# 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 (ENES, 2022-12-30):
# Descripciones de los fondos
Todos los fondos a los que hace referencia este folleto informativo forman parte de la SICAV, que funciona como una estructura de paraguas para ellos. El objeto de la SICAV es ofrecer a los inversores acceso a la gestión de inversiones profesional a través de una gama de fondos, cada uno de ellos con su propio enfoque de inversión, que ofrecen acciones con elevada liquidez y mantienen una sólida diversificación del riesgo.
Por ley, cada uno de los fondos puede invertir según se indica en el apartado “Facultades y límites de inversión generales”, y debe cumplir además los límites indicados en dicho apartado.
No obstante, cada uno de los fondos cuenta con su propia política de inversión, que suele imponer unos límites más estrictos que los de la legislación. Hasta cierto punto, los fondos podrán recurrir a inversiones y técnicas que no se indiquen en su política de inversión, siempre que, al hacerlo, cumplan la legislación y normativa, así como el objetivo de inversión de la cartera.
Cada uno de los fondos podrá asimismo desviarse de su política de inversión temporalmente para hacer frente a situaciones atípicas del mercado o acontecimientos graves e impredecibles. En la siguiente página, figura una descripción de los objetivos de inversión concretos, las principales inversiones y otras características clave de cada fondo.
La Sociedad Gestora es la responsable general de las operaciones comerciales de la SICAV y sus actividades de inversión, incluidas las actividades de inversión de todos los fondos. La Sociedad Gestora podrá delegar algunas de sus funciones, como la gestión de inversiones, la distribución o la administración central en diversos proveedores de servicios. La Sociedad Gestora mantiene la facultad de la autorización supervisora y el control sobre sus delegados.
En el último apartado del folleto informativo, “Gestión y gobernanza”, puede consultar más información sobre la SICAV, la Sociedad Gestora y los proveedores de servicios.
Si desea información sobre las comisiones y gastos que posiblemente deba abonar en relación con su inversión, puede consultar:
- 	Comisiones máximas de compra, canje y venta de la mayoría de acciones: este apartado.
- 	Comisiones anuales que se deducirán de su inversión: este apartado.
- Gastos reales recientes: el documento de datos fundamentales para el inversor correspondiente o el informe a los accionistas más reciente de la SICAV.
- Comisiones por conversión de divisas, operaciones bancarias y asesoramiento de inversión: a su asesor financiero, al Agente de transmisiones, el Distribuidor u otros proveedores de servicios, según corresponda.

TÉRMINOS CON DEFINICIONES ESPECÍFICAS
En este folleto informativo, los siguientes términos se definen como se indica a continuación.
Ley de 2010. La ley luxemburguesa del 17 de diciembre de 2010 sobre organismos de inversión colectiva, en su versión vigente en cada momento. Las referencias a los Estatutos lo son a los Estatutos de la SICAV.
producto que cumple el artículo 8 En el SFDR, afondo que promueve características medioambientales o sociales.
producto que cumple el artículo 9 En el SFDR, aquel fondo que tiene la inversión sostenible como objetivo.
activos En el contexto de los activos de un fondo, hace referencia al patrimonio neto total del fondo.
divisa base La divisa en la que un fondo lleva la contabilidad y en la que expresa su valor liquidativo principal.
Valores con grado especulativo (de alto rendimiento) aquellos con una calificación de BB+ o inferior por parte de Standard & Poor’s, o un nivel equivalente otorgado por una agencia de calificación crediticia reconocida internacionalmente (en caso de calificaciones divergentes, se aplica la peor de las dos mejores calificaciones crediticias).
el Consejo El Consejo de Administración de la SICAV. bono Cualquier valor de deuda o vinculado a deuda.
día hábil Día en el que los bancos de las respectivas jurisdicciones suelen estar abiertos al público.
Parte Vinculada Por “Parte Vinculada” de un asesor de inversiones, Gestor de Inversiones, depositario o Distribuidor se entenderá:
- cualquier persona que efectivamente posea, directa o indirectamente, un porcentaje igual o superior al 20% de las acciones ordinarias de dicha sociedad, o que pueda ejercer, directa o indirectamente, los derechos de voto de un porcentaje igual o superior al 20% de la totalidad de acciones con derecho a voto de dicha sociedad;
- cualquier persona controlada por una persona que cumpla alguno de los requisitos establecidos en el punto a) supra, o ambos;
- cualquier sociedad de cuyas acciones ordinarias sean titulares efectivos en un porcentaje igual o superior al 20%, directa o indirectamente, cualquier asesor de inversiones, gestor de inversiones o distribuidor de acciones, considerados en conjunto; y cualquier sociedad con respecto a la cual dicho asesor de inversiones, gestor de inversiones o distribuidor de acciones, considerados en conjunto, puedan ejercer, directa o indirectamente, un porcentaje igual o superior al 20% de todos los derechos de voto; y
- cualquier administrador o directivo de cualquier asesor de inversiones o gestor de inversiones o distribuidor de acciones o de cualquier Parte Vinculada de una de las sociedades definidas en los apartados a), b) y c) anteriores Valores que atraviesan dificultades Valores emitidos por una empresa, Estado soberano o entidad que haya incurrido en impago o que corra un alto riesgo de hacerlo.

Distribuidor Cualquiera de las sociedades del Grupo FIL citadas en el Folleto informativo, a través de las cuales pueden comprarse, venderse o canjearse acciones de la SICAV.
Gestión eficiente de la cartera se refiere a técnicas e instrumentos que cumplan con los siguientes criterios:
- son económicamente adecuados en el sentido de que se realizan de manera rentable;
- se celebran debido a uno o más de los siguientes objetivos concretos;
	- reducción del riesgo;
	- reducción de costes;
	- generación de capital o rentas adicionales para los fondos con un nivel de riesgo que sea coherente con el perfil de riesgo de los fondos y con las normas de diversificación del riesgo de los mismos

- sus riesgos quedan captados de forma adecuada en el proceso de gestión del riesgo de la SICAVmercados emergentes El Banco Mundial, las Naciones Unidas u otras instituciones incluidas en el MSCI Emerging Markets Index, u otro índice comparable, suelen definir estos mercados como economías emergentes o en vías de desarrollo.

ESG Medioambientales, sociales y de gobernanza.
características ESG Indicación de las características ESG basada en las evaluaciones de Fidelity, las calificaciones ESG propias o los datos de terceros.
La renta variable incluye renta variable e instrumentos vinculados a renta variable.
Grupo FIL o Fidelity International Ltd (FIL) y las empresas de su grupo.
informes financieros El informe anual de la SICAV, junto con cualquier informe semestral publicado con posterioridad al informe anual más reciente.
FIRST El término “FIRST” es el acrónimo de “Fidelity Research Strategy”. Cuando el término “FIRST” se incluye como parte del nombre de un fondo, significa que dicho fondo adopta el proceso de inversión FIRST. El proceso de inversión FIRST utiliza métodos cuantitativos para captar las ideas de más alta convicción (es decir, las más favorecidas) que generan los analistas del Gestor de Inversiones y buscar a su vez que el resultado de la inversión sea estable y recurrente. Posteriormente, se aplica el juicio cualitativo para garantizar que solo se incluyen en la cartera aquellos valores que cumplen los criterios del equipo de Gestor de Inversiones y que la selección de valores sea el principal impulsor del riesgo y la rentabilidad. Para evitar dudas, el uso del término “FIRST” no es indicativo del rendimiento ni la rentabilidad del fondo.
| TÉRMINOS CON DEFINICIONES ESPECÍFICAS  continuación. fondo Salvo que se indique lo contrario, cualquier fondo del que la SICAV sea un OICVM paraguas. Fondo Fidelity Funds SICAV Distribuidor General FIL Distributors Administración Cualquier Gobierno, agencia gubernamental, organización internacional supranacional o pública, autoridad local u organización patrocinada por la Administración Pública. intermediario Cualquier intermediario, agente de distribución u otro intermediario con el que el distribuidor tenga un acuerdo para distribuir las acciones. En el apartado “Descripciones de los fondos”, la inversión hace referencia a la exposición directa e indirecta a activos fondos de reserva institucionales Institutional Global Focus Fund, Institutional Global Sector Fund, Institutional Emerging Markets Equity Fund e Institutional European Larger Companies Fund. DFI Documento de datos fundamentales para el inversor. cotizado Compañías o negociado en un Mercado Regulado. VL El valor liquidativo por acción, es decir, el valor de una acción de un fondo. folleto informativo Este documento. mercado regulado Mercado en el sentido que define el término la directiva 2014/65/CE, de 15 de mayo de 2014 o cualquier otro mercado que esté regulado, opere con regularidad y esté reconocido y abierto al público. Con el propósito de evitar cualquier duda, dentro de esta definición se incluyen el US OTC Bond Market, la Bolsa de Moscú, la Bolsa de Shanghái, la Bolsa de Shenzhen y el mercado interbancario de bonos de la China continental. comisiones de análisis Comisiones pagaderas por los fondos a terceros en concepto de servicios de análisis de inversión y demás servicios de asesoramiento afines con respecto a la renta variable y valores relacionados con la renta variable. Si desea más información sobre las comisiones de análisis, como, por ejemplo, la cantidad máxima que puede aplicarse a un fondo concreto, o la metodología de cobro, puede encontrarla en la sede social de la SICAV o en la página web www.fidelityinternational.com/researchbudget. Para evitar dudas, actualmente no se están cobrando estas comisiones. REIT Un fondo de inversión inmobiliaria o REIT es un organismo dedicado a mantener y, en la mayoría de casos, gestionar inmuebles. RMB es una referencia coloquial al renminbi chino, que también se conoce internacionalmente como yuan chino (“CNY”). Si bien el CNY se negocia tanto a nivel nacional en China como extraterritorialmente (sobre todo, en Hong Kong), se trata de la misma divisa, aunque actualmente se cotice a tipos distintos. Al tipo extraterritorial para la cotización del CNY se le suele denominar “CNH”. El tipo del CNH se empleará a la hora de establecer el valor de las acciones de un fondo, así como con fines de cobertura. SFDR Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. | Reglamento SFTR Reglamento (UE) 2015/2365 sobre transparencia de las operaciones de financiación de valores. Inversión sostenible Una inversión sostenible es aquella que se realiza en una actividad económica que contribuye a lograr un objetivo medioambiental o social, siempre que la misma no genere un daño significativo a otros objetivos medioambientales o sociales y que las empresas en las que se invierta tengan buenas prácticas de gobernanza. Anexo sobre Sostenibilidad Anexo elaborado para cada fondo de conformidad con los requisitos de los artículos 8 y 9 del SFDR que incluye la información precontractual que se exige en virtud del SFDR. Los riesgos de sostenibilidad son situaciones medioambientales, sociales o de gobernanza que, de producirse, podrían tener, en acto o en potencia, un impacto negativo sustancial sobre el valor de la inversión, según se define este en el SFDR. La SICAV Fidelity Funds. OICVM Un organismo de inversión colectiva en valores mobiliarios que se rija por la Directiva 2009/65/CE del Parlamento Europeo y del Consejo de 13 de julio de 2009 por la que se coordinan las disposiciones legales, reglamentarias y administrativas sobre determinados organismos de inversión colectiva en valores mobiliarios. persona estadounidense Cualquiera de las siguientes personas, según lo definido en la legislación y normativa estadounidense indicada: una “persona estadounidense” en el sentido en el que se usa el término en el artículo 7701(a)(30) de la Ley General Tributaria de EE. UU. de 1986. una “persona estadounidense” en el sentido en el que lo recoge el Reglamento S de la Ley de 1933. una persona que se encuentre “en los Estados Unidos” según lo establecido en la Norma 202(a)(30)-1 de la Ley de Asesores de Inversión de 1940 una persona que no se considere una “Persona no estadounidense” en el sentido en el que lo recoge la Norma 4.7 de la Comisión de Negociación de Futuros sobre Materias Primas. Fecha de valoración Cada uno de los días de la semana (de lunes a viernes, ambos inclusive), excepto el 25 de diciembre (“Día de Navidad”) y el 1 de enero (“Día de Año Nuevo”) y cualquier otro día que determinen los Administradores, en el mejor interés de los accionistas, no incluido como fecha de valoración para fondos concretos. Aquellos días no incluidos como fechas de valoración podrán corresponder, por ejemplo, a festivos en una Bolsa que sea el mercado principal de una parte significativa de las inversiones atribuibles a un fondo, o a cualquier día que sea festivo en otro lugar e impida el cálculo del valor razonable de mercado de las inversiones atribuibles a un determinado fondo, que puede incluir cualquier día inmediatamente anterior al cierre del mercado correspondiente, en caso de que la hora límite de negociación del fondo correspondiente coincida con una hora en la que el mercado principal subyacente que corresponda ya haya cerrado y los siguientes días sean días consecutivos en los que el mercado permanecerá cerrado La lista de días no incluidos como fecha de valoración está disponible en https://fidelityinternational.com/non-valuation-days/ and y se actualiza con antelación semestral. Sin embargo, la lista puede actualizarse nuevamente de manera periódica según resulte razonablemente factible en circunstancias excepcionales, cuando los administradores estimen que hacerlo redundará en el mejor interés de los accionistas. Otras interpretaciones - en ausencia de otras especificaciones en el apartado “Descripciones de los fondos”, las referencias a la zona geográfica de una empresa o emisor implica que el emisor cotiza, está constituido, tiene su sede en, u obtienen la mayoría de sus ingresos, o una parte importante de estos en dicha zona geográfica
- ningún proveedor de índices patrocina, respalda, vende ni promociona estos fondos ni otorga garantía, afirmación o juicio alguno sobre la SICAV, la Sociedad Gestora, el Gestor de Inversiones o el uso de cualquier índice
 |
| --- | --- |

| ABREVIATURAS DE DIVISAS AUD  Dólar australiano  CAD  Dólar canadiense  CHF  Franco suizo CNH	 Renminbi	chino	(China extraterritorial) CNY	 Renminbi	chino	(China continental) CZK  Corona checa EUR  Euro GBP  Libra esterlina HKD  Dólar hongkonés HUF  Forinto húngaro | JPY  Yen japonés  KRW  Won surcoreano  NOK  Corona noruega NZD  Dólar neozelandés PLN  Esloti polaco RMB	 Renminbi	chino (continental/extraterritorial) SEK  Corona sueca SGD  Dólar singapurense  TWD  Nuevo dólar taiwanés  USD  Dólar estadounidense |
| --- | --- |


## Absolute Return Global Equity Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo ofrecer rentabilidad absoluta a medio y largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo, incluidos los mercados emergentes, así como en efectivo e instrumentos del mercado monetario.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- acciones China A y B (directa o indirectamente): menos del 30% (en conjunto)El fondo suele tener una exposición de entre el -30% y el 30% de su patrimonio neto.

El fondo también puede tratar de lograr exposición a REIT autorizados.
El Gestor de Inversiones tiene como objetivo superar al índice de referencia.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones.
El fondo puede abrir posiciones largas en valores que considere infravalorados y cortas en aquellos que estime sobrevalorados. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información consulte el apartado “Política de inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión. El fondo puede hacer uso de posiciones largas o cortas.
Los derivados se pueden utilizar para lograr la exposición a mercados a través de derivados sobre renta variable, divisas, volatilidad o índices e incluyen opciones, futuros, contratos por diferencias (CFD), pagarés vinculados a renta variable, 
warrants
, contratos a plazo, permutas o una combinación de todos los anteriores, que pueden ser extrabursátiles o cotizar en un mercado de valores. Puede que las posiciones activas en divisas aplicadas por el fondo, tanto si son largas como cortas, no estén correlacionadas con sus posiciones en valores subyacentes.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 200%; máximo 400%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Secured Overnight Financing Rate (SOFR). Utilizado para: comparación de la rentabilidad, superación del mismo y cálculo de la comisión de rentabilidad.
El fondo no está restringido al índice de referencia y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Valores convertibles
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Apalancamiento
- Liquidez
- Mercado
- Operativo
- Rusia
- Posiciones cortas
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Enfoque del VeR absoluto, limitado al 9,5%. Apalancamiento previsto: 400% (puede ser superior o inferior, pero no se prevé que supere el 650%).

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución | Rentabilidad* |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- | 15% |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% | 15% |
| I | 10 millones | 100.000 | —- | 1,05% | —- | —- |
| I | 10 millones | 100.000 | —- | 0,80% | —- | 15% |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- | 15% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## FIRST All Country World Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de mercados desarrollados y emergentes de todo el mundo. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo puede invertir menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. Las inversiones se centrarán normalmente en las recomendaciones de valores de mayor convicción que identifiquen los analistas de investigación del Grupo FIL, salvo si se producen situaciones extremas en el mercado o cuando sea necesario para lograr el objetivo de inversión del fondo. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de
inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Contraparte y garantía
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| A | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Dividend Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable generadora de rentas de empresas de todo el mundo, incluidos los mercados emergentes. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El Gestor de Inversiones tiene como objetivo generar rentas que superen al índice de referencia.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones se centra en inversiones que, en su opinión, ofrezcan una atractiva rentabilidad por dividendos, además de un incremento del precio. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 5%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Equity Income Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invertirá como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable generadora de rentas de empresas de todo el mundo, incluidos los mercados emergentes. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones seleccionará aquellas inversiones que, en su opinión, ofrezcan una atractiva rentabilidad por dividendos, además de un incremento del precio. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de
inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Contraparte y garantía
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Financial Services Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas de todo el mundo, incluidos los mercados emergentes, que prestan servicios financieros a particulares y empresas. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 15%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI AC World Financials Index. El índice no tiene en cuenta características ESG. Utilizado para:
selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Focus Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo, incluidos los mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo invertirá en un número limitado de valores, lo que provocará la concentración de la cartera.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Acuerdos de recompra/recompra inversa Previsto 0%;	 máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de
El fondo es un fondo de renta variable (Aktienfonds) apto en
virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Industrials Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas de todo el mundo que lleven a cabo actividades de investigación, desarrollo, fabricación, distribución, suministro o comercialización de materiales, productos o servicios relacionados con sectores cíclicos o de recursos naturales. Estas inversiones podrán realizarse en todo el mundo, también en mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI AC World Industrials + Materials
+ Energy Index. Utilizado para: selección de inversiones,
rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
supervisión del riesgo y comparación de la rentabilidad.	
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Low Volatility Equity Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo tratando de mantener un perfil de volatilidad inferior al de su universo de inversión.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de mercados desarrollados de todo el mundo.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI World Index. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,30% | —- |
| E | 2.500 | 1.000 | —- | 1,30% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,25% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,65% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Property Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas dedicadas principalmente al sector inmobiliario y otras inversiones vinculadas al mismo en todo el mundo, incluidos los mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores
. 
El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
FTSE EPRA/NAREIT Developed Index.
Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Technology Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas de todo el mundo, incluidos los mercados emergentes, que desarrollen ahora o en un futuro productos, procesos o servicios que ofrezcan o se beneficien de mejoras o avances tecnológicos. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. También tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
ESG. Utilizado para: selección de inversiones, supervisión del riesgo, comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Acuerdos de recompra/recompra inversa Previsto 0%;	 máximo 30%.
ÍNDICE  DE  REFERENCIA  
MSCI  AC  World  Information Technology Index. El índice no tiene en cuenta características
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Thematic Opportunities Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo, incluidos los mercados emergentes. Tratará de lograr exposición a temáticas del mercado a largo plazo que se beneficien de tendencias económicas o sociales a largo plazo (estructurales y no cíclicas) que cambien el comportamiento de los consumidores, la demografía (el crecimiento y envejecimiento poblacional y la expansión de la clase media) y el cambio climático. Los cambios seculares suelen durar más de diez años y pueden acabar siendo cambios estructurales.
Las tecnologías disruptivas son innovaciones que cambian sensiblemente el comportamiento de consumidores, sectores y empresas. Las tendencias demográficas son dinámicas a largo plazo, como las relacionadas con el envejecimiento de la población (lo que incluye a las empresas de asistencia sanitaria y consumo en la jubilación), el crecimiento de la clase media (empresas expuestas al aumento del consumo, la mayor penetración de los servicios financieros y la urbanización), y el crecimiento de la población (que incluye empresas expuestas a la escasez de recursos y la necesidad de mejorar la productividad y automatizar). El Gestor de Inversiones es libre de elegir las temáticas en las que invierte el fondo.
Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- acciones China A y B (directa o indirectamente): menos del 30%
- REIT autorizados: hasta el 20%PROCESO DE INVERSIÓN En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.

El fondo cumple los criterios del Marco de Inversión Sostenible
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura y gestión eficiente de la cartera.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
de Fidelity. Si desea más información, consulte el apartado	
“Inversión sostenible e integración ESG” y el Anexo sobre
Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
El fondo es un fondo de renta variable (Aktienfonds) apto en
virtud de la Ley de Fiscalidad de la Inversión alemana de 2018. Sigue en la siguiente página 
Global Thematic Opportunities Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Institutional Global Focus Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de todo el mundo, incluidos los mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El gestor concentrará las inversiones en un número limitado de valores, lo que provocará la concentración de la cartera.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de
inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Institutional Global Sector Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de todo el mundo, incluidos los mercados emergentes que proporcionen exposición a sectores e industrias que incluyan, entre otros, consumo, servicios financieros, asistencia sanitaria, empresas industriales, metales y minería, energía, tecnología y telecomunicaciones. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Selected GICS Special
Weighted Index. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable  Biodiversity  Fund
 Familia de Fondos Sostenibles 

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo, incluidos los mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
Trata de elegir empresas que tienen como objetivo hacer posible la estabilización o mitigación de la pérdida de biodiversidad a través de tecnologías y soluciones que (entre otras cosas) reduzcan el impacto del cambio climático, la contaminación y la sobreexplotación de los recursos naturales.
Algunos ejemplos de las tecnologías y soluciones para paliar la pérdida de biodiversidad que aportan estas empresas son el vehículo eléctrico, los materiales biodegradables, la eficiencia agraria, el tratamiento de las aguas residuales, la acuicultura sostenible, la reducción del suelo en uso y las prácticas sostenibles en minería y producción de energía.
El fondo tiene como objetivo elegir empresas que adopten buenas prácticas que contribuyan a la estabilización o mejora de la pérdida de biodiversidad, ya sea a través de los productos y servicios que ofrecen o las políticas que aplican. Las inversiones estarán centradas en valores que demuestren prácticas líderes en biodiversidad en su universo que hayan identificado los analistas del Grupo FIL.
El fondo puede invertir menos del 30% de sus activos (directa o indirectamente) en acciones China A o B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. El universo de inversión del fondo se reducirá en, como mínimo, un 20% debido a la exclusión de emisores sobre la base de sus características ESG.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Sustainable Biodiversity Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |

 Familia de Fondos Sostenibles 

## Sustainable Consumer Brands Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo, incluidos mercados emergentes, vinculadas a la temática de las marcas de consumo (tales como empresas con propiedad intelectual, poder de fijación de precios y un sólido historial de crecimiento). Las inversiones se realizarán en empresas implicadas en el diseño, la fabricación, la comercialización o la venta de bienes o servicios de consumo de marcas reconocidas. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
Las diez mayores posiciones del fondo pueden suponer más de la mitad de sus activos, por lo que puede existir concentración de la cartera.
El fondo puede invertir menos del 30% de sus activos (directa o indirectamente) en acciones China A o B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. Al elegir las inversiones, el universo de inversión del fondo se reducirá en, como mínimo, un 20% debido a la exclusión de emisores sobre la base de sus características ESG.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Posiciones cortas
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Sustainable Consumer Brands Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |

 Familia de Fondos Sostenibles 

## Sustainable Climate Solutions Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo, incluidos los mercados emergentes. Estas empresas hacen posible la descarbonización global mediante las tecnologías y soluciones para reducir las emisiones de gases de efecto invernadero. La descarbonización se medirá en función de la reducción porcentual de las emisiones de gases de efecto invernadero si toda la economía, incluido el universo de inversión, adoptase estas soluciones o con la cantidad absoluta de kilotones de emisiones de gases de efecto invernadero compensados anualmente por las soluciones que las empresas objetivo ayuden a desarrollar. Las inversiones incluyen empresas implicadas en el diseño, la fabricación o la venta de productos o servicios relacionados con tecnologías o soluciones como (entre otras) vehículos eléctricos, hidrógeno verde, vehículos autónomos, trayectos compartidos, energías renovables, redes inteligentes, automatización industrial, eficiencia agrícola, computación en la nube, redes móviles, soluciones para una construcción eficiente (como el aislamiento, la iluminación LED y sistemas para edificios inteligentes), reciclaje, alternativas a los productos cárnicos/lácteos, telemedicina, teletrabajo y teleformación. Este listado no es excluyente y puede variar a lo largo del tiempo. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
El fondo puede invertir menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores
. 
El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. Al seleccionar las inversiones, el universo de inversión del fondo se reduce en, como mínimo, un 20% tras la exclusión de emisores sobre la base de sus características ESG.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
apartado “Inversión sostenible e integración ESG” y el Anexo	 sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Sustainable Climate Solutions Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Demographics Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo. El fondo tiene como objetivo invertir en empresas capaces de beneficiarse de los cambios demográficos. Las inversiones comprenderán empresas pertenecientes a los sectores de salud y consumo que puedan sacar partido de las consecuencias del aumento de la esperanza de vida y el crecimiento de la clase media y la población. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
El fondo puede invertir menos del 30% de su patrimonio en mercados emergentes.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. Al elegir las inversiones, el universo de inversión del fondo se reducirá en, como mínimo, un 20% debido a la exclusión de emisores sobre la base de sus características ESG.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Future Connectivity Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo, incluidos mercados emergentes, vinculadas a la temática de la conectividad del futuro (aquellas que hacen posible, ofrecen las redes o se benefician de la siguiente generación de comunicaciones). Las inversiones pueden realizarse en empresas implicadas en el despliegue de redes móviles, redes fijas, infraestructuras de internet o creación de contenidos 
online
. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
El fondo puede invertir menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
Las diez mayores posiciones del fondo pueden suponer la mitad de sus activos, por lo que puede existir concentración de la cartera.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos financieros, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. Además, el Gestor de Inversiones se implica con los emisores para tratar de mejorar cuestiones ESG. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. El universo de inversión del fondo se reducirá en, como mínimo, un 20% tras la exclusión de emisores sobre la base de sus características ESG.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Sustainable Future Connectivity Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |

 Familia de Fondos Sostenibles 

## Sustainable Global Dividend Plus Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo generar rentas, con la posibilidad de lograr crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo, incluidos los mercados emergentes. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de empresas con características ESG que mejoran.
El fondo puede invertir menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
El Gestor de Inversiones tiene como objetivo generar rentas que superen al índice de referencia.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones se centra en inversiones que, en su opinión, ofrezcan una atractiva rentabilidad por dividendos, además de un incremento del precio. También tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG de su universo de inversión una vez excluido, como mínimo, el 20% de los activos con calificaciones ESG más bajas.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
“Cómo utilizan los fondos los instrumentos y técnicas”), el	 fondo tiene previsto hacer uso de TRS. El fondo utilizará una
estrategia de opciones de compra cubiertas (suscripción de opciones de compra sobre renta variable o índices de renta variable) para generar rentas adicionales.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
El fondo es un fondo de renta variable (Aktienfonds) apto en
virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Sustainable Global Dividend Plus Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Global Equity Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo realizando Inversiones sostenibles.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo, incluidos los mercados emergentes.
El fondo tiene como objetivo llevar a cabo inversiones sostenibles que contribuyan a lograr objetivos medioambientales o sociales alineados con los ODS. El fondo podrá contar (de forma auxiliar y hasta el 20% de sus activos) con efectivo, Instrumentos del Mercado Monetario u otras inversiones con fines de cobertura y gestión eficiente de la cartera.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- acciones China A y B (directa o indirectamente): menos del 30% (en conjunto)
- valores vinculados a renta variable: hasta el 10%
- mercados emergentes: menos del 30%
- renta variable europea: menos del 50%
- REIT de capital fijo autorizados: hasta el 10%PROCESO DE INVERSIÓN En el marco de la gestión activa del fondo, el Gestor de Inversiones identifica ideas de inversión basándose en el análisis de Fidelity, el análisis de terceros, el resultado del filtrado cuantitativo y las reuniones con empresas para tratar de acotar el universo de inversión. El análisis y la selección de valores se centra en evaluar el perfil ESG y los fundamentos de alineación con los ODS a través de un análisis financiero ascendente y una valoración rigurosos con el fin de elegir valores con un elevado potencial de retorno de la inversión.

El Gestor de Inversiones selecciona a los emisores en función de la contribución de sus actividades económicas al logro de objetivos medioambientales o sociales que estén alineados con los ODS.
El Gestor de Inversiones tiene como objetivo ser un propietario activo y comprometerse con las empresas que formen parte de la cartera del fondo para influir a favor de los cambios positivos.
El fondo evalúa las calificaciones ESG de al menos el 90% de sus activos. El universo de inversión del fondo se reduce en, como mínimo, un 20% debido a la exclusión de emisores sobre la base de sus características ESG.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado. “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 9 (tiene un objetivo de inversión sostenible).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD

#### Principales riesgos
| Consulte el apartado “Descripción de los riesgos” si desea más información. |
| --- |
| - China
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Acciones
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Inversión sostenible
 |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de canje, intercambio o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Global Equity Income Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo, incluidos los mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de empresas con características ESG que mejoran.
El fondo puede invertir menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
El fondo tiene como objetivo contar con una huella de carbono inferior a la del índice de referencia.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta factores ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG de su universo de inversión una vez excluido el 20% de los emisores con calificaciones ESG más bajas.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo, comparación de la rentabilidad y la huella de carbono.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Global Health Care Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas de todo el mundo implicadas en el diseño, fabricación o venta de productos y servicios relativos a la asistencia sanitaria, la medicina y la biotecnología. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. Al seleccionar las inversiones, el universo de inversión del fondo se reducirá en, como mínimo, un 20% tras la exclusión de emisores sobre la base de sus características ESG.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura y gestión eficiente de la cartera.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 15%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI AC World Health Care Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Water & Waste Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas implicadas en el diseño, fabricación o venta de productos y servicios relativos a la gestión del agua y los residuos. El sector de la gestión del agua engloba, sin ánimo de exhaustividad, a las empresas que se dedican a la producción, el tratamiento, la desalinización, el suministro, el embotellado, el transporte y el envío de agua. El sector de la gestión de residuos engloba, entre otras, a las empresas que se dedican a la recogida, recuperación y eliminación de residuos, lo que incluye el reciclado, la incineración, la digestión anaeróbica de los residuos alimentarios (procesos biológicos) y el depósito en vertederos de residuos. El sector también abarca empresas especializadas en el tratamiento de aguas residuales, aguas negras, residuos sólidos, líquidos y químicos, y cualquier servicio de consultoría o ingeniería asociado a estas actividades. Estas inversiones podrán realizarse en todo el mundo, también en mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
El fondo puede invertir menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. También tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. Además, el Gestor de Inversiones se implica con los emisores para tratar de mejorar cuestiones ESG.
El fondo evalúa las características ESG de al menos el 90% de sus activos. Al seleccionar las inversiones, el universo de inversión del fondo se reduce en, como mínimo, un 20% tras la exclusión de emisores sobre la base de sus características ESG.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI ACWI Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Sustainable Water & Waste Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## World Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo, incluidos los mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, financieros, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura y gestión eficiente de la cartera.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI World Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## America Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en EE. UU. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura y gestión eficiente de la cartera.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 5%.
ÍNDICE DE REFERENCIA 
S&P500 Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Préstamo de valores Previsto 15%; máximo 30%.	
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## American Growth Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas con sede o que realicen la mayor parte de su actividad en EE. UU. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores
. 
El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
ÍNDICE DE REFERENCIA 
S&P500 Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Préstamo de valores Previsto 15%; máximo 30%.	
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable US Equity Fund
 Familia de Fondos Sostenibles 

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en EE. UU. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos financieros, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG de su universo de inversión una vez excluido, como mínimo, el 20% de los activos con calificaciones ESG más bajas.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
S&P 500. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | - | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |

40 Fidelity Funds | Folleto informativo. Diciembre 2022

## European Dividend Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable generadora de rentas de empresas con sede o que realicen la mayor parte de su actividad en Europa. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El Gestor de Inversiones tiene como objetivo generar rentas que superen al índice de referencia.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones seleccionará aquellas inversiones que, en su opinión, ofrezcan una atractiva rentabilidad por dividendos, además de un incremento del precio. También tiene en cuenta factores ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Europe Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## European Dynamic Growth Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas con sede o que realicen la mayor parte de su actividad en Europa. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo normalmente tiene una tendencia hacia empresas medianas con una capitalización bursátil de entre 1.000 y
10.000 millones de euros.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Europe Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Renta variable de pequeña y mediana capitalización
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## European Growth Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas en bolsas europeas. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura y gestión eficiente de la cartera.
Uso de TRS (incluidos CFD) No.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Europe Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Contraparte y garantía
- Derivados
- Renta variable
- Operaciones de cobertura
- Fondos de inversión
 | - Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## European Larger Companies Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas más grandes cotizadas, con sede o que realicen la mayor parte de su actividad en Europa. Asimismo, el fondo podrá invertir en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Europe Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de
inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| A | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## European Low Volatility Equity Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo tratando de mantener un perfil de volatilidad inferior al de su índice de referencia.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en Europa. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo podrá invertir hasta un 15% de sus activos en REIT autorizados.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Europe Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
- Fondos de inversión
 | - Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,30% | —- |
| E | 2.500 | 1.000 | —- | 1,30% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,25% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,65% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## EURO STOXX 50® Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo replicando la rentabilidad de su índice de referencia (antes de comisiones y gastos).
POLÍTICA DE INVERSIÓN 
El fondo invierte en renta variable de empresas incluidas en el índice, también a través del uso de derivados.
Con el fin de gestionar su posición de efectivo, el fondo podrá invertir en organismos de inversión colectiva (como son los fondos de liquidez), lo que incluye aquellos gestionados por el Grupo FIL, así como en instrumentos del mercado monetario, efectivo y depósitos a plazo.
PROCESO DE INVERSIÓN 
En el marco de la gestión pasiva del fondo, el Gestor de Inversiones trata de reproducir (replicar) la composición del índice de referencia y minimizar las diferencias entre la rentabilidad de la cartera y la del índice. El Gestor de Inversiones no tiene en cuenta características medioambientales, sociales y de gobernanza (ESG). Las características ESG del fondo son, en esencia, las mismas que las del índice de referencia.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura y gestión eficiente de la cartera.
Uso de TRS (incluidos CFD) No.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
EURO STOXX 50® Index. Utilizado
para: indexación exclusivamente. Si desea más información, consulte el apartado “Más información sobre Fidelity Funds - EURO STOXX 50® Fund” y stoxx.com/index-details.
Por motivos tales como la liquidez o el exceso de gasto, puede que no siempre le resulte factible invertir en cada una

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Orientación del índice de referencia
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
de las empresas representadas en el índice de referencia, o	 que no pueda hacerlo en la misma ponderación.
DIVISA BASE 
EUR.
El fondo es un fondo de renta variable (Aktienfonds) apto en
virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 0,20% | —- |
| A | 2.500 | 1.000 | —- | 0,10% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## European Smaller Companies Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas pequeñas y medianas cotizadas, con sede o que realicen la mayor parte de su actividad en Europa. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
EMIX Smaller European Companies Index. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Renta variable de pequeña y mediana capitalización
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| A | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Germany Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en Alemania. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
HDAX® Total Return Index. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
El fondo puede acceder al sistema francés PEA (
Plan d’Epargne en Actions
, plan de ahorro en acciones).
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Iberia Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en España y Portugal. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. Además, el Gestor de Inversiones se implica con los emisores para tratar de mejorar cuestiones ESG.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Compuesto por un 80% del MSCI Spain Index y un 20% del MSCI Portugal Index. El índice no tiene en
cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Este fondo puede acceder al sistema francés PEA (
Plan d’Epargne en Actions
, plan de ahorro en acciones).
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| A | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Italy Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas italianas. El fondo invertirá como mínimo el 70% en empresas que no participen en actividades inmobiliarias, con domicilio en Italia u otro Estado miembro de la UE o del EEE, y un establecimiento permanente en Italia. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo no puede invertir más del 10% de sus activos en instrumentos financieros emitidos por una misma empresa, o suscritos por esta, o por empresas pertenecientes al mismo grupo, ni en depósitos de efectivo.
El fondo no puede invertir en instrumentos financieros emitidos por, o formalizados con, empresas que no residan en países que permitan un intercambio adecuado de información con Italia.
Condiciones para la participación en el 
Piano Individuale di Risparmio a lungo termine 
(PIR): Sin perjuicio de las restricciones de inversión establecidas en el apartado “Facultades y límites de inversión generales” y de conformidad con la Ley italiana n.º 232, de 11 de diciembre de 2016 (en su versión vigente en cada momento), como mínimo, un 17,5% de los activos del fondo lo conformarán valores emitidos por empresas que no formen parte del índice FTSE MIB ni de ningún otro índice equivalente, y un mínimo del 3,5% de él estará compuesto por valores emitidos por empresas que no formen parte de los índices FTSE MIB, FTSE Mid Cap u otros equivalentes.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. También tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede usar derivados con fines de cobertura exclusivamente.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
FTSE Italia All Share Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Renta variable de pequeña y mediana capitalización
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Este fondo puede acceder al sistema francés PEA (
Plan d’Epargne en Actions
, plan de ahorro en acciones) y el italiano 
Piano Individuale di Risparmio a lungo termine 
(PIR).
Sigue en la siguiente página 
Italy Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Institutional	European	Larger	Companies Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas más grandes cotizadas, con sede o que realicen la mayor parte de su actividad en Europa. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta factores ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Europe Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| E | 100 millones | 1 millones | — | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Nordic Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas de cualquier capitalización cotizadas o negociadas en las bolsas de Dinamarca, Finlandia, Noruega y Suecia. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
FTSE Nordic 30 Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
SEK.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Renta variable de pequeña y mediana capitalización
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Este fondo puede acceder al sistema francés PEA (
Plan d’Epargne en Actions
, plan de ahorro en acciones).
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| A | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable European Dividend Plus Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo generar rentas, y el potencial de lograr crecimiento del capital.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en Europa, que, en parte, puede incluir mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de empresas con características ESG que mejoran.
El Gestor de Inversiones tiene como objetivo generar rentas que superen al índice de referencia.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones se centra en inversiones que, en su opinión, ofrezcan una atractiva rentabilidad por dividendos, además de un incremento del precio. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG de su universo de inversión una vez excluido, como mínimo, el 20% de los activos con calificaciones ESG más bajas.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de invertir directamente en valores de renta variable, el fondo también se expondrá a ellos de manera indirecta a través del uso de derivados. En concreto, podrán utilizarse derivados para generar renta adicional, por ejemplo, a través de la suscripción de opciones de compra cubiertas. La generación de ingresos adicionales puede afectar al potencial de crecimiento de capital del fondo, sobre todo en periodos de rápidas subidas en el mercado, en los que las plusvalías de capital pueden ser inferiores a las que se lograrían con una cartera equivalente sin cobertura. Además de los derivados básicos (consulte el apartado “Cómo utilizan
los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Europe Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Europe Equity Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en Europa. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas.
A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG de su universo de inversión una vez excluido, como mínimo, el 20% de los activos con calificaciones ESG más bajas.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Europe Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Eurozone Equity Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas de países miembros de la Unión Económica y Monetaria (UEM) denominada en euros. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
El fondo tiene como objetivo contar con una huella de carbono inferior la de su índice de referencia. La huella de carbono se define como las toneladas de CO
2 
por un millón de USD en ventas.
El Gestor de Inversiones excluirá la inversión en emisores con una calificación ESG de MSCI inferior a “A”.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos financieros, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. También tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. Al seleccionar las inversiones, el universo de inversión del fondo (tal y como lo represente el índice de referencia) se reducirá en, como mínimo, un 20% tras la exclusión de emisores sobre la base de sus características ESG.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI EMU Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad y la huella de carbono.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
El fondo puede acceder al sistema francés PEA (
Plan d’Epargne en Actions
, plan de ahorro en acciones).
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable European Smaller Companies Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas pequeñas y medianas cotizadas, con sede o que realicen la mayor parte de su actividad en Europa. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. Además, el Gestor de Inversiones se implica con los emisores para tratar de mejorar cuestiones ESG. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. El universo de inversión del fondo se reduce en, como mínimo, un 20% tras la exclusión del 20% de los emisores sobre la base de sus características ESG.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Europe Small Cap Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Renta variable de pequeña y mediana capitalización
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Sustainable European Smaller Companies Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Switzerland Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en Suiza. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos financieros, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se Invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Switzerland Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
CHF.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| A | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## UK Special Situations Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en el Reino Unido. El fondo trata de invertir en renta variable de empresas en situación especial (que están infravaloradas y cuyo potencial de recuperación no reconoce el mercado). El fondo contará con una mezcla de inversiones en empresas de mayor tamaño, medianas y pequeñas. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos financieros, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones se centrará en aquellas empresas que considere infravaloradas y cuyo potencial de recuperación (es decir, el potencial de recuperación del precio de las acciones como reflejo de una mejora en los fundamentales del negocio) no reconozca el mercado (es decir, se encuentren en situaciones especiales). El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 40%; máximo 100%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
FTSE All Share Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
GBP.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Renta variable de pequeña y mediana capitalización
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## ASEAN Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas o negociadas en los países que conforman la Asociación de Naciones del Sudeste Asiático (ASEAN), como Singapur, Malasia, Tailandia, Filipinas e Indonesia, así como otros mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI AC ASEAN Index. El índice no
tiene en cuenta características ESG. Utilizado para: selección
de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Australian Diversified Equity Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de cualquier capitalización cotizadas, con sede o que realicen la mayor parte de su actividad en Australia. También podrá invertir en valores corporativos híbridos y de deuda si el Gestor de Inversiones cree que ofrecen mejores oportunidades de inversión que los títulos de renta variable correspondientes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos con grado especulativo: hasta el 20%
- bonos corporativos con cualquier calificación crediticia cotizados en las bolsas de Australia: hasta el 30%
- instrumentos de deuda garantizados o titulizados: hasta un 20%
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCosLas diez mayores posiciones del fondo pueden suponer más de la mitad de sus activos, por lo que puede existir concentración de la cartera. El fondo contará con una mezcla de inversiones en empresas de mayor tamaño, medianas y pequeñas.

PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores
. 
El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de invertir directamente en valores de renta variable y renta fija, el fondo también se expondrá a ellos de manera indirecta a través del uso de derivados. Para mejorar las rentas generadas por el fondo, podrán utilizarse derivados (como opciones) para generar rentas adicionales. Los tipos de instrumentos financieros derivados que se usarán incluyen futuros sobre índices, de referencia única o cestas, además de opciones y contratos por diferencias que hagan referencia a valores de renta variable o fija. Las opciones empleadas incluirán opciones de compra y venta, incluidas las opciones de compra cubiertas. La generación de ingresos adicionales, por ejemplo, a través de opciones de compra cubiertas, puede afectar al potencial de crecimiento de capital del fondo, sobre todo en periodos de rápidas subidas en el mercado, en los que las plusvalías de capital pueden ser
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
S&P ASX 200 Index. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
AUD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
 | - Renta variable
- Operaciones de cobertura
- Alto rendimiento
- Liquidez
- Mercado
- Operativo
- Titulización
- Pequeña	y	mediana capitalización
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
inferiores a las que se lograrían con una cartera equivalente	 sin cobertura.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
El fondo es un fondo de renta variable (Aktienfonds) apto en
virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Australian Diversified Equity Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Asia Pacific Dividend Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en valores de renta variable generadores de rentas de empresas con sede o que realicen la mayor parte de su actividad en la región de Asia- Pacífico, que incluye mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo invertirá menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los ingresos de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos financieros, así como la situación del sector y la economía, entre otros factores. El Gestor de Inversiones seleccionará inversiones que considere que ofrecen una atractiva rentabilidad por dividendos, además de incremento de los precios. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI AC Asia Pacific ex Japan Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Asia Pacific Opportunities Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas con sede o que realicen la mayor parte de su actividad en la región de Asia- Pacífico (sin Japón), que incluye mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo puede invertir menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
El fondo puede invertir en un número limitado de valores, lo que provocará la concentración de la cartera.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores.
El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI AC Asia Pacific ex Japan Index. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Renta variable de pequeña y mediana capitalización
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo invierte en valores incluidos en el índice de referencia.	 No obstante, el fondo se gestiona de forma discrecional, por lo
que puede invertir en valores que no formen parte de él, y su
El fondo es un fondo de renta variable (Aktienfonds) apto en
virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Absolute Return Asian Equity Fund

#### Objetivo y política de inversión
OBJETIVO 
Este fondo tiene como objetivo ofrecer una rentabilidad positiva a largo plazo con una baja correlación con las clases de activos tradicionales.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos a través de derivados, en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en Asia (sin Japón), así como en instrumentos vinculados a renta variable, efectivo e instrumentos del mercado monetario. Algunas de estas inversiones pueden realizarse en mercados emergentes.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- acciones China A y B (directa (hasta el 40%) o indirectamente): menos del 80% (en conjunto)El fondo suele tener una exposición de entre el -30% y el 30% de su patrimonio neto. Los instrumentos relacionados con la renta variable pueden incluir warrants, acciones preferentes, emisiones de derechos, certificados de depósito, bonos convertibles o pagarés vinculados a renta variable o participaciones.

El Gestor de Inversiones tiene como objetivo superar al índice de referencia.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones combina el análisis de mercado cualitativo y cuantitativo en un proceso de construcción de la cartera disciplinado para asignar inversiones a varias estrategias. El fondo puede abrir posiciones largas en valores que considere infravalorados y cortas en aquellos que estime sobrevalorados. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión. El fondo puede hacer uso de posiciones largas o cortas.
Los derivados se pueden utilizar para lograr la exposición a mercados a través de derivados sobre renta variable, divisas, volatilidad o índices e incluyen opciones, futuros, contratos por diferencias (CFD), pagarés vinculados a renta variable, 
warrants
, contratos a plazo o una combinación de todos los anteriores, que pueden ser extrabursátiles o cotizar en un mercado de valores. Puede que las posiciones activas en divisas aplicadas por el fondo, tanto si son largas como cortas, no estén correlacionadas con sus posiciones en valores subyacentes.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 300%; máximo 400%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Secured Overnight Financing Rate (SOFR). Utilizado para: comparación de la rentabilidad, superación del mismo y cálculo de la comisión de rentabilidad.
El fondo no está restringido al índice de referencia y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Apalancamiento
- Liquidez
- Mercado
- Operativo
- Posiciones cortas
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
VeR absoluto, limitado al 10%. Apalancamiento previsto: 400% (puede ser superior o inferior, pero no se prevé que supere el 900%).

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución | Rentabilidad* |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- | 15% |
| I | 10 millones | 100.000 | —- | 0,80% | —- | 15% |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- | 15% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Asian Smaller Companies Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas pequeñas con sede o que realicen la mayor parte de su actividad en la región de Asia-Pacífico (sin Japón), que incluye mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invertirá menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
Se considera que las empresas pequeñas son aquellas con una capitalización de mercado inferior a 8.000 millones de USD en cuanto a capitalización bursátil total de la empresa. El fondo puede invertir en empresas fuera de este rango.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. Más concretamente, el fondo se gestiona con un sesgo hacia la calidad y el valor dentro del universo de las empresas pequeñas de Asia. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI AC Asia Pacific ex Japan Small Cap Australia Capped 10% Index. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo
que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Renta variable de pequeña y mediana capitalización
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Asian Special Situations Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas, con sede o que realizan la mayor parte de su actividad en Asia (sin Japón), que puede incluir mercados emergentes. El fondo trata de invertir en renta variable de empresas en situación especial (con valoraciones por lo general atractivas en comparación con su potencial de ganancias) y de empresas pequeñas de crecimiento. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- acciones China A y B (directa o indirectamente): menos del 30% (en conjunto)
- inversiones en renta variable de empresas que no se encuentren en situaciones especiales ni sean empresas pequeñas de crecimiento: hasta el 25%PROCESO DE INVERSIÓN En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta la durabilidad de las perspectivas de crecimiento a largo plazo que no se reflejan del todo en las valoraciones actuales. De este modo, se centra en situaciones especiales, tales como fusiones, adquisiciones o reestructuraciones internas, que puedan afectar a las valoraciones de las empresas a corto plazo. El Gestor de Inversiones también tiene en cuenta factores ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.

El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura y gestión eficiente de la cartera.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 5%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI AC Asia ex Japan Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Renta variable de pequeña y mediana capitalización
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Japan Growth Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en Japón. Las inversiones no se limitan a ningún sector en particular. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
TOPIX Total Return Index Utilizado para: comparación de la rentabilidad.
DIVISA BASE 
JPY.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | - | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Japan Value Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas japonesas cotizadas en bolsas de Japón, centrándose en aquellas que Fidelity considera infravaloradas. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
TOPIX Total Return Index. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
JPY.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | - | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Pacific Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en la región de Asia-Pacífico, que incluye, entre otros, países como Japón, Australia, China, Hong Kong, India, Indonesia, Corea, Malasia, Nueva Zelanda, Filipinas, Singapur, Taiwán y Tailandia. Algunos de los países de la región se consideran mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura y gestión eficiente de la cartera.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI AC Pacific Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Asia Equity Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en Asia (sin Japón). Esta región incluye países que se consideran mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
El fondo puede invertir menos del 30% de sus activos (directa o indirectamente) en acciones China A o B (en conjunto).
Las diez mayores posiciones del fondo pueden suponer más de la mitad de sus activos, por lo que puede existir concentración de la cartera.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG de su universo de inversión (tal y como lo represente el índice de referencia) una vez excluido, como mínimo, el 20% de los activos con calificaciones ESG más bajas.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 5%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI AC Asia ex Japan Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Asia Equity II Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas con sede, cotizadas o que realizan la mayor parte de su actividad en Asia (sin Japón) que incluye mercados emergentes. El fondo seguirá las directrices de inversión de Consejo del Central Provident Fund de Singapur. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
El fondo invertirá menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos, económicos de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores, con el objetivo de identificar empresas de crecimiento de alta calidad. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 0%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI AC Asia ex Japan Index. El índice no tiene en cuenta características ESG. Utilizado para:
selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Salida | Gestión | Distribución |
| S | 10 millones | 100.000 | 1,00% | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Asian Focus Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo realizando Inversiones sostenibles.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas con sede, cotizadas o que realizan la mayor parte de su actividad en Asia (sin Japón), que incluye mercados emergentes.
El fondo tiene como objetivo llevar a cabo inversiones sostenibles que contribuyan a lograr objetivos medioambientales o sociales alineados con uno o varios Objetivos de Desarrollo Sostenible de las Naciones Unidas («ODS»); El fondo podrá contar (de forma auxiliar y hasta el 20% de sus activos) con efectivo, Instrumentos del Mercado Monetario u otras inversiones con fines de cobertura y gestión eficiente de la cartera.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- acciones China A y B (directa o indirectamente): menos del 30% (en conjunto)
- valores vinculados a renta variable: hasta el 40%
- REIT de capital fijo autorizados: hasta el 10%PROCESO DE INVERSIÓN En el marco de la gestión activa del fondo, el Gestor de Inversiones identifica ideas de inversión basándose en el análisis de Fidelity, el análisis de terceros, el resultado del filtrado cuantitativo y las reuniones con empresas para tratar de acotar el universo de inversión. El análisis y la selección de valores se centra en evaluar el perfil ESG y los fundamentos de alineación con los ODS a través de un análisis financiero ascendente y una valoración rigurosos con el fin de elegir valores con un elevado potencial de retorno de la inversión. El Gestor de Inversiones selecciona a los emisores en función de la contribución de sus actividades económicas al logro de objetivos medioambientales o sociales que estén alineados con los ODS.

El Gestor de Inversiones tiene como objetivo ser un propietario activo y comprometerse con las empresas que formen parte de la cartera del fondo para influir a favor de los cambios positivos. El fondo evalúa las calificaciones ESG de al menos el 90% de sus activos. El universo de inversión del fondo se reduce en, como mínimo, un 20% debido a la exclusión de emisores sobre la base de sus características ESG.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 9 (tiene un objetivo de inversión sostenible).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%. Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI AC Asia ex Japan Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD

#### Principales riesgos
Consulte el apartado “Descripción de los riesgos” si desea más información.
| - China
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Acciones
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- 	que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Además de los derivados básicos (consulte el apartado	
“Cómo utilizan los fondos los instrumentos y técnicas”), el
fondo tiene previsto hacer uso de TRS.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Japan Equity Fund
 Familia de Fondos Sostenibles 

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en Japón. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran. El Gestor de Inversiones excluirá la inversión en emisores con una Calificación de Sostenibilidad de Fidelity igual o inferior a “C”.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos financieros, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG de su universo de inversión (tal y como lo represente el índice de referencia) una vez excluido, como mínimo, el 20% de los activos con calificaciones ESG más bajas.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
TOPIX Total Return Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
JPY.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 1 millones | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## China Consumer Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas con sede o que realicen la mayor parte de su actividad en China o Hong Kong. Estas empresas se dedican al desarrollo, fabricación o venta de bienes o servicios a los consumidores en China. Algunas de estas inversiones pueden realizarse en mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir hasta el 60% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI China Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## China Focus Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas cotizadas en China y Hong Kong, así como en aquella de empresas no chinas que realicen la mayor parte de su actividad en China. China se considera un mercado emergente. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo puede invertir hasta el 60% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura y gestión eficiente de la cartera.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 5%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI China Capped 10% Index. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su
rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
 | - Renta variable
- Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## China Innovation Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas, cotizadas, con sede o que realicen la mayor parte de su actividad en la región de la Gran China, que incluye China, Hong Kong, Macao y Taiwán. Estas inversiones se consideran innovadoras en tecnología (como inteligencia artificial, digitalización, robótica y movilidad del futuro), estilo de vida (como salud, educación y riqueza) y ecología (como energías limpias, protección del medioambiente y economía circular). Estas inversiones pueden realizarse en mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- acciones China A y B (directa o indirectamente): hasta el 100%
- acciones China A cotizadas en ChiNext Market o STAR Board: hasta el 100%
- acciones China A a través del estatus de QFI: menos del 70%Las diez mayores posiciones del fondo pueden suponer más de la mitad de sus activos, por lo que puede existir concentración de la cartera.

PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI China All Share Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
las características medioambientales o sociales).	
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
China Innovation Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Greater China Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas en la región de la Gran China, que incluye Hong Kong, China y Taiwán. Algunas de estas inversiones pueden realizarse en mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir hasta el 60% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 5%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Golden Dragon Index. El índice no tiene en cuenta características ESG. Utilizado para:
selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
 | - Renta variable
- Operaciones de cobertura
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Greater China Fund II

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable cotizada en la región de la Gran China, que incluye Hong Kong, China y Taiwán. Algunas de estas inversiones pueden realizarse en mercados emergentes. El fondo seguirá las directrices de inversión de Consejo del Central Provident Fund de Singapur. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir menos del 60% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 0%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Golden Dragon Index. El índice no tiene en cuenta características ESG. Utilizado para:
selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Salida | Gestión | Distribución |
| S | 10 millones | 100.000 | 1,00% | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |

 Familia de Fondos Sostenibles 

## Sustainable All China Equity Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas chinas cotizadas en China continental o Hong Kong. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- acciones China A y B: hasta el 100% (en conjunto), con inversiones directas de hasta el 100%
- acciones China A a través de ChiNext y STAR Board (directamente): hasta el 100% (en conjunto)
- acciones China A a través del estatus de QFI: menos del 70%Las diez mayores posiciones del fondo pueden suponer más de la mitad de sus activos, por lo que puede existir concentración de la cartera.

PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta factores ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG de su universo de inversión tal y como lo represente el índice de referencia, una vez excluido el 20% de los activos con calificaciones ESG más bajas.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI China All Shares Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Sustainable All China Equity Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |

 Familia de Fondos Sostenibles 

## Sustainable China A Shares Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas que cotizan o se negocian en China. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- acciones China A y B (directa o indirectamente): hasta el 100% (en conjunto), con inversiones directas de hasta el 100%
- acciones China A a través de ChiNext o STAR Board: hasta el 100% (en conjunto)
- acciones China A a través del estatus de QFI: menos del 70%PROCESO DE INVERSIÓN En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. También tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.

El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG de su universo de inversión tal y como lo represente el índice de referencia, una vez excluido el 20% de los activos con calificaciones ESG más bajas.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI China A International Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- 	que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Sustainable China A Shares Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Emerging Asia Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas con sede o que realicen la mayor parte de su actividad en los países menos desarrollados de Asia que se consideran mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo invertirá menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 5%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Emerging Markets Asia Index. El índice no tiene en cuenta características ESG. Utilizado para:
selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Emerging Europe, Middle East and Africa Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas con sede o que realicen la mayor parte de su actividad en los países menos desarrollados de Europa Central, del Este y Meridional (Rusia incluida), Oriente Medio y África, incluidos aquellos que se consideren mercados emergentes de acuerdo con el MSCI EM Europe, Middle East and Africa Index. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Emerging EMEA Capped 5%
Index. Utilizado para: supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su
rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Rusia
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Emerging Markets Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invertirá como mínimo un 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas con actividad en ámbitos que experimenten un rápido crecimiento económico, como los países y mercados emergentes de América Latina, Sudeste Asiático, África, Europa del Este (incluida Rusia) y Oriente Medio. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo invertirá menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura y gestión eficiente de la cartera.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 4%; máximo 5%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Emerging Markets Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Rusia
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Institutional Emerging Markets Equity Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas de todo el mundo, incluidas las regiones de América Latina, Sudeste Asiático, África. Europa del Este (incluida Rusia) y Oriente Medio, que experimentan un rápido crecimiento económico. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. También tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 5%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Emerging Markets Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Rusia
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## India Focus Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas indias que coticen en la India o extranjeras que realicen la mayor parte de su actividad en la India. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI India Capped 8% Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, dentro de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Indonesia Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en Indonesia. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Indonesia IMI Capped 8% Index. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| A | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Latin America Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable de empresas cotizadas, con sede o que realicen la mayor parte de su actividad en América Latina. Algunas de estas inversiones pueden realizarse en mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura y gestión eficiente de la cartera.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI EM Latin America Index. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |

 Familia de Fondos Sostenibles 

## Sustainable	Emerging	Markets	Ex	China Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas en América Latina, Asia (sin China continental), África, Europa del Este (incluida Rusia) y Oriente Medio, e instrumentos vinculados a esta clase de activo que ofrezcan exposición a dichas empresas. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de empresas con características ESG que mejoran.
Las diez mayores posiciones del fondo pueden suponer más de la mitad de sus activos, por lo que puede existir concentración de la cartera.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG de su universo de inversión (tal y como lo represente el índice de referencia) una vez excluido, como mínimo, el 20% de los activos con calificaciones ESG más bajas.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
ÍNDICE DE REFERENCIA 
MSCI Emerging Markets ex China Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Rusia
- Posiciones cortas
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Además de los derivados básicos (consulte el apartado	
“Cómo utilizan los fondos los instrumentos y técnicas”), el
fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 15%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
El fondo es un fondo de renta variable (Aktienfonds) apto en
virtud de la Ley de Fiscalidad de la Inversión alemana de 2018. Sigue en la siguiente página 
Sustainable Emerging Markets Ex China Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |

 Familia de Fondos Sostenibles 

## Sustainable Emerging Markets Equity Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable de empresas, cotizadas, con sede o que realicen la mayor parte de su actividad en mercados en vías de desarrollo, que incluyen países en América Latina, Asia, África, Europa del Este (incluida Rusia) y Oriente Medio. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 70% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
El fondo invertirá menos del 30% de sus activos (directa o indirectamente) en acciones China A y B (en conjunto).
El fondo invierte en un número limitado de valores (normalmente entre 20 y 80 en condiciones normales de mercado).
El Gestor de Inversiones tiene como objetivo superar al índice de referencia.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos o la situación del sector o la economía, entre otros factores. También tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG del universo de inversión del fondo, tal y como lo represente el índice de referencia, una vez excluido el 20% de los activos con calificaciones ESG más bajas.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 15%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Emerging Markets Index. El índice no tiene en cuenta características ESG. Utilizado para: generación de una rentabilidad superior, comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Rusia
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Sustainable Emerging Markets Equity Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Thailand Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en renta variable cotizada o negociada en las bolsas tailandesas. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de crecimiento y valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, financieros, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG“.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 0%; máximo 10%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Solactive GBS Thailand Investable Universe Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Absolute Return Global Fixed Income Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo ofrecer una rentabilidad absoluta positiva a medio y largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en títulos de deuda con grado especulativo y de inversión, instrumentos de divisas, efectivo e instrumentos del mercado monetario. Estas inversiones podrán realizarse en todo el mundo, también en mercados emergentes, y estar denominadas en cualquier divisa.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija cotizada de China continental, incluidos bonos municipales (directa o indirectamente): menos del 30% (en conjunto)
- valores vinculados al crédito: menos del 30%
- instrumentos de deuda garantizados o titulizados: menos del 20%
- valores vinculados a renta variable: menos del 10%
- 	bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCosEl fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

Las diez mayores posiciones del fondo pueden suponer más de la mitad de sus activos, por lo que puede existir concentración de la cartera.
La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
El Gestor de Inversiones tiene como objetivo superar al índice de referencia.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones.
El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión. El fondo puede hacer uso de posiciones largas o cortas.
El fondo utiliza derivados, incluidos los instrumentos derivados complejos, con el fin de cumplir sus objetivos de inversión. Los tipos de derivados que se utilizarán incluyen, entre otros, futuros, contratos a plazo, permutas (de tipos de interés, de incumplimiento crediticio, sobre índices de inflación y de rendimiento total), opciones, 
swaptions 
y pagarés vinculados a crédito y a renta variable. Los derivados se utilizan para lograr exposición indirecta a los principales activos enumerados anteriormente, generar capital adicional en línea con el perfil de riesgo del fondo o con fines de reducción de riesgos o costes.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 200%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
ICE BofA 0-3 Month US Treasury Bill Index. Utilizado para: comparación de la rentabilidad y generación de rentabilidad superior.
El fondo no está restringido al índice de referencia y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Operaciones de cobertura
 | - Alto rendimiento
- Fondos de inversión
- Apalancamiento
- Liquidez
- Mercado
- Operativo
- Rusia
- Titulización
- Posiciones cortas
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
VeR absoluto, limitado al 10%. Apalancamiento previsto: 800% (puede ser superior o inferior, pero no se prevé que supere el 650%).

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Absolute Return Global Fixed Income Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 0,90% | —- |
| E | 2.500 | 1.000 | —- | 0,90% | 0,25% |
| I | 10 millones | 100.000 | —- | 0,55% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,55% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Flexible Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en una amplia gama de títulos de deuda de todo el mundo, incluidos mercados emergentes, denominados en GBP u otras divisas. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en las siguientes clases de activos, respetando los porcentajes que se indican:
- bonos con grado especulativo o sin calificación: hasta el 50%
- renta fija cotizada de China continental (directa o indirectamente): menos del 30% (en conjunto)
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCosLa exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.

La exposición a inversiones no denominadas en GBP se cubrirá en gran medida en GBP.
El fondo puede invertir en deuda financiera subordinada y acciones preferentes.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones.
El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión. El fondo puede hacer uso de posiciones largas o cortas.
El fondo utiliza derivados, incluidos estrategias o derivados complejos, para cumplir el objetivo de inversión con un nivel de riesgo coherente con su perfil de riesgo. Los derivados pueden utilizarse para crear exposición económica al activo subyacente, y pueden incluir futuros, contratos a plazo, opciones y permutas. El fondo utilizará (i) permutas de incumplimiento crediticio y de rendimiento total sobre índices, cestas o valores concretos para lograr exposición a los emisores o reducir su riesgo crediticio, (ii) futuros, permutas u opciones sobre tipos de interés para gestionar activamente el nivel de riesgo de tipos
de interés y (iii) derivados de divisas para lograr cobertura sobre divisas o exposición a las mismas. Puede que las posiciones activas en divisas aplicadas por el fondo, tanto si son largas como cortas, no estén correlacionadas con sus posiciones en valores subyacentes.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 40%; máximo 200%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 15%; máximo 30%.
ÍNDICE DE REFERENCIA 
ICE BofA Q880 Custom Index (una mezcla personalizada de índices de bonos gubernamentales y corporativos con grado de inversión y de alto rendimiento). El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
GBP.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Operaciones de cobertura
- Alto rendimiento
 | - Tipo de interés
- Fondos de inversión
- Apalancamiento
- Liquidez
- Mercado
- Operativo
- Posiciones cortas
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
VeR absoluto, limitado al 10%. Apalancamiento bruto previsto: 500% (puede ser superior o inferior, pero no se prevé que supere el 1000%).

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Flexible Bond Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,00% | —- |
| E | 2.500 | 1.000 | —- | 1,00% | 0,60% |
| I | 10 millones | 100.000 | —- | 0,50% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,50% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte en títulos de deuda corporativa y gubernamental de todo el mundo, incluidos los mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija cotizada de China continental (directa o indirectamente): menos del 30% (en conjunto).

El fondo tiene como objetivo maximizar la rentabilidad expresada en dólares estadounidenses.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones.
El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se Invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Bloomberg Global Aggregate Bond Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Operaciones de cobertura
 | - Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Posiciones cortas
- Soberano
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,75% | —- |
| I | 10 millones | 100.000 | —- | 0,40% | —- |
| A | 2.500 | 1.000 | —- | 0,40% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Corporate Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en títulos de deuda corporativa con grado de inversión de todo el mundo, incluidos los mercados emergentes. El fondo también podrá invertir en deuda pública y otros títulos de deuda, así como en instrumento del mercado monetario, con carácter auxiliar.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir menos del 30% de sus activos en bonos híbridos y bonos convertibles contingentes (CoCos), destinando menos del 20% a CoCos. El fondo también puede invertir en títulos de deuda financiera subordinada y acciones preferentes.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones.
El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Bloomberg Global Aggregate Corporate Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Operaciones de cobertura
 | - Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Posiciones cortas
- Soberano
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,75% | —- |
| E | 2.500 | 1.000 | —- | 0,75% | xx |
| I | 10 millones | 100.000 | —- | 0,40% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,40% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Hybrids Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer un elevado nivel de rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte el 70% de sus activos en bonos híbridos y convertibles contingentes (CoCos), deuda financiera subordinada y acciones preferentes de todo el mundo, incluidos los mercados emergentes. Algunas de estas inversiones pueden ser con grado especulativo.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo también puede invertir en otros valores mobiliarios, OICVM/OIC, instrumentos del mercado monetario, efectivo y depósitos a plazo.
La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 40%; máximo 200%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Compuesto en un 50% por CE BofA Contingent Capital Index y un 50% por ICE BofA Global Hybrid Corporate Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos y experiencia razonables en la inversión en este tipo de fondos;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 10.000 | 1.000 | 3,50% | 0,90% | —- |
| E | 10.000 | 1.000 | — | 0,90% | [*] |
| I | 10 millones | 100.000 | —- | 0,55% | —- |
| W, Y | 10.000 | 1.000 | —- | 0,55% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global High Yield Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer un elevado nivel de rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta fija de alto rendimiento con grado especulativo de emisores de todo el mundo, incluidos los mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija cotizada de China continental (directa o indirectamente): menos del 30% (en conjunto)
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCosEl fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

El fondo invertirá en un número limitado de valores lo que provocará la concentración de la cartera.
La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta factores ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué factores ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
ICE BofA Q788 Custom Index (una mezcla personalizada de índices de alto rendimiento). El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Materias primas
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
 | - Mercados emergentes
- Renta variable
- Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Global High Yield Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,00% | —- |
| E | 2.500 | 1.000 | —- | 1,00% | 0,40% |
| I | 10 millones | 100.000 | —- | 0,65% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,65% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Income Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer un elevado nivel de rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en títulos de deuda de todo el mundo incluidos los mercados emergentes. Las inversiones pueden incluir títulos de deuda con grado de inversión y especulativo con diferentes tenores de vencimiento, así como bonos de alto rendimiento y deuda de mercados emergentes denominada en varias divisas. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- títulos de deuda con grado de inversión: hasta el 50%
- bonos con grado especulativo: hasta el 50%
- renta fija cotizada de China continental (directa o indirectamente): menos del 30% (en conjunto)
- bonos híbridos y convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCosEl fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. También tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,90% | —- |
| E | 2.500 | 1.000 | —- | 0,90% | 0,60% |
| I | 10 millones | 100.000 | —- | 0,55% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,55% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Inflation-linked Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo generar un nivel atractivo de rentas reales y crecimiento del capital a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en bonos ligados a la inflación y nominales con grado de inversión y especulativo emitidos por Gobiernos, agencias, entidades supranacionales, empresas y bancos de todo el mundo, incluidos los mercados emergentes. Las inversiones incluyen títulos con grado especulativo y de inversión. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- instrumentos del mercado monetario y depósitos a plazo: menos del 30%
- bonos convertibles: hasta el 25%
- renta variable y otros derechos de participación: hasta el 10%.

PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones hará uso de diversas estrategias, como las estrategias activas en la curva de rendimiento, la rotación sectorial, la selección de valores, la gestión del valor relativo y la gestión de la duración desde dentro de los mercados de crédito, bonos ligados a la inflación y tipos de interés. El Gestor de Inversiones también tiene en cuenta factores ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores y países en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión. El fondo puede hacer uso de posiciones largas o cortas.
El fondo utiliza derivados, incluidos estrategias o derivados complejos, para cumplir el objetivo de inversión con un nivel de riesgo coherente con su perfil de riesgo. Pueden utilizarse derivados para crear una exposición económica a un activo semejante a la posesión física de dicho activo. El fondo utilizará (i) permutas y futuros sobre tipos de interés para gestionar activamente el nivel de riesgo de tipos de interés,
(ii) permutas de inflación para eliminar los riesgos de inflación indeseados o perseguir los deseados y (iii) derivados de divisas para lograr cobertura sobre divisas o exposición a las mismas o replicar la exposición a divisas de los valores subyacentes de un índice de renta fija. Puede que las posiciones activas en divisas aplicadas por el fondo, tanto si
son largas como cortas, no estén correlacionadas con sus posiciones en valores subyacentes.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Bloomberg World Government Inflation-Linked 1 to 10 Year Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Global Inflation-Linked Bond Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,50% | —- |
| E | 2.500 | 1.000 | —- | 0,50% | 0,15% |
| I | 10 millones | 100.000 | —- | 0,30% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,30% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Short Duration Income Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo proporcionar rentas, al tiempo que mantiene una duración media de las inversiones que no superior a tres años.
POLÍTICA DE INVERSIÓN 
El fondo invierte al menos el 70% de sus activos en títulos de deuda, que incluyen bonos corporativos y gubernamentales con grado de inversión con diversos tenores de vencimiento, así como bonos con grado especulativo y de mercados emergentes de todo el mundo denominados en varias divisas. El fondo también puede invertir en instrumentos del mercado monetario o en otros instrumentos de deuda a corto plazo, incluidos los certificados de depósito, pagarés de empresa y pagarés a tipo variable, efectivo y productos asimilados a efectivo. El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- títulos de deuda con grado especulativo: hasta el 50%
- títulos de deuda con grado de inversión: hasta el 50%
- títulos de deuda cotizados de China continental (directa o indirectamente): menos del 30% (en conjunto).

La cartera trata de mantener una calificación crediticia global media de grado de inversión.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones.
El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,75% | —- |
| E | 2.500 | 1.000 | —- | 0,75% | 0,30% |
| I | 10 millones | 100.000 | —- | 0,40% |  |
| W, Y | 2.500 | 1.000 | —- | 0,40% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |

 Familia de Fondos Sostenibles 

## Sustainable Climate Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en títulos de deuda corporativa con grado de inversión de todo el mundo, incluidos los mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo se centra en la gestión de los riesgos relacionados con el clima y favorece a aquellos emisores con los perfiles de emisiones de carbono más bajos de su sector, promoviendo la transición ecológica a través de la selección de aquellos inmersos en una transición hacia la neutralidad de carbono que vaya mejorando, e invirtiendo en emisores de bonos verdes cuidadosamente seleccionados. La estrategia tiene como objetivo ser proactiva en la lucha contra el cambio climático a través del compromiso continuo con los emisores de bonos corporativos de todo el mundo.
El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija cotizada de China continental (directa o indirectamente): hasta el 30% (en conjunto), con exposición directa de hasta el 10%
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCosEl fondo también puede invertir en títulos de deuda subordinada y acciones preferentes.

El fondo tiene como objetivo contar con una huella de carbono inferior a la del resto del mercado.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta factores ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG del universo de inversión del fondo, tal y como lo represente el índice de referencia, tras la exclusión del 20% de los activos con calificaciones ESG más bajas.
Al invertir en bonos verdes, sociales y de sostenibilidad, (en adelante, los “bonos etiquetados”), el Gestor de Inversiones recurre a un proceso de selección basado principalmente en las directrices de los Principios de los Bonos Verdes y Sociales (GSBP) de la International Capital Market Association (ICMA). Tendrán prioridad los bonos certificados como cumplidores de la Climate Bonds Initiative (CBI) o los European Green Bond
Standards (EUGBS), pero el Gestor de Inversiones podrá utilizar otros criterios cuando lo considere oportuno.
Los GSBP son directrices de procesos voluntarias para la emisión de bonos verdes y sociales. Tratan de respaldar a los emisores a la hora de financiar proyectos sólidos y sostenibles desde el punto de vista medioambiental y social. La CBI pretende movilizar el mercado de renta fija para buscar soluciones climáticas mediante el desarrollo del Climate Bonds Standard and Certification Scheme, una clasificación de bonos y préstamos. Las EUGBS son normas a las que es voluntario adherirse diseñadas para dotar de escala e incrementar la ambición medioambiental del mercado de bonos verdes.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Bloomberg Global Aggregate Corporate Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Rusia
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.
Sigue en la siguiente página 
Sustainable Reduced Carbon Bond Fund (Sustainable Climate Bond Fund) continuación

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,75% | —- |
| E | 2.500 | 1.000 | —- | 0,75% | 0,40% |
| I | 10 millones | 100.000 | —- | 0,40% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,40% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |

 Familia de Fondos Sostenibles 

## Sustainable Strategic Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en títulos de deuda, que pueden incluir títulos de deuda gubernamentales, ligados a la inflación y corporativos con grado de inversión y especulativo, así como instrumentos del mercado monetario. Estas inversiones podrán realizarse en todo el mundo, también en mercados emergentes.
El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de empresas con características ESG que mejoran.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija cotizada de China continental (directa o indirectamente): menos del 30% (en conjunto)
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCosLa exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.

PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión. El fondo puede hacer uso de posiciones largas o cortas.
El fondo utiliza derivados, que incluyen estrategias o derivados complejos, para cumplir el objetivo de inversión con un nivel de riesgo coherente con su perfil de riesgo. Los derivados pueden utilizarse para crear exposición económica al activo subyacente, y pueden incluir futuros, contratos a plazo, opciones y permutas. El fondo utilizará (i) permutas de incumplimiento crediticio y de rendimiento total sobre índices, cestas o valores concretos para lograr exposición a los emisores o reducir su riesgo crediticio, (ii) futuros, permutas u opciones sobre tipos de interés para gestionar activamente el nivel de riesgo de tipos de interés y (iii) derivados de divisas para lograr cobertura sobre divisas o exposición a las mismas. Puede que las posiciones activas en divisas aplicadas por el fondo, tanto si son largas como cortas, no
estén correlacionadas con sus posiciones en valores subyacentes.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 40%; máximo 200%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 15%; máximo 30%.
ÍNDICE DE REFERENCIA 
ICE BofA Q944 Custom Index (una mezcla personalizada de índices de bonos gubernamentales y corporativos con grado de inversión y de alto rendimiento). El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
- Operaciones de cobertura
- Alto rendimiento
 | - Tipo de interés
- Fondos de inversión
- Apalancamiento
- Liquidez
- Mercado
- Operativo
- Posiciones cortas
- Deuda soberana
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
VeR absoluto, limitado al 10%. Apalancamiento bruto previsto: 500% (puede ser superior o inferior, pero no se prevé que supere el 1000%).

