, ainsi que dans une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- instruments de créance garantis et titrisés : jusqu’à 20 %Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement. Le Compartiment ne sera pas fermé lorsque la date cible sera atteinte. Il continuera d’être géré conformément à son objectif et sa politique d’investissement.

PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices (chacun un « Indice de marché ») afin d’établir des directives internes sur les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments »), le Compartiment prévoit d’utiliser des TRS.
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Les
Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement. Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Obligations CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity TargetTM 2055 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| A | 2 500 | 1 000 | 5,25 % | --- | 1,50 % |
| P | 10 millions | 1 million | 1,00 % | 1,00 % | 0,80 % |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Pour les Actions de catégorie A, les frais de gestion annuels seront réduits à 1,10 % le 1er janvier 2048 et à 0,85 % le 1er janvier 2053. Pour les Actions de catégorie P, les frais de gestion annuels seront réduits à 0,60 % le 1er janvier 2048 et à 0,45 % le 1er janvier 2053. |


## Fidelity TargetTM 2060 (Euro) Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à atteindre une croissance du capital à long terme pour les investisseurs qui prévoient de retirer une part substantielle de leur investissement en 2060.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit dans une gamme de catégories d’actifs, comme des obligations, des actions, des titres portant intérêt et des instruments du marché monétaire, ainsi que dans une exposition éligible aux matières premières, du monde entier, y compris des marchés émergents. Ces investissements peuvent être libellés dans n’importe quelle devise, et certains d’entre eux peuvent être de qualité « below investment grade » ou sans notation. La proportion d’actifs allouée à chaque catégorie d’actifs varie au fil du temps, et le Compartiment privilégiera de plus en plus les investissements les moins risqués au fur et à mesure que sa date cible approchera, en adoptant une allocation d’actifs de plus en plus conservatrice.
Le Compartiment peut investir dans les actifs suivants selon les pourcentages indiqués :
- instruments de créance garantis et titrisés : jusqu’à 20 %.

Le Compartiment peut investir dans des devises autres que l’euro, avec éventuellement une couverture contre l’euro. La mention « Euro » dans la dénomination du Compartiment se rapporte à une devise de référence et non pas à une devise d’investissement. Le Compartiment ne sera pas fermé lorsque la date cible sera atteinte. Il continuera d’être géré conformément à son objectif et sa politique d’investissement.
PROCÉDURE D’INVESTISSEMENT 
Le Compartiment est géré activement et se réfère à une combinaison d’indices (chacun un « Indice de marché ») afin d’établir des directives internes sur les pondérations attribuées aux différentes catégories d’actifs. Le Compartiment est géré afin d’optimiser l’allocation entre les catégories d’actifs présentant des caractéristiques de risque et de rendement différentes. L’allocation d’actifs a été conçue pour réduire les risques du portefeuille en passant d’une allocation de croissance à une allocation défensive jusqu’à la date cible du Compartiment. Le Gérant de Portefeuille intègre les Risques de durabilité dans son processus d’investissement.
Pour plus d’informations, consultez « Investissement durable et intégration ESG ».
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment peut utiliser des instruments dérivés à des fins de couverture, d’investissement et de gestion efficace du portefeuille.
En plus des instruments dérivés de base (cf. « Méthode d’utilisation  des  instruments  et  techniques  par  les
Bien que le Compartiment puisse être exposé directement ou indirectement aux composantes des Indices de marché, il n’existe aucune restriction quant à l’écart que le portefeuille et la performance du Compartiment peuvent avoir avec les Indices de marché. Les Indices de marché sont énumérés dans le DICI et sont représentés par un indice combiné à des fins de comparaison de performance. De plus amples informations sur la liste actuelle des Indices de marché et sur les pondérations antérieures sont disponibles sur demande.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Allocation des actifs
- Obligations CoCo
- Matières premières
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Marchés émergents
- Actions
- Couverture
 | - Haut rendement
- Taux d’intérêt
- Fonds d’investissement
- Liquidité
- Marché
- Opérationnel
- Immobilier
- Titrisation
- Compartiment	à	date cible
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 ans ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 16 h 00 (HEC) (15 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
Compartiments »), le Compartiment prévoit d’utiliser des TRS.	
Utilisation des TRS (y compris des CFD) Anticipée 50 % ; maximale 150 %.
Prêt de titres Anticipée 15 % ; maximale 30 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 30 %.
REFERENCE(S) 
Le Compartiment utilise comme référence une combinaison d’indices de marché (chacun un « Indice de marché ») afin d’établir des directives internes concernant les pondérations attribuées aux différentes catégories d’actifs. Les Indices de marché, utilisés comme référence, ainsi que leurs pondérations changeront à mesure que l’exposition du Compartiment aux différentes catégories d’actifs évoluera au fil du temps conformément à la politique d’investissement.
Au titre de la loi allemande sur la fiscalité des investissements de 2018, le Compartiment est admissible en tant que fonds d’actions (
Aktienfonds
).
Suite à la page suivante 
Fidelity TargetTM 2060 (Euro) Fund Suite
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Sortie | Gestion2 |
| A P | 2 500 10 millions | 1 000 1 million | 5,25 % 1,00 % | --- 1,00 % | 1,50 % 0,80 % |

Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. 2 Pour les Actions de catégorie A, les frais de gestion annuels seront réduits à 1,10 % le 1er janvier 2053 et à 0,85 % le 1er janvier 2058. Pour les Actions de catégorie P, les frais de gestion annuels seront réduits à 0,60 % le 1er janvier 2053 et à 0,45 % le 1er janvier 2058.

## Sustainable Euro Cash Fund
 Famille de Compartiments durables	

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à offrir des rendements similaires aux taux du marché monétaire au cours de la période de détention recommandée.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des instruments du marché monétaire, tels que des accords de prise en pension et des dépôts, libellés en euros.
Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables et jusqu’à 30 % dans des titres d’émetteurs dont les caractéristiques ESG sont en phase d’amélioration.
Le Compartiment est admis comme un fonds monétaire VLV à court terme et a reçu une notation Aaa-mf de Moody’s Investor Services, Inc.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille fait appel à une analyse fondamentale et relative pour sélectionner les émetteurs et les titres à court terme, tout en construisant un portefeuille de haute qualité orienté sur la gestion des liquidités et des risques. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment ne peut employer des instruments dérivés que pour couvrir les risques de taux d’intérêt ou de change inhérents aux autres investissements du Compartiment.
Utilisation des TRS (y compris des CFD) Aucune.
Prêt de titres Anticipée 0 % ; maximale 0 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 10/15 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
EUR

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Couverture
 | - Taux d’intérêt
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 mois ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | —­ | 0,15 % | —­ |
| E | 2 500 | 1 000 | —­ | 0,15 % |  |
| I | 10 millions | 100 000 | —­ | 0,10 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,10 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |

 Famille de Compartiments durables	

## Sustainable US Dollar Cash Fund

#### Objectif	et	politique d’investissement
OBJECTIF 
Le Compartiment cherche à offrir des rendements similaires aux taux du marché monétaire au cours de la période de détention recommandée.
POLITIQUE D’INVESTISSEMENT 
Le Compartiment investit au moins 70 % (et normalement 75 %) de ses actifs dans des instruments du marché monétaire, tels que des accords de prise en pension et des dépôts, libellés en dollars US.
Le Compartiment est admis comme un fonds monétaire VLV à court terme et a reçu une notation Aaa-mf de Moody’s Investor Services, Inc.
Le Compartiment investit au moins 70 % de ses actifs dans des titres d’émetteurs ayant des caractéristiques environnementales, sociales et de gouvernance (ESG) favorables, et jusqu’à 30 % dans des titres d’émetteurs ayant des caractéristiques ESG faibles mais en phase d’amélioration.
PROCÉDURE D’INVESTISSEMENT 
Dans le cadre de sa gestion active du Compartiment, le Gérant de Portefeuille fait appel à une analyse fondamentale et relative pour sélectionner les émetteurs et les titres à court terme, tout en construisant un portefeuille de haute qualité orienté sur la gestion des liquidités et des risques. Le Gérant de Portefeuille tient également compte des caractéristiques ESG lorsqu’il évalue les risques et opportunités d’investissement. Afin de déterminer si les caractéristiques ESG sont favorables, le Gérant de Portefeuille prend en compte les notations ESG fournies par Fidelity ou des agences externes. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Le Compartiment respecte les normes de la Famille de Compartiments durables de Fidelity. Pour plus d’informations, consultez « Investissement durable et intégration ESG » et l’Annexe « Durabilité ».
Catégorie de produits visés par le Règlement SFDR Article 8 (promotion des caractéristiques environnementales et/ou sociales).
INSTRUMENTS DERIVES ET TECHNIQUES 
Le Compartiment ne peut employer des instruments dérivés que pour couvrir les
risques de taux d’intérêt ou de change inhérents aux autres investissements du Compartiment.
Utilisation des TRS (y compris des CFD) Aucune.
Prêt de titres Anticipée 0 % ; maximale 0 %.
Accords de prise et mise en pension Anticipée 0 % ; maximale 10/15 %.
REFERENCE(S) 
Aucune.
DEVISE DE REFERENCE 
USD

#### Principaux risques
Consultez la « Présentation des risques » pour en savoir plus.
| - Concentration
- Contrepartie et garantie
- Crédit
- Devise
- Instruments dérivés
- Couverture
 | - Taux d’intérêt
- Liquidité
- Marché
- Opérationnel
- Investissement durable
 |
| --- | --- |

METHODE DE GESTION DES RISQUES 
Par les engagements.

#### Planification	de	votre investissement
PROFIL DE L’INVESTISSEUR 
Ce produit peut intéresser les investisseurs
- qui ont une connaissance rudimentaire et une expérience limitée, voire inexistante, de l’investissement dans des fonds ;
- qui prévoient de conserver leur investissement pendant la période de détention recommandée d’au moins 6 mois ;
- qui visent une croissance du capital sur la période de détention recommandée ; et
- qui comprennent le risque de perte de tout ou partie du capital investi.

TRAITEMENT DES ORDRES 
Les demandes d’achat, d’arbitrage ou de vente des Actions du Compartiment qui sont reçues et acceptées par la Société de gestion un Jour d’évaluation avant 13 h 00 (HEC) (12 h 00, au Royaume-Uni) sont traitées habituellement à la VL pour ce Jour d’évaluation. Le règlement intervient 3 jours ouvrables après la réception des instructions écrites et 5 jours ouvrables au maximum dans le cas des rachats.
| Principales Catégories d’Actions |
| --- |
|  | Investissement minimum (USD)1 | Frais de négociation maximums | Frais annuels maximums |
| Catégorie | Initial et participation | Ultérieur | Entrée | Gestion | Distribution |
| A | 2 500 | 1 000 | —­ | 0,15 % | —­ |
| I | 10 millions | 100 000 | —­ | 0,10 % | —­ |
| W/ Y | 2 500 | 1 000 | —­ | 0,10 % | —­ |
| Pour une liste complète des catégories d’actions disponibles actuellement proposées, y compris les catégories assorties d’une couverture de change, veuillez consulter la section « Investir dans les Compartiments ». Consultez la section « Frais et coûts des Compartiments » pour obtenir une explication détaillée des frais ci-dessus. 1 Ou la contre-valeur dans une autre devise librement convertible. |


### Investissement	durable	et
intégration ESG

###### Investissement durable
Le règlement européen sur la publication d’informations en matière de durabilité dans le secteur des services financiers (SFDR) instaure un ensemble de règles au sein de l’UE et il est entré en vigueur en 2021 dans le but de permettre aux investisseurs de comprendre le profil de durabilité des produits financiers. Le Règlement SFDR porte sur la publication des considérations environnementales, sociales et de gouvernance (ESG) par les sociétés et dans la procédure d’investissement. Le Règlement SFDR fait partie du Cadre de l’UE pour la finance durable qui met en avant l’investissement durable au sein de l’UE. Le Règlement SFDR établit les exigences pour la publication des informations précontractuelles et des informations fournies en continu destinées aux investisseurs y compris sur l’intégration des risques en matière de durabilité, sur la prise en compte des incidences négatives en matière de durabilité, sur les objectifs d’investissement durable ou sur la la promotion des caractéristiques environnementales ou sociales, dans la prise de décision en matière d’investissement. Le Règlement Taxonomie de l’UE accompagne le Règlement SFDR et cherche à créer des normes compatibles en renforçant la transparence et en donnant aux investisseurs finaux un point de comparaison objectif en ce qui concerne la part des investissements qui finance des activités économiques durables sur le plan environnemental.
Ces mesures ont été élaborées suite à la signature de l’Accord de Paris, et au Programme de développement durable à l’horizon 2030 des Nations Unies de 2015 qui a vu la création des Objectifs de développement durable (ODD). Le Règlement SFDR et autres réglementations sont également conformes au Pacte vert pour l’Europe, qui cible une UE neutre en carbone à l’horizon 2050.
La transition vers une économie sobre en carbone, plus durable, plus économe en ressources et circulaire en accord avec les ODD est essentielle pour assurer une compétitivité à long terme de l’économie de l’Union. Entré en vigueur en 2016, l’Accord de Paris a pour objet de renforcer la riposte aux changements climatiques en rendant les flux financiers compatibles avec une transition vers un développement à faible émission de gaz à effet de serre et résilient aux changements climatiques.

###### Fidelity	International	et	l’investissement durable
Approche générale de l’investissement durable
L’approche d’investissement durable de Fidelity est disponible sur	https://fidelityinternational.com/sustainable-investing- framework/ Le document sur les Principes ayant trait à l’investissement durable établit l’approche de Fidelity en matière d’investissement durable, notamment les attentes de Fidelity envers les émetteurs détenus, l’intégration et la mise en œuvre des principes ESG, l’approche de l’engagement et de l’exercice du vote, la politique d’exclusion et de désinvestissement, ainsi que l’orientation sur la collaboration et la gouvernance de notre politique.
Tous les Compartiments gérés par le Gérant de Portefeuille sont soumis à une liste d’exclusions à l’échelle de la société, qui comprend, sans pour autant s’y limiter, les armes à sous- munitions et les mines antipersonnel.
RISQUE DE DURABILITE
Sauf indication contraire, Fidelity tient compte des Risques de durabilité supportés par toutes les catégories d’actifs et tous les Compartiments. Les risques de durabilité se rapportent à un événement ou une situation dans le domaine environnemental (E), social (S) ou de la gouvernance (G) (collectivement « ESG ») qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement.
L’approche de Fidelity concernant l’intégration du Risque de durabilité vise à identifier et à évaluer les risques ESG au niveau de chaque émetteur. Les Risques de durabilité que les équipes d’investissement de Fidelity peuvent prendre en compte comprennent, sans pour autant s’y limiter :
- les risques environnementaux : la capacité des sociétés à atténuer les changements climatiques et à s’y adapter et l’augmentation potentielle des prix du carbone, l’exposition à la rareté grandissante de l’eau et à la hausse potentielle des prix de l’eau, les défis posés par la gestion des déchets et les incidences sur les écosystèmes mondiaux et locaux ;
- 	les risques sociaux : la sécurité des produits, la gestion de la chaîne d’approvisionnement et les normes en matière de travail, la santé, la sécurité et les droits de l’homme, le bien- être des employés, la confidentialité des données et le respect de la vie privée, ainsi que le renforcement des règles technologiques ; et
- les risques de gouvernance : la composition et l’efficacité des conseils d’administration, les mesures d’intéressement des dirigeants, la qualité des dirigeants et l’harmonie entre les dirigeants et les actionnaires.

Les gérants de portefeuille et les analystes de Fidelity complètent l’étude des résultats financiers des investissements potentiels par une analyse qualitative et quantitative non financière, comprenant les Risques de durabilité, et ils en tiendront compte dans le processus décisionnel et le contrôle des risques dans la mesure où ils représentent des opportunités et/ou des risques importants, potentiels ou réels, pour optimiser les rendements ajustés au risque à long terme. Cette intégration systématique des Risques de durabilité dans l’analyse d’investissement et la prise de décision s’appuie sur :
les « évaluations qualitatives » qui seront exécutées en référence aux études de cas, aux incidences environnementales, sociales et de gouvernance associés aux émetteurs, aux documents de sécurité des produits, aux critiques des clients, aux visites de sociétés ou données issues de modèles propriétaires, et aux renseignements locaux, entre autres ; et
les « évaluations quantitatives » seront réalisées en référence aux notations ESG qui peuvent être fixées par des fournisseurs externes notamment, mais pas exclusivement, MSCI, ou à une notation interne attribuée par le Gérant de Portefeuille essentiellement à l’aide des Notations de la durabilité de Fidelity (décrites ci-dessous), des données pertinentes des certificats ou labels tiers, des rapports d’évaluation sur les empreintes carbone, ou du pourcentage des revenus ou des bénéfices des émetteurs générés par les activités ESG pertinentes.
NOTATIONS DE LA DURABILITÉ ET PRINCIPALES INCIDENCES NÉGATIVES
Les Notations de la durabilité de Fidelity sont un système de notation propriétaire des critères ESG, élaboré par les analystes de Fidelity pour évaluer chaque émetteur. Ces notations évaluent les émetteurs sur une échelle de A à E selon des facteurs spécifiques à chaque secteur, ce qui comprend des indicateurs sur les principales incidences négatives, et une trajectoire prévisionnelle qui consiste à évaluer l’évolution
anticipée des caractéristiques durables d’un émetteur au fil du temps. Ces notations reposent sur une recherche et une évaluation « bottom-up » des fondamentaux en utilisant des critères spécifiques au secteur de chaque émetteur, qui sont pertinents par rapport aux problématiques ESG importantes. Toute divergence importante entre les Notations de la durabilité de Fidelity et les notations ESG de tiers contribue à l’analyse et aux discussions entre les équipes d’investissement de Fidelity dans le cadre de l’évaluation d’un investissement potentiel et des risques ESG y afférent. Les notations ESG et les données ESG associées sont conservées sur une plate- forme de recherche centralisée exploitée par le Gérant de Portefeuille. La fourniture et la provenance des données ESG sont examinées régulièrement pour s’assurer qu’elles sont toujours adaptées, adéquates et efficaces pour évaluer en permanence les Risques de durabilité.
L’équipe de recherche Multi Asset de Fidelity s’attache à comprendre l’approche ESG d’un gestionnaire particulier en évaluant le degré d’intégration des questions ESG dans le processus et la philosophie d’investissement, l’analyse financière de l’analyste et la composition du portefeuille. Elle examine la façon dont les facteurs ESG sont intégrés dans la politique d’investissement de cette stratégie et, lorsque des notations propriétaires sont employées, la façon dont la recherche ESG et les conclusions ressortent dans les pondérations d’un titre donné et dans toutes les politiques d’engagement et d’exclusion applicables. L’équipe consulte différentes sources de données, notamment les Notations de la durabilité de Fidelity et les données de tiers, pour évaluer les mesures ESG ou les stratégies pertinentes.
TAXONOMIE
Lorsqu’il est établi qu’un Compartiment est soumis aux exigences de publication d’informations du Règlement SFDR, ce Compartiment est tenu de déclarer, au titre du Règlement Taxonomie (UE) 2020/852 de l’UE (le « Règlement Taxonomie »), que le principe consistant à « ne pas causer de préjudice important » s’applique uniquement aux investissements sous-jacents au produit financier qui prennent en compte les critères de l’UE en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante du Compartiment ne prennent pas en compte les critères de l’UE en matière d’activités économiques durables sur le plan environnemental.
Lorsqu’un Compartiment est identifié comme étant visé par les exigences de publication d’informations de l’Article 8 ou de l’Article 9 du Règlement SFDR, les informations devant être publiées au titre du Règlement Taxonomie figurent à l’annexe
« Durabilité » du Compartiment concerné.
Lorsqu’un Compartiment n’est pas identifié comme étant visé par les exigences de publication d’informations de l’Article 8 ou de l’Article 9 du Règlement SFDR, ce Compartiment est visé par l’Article 7 du Règlement Taxonomie, et les investissements sous-jacents à ce Compartiment ne prennent pas en compte les critères de l’UE en matière d’activités économiques durables sur le plan environnemental.
ENGAGEMENT ENVERS LES ACTIONNAIRES
Dans le cadre de l’engagement de Fidelity envers l’investissement durable et de la mise en œuvre de sa responsabilité fiduciaire en tant qu’actionnaire, Fidelity s’implique dans les sociétés dans lesquelles il investit pour encourager un comportement d’entreprise durable et responsable.
PRINCIPALES INCIDENCES NEGATIVES
Fidelity International considère que les principales incidences négatives sur les facteurs de durabilité sont les impacts de nos décisions d’investissement qui ont des incidences négatives importantes sur les questions environnementales, sociales et de personnel, le respect des droits de l’homme, la lutte contre la corruption et les actes de corruption comme une dégradation de l’environnement, de mauvaises conditions de travail, et des pratiques d’entreprise contraires à l’éthique comme des actes de corruption. L’analyse des principales incidences négatives est intégrée dans notre procédure d’investissement comme décrit ci-dessous.
Les principales incidences négatives (« PIN ») sur les facteurs de durabilité sont prises en compte par les Compartiments qui respectent les exigences de publication d’information des Articles 8 et 9 du Règlement SFDR.
Pour les Compartiments qui tiennent compte des PIN, des informations relatives aux PIN sur les facteurs de durabilité sont disponibles dans l’annexe « Durabilité » du Compartiment concerné et dans le prochain rapport annuel des Compartiments.
Lorsqu’un Compartiment n’est pas identifié comme étant visé par les exigences de publication d’informations des Articles 8 ou 9 du Règlement SFDR, les PIN sur les facteurs de durabilité ne sont pas prises en compte dans la stratégie ou les restrictions d’investissement de ces Compartiments.
Gestion d’investissement déléguée
Lorsque le Gérant de Portefeuille a sous-délégué les activités de gestion d’investissement à Fidelity Management & Research Company LLC ou FIAM LLC, ce sous-délégué exploite l’expertise de sa propre équipe ESG pour obtenir une analyse des fondamentaux avec des informations sur les notations ESG relatives du secteur afin d’identifier et d’évaluer les Risques de durabilité.
Lorsque le Gérant de Portefeuille a sous-délégué les activités de gestion des investissements à Geode Capital Management, LLC, ce sous-délégué applique son propre programme ESG par le biais du vote par procuration et d’une participation à des initiatives d’engagement d’entreprise collectives, et peut chercher à investir les actifs du Compartiment dans des participations ou des instruments qui offrent une exposition passive à un indice dont la méthodologie peut intégrer des critères d’exclusion en matière d’ESG.
L’approche générale de l’intégration du risque de durabilité dans la procédure d’investissement qui est établie ci-dessus s’applique à tous les Compartiments de Fidelity Funds hormis Fidelity Funds – Euro STOXX 50® Fund. Comme expliqué en détail dans l’objectif d’investissement de Fidelity Funds – Euro STOXX 50® Fund, ce Compartiment cherche à suivre au plus près la composition et les rendements de l’Indice. En conséquence, le Gérant de Portefeuille n’intègre pas les Risques de durabilité dans son processus de sélection des titres car la sélection des titres du Compartiment découle des composantes de l’Indice, le Gérant de Portefeuille est donc limité dans ses choix.
COMPARTIMENTS VISES PAR LES ARTICLES 8 ET 9 DU REGLEMENT SFDR
Les Compartiments promouvant, entre autres, des caractéristiques environnementales et/ou sociales (Article 8 du Règlement SFDR) ou ayant choisi l’investissement durable comme objectif d’investissement (Article 9 du Règlement SFDR) intègrent des considérations ESG dans leurs
procédures d’investissement et sont soumis à des obligations d’informations renforcées et à des exigences plus strictes en matière de durabilité, comme précisé ci-dessous.
Les Compartiments respectant les exigences de publication d’informations de l’Article 9 du Règlement SFDR doivent faire des investissements durables, et les Compartiments respectant les exigences de publication d’informations de l’Article 8 du Règlement SFDR peuvent faire des investissements durables.
Conformément au Cadre d’investissement durable de Fidelity, les Investissements durables sont définis comme des placements dans :
- des émetteurs ayant des activités économiques qui contribuent à un ou plusieurs objectifs environnementaux énoncés dans le Règlement Taxonomie de l’UE et qui sont considérées comme des activités durables sur le plan environnemental conformément au Règlement Taxonomie de l’UE ;
- des émetteurs dont la majorité des activités (plus de 50 % du chiffre d’affaires) contribue à des objectifs environnementaux ou sociaux qui sont conformes à un ou plusieurs Objectifs de développement durable des Nations Unies (« ODD ») ;
- des émetteurs qui se sont fixé un objectif de décarbonisation conforme à un scénario de réchauffement climatique de 1,5 degré ou moins (vérifié par l’initiative Science Based Target ou une Notation climatique propriétaire de Fidelity) qui serait considéré comme contribuant aux objectifs environnementaux ;sous réserve que cet investissement ne nuise pas de manière importante à tout autre objectif environnemental ou social et que les sociétés détenues suivent de bonnes pratiques de gouvernance.