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página
Sustainable Strategic Bond Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,00% | —- |
| E | 2.500 | 1.000 | —- | 1,00% | 0,60% |
| I | 10 millones | 100.000 | —- | 0,50% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,50% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |

 Familia de Fondos Sostenibles 

## Sustainable US High Yield Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer un elevado nivel de rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte al menos el 70% de sus activos en valores de alto rendimiento con grado especulativo de emisores con sede o que realicen la mayor parte de su actividad en EE. UU. Estos valores tendrán un riesgo elevado y no deberán cumplir ningún criterio mínimo de calificación, si bien la mayoría, aunque no todos, contarán con una calificación de solvencia otorgada por una agencia de calificación reconocida internacionalmente. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de empresas con características ESG que mejoran.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos híbridos y convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCosEl fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo evalúa las características ESG de al menos el 90% de sus activos. La calificación media de ESG del fondo será superior a la calificación media de ESG del universo de inversión del fondo una vez excluido el 20% de los activos con calificaciones ESG más bajas.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
ICE BofA US High Yield Constrained Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - CoCos
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| I | 10 millones | 100.000 | —- | 0,65% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,65% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## US Dollar Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% (y, normalmente, el 75%) de sus activos en títulos de deuda denominados en USD.
Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
ICE BofA Q4AR Custom Index (un índice personalizado agregado de renta fija en USD que no tiene en cuenta las posiciones de la SOMA de la Reserva Federal). El
índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - CoCos
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas;
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,75% | —- |
| E | 2.500 | 1.000 | - | 0,75% | 0,40% |
| I | 10 millones | 100.000 | —- | 0,40% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,40% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## US High Yield Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer un elevado nivel de rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte al menos el 70% de sus activos en títulos de deuda de alto rendimiento con grado especulativo de emisores que realizan la mayor parte de su actividad en EE. UU. Estos valores tendrán un riesgo elevado y no deberán cumplir ningún criterio mínimo de clasificación y podrán no estar calificados en cuanto a su solvencia por una agencia de calificación reconocida internacionalmente. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones.
El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Uso de TRS (incluidos CFD) No.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
ICE BofA US High Yield Constrained Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,00% | —- |
| E | 2.500 | 1.000 | —- | 1,00% | 0,50% |
| I | 10 millones | 100.000 | —- | 0,65% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,65% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Euro Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en títulos de deuda denominados en euros. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos híbridos y convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCosEl fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, , consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
ICE BofA Euro Large Cap Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - CoCos
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
 | - Operaciones de cobertura
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,75% | —- |
| E | 2.500 | 1.000 | —- | 0,75% | 0,40% |
| I | 10 millones | 100.000 | —- | 0,40% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,40% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Euro Corporate Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en títulos de deuda corporativa denominados en euros. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos híbridos y convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCos
- títulos de deuda denominados en divisas distintas al euro y/o títulos de deuda no corporativa: menos del 30%.

La exposición a valores de deuda que no estén denominados en euros podrá cubrirse en euros.
El fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
ICE BofA Euro Corporate Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Operaciones de cobertura
 | - Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,75% | —- |
| E | 2.500 | 1.000 | —- | 0,75% | 0,40% |
| I | 10 millones | 100.000 | —- | 0,40% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,40% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## European High Yield Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer un elevado nivel de rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte al menos el 70% de sus activos en títulos de deuda de alto rendimiento con grado especulativo de emisores con sede o que realicen la mayor parte de su actividad en Europa Occidental, Central y del Este (incluida Rusia), lo que incluye mercados emergentes. Estos valores tendrán un riesgo elevado y no deberán cumplir ningún criterio mínimo de calificación, si bien la mayoría, aunque no todos, contarán con una calificación de solvencia otorgada por una agencia de calificación reconocida internacionalmente. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos híbridos y convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCosEl fondo puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 40%; máximo 200%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
ICE BofA Global High Yield European Issuers Constrained (Level 4 20% Cap) Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Rusia
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
European High Yield Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,00% | —- |
| E | 2.500 | 1.000 | —- | 1,00% | 0,25% |
| I | 10 millones | 100.000 | —- | 0,65% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,65% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Euro Short Term Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte al menos el 70% de sus activos en títulos de deuda denominados en euros, y centra sus inversiones en títulos de deuda europeos con grado de inversión a tipo fijo y con un vencimiento efectivo inferior a cinco años. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- valores denominados en divisas distintas al euro: menos del 30%
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCosLa duración media de las inversiones del fondo no superará los tres años.

La exposición a inversiones no denominadas en euros podrá cubrirse en euros.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
ICE BofA 1-3 Year Euro Broad Market Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - CoCos
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
 | - Operaciones de cobertura
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Euro Short Term Bond Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,50% | —- |
| E | 2.500 | 1.000 | —- | 0,50% | 0,15% |
| I | 10 millones | 100.000 | —- | 0,30% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,30% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Structured Credit Income Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a medio y largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte el 70% de sus activos en inversiones titulizadas a tipo fijo y variable emitidas por instituciones soberanas y cuasisoberanas y empresas de todo el mundo, incluidos los mercados emergentes. Las inversiones en valores titulizados a tipo fijo y variable pueden incluir, entre otras, los activos titulizados (ABS), obligaciones de titulización de préstamos (CLO), titulizaciones hipotecarias sobre inmuebles comerciales (CMBS), titulizaciones hipotecarias sobre inmuebles residenciales (RMBS), así como titulizaciones de otras cuentas a cobrar y títulos de deuda con grado de inversión y de grado especulativo. Los activos subyacentes a los activos titulizados pueden incluir cuentas a cobrar de tarjetas de crédito, créditos al consumo, préstamos a pymes y préstamos hipotecarios sobre inmuebles de uso comercial y residencial. El fondo podrá asimismo invertir en instrumentos del mercado monetario y depósitos a plazo para lograr sus objetivos de inversión, con fines de tesorería o si se dan condiciones adversas en el mercado.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- títulos con grado especulativo: menos del 30% títulos de deuda garantizados o titulizados: activos titulizados: 0%-30%, obligaciones de titulización de préstamos: 40%-80%, titulizaciones hipotecarias sobre inmuebles comerciales: hasta el 30%. titulizaciones hipotecarias sobre inmuebles comerciales: hasta el 30%.
- REIT autorizados y valores de infraestructuras: hasta el 5%.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
Las inversiones del fondo no tienen restricciones en cuanto a divisas.
El Gestor de Inversiones tiene como objetivo superar al índice de referencia.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones aplica un enfoque ascendente en el que la selección de valores estará basada en el análisis fundamental tanto de cada una de las inversiones titulizadas y garantías subyacentes como de las características estructurales de las mismas. Este análisis implica una revisión exhaustiva de cada una de las inversiones titulizadas concretas, su retención de riesgo, la estructura de la operación y la garantía subyacente. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Índice de efectivo European Short-term rate (€STR). El índice no tiene en cuenta características ESG. Utilizado para: generación de rentabilidad superior.
El fondo no está restringido al índice de referencia y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - CoCos
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Operaciones de cobertura
- Alto rendimiento
 | - Tipo de interés
- Fondos de inversión
- Apalancamiento
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Posiciones cortas
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
VeR absoluto limitado al 20% Apalancamiento previsto: 250% (puede ser superior o inferior, pero no se prevé que supere el 350%).

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de venta de acciones del fondo deben recibirse antes de las 16.00 horas CET (15.00 horas en el Reino Unido) de cualquier miércoles que sea una fecha de valoración (o, si ese miércoles no es una fecha de valoración, el siguiente día que sí lo sea). Las solicitudes de venta de acciones deben cursarse con una antelación mínima de 5 días hábiles. La liquidación se suele producir en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en cualquier caso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Structured Credit Income Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 0,75% | —- |
| E | 2.500 | 1.000 | —- | 0,75% | 0,30% |
| I | 10 millones | 100.000 | —- | 0,40% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,40% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Asian Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte al menos el 70% de sus activos en títulos de deuda con grado de inversión de emisores que realicen la mayor parte de su actividad en la región de Asia, que incluye mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCosEl fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
ICE BofA Asia Dollar Investment Grade Index. Utilizado para: selección de inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
 | - Mercados emergentes
- Operaciones de cobertura
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,75% | —- |
| E | 2.500 | 1.000 | — | 0,75% | 0,40% |
| I | 10 millones | 100.000 | —- | 0,40% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,40% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Asian High Yield Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer un elevado nivel de rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte al menos el 70% de sus activos en títulos de deuda con grado especulativo de alto rendimiento de emisores que realizan la mayor parte de su actividad en la región de Asia, que incluye mercados emergentes, o títulos de deuda de emisores con grado especulativo que realizan la mayor parte de su actividad en ella. Estos valores tendrán un riesgo elevado y no deberán cumplir ningún criterio mínimo de calificación y podrán no estar calificados en cuanto a su solvencia por una agencia de calificación reconocida internacionalmente. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija cotizada de China continental (directa o indirectamente): menos del 30% (en conjunto).
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCosEl fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
J.P. Morgan Asia Credit Non- Investment Grade Index. Utilizado para: selección de
inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
 | - Mercados emergentes
- Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia deinversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendadode al menos 4 años;
- que traten de obtener crecimiento del capital y generar rentas a lo largo delperiodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, dentro de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,00% | —- |
| E | 2.500 | 1.000 | —- | 1,00% | 0,50% |
| I | 10 millones | 100.000 | —- | 0,65% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,65% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Asia Pacific Strategic Income Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte al menos el 70% de sus activos en una amplia gama de títulos de deuda de emisores con sede o que realicen la mayor parte de su actividad en la región de Asia-Pacífico que incluye mercados emergentes. Algunas de estas inversiones pueden ser con grado especulativo o sin calificación. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija en divisa local de Asia-Pacífico: hasta el 80%
- bonos con grado especulativo: hasta el 90%
- bonos híbridos y convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCos
- renta fija cotizada de China continental, incluidos bonos municipales, activos titulizados y bonos con grado especulativo o sin calificación (directa o indirectamente): hasta el 50% (en conjunto)
- renta fija de China extraterritorial (incluidos los bonos dim sum): hasta el 50%
- renta fija de mercados emergentes: hasta el 100%El fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El fondo asignará sus inversiones de manera activa entre renta fija con grado especulativo y de mercados emergentes. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
 | - Mercados emergentes
- Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,00% | —- |
| E | 2.500 | 1.000 | — | 1,00% | 0,50% |
| I | 10 millones | 100.000 |  | 0,65% |  |
| W/Y | 2.500 | 1.000 | —- | 0,65% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable Asian Bond Fund
 Familia de Fondos Sostenibles 

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte al menos el 70% de sus activos en títulos de deuda emitidos por Gobiernos, entidades cuasigubernamentales y entidades corporativas que realizan la mayor parte de su actividad en la región de Asia, que incluye mercados emergentes. Algunas de estas inversiones pueden ser con grado especulativo. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 70% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG de baja calidad pero que mejoran.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos con grado especulativo: hasta el 30%
- bonos corporativos y gubernamentales cotizados de China continental, incluidos bonos municipales, activos titulizados (menos del 20%) y bonos con grado especulativo o sin calificación (directa o indirectamente): menos del 30% (en conjunto).
- renta fija de China extraterritorial (incluidos los bonos dim sum): menos del 70%
- bonos híbridos y convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCos
- pagarés vinculados a crédito: hasta el 10%
- mercados emergentes: hasta el 100%El fondo también puede invertir en títulos de deuda financiera subordinada y acciones preferentes.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
El fondo tiene como objetivo contar con una huella de carbono inferior a la del índice de referencia
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de
inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
ÍNDICE DE REFERENCIA 
J.P. Morgan Asia Credit Index. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad y la huella de carbono.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Sustainable Asian Bond Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,00% | —- |
| E | 2.500 | 1.000 | —- | 1,00% | 0,50% |
| I | 10 millones | 100.000 | —- | 0,55% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,55% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## China Government Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte al menos el 70% de sus activos en títulos de deuda emitidos por el Gobierno de la República Popular China (RPC) o sus bancos institucionales, algunos de los cuales pueden no tener calificación. Como mínimo, un 70% de las inversiones del fondo estarán denominadas en RMB. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija cotizada de China continental (directa o indirectamente): hasta el 100%, porcentaje del que menos del 70% se invertirá a través del estatus de QFI
- bonos de bancos institucionales: hasta el 30%.

El fondo podrá además invertir en instrumentos extraterritoriales de renta fija de China (entre ellos, bonos dim sum).
Los bonos de bancos institucionales son valores emitidos por tres instituciones públicas de China: el Banco de Desarrollo de China (CDB), el Banco de Desarrollo Agrícola de China (ADBC) y el Banco de Exportaciones e Importaciones de China (CEIB).
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Bloomberg China Treasury + Policy Banks  Capped  9%  Index.  Utilizado  para:  selección  de
inversiones, supervisión del riesgo y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,50% | —- |
| E | 2.500 | 1.000 | —- | 0,50% | 0,30% |
| I | 10 millones | 100.000 | —- | 0,30% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,30% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## China High Yield Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo proporcionar un elevado nivel de rentas a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en títulos de deuda con grado especulativo o sin calificación de emisores con sede o que realicen la mayor parte de su actividad en la región de la Gran China, que incluye China, Hong Kong, Macao y Taiwán. Estos valores tendrán un riesgo elevado y no deberán cumplir ningún criterio mínimo de calificación y podrán no estar calificados en cuanto a su solvencia por una agencia de calificación reconocida internacionalmente. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija de China extraterritorial (incluidos los bonos dim sum): hasta el 100%
- bonos corporativos y gubernamentales cotizados de China continental, incluidos bonos municipales, activos titulizados y bonos con grado especulativo o sin calificación (directa o indirectamente): hasta el 60% (en conjunto)
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCosEl fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
Las inversiones del fondo no tienen restricciones actualmente.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
 | - Mercados emergentes
- Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,20% | —- |
| E | 2.500 | 1.000 | —- | 1,20% | 0,50% |
| I | 10 millones | 100.000 | —- | 0,70% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,70% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## China RMB Bond Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo maximizar el rendimiento total a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo tiene como objetivo lograr su objetivo de inversión a través de la exposición a deuda, instrumentos del mercado monetario y efectivo o equivalentes a efectivo (incluidos, entre otros, los depósitos a plazo) denominados en RMB. El fondo invierte como mínimo el 70% de sus activos en títulos de deuda con grado de inversión de emisores que realizan la mayor parte de su actividad en la región de Asia-Pacífico, valores denominados en RMB de emisores con grado de inversión, o valores de emisores con grado de inversión que realizan la mayor parte de su actividad en la región de Asia- Pacífico, que incluye mercados emergentes.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir, directa o indirectamente, en los siguientes activos, respetando los porcentajes que se indican:
- renta fija cotizada de China continental (directa o indirectamente): hasta el 100%
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCosEl fondo puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
Puede que se cubra la exposición a las inversiones no denominadas en RMB para mantener la exposición a divisas en RMB.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los datos financieros de los emisores, como los ingresos y el crecimiento de los beneficios, así como su análisis de crédito, así como factores de mercado y macroeconómicos. También tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
CNH.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
 | - Mercados emergentes
- Operaciones de cobertura
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 0,75% | —- |
| E | 2.500 | 1.000 | —- | 0,75% | 0,50% |
| I | 10 millones | 100.000 | —- | 0,40% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,40% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Emerging Market Corporate Debt Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en títulos de deuda corporativa con grado de inversión y especulativo de mercados emergentes denominados en las principales divisas negociadas en todo el mundo (“divisas fuertes”). El fondo también podrá invertir en títulos de deuda de mercados emergentes denominados en divisa local, así como en instrumento del mercado monetario, con carácter auxiliar.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos corporativos y gubernamentales cotizados de China continental, incluidos bonos municipales, activos titulizados y bonos con grado especulativo o sin calificación (directa o indirectamente): menos del 30% (en conjunto).
- bonos híbridos y convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCos
- bonos soberanos de emisores de mercados emergentes: hasta el 25%.

El fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.
La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta factores ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué factores ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
J.P. Morgan Corporate Emerging Market Bond Index - Broad Diversified. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Deuda soberana
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Emerging Market Corporate Debt Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,20% | —- |
| E | 2.500 | 1.000 | — | 1,20% | 0,40% |
| I | 10 millones | 100.000 | — | 0,65% | —- |
| A | 2.500 | 1.000 | —- | 0,65% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Emerging Market Debt Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en títulos de deuda de mercados emergentes emitidos por Gobiernos, instituciones cuasisoberanas, bancos, instituciones financieras y entidades corporativas, incluidos los mercados emergentes. El fondo también podrá invertir en otras clases de títulos de deuda, valores de renta variable o títulos de deuda de calidad inferior, así como en instrumento del mercado monetario, con carácter auxiliar.
El fondo invierte como mínimo el 50% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija cotizada de China continental (directa o indirectamente): menos del 30% (en conjunto)
- bonos híbridos y convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCosEl fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

El fondo no tiene restricciones en cuanto a la cantidad que puede invertir en valores o emisores con grado especulativo.
La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta factores ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué factores ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores y países en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
J.P. Morgan Emerging Markets Bond Index - Global Diversified. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Rusia
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,20% | —- |
| E | 2.500 | 1.000 | —- | 1,20% | 0,40% |
| I | 10 millones | 100.000 | —- | 0,65% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,65% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Emerging Market Local Currency Debt Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en títulos de deuda de mercados emergentes con grado de inversión y especulativo denominados en divisa local. El fondo también podrá invertir en títulos de deuda de mercados emergentes denominados en divisas extranjeras, así como en instrumentos del mercado monetario, con carácter auxiliar.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- títulos de deuda emitidos o garantizados por un solo país (incluido su Gobierno, una entidad pública o local o una empresa nacionalizada del mismo): más del 10%
- 	renta fija cotizada de China continental (directa o indirectamente): menos del 30% (en conjunto)
- bonos corporativos de emisores de mercados emergentes: hasta el 25%.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 10%; máximo 50%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
J.P. Morgan Government Bond Index - Emerging Markets Global Diversified. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo, selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página
Emerging Market Local Currency Debt Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,20% | —- |
| E | 2.500 | 1.000 | —- | 1,20% | 0,40% |
| I | 10 millones | 100.000 | —- | 0,65% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,65% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Emerging Market Total Return Debt Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en títulos de deuda gubernamentales y corporativos de mercados emergentes, incluidos los denominados en divisa local o en las principales divisas negociadas en todo el mundo (“divisas fuertes”) y títulos de deuda nominales y ligados a la inflación. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario. El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija cotizada de China continental (directa o indirectamente): menos del 30% (en conjunto)
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCosEl fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
El fondo no tiene restricciones en cuanto a la cantidad que puede invertir en valores o emisores con grado especulativo.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones recurre a las capacidades internas de análisis y gestión de inversiones para identificar oportunidades adecuadas de entre los distintos emisores de bonos, sectores, zonas geográficas y clases de valores. Este proceso puede incluir una evaluación de la solvencia de los emisores de renta fija, los factores macroeconómicos y las valoraciones. El Gestor de Inversiones también tiene en cuenta factores ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores y países en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión (incluidos derivados centrados en divisas, tipos de interés, renta variable y volatilidad). El fondo puede hacer uso de posiciones largas o cortas.
El fondo utiliza derivados para cumplir su objetivo de inversión y con el fin de reducir riesgos o costes, o para generar más capital o ingresos, lo cual podría resultar en apalancamiento y en un aumento de la volatilidad. Dichos instrumentos incluyen, entre otros, futuros, opciones, contratos a plazo, permutas, instrumentos vinculados al crédito, así como otros derivados de renta fija, divisas y crédito (por ejemplo, permutas de rendimiento total, contratos de divisas a plazo, contratos a plazo sin entrega de subyacente,
permutas de incumplimiento crediticio de referencia única e índices de permutas de incumplimiento crediticio. Los índices de permutas de incumplimiento crediticio incluyen, entre otros, iTraxx y CDX).
Las exposiciones subyacentes de los derivados comprenden instrumentos como, por ejemplo, los bonos estatales, bonos de organismos, Instrumentos del Mercado Monetario, tipos de interés, inflación, divisas, bonos de empresas y bonos estructurados. El fondo poseerá suficientes activos líquidos (incluidas, en caso necesario, posiciones largas suficientemente líquidas) para cubrir en todo momento las obligaciones surgidas de sus posiciones en derivados de crédito (incluidas las posiciones cortas). En dichas situaciones, la rentabilidad podrá incrementarse o disminuir más de lo normal, reflejando así estas exposiciones adicionales. En determinadas condiciones de mercado, puede resultar más complicado vender activos.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 40%; máximo 200%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Compuesto en un 50% por JPMorgan Government Bond Index- Emerging Markets Global Diversified, un 25% de JPMorgan Corporate Emerging Markets Bond Index-Broad Diversified y un 25% de JPMorgan Emerging Markets Bond Index-Global Diversified. El índice no tiene en cuenta características ESG. Utilizado para: supervisión del riesgo exclusivamente.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Apalancamiento
- Liquidez
- Mercado
- Operativo
- Posiciones cortas
- Deuda soberana
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
VeR relativo (limitado al 150% del VeR del índice de referencia). Apalancamiento previsto: 550% (puede ser superior o inferior, pero no se prevé que supere el 1000%).
Sigue en la siguiente página 
Emerging Market Total Return Debt Fund continuación

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,50% | 1,20% | —- |
| E | 2.500 | 1.000 | —- | 1,20% | 0,40% |
| I | 10 millones | 100.000 | —- | 0,65% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,65% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |

 Familia de Fondos Sostenibles 

## Sustainable Emerging Market Debt Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a lo largo del tiempo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo un 70% de sus activos en títulos de deuda de mercados emergentes emitidos por Gobiernos, instituciones cuasisoberanas, bancos, instituciones financieras y entidades corporativas de todo el mundo, incluidos los mercados emergentes. Asimismo, el fondo podrá invertir, con carácter auxiliar, en instrumentos del mercado monetario.
El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de empresas con características ESG que mejoran.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos con grado especulativo: hasta el 100%
- renta fija cotizada de China continental, incluidos bonos municipales (directa o indirectamente): menos del 30% (en conjunto)
- bonos híbridos y convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a CoCos
- activos garantizados y titulizados (que incluyen activos titulizados y titulizaciones hipotecarias): hasta el 20%.

El fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.
Las inversiones del fondo no tienen restricciones en cuanto a divisas.
El fondo no tiene restricciones en cuanto a la cantidad que puede invertir en valores o emisores con grado especulativo.
La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los datos financieros de los emisores, como los ingresos y el crecimiento de los beneficios, así como sus flujos de efectivo y análisis de crédito, así como factores de mercado y macroeconómicos. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que los emisores en los que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 5%; máximo 50%.
Préstamo de valores Previsto 5%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Compuesto en un 50% por JPM ESG EMBI Global Diversified Index y un 50% por JPM ESG CEMBI Broad Diversified Index. El índice no tiene en cuenta características ESG. Utilizado para: selección de inversiones y comparación de la rentabilidad.
El fondo invierte en valores incluidos en el índice de referencia. No obstante, el fondo se gestiona de forma discrecional, por lo que puede invertir en valores que no formen parte de él, y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Operaciones de cobertura
 | - Alto rendimiento
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Rusia
- Titulización
- Deuda soberana
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Sustainable Emerging Market Debt Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.500 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,60% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| A | 2.500 | 1.000 | —- | 1,00% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Asia Pacific Multi Asset Growth & Income  Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a medio y largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable y títulos de deuda emitidos por Gobiernos, instituciones cuasisoberanas o empresas cotizadas, con sede o que realicen la mayor parte de su actividad en la región de Asia-Pacífico, que incluye Australia y Nueva Zelanda, pero excluye Japón. Estas inversiones pueden realizarse en mercados emergentes y algunas inversiones en renta fija podrán ser de grado especulativo.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta variable: hasta el 80%
- bonos con grado especulativo: hasta el 50%
- exposición a materias primas autorizadas: hasta el 10%
- REIT autorizados: hasta el 30%
- bonos con grado de inversión: hasta el 75%
- acciones China A y B y renta fija cotizada de China continental (directa o indirectamente): menos del 50% (en conjunto)
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCos
- instrumentos del mercado monetario: hasta el 30%.

El fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.
La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones combina los análisis macroeconómico, de mercado y de los fundamentales de las empresas con el fin de asignar las inversiones de forma flexible entre clases de activos y áreas geográficas en función de su potencial para generar crecimiento del capital y rentas en la cartera. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- China
- CoCos
- Materias primas
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
 | - Mercados emergentes
- Renta variable
- Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,25% | —- |
| E | 2.500 | 1.000 | —- | 1,25% | 0,60% |
| I | 10 millones | 100.000 | —- | 0,70% |  |
| W/Y | 2.500 | 1.000 | —- | 0,70% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Absolute Return Multi Strategy Fund

#### Objetivo y política de inversión
OBJETIVO 
Este fondo tiene como objetivo ofrecer una rentabilidad absoluta positiva a largo plazo con una baja correlación con las clases de activos tradicionales.
POLÍTICA DE INVERSIÓN 
El fondo utiliza una combinación de diversas estrategias de inversión para lograr su objetivo, que incluyen el arbitraje, la cobertura de renta variable y las impulsadas por renta fija y datos macroeconómicos. Estas estrategias se aplicarán principalmente a través de la exposición larga y corta a diversas clases de activos, que incluyen renta variable, bonos corporativos y gubernamentales con grado de inversión y especulativo, infraestructuras, inmuebles, materias primas, instrumentos del mercado monetario y divisas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden estar denominadas en cualquier divisa.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- acciones China A y B y renta fija cotizada de China continental (incluidos bonos municipales): menos del 30%
- instrumentos de deuda garantizados o titulizados: menos del 20%
- exposición a materias primas autorizadas: hasta el 10%
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCosEl fondo podrá además invertir en instrumentos extraterritoriales de renta fija de China (entre ellos, bonos dim sum).

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
El Gestor de Inversiones tiene como objetivo superar al índice de referencia.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones combina el análisis de mercado cualitativo y cuantitativo en un proceso de construcción de la cartera disciplinado para asignar inversiones a varias estrategias, como las estrategias 
long/short 
en renta variable, el arbitraje y las impulsadas por la renta fija y los datos macroeconómicos.
Las estrategias de arbitraje tienen el objetivo de beneficiarse de la diferencia de precios entre instrumentos relacionados entre sí y que se cree que cotizan a un precio inferior a su valor. Pueden implicar la compra y venta simultánea de instrumentos financieros relacionados entre sí.
El objetivo de las estrategias de cobertura de renta variable es obtener beneficios a partir de la identificación de títulos que cotizan por debajo de su valor y su venta o la cobertura de los riesgos vinculados a ellos.
Las estrategias de renta fija y macroeconómicas se agrupan conjuntamente, ya que cuentan con rasgos comunes de ambas disciplinas. Las de renta fija tienen como objetivo generar rentabilidades consistentes ya sea dentro de los propios mercados de renta fija o a través de las estrategias de valor relativo en mercados de bonos corporativos o de mercados emergentes. Las macroeconómicas suelen utilizar un enfoque descendente que analiza los factores macroeconómicos y políticos a la hora de invertir en distintas clases de activo en mercados de todo el mundo.
El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión. El fondo puede hacer uso de posiciones largas o cortas. El fondo mantendrá posiciones largas en valores que considere infravalorados y cortas en aquellos que estime sobrevalorados. La exposición corta solo se conseguirá mediante el uso de derivados.
Los tipos de derivados que se utilizarán incluyen, entre otros, futuros (sobre índices, cestas o valores concretos), contratos a plazo, permutas (de tipos de interés, incumplimiento crediticio, índices de inflación y rendimiento total), opciones, 
swaptions 
y contratos por diferencias. Se utilizan derivados para lograr exposición indirecta a los principales activos enumerados anteriormente, generar capital o ingresos adicionales en línea con el perfil de riesgo del fondo o con fines de reducción de riesgos o costes.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 200%; máximo 400%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Secured Overnight Financing Rate (SOFR). Utilizado para: comparación de la rentabilidad, superación del mismo y cálculo de la comisión de rentabilidad.
El fondo no está restringido al índice de referencia y su rentabilidad en cualquier periodo podrá diferir sensiblemente de la del índice de referencia o no.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - China
- CoCos
- Materias primas
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Apalancamiento
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Posiciones cortas
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
VeR absoluto limitado al 20%. Apalancamiento previsto: 600% (puede ser superior o inferior, pero no se prevé que supere el 750%).
Sigue en la siguiente página 
Absolute Return Multi Strategy Fund continuación

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución | Rentabilidad |
| A | 2.500 | 1.000 | 5,25% | 1,05% | —- | 10% |
| A | 2.500 | 1.000 | 5,25% | 1,40% | —- | —- |
| I | 10 millones | 100.000 | —- | 0,55% | —- | 10% |
| I | 10 millones | 100.000 | —- | 0,75% |  | —- |
| W, Y | 2.500 | 1.000 | —- | 0,55% | —- | 10% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. La comisión de rentabilidad se paga si la clase de acciones pertinente supera su cota máxima, que se ajusta a la rentabilidad del pertinente índice de efectivo. La comisión se devenga a diario y se da de baja en caso de que la rentabilidad sea inferior a la del índice de referencia y se abona al Gestor de Inversiones anualmente. |


## European Multi Asset Income Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo ofrecer rentas a lo largo del tiempo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable y títulos de deuda de emisores cotizados, con sede o que realicen la mayor parte de su actividad en Europa, así como de Estados europeos. El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija europea con grado de inversión: hasta el 70%
- renta fija europea con grado especulativo: hasta el 50%
- renta variable europea: hasta el 50%
- bonos gubernamentales europeos: hasta el 50%
- acciones China A y B y renta fija cotizada de China continental (directa o indirectamente): menos del 10% (en conjunto)
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCos
- inversiones alternativas, como valores de infraestructuras y REIT autorizados: hasta el 20%
- inversiones no europeas (incluidas renta variable, bonos gubernamentales, renta fija con grado de inversión o especulativo, deuda de mercados emergentes o inversiones alternativas autorizadas): hasta el 20%
- instrumentos del mercado monetario: hasta el 25%.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones combina los análisis macroeconómico, de mercado y de los fundamentales de las empresas con el fin de asignar las inversiones de forma flexible entre clases de activos y áreas geográficas en función de su potencial para generar rentas. También tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 80%; máximo 300%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- China
- CoCos
- Concentración
- Materias primas
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Posiciones cortas
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,00% | —- |
| E | 2.500 | 1.000 | —- | 1,00% | 0,55% |
| I | 10 millones | 100.000 | —- | 0,60% |  |
| W/Y | 2.500 | 1.000 | —- | 0,60% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Greater China Multi Asset Growth & Income Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a medio y largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable y títulos de deuda emitidos por Gobiernos, instituciones cuasisoberanas y empresas cotizadas, con sede o que realicen la mayor parte de su actividad en la región de la Gran China, que incluye China, Hong Kong, Macao y Taiwán. China, Taiwán y Macao se consideran mercados emergentes.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija de todo tipo: hasta el 90%, destinando hasta el 75% a bonos con grado especulativo y sin calificación y hasta el 75% a bonos con grado de inversión
- renta variable: hasta el 80%
- acciones China A y B y renta fija cotizada de China continental (directa o indirectamente): hasta el 75% (en conjunto)
- acciones China A cotizadas en ChiNext Market o STAR Board a través del estatus de QFI o Stock Connect: hasta el 75%
- renta fija de China extraterritorial (incluidos los bonos dim sum): hasta el 50%
- instrumentos de deuda garantizados o titulizados: hasta el 20%
- exposición a materias primas autorizadas: hasta el 30%
- REIT autorizados: hasta el 30%
- bonos municipales: hasta el 10%
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCos
- instrumentos del mercado monetario: hasta el 30%.

El fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes. Las inversiones no están obligadas a cumplir ningún criterio mínimo de calificación crediticia.
La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones asignará las inversiones de forma flexible en clases de activos y áreas geográficas en función de su potencial para generar crecimiento del capital o rentas. Las rentas del fondo procederán principalmente de los pagos de dividendos por parte de los valores de renta variable y del pago de cupón procedente de las posiciones en renta fija, siendo las inversiones en renta variable las principales responsables de generar el crecimiento del capital. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- China
- CoCos
- Materias primas
- Concentración
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
 | - Renta variable
- Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Income Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,25% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Multi Asset Defensive Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital al tiempo que trata de conservarlo a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte en diversas clases de activos, que incluyen renta variable, bonos corporativos y gubernamentales con grado de inversión y especulativo, instrumentos del mercado monetario, REIT autorizados, y exposición a materias primas autorizadas de todo el mundo, incluidos los mercados emergentes.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos con grado especulativo: menos del 30%
- acciones China A y B y renta fija cotizada de China continental (directa o indirectamente): menos del 20% (en conjunto)
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCosEl fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones asignará las inversiones de forma flexible entre clases de activos y áreas geográficas en función de su potencial para generar crecimiento o reducir el riesgo global. El fondo adopta un enfoque multiactivo que ofrece un importante potencial de diversificación. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión (incluidos derivados centrados en crédito, tipos de interés y divisas). El fondo puede hacer uso de posiciones largas o cortas.
El fondo utiliza derivados, incluidos los instrumentos derivados complejos, con el fin de cumplir sus objetivos de inversión. Podrán utilizarse instrumentos derivados para crear una exposición económica a un activo semejante a la posesión física de dicho activo. Los tipos de derivados que se usarán incluyen futuros sobre índices, de referencia única o sobre cestas, además de opciones y contratos por diferencias referenciados a valores de renta variable o fija. Las opciones empleadas incluirán opciones de compra y venta, incluidas las opciones de compra cubiertas. A fin de obtener exposición o reducir el riesgo crediticio de los emisores, el fondo utilizará permutas de rendimiento total y de incumplimiento crediticio, tanto si son de referencia única, cestas, o sobre índices; además, usará permutas de tipos de interés para gestionar activamente el nivel de riesgo de tipos de interés, y derivados de divisas para cubrir o lograr exposición a divisas o reproducir la exposición a divisas de los valores subyacentes de un índice bursátil. Puede que las posiciones activas en divisas aplicadas
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Compuesto en un 80% por Bloomberg Global Aggregate Index (EUR Hedged) Index y un 20% por MSCI ACWI (Net) EUR Index. Utilizado para: supervisión del riesgo únicamente (tiene como objetivo lograr un mejor perfil bajista que el índice de referencia durante tres años consecutivos). El fondo no utiliza un índice de referencia con el que se pueda evaluar su rentabilidad.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- China
- CoCos
- Materias primas
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
 | - Renta variable
- Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Apalancamiento
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Posiciones cortas
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
VeR absoluto, limitado al 8%. Apalancamiento bruto previsto: 400% (puede ser superior o inferior, pero no se prevé que supere el 750%).

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
por el fondo, tanto si son largas como cortas, no estén	 correlacionadas con sus posiciones en valores subyacentes.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 65%; máximo 200%.
Préstamo de valores Previsto 15%; máximo 30%.
El fondo es un fondo mixto (Mischfonds) apto en virtud de la
Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página
Global Multi Asset Defensive Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 0,90% | —- |
| E | 2.500 | 1.000 | —- | 0,90% | 0,30% |
| I | 10 millones | 100.000 | —- | 0,45% |  |
| W/Y | 2.500 | 1.000 | —- | 0,45% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Multi Asset Growth & Income Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a medio y largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte en diversas clases de activos, que incluyen títulos de deuda corporativa y gubernamental, renta variable, inmuebles, infraestructuras y materias primas de todo el mundo, incluidos los mercados emergentes.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos con grado especulativo o sin calificación: hasta el 75%
- renta variable: hasta el 80%, destinando hasta el 60% a renta variable de mercados emergentes
- renta fija de mercados emergentes: hasta el 60%
- acciones China A y B y renta fija cotizada de China continental, incluidos bonos municipales (directa o indirectamente): menos del 30% (en conjunto)
- renta fija de China extraterritorial (incluidos los bonos dim sum): hasta el 30%
- valores convertibles (bonos híbridos y convertibles contingentes (CoCos)): menos del 30%, destinando menos del 20% a CoCos
- REIT autorizados, valores de infraestructuras y materias primas: menos del 30% (en cada clase de activo)
- bonos con grado de inversión: hasta el 100%
- instrumentos del mercado monetario: hasta el 30%.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones combina los análisis macroeconómico, de mercado y de los fundamentales de las empresas con el fin de asignar las inversiones de forma flexible entre clases de activos y áreas geográficas en función de su potencial para generar crecimiento del capital y rentas en la cartera. Las rentas del fondo procederán principalmente de los pagos de dividendos por parte de los valores de renta variable y del pago de cupón procedente de las posiciones en renta fija, así como de los pagos con cargo al capital. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- China
- CoCos
- Materias primas
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
 | - Renta variable
- Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y generar rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo mixto (Mischfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,25% | —- |
| E | 2.500 | 1.000 | —- | 1,25% | 0,60% |
| I | 10 millones | 100.000 | — | 0,70% | — |
| W/Y | 2.500 | 1.000 | —- | 0,70% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Multi Asset Income Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr un crecimiento moderado del capital a medio y largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte en diversas clases de activos, que incluyen títulos de deuda, renta variable, inmuebles e infraestructuras de todo el mundo, incluidos los mercados emergentes.
El fondo invierte como mínimo el 50% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos con grado de inversión: hasta el 100%
- bonos con grado especulativo: hasta el 60%
- renta fija de mercados emergentes: hasta el 50%
- renta variable: hasta el 50%
- bonos gubernamentales: hasta el 50%
- acciones China A y B y renta fija cotizada de China continental (directa o indirectamente): menos del 20% (en conjunto)
- REIT autorizados y valores de infraestructuras: menos del 30% (en cada clase de activo)
- bonos híbridos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% a bonos convertibles contingentes (CoCos)
- instrumentos del mercado monetario: hasta el 25%.

El fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes
La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones asignará las inversiones de forma flexible en clases de activos y áreas geográficas en función de su potencial para generar rentas y crecimiento del capital o reducir el riesgo global. Los ingresos del fondo procederán principalmente de los pagos de dividendos por parte de los valores de renta variable y del pago de cupón procedente de las posiciones en renta fija. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios del Marco de Inversión Sostenible de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 80%; máximo 300%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- China
- CoCos
- Materias primas
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
 | - Renta variable
- Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,25% | —- |
| E | 2.500 | 1.000 | —- | 1,25% | 0,60% |
| I | 10 millones | 100.000 | — | 0,70% | — |
| W/Y | 2.500 | 1.000 | —- | 0,70% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Multi Asset Target Income 2024 Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo obtener un rendimiento total positivo hasta su fecha prevista de liquidación en 2024.
POLÍTICA DE INVERSIÓN 
El fondo invierte en diversas clases de activos, que incluyen renta variable, bonos corporativos y gubernamentales con grado de inversión y especulativo, REIT autorizados, infraestructuras, materias primas y efectivo de todo el mundo, incluidos los mercados emergentes. El fondo puede lograr elementos de su rendimiento a través del uso de derivados y la inversión en OICVM y OIC. Conforme se acerque su vencimiento, el fondo podrá invertir en instrumentos del mercado monetario y/u otros instrumentos de deuda a corto plazo, como certificados de depósito, papel comercial y pagarés a tipo variable, así como en efectivo y equivalentes al efectivo.
El fondo se liquidará automáticamente una vez alcanzada su fecha de vencimiento.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones asignará las inversiones de forma flexible entre clases de activos y áreas geográficas en función de su potencial para generar crecimiento o reducir el riesgo global. La proporción de activos asignada por el Gestor de Inversiones a cada clase de activos varía a lo largo del tiempo y rota gradualmente hacia la conservación del valor conforme se acerca la fecha objetivo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
El fondo utiliza derivados, incluidos los instrumentos derivados complejos, con el fin de cumplir sus objetivos de inversión. Este podrá mantener una exposición larga y corta a los valores a través de derivados. Estas posiciones podrán no estar correlacionadas con sus posiciones en valores subyacentes. Esto ofrece al Gestor de Inversiones cierto grado de flexibilidad a la hora de elegir una técnica concreta o de concentrar o diversificar las inversiones. Pueden utilizarse derivados para crear una exposición económica a un activo semejante a la posesión física de dicho activo.
Los derivados de divisas podrán utilizarse para cubrir o adquirir tanto exposición larga como corta a divisas o para replicar la exposición a las mismas de los títulos subyacentes de un índice. Los tipos de instrumentos financieros derivados que se usarán incluyen futuros sobre índices, de referencia única o cestas, además de opciones y contratos por diferencias referenciados a valores de renta variable o fija. Las opciones empleadas incluirán opciones de compra y venta, incluidas las opciones de compra cubiertas.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- Materias primas
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Apalancamiento
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Posiciones cortas
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
VeR absoluto, limitado al 8%. Apalancamiento bruto previsto: 450% (puede ser superior o inferior, pero no se prevé que supere el 750%).

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 3 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las suscripciones y canjes (únicamente de entrada) en el fondo se cerraron el 23 de mayo de 2018. Las solicitudes de venta y canjes de acciones del fondo (únicamente de salida) que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El último VL se calculará el 22 de mayo de 2024 y los ingresos se devolverán a los accionistas el 5 de junio de 2024 como muy tarde.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |  |
| Clase | Inicial y posición | Posterior | Entrada | Comisión de reembolso | Gestión | Distribución |
| A | 2.500 | 1.000 | 3,00% | 1,00% | 0,80% | -—- |
| --Y | 2.500 | 1.000 | 3,00% | —- | 0,45% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. La comisión de gestión anual se reducirá al 0% el 24 de abril de 2024 |

 Familia de Fondos Sostenibles 

## Sustainable Multi Asset Income Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr un crecimiento moderado del capital a medio y largo plazo y ofrecer rentas.
POLÍTICA DE INVERSIÓN 
El fondo invierte en diversas clases de activos, que incluyen títulos de deuda, renta variable, inmuebles, infraestructuras, materias primas y efectivo, de todo el mundo, incluidos los mercados emergentes. El fondo invierte como mínimo el 70% de sus activos en valores de empresas con características medioambientales, sociales y de gobernanza (ESG) favorables.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- títulos de deuda de cualquier clase: hasta el 100%
- títulos de deuda con grado especulativo: hasta el 60%
- títulos de deuda y renta variable de mercados emergentes: hasta el 50%
- renta variable: hasta el 50%
- títulos de deuda gubernamentales: hasta el 50%
- acciones China A y B y títulos de deuda de China continental cotizados (directa o indirectamente): menos del 30% (en conjunto)
- REIT autorizados: hasta el 30%
- valores de infraestructuras (salvo fondos de inversión inmobiliaria): hasta el 30%
- renta fija de China extraterritorial (incluidos los bonos dim sum): menos del 10%
- títulos vinculados a crédito y a renta variable: hasta el 10%
- títulos de deuda y renta variable de Rusia: hasta el 10% en conjunto
- exposición a materias primas autorizadas: hasta el 5%
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCos
- instrumentos del mercado monetario: hasta el 25%.

El fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.
La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones combina los análisis macroeconómico, de mercado y de los fundamentales de las empresas con el fin de asignar las inversiones de forma dinámica entre clases de activos y áreas geográficas. Las rentas del fondo procederán principalmente de los pagos de dividendos por parte de los valores de renta variable y del pago de cupón procedente de las posiciones en renta fija, siendo las inversiones en renta variable las principales responsables de generar el crecimiento del capital. Para lograr su objetivo, el fondo adopta una estrategia táctica de asignación de activos en la que las inversiones del fondo pueden equilibrarse y ajustarse de manera activa. Es posible que esto dé como resultado que el fondo incurra en mayores costes de operación que aquellos que siguen una estrategia de asignación estática. También tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el
apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 80%; máximo 300%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- China
- CoCos
- Materias primas
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
 | - Renta variable
- Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Rusia
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado y generar rentas; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Sustainable Multi Asset Income Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | 5,25% | 1,25% | —- |
| E | 2.500 | 1.000 | —- | 1,25% | 0,60% |
| I | 10 millones | 100.000 | —- | 0,70% | —- |
| A | 2.500 | 1.000 | —- | 0,70% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Fidelity Institutional TargetTM 2015 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2015.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta variable, renta fija, valores que devengan intereses y del mercado monetario y exposición autorizada a materias primas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro, que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del
tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 meses;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Fidelity Institutional TargetTM 2015 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,21% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Global Multi Asset Dynamic Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte en diversas clases de activos, que incluyen renta variable, bonos corporativos y gubernamentales, materias primas, instrumentos del mercado monetario y REIT autorizados de todo el mundo, incluidos los mercados emergentes.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta fija de cualquier tipo: hasta el 100%
- bonos con grado de inversión: hasta el 50%
- bonos con grado especulativo o sin calificación: hasta el 75%
- renta fija de mercados emergentes: hasta el 75%
- renta variable de mercados emergentes: hasta el 75%
- renta variable: hasta el 100%
- valores rusos: hasta el 15%
- exposición a materias primas autorizadas: hasta el 50%
- acciones China A y B y bonos de China continental: menos del 30% (en conjunto)
- REIT autorizados: hasta el 30%
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCosEl fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.

La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones asignará tácticamente las inversiones de forma flexible entre clases de activos y áreas geográficas (incluidos los mercados emergentes) en función de su potencial para generar crecimiento del capital o reducir el riesgo global. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
Compuesto en un 75% por MSCI ACWI Index y en un 25% por Bloomberg Global Aggregate Index. El índice no tiene en cuenta características ESG. Utilizado para: comparación de la rentabilidad exclusivamente.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- China
- CoCos
- Materias primas
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Valores que atraviesan dificultades
- Mercados emergentes
 | - Renta variable
- Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Rusia
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo mixto (Mischfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.500 | 5,25% | 1,25% | —- |
| E | 2.500 | 1.000 | —- | 1,25% | 0,60% |
| I | 10 millones | 100.000 | —- | 0,63% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,63% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Strategic European Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr el crecimiento del capital a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo el 70% de sus activos en renta variable europea y efectivo e instrumentos que puedan ser inmediatamente convertibles en efectivo denominados en euros. El fondo invierte fundamentalmente en Europa, y puede invertir en los distintos países de esta región, entre los que puede haber mercados emergentes.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- renta variable europea: hasta el 100%
- efectivo e instrumentos relacionados: hasta el 50%La cartera puede concentrarse en la exposición a un número reducido de empresas que representen más del 50% del patrimonio neto del fondo.

PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones tiene en cuenta los indicadores de valoración, los datos financieros de las empresas, el retorno sobre el capital, los flujos de efectivo y otros datos, así como sus equipos directivos, el sector o la situación de la economía, entre otros factores. El Gestor de Inversiones asigna los activos entre tres estrategias de inversión básicas, que son una estrategia 
long equity
, una estrategia 
market neutral 
y una estrategia de asignación de efectivo.
La estrategia 
long equity 
la componen posiciones largas en renta variable de empresas europeas que el Gestor de Inversiones considera que cuentan con negocios de alta calidad y cotizan a un precio atractivo.
La estrategia 
market neutral 
la componen posiciones largas y cortas en renta variable o en futuros sobre índices de renta variable de empresas europeas. El Gestor de Inversiones adquirirá una exposición larga a aquellas empresas consideradas atractivas y mantendrá una exposición corta a las consideradas poco atractivas mediante el uso de derivados.
La estrategia de asignación de efectivo la componen efectivo e instrumentos inmediatamente convertibles en efectivo (que incluyen depósitos, letras del Tesoro y bonos del Estado, bonos corporativos a corto plazo, papel comercial, instrumentos del mercado monetario a corto plazo y certificados de depósito). El Gestor de Inversiones asignará activos entre las tres estrategias en función exclusivamente de las oportunidades y el tamaño de las posiciones de la estrategia 
long equity
. Cuando esta estrategia no proporcione valores suficientes, el patrimonio se asignará a la estrategia de renta variable 
market neutral 
o a la de asignación de efectivo en función del atractivo de la rentabilidad ajustada al riesgo y las condiciones del mercado, prefiriéndose la estrategia de renta variable 
market neutral 
en condiciones normales del mercado.
El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión (incluidos derivados centrados en divisas, renta variable o renta fija). El fondo puede hacer uso de posiciones largas o cortas.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 60%; máximo 240%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
MSCI Europe Index. Utilizado para:
medición del riesgo exclusivamente.
El Gestor de Inversiones no está limitado por el Índice y no hay restricciones sobre la medida en que la rentabilidad del fondo puede desviarse de la del Índice.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Valores convertibles
- Contraparte y garantía
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Fondos de inversión
- Apalancamiento
- Liquidez
- Mercado
- Operativo
- Posiciones cortas
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
VeR relativo limitado al 150% del VeR de la cartera de referencia. Apalancamiento previsto: 250% (puede ser superior o inferior, pero no se prevé que supere el 350%).

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo mixto (Mischfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Strategic European Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A 2 | 2.500 | 1.000 | 5,25% | 1,50% | —- |
| E | 2.500 | 1.000 | —- | 1,50% | 0,75% |
| I | 10 millones | 100.000 | —- | 0,80% | —- |
| W, Y | 2.500 | 1.000 | —- | 0,80% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Para esta clase de acciones, se aplicará una comisión anual de asignación de activos de hasta el 0,50%. 3 Para esta clase de acciones, se aplicará una comisión anual de asignación de activos de hasta el 0,25%. |


## SMART Global Defensive Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr un crecimiento estable a largo plazo.
POLÍTICA DE INVERSIÓN 
El fondo invierte en diversas clases de activos, que incluyen bonos corporativos y gubernamentales con grado de inversión y especulativo, valores ligados a la inflación, renta variable, inmuebles y materias primas de todo el mundo, incluidos los mercados emergentes. Las inversiones en renta fija pueden ser de grado especulativo. El fondo procura gestionar la volatilidad media a largo plazo, en condiciones normales de mercado, dentro de una horquilla del 2% al 5% anual.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- bonos con grado especulativo: hasta el 40%
- renta variable: hasta el 40%
- REIT autorizados, valores de infraestructuras y exposiciones a materias primas autorizadas: menos del 30% (en conjunto)
- bonos gubernamentales, corporativos, ligados a la inflación y de mercados emergentes: hasta el 100%
- bonos híbridos y bonos convertibles contingentes (CoCos): menos del 30%, destinando menos del 20% en CoCos
- instrumentos del mercado monetario: más del 10%.

El fondo también puede invertir en otros títulos de deuda financiera subordinada y acciones preferentes.
La exposición del fondo a valores que atraviesan dificultades se limita al 10% de sus activos.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones combina los análisis macroeconómico, de mercado y de los fundamentales de las empresas con el fin de asignar las inversiones de forma flexible entre clases de activos y áreas geográficas. También utiliza el modelo exclusivo de Fidelity Systematic Multi Asset Risk Targeted, cuyo objetivo consiste en mantener la volatilidad general de la cartera dentro de una determinada horquilla. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión (incluidos derivados centrados en acciones, crédito, tipos de interés y divisas). El fondo puede hacer uso de posiciones largas o cortas.
El fondo utiliza derivados, incluidos estrategias o derivados complejos, para cumplir el objetivo de inversión con un nivel de riesgo coherente con su perfil de riesgo. Pueden utilizarse derivados para crear una exposición económica a un activo semejante a la posesión física de dicho activo. Los tipos de derivados que se usarán incluyen futuros sobre índices, de referencia única o sobre cestas, además de opciones y contratos por diferencias referenciados a valores de renta variable o fija. Las opciones empleadas incluirán opciones de compra y venta, incluidas las opciones de compra cubiertas. A fin de obtener exposición o reducir el riesgo crediticio de los emisores, el fondo utilizará permutas de rendimiento total y de incumplimiento crediticio, tanto si son de referencia única, cestas, o sobre índices; además, usará permutas de tipos de interés para gestionar activamente el nivel de riesgo de tipos de interés, y derivados de divisas para cubrir o lograr exposición a divisas o reproducir la exposición a divisas de los valores subyacentes de un índice bursátil.
Puede que las posiciones activas en divisas aplicadas por el fondo, tanto si son largas como cortas, no estén correlacionadas con sus posiciones en valores subyacentes.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 230%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Valores convertibles
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Apalancamiento
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Posiciones cortas
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
VeR absoluto, limitado al 8%. Apalancamiento bruto previsto: 250% (puede ser superior o inferior, pero no se prevé que supere el 650%).

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 2 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
SMART Global Defensive Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 6.000 | 1.500 | 5,25% | 1,15% | —- |
| E | 2.500 | 1.000 | —- | 1,15% | 0,60% |
| I | 10 millones | 100.000 | —- | 0,58% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,58% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Fidelity Institutional TargetTM 2020 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2020.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta variable, renta fija, valores que devengan intereses, instrumentos del mercado monetario y exposición autorizada a materias primas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- OICVM u OIC: hasta el 100%
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro, que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno.
A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 meses;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Sigue en la siguiente página 
Fidelity Institutional TargetTM 2020 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,21% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Fidelity Institutional TargetTM 2025 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2025.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta variable, renta fija, valores que devengan intereses, instrumentos del mercado monetario, inmuebles e infraestructuras, además de exponerse a materias primas autorizadas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- OICVM u OIC: hasta el 100%
- valores de infraestructuras, REIT autorizados y exposición a materias primas: menos del 30%
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro, que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del
tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo mixto (Mischfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity Institutional TargetTM 2025 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,30% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Se reducirá al 0,21% el 1 de enero de 2026. |


## Fidelity Institutional TargetTM 2030 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2030.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta variable, renta fija, valores que devengan intereses, instrumentos del mercado monetario, inmuebles e infraestructuras, además de exponerse a materias primas autorizadas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- OICVM u OIC: hasta el 100%
- valores de infraestructuras, REIT autorizados y exposición a materias primas: menos del 30%
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones
según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado.
A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo mixto (Mischfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity Institutional TargetTM 2030 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,40% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Se reducirá al 0,30% el 1 de enero de 2028 y al 0,21% el 1 de enero de 2031. |


## Fidelity Institutional TargetTM 2035 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2035.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta variable, renta fija, valores que devengan intereses, instrumentos del mercado monetario, inmuebles, infraestructuras y materias primas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- OICVM u OIC: hasta el 100%
- valores de infraestructuras, REIT autorizados y exposición a materias primas: menos del 30%
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno.
A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity Institutional TargetTM 2035 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,40% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Se reducirá al 0,30% el 1 de enero de 2033 y al 0,21% el 1 de enero de 2036. |


## Fidelity Institutional TargetTM 2040 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2040.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta variable, renta fija, valores que devengan intereses, instrumentos del mercado monetario, inmuebles e infraestructuras, además de exponerse a materias primas autorizadas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- OICVM u OIC: hasta el 100%
- valores de infraestructuras, REIT autorizados y exposición a materias primas: menos del 30%
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del
tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity Institutional TargetTM 2040 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,40% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Se reducirá al 0,30% el 1 de enero de 2038 y al 0,21% el 1 de enero de 2041. |


## Fidelity Institutional TargetTM 2045 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2045.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta variable, renta fija, valores que devengan intereses, instrumentos del mercado monetario, inmuebles e infraestructuras, además de exponerse a materias primas autorizadas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- OICVM u OIC: hasta el 100%
- valores de infraestructuras, REIT autorizados y exposición a materias primas: menos del 30%
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del
tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda.
Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Cobertura	de	renta variable
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity Institutional TargetTM 2045 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,40% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Se reducirá al 0,30% el 1 de enero de 2043 y al 0,21% el 1 de enero de 2046. |


## Fidelity Institutional TargetTM 2050 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2050.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta variable, renta fija, valores que devengan intereses, instrumentos del mercado monetario, inmuebles e infraestructuras, además de exponerse a materias primas autorizadas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- OICVM u OIC: hasta el 100%
- valores de infraestructuras, REIT autorizados y exposición a materias primas: menos del 30%
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del
tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda.
Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity Institutional TargetTM 2050 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,40% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Se reducirá al 0,30% el 1 de enero de 2048 y al 0,21% el 1 de enero de 2051. |


## Fidelity Institutional TargetTM 2055 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2055.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta variable, renta fija, valores que devengan intereses y del mercado monetario, inmuebles e infraestructuras, además de exponerse a materias primas autorizadas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- OICVM u OIC: hasta el 100%
- valores de infraestructuras, REIT autorizados y exposición a materias primas: menos del 30%
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Acuerdos de recompra/recompra inversa Previsto 0%;	 máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity Institutional TargetTM 2055 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,40% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Se reducirá al 0,30% el 1 de enero de 2053 y al 0,21% el 1 de enero de 2056. |


## Fidelity Institutional TargetTM 2060 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2060.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta variable, renta fija, valores que devengan intereses, instrumentos del mercado monetario, inmuebles e infraestructuras, además de exponerse a materias primas autorizadas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- OICVM u OIC: hasta el 100%
- valores de infraestructuras, REIT autorizados y exposición a materias primas: menos del 30%
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del
tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda.
Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity Institutional TargetTM 2060 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,40% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Se reducirá al 0,30% el 1 de enero de 2058 y al 0,21% el 1 de enero de 2061. |


## Fidelity TargetTM 2020 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2020.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta fija, renta variable, valores que devengan intereses, instrumentos del mercado monetario y exposición autorizada a materias primas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión. El fondo no se cerrará en la fecha objetivo, sino que seguirá gestionándose conforme sus respectivos objetivos y políticas de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo.
El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 meses;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Préstamo de valores Previsto 15%; máximo 30%.	
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se modificarán  los  Índices  de  mercado  que  utiliza  como
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity TargetTM 2020 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| A | 6.000 | 1.500 | 5,25% | 1,00% | 0,40% |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,20% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Fidelity TargetTM 2020 Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2020.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta variable, renta fija, valores que devengan intereses, instrumentos del mercado monetario de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden ser con grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- instrumentos de deuda garantizados o titulizados: hasta el 20% El fondo no se cerrará en la fecha objetivo, sino que seguirá gestionándose conforme a su objetivo y política de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo.
El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque
el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 meses;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 6.500 | 1.000 | 5,25% | 0,40% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Fidelity TargetTM 2025 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2025.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta fija, renta variable, valores que devengan intereses, instrumentos del mercado monetario y exposición autorizada a materias primas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión. El fondo no se cerrará en la fecha objetivo, sino que seguirá gestionándose conforme sus respectivos objetivos y políticas de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo.
El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se
modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 4 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity TargetTM 2025 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| A | 2.500 | 1.000 | 5,25% | 1,00% | 1,10% |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,60% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Para las acciones de clase A, la comisión de gestión anual se reducirá al 0,85% el 1 de enero de 2023. Para las acciones de clase P, la comisión de gestión se reducirá al 0,45% el 1 de enero de 2023. |


## Fidelity TargetTM 2030 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2030.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta fija, renta variable, valores que devengan intereses, instrumentos del mercado monetario y exposición autorizada a materias primas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión. El fondo no se cerrará en la fecha objetivo, sino que seguirá gestionándose conforme sus respectivos objetivos y políticas de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo.
El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se modificarán  los  Índices  de  mercado  que  utiliza  como
referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity TargetTM 2030 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| A | 2.500 | 1.000 | 5,25% | --- | 1,50% |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,80% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Para las acciones de clase A, la comisión de gestión anual se reducirá al 0,85% el 1 de enero de 2028. Para las acciones de clase P, la comisión de gestión se reducirá al 0,60% el 1 de enero de 2023 y al 0,45% el 1 de enero de 2028. |


## Fidelity TargetTM 2035 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2035.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta fija, renta variable, valores que devengan intereses, instrumentos del mercado monetario y exposición autorizada a materias primas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión. El fondo no se cerrará en la fecha objetivo, sino que seguirá gestionándose conforme sus respectivos objetivos y políticas de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del
tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity TargetTM 2035 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| A | 2.500 | 1.000 | 5,25% | --- | 1,50% |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,80% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Para las acciones de clase A, la comisión de gestión anual se reducirá al 1,10% el 1 de enero de 2028 y al 0,85% el 1 de enero de 2033. Para las acciones de clase P, la comisión de gestión se reducirá al 0,60% el 1 de enero de 2028 y al 0,45% el 1 de enero de 2033. |


## Fidelity TargetTM 2040 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2040.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta fija, renta variable, valores que devengan intereses, instrumentos del mercado monetario y exposición autorizada a materias primas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión. El fondo no se cerrará en la fecha objetivo, sino que seguirá gestionándose conforme sus respectivos objetivos y políticas de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
 | - Operaciones de cobertura
- Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
Acuerdos de recompra/recompra inversa Previsto 0%;	 máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se
El fondo es un fondo de renta variable (Aktienfonds) apto en
virtud de la Ley de Fiscalidad de la Inversión alemana de 2018. Sigue en la siguiente página 
Fidelity TargetTM 2040 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| A | 2.500 | 1.000 | 5,25% | --- | 1,50% |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,80% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Para las acciones de clase A, la comisión de gestión anual se reducirá al 1,10% el 1 de enero de 2033 y al 0,85% el 1 de enero de 2038. Para las acciones de clase P, la comisión de gestión se reducirá al 0,60% el 1 de enero de 2033 y al 0,45% el 1 de enero de 2038. |


## Fidelity TargetTM 2045 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2045.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta fija, renta variable, valores que devengan intereses, instrumentos del mercado monetario y exposición autorizada a materias primas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión. El fondo no se cerrará en la fecha objetivo, sino que seguirá gestionándose conforme sus respectivos objetivos y políticas de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. Índice de referencia El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas
clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity TargetTM 2045 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| A | 2.500 | 1.000 | 5,25% | --- | 1,50% |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,80% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Para las acciones de clase A, la comisión de gestión anual se reducirá al 1,10% el 1 de enero de 2038 y al 0,85% el 1 de enero de 2043. Para las acciones de clase P, la comisión de gestión se reducirá al 0,60% el 1 de enero de 2038 y al 0,45% el 1 de enero de 2043. |


## Fidelity TargetTM 2050 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2050.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta fija, valores que devengan intereses, instrumentos del mercado monetario y exposición autorizada a materias primas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión. El fondo no se cerrará en la fecha objetivo, sino que seguirá gestionándose conforme sus respectivos objetivos y políticas de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda.
Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity TargetTM 2050 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| A | 2.500 | 1.000 | 5,25% | --- | 1,50% |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,80% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Para las acciones de clase A, la comisión de gestión anual se reducirá al 1,10% el 1 de enero de 2043 y al 0,85% el 1 de enero de 2048. Para las acciones de clase P, la comisión de gestión se reducirá al 0,60% el 1 de enero de 2043 y al 0,45% el 1 de enero de 2048. |


## Fidelity TargetTM 2055 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2055.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta fija, renta variable, valores que devengan intereses, instrumentos del mercado monetario y exposición autorizada a materias primas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión. El fondo no se cerrará en la fecha objetivo, sino que seguirá gestionándose conforme sus respectivos objetivos y políticas de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se
modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity TargetTM 2055 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| A | 2.500 | 1.000 | 5,25% | --- | 1,50% |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,80% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Para las acciones de clase A, la comisión de gestión se reducirá al 1,10% el 1 de enero de 2048 y al 0,85% el 1 de enero de 2053. Para las acciones de clase P, la comisión de gestión se reducirá al 0,60% el 1 de enero de 2048 y al 0,45% el 1 de enero de 2053. |


## Fidelity TargetTM 2060 (Euro) Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo lograr crecimiento del capital a largo plazo para aquellos inversores que planeen retirar partes considerables de su inversión en el año 2060.
POLÍTICA DE INVERSIÓN 
El fondo invierte en una gama de activos que incluyen renta fija, renta variable, valores que devengan intereses, instrumentos del mercado monetario y exposición autorizada a materias primas de todo el mundo, incluidos los mercados emergentes. Estas inversiones pueden denominarse en cualquier divisa y algunas de ellas podrán ser de grado especulativo o sin calificación. La proporción de activos que se asigne a cada clase de activo variará a lo largo del tiempo, y el fondo tendrá un sesgo cada vez mayor hacia las inversiones de bajo riesgo conforme se vaya acercando su fecha objetivo, pasando a tener una asignación de activos cada vez más conservadora.
El fondo puede invertir en los siguientes activos, respetando los porcentajes que se indican:
- instrumentos de deuda garantizados o titulizados: hasta el 20%El fondo puede invertir en divisas distintas al euro y que podrán estar cubiertas en euros o no. El euro, al que hace referencia el nombre del fondo, es una divisa de referencia, y no una divisa de inversión. El fondo no se cerrará en la fecha objetivo, sino que seguirá gestionándose conforme sus respectivos objetivos y políticas de inversión.

PROCESO DE INVERSIÓN 
El fondo se gestiona de manera activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. La gestión del fondo tiene como objetivo ofrecer una asignación de activos optimizada entre clases de activos con diversas características de riesgo y rendimiento. La asignación de activos se ha diseñado para reducir el riesgo de la cartera a través de la migración desde la asignación a activos de crecimiento hacia la asignación a activos defensivos hasta la fecha objetivo del fondo. El Gestor de Inversiones tiene en cuenta los riesgos de sostenibilidad en su proceso de inversión.
Si desea más información, consulte el apartado “Inversión sostenible e integración ESG”.
DERIVADOS Y TÉCNICAS 
El fondo puede utilizar derivados con fines de cobertura, gestión eficiente de la cartera e inversión.
Además de los derivados básicos (consulte el apartado “Cómo utilizan los fondos los instrumentos y técnicas”), el fondo tiene previsto hacer uso de TRS.
Uso de TRS (incluidos CFD) Previsto 50%; máximo 150%.
Préstamo de valores Previsto 15%; máximo 30%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 30%.
ÍNDICE DE REFERENCIA 
El fondo utiliza como referencia diversos índices de mercado (cada uno de ellos, un “Índice de mercado”) para establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando a lo largo del tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda.
Aunque el fondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado se indican en el documento de datos fundamentales para el inversor y están representados por un Índice mixto. Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Asignación de activos
- CoCos
- Materias primas
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Mercados emergentes
- Renta variable
- Operaciones de cobertura
 | - Alto rendimiento
- Tipo de interés
- Fondos de inversión
- Liquidez
- Mercado
- Operativo
- Sector inmobiliario
- Titulización
- Fondo con fecha objetivo
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 años;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
El fondo es un fondo de renta variable (Aktienfonds) apto en virtud de la Ley de Fiscalidad de la Inversión alemana de 2018.
Sigue en la siguiente página 
Fidelity TargetTM 2060 (Euro) Fund continuación
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Salida | Gestión2 |
| A | 2.500 | 1.000 | 5,25% | --- | 1,50% |
| P | 10 millones | 1 millones | 1,00% | 1,00% | 0,80% |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. 2 Para las acciones de clase A, la comisión de gestión se reducirá al 1,10% el 1 de enero de 2053 y al 0,85% el 1 de enero de 2058. Para las acciones de clase P, la comisión de gestión se reducirá al 0,60% el 1 de enero de 2053 y al 0,45% el 1 de enero de 2058. |


## Sustainable Euro Cash Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo ofrecer rendimientos en línea con los tipos del mercado monetario durante el periodo de tenencia recomendado.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo un 70% (y, normalmente, el 75%) de sus activos en instrumentos del mercado monetario, como acuerdos de recompra inversa y depósitos denominados en euros.
El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG que mejoran.
El fondo se considera un fondo del mercado monetario a corto plazo de VLV y tiene una calificación de Aaa-mf por parte de Moody’s Investor Services, Inc.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones utiliza el análisis fundamental y relativo para elegir emisores y valores a corto plazo al tiempo que construye una cartera de alta calidad centrada en la liquidez y la gestión del riesgo. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo podrá utilizar derivados exclusivamente como cobertura de los riesgos de tipo de interés o cambiario inherentes a otras inversiones de la cartera.
Uso de TRS (incluidos CFD) No.
Préstamo de valores Previsto 0%; máximo 0%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 10%/15%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
EUR.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Operaciones de cobertura
 | - Tipo de interés
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 meses;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | —- | 0,15% | —- |
| E | 2.500 | 1.000 | —- | 0,15% |  |
| I | 10 millones | 100.000 | —- | 0,10% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,10% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


## Sustainable US Dollar Cash Fund

#### Objetivo y política de inversión
OBJETIVO 
El fondo tiene como objetivo ofrecer rendimientos en línea con los tipos del mercado monetario durante el periodo de tenencia recomendado.
POLÍTICA DE INVERSIÓN 
El fondo invierte como mínimo un 70% (y, normalmente, el 75%) de sus activos en instrumentos del mercado monetario, como acuerdos de recompra inversa y depósitos denominados en dólares estadounidenses.
El fondo se considera un fondo del mercado monetario a corto plazo de VLV y tiene una calificación de Aaa-mf por parte de Moody’s Investor Services, Inc.
El fondo invierte como mínimo el 70% de sus activos en valores de emisores con características medioambientales, sociales y de gobernanza (ESG) favorables y hasta el 30% en valores de emisores con características ESG de baja calidad pero que mejoran.
PROCESO DE INVERSIÓN 
En el marco de la gestión activa del fondo, el Gestor de Inversiones utiliza el análisis fundamental y relativo para elegir emisores y valores a corto plazo al tiempo que construye una cartera de alta calidad centrada en la liquidez y la gestión del riesgo. El Gestor de Inversiones también tiene en cuenta características ESG al valorar los riesgos y oportunidades de invertir. A la hora de decidir qué características ESG son favorables, el Gestor de Inversiones tiene en cuenta las calificaciones ESG otorgadas por Fidelity o agencias externas. A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
El fondo cumple los criterios de la Familia de Fondos Sostenibles de Fidelity. Si desea más información, consulte el apartado “Inversión sostenible e integración ESG” y el Anexo sobre Sostenibilidad.
Categoría del producto según el SFDR Artículo 8 (promueve las características medioambientales o sociales).
DERIVADOS Y TÉCNICAS 
El fondo podrá utilizar derivados exclusivamente como cobertura de los riesgos de tipo de interés o cambiario inherentes a otras inversiones de la cartera.
Uso de TRS (incluidos CFD) No.
Préstamo de valores Previsto 0%; máximo 0%.
Acuerdos de recompra/recompra inversa Previsto 0%; máximo 10%/15%.
ÍNDICE DE REFERENCIA 
No.
DIVISA BASE 
USD.

#### Principales riesgos
Consulte el apartado Descripción de los riesgos si desea más información.
| - Concentración
- Contraparte y garantía
- Crédito
- Divisas
- Derivados
- Operaciones de cobertura
 | - Tipo de interés
- Liquidez
- Mercado
- Operativo
- Inversión sostenible
 |
| --- | --- |

MÉTODO DE GESTIÓN DEL RIESGO 
Compromiso.

#### Planificación de su inversión
PERFIL DEL INVERSOR 
Este producto puede resultar atractivo para inversores
- con conocimientos básicos sobre fondos de inversión y poca o nula experiencia de inversión;
- que tengan previsto mantener su inversión durante un periodo de tenencia recomendado de al menos 6 meses;
- que traten de obtener un crecimiento del capital a lo largo del periodo de tenencia recomendado; y
- que entiendan que existe el riesgo de perder parte o la totalidad del capital invertido.

TRAMITACIÓN DE ÓRDENES 
Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 13.00 horas CET (12.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores.
| Principales clases de acciones |
| --- |
|  | Inversión mínima (USD)1 | Comisiones de negociación máximas | Comisiones anuales máximas |
| Clase | Inicial y posición | Posterior | Entrada | Gestión | Distribución |
| A | 2.500 | 1.000 | —- | 0,15% | —- |
| I | 10 millones | 100.000 | —- | 0,10% | —- |
| W/Y | 2.500 | 1.000 | —- | 0,10% | —- |
| Si desea conocer la lista completa de clases de acciones, incluidas las cubiertas en divisas, consulte el apartado “Invertir en los fondos”. Consulte el apartado “Comisiones y costes de los fondos” si desea una explicación detallada de las anteriores comisiones. 1 O su contravalor en cualquier otra divisa libremente convertible. |


### Inversión	sostenible	e integración ESG

##### Inversión sostenible
El Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros de la UE (SFDR) es un reglamento de la UE que entró en vigor en 2021 y cuyo objetivo es ayudar a los inversores a conocer el perfil de sostenibilidad de los productos financieros. El SFDR se centra en la divulgación de cuestiones medioambientales, sociales y de gobernanza (ESG) por parte de las firmas y en el seno del proceso de inversión. El SFDR forma parte del Marco de Finanzas Sostenibles de la UE, que promueve la inversión sostenible en toda la Unión. El SFDR establece los requisitos de divulgación de información a los inversores previos a la contratación y a lo largo de esta, también en lo que respecta a la integración de los riesgos de sostenibilidad, la consideración de efectos adversos sobre la sostenibilidad, los objetivos de inversión sostenible, o sobre la promoción de características medioambientales o sociales en la toma de decisiones de inversión. El reglamento de la Taxonomía de la UE complementa al SFDR y su objetivo es crear criterios coherentes mediante la mejora de la transparencia y siendo un modelo de comparación objetivo para los inversores finales en cuanto a la proporción de inversiones que financian actividades económicas sostenibles desde el punto de vista medioambiental.
Estas medidas responden a la firma del Acuerdo de París y la Agenda 2030 para el Desarrollo Sostenible de las Naciones Unidas en 2015, que dieron origen a los Objetivos de Desarrollo Sostenible (ODS de la ONU). El SFDR y el resto de reglamentos se alinean además con el Pacto Verde europeo, cuyo objetivo es lograr la neutralidad de carbono de la UE para 2050.
La transición hacia una economía baja en carbono, más sostenible, con un uso eficiente de los recursos y circular, en línea con los ODS, probablemente garantice la competitividad a largo plazo de la economía de la Unión. El Acuerdo de París entró en vigor en 2016. Su objetivo es fortalecer la respuesta al cambio climático haciendo que los flujos financieros adopten una senda de bajas emisiones de gases de efecto invernadero.

##### Fidelity	International	y	la	inversión sostenible.

###### Enfoque general de la inversión sostenible
El enfoque de inversión sostenible de Fidelity se puede consultar en https://fidelityinternational.com/sustainable- investing-framework/ El documento titulado Principios de Inversión Sostenible detalla la forma de entender la inversión sostenible de Fidelity, incluidas sus expectativas de cara a los emisores en los que invierte, la integración y aplicación de los criterios ESG, el enfoque hacia la participación y el voto, la política de exclusión y desinversión, y la concentración en la colaboración y la gobernanza.
Todos los fondos gestionados por el Gestor de Inversiones están sujetos a una lista de exclusiones que incluye, entre otras, las compañías que fabrican bombas de racimo y minas antipersona.
RIESGO DE SOSTENIBILIDAD
Fidelity tiene en cuenta los riesgos de sostenibilidad en todas las clases de activos y fondos, salvo que se indique lo contrario. Los riesgos de sostenibilidad hacen referencia a acontecimientos o situaciones medioambientales, sociales o de gobernanza (en conjunto, “ESG” por sus siglas en inglés)
que, de producirse, podrían tener, en acto o en potencia, un impacto negativo sustancial sobre el valor de la inversión.
El enfoque de Fidelity consistente en la integración de los riesgos de sostenibilidad trata de identificar y evaluar los riesgos ESG a nivel de emisores concretos. Algunos ejemplos de riesgos de sostenibilidad que los equipos de inversión de Fidelity pueden tener en cuenta son, entre otros:
- riesgos medioambientales: la capacidad de las empresas para mitigar y adaptarse al cambio climático y a posibles subidas del precio del carbono, la exposición a una creciente escasez de agua y a posibles subidas del precio del agua, los desafíos en materia de gestión de residuos y el impacto sobre los ecosistemas locales y globales;
- 	riesgos sociales: la seguridad de los productos, la gestión de la cadena de suministro y las normas laborales, la salud y la seguridad y los Derechos Humanos, el bienestar de los trabajadores, cuestiones relativas a la protección de los datos y la privacidad, y el refuerzo de la normativa del sector tecnológico; y
- riesgos de gobernanza: la composición del consejo y su eficacia, los incentivos para los directivos, la calidad de los directivos y la consonancia de sus intereses con los de los accionistas.

Los gestores de carteras y analistas de Fidelity complementan el estudio de los resultados económicos de las posibles inversiones con análisis adicionales no financieros cualitativos y cuantitativos, que incluyen los riesgos de sostenibilidad, y los tendrán en cuenta a la hora de tomar decisiones de inversión y supervisar el riesgo en la medida en que supongan riesgos u oportunidades reales o potenciales para maximizar la rentabilidad ajustada al riesgo a largo plazo. La integración sistemática de los riesgos de sostenibilidad en el análisis de inversión y la toma de decisiones se basa en:
la “evaluación cualitativa”, que se realizará tomando como referencia, entre otros indicadores, el análisis de casos, el impacto medioambiental, social y de gobernanza asociado a los emisores, la documentación sobre seguridad de los productos, opiniones de clientes, visitas a las empresas o datos de modelos exclusivos e inteligencia local; y
la “evaluación cuantitativa”, que se realizará tomando como referencia las calificaciones ESG, que podrán proceder de proveedores externos, entre ellos, MSCI, o una calificación interna otorgada por el Gestor de Inversiones sobre la base, sobre todo, de las Calificaciones de Sostenibilidad de Fidelity (que se detallan a continuación), la información pertinente contenida en certificados o etiquetas de terceros, informes de evaluación de la huella de carbono o porcentajes de ingresos o beneficios de los emisores generados a partir de actividades relevantes para las cuestiones ESG.
CALIFICACIONES DE SOSTENIBILIDAD Y PRINCIPALES EFECTOS ADVERSOS
Las Calificaciones de Sostenibilidad de Fidelity son un sistema de calificaciones ESG exclusivo creado por los analistas de Fidelity para evaluar a emisores concretos. Las calificaciones puntúan a los emisores en una escala de la A a la E, teniendo en cuenta factores sectoriales específicos, que incluyen los indicadores de los principales efectos adversos pertinentes, y una previsión de su trayectoria sobre la base de una evaluación de los cambios previstos en sus características de sostenibilidad a lo largo del tiempo. Se basan en el análisis ascendente de datos fundamentales y la evaluación con criterios específicos del sector de cada uno de los emisores que tengan que ver con cuestiones importantes de ESG. Cualquier diferencia significativa entre las Calificaciones de Sostenibilidad de Fidelity y las calificaciones ESG de terceros contribuye al análisis y al debate en el seno de los equipos de inversión de Fidelity como parte de la valoración de la oportunidad de inversión y los riesgos ESG que lleve
aparejados. Las calificaciones ESG y los datos de ESG vinculados a ellas se incluyen en una plataforma de análisis centralizada que utiliza el Gestor de Inversiones. La prestación y las fuentes de los datos ESG se revisan regularmente para garantizar que siempre son adecuadas y eficaces a la hora de evaluar los riesgos de sostenibilidad de manera continua.
El equipo de análisis multiactivo de Fidelity tiene el objetivo de conocer el enfoque ESG de los gestores concretos evaluando en qué medida se integran las consideraciones en este sentido en el proceso y la filosofía de inversión, el análisis económico del analista y la composición de la cartera. Tienen en cuenta cómo se integran los factores ESG en la política de inversión de la estrategia, y, en los casos en los que se utilizan calificaciones exclusivas, la forma en la que se demuestran el análisis ESG y sus resultados en las ponderaciones de valores concretos y las políticas de participación o exclusión aplicables. El equipo consulta diversas fuentes de datos, incluidas las Calificaciones de Sostenibilidad de Fidelity, así como datos de terceros, con el fin de evaluar los indicadores ESG de las estrategias correspondientes.
TAXONOMÍA
En aquellos casos en los que se indique que un fondo debe cumplir los requisitos de divulgación de información del SFDR, el Reglamento de Taxonomía de la UE (Reglamento (UE) 2020/852 (el “Reglamento de Taxonomía”)) exige que el fondo declare que el principio de “no causar un perjuicio significativo” se aplica únicamente a las inversiones subyacentes al producto financiero que cumplen los criterios de la UE para las actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes al resto del producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles.
Cuando se indique que un fondo está sujeto a los requisitos de divulgación de los artículos 8 o 9 del SFDR, la información que debe divulgarse de conformidad con el Reglamento de la Taxonomía se indica en el Anexo sobre Sostenibilidad del fondo en cuestión.
Cuando no se indique que un fondo está sujeto a los requisitos de divulgación de los requisitos del Artículo 8 o 9 del SFDR, el fondo está sujeto al Artículo 7 del Reglamento de Taxonomía y las inversiones subyacentes a dicho fondo no tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles.
COMPROMISO DEL ACCIONISTA
Como parte del compromiso de Fidelity con la inversión sostenible y haciendo valer su responsabilidad fiduciaria, como accionista, Fidelity se implica en las empresas en las que invierte con el fin de fomentar conductas corporativas sostenibles y responsables.
PRINCIPALES EFECTOS ADVERSOS
Para Fidelity International, las principales incidencias adversas sobre los factores de sostenibilidad son aquellas incidencias provocadas por nuestras decisiones de inversión que generan incidencias negativas sustanciales sobre cuestiones medioambientales, sociales y laborales, el respeto de los Derechos Humanos y la lucha contra la corrupción y el cohecho, como la degradación del medio ambiente, las prácticas laborales inadecuadas y el comportamiento corporativo poco ético, como los sobornos y la corrupción. El análisis de los principales efectos adversos está integrado en nuestro proceso de inversión tal y como se describe a continuación.
Los principales efectos adversos sobre factores de sostenibilidad los tienen en cuenta aquellos fondos que cumplen los requisitos de divulgación de los artículos 8 y 9 del SFDR.
En el caso de aquellos fondos que tengan en cuenta los principales efectos adversos, se dispone de información sobre factores de sostenibilidad en el Anexo sobre Sostenibilidad del fondo en cuestión, así como en el próximo informe anual del Fondo.
En el caso de aquellos fondos que no se identifiquen como sujetos a los requisitos de divulgación de los artículos 8 y 9 del SFDR, no se tienen en cuenta los principales efectos adversos sobre los factores de sostenibilidad, ya que no forman parte de la estrategia ni las restricciones de inversión de estos fondos.

###### Gestor de Inversiones Delegado
En los casos en los que el Gestor de Inversiones haya subdelegado la actividad de gestión de inversiones a Fidelity Management & Research Company LLC o FIAM LLC, el subdelegado se sirve del conocimiento experto de su propio equipo de ESG para obtener un análisis fundamental e información sobre las calificaciones ESG de cada sector a efectos de identificar y evaluar los riesgos de sostenibilidad.
En los casos en los que el Gestor de Inversiones haya subdelegado la actividad de gestión de inversiones a Geode Capital Management, LLC, dicho subdelegado pondrá en marcha su propio programa de ESG a través de la votación por delegación y la participación en iniciativas colectivas de compromiso empresarial, y podrá tratar de invertir el patrimonio del fondo en posiciones o instrumentos que ofrezcan una exposición pasiva a índices que incorporen criterios de exclusión ESG en su metodología de elaboración.
El enfoque general a la hora de integrar el análisis de los riesgos de sostenibilidad en el proceso de inversión descrito anteriormente se aplica a todos los fondos de Fidelity Funds a excepción de Fidelity Funds - Euro STOXX 50® Fund. Tal y como se indica en el objetivo de inversión de Fidelity Funds - Euro STOXX 50® Fund, este fondo tiene como objetivo replicar la composición y rentabilidad del Índice lo más fielmente posible. Por lo tanto, el Gestor de Inversiones no integra los riesgos de sostenibilidad en el proceso de selección de valores, puesto que los títulos que posee el fondo se determinan en función de los componentes del Índice, y el Gestor de Inversiones debe ceñirse a ello.
FONDOS INCLUIDOS EN LOS ARTÍCULOS 8 Y 9 DEL SFDR
Aquellos fondos que promuevan, entre otras características, características medioambientales o sociales (artículo 8 del SFDR) o cuyo objetivo de inversión sea la inversión sostenible (artículo 9 del SFDR) integran consideraciones ESG en sus procesos de inversión y están sujetos a requisitos de divulgación reforzados y de sostenibilidad más estrictos, según se indica a continuación.
Los fondos que cumplen los requisitos de divulgación del Artículo 9 del SFDR deben realizar inversiones sostenibles, y los fondos que cumplan los requisitos de divulgación del Artículo 8 pueden realizar inversiones sostenibles.
De acuerdo con el Marco de Inversión Sostenible de Fidelity, las Inversiones sostenibles se definen como inversiones en:
- emisores que lleven a cabo actividades económicas que contribuyan a lograr uno o varios objetivos medioambientales establecidos en la Taxonomía de la UE y que puedan considerarse sostenibles desde el punto de vista medioambiental de conformidad con la Taxonomía de la UE;
- emisores de los que la mayoría de actividades comerciales (más del 50% de los ingresos) contribuyan a objetivos medioambientales o sociales alineados con uno o varios Objetivos de Desarrollo Sostenible de las Naciones Unidas («ODS»);
- emisores que hayan establecido un objetivo de descarbonización coherente con un escenario de calentamiento de 1,5 grados o inferior (verificado por la Science Based Target Initiative o una Calificación Climática exclusiva de Fidelity) que se consideraría que contribuye a lograr los objetivos medioambientales,siempre que la misma no cause un daño significativo a otros objetivos medioambientales o sociales y que las empresas en las que se invierta tengan buenas prácticas de gobernanza.

Puede consultar más detalles sobre la metodología aplicada en https://fidelityinternational.com/sustainable-investing-framework/. Es posible que esta información se actualice periódicamente.
Los ODS son una serie de objetivos publicados por las Naciones Unidas que reconocen que poner fin a la pobreza y otras privaciones debe ir de la mano de mejoras en la salud y la educación, el crecimiento económico y la reducción de las desigualdades, todo ello abordando a su vez el cambio climático y trabajando en pro de la conservación de los océanos y los bosques del planeta. Si desea más información, consulte la web de la ONU: https://sdgs.un.org/goals. Los ODS centrados en el medioambiente incluyen agua limpia y saneamiento, energía limpia y asequible, consumo y producción responsables y acción por el clima. Los ODS que ponen el acento en lo social incluyen: fin de la pobreza, hambre cero; trabajo productivo y crecimiento económico, industria, innovación e infraestructura y ciudades y comunidades seguras y sostenibles.
- FONDOS QUE PROMUEVEN CARACTERÍSTICAS MEDIOAMBIENTALES O SOCIALES (ARTÍCULO 8 DEL SFDR)Cuando así se indique en el objetivo de inversión, algunos fondos tratarán de lograr sus objetivos de la inversión al tiempo que promueven, entre otras, características medioambientales y sociales o una combinación de ambas. Los criterios de este enfoque figuran a continuación y se aplican a todos los fondos recogidos en el artículo 8 del SFDR. Los fondos a los que se aplica el artículo 8 se clasifican en dos categorías:
- Fondos que promueven características medioambientales y sociales El Gestor de Inversiones tiene siempre en cuenta una amplia gama de características sociales y medioambientales para cada fondo, tal y como se indica en el objetivo de inversión de cada uno de los fondos correspondientes, aunque puede aplicar requisitos de sostenibilidad y exclusiones (además de la lista de exclusiones aplicables a toda la firma a la que se ha hecho referencia anteriormente) reforzadas y más estrictas periódicamente.	Enhttps://fidelityinternational.com/sustainable-investing-framework/ es posible consultar las exclusiones adicionales que se aplican a cada fondo.

Como mínimo, un 50% de los activos de un fondo se invierten en valores con características ESG favorables.
Las características ESG favorables se establecen tomando como referencia las calificaciones ESG facilitadas por agencias externas o las Calificaciones de Sostenibilidad de Fidelity. Puede consultar más detalles sobre la metodología aplicada en https://fidelityinternational.com/sustainable- investing-framework/
. 
Es posible que esta información se actualice periódicamente.
El filtrado basado en normas incluye aquellos emisores que el Gestor de Inversiones considera que no han sido capaces de realizar su actividad conforme a unas normas aceptadas internacionalmente, incluido el Pacto Mundial de las Naciones Unidas.
A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.
Cada uno de los fondos tendrá en cuenta en todo momento un amplio conjunto de características medioambientales y sociales. Las características medioambientales incluyen, la intensidad de carbono, las emisiones de carbono, la eficiencia energética, la gestión de agua y residuos o la biodiversidad, mientras que las sociales incluyen la seguridad de los productos, la cadena de suministro, la salud y la seguridad o los Derechos Humanos. Las características medioambientales y sociales las analizan los analistas de datos fundamentales de Fidelity, y se puntúan mediante el sistema de Calificaciones de Sostenibilidad de Fidelity.
- Familia de Fondos Sostenibles de FidelityAlgunos fondos forman parte de la Familia Sostenible de Fidelity, una gama de productos con características de sostenibilidad mejoradas. Su pertenencia a esta gama se indica en el objetivo de inversión del correspondiente fondo. Todos los fondos de la Familia Sostenible de Fidelity Ase rigen por el Marco de la Familia Sostenible de Fidelity. El objetivo de inversión indicará los requisitos adicionales del fondo correspondiente, de haberlos. El Gestor de Inversiones de fondos de la Familia Sostenible de Fidelity también tiene libertad para aplicar requisitos de sostenibilidad y exclusiones adicionales, habida cuenta del proceso de inversión aplicable en cada momento.
- Como mínimo, un 70% del patrimonio neto de un fondo se invierte en valores que se considere que cuentan con características ESG favorables.

Las características ESG se determinan tomando como referencia las calificaciones ESG facilitadas por las Calificaciones de Sostenibilidad de Fidelity o por agencias externas. Se consideran características ESG favorables las de	aquellas inversiones con	una	Calificación	de Sostenibilidad de Fidelity de al menos C o su equivalente en la evaluación de una agencia externa. Puede consultar más detalles	sobre	la	metodología		aplicada		at https://fidelityinternational.com/sustainable-investing- framework/. Es posible que esta información se actualice periódicamente.
- Como máximo, un 30% del patrimonio neto de un fondo se puede invertir en emisores que se considere que no cuentan con características ESG favorables en función de los criterios mencionados anteriormente, pero que demuestren una mejora de sus indicadores de sostenibilidad. Se entiende que cumplen este requisito los emisores que estén calificados como tales según la trayectoria de su perspectiva según las Calificaciones Sostenibles de Fidelity y que, en opinión del Gestor de Inversiones, demuestren un potencial de mejora a través de la implantación y ejecución de un plan de compromiso formal. Los criterios que se utilicen para determinar esta calificación de referencia pueden cambiar a lo largo del tiempo y se actualizarán como https://fidelityinternational.com/sustainable-investing- framework/ corresponda.
- Estos fondos se adhieren a una política de exclusión mejorada basada en principios que incorpora el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones.

El filtrado basado en normas incluye aquellos emisores que el Gestor de Inversiones considera que no han sido capaces de realizar su actividad conforme a unas normas aceptadas internacionalmente, incluido el Pacto Mundial de las Naciones Unidas.
El filtrado negativo incluye a aquellos emisores expuestos o vinculados a:
o armas controvertidas (armas químicas, biológicas o incendiarias, municiones de uranio empobrecido o fragmentos indetectables, armas láser cegadoras, bombas de racimo, minas antipersona y armas nucleares);
o fabricación de armas convencionales (armas de guerra que no sean nucleares, químicas ni biológicas);
o fabricación de armas de fuego semiautomáticas destinadas a venderse a civiles o venta de armas de fuego semiautomáticas a civiles;
o fabricación, venta minorista, distribución o concesión de licencias de venta de tabaco;
o extracción y generación de energía a partir de carbón térmico, habida cuenta de que se permitirá la inversión en aquellos emisores cuya proporción de ingresos procedentes de sus actividades relacionadas con las energías renovables supere los ingresos de las actividades relacionadas con el carbón térmico, o que hayan alcanzado un compromiso efectivo con el logro de un objetivo en línea con el Acuerdo de París basado en Objetivos Basados en la Ciencia autorizados, o se encuentren alineados con una Iniciativa de Transición o hayan adquirido un compromiso público en este sentido razonablemente equivalente;
o extracción de arenas bituminosas; o
o producción de petróleo y gas árticos, en tierra y en alta mar.
El Gestor de Inversiones podrá aplicar umbrales de ingresos a efectos de afinar el filtrado.
- Puede consultar una lista de filtrados negativos que se aplican	a	cada	fondo	en https://fidelityinternational.com/sustainable-investing- framework/. Es posible que esta información se actualice periódicamente.
- A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.

Salvo que se indique lo contrario en el objetivo de la inversión de algunos fondos con una estrategia temática de sostenibilidad, cada uno de los fondos tendrá en cuenta en todo momento un amplio conjunto de características medioambientales y sociales. Las características medioambientales incluyen la intensidad de carbono, las emisiones de carbono, la eficiencia energética, la gestión de agua y residuos y la biodiversidad, mientras que las sociales incluyen la seguridad de los productos, la cadena de suministro, la salud y la seguridad o los Derechos Humanos. Se supervisan con regularidad todas las polémicas que tengan que ver con las características medioambientales y sociales. Las características medioambientales y sociales las analizan los analistas de datos fundamentales de Fidelity, y se puntúan mediante el sistema de Calificaciones de Sostenibilidad de Fidelity. Estos fondos tratan de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
La gama de productos de la Familia Sostenible de Fidelity ofrece dos categorías de inversión: temática en sostenibilidad y centrada en la sostenibilidad. Normalmente, los fondos con inversiones centradas en la sostenibilidad tratarán de seleccionar activamente compañías con mejores resultados de sostenibilidad que sus homólogas tomando como referencia las Calificaciones de Sostenibilidad de Fidelity o las Calificaciones ESG de MSCI. A su vez, los fondos de inversión temática en sostenibilidad invertirán en sectores relacionados con una temática común con un horizonte de inversión a largo plazo con el objetivo de hacer frente a desafíos de sostenibilidad.
- FONDOS QUE TIENEN COMO OBJETIVO DE INVERSIÓN LA INVERSIÓN SOSTENIBLE (ARTÍCULO 9 DEL SFDR)Estos fondos deben contar con un objetivo de inversión sostenible.
- Los fondos tienen como objetivo realizar inversiones sostenibles.
- Las Inversiones sostenibles se determinan en función de los criterios indicados en el apartado “Fondos incluidos en los artículos 8 y 9 del SFDR”.
- Los	fondos pueden,	con	carácter auxiliar, realizar inversiones, incluido el efectivo, con fines de cobertura, liquidez o gestión eficiente de la cartera, y, cuando deban hacerlo debido a normas específicas del sector, siempre y cuando esas inversiones no afecten al logro del objetivo de inversión sostenible.
- Todas las inversiones de estos fondos se filtran en busca de actividades que provoquen los principales efectos adversos sobre objetivos medioambientales y sociales, así como de polémicas relativas a la gobernanza. Los filtros se basan en una política de exclusión reforzada basada en principios que incorpora el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones.
- El filtrado basado en normas incluye aquellos emisores que el Gestor de Inversiones considera que no han sido capaces de realizar su actividad conforme a unas normas aceptadas internacionalmente, que incluyen las Líneas Directrices de la OCDE para Empresas Multinacionales, los Principios rectores sobre las empresas y los Derechos Humanos de las Naciones Unidas, el Pacto Mundial de las Naciones Unidas y los Convenios de la Organización Internacional del Trabajo (OIT).

El filtrado negativo incluye a aquellos emisores expuestos o vinculados a:
o armas controvertidas (armas químicas, biológicas o incendiarias, municiones de uranio empobrecido o fragmentos indetectables, armas láser cegadoras, bombas de racimo, minas antipersona y armas nucleares);
o fabricación de armas convencionales (armas de guerra que no sean nucleares, químicas ni biológicas);
o fabricación de armas de fuego semiautomáticas destinadas a venderse a civiles o venta de armas de fuego semiautomáticas a civiles;
o fabricación, venta minorista, distribución o concesión de licencias de venta de tabaco; o
- Extracción y generación de energía a partir de carbón térmico, habida cuenta de que se permitirá la inversión en aquellos emisores cuya proporción de ingresos procedentes de sus actividades relacionadas con las energías renovables supere los ingresos de las actividades relacionadas con el carbón térmico, o que hayan alcanzado un compromiso efectivo con el logro de un objetivo en línea con el Acuerdo de París basado en objetivos científicos autorizados, o se encuentren alineados con una Iniciativa de Transición o hayan adquirido un compromiso público en este sentido razonablemente equivalente.

o extracción de arenas bituminosas; o
o producción de petróleo y gas árticos, en tierra y en alta mar.
El Gestor de Inversiones podrá aplicar umbrales de ingresos a efectos de afinar el filtrado.
- Puede consultar una lista de filtrados negativos que se aplican	a	cada	fondo	en https://fidelityinternational.com/sustainable-investing- framework/. Es posible que esta información se actualice periódicamente.
- A través del proceso de gestión de inversiones, el Gestor de Inversiones trata de garantizar que las empresas en las que se invierte sigan buenas prácticas de gobernanza.


### Filial mauriciana
Fidelity Funds puede invertir en el mercado de valores indio a través de una filial mauriciana participada al 100% (la «Filial»). La Filial está constituida como una sociedad de responsabilidad limitada (
private company limited by shares
) con arreglo al Derecho mauriciano, con la denominación de FIL Investments (Mauritius) Limited (anteriormente, Fid Funds (Mauritius) Limited). El 1 de enero de 2014, FIL Investment Management (Singapore) Limited ha celebrado un Contrato de Gestión de Inversiones con la Filial. En virtud de este acuerdo, FIL Investment Management (Singapore) Limited presta servicios de asesoramiento y gestión de inversiones a la Filial. El 25 de febrero de 2019, FIL Investments (Mauritius) Limited renovó la autorización del Securities and Exchange Board of India («SEBI») para invertir en la India como Inversor extranjero en cartera («FPI», Foreign Portfolio Investor) con arreglo a la legislación india. FIL Investments (Mauritius) Limited está inscrita con el número INMUFP037316, y ha obtenido la aprobación para invertir en títulos indios.
El consejo de administración de la Filial está compuesto por: Nishith Gandhi, Bashir Nabeebokus, Rooksana Bibi Sahabally- Coowar y Jon Skillman.
El auditor de la Filial es Deloitte Mauricio.
BANCO DESIGNADO – MAURICIO
De acuerdo con los términos establecidos por la Comisión de Servicios Financieros de Mauricio, la Filial debe realizar todas las inversiones que se lleven a cabo fuera de Mauricio a través de una cuenta bancaria fijada en Mauricio. La Filial dispone de una cuenta bancaria a este efecto con HSBC Bank (Mauritius) Limited, Offshore Banking Unit, Mauricio.
BANCO DESIGNADO – INDIA
Conforme a la legislación india, la Filial, en calidad de inversor extranjero no indio, debe usar un banco remitente designado en la India para todas las transferencias de efectivo dentro y fuera de la India. Este banco remitente puede tener ciertos requisitos de información al RBI en cuanto a la gestión de dichas operaciones. La Filial ha nombrado a Citibank N.A. como su banco remitente en la India.
Esta estructura no impedirá que el Depositario lleve a cabo sus responsabilidades legales.
ADMINISTRADOR MAURICIANO LOCAL
La Filial ha nombrado a IQ EQ Services (Mauritius) Ltd para que actúe como su administrador, secretario y agente de registro.
En lo referente a la elaboración de los informes anuales auditados y semestrales sin auditar de la SICAV, los resultados financieros de la Filial están consolidados con los de la SICAV. A efectos del cumplimiento de los límites de inversión establecidos en el Folleto informativo, se tienen en cuenta las inversiones consolidadas de la SICAV y la Filial.
La Filial soporta y abona determinadas comisiones y gastos relacionados con su actividad inversora en valores indios. Dichas comisiones y gastos incluyen gastos y comisiones de corretaje, costes de operación vinculados a la conversión de divisas a rupias indias y viceversa, y a dólares estadounidenses y viceversa, las comisiones incurridas por su mandato por tiempo indefinido, los derechos societarios y de registro y los impuestos relacionados con la constitución y el funcionamiento de la Filial.

### Políticas sobre índices de referencia
USOS DE LOS ÍNDICES DE REFERENCIA
Los usos indicados en el apartado “Descripciones de los fondos” tienen los siguientes significados:
- Supervisión del riesgo Para supervisar los riesgos del fondo y, en caso de aquellos que utilicen el valor en riesgo relativo, calcular la rentabilidad inferior relativa máxima. Consulte los apartados “Gestión y supervisión del riesgo global” y “Valor en riesgo relativo (VeR relativo)”
- Selección de inversiones Para definir el universo de inversión del fondo y elegir los valores.
- Comparación de la rentabilidad Para evaluar la rentabilidad del fondo frente a la del índice de referencia.
- Comparación de la huella de carbono/ESG Para evaluar las características ESG del fondo frente a las del índice de referencia.
- Generación de rentabilidad superior Para comprobar si un fondo cuyo objetivo sea superar al índice de referencia lo está consiguiendo.
- Cálculo de la comisión de rentabilidad Para calcular en qué medida ha superado la rentabilidad del fondo a la del índice de referencia. Consulte el apartado “Comisiones y costes de los fondos”.
- Indexación Para reproducir la composición del índice de referencia y calcular las diferencias de rentabilidad (únicamente en los fondos con estrategia de inversión pasivas).

REGLAMENTO SOBRE ÍNDICES DE REFERENCIA
En virtud del Reglamento sobre índices de referencia (Reglamento UE 2016/1011), todos los índices de referencia que utilicen los fondos, incluidos aquellos elementos de índices de referencia compuestos, deben inscribirse debidamente en la Autoridad Europea de Valores y Mercados (AEVM).
En el caso de los proveedores de índices domiciliados en la UE, o en un país que no forme parte de la UE reconocido como equivalente a efectos de inscripción, la inscripción deberá realizarse a nivel de proveedor. Los proveedores de índices con domicilio en otros países deberán inscribir los índices concretos. Aquellos que aún no estén registrados se indican en las descripciones de los fondos.
La SICAV cuenta con planes de contingencia plasmados por escrito en los que se expone cómo afrontar situaciones en las que un índice de referencia deje de ofrecerse o de estar inscrito, o cuando un índice de referencia existente deje de ser adecuado debido a cambios en el índice o el fondo de que se trate. En algunos casos, la respuesta puede suponer una modificación de la estrategia o política de inversión del fondo, su fusión o liquidación. Se pueden consultar los detalles de forma gratuita previa petición en el domicilio social de la SICAV.
Información adicional sobre Fidelity Funds - EURO STOXX 50® Fund
Fidelity Funds – EURO STOXX 50® Fund
Este apartado proporciona información adicional sobre el fondo  y el  índice  EURO  STOXX  50®  (en lo sucesivo, el ”Índice”).
El Índice representa a las 50 empresas más importantes que se encuentran entre los 19 supersectores1 en lo referente a capitalización del capital flotante (
free float
) del mercado en 11 países de la zona euro. Entre estos países figuran Austria, Bélgica, Finlandia, Francia, Alemania, Luxemburgo, Irlanda, Italia, los Países Bajos, Portugal y España. El Índice está compuesto por un número fijo de componentes y es parte de la familia del índice de valores estrella STOXX. El índice captura en torno al 60% de la capitalización del capital flotante del mercado del Índice EURO STOXX Total Market (TMI).
Debido a la naturaleza concentrada del Índice, no podrá representar fielmente en cada fase del ciclo al mercado general, ya que puede tener cierto sesgo en cuanto a sectores, países, periodicidad de los ciclos, estilos, etc. El Índice está ponderado en función de una capitalización del capital flotante (
free float
) del mercado, con sujeción a un límite del 10% para cada uno de sus componentes. Los inversores pueden obtener la información más reciente sobre el Índice (incluidas las empresas que forman parte de él y sus respectivas ponderaciones), información pormenorizada sobre la metodología del Índice (incluida la fórmula de cálculo), así como otras noticias relativas al mismo, consultando la página web de su proveedor https://www.stoxx.com/index-details?symbol=sx5e*.
El Gestor de Inversiones es independiente de STOXX Limited, el proveedor del Índice. Los inversores deberán tener en cuenta que la composición del Índice podrá cambiar eventualmente, y que sus componentes actuales podrían suprimirse para añadir otros nuevos. La exactitud y exhaustividad del cálculo del Índice podrá verse afectada si existe cualquier problema con el sistema de cómputo o elaboración del Índice.
Con sujeción a los límites de inversión aplicables al fondo y que se exponen en la descripción del fondo, el objetivo del fondo consiste en seguir la rentabilidad del Índice, buscando lograr de ese modo el crecimiento del capital a largo plazo. Sin embargo, no existe garantía alguna de que la rentabilidad
del fondo vaya a ser la misma que la del Índice. El fondo tiene como objetivo utilizar una estrategia de réplica y mantener todos los valores que integran el Índice. No obstante, cuando la composición de éste varíe conforme a los movimientos del mercado bursátil, cabe la posibilidad de que el fondo no pueda llevar a cabo un seguimiento completo del Índice en todo momento, por lo que podría producirse un error de seguimiento. De igual modo, el error de seguimiento podría deberse a las comisiones y gastos, así como a la volatilidad de los valores componentes del Índice. Con el fin del reducir al mínimo el error de seguimiento y de disminuir los costes de las operaciones, el fondo invertirá en futuros sobre el Índice, con sujeción a los límites establecidos en el apartado “Facultades y límites de inversión generales”. Teniendo en cuenta la naturaleza y objetivo del fondo, puede que no sea capaz de adaptarse a los cambios del mercado, y está previsto que cualquier retroceso del Índice derive en una correspondiente caída en el valor del fondo. En el supuesto de que el Índice dejara de ser operativo o de estar disponible, los Administradores considerarán si conviene que el fondo mantenga su estructura actual hasta el momento en el que el Índice vuelva a estar disponible, o si es más aconsejable que cambie su objetivo para poder seguir a otro índice con características similares a las del Índice.
STOXX y sus cedentes de la licencia no tienen ninguna relación con Fidelity Funds, aparte de la licencia de EURO STOXX 50® y las marcas registradas relacionadas para su uso en conexión con Fidelity Funds – EURO STOXX 50® Fund.
STOXX y sus Cedentes:
- No patrocinan, promocionan, venden ni publicitan el fondo.
- No recomiendan que ninguna persona invierta en el fondo ni en cualquier otro valor.
- No asumen responsabilidad alguna por las decisiones adoptadas en torno a la sincronización, cantidad o fijación de precios del fondo, como tampoco toman decisiones al respecto.
- No asumen responsabilidad alguna por la administración, gestión o publicidad del fondo.
- No consideran las necesidades del fondo ni de los titulares de este a la hora de establecer, componer o calcular el índice correspondiente, ni tampoco tienen obligación alguna de hacerlo.

1 Según determine el Industry Classification Benchmark (“ICB”), un sistema de clasificación de
sectores empleado para separar los mercados en sectores dentro de la macroeconomía.
* Consulte la pestaña “Datos/Información sobre los componentes” para conocer el resto de valores que componen el índice y sus respectivas ponderaciones.

### Políticas de crédito
El Gestor de Inversiones evalúa la calidad crediticia de conformidad con las referencias y métodos que se describen a continuación.
En el caso de la renta fija, las calificaciones crediticias se tienen en cuenta a nivel de valores o emisores en el momento de compra de los valores. Los fondos también podrán ser titulares de valores cuyas calificaciones hayan sido rebajadas.
En el caso de la renta fija y los instrumentos del mercado monetario, la Sociedad Gestora solo utiliza calificaciones de agencias de crédito constituidas y reconocidas en la UE. La Sociedad Gestora realiza su propio análisis crediticio y no se basa exclusivamente en las calificaciones crediticias de las agencias.
BONOS CON GRADO DE INVERSIÓN (CON CALIFICACIÓN ENTRE AAA/AAA Y BBB-/BAA3) Y BONOS CON GRADO ESPECULATIVO (CON CALIFICACIÓN BB+/BA1 O INFERIOR)
Estos valores deben ser calificados por parte de Standard & Poor’s u otra agencia de calificación reconocida internacionalmente. Si existen incoherencias entre unas calificaciones y otras, utilizamos la segunda más alta.
ACTIVOS TITULARIDAD DE FONDOS DEL MERCADO MONETARIO
Al evaluar las titulizaciones de instrumentos del mercado monetario y el papel comercial titulizado para los fondos del mercado monetario (según los define y regula el Reglamento (UE) 2017/1131) para decidir si su calidad crediticia recibe una evaluación favorable, la Sociedad Gestora revisa las calificaciones crediticias de las agencias y aplica también su propio procedimiento interno de evaluación de la calidad crediticia con información actualizada sobre dicha calidad procedente de otras fuentes fiables.
Este procedimiento se basa en metodologías de valoración prudente, sistemática y continua que tienen en cuenta las características del emisor y el instrumento y que han sido validadas por la experiencia y los datos empíricos, lo que incluye el 
backtesting
.
El procedimiento incluye criterios para analizar datos financieros, identificar tendencias y realizar un seguimiento de los factores clave a la hora de determinar el riesgo crediticio. La Sociedad Gestora supervisa la aplicación del procedimiento por parte de un equipo de analistas de crédito y revisa con regularidad el procedimiento para garantizar su precisión, adecuación y correcta ejecución, y realiza ajustes a la importancia relativa de los criterios de evaluación periódicamente. El procedimiento cumple lo dispuesto en los artículos 19.4 y 20.2 del Reglamento (UE) 2017/1131 y lo aprueban los Responsables de Dirección de la Sociedad Gestora, y posteriormente, sus Administradores.
El procedimiento de evaluación interno se basa en numerosos indicadores. Algunos criterios cualitativos son la fijación del precio de los instrumentos del mercado monetario y las permutas de incumplimiento crediticio; la supervisión de los correspondientes índices financieros que tienen en cuenta diversas zonas geográficas, sectores y clases de activos, así como de información financiera y de impagos específica de cada sector. Algunos ejemplos de criterios cualitativos incluyen la posición competitiva, riesgo de gobernanza, situación financiera y fuentes de liquidez del emisor, la capacidad de reacción del emisor ante acontecimientos futuros, la solidez del sector del emisor en el conjunto de la economía y en relación con las tendencias económicas, y la clase, estructura, características a corto plazo, activos subyacentes, perfil de liquidez, mercados relevantes y posibles riesgos operativos y de contraparte del instrumento. De conformidad con el artículo 21 del Reglamento (UE) 2017/1131, la Sociedad Gestora documenta su procedimiento de evaluación de la calidad crediticia interno y sus evaluaciones de calidad crediticia.