Des informations plus détaillées sur la méthodologie employée	sont	présentées	sur [https://fidelityinternational.com/sustainable-investing- framework/] et peuvent être mises à jour de temps à autre.
Les ODD sont une série d’objectifs publiée par les Nations unies qui reconnaît que l’élimination de la pauvreté et autres privations doit être associée à une amélioration dans les domaines de la santé, de l’éducation, de la croissance économique et de la réduction des inégalités, tout en luttant contre le changement climatique et en œuvrant à la préservation des océans et des forêts de la planète. Pour de plus amples détails, veuillez vous référer au site de l’ONU : https://sdgs.un.org/goals. Les ODD axés sur le domaine environnemental comprennent : eau propre et assainissement ; énergie propre et d’un coût abordable ; consommation et production responsables ; et lutte contre les changements climatiques. Les ODD axés sur le domaine social comprennent : pas de pauvreté ; faim « zéro » ; travail décent et croissance économique ; industrie, innovation et infrastructure ; villes et communautés durables et sûres.
.
- COMPARTIMENTS PROMOUVANT DES CARACTERISTIQUES ENVIRONNEMENTALES ET SOCIALES (ARTICLE 8 DU REGLEMENT SFDR)Lorsque ce point est précisé dans leur objectif d’investissement, certains Compartiments peuvent chercher à atteindre leurs objectifs d’investissement tout en promouvant, entre autres, des caractéristiques environnementales ou sociales, ou une combinaison de ces caractéristiques. Les critères de cette approche sont énoncés ci-dessous et s’appliquent à tous les Compartiments visés par l’Article 8 duRèglement SFDR. Les Compartiments visés par l’Article 8 sont divisés en deux catégories :
- Les Compartiments promouvant des caractéristiques environnementales et sociales Le Gérant de Portefeuille tient compte en permanence d’un large éventail de caractéristiques environnementales et sociales pour chaque Compartiment, comme indiqué ci-dessous ou dans l’objectif d’investissement de chaque Compartiment concerné, mais le Gérant de Portefeuille est libre de mettre en œuvre à tout moment des exigences et des exclusions renforcées et plus strictes en matière de durabilité (en plus de la liste d’exclusions de la SICAV mentionnée précédemment). Les exclusions supplémentaires appliquées à chaque Compartiment sont spécifiées sur https://fidelityinternational.com/sustainable- investing-framework/.

Au moins 50 % de l’actif net d’un Compartiment sont investis dans des titres présentant des caractéristiques ESG favorables.
Les caractéristiques ESG favorables sont établies en référence aux notations ESG fournies par des agences externes ou aux Notations de la durabilité de Fidelity. Des informations plus détaillées sur la méthodologie employée sont présentées sur https://fidelityinternational.com/sustainable-investing- framework/ et peuvent être mises à jour de temps à autre.
L’analyse normative comprend des émetteurs qui, selon le Gérant de Portefeuille, ont échoué à mener leurs activités en accord avec les normes internationales reconnues, notamment celles établies dans le Pacte mondial des Nations Unies. Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.
Chaque Compartiment tiendra compte en permanence d’un large éventail de caractéristiques environnementales et sociales. Les caractéristiques environnementales comprennent l’intensité carbone, les émissions carbone, l’efficacité énergétique, la gestion de l’eau et des déchets, et la biodiversité, tandis que les caractéristiques sociales englobent la sécurité des produits, la chaîne d’approvisionnement, la santé et la sécurité, et les droits de l’homme. Les caractéristiques environnementales et sociales sont analysées par les analystes fondamentaux de Fidelity et évaluées à l’aide des Notations de la durabilité de Fidelity.
- Famille de Compartiments durables de FidelityCertains Compartiments appartiennent à la Famille de Compartiments durables de Fidelity, une gamme de Compartiments dédiée qui présente des caractéristiques durables renforcées. Ceci est indiqué dans l’objectif d’investissement des Compartiments concernés. Tous les Compartiments de la Famille de Compartiments durables de Fidelity respectent le Cadre de la Famille de Compartiments durables de Fidelity, comme expliqué en détail ci-après. Le cas échéant, des exigences supplémentaires spécifiques seront également définies dans l’objectif d’investissement du Compartiment concerné. En outre, le Gérant de Portefeuille des Compartiments compris dans la Famille de Compartiments durables de Fidelity peut, de temps à autre, appliquer des exigences et des exclusions supplémentaires en matière de durabilité tout en tenant compte du processus d’investissement applicable.
- Au moins 70 % de l’actif net d’un Compartiment sont investis dans des titres considérés comme maintenant des caractéristiques ESG favorables.

Les caractéristiques ESG sont déterminées en référence aux notations ESG fournies par des agences externes ou aux
Notations de la durabilité de Fidelity. Des caractéristiques ESG favorables impliquent une Notation de la durabilité de Fidelity d’au moins C ou équivalente telle qu’évaluée par une agence externe. Des informations plus détaillées sur la méthodologie employée	sont	présentées	sur https://fidelityinternational.com/sustainable-investing- framework/ et peuvent être mises à jour de temps à autre.
- Un Compartiment peut investir au maximum 30 % de son actif net dans des émetteurs qui ne sont pas réputés maintenir des caractéristiques ESG favorables conformément aux critères ci-dessus, mais dont les indicateurs s’améliorent dans ce domaine. Les indicateurs de durabilité en phase d’amélioration représentent des émetteurs dont les Notations de la durabilité de Fidelity s’améliorent ou des émetteurs qui, de l’avis du Gérant de Portefeuille, présentent un potentiel d’amélioration par la mise en place et l’exécution d’un plan d’engagement formel. Les critères employés pour déterminer cette notation de référence peuvent changer au fil du temps et seront mis à jour sur https://fidelityinternational.com/sustainable- investing-framework/ en conséquence.
- Les Compartiments respectent une politique d’exclusion fondée sur de meilleurs principes, regroupant à la fois une analyse normative et une sélection négative de certains secteurs, sociétés ou pratiques et s’appuyant sur des critères ESG spécifiques que le Gérant de Portefeuille définit de temps à autre.

L’analyse normative comprend des émetteurs qui, selon le Gérant de Portefeuille, ont échoué à mener leurs activités en accord avec les normes internationales reconnues, notamment celles établies dans le Pacte mondial des Nations Unies.
La sélection négative comprend les émetteurs qui ont une exposition ou des liens avec :
o les armes controversées (biologiques, chimiques, armes incendiaires, uranium appauvri, éclats non détectables, lasers aveuglants, armes à sous- munitions, mines terrestres et armes nucléaires) ;
o la production d’armes conventionnelles (une arme de guerre qui n’est, par nature, ni nucléaire, ni chimique, ni biologique) ;
o la production d’armes à feu semi-automatiques destinées à être vendues à des civils ou la vente d’armes à feu semi-automatiques à des civils ;
o la production, la vente au détail, la distribution et les licences de vente de tabac ;
o l’extraction de charbon thermique et la production d’électricité, sous réserve que ces émetteurs soient autorisés lorsque la part des revenus découlant des activités relatives aux énergies renouvelables dépasse la part des revenus issus des activités liées au charbon thermique, ou lorsque l’émetteur s’est effectivement engagé envers un objectif approuvé conforme à l’Accord de Paris d’après les Science Based Targets ou un scénario de la Transition Pathway Initiative ou
un engagement public globalement équivalent ;
o l’extraction des sables bitumineux ; ou
o l’exploitation du pétrole et du gaz dans l’Arctique, sur terre et en mer.
Le Gérant de Portefeuille peut imposer des seuils de revenus pour affiner les sélections.
- Une liste des sélections négatives supplémentaires qui sont appliquées à chaque Compartiment est disponible	surhttps://fidelityinternational.com/sustainable-investing- framework/ et peut être mise à jour de temps à autre.
- Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétésdétenues dans le portefeuille respectent de bonnes pratiques de gouvernance.

Sauf stipulation contraire dans l’objectif d’investissement de certains Compartiments « Thématiques durables », chaque Compartiment tiendra compte en permanence d’un large éventail de caractéristiques environnementales et sociales. Les caractéristiques environnementales comprennent l’intensité carbone, les émissions carbone, l’efficacité énergétique, la gestion de l’eau et des déchets, et la biodiversité, tandis que les caractéristiques sociales englobent la sécurité des produits, la chaîne d’approvisionnement, la santé et la sécurité, et les droits de l’homme. Les controverses impliquant les caractéristiques environnementales et sociales sont contrôlées régulièrement. Les caractéristiques environnementales et sociales sont analysées par les analystes fondamentaux de Fidelity et évaluées à l’aide des Notations de la durabilité de Fidelity. Ces Compartiments cherchent à promouvoir ces caractéristiques en respectant le Cadre de la Famille de Compartiments durables de Fidelity (Fidelity Sustainable Family Framework).
La Famille de Compartiments durables de Fidelity propose deux catégories d’investissement : « orientés durables » et
« thématiques durables ». En général, les Compartiments orientés durables chercheront à sélectionner activement les sociétés qui surpassent leurs concurrents en termes de durabilité, en référence aux Notations de la durabilité de Fidelity ou aux Notations MSCI ESG, tandis que les Compartiments thématiques durables investiront dans différents secteurs en s’appuyant sur un thème commun avec un horizon d’investissement à long terme en vue de relever les défis de la durabilité.
- COMPARTIMENTS	AYANT	COMME	OBJECTIF L’INVESTISSEMENT DURABLE (ARTICLE 9 DU REGLEMENT SFDR)Ces Compartiments sont tenus de poursuivre un objectif d’investissement durable.
- Leurs investissements doivent être durables.
- Les investissements durables sont identifiés conformément aux critères  mentionnés  ci-dessus,  dans  la  section« COMPARTIMENTS VISÉS PAR LES ARTICLES 8 ET 9 DU RÈGLEMENT SFDR ».
- Les Compartiments peuvent investir, de manière accessoire, dans des investissements, y compris des liquidités, à des fins de couverture, de liquidité ou de gestion efficace du portefeuille et si les règles spécifiques à un secteur les y obligent, sous réserve que ces investissements n’affectent pas la réalisation de l’objectif d’investissement durable.
- Tous les investissements du Compartiment sont analysés pour identifier les activités provoquant les principales incidences négatives sur les objectifs environnementaux ou sociaux, ainsi que les controverses en matière de gouvernance. Ces analyses reposent sur une politique d’exclusion fondée sur de meilleurs principes, regroupant à la fois une sélection normative et une sélection négative de certains secteurs, sociétés ou pratiques et s’appuyant sur des critères ESG spécifiques que le Gérant de Portefeuille détermine de temps à autre.
- 	L’analyse normative comprend des émetteurs qui, selon le Gérant de Portefeuille, ont échoué à mener leurs activités en accord avec les normes internationales reconnues, notamment celles établies dans les Principes directeurs de l’OCDE à l’intention des entreprises multinationales et les Principes directeurs des Nations unies relatifs aux entreprises et aux droits de l’homme, le Pacte mondial des Nations unies (PMUN) et les Conventions de l’Organisation internationale du travail (OIT).

La sélection négative comprend les émetteurs qui ont une exposition ou des liens avec :
o les armes controversées (biologiques, chimiques, armes incendiaires, uranium appauvri, éclats non détectables, lasers aveuglants, armes à sous- munitions, mines terrestres et armes nucléaires) ;
o la production d’armes conventionnelles (une arme de guerre qui n’est, par nature, ni nucléaire, ni chimique, ni biologique) ;
o la production d’armes à feu semi-automatiques destinées à être vendues à des civils ou la vente d’armes à feu semi-automatiques à des civils ;
o la production, la vente au détail, la distribution et les licences de vente de tabac ; ou
o l’extraction de charbon thermique et la production d’électricité, sous réserve que ces émetteurs soient autorisés lorsque la part des revenus découlant des activités relatives aux énergies renouvelables dépasse la part des revenus issus des activités liées au charbon thermique, ou lorsque l’émetteur s’est effectivement engagé envers un objectif approuvé conforme à
l’Accord de Paris d’après les Science Based Targets ou un scénario de la Transition Pathway Initiative ou un engagement public globalement équivalent.
o l’extraction des sables bitumineux ; ou
o l’exploitation du pétrole et du gaz dans l’Arctique, sur terre et en mer.
Le Gérant de Portefeuille peut imposer des seuils de revenus pour affiner les sélections.
- Une liste des sélections négatives supplémentaires qui sont appliquées à chaque Compartiment est disponible	surhttps://fidelityinternational.com/sustainable-investing- framework/ et peut être mise à jour de temps à autre.
- Le Gérant de Portefeuille veille, par le biais de la procédure de gestion des investissements, à ce que les sociétés détenues dans le portefeuille respectent de bonnes pratiques de gouvernance.


### Filiale mauricienne
Fidelity Funds peut investir sur le marché des valeurs mobilières indien directement ou par l’intermédiaire d’une filiale mauricienne détenue à 100 % (la « Filiale »). La Filiale est constituée en tant que 
private company limited by shares 
de droit mauricien sous la raison sociale FIL Investments (Mauritius) Limited (anciennement Fid Funds (Mauritius) Limited). FIL Investment Management (Singapore) Limited a conclu un Contrat de gestion des investissements avec la Filiale le 1er janvier 2014. Aux termes de ce contrat, FIL Investment Management (Singapore) Limited fournit des services de conseil et de gestion de placement à la Filiale. Le 25 février 2019, FIL Investments (Mauritius) Limited a renouvelé l’agrément du Securities and Exchange Board of India (Conseil des opérations de Bourse d’Inde, « SEBI ») pour investir en Inde en qualité de Foreign Portfolio Investor (Investisseur en portefeuille étranger, « FPI ») en vertu de la législation indienne. FIL Investments (Mauritius) Limited est enregistrée sous le numéro INMUFP037316 et a obtenu l’autorisation d’investir dans les valeurs mobilières indiennes.
Le conseil d’administration de la Filiale se compose comme suit : Nishith Gandhi, Bashir Nabeebokus, Rooksana Bibi Sahabally- Coowar et Jon Skillman.
Le réviseur d’entreprises de la Filiale est Deloitte, Île Maurice.
BANQUE DESIGNEE – ÎLE MAURICE
Aux termes de la Commission des services financiers de l’Île Maurice, la Filiale est tenue d’effectuer tous les investissements détenus hors de l’Île Maurice par l’intermédiaire d’un compte bancaire détenu à l’Île Maurice. La Filiale détient un compte bancaire à cette fin auprès de HSBC Bank (Mauritius) Limited, Offshore Banking Unit, Île Maurice.
BANQUE DESIGNEE – INDE
En vertu de la législation indienne, la Filiale, en qualité d’investisseur étranger non indien, est tenue d’utiliser une banque remettante en Inde pour tous les transferts d’espèces vers ou hors de l’Inde. Ladite banque remettante peut être soumise à certaines exigences de déclaration à la RBI concernant le traitement de ces transactions. La Filiale a nommé Citibank N.A. comme sa banque remettante en Inde.
Cette structure n’empêchera pas le Dépositaire d’accomplir ses tâches légales.
AGENT ADMINISTRATIF MAURICIEN LOCAL
La Filiale a nommé IQ EQ Services (Mauritius) Ltd en qualité d’agent administratif, secrétaire général et agent chargé du registre de la Filiale.
Pour les rapports annuels audités et semestriels non audités de la SICAV, les résultats financiers de la Filiale sont intégrés avec ceux de la SICAV. Les investissements consolidés de la SICAV et de la Filiale seront considérés aux fins de l’application des restrictions d’investissements prévues dans le présent Prospectus.
La Filiale est tenue de payer certains frais et honoraires liés à ses investissements dans des titres indiens. Ces frais et honoraires incluent les commissions et frais de courtage, les coûts de transaction liés à la conversion de roupie indienne en dollars des États-Unis ou l’inverse, les honoraires pour l’établissement du mandat, les frais de dépôt et d’enregistrement et les impôts liés à la création et au fonctionnement de la Filiale.

### Politiques relatives aux indices de référence
UTILISATIONS DES INDICES DE RÉFÉRENCE
Les utilisations stipulées dans la section « Présentation des Compartiments » ont la signification suivante :
- Surveillance du risque Pour surveiller les risques d’un Compartiment et, dans le cas des Compartiments « valeur à risque relative », pour calculer la sous-performance relative maximum. Consultez les sections « Gestion et surveillance du risque global » et « Valeur à risque relative (VaR relative) »
- .
- Sélection des investissements Pour définir l’univers d’investissement du Compartiment et sélectionner les titres.
- Comparaison de la performance Pour évaluer la performance du Compartiment par rapport à l’indice de référence.
- Comparaison de l’empreinte carbone/ESG Pour évaluer les caractéristiques ESG du Compartiment par rapport à l’indice de référence.
- Surperformance Pour calculer si un Compartiment ayant pour objectif de dépasser son indice de référence y parvient.
- Calcul de la commission de performance Pour calculer la surperformance d’un Compartiment. Consultez la section« Frais et coûts des Compartiments ».
- Suivi Pour répliquer la composition de l’indice de référence et calculer les différences de performance (stratégies d’investissement passives uniquement).

RÈGLEMENT SUR LES INDICES DE RÉFÉRENCE
Au titre du règlement sur les indices de référence (Règlement 2016/1011 de l’UE), tous les indices de référence utilisés par les Compartiments, y compris des éléments des indices de référence composites, doivent être enregistrés de manière appropriée auprès de l’Autorité européenne des marchés financiers (AEMF).
Concernant les fournisseurs d’indice basés dans l’UE ou dans un pays hors UE reconnu comme équivalent à des fins d’enregistrement, l’enregistrement doit se faire au niveau du fournisseur. Les fournisseurs d’indice des autres pays doivent enregistrer des indices individuels. Ceux qui ne sont pas encore enregistrés sont indiqués dans la Présentation des Compartiments.
La SICAV maintient des plans d’urgence écrits indiquant les solutions qu’elle appliquera si un indice de référence cesse d’être proposé ou d’être couvert par un enregistrement, ou lorsque, en raison d’un changement d’un indice de référence ou d’un Compartiment, un indice de référence existant cesse d’être approprié. Dans certains cas, la solution peut impliquer une modification de la stratégie ou de la politique d’investissement, ou la fusion ou la résiliation du Compartiment. Des informations détaillées sont disponibles gratuitement et sur demande au siège social de la SICAV.
Informations complémentaires concernant Fidelity Funds – EURO STOXX 50® Fund
Fidelity Funds – EURO STOXX 50® Fund
Cette partie fournit des informations complémentaires sur le Compartiment et l’indice EURO STOXX 50® Index (l’« Indice »).
L’Indice représente la performance des 50 sociétés les plus importantes des 19 super-secteurs 1 en termes de capitalisation boursière dans les 11 pays de la zone euro. Ces pays sont les suivants : Allemagne, Autriche, Belgique, Espagne, Finlande, France, Irlande, Italie, Luxembourg, Pays- Bas et Portugal. L’Indice présente un nombre fixe de composantes et fait partie de la famille d’indices de grandes sociétés STOXX. L’Indice capture environ 60 % de la capitalisation boursière de l’indice EURO STOXX Total Market Index (TMI).
1 Ceux-ci sont déterminés par l’ICB (Industry Classification Benchmark), qui est une taxonomie de classification industrielle utilisée pour diviser les marchés en secteurs au sein de la macroéconomie.
Compte tenu de la nature concentrée de l’Indice, il ne sera pas représentatif du marché au sens large à tout point du cycle. Il peut en effet être orienté en faveur de secteurs, de pays, de cycles, de style, etc. L’Indice est pondéré sur la base de la capitalisation boursière au flottant, sous réserve d’un plafonnement de 10 % par valeur. Les investisseurs peuvent obtenir les dernières informations sur l’Indice (y compris ses composantes et leurs pondérations respectives), des informations détaillées sur la méthodologie de construction de l’Indice (y compris la formule de calcul) et d’autres données importantes sur l’Indice sur le site Internet du fournisseur d’indice, https://www.stoxx.com/index-details?symbol=sx5e*.
Le Gérant de Portefeuille est indépendant du fournisseur de l’Indice, STOXX Limited. Il est rappelé aux investisseurs que la composition de l’Indice peut varier dans le temps et que les valeurs qui le composent actuellement peuvent être supprimées de l’Indice ou que d’autres peuvent y être ajoutées. Tout dysfonctionnement du système de calcul et/ou de compilation de l’Indice pourrait affecter l’exactitude et l’exhaustivité du calcul de l’Indice.
Sous réserve des limites d’investissement applicables au Compartiment, telles que spécifiées dans la description du Compartiment, l’objectif du Compartiment est de suivre la performance de l’Indice pour atteindre une croissance du capital à long terme. Toutefois, il est impossible de garantir que la performance du Compartiment sera la même que celle de l’Indice. Le Compartiment vise à utiliser une stratégie de reproduction et détient tous les titres représentatifs de l’Indice. Toutefois, la composition de l’Indice variant selon l’évolution du marché boursier, le Compartiment pourrait être dans l’incapacité de suivre complètement l’Indice à tout moment, ce qui pourrait donner lieu à un certain écart de suivi (
tracking error
). Cet écart de suivi pourrait également survenir du fait des frais et charges applicables, ainsi que de la volatilité des titres constitutifs. Afin de minimiser l’écart de suivi et réduire les coûts de transaction, le Compartiment investira dans des contrats à terme standardisés sur l’Indice, sous réserve des restrictions établies dans la section « Pouvoirs et restrictions d’investissement généraux ». Compte tenu de la nature et de l’objectif du Compartiment, il pourrait ne pas être à même de s’adapter aux variations du marché et tout repli de l’Indice devrait se traduire par une chute correspondante de la valeur du Compartiment. Si l’Indice cesse d’être opérationnel ou disponible, les Administrateurs détermineront si le Compartiment peut maintenir sa structure actuelle jusqu’à ce que l’Indice soit à nouveau disponible ou si son objectif doit être modifié pour suivre un autre indice ayant des caractéristiques similaires à celles de l’Indice.
STOXX et ses Concédants n’ont aucune relation avec Fidelity Funds, autre que la concession de la licence EURO STOXX 50® et des marques déposées associées qui sont utilisées en rapport avec Fidelity Funds – EURO STOXX 50® Fund.
STOXX et ses Concédants n’exécutent en aucun cas ce qui suit :
- parrainer, approuver, vendre ou promouvoir le Compartiment ;
- recommander à une personne d’investir dans le Compartiment ou dans tout autre titre ;
- être responsable d’une décision ou prendre une décision relative au calendrier, au montant ou à la cotation du Compartiment ;
- être responsable de l’administration, de la gestion ou de la commercialisation du Compartiment ; ou
- tenir compte des besoins du Compartiment ou de ses propriétaires pour déterminer, composer ou calculer (l’indice pertinent) ou avoir une quelconque obligation de le faire.