### Descripción de los riesgos
Todas las inversiones implican riesgo. El riesgo de algunos de estos fondos puede ser comparativamente alto.
La descripción de los riesgos que figura a continuación corresponde a los principales factores de riesgo indicados en cada fondo. Un fondo puede verse afectado por otros riesgos distintos a los que se indican para él o a los que aquí se describen. Del mismo modo, esta descripción de los riesgos no tiene el carácter de exhaustiva. Cada uno de los riesgos de describe para un fondo en concreto.
Cualquiera de ellos puede hacer perder dinero, ofrecer rendimientos inferiores a los de inversiones similares o un índice de referencia, experimentar una volatilidad alta (altibajos en el VL) o impedir cumplir su objetivo de inversión en cualquier periodo de tiempo a un fondo.
RIESGO DE GESTIÓN ACTIVA 
Los gestores de inversión pueden equivocarse al analizar las tendencias económicas o del mercado, elegir o diseñar los modelos generados por ordenador que utilicen, asignar activos o tomar cualquier otra decisión de inversión.
Las prácticas de gestión de que han funcionado bien en el pasado, o que son la manera aceptada de afrontar determinadas situaciones, pueden demostrarse ineficaces.
RIESGO DE ASIGNACIÓN DE ACTIVOS 
El fondo está sujeto a los riesgos de todas las clases de activos incluidas en su asignación de activos. En la medida en que los patrones de correlación o ausencia de correlación entre unas clases de activos y otras no se comporten según lo previsto, los fondos podrán sufrir mayor volatilidad o más pérdidas que si lo hubieran hecho.
RIESGO DE ORIENTACIÓN DEL ÍNDICE DE REFERENCIA 
El
objetivo de los fondos indexados es reproducir de la forma más fiel posible el rendimiento de un índice. Sin embargo, existe el riesgo de que el rendimiento de un fondo indexado no replique exactamente el rendimiento de dicho índice. El Gestor de Inversiones supervisará y procurará gestionar este riesgo minimizando la diferencia de seguimiento. En ningún momento se puede garantizar una réplica exacta o idéntica del rendimiento del Índice.
Los índices de mercado, que se suelen utilizar como índices de referencia, los calculan entidades independientes que no tienen en cuenta cómo pueden afectar al rendimiento de los fondos. Los proveedores de índices no garantizan que los cálculos de sus índices sean exactos y no asumen responsabilidad alguna ante las pérdidas de los inversores que realizan inversiones que pretendan replicar cualquiera de sus índices. Si un proveedor deja de ofrecer un índice, pierde la inscripción ante la AEVM como proveedor de un índice de referencia o no la obtiene, es posible que se proceda a liquidar el fondo si no se encuentra un sustituto adecuado.
RIESGO DE CHINA 
Los derechos legales de los inversores en China continental son inciertos, la intervención estatal es habitual e impredecible, algunas de las principales plataformas de negociación y custodia no están probadas, y es probable que todos los tipos de inversiones tengan una volatilidad más elevada y mayores riesgos de liquidez y de contraparte en comparación.
En China continental, no está claro que los tribunales vayan a proteger los derechos de un fondo sobre los valores que pueda comprar a través de los programas Stock Connect, el mercado interbancario de bonos de China u otras vías, cuya regulación no está probada y es susceptible de cambiar. La estructura de estos programas no exige la trazabilidad total de algunas de las entidades que los conforman, y dejan a los inversores, como los fondos, con un margen relativamente pequeño para emprender acciones legales en China continental.
Además, los mercados de valores de China o sus autoridades pueden gravar o limitar los beneficios obtenidos con operaciones de compraventa rápidas, retirar valores autorizados, fijar o modificar cuotas (volúmenes máximos de negociación, ya sea a nivel de los inversores o a nivel del mercado) o bloquear, limitar, restringir o retrasar la negociación, obstaculizar o evitar de otro modo que los fondos puedan aplicar sus estrategias previstas.
Los fondos cuyo objetivo de inversión o cuyos requisitos específicos de país recogidos en el apartado “Requisitos adicionales voluntarios” les permitan de manera específica invertir directamente en acciones China A o valores de renta fija del mercado interior chino, dichas inversiones podrán llevarse a cabo a través del estatus de Inversor Extranjero Apto (QFI) de FIL Investment Management (Hong Kong) Limited, Stock Connect, el programa de acceso directo al mercado interbancario de bonos de China, Bond Connect o cualquier medio aceptado disponible para los fondos conforme a las leyes y normativas vigentes.
La inversión en valores nacionales de la RPC denominados en CNY se realizan a través del estatus de QFI o de los programas Hong Kong Stock Connect, sujetos a cuotas diarias y conjuntas.
Los fondos pueden invertir indirectamente en acciones China A a través de productos que ofrezcan acceso a estas acciones, incluidos, entre otros, pagarés vinculados a renta variable, pagarés vinculados a crédito o fondos que inviertan en acciones China A.
Estatus de QFI. Salvo que se indique lo contrario en el objetivo de inversión de un fondo, un fondo puede invertir menos del 70% de sus activos en valores de China con la licencia de un inversor institucional extranjero apto en el marco del programa QFI. La inversión a través de una licencia de QFI tiene riesgos. Por ejemplo, el estatus de QFI puede ser suspendido, reducido o revocado, lo que podría afectar a la capacidad del fondo para invertir en valores autorizados o exigir que los enajene, generando un efecto adverso en la rentabilidad del mismo. El Reglamento de QFI impone estrictas restricciones en cuanto a las inversiones (que incluyen normas en cuanto a las restricciones de inversión, periodos de tenencia mínimos y repatriación del capital o los beneficios) aplicables a la Sociedad Gestora y a las inversiones del fondo. No está claro que los tribunales vayan a proteger los derechos de un fondo sobre los valores que estén en manos de un QFI con licencia en su representación si el QFI sufriera presiones jurídicas, económicas o políticas.
Programas Shanghai, Shenzhen y Hong Kong Stock Connect. Stock Connect es un proyecto conjunto de Hong Kong Exchanges and Clearing Limited (HKEC), China Securities Depository and Clearing Corporation Limited (ChinaClear), la Bolsa de Shanghái y la Bolsa de Shenzhen. Hong Kong Securities Clearing Company Limited (HKSCC), una cámara de compensación operada a su vez por HKEC, actúa como persona designada de los inversores que acceden a los valores incluidos en Stock Connect.
Los acreedores de una persona designada o un custodio podrían afirmar que los activos mantenidos en cuentas en representación de los fondos son en realidad activos propiedad de la persona designada o el custodio. Si un tribunal diese validez a esta afirmación, los acreedores de la persona designada o el custodio podrían solicitar que se salden sus deudas con cargo a los activos del fondo correspondiente. HKSCC, como persona designada, no garantiza la titularidad de valores incluidos en Stock Connect de los que se sea titular a través de ella y no está obligada a hacer valer los derechos de titularidad u otra naturaleza vinculados a la titularidad en representación de los titulares reales (como los fondos). Por lo tanto, la titularidad de dichos
valores, o los derechos vinculados a ellos, (como la participación en acciones corporativas o juntas de accionistas) no se puede garantizar.
Si la SICAV o cualquier fondo sufre pérdidas con motivo de la rentabilidad o la insolvencia de HKSCC, la SICAV no dispondría de recursos legales directos contra HKSCC, ya que la legislación china no reconoce ninguna relación jurídica directa entre HKSCC y la SICAV ni el depositario.
Si ChinaClear incurre en impago, las responsabilidades contractuales de HKSCC quedarán limitadas a ayudar a los participantes a interponer demandas. Los intentos de un fondo por recuperar los activos que haya perdido podrían implicar retrasos y gastos considerables, y podrían no prosperar.
Mercado interbancario de bonos de China (CIBM) y Bond Connect. Estos mercados ofrecen una vía de compra de renta fija china para los inversores extranjeros (como los fondos). El CIBM puede registrar volúmenes de negociación bajos, que pueden provocar riesgos de liquidez y pueden hacer que un fondo pierda oportunidades de inversión. Aunque Bond Connect elimina la cuota de inversión del CIBM y la necesidad de contar con un agente de liquidación de bonos, algunos bonos aún pueden seguir sufriendo volúmenes de negociación bajos, las inversiones realizadas por cualquiera de los canales pueden tener una elevada volatilidad de los precios y pueden existir amplios diferenciales entre los precios de oferta y compra, lo que limitará las posibilidades de realizar inversiones rentables.
ChiNext Market y Science & Technology Innovation Board de la Bolsa de Shanghái (STAR Board). Algunos fondos pueden estar expuestos a valores que coticen en el ChiNext Market de la SZSE o el STAR Board de la SSE. 
Mayor fluctuación en los precios de los valores y riesgo de liquidez 
- Tanto ChiNext Market como STAR Board suelen ser de naturaleza emergente y de un tamaño operativo más pequeño. En particular, las empresas cotizadas en el ChiNext Market o STAR Board están sujetas a límites más amplios de fluctuaciones en el precio, y, debido a unos umbrales de entrada más elevados para los inversores, podrían tener una liquidez limitada, en comparación con las de otros mercados. Por tanto, las empresas que cotizan en ellos están sujetas a mayores fluctuaciones en el precio de los valores y más riesgos de liquidez y ratios de rotación que las cotizadas en los principales mercados de la SZSE o la SSE. 
Riesgo de sobrevaloración 
- El ChiNext Market o el STAR Board pueden estar sobrevalorados, y una valoración tan alta podría no ser sostenible. El precio de los valores puede ser más susceptible a la manipulación debido al menor número de acciones en circulación. 
Diferencias en la regulación 
- Los reglamentos y normativas aplicables a las empresas cotizadas en el ChiNext Market y el STAR Board son más laxas en cuanto a rentabilidad y capital social que los que se aplican a aquellas que cotizan en los mercados principales de la SZSE o la SSE. 
Riesgo de interrupción de la cotización 
- Es posible que las empresas cotizadas en el ChiNext Market o el STAR Board dejen de cotizar de forma más habitual y más rápida. En concreto, el ChiNext Market y el STAR Board cuentan con criterios más estrictos para abandonar la cotización que otros mercados. Si las empresas en las que invierte un fondo dejan de cotizar, eso puede afectar negativamente a dicho fondo. 
Riesgo de concentración 
- El STAR Board es un mercado de nueva creación, y es posible que en él cotice un número reducido de empresas en la primera etapa. Es posible que las inversiones en el STAR Board se concentren en un pequeño grupo de valores y expongan al correspondiente fondo a un mayor riesgo de concentración. Las inversiones en el ChiNext Market o STAR Board pueden dar como resultado pérdidas significativas para el fondo correspondiente y sus inversores.
Bonos Dim Sum. Algunos fondos pueden invertir en bonos “dim sum” (es decir, bonos emitidos fuera de China continental, pero denominados en RMB). El mercado de bonos “dim sum”
es relativamente pequeño. Al igual que sucede con algunos mercados de renta fija internacionales, puede ser más susceptible a la volatilidad y la falta de liquidez, y en caso de que se establecieran nuevas normas para limitar o restringir la capacidad de los emisores de aumentar la financiación en RMB (CNH extraterritorial) mediante la emisión de bonos, o si se produjera una revocación o una suspensión de la liberalización del mercado en CNH por parte del correspondiente regulador o reguladores, tanto la actividad del mercado de bonos “dim sum” como las nuevas emisiones podrían verse interrumpidas, lo que podría provocar un descenso en el valor liquidativo de los fondos.
Renminbi continental y extraterritorial. En China continental, el Gobierno cuenta con dos divisas independientes: el renminbi continental (CNY), que no puede salir de China continental y, en general, no puede ser titularidad de extranjeros, y el renminbi extraterritorial (CNH), que cualquier inversor puede poseer. La tasa de cambio entre ambas, y la medida en la que se permiten operaciones de cambio de divisas en las que el CNH sea una de ellas, depende de las autoridades, que tienen en cuenta una serie de factores políticos y de mercado.
Calificaciones crediticias. Un fondo puede invertir en valores cuya calificación crediticia hayan asignado agencias de calificación crediticia locales de China continental. Sin embargo, los criterios de calificación y la metodología utilizada por dichas agencias pueden diferir de aquellos que aceptan la mayoría de agencias internacionales de calificación crediticia consolidadas. Por lo tanto, ese sistema de calificación podría no ofrecer un criterio equivalente con el compararlo con los valores calificados por agencias crediticias internacionales.
Bonos municipales Los riesgos de los bonos municipales, emitidos por los Vehículos de Financiación de las Entidades Locales (LGFV, por sus siglas en inglés) con el fin de captar financiación para las inversiones en proyectos de bienestar social o infraestructuras, que conllevan el riesgo de las dificultades financieras de las operaciones subyacentes.
Provisión por impuestos en la RPC. La Sociedad Gestora se reserva el derecho a provisionar los correspondientes impuestos sobre las plusvalías en China para cualquiera de los fondos que invierta en valores de la RPC, lo que afectará a la valoración del fondo. Con la incertidumbre sobre si algunas plusvalías obtenidas en la RPC se gravarán y de qué manera, unida a la posibilidad de que la legislación, normativa y práctica de la RPC en esta materia cambien, así como a la posibilidad de que se apliquen impuestos con carácter retroactivo, las provisiones por impuestos que la Sociedad Gestora realice pueden ser excesivas o inadecuadas para atender las obligaciones fiscales definitivas en la RPC sobre las plusvalías derivadas de la enajenación de valores de la RPC. Por lo tanto, los inversores podrán verse beneficiados o perjudicados dependiendo de cómo tributen finalmente esas plusvalías, el nivel de las provisiones y la fecha de suscripción o reembolso de sus acciones en los fondos.
En efecto, esto da lugar a riesgos de divisas dentro de la divisa de un mismo país, así como a riesgos de liquidez, puesto que la conversión de CNY a CNH, y de CNH a otras divisas puede ser objeto de restricciones, al igual que la retirada de cualquiera de ellas de China continental o Hong Kong.
RIESGO DE BONOS COCOS 
Los bonos contingentes convertibles (CoCos) están menos probados en comparación con otros activos, son más vulnerables a sufrir pérdidas que la renta variable, suponen riesgos de ampliación, pueden ser altamente volátiles y sus emisores pueden cancelar o modificar los pagos de rentas previstos a voluntad.
Los CoCos pueden estar subordinados no solo a otras obligaciones de deuda, sino también a los titulares de renta variable en el orden de prelación de créditos. También
pueden perder la totalidad o parte de su valor de forma instantánea si se dan de baja contable o si se produce un acontecimiento desencadenante, que por ejemplo podría ser una pérdida de capital (numerador) o un incremento de los activos por riesgo ponderado (denominador). Puesto que los bonos CoCos son en la práctica préstamos a perpetuidad, el importe del principal podría amortizarse en la fecha de amortización, en cualquier momento con posterioridad a esta, o no amortizarse nunca. Los bonos CoCos también pueden tener riesgos de liquidez y pueden ser difíciles de valorar.
Se desconoce cuál será el comportamiento de los CoCos en diversas situaciones del mercado, pero hay riesgo de que la volatilidad o el desplome de los precios se puedan extender entre los emisores y de que los bonos pasen a ser ilíquidos. Estos riesgos podrían empeorar en la medida en que los CoCos puedan concentrarse en determinados sectores en lugar de estar repartidos proporcionalmente entre varios y también podrían ser peores en función del nivel de arbitraje del instrumento subyacente.
En caso de conversión en renta variable, el Gestor de Inversiones quedaría obligado a vender todos los nuevos títulos de renta variable si la política de inversión del fondo no permite la tenencia de renta variable, lo que podría implicar un riesgo de liquidez. Mientras los CoCos tienden a ofrecer rendimientos atractivos, cualquier valoración de su riesgo debe incluir no solo sus calificaciones crediticias (que pueden ser de grado especulativo), pero también otros riesgos asociados con los CoCos, como el de conversión, cancelación de cupón y liquidez. También sigue sin estar claro si los inversores han valorado de forma precisa los riesgos de los CoCos, lo que supondría que un acontecimiento del mercado que les afecte podría causar un entorno bajista permanente en todo el mercado de CoCos.
RIESGO DE MATERIAS PRIMAS 
Las materias primas tienden a ser altamente volátiles, y pueden verse desproporcionadamente afectadas por acontecimientos políticos, económicos, climatológicos, comerciales o agrícolas, así como por atentados terroristas y cambios en los precios de la energía y el transporte.
Puesto que responden a factores específicos, los precios de las materias primas pueden comportarse de forma distinta entre sí y en relación con los de la renta variable, la renta fija y otras inversiones comunes.
RIESGO DE CONCENTRACIÓN 
En la medida en que un fondo invierta una gran parte de sus activos en un número limitado de industrias, sectores o emisores, o en una zona geográfica limitada, el riesgo puede ser mayor que el de un fondo que invierta de forma más amplia.
La concentración en una empresa, industria, sector, país, región, tipo de valor, tipo de economía, etc. hace que un fondo sea más sensible a aquellos factores que determinen el mercado de valor para esa zona de concentración. Estos factores pueden incluir las condiciones económicas, financieras o de mercado, así como la situación social, política, económica o medioambiental, entre otras. Los resultados pueden ser mayor volatilidad y un mayor riesgo de pérdida.
RIESGO DE VALORES CONVERTIBLES 
Puesto que los valores convertibles se estructuran como bonos que normalmente pueden, o deben, amortizarse con una cantidad preestablecida de títulos de renta variable, en vez de efectivo, asumen el riesgo de renta variable y el riesgo crediticio y de impago típico de la renta fija.
RIESGO DE CONTRAPARTE Y COLATERAL 
Cualquier entidad con la que un fondo realice operaciones, incluido el depositario, puede no estar dispuesto a cumplir sus obligaciones ante el fondo o no ser capaz de cumplirlas.
Los acuerdos con contrapartes, como el préstamo de valores, pueden implicar un riesgo de liquidez y operativo, cada uno de los cuales podría provocar pérdidas y limitar la capacidad
del fondo de atender las solicitudes de reembolso u otras obligaciones de pago o invertir los activos en cuestión.
En cualquiera de las siguientes circunstancias, el fondo podrá perder la totalidad o parte de su dinero, o sufrir retrasos en la devolución de valores o efectivo mantenidos por la contraparte (lo que también podría provocar pérdidas):
- un depositario, subcustodio, intermediario u otra contraparte quiebra o incumple sus obligaciones: en algunos casos, el depositario podría no ser capaz de remediar, o no asumir responsabilidad ante, las acciones de un subcustodio que haya designado
- se producen catástrofes naturales o provocadas por el hombre graves, atentados terroristas, disturbios civiles, conflictos bélicos u otros acontecimientos de “fuerza mayor” (puesto que, en estos casos, las partes normalmente no asumen responsabilidad ante las pérdidas)
- en algunas jurisdicciones, los acuerdos de garantía (incluso aquellos que utilizan el lenguaje habitual del sector) podrían resultar difíciles o imposibles de hacer cumplir.

En cualquiera de las siguientes circunstancias, el valor de la garantía podría no cubrir el valor íntegro de una operación o cualesquiera comisiones o rentabilidades que se adeuden al fondo:
- la garantía reduce su valor; este riesgo es máximo si se produce un retraso sustancial en la devolución de los activos por parte de la contraparte. Sin embargo, en periodos de volatilidad del mercado, puede materializarse incluso en el corto lapso de tiempo entre la asignación y la liquidación de una operación vinculada a una garantía o entre el momento en el que se calcula la necesidad de una garantía y aquel en el que el fondo la recibe
- la garantía genera unas rentas inferiores a lo previsto
- el fondo o una contraparte ha puesto un precio erróneo a la garantía
- es posible que la garantía que se utilice para cubrir el impago de una contraparte tarde tiempo en liquidarsePara cualquier garantía en efectivo en la que invierta un fondo, las circunstancias que se acaban de describir podrían generar también apalancamiento (y, por lo tanto, volatilidad) o exponer el fondo a activos incoherentes con su objetivo de inversión.

RIESGO DE CRÉDITO 
Un bono o instrumento del mercado monetario podría bajar de precio y ser más volátil y menos líquido si la calidad crediticia del emisor o del valor disminuye, o si el mercado cree que puede hacerlo. En casos extremos, una inversión en deuda podría incurrir en impago, lo que implica que su emisor podría no ser capaz de realizar pagos al fondo en tiempo y forma.
Los efectos adversos de las cuestiones medioambientales, como el cambio climático y los desastres naturales, pueden hacer mella en la salud financiera del emisor de un bono.
RIESGO DE DIVISAS 
En la medida en que un fondo sea titular de activos que se denominen en divisas distintas a su divisa base, las fluctuaciones de los tipos de cambio podrían reducir las plusvalías o rentas generadas por la inversión, o incrementar sus pérdidas, en algunos casos, de forma significativa.
Los tipos de cambio pueden variar rápidamente y de forma impredecible, y es posible que resulte difícil para un fondo liquidar su exposición a una divisa concreta a tiempo para evitar las pérdidas.
Las variaciones de los tipos de cambio pueden estar influidas por factores como las balanzas comerciales, las tendencias económicas y políticas, la intervención del Estado y la especulación de los inversores.
Asimismo, los accionistas pueden experimentar riesgo de divisas si la divisa en la que suscriben o reembolsan las acciones es distinta a la divisa base de un fondo. Las fluctuaciones en los tipos de cambio entre la divisa base y la
de una clase de acciones pueden reducir las plusvalías o rentas generadas por la inversión, o incrementar sus pérdidas, en algunos casos, de forma significativa.
La intervención por parte de un banco central, por ejemplo, a través de la compra o venta agresiva de divisas, los cambios en los tipos de interés, las restricciones en los movimientos de capitales o el abandono de la indexación de una divisa a otra, podría causar cambios abruptos o a largo plazo en el valor de una divisa frente a otra.
RIESGO DE DERIVADOS 
El valor de los derivados puede ser volátil. Las pequeñas variaciones en el valor de un activo subyacente pueden generar importantes cambios en el valor de un derivado y exponer a un fondo a pérdidas que podrían ser superiores al coste del derivado en sí.
Un fondo puede usar derivados por varias razones, por ejemplo, con fines de cobertura, para lograr una gestión eficiente de la cartera y con otros fines de inversión. Los derivados son instrumentos especializados que requieren técnicas de inversión y análisis de riesgo distintos de los vinculados a valores tradicionales.
Los derivados están sujetos a los riesgos de los activos subyacentes –normalmente de forma modificada y muy ampliada– además de implicar sus propios riesgos. Algunos de los principales riesgos de los derivados son:
- los precios y la volatilidad de algunos derivados, en particular, las permutas de incumplimiento crediticio y las obligaciones de deuda titulizadas, pueden diferir de los precios y la volatilidad de sus referencias subyacentes, a veces de una forma impredecible y muy notable
- en situaciones del mercado difíciles, puede ser imposible o inviable cursar órdenes que limiten o compensen la exposición de mercado o las pérdidas económicas que generen algunos derivados
- los derivados implican costes en los que un fondo no incurriría de no utilizarse
- puede ser difícil predecir cómo se comportará un derivado en determinadas condiciones del mercado; este riesgo es mayor para aquellos derivados más novedosos o complejos
- los cambios en la legislación o normativa fiscal, contable o de valores podrían hacer caer el valor de un derivado u obligar a un fondo a cerrar la posición en alguno de ellos en circunstancias adversas
- algunos derivados, en particular, los futuros, las opciones, las permutas de rendimiento total, y los contratos por diferencias, pueden implicar el préstamo con margen. Esto implica que un fondo podría verse obligado a elegir entre liquidar valores para atender una petición de reposición del margen de garantía o asumir una pérdida en una posición que, de haberse mantenido durante más tiempo, habría generado una pérdida inferior o una ganancia.

Derivados cotizados en Bolsa. La negociación con estos derivados o sus activos subyacentes podría ser objeto de suspensión o limitación. También existe un riesgo de que la liquidación de estos derivados a través de un sistema de transferencias no ocurra en el momento o de la manera que se hubiera previsto.
Derivados extrabursátiles no liquidados. Puesto que los derivados extrabursátiles son, en esencia, contratos privados entre un fondo y una o varias contrapartes, su regulación es más laxa que la de los valores cotizados en mercados. También implican un mayor riesgo de contraparte y liquidez, y su precio es más subjetivo. Si una contraparte deja de ofrecer un derivado que un fondo estaba planeando utilizar, dicho fondo podría no encontrar un derivado comparable en otro lugar y podría perder una oportunidad de materializar una ganancia o verse expuesto de manera imprevista a riesgos o pérdidas, incluidas aquellas generadas por una posición en derivados para la que no haya podido adquirir otro derivado que la compensase.
Puesto que, en general, no resulta práctico para la SICAV dividir sus operaciones con derivados extrabursátiles entre una gama amplia de contrapartes, el deterioro de la solidez financiera de cualquiera de las contrapartes podría provocar pérdidas significativas. En cambio, si un fondo experimenta debilidades financieras o es incapaz de cumplir una obligación, las contrapartes podrían no estar dispuestas a realizar operaciones comerciales con la SICAV, por lo que esta podría perder su capacidad de operar de forma eficiente y competitiva.
Derivados extrabursátiles liquidados. Puesto que estos derivados se liquidan en una plataforma de negociación, su riesgo de liquidez es similar al de los derivados cotizados en Bolsa. Sin embargo, siguen suponiendo un riesgo de contraparte parecido al de los derivados extrabursátiles no liquidados.
RIESGO DE VALORES QUE ATRAVIESAN DIFICULTADES 
Algunos
de los fondos pueden contar con posiciones en valores que atraviesan dificultades o invertir en ellos, de conformidad con sus respectivas políticas de inversión. Los valores que atraviesan dificultades implican un riesgo significativo. Estas inversiones son altamente volátiles y se llevan a cabo cuando el Gestor de Inversiones cree que ofrecerán un rendimiento atractivo en función del nivel de descuento de su precio en comparación con el valor razonable que se estima para el título, o cuando existe la expectativa de que el emisor presentará una oferta de intercambio o plan de reestructuración favorable. No puede garantizarse que se vaya a producir una oferta de intercambio o una reestructuración, ni que los valores u otros activos recibidos no tengan un valor o potencial de generación de rentas inferior al previsto en el momento de la inversión. Del mismo modo, es posible que transcurra un periodo prolongado entre el momento en el que se realiza la inversión en valores que atraviesan dificultades y el momento de cierre de una oferta de intercambio o plan de reestructuración. Es posible que, con frecuencia, los valores que atraviesan dificultades no generen rentas mientras se encuentren en circulación, y existirá una incertidumbre significativa sobre si se alcanzará su valor razonable o si se cerrará una oferta de intercambio o un plan de reestructuración con respecto a los mismos. Es posible que se exija a un fondo asumir determinados gastos en los que se incurra para proteger y recuperar la inversión en valores que atraviesan   dificultades   o   que   surjan durante las negociaciones de cualquier posible intercambio o plan de reestructuración. Asimismo, las restricciones en las decisiones y actuaciones de inversión con respecto a los valores que atraviesan dificultades debido a consideraciones fiscales pueden afectar al rendimiento materializado sobre dichos valores. Las inversiones de un fondo en valores que atraviesan dificultades pueden incluir a emisores con necesidades de capital significativas o patrimonio neto negativo, o emisores que están, han estado o podrían verse inmersos en procedimientos de reestructuración o concursales. Un fondo puede verse obligado a vender su inversión a pérdida o mantenerla mientras se resuelve el procedimiento concursal.
RIESGO  DE  MERCADOS  EMERGENTES  
Los  mercados
emergentes están menos consolidados y son más volátiles que los desarrollados. Implican mayores riesgos, sobre todo, de mercado, crediticios, de valores ilíquidos, jurídicos, de custodia, de valoración y de divisa, y es más probable que experimenten riesgos que en los mercados desarrollados se asocian a condiciones atípicas del mercado.
Algunas razones de este elevado nivel de riesgo son:
- inestabilidad política, económica o social
- economías muy dependientes de sectores, materias primas o socios comerciales concretos
- inflación desbocada
- aranceles elevados o arbitrarios, así como otras formas de proteccionismo
- cuotas, reglamentos, legislación, restricciones a la repatriación del capital u otras prácticas que pongan en desventaja a los inversores extranjeros (como los fondos).
- cambios en legislación o incapacidad de hacer cumplir legislación o normativa, facilitar mecanismos justos o funcionales para resolver litigios o presentar recursos, o reconocer de otro modo los derechos de los inversores, tal y como se entienden en los mercados desarrollados
- comisiones o costes de negociación excesivos, o incautación directa de activos
- fiscalidad excesiva o fuera de lo habitual, legislación tributaria mal definida, frecuentemente cambiante o aplicada de forma arbitraria
- reservas inadecuadas para cubrir los impagos del emisor o la contraparte
- información incompleta, engañosa o inexacta sobre los valores y emisores
- prácticas contables, de auditoría o de presentación de información financiera que no alcanzan la calidad mínima o se desvían de las habituales
- mercados pequeños con volúmenes de negociación bajos y, que, por lo tanto, pueden ser vulnerables a los riesgos de liquidez y a la manipulación de los precios del mercado
- retrasos y cierres del mercado arbitrarios
- infraestructura de mercado menos desarrollada incapaz de asumir los picos en el volumen de negociación
- fraude, corrupción y erroresEn algunos países, los mercados de valores también pueden adolecer de un deterioro de la eficiencia y la liquidez, que puede empeorar la volatilidad de los precios y las disrupciones del mercado.

En la medida en que los mercados emergentes tengan husos horarios distintos al de Luxemburgo, un fondo puede no ser capaz de reaccionar a tiempo a las fluctuaciones de los precios que se produzcan en las horas en las que el fondo no esté abierto para la negociación.
A efectos del riesgo, la categoría de mercados emergentes incluye aquellos menos desarrollados, como es el caso de la mayoría de países de Asia, África, América del Sur y Europa del Este, al igual que países como China, Rusia y la India, cuyas economías son prósperas, pero que pueden no ofrecer los niveles más altos de protección a los inversores.
RIESGO DE RENTA VARIABLE 
La renta variable puede perder valor con rapidez, y, normalmente, implica riesgo de mercado superiores (a menudo sensiblemente superiores) que los de la renta fija o los instrumentos del mercado monetario.
Si una empresa entra en concurso de acreedores o una reestructuración financiera similar, sus títulos de renta variable pueden perder la mayor parte o la totalidad de su valor.
El precio de un título de renta variable cambia en función de la oferta y la demanda y las expectativas del mercado en cuanto a la rentabilidad futura de la empresa, que puede verse influida por factores como la demanda de los consumidores, la innovación de sus productos, las actuaciones de la competencia y la forma en la que una empresa decide afrontar los factores medioambientales, sociales y de gobernanza (ESG), o si decide afrontarlos.
Algunos ejemplos de prácticas ESG incluyen la mitigación de los efectos los fenómenos climatológicos extremos, la reducción del impacto medioambiental, la mejora de las condiciones laborales, la promoción de la no discriminación en el trabajo y la institucionalización de una gobernanza sólida y transparente.
RIESGO DE COBERTURA 
Cualquier intento de reducir o eliminar determinados riesgos puede no funcionar como estaba previsto, y en la medida en que sí funcionen, normalmente eliminarán el potencial de obtener ganancias además del riesgo de sufrir pérdidas.
Un fondo puede utilizar la cobertura en su cartera, y, con respecto a cualquier clase de acciones designada, cubrir la exposición a divisas de la clase. La cobertura implica costes, que reducen la rentabilidad de las inversiones. Por lo tanto, con todas las clases de acciones que impliquen la cobertura a nivel de fondo y de clase de acciones, puede haber dos niveles de cobertura, algunos de los cuales pueden no resultar beneficiosos (por ejemplo, a nivel de fondo, un fondo puede cubrir en euros los activos denominados en dólares singapurenses, mientras que una clase de acciones cubierta en dólares singapurenses del fondo revertiría la cobertura).
Los riesgos relacionados con la cobertura de divisas de las clases de acciones (como los riesgos de contraparte) podrían afectar a los inversores en otras clases de acciones. Si desea conocer la lista de fondos que podrían sufrir un riesgo de contagio, visite fidelityinternational.com.
RIESGO DE ALTO RENDIMIENTO 
Los valores de los títulos de alto rendimiento son especulativos. En comparación con los bonos con grado de inversión, los títulos de alto rendimiento son más volátiles, más sensibles a los acontecimientos económicos y menos líquidos, y acarrean un mayor riesgo de impago.
Los valores de alto rendimiento extranjeros suelen incluir riesgos asociados a la inversión internacional, como los riesgos de divisas, debido a las diferencias cambiarias.
RIESGO DE TIPOS DE INTERÉS 
Cuando los tipos de interés suben, el valor de los bonos suele bajar. Este riesgo suele ser mayor cuanto mayor es la duración de la inversión en un bono.
En el caso de los depósitos bancarios, los instrumentos del mercado monetario y otras inversiones con vencimiento a corto plazo, el riesgo de tipos de interés funciona a la inversa. Se prevé que las bajadas de tipos reduzcan el rendimiento de estas inversiones.
RIESGO DE FONDOS DE INVERSIÓN 
Al igual que ocurre con cualquier fondo de inversión, la inversión en los fondos implica ciertos riesgos que un inversor no afrontaría si invirtiera directamente en los mercados:
- las acciones del resto de inversores, en particular, las grandes salidas repentinas de efectivo, podrían interferir con la gestión ordenada del fondo y reducir su VL
- el inversor no puede influir directamente sobre la forma de invertir su dinero mientras esté en el fondo
- en la medida en que un fondo utilice sus propias estimaciones de valoración de los títulos (valor razonable), los errores en las valoraciones podrían afectar al VL
- en la medida en que un fondo cambie activos no monetarios por efectivo o instrumentos del mercado monetario en un movimiento defensivo, el fondo perderá las posibles rentabilidades positivas de los activos no monetarios
- el fondo está sujeto a diversa legislación y normativa en materia de inversión que limita el uso de determinados valores y técnicas de inversión que podrían mejorar la rentabilidad, en la medida en que un fondo decida inscribirse en jurisdicciones que impongan requisitos de inversión, esta decisión podría limitar aún más su flexibilidad y ámbito de inversión
- los cambios en la normativa en todo el mundo y la mayor atención de los reguladores de los servicios financieros podrían desembocar en la aprobación de nuevas normativas u otros cambios que podrían limitar las oportunidades o incrementar los costes de la SICAV
- puesto que las acciones de los fondos no cotizan, la única vía para liquidarlas suele ser su reembolso, que el fondo puede suspender por cualquiera de los motivos que se indican en el epígrafe “Derechos que nos reservamos” del apartado “Invertir en los fondos”.
- la compra y venta de inversiones por parte de un fondo puede no resultar óptima para todos los inversores desde el punto de vista de la eficiencia fiscal
- puede no resultar práctico o ser imposible para las distintas clases de acciones aislar por completo sus costes y riesgos de los de una clase de acciones, incluido el riesgo de que los acreedores de otras clases de acciones de un fondo traten de embargar activos de otras clases de acciones para liquidar una obligación
- en la medida en que la SICAV realice operaciones con empresas del grupo de FIL (Luxembourg) S.A., y estas empresas del grupo (o las empresas del grupo de otros proveedores de servicios) realicen operaciones entre ellas en representación de la SICAV, es posible que surjan conflictos de intereses. Para reducirlos, todas las operaciones deberán efectuarse conforme al principio de plena competencia, y todas las entidades, y las partes vinculadas a ellas, están sujetas a estrictas políticas de negociación razonable que les prohíben beneficiarse de información privilegiada o mostrar favoritismo
- en la medida en la que el fondo invierta en otros OICVM u OIC, podría incurrir en una segunda capa de comisiones (que reducirán aún más los beneficios de la inversión, de haberlos), podría tener que afrontar riesgos de liquidez a la hora de tratar de liquidar su inversión en un OICVM/OIC, y está sujeto a todos los riesgos indicados anteriormente, con lo que los accionistas también los sufrirían indirectamente
- en la medida en que un fondo invierta en efectivo o asimilados al efectivo más allá de su asignación de inversión (por ejemplo, con fines de inversión defensiva) el fondo no está persiguiendo su objetivo y es posible que no pueda participar plenamente en entornos de mercado positivos.

En caso de que un fondo invierta en otro OICVM o un OIC, estos riesgos son de aplicación al fondo, e, indirectamente, a los accionistas.
RIESGO DE APALANCAMIENTO 
La elevada exposición neta a determinadas inversiones podría hacer más volátil el precio de las acciones de un fondo.
En la medida en que este utilice derivados o préstamo de valores para aumentar su exposición neta a cualquier mercado, tipo, cesta de valores u otras fuentes de referencias financieras, las fluctuaciones en el precio de la fuente de referencia se verán amplificadas.
RIESGO DE LIQUIDEZ 
Cualquier valor podría pasar a ser difícil de valorar temporalmente o de vender en el momento y por el precio que se desee.
El riesgo de liquidez podría afectar al valor del fondo y su capacidad de pagar los ingresos por reembolso o amortizar, por ejemplo, los ingresos por acuerdos de recompra en el plazo acordado.
RIESGO DE MERCADO 
Los precios y rendimientos de muchos valores pueden cambiar con frecuencia —a veces, con una volatilidad notable— y bajar, debido a una amplia gama de factores.
Algunos de estos factores pueden ser, entre otros:
- acontecimientos políticos y económicos
- políticas públicas
- cambios tecnológicos y en las prácticas comerciales
- cambios demográficos, culturales y poblacionales
- catástrofes naturales o provocadas por el hombre
- patrones climáticos y meteorológicos
- descubrimientos científicos o de investigación
- coste y disponibilidad de la energía, las materias primas y los recursos naturaleslos efectos de los riesgos de mercado pueden ser inmediatos o graduales, a corto o a largo plazo, reducidos o amplios.

RIESGO OPERATIVO 
En cualquier país, pero, en especial, en los mercados emergentes, un fondo podría sufrir pérdidas debido a errores, disrupciones del servicio u otros fallos, así como a fraude, corrupción, ciberdelincuencia, inestabilidad, terrorismo u otras irregularidades.
Los riesgos operativos pueden exponer a los fondos a errores que afecten a la valoración, el precio, la contabilidad, la información fiscal, la información financiera, la custodia y la negociación, entre otras cuestiones. Los riesgos operativos pueden no detectarse durante largos periodos de tiempo, e, incluso si se detectan, puede demostrarse inviable la recuperación de una compensación pronta o adecuada por parte de sus responsables.
RIESGO DE INMUEBLES 
Los fondos de inversión inmobiliaria (REIT) invertidos directamente en inmuebles físicos o actividades relacionadas con el sector, tienden a mostrar una volatilidad por encima de la media, y pueden verse negativamente afectadas por riesgos vinculados a las hipotecas o por cualquier factor que disminuya el valor de una zona geográfica o inmueble en concreto.
Específicamente, las inversiones en posiciones o actividades vinculadas al sector inmobiliario (lo que incluye la participación en préstamos hipotecarios) pueden verse afectadas por las catástrofes naturales, el deterioro físico, las caídas de la actividad económica, la sobreedificación, los incrementos de la presión fiscal, las tendencias demográficas o de estilo de vida, los fallos de gestión, la dificultad para encontrar inquilinos o cobrar pagos, la contaminación medioambiental u otros factores que puedan afectar al valor de mercado o al flujo de efectivo de las inversiones, que incluyen la incapacidad de un REIT de ser declarado un vehículo de entrada de rentas libres de impuestos.
Los REIT que invierten en renta variable son los más directamente afectados por factores inmobiliarios, mientras que aquellos que invierten en hipotecas son más vulnerables a los riesgos de tipos de interés y de crédito (como la reducción de la solvencia de los hipotecantes).
Muchos REIT son, en efecto, empresas pequeñas expuestas a los riesgos de la renta variable de pequeña y mediana capitalización. Algunos están muy apalancados, circunstancia que incrementa la volatilidad. El valor de los títulos vinculados al sector inmobiliario no necesariamente replica el valor de sus activos subyacentes.
RIESGO DE RUSIA 
En Rusia y la Confederación de Estados Independientes, los riesgos relacionados con la custodia y las contrapartes son mayores que en los países desarrollados.
Las instituciones de custodia rusas observan sus propias normas, asumen una responsabilidad y trazabilidad sensiblemente menor ante los inversores, tienen una regulación laxa y son susceptibles a fraudes, negligencias o errores.
Los valores de los mercados de estos países pueden sufrir un deterioro de su liquidez, la delincuencia generalizada y la manipulación del mercado, todos ellos factores que pueden intensificar la volatilidad y las disrupciones del mercado.
Conforme a la actual normativa luxemburguesa, un fondo no puede invertir más de un 10% de su patrimonio neto en valores no cotizados que no se negocien en un Mercado Regulado. Dentro de este límite, puede haber algunas inversiones en valores rusos.
RIESGO DE TITULIZACIÓN 
Las titulizaciones hipotecarias (MBS) y los activos titulizados (ABS), y otros títulos de deuda garantizada, suelen suponer riesgos de amortización anticipada y ampliación, así como riesgos de liquidez superiores a la media.
Los MBS (una categoría que incluye obligaciones de titulización de hipotecas, o CMO, por sus siglas en inglés) y los ABS (una categoría que incluye las obligaciones de deuda titulizadas (CDO, por sus siglas en inglés) representan la participación en una bolsa de distintos tipos de deuda, como cuentas a cobrar de tarjetas de crédito, préstamos para la compra de vehículos, préstamos para la realización de estudios, 
leasing 
de equipos, hipotecas sobre viviendas y créditos al consumo con garantía hipotecaria.
Los MBS y los ABS también tienden a ser de una calidad crediticia inferior a muchos otros tipos de valores de deuda. En la medida en que las deudas subyacentes a un MBS o ABS incurran en impago o pasen a ser incobrables, los títulos basados en dichas deudas perderán parte o la totalidad de su valor.
Cualquier comportamiento inesperado de los tipos de interés podría afectar a la rentabilidad de los ABS/MBS y otros títulos de deuda con opción de amortización (aquellos cuyos emisores tienen el derecho de devolver su principal antes de la fecha de vencimiento).
Cuando los tipos de interés bajan, los emisores tienden a amortizar estos títulos y volver a emitir otros a un tipo de interés inferior. Cuando esto ocurre, el fondo puede no tener más alternativa que reinvertir el dinero procedente de estos títulos amortizados anticipadamente en otros con un tipo de interés más bajo (riesgo de amortización anticipada).
En cambio, cuando los tipos suben, los prestatarios suelen no amortizar las hipotecas con tipos de interés bajos. Esto puede bloquear un fondo de modo que reciba rendimientos inferiores a los del mercado hasta que los tipos de interés bajen o los títulos venzan (riesgo de ampliación). También puede suponer que el fondo deba vender los títulos a pérdida o renunciar a la oportunidad de realizar otras inversiones que podrían haber dado mejores resultados.
Los precios y rendimientos de los valores amortizables anticipadamente suelen reflejar el supuesto de que se amortizarán en un determinado momento previo a su fecha de vencimiento. Si esta amortización anticipada se produce en el momento previsto, los fondos, por lo general, no sufrirán efectos adversos. No obstante, si se produce mucho antes o después de lo previsto, puede suponer que, en efecto, el fondo haya pagado de más por esos valores.
Estos factores también pueden afectar a la duración de un fondo, aumentando o disminuyendo la sensibilidad a los tipos de interés. En algunas circunstancias, el hecho de que los tipos no suban o bajen cuando se previera podría originar también riesgos de amortización anticipada o ampliación.
RIESGO DE POSICIONES CORTAS 
Abrir una posición corta (cuyo valor evoluciona en sentido contrario al valor del título en sí) a través de derivados genera pérdidas cuando el valor del activo subyacente sube. El uso de posiciones cortas puede aumentar el riesgo de pérdidas y volatilidad.
Las posibles pérdidas derivadas del uso de posiciones cortas son teóricamente ilimitadas, ya que no hay límites en cuanto al precio al que puede subir un valor, mientras que la pérdida derivada de invertir efectivo en dicho valor no puede superar el importe invertido.
La venta en corto de inversiones puede estar sujeta a cambios en la normativa, que pueden dar origen a pérdidas o a la imposibilidad de seguir recurriendo a posiciones cortas del modo previsto o en absoluto.
RIESGO DE RENTA VARIABLE DE MEDIANA Y PEQUEÑA
CAPITALIZACIÓN 
La renta variable de mediana y pequeña capitalización puede ser más volátil y menos líquida que la de empresas más grandes.
Las empresas de pequeña y mediana capitalización suelen contar con menos recursos financieros, historiales operativos menos dilatados en el tiempo y líneas de negocio menos diversas, y, por lo tanto, pueden tener un mayor riesgo de sufrir contratiempos comerciales a largo plazo o permanentes. Las ofertas públicas de venta (OPV) pueden ser muy volátiles y difíciles de evaluar debido a la ausencia de un historial de negociación y la ausencia relativa de información pública.
RIESGO DE DEUDA SOBERANA 
La deuda emitida por Estados y entidades de titularidad o bajo control públicos puede estar sujeta a muchos riesgos, sobre todo en casos en los que el Estado dependa de pagos o ampliaciones de créditos por parte de fuentes externas, no sea capaz de llevar a cabo las reformas estructurales necesarias, o sea vulnerable a los cambios en el sentimiento geopolítico o económico.
Incluso si un emisor público es económicamente capaz de hacer frente a su deuda, los inversores pueden tener poco margen de maniobra si decide retrasar, descontar o cancelar sus obligaciones, ya que el principal fuero ante el que reclamar el pago suelen ser los órganos jurisdiccionales del propio emisor soberano.
La inversión en deuda soberana expone a un fondo a las consecuencias directas o indirectas de los cambios políticos, sociales o económicos, entre otros.
RIESGO DE INVERSIÓN SOSTENIBLE 
En la medida en la que un fondo pondere los criterios ESG o de sostenibilidad a la hora de elegir inversiones, puede generar una rentabilidad inferior a la del mercado u otros fondos que invierten en activos similares, pero no aplican criterios de sostenibilidad.
Aunque el fondo, al seleccionar las inversiones, puede utilizar un proceso de puntuación ESG propio que se base en parte en datos de terceros, esos datos pueden ser incompletos o imprecisos.
Al tomar las decisiones de voto por delegación de conformidad con criterios ESG, que son criterios de exclusión, puede que el fondo no siempre maximice la rentabilidad a corto plazo de un emisor. Si desea más información sobre la política de votación ESG de Fidelity, visite www.fidelity.lu/sustainable-Investing/our-policies-and-reports.
RIESGO DE FONDOS CON FECHA OBJETIVO 
Conforme la
asignación de activos del fondo se vuelve más conservadora, pierde potencial de crecimiento y, por lo tanto, capacidad para recuperarse de las pérdidas presentes y futuras. Es posible que no recupere la totalidad de su inversión inicial en la fecha objetivo.
Algunos fondos pueden cambiar periódicamente su asignación a las distintas clases de activos, por lo que es posible que incurran en mayores costes de operación que aquellos que siguen una estrategia de asignación estática.
RIESGO FISCAL 
Algunos países gravan los intereses, los dividendos o las plusvalías del capital sobre determinadas inversiones en su país. Cualquier país podría modificar su legislación tributaria y sus convenios de doble imposición de forma que un fondo o sus accionistas se vean afectados.
Los cambios fiscales podrían ser retroactivos y afectar a los inversores que no tengan inversiones directas en un país. Por ejemplo, si China modificase la clasificación fiscal de la SICAV o de una entidad vinculada, modificase o denunciase un tratado de doble imposición o eliminase incentivos fiscales, ello podría aumentar los impuestos adeudados sobre las inversiones en China o, incluso, dar como resultado la imposición de un impuesto del 10% (o superior) sobre las rentas que la SICAV reciba de todo el mundo, incluidas las procedentes de fondos sin inversiones en China.
La SICAV no puede garantizar que esté exenta de cumplir las exigencias de retención de la FATCA u otros instrumentos legislativos, ni que vaya a facilitar toda la información necesaria a los accionistas para cumplir sus requisitos de presentación de información fiscal. Las multas que se deriven de descubrir a un inversor estadounidense como accionista de cualquier fondo se pagarán con cargo a los activos del accionista, unos costes que probablemente la SICAV no pueda recuperar.
RIESGO TECNOLÓGICO Y DE INNOVACIÓN 
Las empresas
tecnológicas y con productos innovadores suelen tener una volatilidad superior a la media. El éxito o fracaso de un producto o una empresa puede cambiar rápidamente si se producen novedades en la tecnología, los gustos de los consumidores y la normativa. Así como el resultado de demandas judiciales, fusiones y cambios en el personal o la estrategia.
Las empresas tecnológicas y de innovación son vulnerables a disrupciones de la cadena de suministro, rotación del personal elevada y cuestiones de bienestar en el lugar de trabajo. El sector tecnológico sufre un riesgo de ciberseguridad superior a la media, debido a que su presencia en internet es desproporcionadamente grande.

### Facultades y límites de inversión generales
Cada uno de los fondos y la propia SICAV, deben cumplir la legislación y normativa aplicable en Luxemburgo y en la UE, así como determinadas circulares, directrices y otros requisitos. Este apartado presenta, en forma de tabla, los requisitos de gestión de los fondos en virtud de la Ley de 2010 (la principal legislación que rige el funcionamiento de un OICVM), así como los requisitos que establece la Autoridad Europea de Valores y Mercados (AEVM) para los fondos del mercado monetario y para la supervisión y gestión del riesgo. En caso de existir discrepancias, la propia legislación, en su redacción original en lengua francesa, prevalecerá sobre el resto de normas de gestión o el folleto informativo (teniendo las normas de gestión preferencia sobre el folleto informativo).
Si se detecta cualquier incumplimiento de la Ley de 2010 o la normativa sobre fondos del mercado monetario, el Gestor de Inversiones debe hacer del cumplimiento de las políticas relevantes una prioridad en sus operaciones con valores y en la toma de decisiones de gestión de las inversiones, teniendo además en cuenta los intereses de los accionistas como es debido. El incumplimiento que surja de forma accidental debe resolverse a la mayor brevedad posible, de forma acorde al transcurso normal de las operaciones.
Salvo cuando se indique lo contrario, todos los porcentajes y restricciones se aplican individualmente a cada fondo, y todos los porcentajes de activos se miden como porcentaje de sus activos (incluido el efectivo).

###### Activos, técnicas y operaciones permitidas
La tabla de la siguiente página describe lo que se le permite a cualquier OICVM. Los fondos pueden establecer límites más restrictivos de uno u otro modo, en función de sus objetivos y políticas de inversión. El uso por parte de un fondo de un determinado activo, técnica u operación debe ser coherente con sus políticas y límites de inversión.
Ningún fondo puede adquirir activos que estén vinculados a responsabilidades ilimitadas, suscribir valores de otros emisores (salvo que se pueda considerar que lo hace al enajenar valores de su cartera), ni emitir 
warrants 
ni otros derechos de suscripción de sus acciones.
Salvo que se indique lo contrario en la información correspondiente a cada uno de ellos, los fondos se gestionan de manera activa y no pretenden replicar ni seguir el rendimiento de ningún índice. Sin embargo, como parte de la política de asignación activa de los fondos, el Gestor de Inversiones podrá invertir periódicamente parte de los activos en posiciones e instrumentos que ofrezcan una exposición pasiva, tales como fondos cotizados en Bolsa, futuros, permutas de rendimiento total y permutas/opciones sobre índices.
En los casos en los que resulte adecuado para cumplir su objetivo de inversión, cualquiera de los fondos de renta fija podrá invertir en valores de deuda emitidos en divisas distintas a la divisa base de dicho fondo. El Gestor de Inversiones podrá cubrir las exposiciones a divisas mediante instrumentos tales como los contratos a plazo sobre divisas. Salvo que se indique lo contrario en el objetivo o la política la inversión, los valores titulizados o garantizados (por ejemplo, los activos titulizados y las titulizaciones hipotecarias) no podrán superar el 20% de los activos de un fondo, siempre y cuando dicho límite no se aplique a inversiones en valores emitidos o avalados por el Gobierno de los Estados Unidos o por entidades que cuenten con el respaldo del Gobierno estadounidense. No se prevé que los fondos de renta variable tengan una exposición material a valores titulizados ni garantizados.
Salvo que se indique lo contrario en el objetivo o la política de inversión, los valores con grado especulativo o de alto rendimiento no superarán el 20% de los activos de cada fondo. Cada fondo podrá invertir hasta un 10% de su patrimonio neto en OICVM u OIC, salvo que se indique lo contrario en el objetivo de inversión.
No se prevé que los fondos tengan una exposición material a valores que atraviesan dificultades, salvo que se indique lo contrario en su objetivo o política de inversión. Aquellos fondos autorizados a invertir en valores de renta fija pueden invertir en bonos que pueden tener aparejados derechos de conversión o suscripción en otros activos vinculados a ellos, y pueden invertir hasta un 100% de sus activos en bonos con grado de inversión, salvo que el correspondiente objetivo de inversión indique lo contrario. El Gestor de Inversiones no tiene restricciones en cuanto a la cantidad que puede invertir en cualquier país o región, salvo que se indique lo contrario en el objetivo o la política de inversión del fondo.

###### Gestión compartida de activos
En aras de una gestión eficaz, el Consejo podrá optar por que los activos de ciertos fondos de la gama de Fidelity Funds se gestionen conjuntamente. En tales casos, se gestionarán de manera agrupada los activos de los diferentes fondos. Los activos objeto de gestión compartida reciben el nombre de “grupo de activos”, a pesar de que dichos grupos de activos se utilicen exclusivamente con fines de gestión interna. Los grupos de activos no constituyen entidades independientes, y los inversores no tendrán acceso directo a los mismos. A cada uno de los fondos gestionados de forma agrupada se le asignarán sus activos específicos.
Cuando se gestionen de forma agrupada los activos de varios fondos, los activos atribuibles a cada fondo participante en dicho grupo se determinarán, en un primer momento, por referencia a los activos inicialmente aportados por dicho fondo, modificándose, posteriormente, en caso de producirse nuevas aportaciones o segregaciones.
El derecho de cada fondo participante en un grupo de activos sobre los activos gestionados de forma compartida recaerá sobre cada una de las líneas de inversión de dicho grupo de activos.
Las inversiones adicionales realizadas por cuenta de los fondos con gestión compartida se asignarán a los fondos en función de sus derechos, mientras que los activos vendidos se deducirán, de forma similar, de los activos atribuibles a cada fondo participante.
| Resto de fondos | Fondos del mercado monetario | Uso por parte de los fondos |
| --- | --- | --- |
|  |  |  |
| 1. Valores mobiliarios e instrumentos del mercado monetario |
| Deben cotizar o negociarse en un mercado de valores oficial de un Estado autorizado, o en un mercado regulado de un Estado autorizado (un mercado que opere con regularidad, reconocido y abierto al público). Los valores emitidos recientemente deben incluir en sus condiciones de uso un compromiso de solicitud de cotización oficial en un mercado regulado, y su admisión en el mismo se ha de producir en el plazo de 12 meses desde su emisión. | Deben cotizar o negociarse en un mercado monetario de un Estado autorizado. Para Estados autorizados fuera de la UE, el mercado monetario debe recibir la autorización de las autoridades competentes que establezca la legislación o que se indique en la normativa o los documentos constituyentes aplicables al fondo. | Ampliamente utilizados. El uso sustancial se describe en el apartado ”Descripciones de los fondos”. |
| 2. Instrumentos del mercado monetario que no cumplen los requisitos de la fila 1 |
| Deben estar sujetos (a nivel de emisores o valores) a la regulación prevista para la protección de los inversores y los ahorros y deben cumplir una de las siguientes condiciones: - ser emitidos o estar garantizados por una autoridad central, regional o local, un banco central de un Estado miembro de la UE, el Banco Central Europeo, el Banco Europeo de Inversiones, la UE, un organismo internacional público al que pertenezca como mínimo el Estado miembro de la UE, un país soberano, o un Estado miembro de una federación
- ser emitidos por un organismo cuyos valores estén incluidos en la fila 1 (a excepción de los valores emitidos recientemente)
- ser emitidos o estar garantizados por una institución que esté sujeta a, y cumpla con, las normas de supervisión prudencial de la UE u otras normas que la CSSF considere al menos igual de estrictasTambién pueden ser aptos si el emisor pertenece a una categoría autorizada por la CSSF, están sujetos a mecanismos de protección del inversor equivalentes a las descritas anteriormente, y cumplen uno de los siguientes criterios:
- son emitidos por una empresa con capital y reservas de al menos 10 millones de euros que publique sus cuentas anuales de conformidad con la Directiva 2013/34/UE
- son emitidos por una entidad dedicada a financiar un grupo de empresas, de las cuales, como mínimo, una cotice en bolsa
- son emitidos por una entidad dedicada a financiar vehículos de titulización que disfruten de una líneade liquidez bancaria
 | Deben contar con un vencimiento remanente o efectivo o una fecha de recálculo de 397 días o inferior (con instrumentos a tipo fijo o variable cubiertos por permutas que se recalculan tomando como referencia un tipo o índice del mercado monetario) y también deberán cumplir todas las demás condiciones que sean de aplicación: - ser emitidos o garantizados por uno o varios emisores a nivel de la UE
- ser emitidos o estar garantizados por uno o varios emisores de la UE e internacionales, siempre que tanto la emisión como el emisor reciban una evaluación interna de la calidad crediticia favorable
- si se trata de titulizaciones o ABCP, deben ser suficientemente líquidos, contar con una evaluación crediticia interna favorable, contar con un tenor de vencimiento legal igual o inferior a dos años y cumplir una de las siguientes condiciones:
	- ser una titulización de las contempladas en el artículo 13 del Reglamento Delegado (UE) 2015/61 de la Comisión; FMM a corto plazo: también debe ser un instrumento amortizable con una WAL igual o inferior a dos años
	- no ser (y no incluir, ni si quiera a través de coberturas con replicación de divisas) una retitulización o titulización sintética, y contar con el pleno respaldo de la institución de crédito regulada emisora en cuanto a los riesgos de liquidez y crediticios, costes de las operaciones y programas en curso, y cualesquiera garantías de pago íntegro para el inversor que sean necesarias; FMM a corto plazo: el vencimiento legal en la fecha de emisión debe ser igual o inferior a 397 días
	- ser una titulización o ABCP sencilla, transparente y estandarizada (STS); FMM a corto plazo: deben ser inversiones amortizables, tener una WAL igual o inferior a dos años, y tener un tenor de vencimiento legal en la fechade emisión igual o inferior a 397 días

 | Ampliamente utilizados. El uso sustancial se describe en el apartado ”Descripciones de los fondos”. |
| 3. Valores mobiliarios e instrumentos del mercado monetario que no cumplen los requisitos de las filas 1 y 2 |
| Limitados al 10% de los activos de un fondo. | Autorizados como los instrumentos del mercado monetario. Ese ratio se aplica a los fondos del mercado monetario. | Cualquier uso que tenga la probabilidad de generar un riesgo material se describe en el apartado ”Descripciones de los fondos”. |
| 4. acciones de OICVM u otros OIC que no estén vinculados con la SICAV* |
| Deben limitarse en los documentos constituyentes a la inversión de hasta un 10% de los activos en otros OICVM u OIC. Si la inversión objetivo es “otro OIC”, deben cumplirse todas estas condiciones: - invertir en inversiones permisibles en un OICVM
- estar autorizados por un Estado miembro de la UE o un Estado que la CSSF considere que tiene legislación equivalente en materia de supervisión, y que asegure un nivel adecuado de colaboración entre autoridades
- publicar informes anuales y semestrales que permitan que se realice una valoración del activo, el pasivo, los ingresos y las operaciones a lo largo del periodo correspondiente
- ofrecer mecanismos de protección de los inversores equivalentes a los de un OICVM, en particular, en lo que respecta a las normas de segregación de activos, préstamos, y ventas no cubiertas
 | El FMM objetivo debe limitarse a invertir hasta un 10% de los activos en otros FMM, y estos FMM deben estar autorizados en virtud de estas mismas normas que los indicados en la columna de la izquierda. Un FMM adquiriente debe invertir hasta el 17,5% de sus activos en otros FMM y hasta el 5% de los activos en cualquier FMM. Como excepción a esta norma, el FMM adquiriente puede invertir hasta el 20% de los activos en otros FMM, con un máximo del 30% en conjunto en activos en FMM con un objetivo, que no sean OICVM de conformidad con el Artículo 55 de la directiva de OICVM, siempre y cuando los FMM aptos solo se comercialicen a través de un plan de ahorro para empleados, entre sus inversores haya únicamente personas físicas, estén regidos por la legislación nacional, y permitan, en virtud de dicha legislación, reembolsos únicamente en circunstancias no relacionadas con el mercado. Un FMM que invierte el 10% de sus activos o más en otros FMM debe indicar en su folleto informativo las comisiones de gestión máximas permisibles pagaderas tanto por los FMM objetivo y adquirente, y los importes realmente abonados en su informe anual. A su vez, el fondo objetivo no puede invertir en el fondo adquiriente (titularidad recíproca). Las inversiones subyacentes mantenidas por el FMM objetivo en el que invierta un fondo no necesitan ser tenidas en cuenta a efectos de los límites de diversificación que se establecen en la tabla Requisitos de diversificación para los fondos del mercado monetario. El FMM adquiriente renuncia a todos los derechos de voto de las acciones del FMM objetivo que adquiera. Un FMM a corto plazo solo puede invertir en otros FMM. | Cualquier uso que supere el 10% de los activos del fondo se indicará en el apartado “Descripciones de los fondos”. El total de comisiones de gestión anuales de los fondos y los OICVM u otros OIC subyacentes puede ascender hasta el 3%. |
| * Puede incluir ETF. Un OICVM u otro OIC se considera vinculado a la SICAV si ambos están bajo la gestión o el control de la misma Sociedad Gestora u otra sociedad gestora del grupo. |

| Resto de fondos | Fondos del mercado monetario | Uso por parte de los fondos |
| --- | --- | --- |
|  |  |  |
| 5. acciones de OICVM u otros OIC que estén vinculados con la SICAV* |
| Debe cumplir todos los requisitos de los fondos que no sean del mercado monetario que figuran en la fila 4. El informe anual de la SICAV debe indicar la totalidad de las comisiones de gestión y asesoría aplicadas tanto a los fondos como a los OICVM y otros OIC en los que un fondo haya invertido durante el periodo correspondiente. El OICVM/otro OIC no puede cobrar a un fondo comisiones de suscripción o reembolso de acciones. | Ídem fila 4. Si el FMM adquiriente y el FMM Objetivo se fusionan o están bajo control de la misma Sociedad Gestora u otra sociedad gestora del mismo grupo, ni la Sociedad Gestora, ni esa otra sociedad, puede cobrar comisiones de suscripción o de reembolso. | Uso de fondos que no sean del mercado monetario igual que el descrito en la fila 4, además de que los fondos no paguen ninguna comisión de gestión ni asesoría anual a OICVM/otros OIC vinculados. |
| 6. Acciones de otros fondos de la SICAV |  |  |
| Debe cumplir todos los requisitos de los fondos que no sean del mercado monetario que figuran en las filas 4 y 5. A su vez, el fondo objetivo no puede invertir en el fondo adquiriente (titularidad recíproca). El fondo adquiriente renuncia a todos los derechos de voto de las acciones del fondo objetivo que adquiera. Al medir si un fondo cumple el nivel mínimo de activos exigido, no se incluye el valor de la inversión en los fondos objetivo. | Ídem fila 4. | Uso de fondos que no sean del mercado monetario igual que el descrito en la fila 4, además de que los fondos no paguen ninguna comisión de gestión ni asesoría anual a ningún otro OIC. |
| 7. Bienes inmuebles y materias primas, metales preciosos incluidos |
| Queda prohibida la titularidad directa de materias primas, o certificados que las representen. La exposición de las inversiones solo se permite de forma indirecta, a través de los activos, técnicas y operaciones que permita la Ley de 2010. Los índices financieros utilizados para obtener exposición a las materias primas a través de instrumentos financieros derivados cumplen los requisitos que establece el artículo 9 del Reglamento del Gran Ducado de 8 de febrero de 2008. Queda prohibida la titularidad directa de bienes inmuebles y otros bienes tangibles, salvo aquellos que la propia SICAV utilice para realizar sus operaciones. | No se permite la exposición en modo alguno. | Uso que tenga la probabilidad de generar un riesgo material se describe en el apartado “Descripciones de los fondos”. No es probable que se produzcan compras directas de bienes inmuebles o tangibles. |
| 8. Depósitos en entidades de crédito |  |  |
| Deben poder amortizarse o retirarse a la vista, y cualquier fecha de vencimiento debe situarse, como máximo, en los siguientes 12 meses. Las instituciones de crédito deben tener bien un domicilio social en un Estado miembro de la UE o, de no ser así, estar sujetas a normas de supervisión prudencial que la CSSF considere al menos tan estrictas como las de la UE. | Ídem que en el resto de fondos. | El uso se describirá en el apartado “Descripciones de los fondos”. |
| 9. Activos líquidos auxiliares |  |  |
| Limitados al 20% del patrimonio neto de la cartera en condiciones normales del mercado. Solo depósitos bancarios a la vista, como las cuentas corrientes abiertas en bancos a los que se pueda acceder en todo momento. Deben mantenerse únicamente con fines de tesorería o durante el periodo de tiempo necesario en caso de producirse condiciones desfavorables en el mercado. De forma temporal, si así lo justifican unas condiciones del mercado excepcionalmente desfavorables y cuando ello redunde en el mejor interés para los accionistas, los activos líquidos auxiliares pueden suponer más de 20% del patrimonio neto de la cartera. | Limitados al 20% del patrimonio neto de la cartera. Solo depósitos bancarios a la vista, como las cuentas corrientes abiertas en bancos a los que se pueda acceder en todo momento. | Ampliamente utilizados. por todos los fondos, y pueden utilizarse intensamente con fines defensivos temporalmente. |
| 10. Derivados e instrumentos asimilados liquidados en efectivo Véase también el apartado “Cómo utilizan los fondos los instrumentos y técnicas“ en la página 226. |
| Los activos subyacentes deben ser los descritos en las filas 1, 2, 4, 5, 6 y 8 o índices financieros (que cumplan con el artículo 9 del Reglamento del Gran Ducado de 8 de febrero de 2008), tipos de interés, tipos de cambio o divisas de forma coherente con los objetivos y políticas de inversión de los fondos. Todos los usos deben ser recogidos de forma adecuada en el proceso de gestión del riesgo que se describe en el apartado “Gestión y supervisión del riesgo global”. Los derivados extrabursátiles deben cumplir todos estos criterios: - estar sujetos a valoraciones diarias independientes fiables y comprobables
- poder venderse, o cerrarse mediante una operación compensatoria en cualquier momento a instancias de la SICAV
- formalizarse con contrapartes que sean institucionessujetas a supervisión prudencial y que pertenezcan a categorías autorizadas por la CSSF
 | Deben negociarse en un mercado regulado, tal y como se indica en la fila 1, o ser extrabursátiles, y cumplirse todas las siguientes condiciones: - que el activo subyacente del instrumento derivado consista en tipos de interés, tipos de cambio, divisas o índices que representen una de esas categorías;
- que el instrumento derivado tenga exclusivamente por objeto cubrir los riesgos de tipo de interés y de tipo de cambio inherentes a otras inversiones de la SICAV;
- que las contrapartes de las operaciones de derivados extrabursátiles sean instituciones sujetas a una supervisión y regulación prudencial y pertenezcan a las categorías autorizadas por la autoridad competente de la SICAV;
- que los derivados extrabursátiles estén sujetos a una valoración fiable y verificable diaria y puedan venderse, liquidarse o cerrarse mediante una operación compensatoria en cualquier momento a su valor razonable por iniciativa de la SICAV
 | El uso sustancial se describe en el apartado “Descripciones de los fondos”. |
| * Puede incluir ETF. Un OICVM u otro OIC se considera vinculado a la SICAV si ambos están bajo la gestión o el control de la misma Sociedad Gestora u otra sociedad gestora del grupo. |

| Resto de fondos | Fondos del mercado monetario | Uso por parte de los fondos |
| --- | --- | --- |
| 11. Préstamo de valores, acuerdos de recompra/recompra inversa Véase también el apartado “Cómo utilizan los fondos los instrumentos y técnicas“ en la página 226. |
| Deben utilizarse con fines de gestión eficiente de la cartera exclusivamente. El volumen de las operaciones no debe interferir con la aplicación por parte de un fondo de su política de inversión ni su capacidad para atender reembolsos. En cuanto a los préstamos de valores y las operaciones de recompra, el fondo debe garantizar que cuenta con activos suficientes para liquidar las operaciones. Todas las contrapartes deben estar sujetas a las normas de supervisión prudencial de la UE u otras normas que la CSSF considere al menos igual de estrictas. Para cada operación, los fondos deben recibir y mantener garantías que, al menos, sean equivalentes, en todo momento a lo largo de la vigencia de las operaciones, al valor actual íntegro de los valores prestados. Durante la vigencia de un acuerdo de recompra, un fondo no podrá vender los valores objeto del mismo hasta que la otra parte haya ejercido el derecho a recomprar dichos valores o haya vencido el plazo de recompra. Un fondo podrá prestar cualesquiera valores: - directamente a una contraparte
- a través de un sistema de préstamo organizado por una institución financiera especializada en este tipo de operación
- a través de un sistema de préstamo normalizado organizado por una cámara de compensación reconocidaLa SICAV no puede conceder ni garantizar ningún otro tipo de préstamo a terceros.
 Los fondos deben tener el derecho de resolver cualquier operación de préstamo de valores, recompra o recompra inversa y solicitar la devolución de los valores que hayan sido objeto del préstamo o el acuerdo de recompra. | No se permite el préstamo de valores. Los FMM deben tener derecho a resolver un contrato de recompra o recompra inversa con hasta dos días hábiles de preaviso; en el caso de los contratos de recompra inversa, el FMM debe recibir la devolución de la totalidad del importe de efectivo (devengado o con respecto al valor de mercado, y, en caso de ser de esta última forma, ese valor debe utilizarse para calcular el VL). Los contratos de recompra deben cumplir todos estos criterios: - no tener un plazo superior a 7 días hábiles
- utilizarse con fines de gestión de la liquidez temporal exclusivamente
- la contraparte no puede vender, invertir, pignorar ni transmitir por otro medio activos prestados como garantía sin el previo consentimiento del fondo
- el efectivo recibido no debe superar el 10% de los activos de un FMM y debe asignarse a depósitos o invertirse en activos emitidos o garantizados por uno o varios emisores a nivel de la UE o una autoridad o banco central de un país tercero que hayan recibido evaluaciones internas de la calidad crediticia favorables, tanto para el emisor como para la emisiónLos activos recibidos a través de los acuerdos de recompra inversa deben cumplir los siguientes criterios:
- tener un valor de mercado igual en todo momento al efectivo desembolsado
- ser instrumentos del mercado monetario descritos en la fila 2supra
- ser emitidos por una entidad independiente de la contraparte y no preverse que presenten una correlación elevada con ella.
- los FMM no pueden vender, invertir, pignorar ni transmitir por otro medio activos prestados como garantía sin el previo consentimiento de la contraparte
- no crean una exposición superior al 15% a ningún emisor, a excepción de los emisores internacionales y de la UELos activos recibidos a través de acuerdo de recompra inversa deconformidad con la columna de excepciones de la fila A de la tabla “Requisitos de diversificación”.
 | El uso sustancial se describe en el apartado ”Descripciones de los fondos”. Para el préstamo de valores, los fondos exigen una garantía mayor que la que especifica la normativa. |
| 12. Solicitud de préstamo |  |  |
| En principio, la SICAV no tiene permitido solicitar préstamos, salvo si lo hace con carácter temporal y el préstamo representa hasta el 10% de los activos de un fondo. La SICAV puede, no obstante, adquirir divisas extranjeras a través de préstamos paralelos. | No se permite en modo alguno. | Actualmente, ninguno de los fondos tiene previsto solicitar préstamos a bancos. |
| 13. Exposición corta |  |  |
| Quedan prohibidas las ventas en corto directas. Solo se pueden adquirir indirectamente a través de derivados. | No se permite la exposición en modo alguno. | Cualquier uso que tenga la probabilidad de generar un riesgo material se describe en el apartado “Descripciones de los fondos”. |

Fondos principales/subordinados
La SICAV puede abrir fondos que se consideren fondos principales o subordinados. También puede convertir fondos ya existentes en fondos subordinados a un fondo principal diferente. Las siguientes normas se aplican a aquellos subfondos que sean fondos subordinados.
| Título | Requisitos de inversión | Otras condiciones y requisitos |
| --- | --- | --- |
| Participaciones del fondo principal | - Como mínimo un 85% de los activos
 |  |
| Derivados y activos líquidos auxiliares | - Hasta el 15% de los activos
 | Los derivados deberán utilizarse con fines de cobertura únicamente. Los bienes muebles o inmuebles deben ser indispensables para el ejercicio directo de la actividad del fondo subordinado. Al medir la exposición a derivados, el fondo debe combinar su propia exposición directa con la creada por el fondo principal. |