* Veuillez consulter l’onglet « Informations sur les données/composantes » pour des renseignements sur les composantes de l’Indice et les pondérations respectives.

### Politiques en matière de crédit
Le Gérant de Portefeuille évalue la qualité du crédit en fonction des références et méthodes décrites ci-dessous.
Concernant les obligations, les notations de crédit sont prises en compte au niveau du titre ou de l’émetteur, et au moment de l’achat des titres. Les Compartiments peuvent détenir des titres dont la notation a été dégradée.
Concernant les obligations et les instruments du marché monétaire, la Société de gestion n’emploie que les notations des agences de crédit établies et enregistrées dans l’UE. La Société de gestion procède à sa propre analyse du crédit et ne s’appuie pas uniquement sur les notations des agences de crédit.
OBLIGATIONS « INVESTMENT GRADE » (AAA/AAA À BBB-
/BAA3) ET « BELOW INVESTMENT GRADE » (BB+/BA1 OU INFÉRIEURE)
Ces titres doivent être notés par Standard & Poor’s ou toute autre agence de notation reconnue à l’échelle internationale. En cas de divergence entre les notations, nous utilisons la deuxième notation la plus élevée.
ACTIFS DÉTENUS DANS DES FONDS MONÉTAIRES
Au cours de l’évaluation des instruments du marché monétaire, des titrisations et des papiers commerciaux adossés à des actifs pour les fonds monétaires (tels que définis et réglementés par le Règlement (UE) 2017/1131) dans le but de déterminer si leur qualité de crédit a été évaluée de manière favorable, la Société de gestion examine les notations de crédit des agences de notation et applique également sa propre procédure d’évaluation interne de la qualité de crédit, en utilisant les informations à jour sur la qualité qui proviennent d’autres sources fiables.
Cette procédure s’appuie sur des méthodologies d’évaluation prudentes, systématiques et continues qui tiennent compte des caractéristiques à la fois de l’émetteur et de l’instrument, et elle a été validée par l’expérience et les données empiriques, y compris des contrôles a posteriori.
Cette procédure comprend des critères d’analyse des données financières, d’identification des tendances et de suivi des principaux facteurs déterminants du risque de crédit. La Société de gestion supervise l’application de la procédure par le biais d’une équipe d’analystes de la recherche sur le crédit et surveille régulièrement l’exactitude, l’adéquation et l’exécution appropriée de la procédure, en ajustant l’importance relative des critères d’évaluation de temps à autre. La procédure est conforme aux Articles 19.4 et 20.2 du Règlement (UE) 2017/1131 et elle est approuvée par les dirigeants de la Société de gestion et en conséquence par les administrateurs de la Société de gestion.
La procédure d’évaluation interne dépend de nombreux indicateurs. À titre d’exemple, les critères quantitatifs comprennent la valorisation des instruments du marché monétaire et des swaps de défaut de crédit ; la surveillance des indices financiers appropriés couvrant la zone géographique, le secteur et la catégorie d’actifs ; et les informations financières et de défaut spécifiques au secteur. À titre d’exemple, les critères qualitatifs comprennent la position concurrentielle, le risque de gouvernance, la situation financière et les sources de liquidités de l’émetteur ; la capacité de l’émetteur à réagir aux événements futurs ; la solidité du secteur de l’émetteur au sein de l’économie et par rapport aux tendances économiques ; et la catégorie, la structure, les caractéristiques à court terme, les actifs sous- jacents, le profil de liquidités, les marchés pertinents et les risques potentiels de l’instrument en matière d’exploitation et de	contrepartie.	D’après	l’Article 21	du Règlement (UE) 2017/1131, la Société de gestion documente sa procédure d’évaluation interne de la qualité de crédit et les évaluations de la qualité de crédit.

### Descriptions des risques
Tout investissement suppose un risque. Les risques associés à certains de ces Compartiments pourraient être relativement élevés.
Les descriptions des risques ci-dessous correspondent à la liste des principaux facteurs de risque pour chaque Compartiment. Un Compartiment pourrait être potentiellement affecté par des risques non énumérés ou décrits dans ce document. En outre, les présentes descriptions des risques ne sont pas destinées à être exhaustives. Chaque risque est décrit comme s’il s’agissait d’un Compartiment individuel.
Un de ces risques pourrait entraîner des pertes pour un Compartiment, une performance moindre par rapport à des investissements similaires ou à un indice de référence, une volatilité supérieure (hausses et baisses de la VL) ou une incapacité à atteindre son objectif au cours d’une période.
RISQUE DE GESTION ACTIVE 
Les analyses des tendances de l’économie ou des marchés réalisées par les gérants de portefeuille pourraient être erronées, tout comme leur choix ou leur conception du modèle informatique utilisé, leur allocation des actifs ou autre décision d’investissement.
Les pratiques de gestion des investissements qui ont bien fonctionné par le passé ou qui constituent des méthodes acceptées pour aborder certaines situations pourraient s’avérer inefficaces.
RISQUE D’ALLOCATION DES ACTIFS 
Le Compartiment est soumis aux risques associés à toutes les catégories d’actifs qui sont incluses dans l’allocation de ses actifs. Le Compartiment peut subir une volatilité ou des pertes supérieures si les modèles de corrélation ou de non-corrélation entre les catégories d’actifs diffèrent des prévisions.
RISQUE D’ORIENTATION SUR UN INDICE DE RÉFÉRENCE
L’objectif d’un Compartiment indiciel est de répliquer autant que possible la performance d’un indice. Toutefois, il est possible que la performance d’un Compartiment indiciel ne puisse pas suivre exactement celle de l’indice sous-jacent. Le Gérant de Portefeuille surveillera et cherchera à gérer ce risque en minimisant l’écart de suivi. Une réplication exacte ou identique permanente de la performance de l’indice ne peut absolument pas être garantie.
Les indices de marché, qui sont en général utilisés en tant qu’indices de référence, sont calculés par des entités indépendantes sans tenir compte de la manière dont ils peuvent affecter la performance d’un Compartiment. Les fournisseurs d’indice ne garantissent pas l’exactitude de leurs calculs indiciels et ils n’assument aucune responsabilité par rapport aux pertes que les investisseurs pourraient subir en raison d’un investissement qui suit leurs indices. Le Compartiment peut être liquidé si un fournisseur cesse de produire un indice ou perd ou ne parvient pas à obtenir son enregistrement auprès de l’AEMF en tant que fournisseur d’indice et si aucun indice de rechange approprié ne peut être trouvé.
RISQUE LIÉ À LA CHINE 
Les droits légaux des investisseurs sont incertains en Chine continentale. Les interventions du gouvernement sont courantes et imprévisibles. Certains systèmes de négociation et de garde principaux n’ont pas fait leurs preuves, et tous les types d’investissements devraient présenter des risques relativement plus élevés en matière de volatilité, de liquidité et de contrepartie.
En Chine continentale, il n’est pas certain qu’un tribunal protégerait les droits d’un Compartiment par rapport aux titres qu’il pourrait acheter par le biais des programmes Stock Connect, du marché obligataire interbancaire de la Chine continentale ou d’autres moyens dont les règlements n’ont pas été testés et qui peuvent changer. La structure de ces programmes ne nécessite pas une responsabilité pleine et entière de certaines de ses entités constituantes et ne laisse que très peu de fondement juridique aux investisseurs comme le Compartiment pour entamer des poursuites en Chine continentale.
De plus, les autorités ou marchés boursiers chinois peuvent taxer ou limiter les profits des opérations à court terme (
short-swing
), rappeler des actions admissibles, établir ou modifier des quotas (volumes de négociation maximum, au niveau de l’investisseur ou du marché) ou bloquer, limiter, restreindre ou reporter les négociations de toute autre façon, gênant ou empêchant ainsi un Compartiment à mettre en œuvre les stratégies prévues.
Pour les Compartiments qui sont spécifiquement autorisés par leur objectif d’investissement ou par des exigences spécifiques au pays précisées dans la section « Exigences obligatoires supplémentaires » à réaliser des investissements en actions A chinoises et/ou en titres à revenu fixe chinois 
onshore
, ces investissements peuvent être effectués par le biais du statut Qualified Foreign Investor (QFI) de FIL Investment Management (Hong Kong) Limited, du Stock Connect, du programme d’accès direct au marché obligataire interbancaire chinois (China Interbank Bond Market ou CIBM), du Bond Connect et/ou tout moyen autorisé à disposition des Compartiments en vertu des lois et réglementations en vigueur.
Les investissements dans les titres nationaux de la RPC libellés en CNY sont réalisés par le biais du statut QFI ou par le biais des programmes Hong Kong Stock Connect, qui sont soumis à des quotas hebdomadaires et globaux.
Les Compartiments peuvent investir indirectement dans des actions A chinoises par le biais de produits d’accès aux actions A chinoises, y compris, mais sans s’y limiter, des obligations adossées à des actions, des « participation notes » (titres participatifs), des obligations adossées à des crédits ou des fonds qui investissent dans des actions A chinoises.
Statut QFI. Sauf indication contraire dans l’objectif d’investissement d’un Compartiment, un Compartiment peut investir moins de 70 % de ses actifs dans des titres chinois grâce à la licence d’investisseur institutionnel étranger agréé au titre du programme QFI. Un investissement par le biais d’une licence QFI implique des risques. À titre d’exemple, le statut QFI pourrait être suspendu, réduit ou révoqué, ce qui pourrait affecter la capacité d’un Compartiment à investir dans des titres éligibles ou l’obliger à céder ces titres avec un effet potentiellement négatif sur sa performance. Les réglementations QFI imposent des restrictions strictes sur les investissements (y compris des règles sur les limites d’investissement, la période de détention minimum et le rapatriement du capital ou des bénéfices) qui s’appliquent au Gérant de Portefeuille ainsi qu’aux investissements réalisés par le Compartiment. Il n’est pas sûr qu’un tribunal protégerait les droits du Compartiment par rapport aux titres qu’il détiendrait par le biais d’une licence QFI si ce QFI subissait des pressions juridiques, financières ou politiques.
Programmes Shanghai et Shenzhen Hong Kong Stock Connect. Stock Connect est un projet commun entre Hong Kong Exchanges and Clearing Limited (HKEC), China Securities Depository and Clearing Corporation Limited (ChinaClear), la Bourse de Shanghai et la Bourse de Shenzhen. Hong Kong Securities Clearing Company Limited (HKSCC), un organisme de compensation qui, à son tour, est exploité par HKEC, agit en tant que propriétaire apparent pour les investisseurs ayant accès aux titres des programmes Stock Connect.
Les créanciers du propriétaire apparent ou du dépositaire pourraient affirmer que les actifs des comptes détenus pour le compte des Compartiments sont en fait des actifs du propriétaire apparent ou du dépositaire. Si un tribunal confirmait cette affirmation, les créanciers du propriétaire apparent ou du dépositaire pourraient chercher à obtenir un paiement à l’aide des actifs du Compartiment concerné. HKSCC, en tant que propriétaire apparent, ne garantit pas la propriété des titres Stock Connect détenus par son intermédiaire et n’a pas l’obligation de faire valoir un droit de propriété ou autres droits associés à la propriété pour le compte des bénéficiaires effectifs (comme les Compartiments). Par conséquent, il n’est pas possible de garantir la propriété de ces titres ou les droits
y afférents (comme la participation aux opérations sur titres ou aux assemblées des actionnaires).
Si la SICAV ou un Compartiment subissait des pertes en raison de la performance ou de l’insolvabilité de HKSCC, la SICAV ne disposerait d’aucun recours juridique direct contre HKSCC, étant donné que le droit chinois ne reconnaît aucune relation juridique directe entre HKSCC et la SICAV ou le dépositaire.
En cas de défaut de ChinaClear, les responsabilités contractuelles de HKSCC seront limitées à apporter une aide aux participants pour leurs réclamations. Les tentatives d’un Compartiment pour récupérer des actifs perdus pourraient impliquer des délais et des frais et pourraient ne pas payer.
Marché obligataire interbancaire chinois (CIBM) et Bond Connect. Ces marchés offrent un moyen aux investisseurs étrangers (comme un Compartiment) d’acheter des obligations chinoises. Le CIBM peut avoir des volumes de négociation faibles, entraînant un risque de liquidités et une incapacité éventuelle du Compartiment à profiter des opportunités d’investissement. Bien que Bond Connect élimine le quota d’investissement imposé sur le CIBM et le besoin de recourir à un agent de règlement pour les obligations, certaines obligations peuvent toujours avoir des volumes de négociation faibles, les prix des investissements réalisés par le biais de l’un de ces canaux peuvent être très volatils et les écarts entre les prix offerts et demandés peuvent être importants, limitant la capacité à réaliser des investissements rentables.
ChiNext Market et Shanghai Stock Exchange Science & Technology Innovation Board (STAR Board). Certains Compartiments peuvent être exposés à des actions cotées sur les marchés ChiNext de la SZSE et/ou STAR Board de la SSE. 
Fluctuation plus importante des prix des actions et risque de liquidité 
: de par leur nature, le ChiNext et/ou le STAR Board proposent généralement des sociétés émergentes, le volume des opérations pouvant être effectuées sur ces marchés est donc limité. Les fluctuations des prix des sociétés cotées sur les marchés ChiNext et/ou STAR Board sont en particulier plus importantes et, en raison des seuils d’admissibilité plus élevés imposés aux investisseurs, leur volume de liquidité peut être plus limité par rapport aux autres marchés. Par conséquent, les sociétés cotées sur ces marchés sont soumises à des fluctuations plus importantes des prix de leurs actions et à des risques de liquidité plus élevés. En outre, elles affichent des taux de rotation plus importants que des sociétés cotées sur les principaux marchés des bourses SZSE et/ou SSE. 
Risque de surévaluation 
: les actions cotées sur les marchés ChiNext et/ou STAR Board peuvent être surévaluées, et ces valorisations exceptionnellement élevées ne sont pas nécessairement durables. Le prix de l’action peut être plus sensible aux manipulations en raison d’un nombre réduit d’actions en circulation. 
Différences de réglementation : 
les règles et réglementations relatives aux sociétés cotées sur les marchés ChiNext et STAR Board sont moins strictes en termes de profitabilité et de capital social que celles des principaux marchés de la SZSE et/ou la SSE. 
Risque de radiation : 
il est plus courant et plus rapide d’être radié de la cote sur les marchés ChiNext et/ou STAR Board. Les marchés ChiNext et STAR Board présentent notamment des critères plus stricts que les autres marchés en matière de radiation. Le Compartiment concerné pourrait être négativement affecté si les sociétés dans lesquelles il investit sont radiées de la cote. 
Risque de concentration : 
le STAR Board étant un marché récent, le nombre de sociétés qui y sont cotées peut être limité pendant sa phase de démarrage. Les investissements sur le STAR Board peuvent être concentrés sur un petit nombre d’actions, exposant ainsi le Compartiment concerné à un risque de concentration plus élevé. Les investissements sur les marchés ChiNext et/ou STAR Board peuvent entraîner des pertes substantielles pour le Compartiment concerné et ses investisseurs.
Obligations Dim Sum. Certains Compartiments peuvent investir dans des obligations Dim Sum (c.-à-d. des obligations émises en dehors de la Chine continentale, mais libellées en RMB). Le volume du marché obligataire Dim Sum est relativement
faible. Comme c’est le cas pour certains marchés à taux fixe internationaux, il peut s’avérer plus volatil et moins liquide. Si les organismes de réglementation appropriés venaient à publier de nouvelles règles visant à limiter ou à restreindre la capacité des émetteurs à lever des fonds en RMB (CNH offshore) par le biais d’une émission d’obligations et/ou à inverser ou à suspendre la libéralisation du marché CNH par le(s) régulateur(s) pertinent(s), le fonctionnement du marché obligataire Dim Sum et les nouvelles émissions pourraient être perturbés, ce qui pourrait entraîner éventuellement une chute de la Valeur Liquidative des Compartiments concernés.
Renminbi 
onshore 
et 
offshore
. En Chine continentale, le gouvernement maintient deux devises différentes : le renminbi 
onshore 
(CNY), qui doit rester dans les limites de la Chine continentale et ne peut généralement pas être détenu par des étrangers, et le renminbi 
offshore 
(CNH), qui peut être détenu par tout investisseur. Le taux de change entre ces deux monnaies et la mesure dans laquelle les opérations de change impliquant le CNH sont autorisées sont gérés par le gouvernement selon plusieurs considérations liées au marché et à la politique.
Notations de crédit. Un Compartiment peut investir dans des titres dont les notations de crédit sont assignées par des agences de notation de crédit chinoises. Toutefois, les critères et la méthodologie utilisés par ces agences de notation peuvent être différents de ceux employés par la plupart des agences internationales reconnues. Par conséquent, il est possible que ce système de notation ne soit pas équivalent aux normes employées par les agences de notation internationales.
Obligations d’investissement urbain. Les risques liés aux obligations d’investissement urbain, qui sont émises par des Véhicules de financement des gouvernements locaux (VFGL) dans le but de lever des fonds destinés à des projets d’investissement ou d’infrastructure d’intérêt public, comprennent le risque que les activités sous-jacentes rencontrent des difficultés financières.
Provision pour l’impôt de la RPC. La Société de gestion se réserve le droit de provisionner l’impôt chinois sur les gains d’un Compartiment qui investit dans des titres chinois, affectant ainsi la valorisation de ce dernier. Étant donné qu’il est difficile de savoir si et comment certains gains sur les titres chinois seront imposés, qu’il est possible que les lois, réglementations et pratiques évoluent en RPC, et également que les impôts soient appliqués de manière rétroactive, toute provision pour impôts réalisée par la Société de gestion pourrait s’avérer excessive ou inadaptée pour couvrir les impôts chinois finalement dus sur les gains découlant de la cession des titres chinois. Par conséquent, les investisseurs pourraient être avantagés ou désavantagés par l’impôt final imputé sur ces gains, le niveau de provision effectué et la date de souscription et/ou de rachat de leurs actions des Compartiments.
Il en ressort effectivement un risque de change par rapport à la devise d’un seul pays, ainsi qu’un risque de liquidité puisque la conversion du CNY en CNH, et du CNH dans d’autres devises, peut être limitée, tout comme la récupération d’une devise depuis la Chine continentale ou Hong Kong.
RISQUE LIÉ AUX OBLIGATIONS COCO 
Les titres convertibles contingents (obligations CoCo) sont relativement récents (non testés) et plus susceptibles aux pertes que les actions, supposent un risque d’extension, peuvent être très volatils, et leurs émetteurs peuvent annuler ou modifier à volonté des paiements de revenus programmés.
Une obligation CoCo peut être junior non seulement par rapport aux titres de créance mais également aux détenteurs d’actions. Elle peut également perdre tout ou partie de sa valeur instantanément en cas de réduction de valeur ou si un événement déclencheur se produit ; le déclencheur pouvant, par exemple, être activé par le biais d’une perte de capital (numérateur) ou par une augmentation des actifs pondérés en fonction du risque (dénominateur). Étant donné que les obligations CoCo sont en fait des prêts perpétuels, le capital peut être remboursé à la date de remboursement anticipé, ou à tout moment après, ou jamais. Les
obligations CoCo peuvent également présenter un risque de liquidité et peuvent être difficiles à valoriser.
Il est difficile de prévoir le comportement des obligations CoCo en fonction des conditions de marché, mais il est possible qu’une volatilité ou une chute des prix puisse se propager aux autres émetteurs et que les obligations puissent perdre leur caractère liquide. Ce risque pourrait empirer dans la mesure où les émissions d’obligations CoCo peuvent être concentrées sur certains secteurs plutôt que d’être réparties de manière uniforme entre de nombreuses industries et pourrait également se détériorer en fonction du niveau d’arbitrage des instruments sous-jacents.
En cas de conversion en actions, le Gérant de Portefeuille serait obligé de vendre toutes les nouvelles actions si la politique d’investissement du Compartiment n’autorise pas ce type d’actif ce qui pourrait faire apparaître un risque de liquidité. Alors les obligations CoCo ont tendance à afficher des rendements intéressants, toute évaluation de leur risque doit comprendre non seulement leurs notations de crédit (qui peut être « below investment grade ») mais également les autres risques afférents aux obligations CoCo, comme le risque de conversion, l’annulation des coupons et le risque de liquidité. Il est également difficile de déterminer si les investisseurs ont évalué avec précision les risques des obligations CoCo, sachant qu’un événement de marché généralisé ayant des répercussions sur les obligations CoCo pourrait déprimer de manière permanente l’ensemble du marché des obligations CoCo.
RISQUE LIÉ AUX MATIÈRES PREMIÈRES 
Les matières premières sont généralement très volatiles et peuvent être affectées de manière disproportionnée par des événements politiques, économiques, climatiques, commerciaux, agricoles et terroristes, ainsi que par l’évolution des coûts de l’énergie et des transports.
Étant donné qu’ils réagissent à des facteurs spécifiques, les prix des matières premières peuvent évoluer différemment les uns par rapport aux autres ainsi que par rapport aux actions, aux obligations et autres investissements courants.
RISQUE DE CONCENTRATION 
Dans la mesure où le Compartiment investit une grande partie de ses actifs dans un nombre limité d’industries, de secteurs ou d’émetteurs, ou dans une zone géographique limitée, la concentration peut s’avérer plus risquée que pour un Compartiment dont les investissements sont plus diversifiés.
En raison de son orientation sur une société, une industrie, un secteur, un pays, une région, un type d’action, un type d’économie, etc., le Compartiment est plus sensible aux facteurs qui déterminent la valeur de marché du secteur d’intérêt. Ces facteurs peuvent comprendre des conditions économiques, financières ou de marché ainsi que des conditions	sociales,	politiques,	économiques, environnementales ou autres. Il peut en résulter à la fois une volatilité plus élevée et un risque de perte plus important.
RISQUE LIÉ AUX TITRES CONVERTIBLES 
Étant donné que les titres convertibles sont structurés comme des obligations qui peuvent, ou doivent, en général être remboursées par une quantité prédéterminée d’actions, au lieu de liquidités, elles sont associées à la fois aux risques des actions et aux risques de crédit et de défaut généralement associés aux obligations.
RISQUE LIÉ À LA CONTREPARTIE ET À LA GARANTIE 
Toute
entité avec laquelle le Compartiment fait des affaires, y compris le dépositaire, pourrait ne pas vouloir ou ne pas pouvoir remplir ses engagements envers ledit Compartiment.
Les accords avec les contreparties, notamment par le recours au prêt de titres, peuvent impliquer un risque de liquidité et un risque opérationnel, l’un et l’autre étant susceptibles d’entraîner des pertes et de limiter la capacité du Compartiment à couvrir les demandes de rachat, à satisfaire d’autres obligations de paiement ou à investir les actifs en question.
Le Compartiment pourrait perdre tout ou partie de son capital ou subir des retards pour récupérer des titres ou des liquidités
qui sont détenus par la contrepartie (ce qui pourrait également engendrer des pertes) si :
- un dépositaire, un sous-dépositaire, un courtier ou autre contrepartie fait faillite ou manque à ses engagements ; dans certains cas, le dépositaire ne peut pas corriger les agissements d’un sous-dépositaire qu’il a choisi, ou peut être responsable de ses agissements ;
- une catastrophe naturelle ou d’origine humaine, un acte de terrorisme, un soulèvement populaire, une guerre ou autre cas de force majeure survient (puisque, dans de telles situations, les contreparties ne sont généralement pas responsables des pertes) ;
- dans certaines juridictions, des accords de garantie (même ceux utilisant le langage habituel du secteur) pourraient être difficiles, voire impossibles à faire valoir.

La valeur d’une garantie pourrait ne pas couvrir la valeur totale d’une transaction, ou les frais ou rendements dus au Compartiment si :
- la valeur de la garantie chute ; plus la contrepartie tarde à restituer les actifs, plus ce risque est élevé. Cependant, en périodes de volatilité du marché, une telle baisse peut survenir même pendant le court laps de temps qui sépare le placement et le règlement d’une transaction associée à la garantie, ou entre le moment où la garantie nécessaire est calculée et le moment où le Compartiment la reçoit ;
- le rendement de la garantie est inférieur aux prévisions ;
- le Compartiment ou une contrepartie a mal évalué le montant de la garantie ;
- la liquidation de la garantie utilisée pour couvrir le défaut de la contrepartie peut prendre du temps.

Pour toute garantie liquide dans laquelle un Compartiment investit, les circonstances immédiatement précitées pourraient également entraîner un effet de levier (et par conséquent une volatilité) ou exposer le Compartiment à des actifs incompatibles avec son objectif.
RISQUE DE CRÉDIT 
Le prix d’une obligation ou d’un instrument du marché monétaire pourrait chuter, et ce titre pourrait être plus volatil et moins liquide, si la qualité de crédit de l’émetteur ou du titre chute, ou que le marché pense qu’il pourrait chuter. Dans des cas extrêmes, un investissement obligataire pourrait faire défaut, signifiant que l’émetteur pourrait être dans l’incapacité de verser des paiements au Compartiment dans les délais impartis.
Les incidences négatives des questions environnementales, comme le changement climatique et les catastrophes naturelles, pourraient éroder la santé financière d’un émetteur d’obligations.
RISQUE DE CHANGE 
Dans la mesure où un Compartiment détient des actifs libellés dans des devises autres que sa devise de référence, toute variation des taux de change pourrait limiter les gains ou les revenus, ou augmenter les pertes, dans certains cas de manière substantielle.
Les taux de change peuvent évoluer rapidement et de manière imprévisible, et il pourrait être difficile pour un Compartiment de dénouer à temps son exposition à une devise donnée pour éviter des pertes.
Les fluctuations des taux de change peuvent être influencées par des facteurs comme les balances commerciales, les tendances économiques et politiques, l’intervention d’un gouvernement et la spéculation des investisseurs.
De plus, les actionnaires peuvent supporter un risque de change si la devise dans laquelle ils souscrivent ou rachètent des actions est différente de la devise de référence d’un Compartiment. Les fluctuations des taux de change entre la devise de référence et la devise d’une catégorie d’Actions peuvent limiter les gains ou les revenus, ou augmenter les pertes, dans certains cas de manière substantielle.
L’intervention d’une banque centrale, notamment par l’achat ou la vente agressive de devises, la modification des taux d’intérêt, les restrictions sur les mouvements de capitaux ou
une dissociation d’une devise par rapport à une autre, pourrait entraîner des changements brutaux ou à long terme des valeurs relatives des devises.
RISQUE LIÉ AUX INSTRUMENTS DÉRIVÉS 
La valeur des
instruments dérivés peut être volatile. Les petites variations de la valeur d’un actif sous-jacent peuvent engendrer de grandes variations de la valeur de l’instrument dérivé auquel il se rapporte et exposer le Compartiment à des pertes qui pourraient être supérieures au coût même de l’instrument dérivé.
Un Compartiment peut utiliser des instruments dérivés pour différentes raisons, notamment de couverture, de gestion efficace du portefeuille et autres fins d’investissement. Les instruments dérivés sont des instruments spécialisés qui nécessitent des techniques d’investissement et des analyses du risque différentes de celles associées aux titres traditionnels.
Les instruments dérivés sont soumis aux risques des actifs sous- jacents (en général sous une forme modifiée et nettement amplifiée) tout en comportant leurs propres risques. Certains des principaux risques liés aux instruments dérivés sont :
- le prix et la volatilité de certains instruments dérivés, en particulier des swaps de défaut de crédit et des titres de créance garantie, pourraient s’écarter du prix ou de la volatilité de leur(s) référence(s) sous-jacente(s), parfois de manière plus importante et imprévisible ;
- dans des conditions de marché difficiles, il pourrait être impossible de placer des ordres qui limiteraient ou compenseraient l’exposition de marché ou les pertes financières créées par certains instruments dérivés ;
- les instruments dérivés impliquent des coûts qu’un Compartiment ne supporterait pas autrement ;
- il peut être difficile de prévoir le comportement d’un instrument dérivé dans certaines conditions de marché ; ce risque est plus élevé pour les types de dérivés plus récents ou plus complexes :
- les modifications des lois ou normes fiscales, comptables ou boursières pourraient provoquer une chute de la valeur d’un instrument dérivé ou obliger un Compartiment à se défaire de sa position dérivée dans des circonstances peu avantageuses ;
- certains instruments dérivés, en particulier les contrats à terme standardisés, les options, les swaps de rendement total et les contrats de différence, peuvent impliquer un emprunt sur marge, c’est-à-dire qu’un Compartiment pourrait être obligé de choisir entre la liquidation des titres pour satisfaire un appel de marge ou l’acceptation d’une perte sur une position qui aurait pu générer, si elle avait été conservée plus longtemps, une perte moins importante voire un gainInstruments dérivés négociés en bourse. La négociation de ces instruments dérivés ou de leurs actifs sous-jacents pourrait être suspendue ou soumise à certaines limites. Il est également possible que le règlement de ces instruments dérivés par le biais d’un système de transfert ne se produise pas au moment voulu ou dans les conditions désirées.

Instruments dérivés de gré à gré – non compensés. Étant donné que les instruments dérivés de gré à gré sont essentiellement des contrats privés conclus entre un Compartiment et une ou plusieurs contreparties, ils sont moins fortement réglementés que les titres négociés sur le marché. Ils comportent également des risques de contrepartie et de liquidité plus élevés, et les prix sont plus subjectifs. Si une contrepartie cesse de proposer un instrument dérivé qu’un Compartiment avait prévu d’utiliser, le Compartiment pourrait être dans l’incapacité de trouver un instrument dérivé comparable ailleurs et pourrait rater une opportunité de gain ou être exposé accidentellement à des risques ou pertes, notamment des pertes générées par une position dérivée pour laquelle il n’était pas parvenu à acheter un instrument dérivé compensatoire.
Étant donné que, en général, la SICAV ne peut pas répartir ses transactions en instruments dérivés de gré à gré entre un grand nombre de contreparties, un déclin de la situation financière de l’une de ces contreparties pourrait entraîner des
pertes importantes. En outre, si un Compartiment traverse une période de faiblesse financière ou manque à un de ses engagements, des contreparties pourraient refuser de travailler avec la SICAV, ce qui pourrait l’empêcher de fonctionner de manière efficace et compétitive.
Instruments dérivés de gré à gré – compensés. Étant donné que ces instruments dérivés sont compensés sur une plate-forme de négociation, leurs risques de liquidité sont similaires à ceux des instruments dérivés négociés en bourse. Toutefois, ils comportent toujours un risque de contrepartie qui est similaire à celui des instruments dérivés de gré à gré non compensés.
RISQUE LIÉ AUX TITRES FORTEMENT DÉPRÉCIÉS 
Certains
Compartiments peuvent détenir des Titres fortement dépréciés ou peuvent, en accord avec leurs politiques d’investissement respectives, investir dans des titres fortement dépréciés. Les Titres fortement dépréciés impliquent un risque important. Ces investissements sont très volatils et sont effectués lorsque le Gérant de Portefeuille est convaincu qu’ils génèreront un rendement intéressant au vu de la chute du prix par rapport à la juste valeur perçue du titre, ou s’il présage que l’émetteur fera une offre de conversion de titres favorable ou envisage une réorganisation. Il n’est absolument pas garanti qu’une offre de conversion de titres ou une réorganisation surviendra ni que la valeur ou le potentiel de revenus de tout titre ou autre actif reçu ne baissera pas plus que prévu au moment de l’investissement. De plus, une période très longue pourrait s’écouler entre la date d’investissement dans les Titres fortement dépréciés et la date d’exécution de cette conversion, offre ou réorganisation. Les Titres fortement dépréciés peuvent souvent ne pas générer de revenu lorsqu’ils sont en circulation, et l’incertitude est grande quant à leur capacité à atteindre une juste valeur ou à la réalisation de toute offre de conversion de titres ou de toute réorganisation. Il est possible qu’un Compartiment soit obligé de supporter certaines dépenses dans le but de protéger et de récupérer son investissement en titres fortement dépréciés, ou dans le cadre de négociations liées à une conversion ou une réorganisation potentielle. En outre, les contraintes de nature fiscale qui s’appliquent aux décisions et l’exécution des ordres d’investissement en titres fortement dépréciés pourraient affecter le rendement réalisé sur les Titres fortement dépréciés. Les investissements en Titres fortement dépréciés d’un Compartiment peuvent comprendre des émetteurs dont les besoins en capitaux sont significatifs ou dont la valeur nette est négative, ou des émetteurs qui sont, ont été ou pourraient être impliqués dans des procédures de faillite ou de réorganisation. Un Compartiment pourrait être obligé de vendre son investissement à perte ou de le conserver dans l’attente d’une procédure de faillite.
RISQUE LIÉ AUX MARCHÉS ÉMERGENTS 
Les marchés émergents sont moins établis et plus volatils que les marchés développés. Ils impliquent des risques plus élevés, en particulier de marché, de crédit, de titre non liquide, juridiques, de garde, de valorisation et de change, et ils sont plus susceptibles d’être exposés aux risques qui, sur les marchés développés, sont associés à des conditions inhabituelles sur le marché.
Les raisons d’un tel niveau de risque supérieur regroupent :
- une instabilité politique, économique et sociale ;
- des économies fortement dépendantes d’industries, de matières premières ou de partenaires de négociation particuliers ;
- une inflation non contrôlée ;
- des droits de douane élevés ou arbitraires ou autres formes de protectionnisme ;
- des quotas, réglementations, lois, restrictions en matière de rapatriement des fonds, ou autres pratiques désavantageuses pour les investisseurs étrangers (comme le Compartiment) ;
- des modifications de la loi ou une non-application des lois ou réglementations, prévoyant des mécanismes de fonctionnement ou équitables pour résoudre les litiges ouintenter un recours, ou reconnaître de toute autre manière les droits des investisseurs, tels qu’ils s’entendent sur les marchés développés ;
- des frais ou coûts de négociation excessifs, ou une saisie pure et simple des actifs ;
- une imposition excessive ou des lois et pratiques fiscales inhabituelles, mal définies, qui changent souvent ou sont appliquées de manière arbitraire ;
- des réserves inadaptées pour couvrir les défauts des émetteurs ou des contreparties ;
- des informations incomplètes, trompeuses ou inexactes sur les titres et les émetteurs ;
- des pratiques non conformes ou en deçà des normes comptables, d’audit ou de déclaration financière ;
- des marchés limités ayant de faibles volumes de transactions et qui sont, par conséquent, exposés au risque de liquidité et à la manipulation des prix du marché ;
- des retards et des fermetures de marché arbitraires ;
- une infrastructure de marché moins développée, incapable de gérer des volumes de transactions maximums ;
- des actes de fraude, de corruption et des erreurs.

Dans certains pays, les marchés boursiers peuvent également souffrir d’une efficacité et d’une liquidité altérées qui pourraient faire aggraver la volatilité des prix et les perturbations du marché.
Dans la mesure où les marchés émergents sont situés dans des fuseaux horaires différents du Luxembourg, le Compartiment pourrait être dans l’incapacité de réagir à temps aux fluctuations des prix qui surviennent pendant les heures où il n’est pas ouvert.
Aux fins des risques, la catégorie des marchés émergents comprend des marchés moins développés, comme la plupart des pays d’Asie, d’Afrique, d’Amérique du Sud et d’Europe de l’Est, ainsi que des pays comme la Chine, la Russie et l’Inde dont les économies sont florissantes mais qui n’offrent pas les meilleurs niveaux de protection à l’investisseur.
RISQUE LIÉ AUX ACTIONS 
Les actions peuvent perdre en valeur rapidement, et impliquent en général des risques de marché plus élevés (souvent beaucoup plus élevés) que les obligations ou les instruments du marché monétaire.
Si une société fait faillite ou fait l’objet d’une restructuration financière similaire, ses actions peuvent perdre la majeure partie de leur valeur, voire toute leur valeur.
Le prix d’une action varie en fonction de l’offre et la demande ainsi que des projections que le marché établit concernant la profitabilité future d’une société, qui découle de facteurs tels que la demande des consommateurs, l’innovation des produits, les agissements de la concurrence, et de la manière dont une entreprise choisit d’aborder les questions environnementales, sociales et de gouvernance (ESG).
Les pratiques ESG comprennent, par exemple, l’atténuation des effets des phénomènes météorologiques extrêmes, la réduction des impacts environnementaux, l’amélioration des conditions de travail, la promotion de la non-discrimination sur le lieu de travail et l’établissement d’une gouvernance solide et transparente.
RISQUE DE COUVERTURE 
Toute tentative pour réduire ou éliminer certains risques peut ne pas fonctionner comme prévu, mais dans la mesure où elles fonctionnent bien, elles éliminent en général les potentiels de gains ainsi que les risques de perte.
Le Compartiment peut utiliser une couverture au sein de son portefeuille et par rapport à des catégories d’Actions désignées pour couvrir l’exposition de change d’une catégorie. Une couverture implique des coûts, ce qui réduit la performance des investissements. Par conséquent, avec toute catégorie d’Actions qui implique une couverture à la fois au niveau du Compartiment et de la catégorie d’Actions, il peut exister deux niveaux de couverture, dont une partie peut ne
pas fonctionner (par exemple, au niveau du Compartiment, un Compartiment peut couvrir des actifs libellés en SGD par rapport à l’EUR, tandis qu’une catégorie d’Actions couverte en SGD de ce Compartiment pourrait inverser cette couverture).
Les risques associés à une couverture de change des catégories d’Actions (comme le risque de contrepartie) pourraient affecter les investisseurs des autres catégories d’Actions. Pour consulter une liste des Compartiments dont les catégories d’Actions pourraient souffrir d’un risque de contagion, consultez fidelityinternational.com.
RISQUE DE HAUT RENDEMENT 
Les valeurs des titres à haut rendement sont spéculatives. Comparés aux obligations
« investment grade », les titres à haut rendement sont plus volatils, plus sensibles aux événements économiques, moins liquides et comportent un risque de défaut plus élevé.
Les titres à haut rendement étrangers supposent en général des risques qui sont associés à l’investissement international, comme le risque de change qui découle des différences entre les devises employées.
RISQUE DE TAUX D’INTÉRÊT 
En général, lorsque les taux d’intérêt augmentent, la valeur des obligations baisse. Ce risque augmente généralement avec la duration de l’investissement obligataire.
Concernant les dépôts bancaires et les instruments du marché monétaire et autres investissements à court terme, le risque de taux d’intérêt fonctionne dans l’autre sens. Une chute des taux d’intérêt peut entraîner une chute des rendements des investissements.
RISQUE LIÉ AUX FONDS D’INVESTISSEMENT 
Comme pour tous
les fonds d’investissement, un placement dans un Compartiment implique certains risques auxquels un investisseur ne serait pas confronté s’il investissait directement sur les marchés :
- les agissements des autres investisseurs, en particulier les sorties de liquidités importantes et soudaines, pourraient interférer avec la gestion ordonnée du Compartiment et entraîner une chute de sa VL ;
- l’investisseur ne peut pas contrôler ou influencer la façon dont les capitaux sont investis lorsqu’ils sont dans le Compartiment ;
- dans la mesure où un Compartiment utilise ses propres estimations pour la valorisation (la juste valeur) des titres, une erreur quelconque de valorisation pourrait affecter la VL ;
- dans la mesure où un Compartiment échange des actifs non liquides contre des liquidités ou des instruments du marché monétaire à des fins défensives, il ne profitera pas de toute performance positive pouvant être enregistrée par ces actifs non liquides ;
- le Compartiment est soumis à différentes lois et réglementations sur les investissements limitant l’utilisation de certains titres et techniques d’investissement susceptibles d’améliorer la performance ; dans la mesure où le Compartiment décide de s’enregistrer dans des juridictions qui imposent des exigences d’investissement, cette décision pourrait limiter davantage la flexibilité et l’ampleur de ses investissements ;
- les modifications des réglementations à l’échelle internationale et l’examen accru des régulateurs des services financiers pourraient conduire à de nouvelles réglementations ou autres changements qui pourraient limiter les opportunités ou augmenter les coûts pour la SICAV ;
- étant donné que les Actions du Compartiment ne sont pas négociées en bourse, le rachat est généralement le seul moyen de les liquider et cette opération peut être suspendue par le Compartiment pour toutes les raisons décrites sous l’intitulé « Droits que nous nous réservons » dans la section« Investir dans les Compartiments » ;
- l’achat et la vente des investissements d’un Compartiment peuvent ne pas conduire aux meilleurs résultats en termes d’efficacité fiscale ;
- il peut être difficile, voire impossible, pour les différentes catégories d’actions de protéger complètement les autres catégories d’actions des coûts et risques qu’elles encourent, y compris le risque que les créanciers d’une catégorie d’actions d’un Compartiment cherchent à saisir les actifs d’une autre catégorie pour régler un engagement ;
- dans la mesure où la SICAV fait des affaires avec des sociétés affiliées à FIL (Luxembourg) S.A., et que ces sociétés affiliées (et les sociétés affiliées des autres prestataires de services) font des affaires les uns avec les autres pour le compte de la SICAV, des conflits d’intérêts peuvent apparaître. Par conséquent, en vue de les atténuer, toutes les transactions de cette nature doivent être réalisées selon le principe de pleine concurrence, et toutes les entités et tous les individus qui leur sont associés sont soumis à des politiques de négociation équitable strictes qui leur interdisent de profiter des informations internes ou de faire du favoritisme ;
- dans la mesure où le Compartiment investit dans d’autres OPCVM ou dans des OPC, il pourrait supporter un deuxième niveau de frais (qui érodera davantage tout gain d’investissement), pourrait être confronté à un risque de liquidité en cherchant à dénouer ses investissements dans un OPCVM/OPC, et est soumis à tous les risques énoncés ci- dessus, soumettant indirectement les actionnaires à ces mêmes risques ;
- dans la mesure où le Compartiment investit dans des liquidités ou autres instruments assimilés au-delà de son allocation d’investissement (notamment à des fins d’investissement défensif), il ne poursuit pas son objectif et ne peut pas participer pleinement aux variations de marché positives.

Lorsqu’un Compartiment investit dans un autre OPCVM ou un OPC, ces risques s’appliquent au Compartiment et, par répercussion, indirectement à ses actionnaires.
RISQUE DE LEVIER 
L’exposition nette élevée du Compartiment sur certains investissements pourrait rendre le prix de son action plus volatil.
Dans la mesure où le Compartiment utilise des instruments dérivés ou des prêts de titres pour augmenter son exposition nette à un marché, un taux, un panier de titres ou à toute autre source de référence financière, les fluctuations du prix de la source de référence seront amplifiées.
RISQUE DE LIQUIDITÉ 
Tout titre pourrait temporairement devenir difficile à évaluer ou à vendre à un prix et à une date voulus.
Le risque de liquidité pourrait affecter la valeur du Compartiment et sa capacité à payer le produit des rachats ou à rembourser, par exemple, le produit d’un accord de mise en pension de titres à la date prévue.
RISQUE DE MARCHÉ 
Les prix et les rendements de la plupart des titres peuvent changer fréquemment (parfois avec une volatilité importante) et peuvent chuter, en fonction de nombreux facteurs.
À titre d’exemple, ces facteurs comprennent :
- les actualités politiques et économiques
- la politique gouvernementale
- l’évolution des technologies et des pratiques commerciales
- l’évolution des tendances démographiques, des cultures et des populations
- les catastrophes naturelles ou causées par l’homme
- les profils météorologiques et climatiques
- les découvertes scientifiques ou résultant d’investigations
- les coûts et la disponibilité de l’énergie, des matières premières et des ressources naturellesLes effets du risque de marché peuvent être immédiats ou progressifs, à court terme ou à long terme, limités ou étendus.

RISQUE OPÉRATIONNEL 
Dans tous les pays, mais en particulier sur les marchés émergents, le Compartiment pourrait subir des pertes en raison d’erreurs, de perturbations des services ou autres défaillances, ainsi qu’à cause d’une fraude, d’un acte
de corruption, d’un cybercrime, d’une instabilité, du terrorisme ou autres événements exceptionnels.
Les risques opérationnels peuvent soumettre le Compartiment à des erreurs affectant la valorisation, les prix, la comptabilité, les déclarations fiscales, les déclarations financières, la garde et les transactions, etc. Les risques opérationnels peuvent passer inaperçus pendant longtemps, et même s’ils sont détectés, il pourrait être difficile d’obtenir une indemnisation rapide et adéquate de la part des personnes/entités responsables.
RISQUE IMMOBILIER 
Les Fonds de placement immobilier (« Real estate investment trusts » ou REIT) investissent directement dans des biens immobiliers et dans des activités connexes, ont tendance à afficher une volatilité supérieure à la moyenne et peuvent être affectés par les risques liés aux hypothèques ou par tout facteur qui rend une zone ou un bien particulier moins intéressant.
Plus précisément, les investissements dans des sociétés immobilières, des activités ou des titres connexes (y compris les intérêts dans le cadre des hypothèques) peuvent être affectés par des catastrophes naturelles, une dégradation physique, un déclin économique, une construction excessive, des changements de zonage, des hausses d’impôts, des tendances de type démographique ou de mode de vie, des problèmes de gestion, des difficultés à trouver des locataires ou à recouvrer des loyers, de pollution environnementale et par tout autre facteur qui peut affecter la valeur de marché ou le flux de trésorerie de l’investissement, y compris l’incapacité d’un REIT à transférer les revenus sans payer d’impôt.
Les REIT par actions sont plus directement affectés par des facteurs immobiliers, tandis que les REIT hypothécaires sont plus vulnérables aux risques de taux d’intérêt et de crédit (comme une baisse de la solvabilité des créanciers hypothécaires).
La plupart des REIT sont en fait de petites sociétés et impliquent les risques associés aux petites entreprises. Certaines sont très endettées, ce qui accentue la volatilité. La valeur des titres associés à l’immobilier ne suit pas nécessairement la valeur des actifs sous-jacents.
RISQUE LIÉ À LA RUSSIE 
En Russie et dans la Communauté des États indépendants, les risques de garde et de contrepartie sont plus élevés que dans les pays développés.
Les institutions de garde russes suivent leurs propres règles, sont nettement moins responsables envers les investisseurs, sont peu réglementées et sont davantage soumises aux risques de fraude et de négligence ou d’erreurs.
Les marchés boursiers de ces pays peuvent souffrir d’un manque de liquidité, d’une activité criminelle omniprésente et d’une manipulation des marchés, qui peuvent tous accentuer la volatilité des prix et les perturbations des marchés.
Conformément à la réglementation luxembourgeoise en vigueur, un Compartiment ne peut pas investir plus de 10 % de son actif net dans des titres non cotés qui ne sont pas négociés sur un Marché réglementé. Certains investissements dans les titres russes peuvent être considérés comme relevant de cette restriction.
RISQUE DE TITRISATION 
Les titres adossés à des créances hypothécaires (MBS) et à des actifs (ABS), et de titres de créance garantie, comportent en général un risque de remboursement anticipé et d’extension, ainsi qu’un risque de liquidité supérieur à la moyenne.
Les MBS (une catégorie qui comprend des obligations hypothécaires garanties ou CMO) et ABS (une catégorie qui comprend des obligations adossées à des créances garanties ou CDO) représentent un intérêt dans un pool de créances, comme des créances sur cartes de crédit, des prêts automobiles, des prêts étudiants, des contrats de location d’équipement, des hypothèques immobilières et des prêts sur capital immobilier.
Les MBS et ABS ont également tendance à être assortis d’une qualité de crédit inférieure à la plupart des autres types de créance. Dans la mesure où les créances sous-jacentes à un MBS
ou à un ABS sont en défaut ou deviennent irrécouvrables, les titres basés sur ces créances perdront tout ou partie de leur valeur.
Toute évolution inattendue des taux d’intérêt pourrait nuire à la performance des ABS/MBS et autres titres de créance remboursables (titres dont les émetteurs ont le droit de rembourser le capital avant la date d’échéance).
Lorsque les taux d’intérêt baissent, les émetteurs ont tendance à rembourser ces titres et à en réémettre de nouveaux à des taux d’intérêt plus bas. Dans ce cas, un Compartiment peut n’avoir d’autre choix que de réinvestir le capital de ces titres remboursés à l’avance à un taux d’intérêt inférieur (risque de remboursement anticipé).
En revanche, lorsque les taux d’intérêt augmentent, les emprunteurs ont tendance à ne pas rembourser par anticipation leurs prêts hypothécaires à faible taux d’intérêt. Une telle situation peut enfermer un Compartiment qui recevra des rendements inférieurs à ceux du marché jusqu’à ce que les taux d’intérêt baissent ou que les titres arrivent à échéance (risque d’extension). Il est également possible qu’un Compartiment soit obligé dans ce cas de vendre les titres à perte, ou de renoncer à la possibilité de faire d’autres investissements qui auraient pu être plus performants.
Les prix et les rendements des titres remboursables prennent généralement en compte l’hypothèse selon laquelle ils seront remboursés à un certain moment avant leur échéance. Si ce remboursement anticipé se produit au moment prévu, le Compartiment ne subira généralement aucune conséquence négative. Cependant, s’il se produit bien plus tôt ou plus tard que prévu, le Compartiment pourrait effectivement avoir surpayé les titres.
Ces facteurs peuvent également affecter la duration d’un Compartiment, augmentant ou diminuant la sensibilité aux taux d’intérêt. Dans certaines circonstances, l’absence d’augmentation ou de baisse des taux au moment prévu pourrait entraîner des risques de remboursement anticipé ou d’extension.
RISQUE LIÉ AUX POSITIONS COURTES 
L’adoption d’une
position courte (une position dont la valeur évolue à l’opposé de la valeur du titre) par le biais d’instruments dérivés engendre des pertes lorsque la valeur du titre sous-jacent augmente. L’utilisation de positions courtes peut augmenter à la fois le risque de perte et de volatilité.
Les pertes potentielles découlant de l’utilisation de positions courtes sont théoriquement illimitées car le prix auquel un titre peut monter n’est pas limité, alors que la perte liée à un investissement liquide dans le titre ne peut pas dépasser le montant investi.
La vente à découvert d’investissements peut être soumise aux changements de la réglementation, ce qui pourrait engendrer des pertes ou l’impossibilité de poursuivre l’utilisation des positions courtes ou de les utiliser comme prévu.
RISQUE LIÉ AUX ACTIONS DES PME 
Les actions des petites et moyennes entreprises peuvent être plus volatiles et moins liquides comparé à celles des grandes entreprises.
Les PME disposent souvent de ressources financières moindres, d’un historique d’exploitation plus court et de secteurs d’activité moins diversifiés, ce qui, en conséquence, les expose davantage à des revers commerciaux à long terme ou permanents. Les introductions en bourse (IPO) peuvent être très volatiles et difficiles à évaluer en raison de l’absence d’historique de transactions et du manque relatif d’informations publiques.
RISQUE LIÉ AUX DETTES SOUVERAINES 
La dette émise par les gouvernements et les entités détenues ou contrôlées par le gouvernement peut être soumise à de nombreux risques, en particulier dans les cas où le gouvernement dépend de paiements ou d’extensions de crédit de sources externes, est incapable d’instituer les réformes systémiques nécessaires ou de contrôler le sentiment national, ou est vulnérable aux changements contexte géopolitique ou économique.
Même si un émetteur public est financièrement capable de rembourser sa dette, les investisseurs peuvent disposer d’un
recours limité s’il décide de reporter, d’escompter ou d’annuler ses obligations, étant donné que la principale voie pour obtenir un paiement est généralement les propres tribunaux de l’émetteur souverain.
Un investissement dans une dette souveraine expose, notamment, un Compartiment aux conséquences directes ou indirectes des changements politiques, sociaux et économiques.
RISQUE LIÉ À L’INVESTISSEMENT DURABLE 
Dans la mesure où
un Compartiment tient compte des critères ESG ou de durabilité dans le choix des investissements, il peut rester en deçà du marché ou des autres fonds qui investissent dans des actifs similaires sans appliquer des critères de durabilité.
Bien qu’un Compartiment puisse, lors de la sélection de ses investissements, utiliser un processus de notation ESG propriétaire qui repose en partie sur des données tierces, ces données peuvent être incomplètes ou inexactes.
En prenant ses décisions de vote par procuration conformément aux critères ESG et aux critères d’exclusion, un Compartiment peut ne pas toujours être cohérent avec la maximisation de la performance à court terme d’un émetteur. Pour toute information sur la politique de vote ESG de Fidelity, consultez www.fidelity.lu/sustainable-Investing/our-policies-and-reports
RISQUE LIÉ AUX COMPARTIMENTS À DATE CIBLE 
Au fur et à
mesure où l’allocation d’actifs d’un Compartiment devient plus conservatrice, son potentiel de croissance diminue, ainsi que sa capacité à récupérer toute perte existante ou future. Vous pourriez ne pas récupérer la totalité de votre investissement initial à la date cible.
Certains Compartiments peuvent modifier régulièrement leur allocation entre les catégories d’actifs et donc supporter des coûts de transaction supérieurs à ceux d’un Compartiment ayant adopté une stratégie d’allocation statique.
RISQUE FISCAL 
Certains pays imposent les intérêts, les dividendes ou les plus-values sur certains investissements dans leur pays. Un pays peut modifier sa législation ou ses traités fiscaux d’une manière qui affecte le Compartiment ou ses actionnaires.
Les modifications fiscales peuvent éventuellement avoir un effet rétroactif et affecter les investisseurs n’ayant pas d’investissement direct dans le pays. À titre d’exemple, si la Chine devait changer la classification fiscale de la SICAV ou d’une entité apparentée, modifier ou cesser d’honorer un traité fiscal ou éliminer des incitations fiscales, il pourrait en résulter une augmentation des impôts dus sur les investissements chinois ou même un impôt de 10 % (ou plus) sur les revenus que la SICAV perçoit sur l’ensemble de ses sources mondiales, y compris les revenus issus des Compartiments qui ne détiennent aucun investissement chinois.
La SICAV ne peut pas garantir qu’elle sera exemptée d’appliquer la loi FATCA ou toute autre exigence de retenue à la source, ou qu’elle fournira toutes les informations nécessaires aux actionnaires pour qu’ils respectent leurs obligations de déclaration fiscale. Toute amende associée à la découverte qu’un actionnaire d’un Compartiment est un investisseur américain sera payée sur les actifs de l’actionnaire, des coûts que la SICAV a peu de chances de pouvoir récupérer.
RISQUE DE TECHNOLOGIE ET D’INNOVATION 
Les sociétés de
technologie et d’innovation ont tendance à afficher une volatilité supérieure à la moyenne. Le succès ou l’échec d’un produit ou d’une société peut changer rapidement en fonction des nouveaux développements technologiques, des préférences des consommateurs et de la réglementation, ainsi que de l’issue des procès, des fusions et des changements de personnel ou de stratégie.
Les sociétés de technologie et d’innovation sont vulnérables aux perturbations de la chaîne d’approvisionnement, à la rotation élevée du personnel et aux problèmes de bien-être au travail. Le secteur technologique présente un risque de cybersécurité supérieur à la moyenne en raison de sa présence en ligne disproportionnée.

### Pouvoirs et restrictions d’investissement généraux
Chaque Compartiment et la SICAV elle-même doivent se conformer à toutes les lois et réglementations européennes et luxembourgeoises en vigueur, ainsi qu’à certaines circulaires, lignes directrices et autres exigences. Cette section présente, sous forme de tableau, les exigences en matière de gestion des fonds stipulées dans la loi de 2010 (la principale loi régissant le fonctionnement d’un OPCVM) ainsi que les exigences établies par l’Autorité européenne des marchés financiers (AEMF) pour les fonds monétaires et pour la surveillance et la gestion des risques. En cas de divergence, la loi elle-même, dans sa version originale française, prévaudra sur les règlements de gestion ou le prospectus (les règlements de gestion ayant la priorité sur le prospectus).
En cas de détection d’une violation de la loi de 2010 ou du règlement des fonds monétaires par un Compartiment, le Gérant de Portefeuille doit faire de la conformité aux politiques pertinentes une priorité dans ses opérations sur titres et ses décisions de gestion des investissements, tout en tenant dûment compte des intérêts des actionnaires. Toute violation qui survient de manière fortuite doit être corrigée dès que possible, conformément au cours normal des opérations des Compartiments.
Sauf indication contraire, tous les pourcentages et restrictions s’appliquent à chaque Compartiment individuellement, et tous les pourcentages d’actifs sont calculés sous forme de pourcentage de ses actifs (y compris les liquidités).
Actifs, techniques et transactions autorisés
Le tableau de la page suivante décrit ce qu’un OPCVM a le droit de faire. Les Compartiments peuvent fixer des limites plus restrictives d’une manière ou d’une autre, en fonction de leurs objectifs et politiques d’investissement. L’utilisation par un Compartiment de tout actif, technique ou transaction doit être conforme à ses politiques et limites d’investissement.
Aucun Compartiment ne peut acquérir d’actifs assortis d’une responsabilité illimitée, souscrire des titres d’autres émetteurs (sauf si une telle opération est envisagée dans le cadre d’une cession de titres du Compartiment), ou émettre des warrants ou autres droits de souscription pour leurs actions.
Sauf indication contraire dans leurs informations respectives, les Compartiments sont gérés activement et ne cherchent pas à répliquer ou à suivre la performance d’un indice. Toutefois, dans le cadre de la politique d’allocation active des Compartiments, le Gérant de Portefeuille peut investir à tout moment une partie des actifs dans des participations et instruments qui offrent une exposition passive, comme les ETF, les contrats à terme standardisés, les swaps de rendement total et les swaps/options sur indices.
Dans le cadre de la mise en œuvre de leur objectif d’investissement, les investissements de tous les Compartiments obligataires peuvent être effectués en obligations émises dans des devises autres la devise de référence du Compartiment. Le Gérant de Portefeuille peut choisir de couvrir le risque de change par l’utilisation d’instruments tels que des contrats de change à terme.
Sauf indication contraire précisée dans son objectif ou sa politique d’investissement, les titres garantis et/ou titrisés (p. ex., les titres adossés à des actifs et les titres adossés à des créances hypothécaires) n’excéderont pas 20 % des actifs d’un Compartiment. Cette limite ne s’appliquera pas aux investissements dans ces titres s’ils sont émis ou garantis par le gouvernement des États-Unis ou des entités parrainées par le gouvernement des États-Unis. Les Compartiments d’actions ne devraient pas afficher une exposition marquée à des titres titrisés ou garantis.
Sauf indication contraire précisée dans son objectif ou sa politique d’investissement, les titres « below investment grade » ou à haut rendement ne dépasseront pas 20 % des actifs d’un Compartiment. Sauf indication contraire précisée dans son objectif d’investissement, chaque Compartiment peut investir jusqu’à 10 % de son actif net dans des OPCVM et OPC.
Les Compartiments ne devraient pas avoir une exposition importante à des titres fortement dépréciés sauf indication contraire dans leurs objectifs ou politiques d’investissement. Les Compartiments qui ont le droit d’investir dans des titres à revenu fixe peuvent investir dans des obligations dont les droits de conversion ou de souscription sont rattachés à d’autres actifs, et peuvent investir la totalité de leurs actifs dans des obligations « investment grade » sauf indication contraire dans leurs objectifs d’investissement. Les sommes que le Gérant de
Portefeuille peut investir dans un pays ou une région quelconque ne sont pas limitées, sauf indication contraire dans l’objectif ou la politique d’investissement d’un Compartiment.
Cogestion des actifs
À des fins de gestion efficace, le Conseil peut opter pour une cogestion des actifs de certains Compartiments au sein de la gamme Fidelity Funds. Si tel est le cas, les actifs des différents Compartiments sont gérés en commun. Les actifs en co-gestion sont appelés « pools », ces pools étant uniquement destinés à des fins de gestion interne. Les pools ne forment pas des entités distinctes et ne sont pas directement accessibles aux investisseurs. Des actifs spécifiques sont attribués à chaque Compartiment co-géré.
Lorsque les actifs de plus d’un Compartiment sont regroupés en pool, les actifs qui peuvent être attribués à chacun des Compartiments concernés sont déterminés par référence à l’allocation initiale des actifs de ce Compartiment à ce pool et changent en cas d’allocations supplémentaires ou de retraits.
Les droits de chaque Compartiment concerné sur les actifs co- gérés s’appliquent à tous les investissements du pool.
TERMES UTILISÉS DANS CETTE SECTION
Les termes ci-dessous sont utilisés principalement ou exclusivement dans la présente section « Pouvoirs et restrictions d’investissement généraux » avec la signification suivante.
ABCP Papiers commerciaux adossés à des actifs.
coût amorti Une méthode de valorisation dans laquelle le prix d’acquisition est ajusté pour tenir compte de l’amortissement des primes et escomptes jusqu’à l’échéance.
Fonds à VLC Un fonds monétaire à valeur liquidative constante de dette publique.
état éligible Tout état que le Conseil considère comme compatible avec l’objectif d’investissement d’un portefeuille.
émetteurs au niveau de l’UE L’UE, une autorité centrale ou une banque centrale d’un état membre de l’UE, la Banque centrale européenne, la Banque européenne d’investissement, le mécanisme européen de stabilité ou le Fonds européen de stabilité financière.
émetteurs européens et internationaux Tous les émetteurs européens, ainsi que toute autorité régionale ou locale d’un État européen, d’une nation souveraine ou d’un État membre d’une fédération, et tout organisme international pertinent auquel appartient un État européen, comme le Fonds monétaire international, la Banque internationale pour la reconstruction et le développement, la Banque de développement du Conseil de l’Europe, la Banque européenne pour la reconstruction et le développement ou la Banque des règlements internationaux. valorisation au prix de marché Une méthode de valorisation basée sur des prix de liquidation aisément disponibles et indépendants, tels que des cours boursiers, des cotations électroniques ou des prix fournis par plusieurs courtiers indépendants de renom.
valorisation par référence à un modèle Toute valorisation établie par référence, extrapolation ou tout autre calcul effectué à partir d’une ou plusieurs données du marché.
état membre Un État membre de l’UE ou de l’Espace économique européen. Fonds monétaire Fonds du Marché Monétaire.
instruments du marché monétaire Les valeurs mobilières normalement négociées sur le marché monétaire, comme les bons du Trésor et des collectivités locales, les certificats de dépôt, les billets de trésorerie, les acceptations bancaires, et les bons à moyen et court terme.
Fonds à VLFV Un fonds monétaire à valeur liquidative à faible volatilité. marché réglementé Un marché réglementé au sens de la Directive 2004/39/CE du Parlement européen, ou tout autre marché opérant dans un état, un pays ou un territoire éligible que les administrateurs de la Société de gestion considèrent comme étant réglementé, opérant régulièrement, reconnu et ouvert au public.
Fonds monétaire à court terme Un fonds monétaire qui investit dans des instruments du marché monétaire éligibles visés par l’Article 10.1 du règlement (UE) 2017/1131 du Parlement européen et du Conseil du 14 juin 2017 sur les fonds monétaires (le « Règlement MMF ») et qui est soumis aux règles relatives au portefeuille de l’Article 24 du Règlement MMF.
Fonds monétaire standard Un fonds monétaire qui investit dans des instruments du marché monétaire éligibles visés par les Articles 10.1 et 10.2 et qui est soumis aux règles relatives au portefeuille énoncées dans l’Article 25 du Règlement MMF. Fonds à VLV Un fonds monétaire à valeur liquidative variable.
durée de vie moyenne pondérée (WAL) La durée moyenne résiduelle jusqu’à l’échéance légale de tous les actifs sous-jacents d’un fonds monétaire ; une mesure du risque de crédit et de liquidité.
maturité moyenne pondérée (WAM) La durée moyenne résiduelle jusqu’à l’échéance légale ou, si elle est plus courte, jusqu’à la prochaine révision du taux d’intérêt, de tous les actifs sous-jacents d’un fonds monétaire ; une mesure de la sensibilité au risque de taux d’intérêt.
Les investissements supplémentaires réalisés pour le compte des Compartiments co-gérés seront alors attribués à ces Compartiments, conformément à leurs droits, tandis que les actifs vendus seront prélevés de façon identique sur les actifs qui peuvent être attribués à chaque Compartiment.
| Fonds non monétaires | Fonds monétaires | Utilisation par les Compartiments |
| --- | --- | --- |
|  |  |  |
| 1. Valeurs mobilières et instruments du marché monétaire |
| Doivent être cotés ou négociés sur une bourse officielle dans un état éligible, ou sur un marché réglementé dans un état éligible (un marché opérant régulièrement, reconnu et ouvert au public). Les titres récemment émis doivent inclure dans leurs conditions d’émission l’engagement d’une demande d’admission à la cote officielle sur un marché réglementé et cette admission doit être reçue dans les 12 mois suivant l’émission. | Doivent être cotés ou négociés sur un marché monétaire dans un état éligible. Pour les états éligibles hors UE, le marché monétaire doit être agréé par les autorités compétentes, prévu par la loi ou identifié dans les règles ou les documents constitutifs du Compartiment. | Largement employés. L’utilisation importante est décrite dans la section « Présentation des Compartiments ». |
| 2. Instruments du marché monétaire ne répondant pas aux exigences de la ligne 1 |
| Doivent être soumis (au niveau des titres ou de l’émetteur) à une réglementation visant à protéger les investisseurs et l’épargne, et doivent satisfaire à l’une des conditions suivantes : - être émis ou garantis par une autorité centrale, régionale ou locale, ou une banque centrale d’un État membre de l’UE, la Banque centrale européenne, la Banque européenne d’investissement, l’UE, un organisme public international auquel appartient au moins un État membre de l’UE, une nation souveraine ou un état membre d’une fédération
- être émis par un organisme dont les titres remplissent les conditions de la ligne 1 (à l’exception des titres récemment émis)
- être émis ou garantis par un établissement qui est soumis aux règles de surveillance prudentielle de l’UE ou respecte d’autres règles que la CSSF considère comme au moins aussi strictesPeuvent également être éligibles si l’émetteur appartient à une catégorie approuvée par la CSSF, s’ils sont soumis à des protections des investisseurs équivalentes à celles décrites ci-dessus, et s’ils remplissent l’une des conditions suivantes :
- sont émis par une société dont le capital et les réserves atteignent au moins 10 millions d’EUR, et qui publie des comptes annuels conformes à la Directive 2013/34/UE
- sont émis par une entité se consacrant au financement d’un groupe de sociétés dont une au moins est cotée en bourse
- sont émis par une entité se consacrant au financement de véhicules de titrisation qui bénéficient d’une ligne de crédit bancaire.
 | Doivent avoir une échéance résiduelle ou effective ou une date de réinitialisation inférieure ou égale à 397 jours (avec des instruments à taux variable ou fixe couverts par des swaps qui se réinitialisent sur un taux ou un indice du marché monétaire) et doivent également remplir toutes les conditions suivantes : - être émis ou garantis par un ou plusieurs émetteurs de niveau européen
- être émis ou garantis par un ou plusieurs émetteurs européens et internationaux, l’émission et l’émetteur faisant l’objet d’évaluations internes de crédit favorables
- s’il s’agit d’une titrisation ou d’un ABCP, il doit être suffisamment liquide, faire l’objet d’une évaluation interne du crédit favorable, avoir une échéance légale de 2 ans ou moins, et remplir l’une des conditions suivantes :il s’agit d’une titrisation visée à l’Article 13 du Règlement délégué (UE) 2015/61 de la Commission ; un fonds monétaire à court terme : doit également être un instrument amortissable avec une WAL inférieure ou égale à 2 ansil n’est pas (et ne comprend pas, même sur une base de transparence) une retitrisation ou une titrisation synthétique, et il est totalement soutenu par l’établissement de crédit réglementé émetteur en ce qui concerne les risques de liquidité et de crédit, les risques de dilution importants, les coûts de transaction et de programme courants, et toute garantie de paiement intégral nécessaire de la part des investisseurs ; un fonds monétaire à court terme : l’échéance légale à l’émission doit être égale ou inférieure à 397 joursil s’agit d’une titrisation ou d’un ABCP simple, transparent et standardisé (STS) ; un fonds monétaire à court terme : doit être un instrument amortissable, avoir une WAL inférieure ou égale à 2 ans et avoir eu une échéance résiduelle à l’émission égale ou inférieure à 397 jours
 | Largement employés. L’utilisation importante est décrite dans la section « Présentation des Compartiments ». |
| 3. Valeurs mobilières et instruments du marché monétaire ne répondant pas aux exigences des lignes 1 et 2 |
| Limités à 10 % des actifs des Compartiments. | Autorisés en tant qu’instruments du marché monétaire. Aucun ratio de ce type n’est applicable aux fonds monétaires. | Toute utilisation susceptible d’engendrer un risque important est décrite dans la section « Présentation des Compartiments ». |
| 4. Actions d’OPCVM ou autres OPC sans lien avec la SICAV* |
| Doivent être limitées par les documents constitutifs à un investissement maximal de 10 % des actifs dans d’autres OPCVM ou OPC. Si l’investissement cible est un « autre OPC », il doit : - investir dans des placements OPCVM éligibles
- être agréé par un État membre de l’UE ou par un état que la CSSF considère comme ayant une législation équivalente en matière de surveillance, une coopération adéquate entre les autorités étant suffisamment garantie
- publier des rapports annuels et semestriels permettant d’évaluer l’actif, le passif, les revenus et les opérations pendant la période considérée
- offrir aux investisseurs un niveau de protection équivalent à celui d’un OPCVM, notamment en ce qui concerne les règles relatives à la séparation des actifs, aux emprunts, aux prêts et aux ventes à découvert
 | Le fonds monétaire cible doit se limiter à investir au maximum 10 % de ses actifs dans d’autres fonds monétaires, et ces fonds monétaires doivent être agréés en vertu des mêmes règles que celles énumérées dans la colonne de gauche. Un fonds monétaire acquéreur doit investir au maximum 17,5 % de ses actifs dans d’autres fonds monétaires et 5 % de ses actifs dans un seul fonds monétaire. Par dérogation à cette règle, le fonds monétaire acquéreur peut investir jusqu’à 20 % de ses actifs dans d’autres fonds monétaires, avec un maximum de 30 % au total des actifs dans des fonds monétaires ciblés qui ne sont pas des OPCVM conformément à l’Article 55 de la directive OPCVM, à condition que les fonds monétaires éligibles soient commercialisés uniquement par le biais d’un système d’épargne salariale, qu’ils n’aient que des personnes physiques comme investisseurs, qu’ils soient régis par le droit national et qu’en vertu de ce droit, ils ne puissent autoriser des rachats que dans des circonstances non liées au marché. Un fonds monétaire qui investit 10 % ou plus de ses actifs dans d’autres fonds monétaires doit indiquer dans son prospectus le montant maximum des frais de gestion autorisés, payables à la fois par les fonds monétaires cible et acquéreur, et dans son rapport annuel les montants effectivement payés. Le fonds cible ne peut pas investir, à son tour, dans le fonds acquéreur (propriété réciproque). Les investissements sous-jacents | Toute utilisation qui représente plus de 10 % des actifs du Compartiment est indiquée dans la section « Présentation des Compartiments ». Les frais de gestion annuels totaux des Compartiments et des OPCVM/autres OPC sous-jacents peuvent atteindre 3 %. |

­
­
­
| Fonds non monétaires | Fonds monétaires | Utilisation par les Compartiments |
| --- | --- | --- |
|  | détenus par le fonds monétaire cible dans lequel un Compartiment investit n’ont pas à être pris en compte aux fins des limites de diversification énoncées dans le tableau Exigences de diversification des fonds monétaires. Le fonds monétaire acquéreur renonce à tous les droits de vote sur les actions du fonds cible qu’il acquiert. Un fonds monétaire à court terme ne peut investir que dans d’autres fonds monétaires à court terme. |  |
| * Peut inclure des ETF. Un OPCVM ou autre OPC est considéré comme lié à la SICAV si les deux sont gérés ou contrôlés par la même Société de gestion   ou une autre société de gestion affiliée.	 |
| 5. Actions d’OPCVM ou autres OPC liés à la SICAV* |  |  |
| Doivent satisfaire à toutes les exigences relatives aux fonds non monétaires de la ligne 4. Le rapport annuel de la SICAV doit indiquer le total des frais annuels de gestion et de conseil facturés à la fois au Compartiment et aux OPCVM/autres OPC dans lesquels le Compartiment a investi pendant la période concernée. L’OPCVM/autre OPC ne peut pas facturer à un Compartiment des frais de souscription ou de rachat des actions. | Identique à la ligne 4. Si le fonds du marché monétaire acquéreur et le fonds monétaire cible sont gérés ou contrôlés par la même Société de gestion ou par une autre société de gestion affiliée, la Société de gestion ou cette autre société ne peut facturer de frais de souscription ou de rachat. | Utilisation des fonds non monétaires identique à la ligne 4, plus les Compartiments ne paient aucuns frais annuels de gestion ou de conseil à un OPCVM/autre OPC lié. |
| 6. Actions d’autres Compartiments de la SICAV |  |  |
| Doivent satisfaire à toutes les exigences des fonds non monétaires des lignes 4 et 5. Le fonds cible ne peut pas investir, à son tour, dans le fonds acquéreur (propriété réciproque). Le fonds acquéreur renonce à tous les droits de vote sur les actions du fonds cible qu’il acquiert. La valeur de l’investissement dans les fonds cibles n’est pas prise en compte pour déterminer si un fonds respecte le niveau minimum d’actifs requis. | Identique à la ligne 4. | Toute utilisation de fonds non monétaires identique à la ligne 4, plus les Compartiments ne paient aucuns frais annuels de gestion ou de conseil aux autres Compartiments. |
| 7. Immobilier et matières premières, y compris métaux précieux |
| La propriété directe des matières premières, ou des certificats les représentant, est interdite. L’exposition n’est autorisée que de manière indirecte, par le biais d’actifs, de techniques et de transactions autorisés par la loi de 2010. Les indices financiers utilisés pour obtenir une exposition aux matières premières par le biais d’instruments financiers dérivés sont conformes aux exigences de l’Article 9 du Règlement grand-ducal du 8 février 2008. La propriété directe des biens immobiliers et autres biens corporels est interdite, à l’exception de ceux utilisés par la SICAV elle-même pour ses opérations. | Exposition interdite sous quelque forme que ce soit. | Une utilisation susceptible de créer un risque important est décrite dans la « Présentation des Compartiments ». Les achats directs de biens immobiliers ou corporels sont peu probables. |
| 8. Dépôts auprès d’établissements de crédit |  |  |
| Doivent être remboursables sur demande ou peuvent être retirés à tout moment, et toute date d’échéance doit se situer jusqu’à 12 mois dans le futur. Les établissements de crédit ont leur siège social dans un État membre de l’UE, ou si ce n’est pas le cas, sont soumis à des règles de surveillance prudentielle que la CSSF considère comme au moins aussi strictes que les règles de l’UE. | Identique aux fonds non monétaires. | Toute utilisation sera décrite dans la « Présentation des Compartiments ». |
| 9. Liquidités à titre accessoire |  |  |
| Limitées à 20 % de l’actif net du portefeuille dans des conditions normales de marché. Uniquement des dépôts bancaires à vue, tels que des espèces détenues sur des comptes courants auprès d’une banque accessible à tout moment. Doivent être détenues uniquement à des fins de trésorerie ou pour une période nécessaire en cas de conditions de marché défavorables. À titre temporaire, si cela est justifié par des conditions de marché exceptionnellement défavorables et si cela est dans le meilleur intérêt des actionnaires, les liquidités accessoires peuvent représenter plus de 20 % de l’actif net du portefeuille. | Limitées à 20 % de l’actif net du portefeuille. Uniquement des dépôts bancaires à vue, tels que des espèces détenues sur des comptes courants auprès d’une banque accessible à tout moment. | Couramment utilisées par tous les Compartiments, et peuvent être largement utilisées à des fins défensives et temporaires. |
| 10. Instruments dérivés et instruments assimilables donnant lieu à un règlement en espèces Voir également « Méthode d’utilisation des instruments et techniques par les Compartiments » à la page 243. |

| Fonds non monétaires | Fonds monétaires | Utilisation par les Compartiments |
| --- | --- | --- |
| Les actifs sous-jacents doivent être ceux décrits aux lignes 1, 2, 4, 5, 6 et 8 ou doivent être des indices financiers (conformes à l’Article 9 du Règlement grand- ducal du 8 février 2008), des taux d’intérêt, des taux de change ou des devises conformes aux objectifs et politiques d’investissement du Compartiment. Toute utilisation doit être prise en compte de manière appropriée par le processus de gestion des risques décrit dans la rubrique ci-dessous « Gestion et surveillance du risque global ». Les instruments dérivés de gré à gré doivent remplir toutes les conditions suivantes : - faire l’objet d’évaluations quotidiennes indépendantes, fiables et vérifiables
- pouvoir être vendus, liquidés ou clôturés par une transaction compensatoire à leur juste valeur à tout moment à l’initiative de la SICAV
- être conclus avec des contreparties qui sont des établissements soumis à une surveillance prudentielle et qui appartiennent auxcatégories approuvées par la CSSF.
 | Doivent être négociés sur un marché réglementé tel que visé à la ligne 1 ou de gré à gré et toutes les conditions suivantes sont remplies : - le sous-jacent de l’instrument dérivé est constitué de taux d’intérêt, de taux de change, de devises ou d’indices représentant l’une de ces catégories ;
- l’instrument dérivé a pour seul but de couvrir les risques de taux d’intérêt ou de change inhérents aux autres investissements de la SICAV ;
- les contreparties aux opérations sur instruments dérivés de gré à gré sont des institutions soumises à une réglementation et à une surveillance prudentielles et appartenant aux catégories approuvées par l’autorité compétente du Compartiment ;
- les instruments dérivés de gré à gré font l’objet d’une évaluation fiable et vérifiable sur une base quotidienne et peuvent être vendus, liquidés ou clôturés par une transaction compensatoire à tout moment à leur juste valeur à l’initiative du Compartiment
 | L’utilisation importante est décrite dans la section « Présentation des Compartiments ». |
| * Peut inclure des ETF. Un OPCVM ou autre OPC est considéré comme lié à la SICAV si les deux sont gérés ou contrôlés par la même Société de gestion   ou une autre société de gestion affiliée.	 |
| 11. Prêts de titres, accords de mise/prise en pension (cf. « Méthode d’utilisation des instruments et techniques par les Compartiments » à la page 243. |
| Doivent être utilisés uniquement pour la gestion efficace du portefeuille. Le volume des transactions ne doit pas nuire à la poursuite de la politique d’investissement du Compartiment ni à sa capacité de satisfaire les demandes de rachat. En cas de prêts de titres et d’accords de mise en pension de titres, le Compartiment doit s’assurer qu’il dispose d’actifs suffisants pour régler la transaction. Toutes les contreparties doivent être soumises aux règles de surveillance prudentielle de l’UE ou à des règles que la CSSF considère comme au moins aussi strictes. Pour chaque transaction, le Compartiment doit recevoir et détenir une garantie qui est au moins équivalente, tout au long de l’existence des transactions, à la valeur actuelle totale des titres prêtés. Pendant la durée de vie d’un contrat de mise en pension, le Compartiment ne peut pas vendre les titres qui font l’objet du contrat, soit avant que le droit de rachat de ces titres ait été exercé par la contrepartie, soit avant l’expiration du délai de rachat. Un Compartiment peut prêter des titres : - directement à une contrepartie
- par le biais d’un système de prêt organisé par un établissement financier spécialisé dans ce type de transaction
- par le biais d’un système de prêt standardisé organisé par un organisme de compensation reconnuLa SICAV ne peut accorder ou garantir un autre type de prêt à un tiers.
 Le Compartiment doit avoir le droit de mettre fin à toute opération de prêt, de mise ou de prise en pension de titres et de rappeler les titres qui ont été prêtés ou qui font l’objet de la mise en pension. | Les prêts de titres ne sont pas autorisés. Les fonds monétaires doivent avoir le droit de mettre fin à une mise ou une prise en pension avec un préavis maximum de deux jours ouvrables ; dans le cas d’un accord de prise en pension, le fonds monétaire doit récupérer le montant total des liquidités (sur la base de la valeur cumulée ou de la valeur de marché ; dans ce dernier cas, cette valeur doit être utilisée pour le calcul de la VL). Les accords de mise en pension doivent remplir toutes les conditions suivantes : - être d’une durée de 7 jours ouvrables au maximum
- n’être utilisés qu’à des fins de gestion temporaire des liquidités
- la contrepartie ne peut pas céder, investir, engager ou transférer de quelque autre façon les actifs servant de garantie sans l’accord préalable du Compartiment
- les liquidités reçues ne doivent pas dépasser 10 % des actifs du fonds monétaire et doivent être placées en dépôt ou investies dans des actifs émis ou garantis par un ou plusieurs émetteurs au niveau de l’UE ou une autorité centrale ou une banque centrale d’un pays tiers et ont bénéficié, à la fois au niveau de l’émetteur et de l’émission, d’évaluations de crédit interne positive.
 Les actifs reçus dans le cadre des accords de prise en pension doivent remplir toutes les conditions suivantes : - la valeur de marché doit être à tout moment au moins égale à la valeur des liquidités versées
- ils sont des instruments du marché monétaire conformes à la description de la ligne 2 ci-dessus
- ils sont émis par une entité indépendante de la contrepartie et ne devraient pas montrer de forte corrélation avec celle-ci
- les fonds monétaires ne peuvent pas céder, investir, engager ou transférer de quelque autre façon les actifs en tant que garantie sans l’accord préalable de la contrepartie
- ils n’ont pas créé une exposition supérieure à 15 % sur un seul émetteur autre qu’un émetteur européen et internationalLes actifs reçus dans le cadre des accords de prise en pension conformément à la colonne des exceptions de la ligne A intitulée« Exigences de diversification » du tableau ci-dessous.
 | L’utilisation importante est décrite dans la section « Présentation des Compartiments ». Concernant les prêts de titres, les Compartiments doivent avoir une garantie supérieure à celle indiquée par les règlements. |
| 12. Emprunts |  |  |  |
| En principe, la SICAV n’a pas le droit d’emprunter, hormis de façon temporaire et à hauteur de 10 % de ses actifs. La SICAV peut cependant acquérir des devises étrangères par le biais de prêts adossés. | Interdits sous quelque forme que ce soit. | Aucun Compartiment ne cherche actuellement à emprunter de l’argent à une banque. |
| 13. Ventes à découvert |  |  |  |
| Les ventes à découvert directes sont interdites. Des positions courtes peuvent être acquises de manière indirecte, par le biais des instruments dérivés. | Exposition interdite sous quelque forme que ce soit. | Toute utilisation susceptible d’engendrer un risque important est décrite dans la section « Présentation des Compartiments ». |

Compartiments maîtres-nourriciers
La SICAV peut créer des Compartiments, qui sont éligibles comme fonds maître ou fonds nourricier. Elle peut également convertir des Compartiments existants en Compartiments nourriciers, ou transférer un Compartiment nourricier vers un Compartiment maître différent. Les règles ci-dessous s’appliquent à tout Compartiment qui est un Compartiment nourricier.
Titre	Exigences d’investissement	Autres conditions et exigences
Parts du Compartiment maître	Au moins 85 % des actifs
Instruments dérivés et actifs liquides à titre accessoire
- Jusqu’à 15 % des actifs	Les instruments dérivés ne doivent servir qu’à des fins de couverture. Les biens meubles et immeubles doivent être indispensables à l’exercice direct de l’activité du Compartiment nourricier. Afin de calculer l’exposition aux instruments dérivés, le Compartiment doit combiner sa propre exposition directe avec celle créée par le fonds maître.

Exigences obligatoires supplémentaires
Certains Compartiments ont volontairement accepté de gérer leurs portefeuilles de manière à respecter certaines exigences lorsqu’un tel mode de gestion leur permettra d’être proposés dans les pays indiqués ci-dessous, et dans certains cas, d’offrir des avantages fiscaux aux investisseurs de ces pays. Ce tableau n’énumère que les exigences qui concernent les investissements de portefeuille et qui vont au-delà de celles qui s’appliquent de toute autre façon à un Compartiment (y compris les propres limites du Compartiment telles que stipulées dans ce prospectus).
France	Doit investir au moins 75 % de ses actifs dans des titres émis dans l’UE, en Norvège ou en Islande.	Compartiments	déclarant
vouloir être éligibles à la loi française sur le Plan d’épargne en actions (PEA) dans les « Présentation des Compartiments ».
Hong Kong  Doit investir jusqu’à 10 % de sa Valeur Liquidative dans des titres émis ou garantis par un gouvernement, une autorité publique/locale d’un pays ayant une notation de crédit « below investment grade » sauf indication contraire dans l’objectif d’investissement du Compartiment.
- L’exposition nette aux instruments dérivés ne doit pas dépasser 50 % de la Valeur Liquidative du Compartiment, sauf pour Fidelity Funds – Global Inflation-linked Bond Fund (jusqu’à 100 %) et pour Fidelity Funds – Flexible Bond Fund et Fidelity Funds – Sustainable Strategic Bond Fund (plus de 100 %).
- La Société de gestion, le Gérant de Portefeuille et les conseillers en placements ou toute personne agissant pour le compte de la SICAV, de la Société de gestion, du Gérant de Portefeuille et des conseillers en placements (selon le cas), lorsqu’ils investissent pour le compte de la SICAV dans des parts/actions d’OPCVM et/ou autres OPC, ne peuvent obtenir, pour leur propre compte, aucun rabais sur les commissions ou frais appliqués par ces OPCVM et/ou autres OPC ou leurs sociétés de gestion, le cas échéant, ou tirer un avantage monétaire quantifiable en rapport avec les investissements dans un tel OPCVM et/ou autres OPC.
- Sauf indication contraire dans l’objectif d’investissement d’un Compartiment, les Compartiments autorisés à la vente à Hong Kong (autres que les Compartiments monétaires et les Compartiments d’actions) peuvent investir dans des instruments avec mécanisme d’absorption des pertes qui peuvent inclure des instruments classés comme des instruments de capitaux de catégorie 1 ou 2, des CoCo, des obligations seniors non privilégiées également dénommées obligations de catégorie 3, et d’autres instruments acceptés comme mécanisme d’absorption des pertes au titre du régime de résolution pour les établissements financiers. Cet investissement restera à tout moment inférieur à 50 % de la Valeur Liquidative du Compartiment. En dépit de ce qui précède, le Compartiment Fidelity Funds – Australian Diversified Equity Fund peut investir moins de 30 % de son actif net total dans ces instruments avec mécanisme d’absorption des pertes.
- Concernant les Compartiments dont l’objectif d’investissement ne déclare pas un droit d’accès direct aux Titres chinois 
- onshore
- , il est actuellement prévu que ces Compartiments n’investissent pas, directement ou indirectement, plus de 10 % de leur Valeur Liquidative dans des Titres chinois 
- onshore 
- sur une base globale.
- Sauf indication contraire dans l’objectif d’investissement d’un Compartiment, un Compartiment peut investir moins de 70 % de ses actifs dans des obligations chinoises via le CIBM ou moins de 70 % de ses actifs dans des obligations chinoises via le Bond Connect.
- Chaque Compartiment Monétaire doit maintenir une échéance moyenne du portefeuille de 90 jours et ne doit pas acheter un instrument dont l’échéance résiduelle est supérieure à un an, ou deux ans dans le cas de titres d’État ou d’autres organismes publics. La valeur cumulée des investissements d’un Compartiment monétaire en dépôts, Valeurs mobilières et Instruments du marché monétaire émis par ou au bénéfice du même organisme émetteur ne peut dépasser 10 % de l’actif net du Compartiment monétaire sauf : (a) lorsque, en cas de dépôts, l’émetteur est une institution financière substantielle (tel que ce terme est défini dans la loi sur les organismes de placement collectif de Hong Kong, Hong Kong Securities and Futures Commission’s Code on Unit Trust Code and Mutual Funds) et que le montant total ne dépasse pas 10 % du capital émis et des réserves publiées, auquel cas la limite peut être relevée à 25 % de l’actif net du Compartiment monétaire ; et (b) lorsque les Valeurs mobilières ou les Instruments du marché monétaire qui sont émis ou garantis par un État membre, les autorités locales dudit État membre, par un État non membre de l’UE accepté par la CSSF ou par des organismes publics internationaux dont un ou plusieurs États membres de l’UE sont membres, cette limite est alors relevée à 100 % sous réserve que le Compartiment monétaire détienne des titres d’au moins six émetteurs différents et que les titres d’une émission ne représentent pas plus de 30 % de l’actif net du Compartiment monétaire. Les titres de créance dans lesquels les Compartiments monétaires investissent sont surveillés en permanence, y compris en termes de qualité de crédit. La recherche sur le crédit pour les titres de créance implique des analyses qualitatives et quantitatives, ainsi que des comparaisons par rapport aux pairs.

Compartiments enregistrés à Hong Kong.
| Juridiction | Exigences | S’applique à |
| --- | --- | --- |
| Italie | - Doit investir au plus 17,5 % de ses actifs dans des titres de l’indice FTSE MIB ou tout indice équivalent.
- Doit investir au plus 3,5 % de ses actifs dans des titres de l’indice FTSE MIB, FTSE Mid Cap ou tout indice équivalent.
 | Les	Compartiments |
|  | déclarant	vouloir	être |
|  | éligibles au plan d’épargne |
|  | individuel  à  long  terme |
|  | italien	(PIR	–	« Piano |
|  | Individuale di Risparmio a |
|  | lungo termine ») dans la |
|  | section « Présentation des |
|  | Compartiments ». |

Corée	du Sud
- Les titres d’un Compartiment doivent être émis à l’intention d’un public non identifié et au moins 10 % des Actions émises par le Compartiment doivent être vendues en dehors de la Corée.
- Au moins 60 % de l’actif net d’un Compartiment doivent être investis, ou gérés de toute autre manière, dans des titres non libellés en won coréens.

Compartiments enregistrés en Corée.
- Un Compartiment n’investira pas plus de 35 % de ses actifs dans des valeurs mobilières et desinstruments du marché monétaire émis ou garantis par le gouvernement d’un État membre du G20 (qui n’est pas un État membre de l’UE ou de l’OCDE) ou de Singapour.
- Chaque Compartiment enregistré en Corée en vertu de la FSCMA ne peut investir plus de 30 % de son actif total dans des véhicules de placement collectif autres que ceux définis à l’Article 229, Point 1 de la FSCMA.
- Une politique visant à empêcher que les conflits d’intérêts constituent ou donnent lieu à un risque notable de porter atteinte aux intérêts des actionnaires est en place, au sens que « un établissement d’investissement collectif étranger ou l’une de ses sociétés affiliées, tout dirigeant ou un actionnaire important (à savoir un actionnaire qui détient plus de 10 % des actions en circulation en son nom propre ou au nom de toute autre personne) de l’une des sociétés mentionnées ci-devant, ou leur conjoint, ne pourra effectuer toute transaction avec les organismes de placement collectif pour ses propres intérêts, sauf lorsqu’il est peu probable que des conflits d’intérêts se produisent en effectuant des transactions avec l’organisme de placement collectif, comme des transactions sur un marché ouvert ». Ceci constitue la restriction aux transactions avec des personnes associées au capital de ces sociétés en vertu des lois et réglementations en Corée.

Taïwan	La valeur totale de la position non compensée sur les dérivés de chaque Compartiment, qui est utilisée à des fins de gestion efficace du portefeuille, ne devra pas dépasser 40 % de la Valeur Liquidative du Compartiment (ou tout autre pourcentage précisé périodiquement par la FSC), et la valeur totale de la position non compensée sur les dérivés de chaque Compartiment, qui est utilisée à des fins de couverture, ne devra dépasser à aucun moment la valeur de marché totale des titres correspondants détenus par le Compartiment ;
- L’investissement d’un Compartiment en Chine continentale est limité aux titres cotés ou négociés surles bourses de la Chine continentale ou sur le marché obligataire interbancaire de la Chine continentale. Sauf indication contraire de la FSC, l’exposition directe et indirecte aux titres chinois précités ne dépassera pas, à tout moment, 20 % (ou tout autre pourcentage précisé régulièrement par la FSC) de la Valeur Liquidative du Compartiment.
- Le marché des valeurs mobilières de Taïwan ne peut pas constituer la principale région d’investissement du portefeuille de chaque Compartiment. La part d’investissement de chaque Compartiment sur le marché des valeurs mobilières de Taïwan ne dépassera pas un certain pourcentage précisé par la FSC de temps à autre.

Compartiments enregistrés à Taïwan sauf ceux ayant obtenu une exemption de la Commission de contrôle financier (FSC) de Taïwan.
Exigences de diversification
Pour garantir la diversification, un Compartiment ne peut pas investir plus d’une certaine quantité d’actifs dans un seul émetteur, comme défini ci-dessous. Ces règles de diversification ne s’appliquent pas pendant les 6 premiers mois d’exploitation d’un Compartiment, mais ce dernier doit respecter le principe de la répartition des risques.
Pour les finalités de ce tableau, les sociétés publiant des comptes consolidés (soit en accord avec la Directive 83/349/CEE, soit conformément aux règles internationales reconnues) sont considérées comme un seul émetteur. Les limites en pourcentage représentées par les crochets verticaux au centre du tableau indiquent l’investissement global maximum dans un seul émetteur pour toutes les lignes entre crochets.
Investissement/exposition maximum, sous forme de % des actifs du Compartiment
Catégorie de titres	Dans un seul émetteur	Globalement	Autre	Exceptions
COMPARTIMENTS NON MONÉTAIRES
A. Valeurs mobilières et instruments du marché monétaire émis ou garantis par une nation souveraine, une autorité locale publique de l’UE ou un
35 %
Un Compartiment peut investir la totalité de ses actifs dans un seul émetteur, s’il investit conformément au principe de la répartition des risques et respecte tous les critères suivants :
- il	investit	dans	au	moinsorganisme	public international dont un ou plusieurs états membres de l’UE sont membres.

6 émissions différentes
- il investit 30 % maximum dans une même émission
- les titres sont émis par un État membre de l’UE, ses autorités ou agences locales, un état membre de l’OCDE ou du G20, Singapour ou des organismes internationaux publics auquel au moins un État membre de l’UE appartientL’exception décrite pour la ligne C s’applique également à cette ligne.

35 %
C. Toutes les valeurs mobilières et tous les instruments du marché monétaire autres que ceux décrits dans les lignes A et B ci-dessus.
10 %
20 %
20 % dans des valeurs mobilières et des instruments du marché monétaire du même groupe. 40 % dans tous les émetteurs dans lesquels un Compartiment a investi plus de 5 % de ses actifs (ne comprend pas l’exposition aux dépôts et aux contreparties pour les contrats d’instruments dérivés de gré à gré).
Pour les Compartiments indiciels, la limite de 10 % passe à 20 % dans le cas d’un indice publié et suffisamment diversifié, considéré comme une référence adéquate pour son marché et qui est reconnu par la CSSF. Cette limite de 20 % passe à 35 % (mais uniquement pour un seul émetteur) lorsqu’un titre est nettement dominant sur le Marché réglementé sur lequel il est négocié.
E. Instruments dérivés de gré à gré auprès d’une contrepartie qui est un établissement de crédit tel que défini à la ligne 8 ci- dessus (premier tableau de la section).
Exposition au risque de 10 % max. (en combinant les techniques des instruments dérivés de gré à gré et de la gestion	efficace	du portefeuille)
Les instruments dérivés sur les indices éligibles ne comptent pas pour les exigences des lignes A à D et de la ligne G (c.-à-d. il n’y a pas d’examen des titres composant l’indice).
F. Instruments dérivés de gré à gré avec toute autre contrepartie.
Exposition au risque de 5 % max.
G. Actions des OPCVM ou OPC tels que définis aux lignes 4	et 5 ci-dessus (premier tableau de la section).
Sans déclaration spécifique dans l’objectif et la politique du Compartiment, 10 % dans un ou plusieurs OPCVM ou autres OPC. Avec une déclaration spécifique :
- 20 % dans un OPCVM ou un OPC
- 30 % globalement dans tous les OPC autres que des OPCVM
- 100 % globalement dans tous les OPCVMLes Compartiments cibles d’un fonds à compartiments multiples dont l’actif et le passif sont séparés sont considérés comme un OPCVM ou autre OPC séparé.

Les actifs détenus par l’OPCVM ou autres OPC ne comptent pas pour les exigences des lignes A à F de ce tableau.
* Ces obligations doivent également investir toutes les sommes découlant de leur émission dans des actifs qui, pendant la durée de vie des obligations, peuvent couvrir toutes les créances attachées aux obligations et qui, en cas de faillite de l’émetteur, seraient utilisés en priorité pour rembourser le capital et les intérêts courus.
Catégorie de titres	Dans un seul émetteur	Globalement	Autre	Exceptions
Investissement/exposition maximum, sous forme de % des actifs du Compartiment
COMPARTIMENTS MONÉTAIRES
H. Instruments  du  marché  5 %
monétaire
5 %
Avec l’approbation du régulateur et moyennant une déclaration dans les documents constitutifs et commerciaux comprenant une liste d’émetteurs dans lesquels 5 % ou plus des actifs peuvent être investis, un Compartiment peut investir uniquement dans six émissions émises par un État membre de l’UE, ses autorités ou agences locales, un État membre de l’OCDE ou du G20, Singapour ou des organismes publics internationaux dont un ou plusieurs États membres de l’UE font partie, jusqu’à une exposition nette de 100 %, s’il investit conformément au principe de répartition des risques et qu’il investit jusqu’à 30 % dans une même émission.
Dérogation : un fonds monétaire à VLV peut investir jusqu’à 10 % de ses actifs, à condition que la valeur totale de ces instruments du marché monétaire, des titrisations et des ABCP détenus auprès de chaque émetteur dans lequel il investit plus de 5 % de ses actifs ne dépasse pas 40 % de la valeur de ses actifs.
Somme de toutes les expositions à des titrisations et à des ABCP jusqu’à 20 % de ses actifs (15 % pour les émissions STS).
J. Obligations émises par un établissement de crédit qui a son siège social dans un État européen et qui est légalement soumis à une surveillance spéciale au titre de la loi destinée à protéger les détenteurs d’obligations.
10 %
15 %
40 % globalement dans tous les émetteurs dans les obligations desquels un Compartiment a investi plus de 5 % de ses actifs.
Les sommes découlant de l’émission de ces obligations doivent être investies dans des actifs qui, durant toute la période de validité de ces obligations, peuvent couvrir les créances attachées aux obligations et qui, en cas de faillite de l’émetteur, seraient utilisés en priorité pour le remboursement du capital et le paiement des intérêts courus.
Lorsqu’un Compartiment investit plus de 5 % de ses actifs dans ces obligations émises par un seul émetteur, la valeur totale de ces investissements ne dépassera pas 60 % de la valeur des actifs du Compartiment.
L. Dépôts	auprès d’établissements de crédit.
10 %
Passe à 15 % (et la limite globale de 15 % pour les expositions des lignes H à L augmente à 20 %) s’il n’existe pas suffisamment d’établissements de crédit viables dans la juridiction du Compartiment monétaire pour qu’il se conforme à cette exigence de diversification et qu’il n’est pas faisable, d’un point de vue économique, de placer des dépôts dans un autre État membre.
Avec l’approbation du régulateur local, passe à 100 % pour les instruments émis ou garantis par l’UE et des émetteurs internationaux.
M. Instruments dérivés de gré à gré.
Exposition de 5 % à une même contrepartie
N. Accords de prise en pension.
15 % en liquidités dans une même contrepartie
Actifs transférés : exposition à un émetteur donné jusqu’à 15 %, sauf dans les cas où ces actifs sont des instruments du marché monétaire qui remplissent les exigences de la dérogation de 100 % de la ligne 1.
Limites de la concentration de propriété
Ces limites visent à protéger la SICAV ou un Compartiment contre les risques susceptibles d’apparaître (pour la SICAV/le Compartiment ou un émetteur) si elle/il détenait un pourcentage élevé d’un titre ou d’un émetteur donné. Pour les finalités de ce tableau et du tableau sur la diversification ci-dessous, les sociétés publiant des comptes consolidés (soit conformément à la Directive 83/349/CEE, soit en accord avec les règles internationales reconnues) sont considérées comme un seul émetteur. Un Compartiment n’a pas à respecter les limites d’investissement décrites ci-dessous pour l’exercice des droits de souscription rattachés aux actifs du portefeuille tant que toute violation découlant des restrictions d’investissement est corrigée de la manière décrite dans l’introduction de la partie
« Pouvoirs et restrictions d’investissement généraux ».
COMPARTIMENTS NON MONÉTAIRES
Titres assortis de droits de vote
Inférieure à celle qui permettrait à la SICAV
Ces règles ne s’appliquent pas :
- aux titres décrits à la ligne 1 duTitres de créance d’un même émetteurActions d’un Compartiment d’un OPCVM ou d’un OPC à Compartimentsd’exercer une influence substantielle sur la gestion d’un émetteur10 %25 %Ces limites peuvent être ignorées si, au moment  de  l’achat, le  montant  brut des obligations ou des instruments du marché monétaire, ou le montant net des instruments émis, ne peut pas être calculé.

tableau ci-dessus
- aux actions d’une société située en dehors de l’UE qui investit principalement dans son pays d’origine et qui représente pour un portefeuille le seul moyen d’investir dans ce pays conformément à la Loi de 2010
- aux achats ou rachats d’actions de filiales qui ne fournissent que des services de gestion, de conseil ou de marketing dans leur pays, lorsqu’ils sont effectués dans le but de réaliser des transactions pour les actionnaires de la SICAV conformément à la Loi de 2010COMPARTIMENTS MONÉTAIRESInstruments du marché monétaire, titrisations et ABCP d’un même émetteur10 %	Ne s’applique pas aux instruments du marché monétaire émis ou garantis par des émetteurs internationaux ou de l’UE.

Gestion et surveillance du risque global
La Société de gestion a mis en œuvre un processus de gestion des risques, approuvé et supervisé par son conseil d’administration, afin de contrôler et de calculer, à tout moment, le profil de risque général de chaque Compartiment qui découle des investissements directs, des instruments dérivés, des techniques, des garanties et toutes les autres sources. De plus amples informations sur le processus de gestion des risques sont disponibles sur demande auprès de la Société de gestion.
Les évaluations de l’exposition générale sont calculées chaque jour de négociation (que la VL du Compartiment soit calculée ou non ce jour-là) et regroupent de nombreux facteurs comprenant notamment la couverture des passifs éventuels créés par les positions en instruments dérivés, le risque de contrepartie, les mouvements prévisibles du marché et les délais disponibles pour liquider des positions.
Tous les instruments dérivés intégrés dans des valeurs mobilières ou des instruments du marché monétaire sont calculés comme des instruments dérivés détenus par le Compartiment, et toute exposition à des valeurs mobilières ou à des instruments du marché monétaire obtenue par le biais d’instruments dérivés (à l’exception de certains instruments dérivés indiciels) est calculée comme un investissement dans ces titres ou produits.
APPROCHES DE SURVEILLANCE DES RISQUES 
Il existe 3 approches principales pour mesurer les risques : l’approche par les engagements et les 2 formes de valeur à risque (VaR), la VaR absolue et la VaR relative. Ces approches sont décrites ci-dessous, et l’approche employée par chaque Compartiment est identifiée dans la « Présentation des Compartiments ». La Société de gestion choisit l’approche qu’un Compartiment utilisera en fonction de la politique et de la stratégie d’investissement de celui-ci.
| Approche | Description |
| --- | --- |
| Valeur à risque absolue (VaR absolue) | Le Compartiment cherche à estimer la perte potentielle maximale qu’il subirait en un mois (20 jours de négociation) à cause du risque de marché dans des conditions de marché normales. Cette estimation s’appuie sur les 12 derniers mois (250 jours ouvrables) de la performance du Compartiment et exige que 99 % du temps, le pire résultat du Compartiment corresponde au plus à une baisse de 20 % de la Valeur Liquidative. |
| Valeur à risque relative (VaR relative) | La VaR relative du Compartiment est exprimée sous forme de multiple d’un indice de référence ou d’un portefeuille de référence. Le Compartiment cherche à estimer la perte potentielle qu’il subirait en un mois (20 jours ouvrables) à cause du risque de marché dans des conditions de marché normales. Cette estimation s’appuie sur les 12 derniers mois (250 jours ouvrables) de la performance du Compartiment et exige que 99 % du temps, le pire résultat du Compartiment ne puisse pas dépasser 200 % de la VaR de l’indice de référence ou du portefeuille de référence approprié. |
| Engagements | Le Compartiment calcule son exposition générale en prenant en compte, selon le cas, la valeur de marché d’une position équivalente sur l’actif sous-jacent ou la valeur notionnelle de l’instrument dérivé. Cette approche permet au Compartiment de diminuer son exposition générale en prenant en compte les effets de toutes les positions de couverture ou de compensation. Certains types de transactions sans risque, de transactions sans effet de levier et de swaps sans levier ne sont donc pas intégrés dans ce calcul. Un Compartiment qui utilise cette approche doit s’assurer que son exposition de marché globale ne dépasse pas 210 % de ses actifs (100 % provenant des investissements directs, 100 % des instruments                                                            dérivés et 10 % des emprunts).	 |

EFFET DE LEVIER BRUT 
Tout Compartiment qui utilise une approche de la VaR doit également calculer le niveau anticipé de son effet de levier brut, qui est indiqué dans la « Présentation des Compartiments ». L’effet de levier anticipé d’un Compartiment est une indication générale et non une limite réglementaire ; l’effet de levier réel peut dépasser à tout moment le niveau anticipé. Toutefois, l’emploi des instruments dérivés par un Compartiment restera conforme à son objectif d’investissement, ses politiques d’investissement et son profil de risque, et il respectera sa limite de VaR.
L’effet de levier brut est une mesure de l’endettement créé par l’utilisation de l’ensemble des instruments dérivés et par tous les instruments ou techniques employés aux fins de la gestion efficace du portefeuille. Il est calculé comme « la somme des valeurs notionnelles » (l’exposition de tous les instruments dérivés, sans considérer que les positions opposées s’annulent). Étant donné que ce calcul ne tient compte ni de la sensibilité aux mouvements du marché ni du fait qu’un instrument dérivé augmente ou diminue le risque général d’un Compartiment, il peut ne pas refléter le niveau réel du risque d’investissement d’un Compartiment.

###### Méthode d’utilisation des instruments et techniques par les Compartiments
Objet et cadre réglementaire
Un Compartiment peut utiliser les instruments et techniques décrits ci-dessous pour la gestion efficace du portefeuille, qui se définit comme une réduction des risques ou des coûts, ou une création de capitaux ou de revenus supplémentaires, pour obtenir une exposition à certains investissements ou marchés, ou pour se couvrir contre différents types de risque. Toute utilisation doit être conforme au profil de risque ainsi qu’à l’objectif et à la stratégie d’investissement du Compartiment, tels qu’ils sont définis dans ce prospectus, et à la Loi de 2010, à  la  Directive OPCVM,  au  Règlement  grand-ducal  du 8 février 2008, aux circulaires 08/356 et 14/592 de la CSSF, les  lignes  directrices 14/937  de  l’AEMF,  au Règlement (UE) 2015/2365 sur les opérations de financement sur titres (OFT), et à tout autre règlement ou loi en vigueur.
Les risques associés aux instruments et techniques sont décrits dans les « Descriptions des risques ».
Instruments	dérivés	que	les	Compartiments peuvent utiliser
Un instrument dérivé est un contrat financier dont la valeur dépend de la performance d’un ou plusieurs actifs de référence (comme un titre ou un panier de titres, un indice ou un taux d’intérêt). Les instruments dérivés peuvent être des instruments de gré à gré (« OTC ») et/ou négociés en bourse.
Chaque Compartiment peut investir dans tout type d’instrument financier dérivé conformément à sa politique d’investissement. (Concernant les Compartiments monétaires, consultez les « Règles relatives aux Compartiments ».) Il peut s’agir des instruments dérivés suivants, qui composent les types les plus courants actuellement :
- contrats à terme standardisés sur instruments financiers (contrats qui génèrent des paiements d’après des valeurs futures), comme les contrats à terme standardisés sur titres, taux d’intérêt, indices ou devises
- options (contrats qui confèrent le droit ou l’obligation d’acheter ou de vendre un actif pendant une période déterminée), comme les options sur actions, taux d’intérêt, indices (y compris les indices de matières premières), obligations, devises ou swaps (swaptions) et sur les contrats à terme standardisés
- warrants (contrats qui confèrent le droit ou l’obligation d’acheter ou de vendre une action ou autre titre à un certain prix pendant une période déterminée)
- contrats à terme (contrats d’achat ou de vente d’un actif à un prix déterminé à une date ultérieure), comme les contrats de change
- swaps (contrats dans lesquels deux parties échangent les rendements de deux actifs de référence différents, comme les swaps de change, d’indice, de taux d’inflation ou de taux d’intérêt, et les swaps de volatilité ou de panier d’actions, mais SANS inclure les swaps de rendement total, les swapsde défaut de crédit ou les swaps de variance, qui sont énumérés séparément
- instruments dérivés de crédit, comme les swaps de défaut de crédit ou CDS (contrats dans lesquels une partie reçoit une commission de la contrepartie pour avoir accepté que, en cas de faillite, de défaut ou autre « événement de crédit », elle versera des paiements à la contrepartie désignée pour couvrir les pertes de celle-ci)
- instruments dérivés structurés, comme les titres liés à un risque de crédit ou assimilables à des actions
- contrats de différence (contrats dont la valeur repose sur la différence entre deux mesures de référence comme un panier de titres)
- swaps de rendement total ou autres instruments dérivés ayant des caractéristiques similaires (TRS) (transaction dans laquelle une contrepartie verse des paiements d’après un taux fixe ou variable à l’autre contrepartie, qui transfère la performance économique totale, y compris les revenus des intérêts et des commissions, les gains et pertes résultant des variations des prix, et les pertes de crédit, d’une créance de référence, comme une action, une obligation ou un indice) ; le TRS peut être financé ou non financé (avec ou sans paiement initial). Une transaction TRS sera entreprise sur une action et des instruments à revenu fixe ou des indices financiers. Les Compartiments ont l’intention d’utiliser des TRS (y compris des CFD) conformément aux dispositions applicables à l’utilisation des instruments financiers dérivés et en respectant les niveaux maximum et anticipé indiqués dans la présentation des Compartiments.

Les contrats à terme standardisés sont en général négociés en bourse. Tous les autres types d’instruments dérivés sont en général de gré à gré.
Pour les instruments dérivés indexés, le fournisseur d’indice détermine la fréquence de rééquilibrage, et les effets du coût pour le Compartiment concerné dépendront de la fréquence du rééquilibrage.
Finalités pour lesquelles les Compartiments peuvent utiliser des instruments dérivés
Un Compartiment peut utiliser des instruments dérivés pour toutes les finalités suivantes, en accord avec son objectif et sa politique tels que décrits dans la « Présentation des Compartiments ».
Couverture Une couverture consiste à adopter une position de marché qui est contraire à, mais qui ne dépasse pas, la position créée par d’autres investissements du Compartiment dans le but de réduire ou d’annuler l’exposition aux fluctuations des prix ou à certains facteurs qui y contribuent.
- Couverture de crédit Mise en œuvre en général par le biais de swaps de défaut de crédit. L’objectif est de se couvrir contre un risque de crédit. Cette couverture comprend une protection d’achat ou de vente contre les risques d’actifs ou d’émetteurs spécifiques ainsi qu’une couverture de substitution (en prenant une position contraire dans uninvestissement différent qui est susceptible de réagir d’une manière similaire à la position à couvrir).
- Couverture de change Mise en œuvre en général par le biais de contrats de change à terme. L’objectif est de se couvrir contre un risque de change. Cette couverture peut être réalisée au niveau du Compartiment et, avec les actions H, au niveau de la catégorie d’actions. Toutes les opérations de couverture de change doivent impliquer des devises qui relèvent de la référence du Compartiment concerné ou qui sont compatibles avec ses objectifs et politiques. Lorsqu’un Compartiment détient des actifs libellés dans plusieurs devises, il ne peut pas se couvrir contre des devises qui représentent des petites parties d’actifs ou pour lesquelles une couverture n’est ni économique ni disponible. Un Compartiment peut entreprendre :une couverture directe (même devise, position contraire) une couverture croisée (réduire l’exposition à une devise touten augmentant l’exposition à une autre, l’exposition nette à la devise de référence n’étant pas modifiée), lorsqu’elle fournit un moyen efficace d’obtenir les expositions voulues une couverture de substitution (prendre une position contraire sur une devise différente dont l’évolution devraitêtre similaire à celle de la devise de référence)une couverture par anticipation (prendre une position de couverture par anticipation d’une exposition qui devrait apparaître en raison d’un investissement planifié ou autre événement)
- Couverture de la duration Mise en œuvre en général avec des swaps de taux d’intérêt, des swaptions et des contrats à terme standardisés. L’objectif est de chercher à réduire l’exposition aux variations des taux pour les obligations à long terme. La couverture de la duration peut être réalisée uniquement au niveau du Compartiment.
- Couverture de prix Mise en œuvre en général avec des options sur indices (en vendant spécifiquement une option d’achat ou en achetant une option de vente). En général, l’utilisation est limitée aux situations dans lesquelles il existe une corrélation suffisante entre la composition ou la performance de l’indice et celle du Compartiment. L’objectif est de se couvrir contre les fluctuations de la valeur de marché d’une position.
- Couverture de taux d’intérêt Mise en œuvre en général en utilisant des contrats à terme standardisés sur taux d’intérêt et des swaps de taux d’intérêt, en vendant des options d’achat sur taux d’intérêt ou en achetant des options de vente sur taux d’intérêt. L’objectif est de gérer le risque de taux d’intérêt.

Exposition Un Compartiment peut utiliser tous les instruments dérivés admissibles pour obtenir une exposition aux actifs autorisés, en particulier lorsqu’un investissement direct n’est ni efficace ni faisable sur le plan économique.
Effet de levier Un Compartiment peut utiliser tous les instruments dérivés admissibles pour augmenter son exposition totale au-delà de ce qui serait possible par un investissement direct. L’effet de levier augmente en général la volatilité du Compartiment.
Réplication d’un indice Les instruments dérivés peuvent être utilisés pour répliquer la performance d’un titre ou d’une catégorie d’actifs (p. ex. : indices de matières premières ou immobilier). Les autres stratégies peuvent inclure des positions qui profitent d’une chute de valeur ou qui confèrent une exposition à certains éléments de rendement d’un émetteur ou d’un actif particulier afin d’obtenir des rendements n’ayant aucun lien avec ceux du marché général ou des positions qui n’auraient pas été disponibles sans avoir recours aux instruments dérivés.
Compartiments monétaires Ils ne peuvent utiliser des instruments financiers dérivés que pour couvrir les risques de taux d’intérêt ou de change inhérents à d’autres investissements des Compartiments monétaires concernés.
Tous les Compartiments peuvent utiliser des instruments dérivés pour gérer les risques, générer une croissance des revenus ou du capital associés aux catégories d’actifs dans lesquelles ils investissent, à condition que (a) ils soient appropriés sur le plan économique en étant conçus de manière rentable, (b) ils soient conclus pour au moins un des motifs suivants : (i) réduction des risques, (ii) réduction des coûts et (iii) génération de capital ou de revenu supplémentaire assorti d’un niveau de risque compatible avec le profil de risque du (des) Compartiment(s) concerné(s) et les règles de diversification des risques des Compartiments ; et
(c) leurs risques soient englobés de manière adéquate dans le processus de gestion des risques de la SICAV.
Les instruments dérivés qui se rapportent à des actifs à revenu fixe sous-jacents ou à des composantes de ceux-ci peuvent être employés par les Compartiments pour (i) augmenter ou réduire l’exposition au risque de taux d’intérêt (y compris d’inflation) en utilisant des contrats à terme standardisés sur taux d’intérêt ou obligations, des options et des swaps de taux d’intérêt, de rendement total ou d’inflation, (ii) acheter ou vendre tout ou partie du risque de crédit associé à un seul émetteur, ou à de multiples émetteurs référencés dans un panier ou un indice, en utilisant des contrats à terme standardisés sur obligations, des options et des swaps de défaut de crédit et de rendement total, et (iii) couvrir, réduire ou augmenter l’exposition aux devises en utilisant des contrats à terme, notamment des contrats à terme non livrables et des swaps de devises.
Instruments et techniques que les Compartiments peuvent utiliser
Un Compartiment peut utiliser les instruments et techniques suivants par rapport à tous les titres qu’il détient, mais uniquement à des fins de gestion efficace du portefeuille (comme décrit ci-dessus).
Prêts de titres
Les Compartiments ont l’intention de conclure des opérations de prêts de titres sur des actions, d’autres titres de participation et des obligations aux fins de la gestion efficace du portefeuille et conformément aux niveaux anticipé et maximum indiqués dans les informations des Compartiments. À la date du présent prospectus, aucun Compartiment ne participait à des opérations de prêts de titres avec appel de marge.
Les opérations de prêt de titres seront conclues en fonction des opportunités de marché, et en particulier de la demande du marché pour les titres détenus dans le portefeuille de chaque Compartiment et des revenus anticipés de la transaction par rapport aux conditions de marché du côté de l’investissement. Les opérations de prêt de titres à conclure seront destinées exclusivement à générer une valeur supplémentaire, compatible avec l’objectif d’investissement et le profil de risque du Compartiment. En conséquence, il n’existe aucune restriction quant à la fréquence à laquelle un Compartiment peut conclure ce type de transactions. Les opérations mentionnées ci-dessus ne doivent en aucune circonstance éloigner un Compartiment de son objectif d’investissement, tel qu’il est établi dans le Prospectus, ou entraîner des risques supplémentaires qui augmenteraient son profil de risque décrit dans le Prospectus.
La Société de gestion maintiendra le volume de ces transactions à un niveau tel qu’elle sera à même de répondre à tout moment aux demandes de rachat.
Contreparties : Les contreparties à ces prêts de titres doivent être assujetties à des règles de contrôle prudentiel considérées par la CSSF comme équivalentes à celles prescrites par la loi de l’Union européenne et spécialisées dans  ce  type  d’opérations.  Les  contreparties  de  ces
opérations seront en général des établissements financiers installés dans un État membre de l’OCDE, disposant d’une notation de crédit « investment grade ». Les contreparties sélectionnées respectent l’Article 3 du Règlement SFTR. Revenus  payés  aux  Compartiments :  Concernant  les opérations de prêts de titres, 87,5 % du revenu brut découlant de ces transactions seront réinvestis dans les Compartiments, tandis qu’une commission de 12,5 % sera versée à l’Agent prêteur (qui n’est pas affilié au Gérant de Portefeuille). Tous les frais opérationnels (directs ou indirects) supportés par l’Agent prêteur dans le cadre de ces activités de prêt de titres sont couverts par sa commission. Des informations supplémentaires sur le rendement réel sont publiées dans les rapports et comptes annuels de la SICAV.
Agent prêteur, agent de garanties et gestionnaire de garanties : La SICAV a nommé Brown Brothers Harriman &Co., une société new-yorkaise en commandite simple, ayant un bureau à Boston, Massachusetts, et Citibank N.A., succursale de Londres (tous deux considérés comme un « Agent prêteur ») pour effectuer les opérations de prêt de titres et gérer la garantie. Aucun agent prêteur n’est affilié au Gérant de Portefeuille.
Accords de mise et de prise en pension
Les opérations de mise en pension sont régies par un accord au titre duquel le propriétaire de l’actif accepte de vendre un titre à une autre partie en échange d’une garantie liquide et accepte de le racheter à une date convenue et à un prix (plus élevé) déterminé à l’avance. L’opération inverse est la prise en pension au titre de laquelle le détenteur des liquidités accepte de vendre celles-ci à une autre partie en échange d’une garantie en titres et accepte de racheter ces liquidités à une date convenue et à une valeur (plus élevée) fixée d’avance.
Les Compartiments prévoient de conclure des opérations à réméré et de prise/mise en pension aux fins de la gestion efficace du portefeuille et conformément aux niveaux anticipés et maximum indiqués dans les modules des Compartiments.
Les Compartiments ne peuvent participer à des opérations de prise et/ou de mise en pension que s’ils peuvent, à tout moment, (a) récupérer le montant total en liquidités d’une opération de prise en pension, ou tous les titres soumis à une opération de mise en pension, ou (b) résilier l’accord conformément aux réglementations en vigueur et sous réserve des taux de marché en vigueur pour les opérations de mise en pension. Dans ce contexte, les opérations à durée déterminée de sept jours ou moins doivent être considérées comme des arrangements à des conditions qui permettent à la SICAV de récupérer les actifs à tout moment.
Les opérations de prise et de mise en pension seront conclues de manière opportuniste et temporaire, dans des circonstances où le Gérant de Portefeuille considèrera que les taux du marché permettront au Compartiment concerné de profiter d’une gestion des liquidités plus efficace ou d’une amélioration des rendements du portefeuille au moment de conclure de l’une de ces opérations.
Contreparties : Les contreparties à ces transactions doivent être soumises à des règles de contrôle prudentiel considérées par la CSSF comme équivalentes à celles prescrites par le droit de l’Union européenne et spécialisées dans ce type d’opérations. Les contreparties de ces opérations seront en général des établissements financiers installés dans un État membre de l’OCDE, disposant d’une notation de crédit
« investment grade ». Les contreparties sélectionnées respectent l’Article 3 du Règlement SFTR.
Revenus payés aux Compartiments : La totalité (100 %) des revenus (ou des pertes) générés par l’exécution des opérations de mise ou de prise en pension est attribuée aux Compartiments. Le Gérant de Portefeuille ne prélèvera aucuns autres frais ou aucune autre commission supplémentaires et ne recevra aucun revenu supplémentaire résultant de ces
opérations. Des informations supplémentaires sur le rendement réel sont publiées dans les rapports et comptes annuels de la SICAV.
Utilisation et frais
Les informations suivantes sont communiquées dans la
« Présentation des Compartiments » pour tout Compartiment qui les utilise actuellement :
- pour les swaps de rendement total, les contrats de différence et les instruments dérivés similaires : l’exposition maximale et anticipée exprimée sous forme de pourcentage de la Valeur Liquidative
- pour les opérations des accords de mise et de prise en pension : les limites maximales et anticipées, exprimées sous forme de pourcentage de la Valeur Liquidative
- pour les prêts de titres : les limites maximales et anticipées, exprimées sous forme de pourcentage de la Valeur LiquidativeLes informations suivantes sont communiquées dans les rapports financiers :
- l’utilisation de tous les instruments et techniques employés pour la gestion efficace des Compartiments
- dans le cadre de cette utilisation, les revenus reçus, et les frais et coûts opérationnels directs et indirects supportés par chaque Compartiment
- qui a reçu un paiement pour les frais et coûts ci-dessus et toute relation qu’un bénéficiaire peut avoir avec une société affiliée du Groupe FIL ou du dépositaire
- les informations sur la nature, l’utilisation, la réutilisation et la garde de la garantie
- les contreparties auxquelles la SICAV a fait appel pendant l’exercice couvert par le rapport, y compris les contreparties principales pour les garantiesLes commissions payées à l’agent prêteur ne sont pas intégrées dans les frais courants étant donné qu’elles sont déduites des revenus avant le paiement au Compartiment.

.
Contreparties	aux	instruments	dérivés	et techniques
La Société de gestion adopte un cadre de gestion du risque de contrepartie qui mesure, surveille et gère le risque de crédit de la contrepartie. En plus des exigences des lignes 10 et 11 du tableau de la section « Pouvoirs et restrictions d’investissement généraux », une contrepartie sera évaluée selon les critères suivants :
- le statut réglementaire
- la protection prévue par la législation locale
- les processus opérationnels
- l’analyse de la solvabilité, y compris un examen des spreads de crédit disponibles ou des notations de crédit externes ; pour les CDS et les swaps de variance, la contrepartie doit être un établissement financier de premier ordre
- le niveau d’expérience et de spécialisation dans le type particulier d’instruments dérivés ou de techniques concernésLe statut légal et le pays d’origine ou le domicile ne sont pas, en eux-mêmes, directement considérés comme un critère de sélection.

Sauf indication contraire dans ce prospectus ou avec l’autorisation des Administrateurs, aucune contrepartie à un instrument dérivé d’un Compartiment ne peut être Gérant de Portefeuille d’un Compartiment ou disposer de toute autre façon d’un contrôle ou d’un pouvoir d’approbation sur la composition ou la gestion des investissements ou des
opérations d’un Compartiment ou sur les actifs sous-jacents à un instrument dérivé.
L’Agent prêteur évaluera en permanence la capacité et la volonté de chaque emprunteur de titres à respecter ses engagements, et la SICAV se réserve le droit d’écarter un emprunteur ou de résilier un prêt à tout moment. Les niveaux généralement bas du risque de contrepartie et du risque de marché associés aux prêts de titres sont encore diminués par la protection contre un défaut de la contrepartie par le biais de l’agent prêteur et par la réception d’une garantie.
Politiques en matière de garantie
Ces politiques s’appliquent aux actifs reçus des contreparties dans le cadre des opérations de prêts de titres, de prise en pension et d’instruments dérivés de gré à gré.
GARANTIE ACCEPTABLE 
Tous les titres acceptés comme garanties doivent être de haute qualité. La garantie doit avoir la forme de :
- actifs liquides (c.-à-d., des liquidités et des certificats bancaires à court terme, des instruments du marché monétaire tels que définis dans la Directive du Conseil 2007/16/CE du 19 mars 2007) et leurs équivalents (y compris des lettres de crédit et une garantie à vue donnée par un établissement de crédit de premier ordre n’ayant aucun lien avec la contrepartie) ;
- obligations émises ou garanties par un État membre de l’OCDE ou ses autorités locales ou des institutions supranationales et des organisations d’envergure européenne, régionale ou mondiale ;
- actions ou parts émises par des Fonds monétaires avec calcul de la Valeur Liquidative quotidienne et ayant une notation AAA ou équivalente ;
- actions ou parts émises par un OPCVM investissant principalement dans des obligations/actions qui remplissent les conditions de l’alinéa (c) ;
- obligations émises ou garanties par des émetteurs de premier ordre qui offrent un niveau de liquidités adéquat, ou
- actions admises ou négociées sur un marché réglementé ou une bourse d’un État membre de l’OCDE, à condition que ces actions soient incluses dans un indice principalLes titres qui font l’objet d’un achat avec une option de rachat ou qui peuvent être achetés dans le cadre d’accords de prise en pension sont limités au type de titres mentionnés aux points (a), (b), (c), (e) et (f).

Une garantie non monétaire doit être négociée sur un marché réglementé ou un système de négociation multilatéral avec une tarification transparente et doit pouvoir être vendue rapidement à un prix proche de sa valorisation avant la vente.
Pour veiller à ce que les garanties soient suffisamment indépendantes de la contrepartie en ce qui concerne le risque de crédit et le risque de corrélation des investissements, une garantie émise par la contrepartie ou son groupe n’est pas acceptée. La garantie ne devrait pas montrer de corrélation importante avec la performance de la contrepartie.
L’exposition de crédit de la contrepartie est surveillée par rapport aux limites de crédit. Un Compartiment doit pouvoir faire valoir toutes les garanties à tout moment sans référence à ou approbation de la contrepartie.
Une garantie reçue d’une contrepartie à une transaction peut être utilisée pour compenser l’exposition globale à cette contrepartie.
Pour éviter la gestion de petites sommes de garantie, la SICAV peut définir un montant de garantie minimum (un montant en dessous duquel elle ne demandera pas de garantie) ou un
seuil (un montant progressif au-dessus duquel elle ne demandera pas de garantie supplémentaire).
DIVERSIFICATION 
Toutes les garanties détenues par la SICAV doivent être diversifiées en fonction du pays, du marché et de l’émetteur, l’exposition à un émetteur ne dépassant pas 20 % de l’actif net d’un Compartiment. Si précisé dans la présentation, un Compartiment pourrait être entièrement garanti par différentes valeurs mobilières et différents instruments du marché monétaire émis ou garantis par un État membre, une ou plusieurs de ses autorités locales, un pays tiers ou un organisme public international dont un ou plusieurs États membres sont membres. Dans ce cas, le Compartiment devrait recevoir une garantie d’au moins 6 émissions différentes, sans qu’une seule émission dépasse 30 % des actifs du Compartiment.
RÉUTILISATION ET RÉINVESTISSEMENT D’UNE GARANTIE (PAS
UTILISÉ ACTUELLEMENT) 
Une garantie liquide ne sera pas réinvestie sauf autorisation contraire spécifique pour un Compartiment donné dans sa présentation. Dans un tel cas, la garantie liquide sera soit placée en dépôt soit investie dans des obligations gouvernementales de haute qualité, des opérations de prise en pension ou des fonds monétaires à court terme (tels que définis dans les Lignes directrices relatives à une définition commune des fonds monétaires européens) qui calculent une valeur liquidative quotidienne et qui sont notés AAA ou une notation équivalente. Un tel réinvestissement sera pris en compte dans le calcul de l’exposition globale relative aux instruments dérivés de chaque Compartiment concerné, notamment s’il donne lieu à un effet de levier. Tous les investissements doivent respecter les exigences de diversification indiquées ci-dessus.
Si un Compartiment investit une garantie de prêt de titres dans des opérations de prise en pension, les limites applicables au prêt de titres s’appliqueront aux opérations de prise en pension.
Les garanties non monétaires ne seront pas vendues, réinvesties ou nanties.
CONSERVATION DES GARANTIES 
Une garantie (ainsi que les autres titres qui peuvent être gardés en dépôt) dont la propriété a été transférée à un Compartiment sera conservée par le dépositaire ou un sous-dépositaire. Avec tous les autres types d’accords de garantie, comme un accord de nantissement, une garantie peut être conservée par un dépositaire tiers qui est soumis à une supervision prudentielle et qui n’a aucun lien avec le fournisseur de la garantie.
ÉVALUATION ET DÉCOTES 
Toutes les garanties sont évaluées à la valeur de marché (valorisées chaque jour aux prix de marché disponibles), en prenant en compte toute décote applicable (une réduction de la valeur de la garantie destinée à assurer une protection contre une chute de la valeur ou de la liquidité de la garantie). Un Compartiment peut demander une garantie supplémentaire (marge de variation) à la contrepartie pour veiller à ce que la valeur de la garantie soit au moins égale au risque de contrepartie correspondant.
Les taux de décote appliqués actuellement par les Compartiments sont indiqués ci-dessous.
Ces taux prennent en compte les facteurs susceptibles d’affecter la volatilité et le risque de perte (comme la qualité, l’échéance et la liquidité du crédit) ainsi que les résultats des tests de solidité financière qui peuvent être réalisés à tout moment. Les décotes ne seront pas appliquées aux garanties liquides. La Société de gestion peut ajuster ces taux à tout moment, sans préavis, mais en intégrant tous les changements dans une nouvelle version du prospectus.
La valeur de la garantie reçue doit, pendant la durée du contrat, être au moins égale à 105 % de l’évaluation globale
des titres prêtés dans le cas d’actions et au moins égale à 102 % de la valeur totale des titres prêtés dans le cas d’obligations. Pendant toute leur durée, les accords de prise et de mise en pension seront en général garantis à tout moment à au moins 100 % de leur valeur notionnelle.
|  | Admissible	comme garantie | Décote |
| --- | --- | --- |
| Opérations	en instruments financiers dérivés de gré à gré Opérations de prêt de titres : actions Opérations de prêt de titres : obligations | Liquidités (USD, EUR, GBP, AUD ou JPY) | 0 % |
| Obligations gouvernementales émises par des pays du G10 | 5 % |
|  | Obligations gouvernementales émises par des pays du G10 | 2 % |
| Opérations de prise en pension | Créance souveraine spécifique ou exposition à certaines entités non gouvernementales du secteur public (dans certaines	devises) comme convenu au cas par cas entre le Compartiment et la contrepartie | Jusqu’à 2,818 % (selon	la réglementat ion applicable et la durée résiduelle) |


###### Règlement sur les fonds monétaires
CADRE LÉGAL ET RÉGLEMENTAIRE 
Le règlement sur les fonds monétaires (officiellement le Règlement (UE) 2017/1131 du Parlement européen et du Conseil du 14 juin 2017 sur les fonds monétaires) s’applique à tous les fonds monétaires domiciliés ou offerts dans l’UE. Ce règlement vise à rendre les fonds monétaires plus résilients et à garantir qu’ils peuvent maintenir leur liquidité en cas de périodes de tension sur les marchés et de rachats substantiels ou soudains.
TYPES DE FONDS MONÉTAIRES 
Le règlement autorise les fonds des catégories suivantes :
| Type de fonds | Court terme | Standard |
| --- | --- | --- |
| VL constante de dette publique | • | — |
| VL à faible volatilité | • | — |
|  VL variable	 | •	 | •	 |

RÈGLES RELATIVES AU PORTEFEUILLE
Puisque chaque Compartiment monétaire est admis comme un Fonds monétaire à valeur liquidative variable à court terme, il doit satisfaire à toutes les exigences suivantes sur une base continue :
- la WAM de son portefeuille ne dépasse pas 60 jours, et
- la WAL de son portefeuille ne dépasse pas 120 jours.
- au moins 7,5 % de l’actif net total du Compartiment monétaire est à échéance journalière ou est constitué d’accords de prise en pension auxquels il peut être mis fin moyennant un préavis d’un jour ouvrable ou de liquidités dont le retrait peut être effectué moyennant un préavis d’un jour ouvrable.
- au moins 15 % de l’actif net total d’un Compartiment monétaire sont à échéance hebdomadaire ou est constitué d’accords de prise en pension auxquels il peut être mis fin moyennant un préavis de cinq jours ouvrables ou de liquidités dont le retrait peut être effectué moyennant un préavis de cinq jours ouvrables. Aux fins de ce calcul, les instruments du marché monétaire ou les parts ou actionsd’autres Fonds monétaires peuvent être inclus dans les actifs à échéance hebdomadaire d’un Compartiment monétaire concerné dans la limite de 7,5 % de son actif net total à condition qu’ils puissent être vendus et réglés dans les cinq jours ouvrables.

Si les limites prévues dans le présent paragraphe sont dépassées pour des raisons indépendantes de la volonté du Compartiment monétaire concerné, ou à la suite de l’exercice de droits de souscription ou de rachat, ledit Compartiment se donne pour objectif prioritaire de régulariser cette situation, en tenant dûment compte de l’intérêt des actionnaires.
PROCÉDURES DE SIMULATIONS DE CRISE ET DE CRÉDIT
Description de la procédure
Conformément au Règlement MMF et aux actes délégués appropriés le complétant, la Société de gestion s’assurera qu’une procédure d’évaluation interne et individualisée de la qualité de crédit reposant sur des méthodologies d’évaluation prudentes, systématiques et continues pour déterminer régulièrement la qualité de crédit des Compartiments admis comme fonds monétaires est établie, mise en œuvre et systématiquement appliquée. La Société de gestion a approuvé quatre procédures distinctes d’évaluation de la qualité de crédit (i) des émetteurs souverains, (ii) des émetteurs contrôlés par l’État, (iii) des sociétés financières émettrices et (iv) des sociétés non financières émettrices.
La surveillance des procédures d’évaluation internes de la qualité de crédit incombera à la Société de gestion qui sera soutenue par le Fixed Income Investment Risk Committee (le « FIIRC »), un comité indépendant responsable de la surveillance du risque des revenus fixes. Le FIIRC et, au final, la Société de gestion devront s’assurer que les données utilisées dans les évaluations de la qualité de crédit seront de qualité suffisante, à jour et issues de sources fiables.
Une évaluation du crédit de tous les émetteurs et garants inscrits sur la liste approuvée sera produite, conformément aux règlements, au moins une fois par an par l’analyste assigné. Le FIIRC et, au final, la Société de gestion seront responsables de veiller à ce que l’exigence de fréquence annuelle soit respectée. Le FIIRC et, ultimement, la Société de gestion devront décider si un changement important s’est produit et les analystes devront préparer une nouvelle évaluation du crédit pour les émetteurs ou les garants concernés.
Lors de la détermination de la qualité de crédit d’un émetteur et d’un instrument, la Société de gestion veillera à ce que la dépendance mécanique aux notations externes ne soit pas excessive.
Le caractère approprié des procédures d’évaluation de la qualité de crédit sera déterminé chaque année (ou plus souvent si nécessaire) et les changements à cet égard seront approuvés par la direction supérieure et/ou la Société de gestion. Si un changement important susceptible d’avoir un impact sur l’évaluation existante d’un instrument au sens du Règlement sur les fonds monétaires se produit, une nouvelle évaluation de la qualité de crédit sera réalisée. De plus, la procédure interne d’évaluation de la qualité de crédit fait l’objet d’un suivi sur une base continue.
Description de la méthodologie
Une liste des émetteurs éligibles (dénommée « Liste approuvée ») est tenue et les Compartiments monétaires ne sont autorisés à investir que dans les instruments des émetteurs inscrits sur cette liste. Un analyste de l’équipe de recherche du crédit est assigné à chaque émetteur de la liste.
Un système efficace a été établi par la Société de gestion pour garantir que les informations pertinentes sur les caractéristiques de l’émetteur et de l’instrument sont obtenues et mises à jour.
La détermination du risque de crédit d’un émetteur ou d’un garant et de ses instruments sera réalisée exclusivement par l’analyste assigné sous la responsabilité de la Société de gestion et reposera sur une analyse indépendante de la capacité de l’émetteur ou du garant à rembourser ses titres de créance. Cette détermination suit une procédure systématique en quatre étapes, conformément au Chapitre 3 du Règlement délégué 2018/990 et au paragraphe 1 de l’Article 20 du Règlement. Un émetteur ou un garant et ses instruments doivent satisfaire à chacune des quatre étapes. Ces étapes peuvent comprendre les éléments suivants, le cas échéant :
- Facteurs quantitatifs : les émetteurs doivent atteindre ou dépasser les seuils prédéterminés des mesures quantitatives, comme les ratios financiers et les résultats macroéconomiques (y compris, sans s’y limiter, capitalisation, liquidités, qualité des actifs, profitabilité, effet de levier, EBITDA/intérêts ajustés, sources de liquidités, PIB par habitant, taux de chômage, indice d’efficacité du gouvernement de la Banque mondiale, coefficient des prêts improductifs des banques, charge d’intérêt du gouvernement par rapport à ses recettes).
- Facteurs externes et de marché : les émetteurs doivent franchir les seuils relatifs aux spreads obligataires ou des CDS des instruments concernés, et avoir une notation externe d’au moins A3 ou A- chez Moody’s et/ou Standard & Poor’s.
- Facteurs qualitatifs : l’analyste assigné prend en compte des facteurs qualitatifs (y compris, sans s’y limiter, gouvernance, modèle d’entreprise, profil de risque, contexte macroéconomique, diversification, stabilité gouvernementale, plans gouvernementaux, solidité de la devise), qui semblent être nécessaires pour une évaluation complète et prudente de la qualité de crédit de l’émetteur ou du garant.
- Facteurs spécifiques à l’instrument : l’analyste assigné tient compte des facteurs spécifiques à l’instrument (y compris, sans s’y limiter, si l’instrument est un engagement de paiement direct et inconditionnel, le degré de flexibilité des dates de remboursement du capital et de paiement des intérêts, le rang de paiement de l’instrument, et son profil de liquidité), qui sont jugés nécessaires pour considérer que la qualité de crédit et le niveau de liquidité de l’instrument sont élevés.

Une approche différente est employée pour les émetteurs et garants contrôlés par l’État. La solidité de la relation entre l’émetteur ou le garant contrôlé par l’État et l’entité souveraine représente le principal moteur de la qualité du crédit pour les émetteurs ou garants contrôlés par l’État. Par conséquent, l’évaluation est axée sur la solidité de cette relation (propriété, garanties explicites ou implicites, obstacles au soutien, relations avec les clients, exposition à des risques communs, importance économique, classement par des agences de notation, etc.) et une évaluation positive est accordée si la probabilité de défaut de l’émetteur contrôlé par l’État semble étroitement liée à l’entité souveraine.
Une évaluation favorable n’est accordée que si l’émetteur ou le garant et ses instruments réussissent toutes les étapes de la procédure, et ils sont inscrits sur la liste des contreparties approuvées.
Une évaluation de crédit de tous les émetteurs ou garants inscrits sur la liste des contreparties approuvées sera réalisée au moins une fois par an et mise à la disposition de la direction supérieure et/ou de la Société de gestion au moins une fois par an.
Les données employées pour l’évaluation de la qualité de crédit proviennent toutes de sources fiables, y compris (sans que cette liste soit exhaustive) Bloomberg, les agences de notation, Haver Analytics, le Fonds monétaire international (le
« FMI ») et directement des rapports officiels des sociétés. En outre, les méthodologies employées sont validées par un contrôle a posteriori complet en utilisant les données par défaut de Moody’s pour garantir la solidité continue des critères utilisés pour évaluer la qualité de crédit.
INTERDICTION D’UN SOUTIEN EXTÉRIEUR 
Aucun Compartiment qui est un fonds monétaire ne reçoit de soutien direct ou indirect d’un tiers, y compris du sponsor du Compartiment monétaire. Cette interdiction s’étend aux injections de liquidités, l’achat d’actifs du Compartiment monétaire à un prix majoré, l’octroi d’une garantie ou toute autre action ayant pour objectif ou effet de garantir la liquidité du Compartiment monétaire ou la stabilité de sa VL.
AUTRES EXIGENCES 
Les autres exigences du règlement sur les fonds monétaires sont décrites dans la section « Pouvoirs et restrictions d’investissement généraux ».