Requisitos adicionales voluntarios
Algunos fondos han aceptado voluntariamente gestionar sus carteras de modo que cumplan determinados requisitos cuando esto les permita distribuir los fondos en los países que se indican a continuación, y, en algunos casos, ofrecer ventajas fiscales a los inversores en dichos países. Esta tabla indica solo los requisitos que se aplican a las inversiones de la cartera y que superan aquellos que de otro modo serían aplicables a un fondo (incluidos los propios límites de un fondo indicados en el folleto informativo).
| Jurisdicción | Requisitos | Aplicable a |
| --- | --- | --- |
| Francia | - Debe invertir al menos el 75% de sus activos en valores emitidos en EE. UU., Noruega o Islandia.
 | Los fondos que indiquen su intención de poder acceder al sistema francés  Plan d’ Epargne en Actions  (plan de ahorro en acciones) (PEA) en el apartado “Descripciones de los fondos”. |
| Alemania | - Debe invertir como mínimo el 50% de sus activos (un 25% en el caso de los fondos de activos mixtos) en renta variable.
 | Los fondos que indiquen su intención	de	estar autorizados en virtud de la Ley de Fiscalidad de la Inversión alemana (GITA) en el apartado “Descripciones de los fondos”. |
| Hong Kong | - Debe invertir hasta el 10% de su valor liquidativo en valores emitidos o garantizados por Estados, autoridades locales o públicas en cualquier país con una calificación crediticia de grado especulativo salvo indicación distinta en el objetivo de inversión del fondo.
- La exposición neta a derivados no deberá superar al 50% del valor liquidativo del fondo, salvo en el caso de Fidelity Funds - Global Inflation-linked Bond Fund (que podrá llegar al 100%) y Fidelity Funds - Flexible Bond Fund y Fidelity Funds - Sustainable Strategic Bond Fund (que podrá superar el 100%).
- La Sociedad Gestora, el Gestor de Inversiones y los asesores de inversión o cualquiera que actúe por cuenta de la SICAV, la Sociedad Gestora, el Gestor de Inversiones y los asesores de inversión (según corresponda), cuando inviertan para la SICAV en participaciones o acciones de OICVM y/u otros OIC, puede que no obtengan, por su propia cuenta, ningún descuento en las comisiones o gastos aplicados por dichos OICVM y/u otros OIC o por sus sociedades gestoras, de haberlas, ni ningún beneficio monetario cuantificable en relación con las inversiones en dichos OICVM u otros OIC.
- Salvo que se indique lo contrario en el objetivo de la inversión del fondo, los fondos cuya venta esté autorizada en Hong Kong (a excepción de los fondos de efectivo y los fondos de renta variable) pueden invertir en instrumentos con características de absorción de pérdidas, entre los que puede haber algunos clasificados como instrumentos de capital de Nivel 1/Nivel 2 adicional, CoCos, bonos principales no preferentes, que pueden denominarse también bonos de Nivel 3 y otros instrumentos aptos para considerarse con capacidad de absorción de pérdidas en virtud del régimen de liquidación de una institución financiera. Dicha inversión se mantendrá en todo momento por debajo del 50% del valor liquidativo del fondo. Sin perjuicio de lo anterior, Fidelity Funds – Australian Diversified Equity Fund puede invertir menos del 30% de su patrimonio neto total en dichos instrumentos con características de absorción de pérdidas.
- En el caso de los fondos que no hayan expuesto en sus objetivos de inversión que puede que tengan acceso directo a los Valores de China continental, actualmente está previsto que cada uno de estos fondos no invierta de manera directa o indirecta más del 10% de su valor liquidativo en Valores de China continental en conjunto.
- Salvo que se indique lo contrario en el objetivo de inversión de un fondo, un fondo puede invertir menos del 70% de sus activos en renta fija de China a través del CIBM o menos del 70% de sus activos en renta fija de China a través de Bond Connect.
- Cada uno de los fondos de efectivo deberá mantener un promedio de vencimiento de la cartera que no supere los 90 días, y no podrá comprar instrumentos con un vencimiento superior a un año, o dos años en el caso de títulos del Estado y demás valores públicos. El valor total de las inversiones de un fondo de efectivo en depósitos, Valores negociables e Instrumentos del Mercado Monetario de un mismo emisor o colocado con un mismo emisor no podrá superar el 10% del patrimonio neto del fondo de efectivo excepto: a) en el caso de los depósitos, cuando el emisor sea una entidad financiera considerable (según la definición de este término en el Código de la Comisión de Valores y Futuros de Hong Kong sobre 
- Unit Trusts 
- y Fondos de Inversión (Hong Kong Securities and Futures Commission’s Code on Unit Trust and Mutual Funds)) y la cantidad total no supere el 10% de las reservas publicadas y el capital emitido del emisor, en cuyo caso el límite podría incrementarse hasta el 25% del patrimonio neto del fondo de efectivo; y b) en el caso de los valores negociables e instrumentos del mercado monetario emitidos o garantizados por un Estado miembro, sus autoridades locales, por un Estado no miembro de la UE aceptado por la CSSF o por organismos internacionales públicos a los que pertenezcan uno o más Estados miembros de la UE. Este límite aumenta hasta el 100% siempre y cuando el fondo de efectivo posea valores de al menos seis emisiones diferentes y los valores de una emisión no supongan más del 30% del patrimonio neto del fondo de efectivo. Los valores de deuda en los que invierten los fondos de efectivo son objeto de un seguimiento continuo, incluido lo referente a la calidad crediticia. El análisis crediticio de los valores de deuda comprende un análisis cualitativo y cuantitativo, así como la comparación con un grupo homólogo.
 | Fondos inscritos en Hong Kong. |
| Italia | - Debe invertir hasta el 17,5% de sus activos en valores del FTSE MIB Index u otro índice equivalente.
- Debe invertir hasta el 3,5% de sus activos en valores del FTSE MIB Index, FTSE Mid Cap Index o cualquier otro índice equivalente.
 | Los fondos cuya intención sea poder acceder al sistema italiano  Piano Individuale di Risparmio a lungo termine  (plan individual de ahorro a largo plazo) (PIR) de conformidad con el apartado “Descripciones de los fondos”. |

| Jurisdicción | Requisitos | Aplicable a |
| --- | --- | --- |
| Corea	del Sur | - Los valores de un fondo deberán emitirse para un público no identificado, y el 10% o más de las acciones emitidas por el fondo habrá de venderse fuera de Corea.
- Al menos el 60% del patrimonio neto de un fondo deberá invertirse o en todo caso gestionarse en valores no coreanos ni denominados en wones.
- Un fondo no invertirá más del 35% de sus activos en valores negociables e Instrumentos del Mercado Monetario emitidos o garantizados por cualquiera de los Estados miembros del G20 (que no pertenezca a la UE ni a la OCDE) o por Singapur.
- Los fondos registrados en Corea de conformidad con la FSCMA no podrán invertir más del 30% de sus activos en vehículos de inversión colectiva diferentes de los definidos en el Artículo 229, Punto 1, de la FSCMA.
- Existe una política para evitar que los conflictos de intereses constituyan o deriven en un riesgo sustancial de dañar los intereses de los accionistas y que, de acuerdo con las normativas y leyes de Corea que limitan las operaciones con personas interesadas, consiste en lo siguiente: “Una entidad empresarial de inversión colectiva extranjera o una empresa de su grupo, cualquier ejecutivo o accionista importante (un accionista que cuente con más del 10% de las acciones en circulación a su propio nombre o al de otra persona) o cualquiera de las empresas antes mencionadas, o el cónyuge de dicho ejecutivo o accionista, no podrán llevar a cabo en su propio interés ninguna operación con los bienes de inversión colectiva, excepto cuando no sea probable que vayan a producirse conflictos de intereses en las operaciones con el organismo de inversión colectiva extranjero, como sería el caso, por ejemplo, de las operaciones a través de un mercado abierto”.
 | Fondos inscritos en Corea del Sur. |
| Sudáfrica | - Deben utilizar instrumentos derivados con fines de gestión eficiente de la cartera exclusivamente. Los derivados podrán negociarse en mercados de valores o extrabursátiles.
- No deben invertir en un fondo de fondos ni un fondo subordinado.
 | Fondos	inscritos	en Sudáfrica. |
| Taiwán | - El valor total de cada una de las posiciones no compensadas de los fondos en derivados para una gestión eficiente de la cartera no podrá superar el 40% (o cualquier otro porcentaje que pueda establecer oportunamente la FSC) de su valor liquidativo; y el valor total de cada una de las posiciones no compensadas en derivados con fines de cobertura que posea cada fondo no podrán superar en ningún momento el valor total de mercado de los correspondientes valores que albergue cada fondo.
- La inversión de un fondo en China continental se limita a los valores cotizados o negociados en las bolsas o el mercado interbancario de bonos de China continental. Salvo indicación distinta de la FSC, la exposición directa e indirecta de un fondo a los valores de China continental anteriormente mencionados no superará en ningún caso el 20% del valor liquidativo del fondo (o cualquier otro porcentaje que la FSC en cada momento).
- El mercado de valores de Taiwán no podrá constituir una región de inversión principal en la cartera de cada fondo. La cantidad de inversión de cada fondo en el mercado de valores de Taiwán no                                         podrá superar un porcentaje dado que determine oportunamente la FSC.	
 | Fondos inscritos en Taiwán, salvo aquellos para los que la Comisión de Supervisión Financiera de Taiwán haya otorgado una exención. |


###### Requisitos de diversificación
Para garantizar la diversificación, un fondo no puede invertir más de un determinado importe de sus activos en un emisor, tal y como se define a continuación. Estas normas de diversificación no se aplican durante los seis primeros meses del funcionamiento de un fondo, pero el fondo debe observar el principio de diversificación del riesgo.
A los efectos de esta tabla, las empresas que comparten cuentas consolidadas (ya sea de conformidad con la Directiva 83/349/CEE o con las normas internacionales reconocidas) se consideran un único emisor. Los límites porcentuales indicados por las llaves que aparecen en el centro de la tabla indican la inversión máxima conjunta en un emisor único para todas las filas con llave.
| Inversión/exposición máxima como porcentaje de los activos del fondo |
| --- |
| Categoría de valores | En cualquier emisor en concreto | En conjunto |  | Otros | Excepciones |
|  |  |  |  |  |  |
| RESTO DE FONDOS |  |  |  |  |  |
|  |  |  |  |  |  |
| A. Valores mobiliarios e instrumentos del mercado monetario emitidos por un país soberano, cualquier organismo público local de la UE, o cualquier organismo	público internacional del que formen parte uno o varios Estados miembros de la UE. | 35% |  |  |  | Un fondo puede invertir hasta el 100% de sus activos en un único emisor, siempre que lo haga respetando el principio de la diversificación del riesgo y cumpla los siguientes criterios: - invierte en al menos seis emisiones diferentes
- invierte hasta el 30% de sus activos en una sola emisión
- los valores los emiten un Estado miembro de la UE, sus autoridades o agencias locales, un Estado miembro de la OCDE o el G20, Singapur o un organismo público internacional al que pertenezcan uno o varios Estados miembros de la UELa excepción a la que hace referencia la fila C también se aplica a esta.
 |
| B. Bonos emitidos por una entidad de crédito cuyo domicilio social se encuentre en un Estado miembro de la UE y que, por ley, esté sujeto a supervisión	pública especial diseñada para proteger a sus titulares*. | 25% | 35 | % | 80% en cualquier emisor en cuyos bonos haya invertido un fondo más del 5% de sus activos. |  |
| C. Valores mobiliarios e instrumentos del mercado monetario distintos a los indicados en las filas A y B. | 10% | 20% |  | 20% en valores mobiliarios e instrumentos del mercado monetario del mismo grupo. 40% en todos los emisores en los que un fondo haya invertido más del 5% de sus activos (sin incluir depósitos ni exposición por contraparte a contratos de derivados extrabursátiles). | En el caso de los fondos indexados, el porcentaje del 10% se incrementa hasta el 20% en caso de un índice publicado	y	suficientemente diversificado que sea adecuado como índice de referencia para su mercado y esté reconocido por la CSSF. El porcentaje del 20% se incrementa hasta el 35% (pero solo para un emisor) cuando un valor tenga un claro dominio en el Mercado Regulado en el que se negocia. |
| D. Depósitos en entidades de crédito. | 20% |  |  |  |  |
| E. Derivados extrabursátiles con una contraparte que sea una entidad de crédito según se define en la fila 8  supra  (primera tabla del apartado) | Exposición máxima al riesgo del 10% (combinado los derivados extrabursátiles y las técnicas de gestión eficiente de la cartera) |  |  |  | Los derivados sobre índices autorizados no se contabilizan a efectos de cumplimiento con lo establecido en las filas A a D y la fila G (es decir, no hay coberturas de replicación de divisas en los valores que conforman el índice). |
| F. Derivados extrabursátiles con cualquier otra contraparte. | Exposición al riesgo máxima del 5% |  |  |  |  |
| G. Acciones de OICVM u OIC según se definen en las filas 4 y 5  supra  (primera tabla del apartado). | Si no consta una indicación específica en el objetivo ni las políticas del fondo, el 10% en uno o varios OICVM u otros OIC. Si consta una indicación especifica: - el 20% en cualquier OICVM u OIC
- el 30% en conjunto en todos los OIC distintos de OICVM
- el 100% en conjunto en todos los OICVM
 |  | Los fondos objetivo de una estructura de paraguas cuyos activos y pasivos estén segregados se consideran OICVM separados u otros OIC. Los activos mantenidos por los OICVM u otros OIC no se tienen en cuenta a efectos del cumplimiento de lo dispuesto en las filas A a F de esta tabla. |  |
| * Estos bonos también deben invertir todos los importes derivados de su emisión en activos que, a lo largo del periodo de vigencia de los bonos, puedan cubrir todas las reclamaciones vinculadas a los mismos y que, en caso de quiebra del emisor, se utilizarían, siguiendo el orden de prelación de créditos, para el reembolso del principal y los intereses devengados. |

| Inversión/exposición máxima como porcentaje de los activos del fondo |
| --- |
| Categoría de valores | En cualquier emisor en concreto | En conjunto |  | Otros | Excepciones |
|  |  |  |  |  |  |
| FONDOS DEL MERCADO MONETARIO |  |  |  |  |
|  |  |  |  |  |
| H. Instrumentos del mercado monetario | 5% | 5% |  |  | Con la autorización del regulador, y previa	comunicación	en los documentos constituyentes que incluye una lista de emisores en los que es posible invertir el 5% de los activos o más, un fondo puede invertir en un mínimo de seis emisiones emitidas por un Estado miembro de la UE, sus autoridades o agencias locales, un Estado miembro de la OCDE o el G20, Singapur u organismos públicos internacionales a los que pertenezcan uno o varios Estados miembros de la UE, con una exposición neta de hasta el 100%, siempre que invierta de conformidad con el principio de diversificación del riesgo e invierte hasta el 30% en cualquier emisión. |
| I. Instrumentos del mercado monetario, titulizaciones y ABCP emitidos por un mismo organismo | 5% |  |  |  | Excepción: Un FMM VLV puede invertir hasta el 10% de sus activos siempre que el valor total de los instrumentos del mercado monetario, titulizaciones y ABCP mantenidos en cada uno de los organismos emisores en los que invierta más del 5% de sus activos no supere el 40% del valor de sus activos. La exposición agregada a titulizaciones y ABCP puede ser de hasta el 20% (15% para los instrumentos que no cumplan los criterios STS). |
| J. Bonos emitidos por una entidad de crédito cuyo domicilio social se encuentre en un Estado europeo y que, por ley, esté sujeto a supervisión pública especial diseñada para proteger a sus titulares. | 10% | 15% |  | 40% en conjunto en todos los emisores en cuyos bonos haya invertido un fondo más del 5% de sus activos. | Los importes resultantes de la emisión de esos bonos deberán invertirse en activos que, durante la totalidad del periodo de validez de dichos bonos, puedan cubrir los compromisos que estos comporten, y que, en caso de insolvencia del emisor, se utilizarían de forma prioritaria para reembolsar el principal y pagar los intereses devengados. |
| K. Bonos emitidos por una misma entidad de crédito cuando se cumplan los requisitos establecidos en el artículo 10, apartado 1, letra f), o en el artículo 11, apartado 1, letra c), del Reglamento Delegado (UE) 2015/61. | 20% |  |  |  | Cuando un fondo invierta más de un 5% de sus activos en dichos bonos emitidos por un único emisor, el valor total de esas inversiones no podrá ser superior al 60% del valor de los activos del fondo. |
| L. Depósitos en entidades de crédito. | 10% |  |  |  | Se incrementa al 15% (y el límite conjunto del 15% para las exposiciones indicadas en las filas H a L se incrementa al 20%) si no existen suficientes instituciones de crédito viables en la jurisdicción del FMM como para que pueda cumplir el requisito de diversificación y no resulta económicamente factible realizar depósitos en otro Estado miembro. Previa autorización del regulador local, se incrementa al 100% para aquellos instrumentos emitidos u otorgados por emisores de la UE e internacionales. |
| M. Derivados extrabursátiles. | Exposición del 5% a cualquier contraparte |  |  |  |  |
| N. Acuerdo	de	recompra inversa. | 15% en efectivo a cualquier contraparte |  |  |  | Activos recibidos; exposición a un emisor dado hasta el 15%, salvo cuando estos activos adopten la forma de instrumentos del mercado monetario que cumplan los requisitos de la excepción para invertir el 100% contemplados en la fila 1. |


###### Límites en la concentración de titularidad
Estos límites tienen como objetivo evitar que la SICAV o un fondo incurran en los riesgos que pudieran surgir (para ellos mismos o para un emisor) si fuese titular de un porcentaje significativo de un valor o emisor en concreto. A los efectos de esta tabla y la tabla de diversificación que aparece a continuación, las empresas que comparten cuentas consolidadas (ya sea de conformidad con la Directiva 83/349/CEE o con las normas internacionales reconocidas) se consideran un único emisor. Un fondo no necesita cumplir los límites de inversión que se describen a continuación al ejercer derechos de suscripción vinculados a los activos de la cartera, siempre que los resultantes incumplimientos se corrijan según lo descrito en la introducción del apartado “Facultades y límites de inversión generales”.
| Categoría de valores | Titularidad máxima, como porcentaje del valor total de los activos emitidos |  |
| --- | --- | --- |
|  |  |  |
| RESTO DE FONDOS |  |  |  |  |
|  |  |  |  |  |
| Valores con derechos de voto | Menos de los que permitirían a la SICAV ejercer una influencia significativa en la gestión de un emisor. |  |  | Estas normas no se aplican a: - los valores descritos en la fila 1 de la tabla que aparece a continuación
- las acciones de una empresa de fuera de la UE que invierte sobre todo en su país de origen y representa la única forma de que una cartera pueda invertir en ese país cumpliendo la Ley de 2010
- compras o recompras de acciones de filiales que ofrezcan	únicamente servicios de gestión, asesoramiento		o comercialización en su país, cuando se hagan como una forma de llevar a cabo operaciones para los accionistas de la SICAV de conformidad con la Ley de 2010
 |
| Valores sin derechos de voto de cualquier emisor | 10% |  |  |
| Títulos de deuda de cualquier emisor | 10% |  | Estos límites pueden no atenderse desde el punto de vista de la compra si en ese momento no es posible calcular el importe bruto de bonos o instrumentos del mercado monetario, o el importe neto de los instrumentos que se emiten. |
| Instrumentos del mercado monetario de un asegurador | 10% |
| Acciones de cualquier subfondo de un OICVM u OIC en forma de paraguas | 25% |
|  |  |
| FONDOS DEL MERCADO MONETARIO |
| Los instrumentos del mercado monetario, las titulizaciones y ABCP de un emisor | 10% | No se aplica a instrumentos del mercado monetario emitidos u otorgados por emisores de la UE e internacionales. |


###### Gestión y supervisión del riesgo global
La Sociedad Gestora ha puesto en marcha un proceso de gestión del riesgo, aprobado y supervisado por su Consejo, para supervisar y calcular en todo momento el perfil de riesgo global de cada fondo derivado de la inversión directa, los derivados, las técnicas, la garantía y todas las demás fuentes. Es posible obtener más información sobre el procedimiento general de gestión del riesgo, previa petición, solicitándola a la Sociedad Gestora.
Las evaluaciones de la exposición global se calculan cada día de negociación (independientemente de si un fondo calcula su VL para ese día), e incluye numerosos factores, incluida la cobertura de pasivos contingentes creada por las posiciones en derivados, el riesgo de contraparte, las fluctuaciones previsibles del mercado y el tiempo disponible para liquidar las posiciones.
Los derivados integrados en valores mobiliarios o instrumentos del mercado monetario se contabilizan como derivados mantenidos por el fondo, y cualquier exposición a valores mobiliarios o instrumentos del mercado monetario adquirida a través de derivados (a excepción de algunos sobre índices) se contabiliza como inversión en esos valores o instrumentos.
ENFOQUES DE SUPERVISIÓN DEL RIESGO 
Hay tres enfoques principales de cálculo del riesgo: el enfoque de compromiso y las dos formas de valor en riesgo (VeR), el VeR absoluto y el VeR relativo. Estos enfoques se describen a continuación, y el enfoque que cada fondo se indica en el apartado “Descripciones de los fondos”. La Sociedad Gestora elige el enfoque que utilizará un fondo en función de su política y estrategia de inversión.
| Enfoque | Descripción |
| --- | --- |
| Valor en riesgo absoluto (VeR absoluto) | El fondo trata de estimar las pérdidas potenciales máximas debido al riesgo de mercado que pueda experimentar en un mes (20 días de negociación) en condiciones normales del mercado. La estimación se basa en la rentabilidad del fondo en los 12 meses (250 días hábiles) anteriores, y exige que el 99% del tiempo, el peor resultado del fondo no supere una caída del 20% en el valor liquidativo. |
| Valor en riesgo relativo (VeR relativo) | El VeR relativo del fondo se expresa como múltiplo de una cartera de referencia. El fondo trata de estimar las pérdidas potenciales debido al riesgo de mercado que pueda experimentar en el plazo de un mes (20 días de negociación) en condiciones normales del mercado. La estimación se basa en la rentabilidad del fondo en los 12 meses (250 días hábiles) anteriores, y exige que el 99% del tiempo, el peor resultado del fondo no supere el 200% del VeR de la correspondiente cartera de referencia. |

| Enfoque | Descripción |
| --- | --- |
| Compromiso | El fondo calcula su exposición global teniendo en cuenta bien el valor de mercado de una posición equivalente en el activo subyacente o el valor teórico del derivado, según corresponda. Esto permite al fondo reducir su exposición global teniendo en cuenta los efectos de las posiciones de cobertura o compensatorias. Por lo tanto, algunos tipos de operaciones libres de riesgo, operaciones sin apalancamiento y permutas no apalancadas no se incluyen en el cálculo. Un fondo que utilice este enfoque debe garantizar que su exposición de mercado global no supere el 210% de sus activos (un 100% procedente de la inversión directa, un 100% procedente de derivados y un 10% procedente de préstamos). |

APALANCAMIENTO BRUTO 
Cualquier fondo que utilice un enfoque de VeR también debe calcular su nivel de apalancamiento bruto previsto, que se indica en el apartado “Descripciones de los fondos”. El apalancamiento previsto de un fondo es una indicación genérica, no un límite por normativa; el apalancamiento real puede superar el previsto en algunos periodos. No obstante, el uso de derivados por parte un fondo deberá mantener la coherencia con su objetivo de inversión, su política de inversión y su perfil de riesgo y cumplir su límite de VeR.
El apalancamiento bruto es una medida del apalancamiento generado por el uso total de derivados y por los instrumentos y técnicas utilizados con fines de gestión eficiente de la cartera. Se calcula como la suma de los importes teóricos (la exposición a todos los derivados, sin tener en cuenta las posiciones opuestas como anuladoras la una de la otra). Puesto que este cálculo no tiene en cuenta la sensibilidad a las oscilaciones del mercado ni si un derivado aumenta o disminuye el riesgo global de un fondo, puede no reflejar el riesgo de inversión real de un fondo.

##### Cómo utilizan los fondos los instrumentos y técnicas

###### Finalidad y marco regulador
Un fondo puede utilizar los instrumentos y técnicas descritas a continuación con fines de gestión eficiente de la cartera, que se define como la reducción de riesgos o costes o la generación de capital o rentas adicionales, la obtención de exposición a determinadas inversiones o mercados y la cobertura frente a diversos tipos de riesgo. Cualquier uso debe atender al perfil de riesgo, el objetivo y la estrategia de inversión de un fondo según se defina en este folleto informativo, así como a la Ley de 2010, la Directiva sobre OICVM, el Reglamento del Gran Ducado de 8 de febrero de 2008, las Circulares 08/356 y 14/592 de la CSSF, la directriz 14/937 de la AEVM, el Reglamento sobre operaciones de financiación de valores (SFT) (UE) 2015/2365 y el resto de legislación y normativa aplicable.
Los riesgos asociados a los instrumentos y técnicas se describen en el apartado “Descripción de los riesgos”.

###### Derivados que pueden utilizar los fondos
Un derivado es un contrato financiero cuyo valor depende de la rentabilidad de uno o varios activos de referencia (como un valor o una cesta de valores, un índice o un tipo de interés). Los derivados pueden ser extrabursátiles o cotizados en bolsa.
Siempre de conformidad con su política de inversión, los fondos podrán invertir en cualquier tipo de instrumento financiero derivado. (Para los FMM, véase el apartado “Normas relativas a los fondos”). Algunos de los más comunes son los siguientes:
- futuros financieros (contratos que entregan pagos en función de los valores futuros), como futuros sobre valores, tipos de interés, índices o divisas
- opciones (contratos que otorgan el derecho, o la obligación, de comprar o vender un activo durante un periodo de tiempo predeterminado), como las opciones sobre renta variable, tipos de interés, índices (incluidos aquellos sobre materias primas), bonos, divisas o permutas (
- swaptions
- ) y futuros
- warrants 
- (contratos que otorgan el derecho a comprar o vender un título de renta variable u otro valor a un determinado precio durante el periodo de tiempo indicado)
- contratos a plazo (contratos para comprar o vender un activo a un determinado precio en una fecha futura), como los contratos de divisas
- permutas (contratos en los que dos partes se intercambian el rendimiento de dos activos de referencia distintos, como divisas, índices, permutas de inflación o de tipos de interés, así como permutas sobre la volatilidad o cestas de valores, pero que NO incluyen las permutas de rendimiento total, incumplimiento crediticio o varianza, que se indican por separado)
- derivados sobre crédito, como las permutas de incumplimiento crediticio, CDS, por sus siglas en inglés, (contratos en virtud de los cuales una parte recibe una comisión por parte de la contraparte a cambio de aceptar que, en caso de quiebra, impago u otro “evento de crédito”, realizará pagos a la contraparte con el fin de cubrir las pérdidas de esta última)
- derivados estructurados, como los valores vinculados a crédito y a renta variable
- contratos por diferencias (contratos cuyo valor se basa en la diferencia entre dos cálculos de referencia comouna cesta de valores)
- permutas de rendimiento total (TRS) u otros derivados con características similares (operaciones en las que una contraparte realiza pagos sobre la base de un tipo fijo o variable, que traspasa toda la rentabilidad económica, incluidos los ingresos por intereses y comisiones, ganancias y pérdidas derivadas de las oscilaciones de los precios, de las obligaciones de referencia, como un título de renta variable, un título de renta fija o un índice), las TRS pueden ser financiadas o sin financiar (con o sin requisito de pago inicial). Las operaciones con TRS se realizarán sobre valores únicos de renta variable y renta fija o índices financieros. Los fondos tienen previsto utilizar TRS (incluidos los CFD) de conformidad con las disposiciones relativas al uso de los instrumentos financieros derivados establecidas en la política de inversión y dentro de los niveles previstos y máximos indicados en las descripciones de los fondos.

Por lo general, los futuros se negocian en bolsa. Todos los demás tipos de derivados suelen ser extrabursátiles.
En el caso de los derivados vinculados a índices, el proveedor del índice determina la frecuencia de reajuste y el efecto de los costes para el fondo pertinente dependerán de la frecuencia de reajuste.

###### Fines con los que los fondos utilizan derivados
Un fondo puede utilizar derivados con cualquiera de los siguientes fines, siempre que lo haga de forma coherente con el objetivo y la política de inversión que figuran en el apartado “Descripciones de los fondos”.
Cobertura La cobertura consiste en abrir una posición del mercado que vaya en la dirección opuesta –y no supere– la posición creada por otras inversiones del fondo, con el fin de reducir o anular la exposición a las fluctuaciones de los precios o a factores que contribuyen a ellas.
- Cobertura crediticia Normalmente, se lleva a cabo mediante el uso de permutas de incumplimiento crediticio. El objetivo es cubrirse ante el riesgo crediticio. Esto incluye la compra y la venta de protección frente a los riesgos de activos o emisores específicos, así como las permutas de cobertura (abrir una posición opuesta en una inversión distinta que probablemente muestre un comportamiento similar a la posición que se cubre).
- Cobertura cambiaria Normalmente, se hace a través de contratos de divisas a plazo. El objetivo es cubrirse ante el riesgo crediticio. Es posible a nivel de un fondo y, en el caso de las acciones H, al nivel de la misma clase de acciones. Todas las coberturas cambiarias deben implicar divisas que estén dentro del índice de referencia correspondiente al fondo o que sean coherentes con sus objetivos y políticas de inversión. Cuando un fondo cuente con activos denominados en varias divisas, es posible que no se cubra contra aquellas divisas que representen porcentajes de activos pequeños o para las que una cobertura sea inviable o no tenga sentido económico. Un fondo puede participar en:coberturas directas (misma divisa, posición opuesta) coberturas cruzadas (reducción de la exposición a unadivisa al tiempo que se incrementa la exposición a otra, quedando sin cambios la exposición neta a la divisa base), cuando ofrezca una forma eficiente de obtener las exposiciones deseadaspermutas de cobertura (abrir una posición opuesta en una divisa distinta que se considere que probablemente muestre un comportamiento similar a la divisa base)cobertura anticipatoria (abrir una posición de cobertura como anticipación a una exposición que se prevea que surja con motivo de una inversión planeada u otro acontecimiento)
- Cobertura de duración Normalmente, se realiza a través de permutas de tipos de interés, 
- swaptions 
- y futuros. El objetivo es tratar de reducir la exposición a las oscilaciones de los tipos de los bonos con vencimiento a más largo plazo. La cobertura de duración solo se puede realizar a nivel de fondo.
- Cobertura de precios Normalmente, se realiza a través de opciones sobre índices (concretamente, a través de la venta de una opción de compra o la compra de una opción de venta). En general, su uso se limita a aquellas situaciones en las que existe suficiente correlación entre la composición o la rentabilidad del fondo y la del índice. El objetivo es cubrirse ante las fluctuaciones del valor de mercado de una posición.
- Cobertura de tipos de interés Normalmente se realiza a través de futuros en los tipos de interés, las permutas de tipos de interés, la suscripción de opciones de compra sobre tipos de interés o la compra de opciones de venta sobre tipos de interés. El objetivo es gestionar el riesgo de tipos de interés.

Exposición a inversiones Un fondo puede utilizar cualquier derivado autorizado para lograr exposición a los activos permitidos, sobre todo, si la inversión directa es ineficiente o inviable desde el punto de vista económico.
Apalancamiento Un fondo puede utilizar cualquier derivado autorizado para incrementar su exposición total de inversión más allá de lo que sería posible a través de la inversión directa. Normalmente, el apalancamiento incrementa la volatilidad de un fondo.
Replicación de índices podrán utilizarse derivados para replicar la rentabilidad de un título o una clase de activos (por ejemplo, índices de materias primas o inmobiliarios). Otras estrategias pueden incluir posiciones que se beneficien de una caída del valor o que ofrezcan exposición a ciertos elementos de rendimiento de un emisor o activo en particular para ofrecer rendimientos que no se relacionen con el del mercado en general o posiciones de las que no se habría podido disponer sin el uso de derivados.
Los fondos de efectivo podrán emplear instrumentos financieros derivados únicamente con fines de cobertura del riesgo de tipos de interés o cambiario inherentes a las demás inversiones de los correspondientes fondos de efectivo.
Todos los fondos pueden utilizar derivados para gestionar el riesgo, generar rentas o crecimiento del capital vinculado a las clases de activos en las que inviertan siempre y cuando:
a) sean económicamente adecuados en el sentido de que se realicen de manera rentable, b) se celebren debido a uno o más de los siguientes criterios: (i) reducción del riesgo,
(ii) reducción de costes y (iii) generación de capital o rentas adicionales con un nivel de riesgo que sea coherente con el perfil de riesgo del correspondiente fondo y con las normas de diversificación del riesgo del fondo, y c) sus riesgos queden captados de forma adecuada en el proceso de gestión del riesgo de la SICAV.
Los fondos podrán utilizar derivados referenciados a activos subyacentes de renta fija o componentes de los mismos para
(i) incrementar o reducir la exposición al riesgo de tipos de interés (incluida la inflación) a través del uso de futuros sobre tipos de interés o renta fija, opciones y permutas de tipos de interés, rendimiento total o inflación, (ii) comprar o vender total o parcialmente el riesgo de crédito asociado a un emisor único, o múltiples emisores referenciados en una cesta o índice a través del uso de futuros sobre renta fija, opciones y permutas de incumplimiento crediticio y rendimiento total y (iii) cubrir, aumentar o reducir la exposición a divisas mediante el uso de contratos a plazo, incluidos los contratos a plazo sin entrega de subyacente y permutas de divisas.

###### Instrumentos y técnicas que pueden utilizar los fondos
Un fondo puede utilizar los siguientes instrumentos y técnicas con respecto a la totalidad o parte de los valores con los que cuenta, pero solo con fines de gestión eficiente de la cartera (según lo indicado anteriormente).
Préstamo de valores
Los fondos tratan de participar en operaciones de préstamo de valores sobre acciones, otros instrumentos vinculados a títulos de renta variable y bonos con fines de gestión eficiente de la cartera y de conformidad con los niveles previstos y máximos indicados en la información sobre los fondos. Ninguno de los fondos formaliza operaciones de préstamo con reposición de la garantía al día de la fecha de este folleto informativo.
Las operaciones de préstamo de valores se formalizarán en función de las oportunidades del mercado, y, en particular, de la demanda del mercado de los valores que se mantengan en la cartera de cada fondo y los ingresos previstos de la operación en comparación con la situación del mercado por el lado de la inversión.
Las operaciones de préstamo de valores que se formalicen tendrán como único fin el de generar valor adicional de conformidad con el objetivo de inversión del fondo y su perfil de riesgo. Por lo tanto, no existen restricciones sobre la frecuencia con la que un fondo puede participar en este tipo de operaciones. Las operaciones mencionadas anteriormente no podrán hacer bajo ningún concepto que un fondo se aleje de su objetivo de inversión, tal y como figura en el Folleto informativo, ni tampoco generar un riesgo adicional superior al contemplado en su perfil según se describe en él.
La Sociedad Gestora deberá mantener el volumen de estas operaciones a un nivel que le permita satisfacer las solicitudes de reembolso.
Contrapartes: Las contrapartes del préstamo de valores deberán someterse a normas de supervisión cautelar que la CSSF considere equivalentes a las prescritas en la legislación de la UE y que se apliquen especialmente a este tipo de operación. Las contrapartes de dichas operaciones serán normalmente entidades financieras domiciliadas en un estado miembro de la OCDE que posean una calificación crediticia de grado de inversión. Las contrapartes seleccionadas cumplen el Artículo 3 de la Normativa SFTR (Securities Financing Transactions Regulation, normativa sobre operaciones de financiación de valores).
Ingresos abonados a los fondos: En lo que respecta a las operaciones de préstamo de valores, el 87,5% de los ingresos brutos procedentes de las mismas se devuelve a los fondos, mientras que se abona una comisión del 12,5% al Agente de Préstamo (que no sea una filial del Gestor de Inversiones). Los gastos operativos (ya sean estos directos o indirectos) asumidos por el Agente de Préstamo derivados de esas actividades de préstamo de valores se cubren con su comisión. El informe y cuentas anuales de la SICAV ofrece más detalles sobre la rentabilidad real.
Agente de préstamo, agente de garantía y gestor de la garantía: La SICAV ha designado a Brown Brothers Harriman & Co., una sociedad limitada de Nueva York con una oficina en Boston, Massachusetts y Citibank N.A., London Branch (cada uno de ellos, un “Agente de Préstamo”) para llevar a cabo las operaciones de préstamo de valores y la gestión de la garantía. Ninguno de los dos Agentes de Préstamo pertenece al grupo del Gestor de Inversiones.
Operaciones de acuerdos de recompra y de recompra inversa
Las operaciones de recompra se rigen mediante un contrato en virtud del cual, el propietario de un activo acuerda vender un valor a otra parte a cambio de una garantía en efectivo y recomprarlo en una fecha concreta por un precio concreto (más alto). Una operación de recompra inversa consiste en la operación contraria, en virtud de la cual, el propietario del efectivo acuerda vender el efectivo a otra parte a cambio de una garantía en títulos y recomprar el efectivo en una fecha concreta por un valor concreto (más alto).
Los fondos tratan de participar en operaciones de recompra y recompra inversa con fines de Gestión Eficiente de la Cartera y de conformidad con los niveles previstos y máximos indicados en las descripciones de los fondos.
Los fondos solo podrán formalizar operaciones de contratos de recompra y recompra inversa siempre y cuando pueda a) recuperar el importe total del efectivo de un contrato de recompra inversa o cualesquiera valores sujetos a un contrato de recompra, o b) resolver el contrato de conformidad con la normativa aplicable, y con arreglo a los tipos del mercado aplicables a los contratos de recompra en cualquier momento. En este contexto, las operaciones a plazo fijo que no superen los siete días deberían considerarse compromisos en condiciones que permitan a la SICAV recuperar los activos en cualquier momento.
Las operaciones de contratos de recompra y recompra inversa se formalizarán con carácter táctico y temporal, en circunstancias en las que el Gestor de Inversiones crea que los tipos de mercado permitirán que el fondo correspondiente se beneficie de una gestión de efectivo más eficiente o una mejora de la rentabilidad de la cartera al formalizar cualquiera de estas operaciones.
Contrapartes: Las contrapartes de dichas operaciones deberán someterse a normas de supervisión cautelar que la CSSF considere equivalentes a las prescritas en la legislación de la UE y que se apliquen especialmente a este tipo de operación. Las contrapartes de dichas operaciones serán normalmente entidades financieras domiciliadas en un estado miembro de la OCDE que posean una calificación crediticia de grado de inversión. Las contrapartes seleccionadas cumplen el Artículo 3 de la Normativa SFTR (Securities Financing Transactions Regulation, normativa sobre operaciones de financiación de valores).
Ingresos abonados a los fondos: El 100% de los ingresos (o pérdidas) que se generen en la ejecución de operaciones de recompra y recompra inversa se asignan a los fondos. El Gestor de Inversiones no carga ningún gasto o comisión adicional, ni recibe ninguna otra remuneración con respecto a dichas operaciones. El informe y cuentas anuales de la SICAV ofrece más detalles sobre la rentabilidad real.

###### Uso y comisiones
Se indican los siguientes usos y comisiones en el apartado “Descripciones de los fondos” para cualquiera de los fondos que actualmente los utiliza:
- para las permutas de rendimiento total, los contratos por diferencias y derivados similares: la exposición prevista y máxima, expresada como porcentaje del valor liquidativo
- para las operaciones de acuerdos de recompra y de recompra inversa: los límites previstos y máximos, calculados como porcentaje del valor liquidativo
- para el préstamo de valores: los límites previstos y máximos, calculados como porcentaje del valor liquidativoSe indica la siguiente información en los informes financieros:
- el uso de todos los instrumentos y técnicas utilizados con fines de gestión eficiente de la cartera
- en relación con este uso, los ingresos recibidos, y los costes y comisiones operativos directos e indirectos, en los que haya incurrido cada fondo
- quién ha recibido el pago de los anteriores costes y gastos y cualquier relación que un receptor pudiera tener con empresas del Grupo FIL o el depositario
- información sobre la naturaleza, el uso, la reutilización y la salvaguarda de la garantía
- las contrapartes que la SICAV haya utilizado a lo largo del periodo al que se refiera el informe, incluidas las mayores contrapartes por garantíaLas comisiones pagadas al agente de préstamo no se incluyen en los gastos corrientes porque se deducen antes de que los ingresos se abonen al Fondo.


###### Contrapartes de derivados y técnicas
La Sociedad Gestora adopta un marco de gestión del riesgo de contraparte que mide, supervisa y gestiona el riesgo crediticio de las contrapartes. Además de los requisitos indicados en las filas 10 y 11 de la tabla “Facultades y límites de inversión generales”
, 
las contrapartes serán evaluadas atendiendo a los siguientes criterios:
- situación regulatoria
- protección prevista por la legislación local
- procesos operativos
- análisis de solvencia que incluye la revisión de los diferenciales de crédito disponibles o las calificaciones crediticias externas para los CDS y las permutas de varianza, la contraparte debe ser una entidad de crédito con la máxima calificación
- grado de experiencia y especialización en el tipo particular de derivado o técnica de que se tratela situación jurídica y el país de origen o en el que se encuentre domiciliada no se consideran per se criterios de selección directos.

Salvo que se indique lo contrario en este folleto informativo o si así lo autorizan los Administradores, ninguna contraparte de un derivado de un fondo puede actuar como Gestor de Inversiones de un fondo ni controlar o autorizar de ningún otro modo la composición o gestión de las inversiones u operaciones de un fondo ni sobre los activos subyacentes de un derivado.
El agente de préstamo evaluará continuamente la capacidad y predisposición de cada uno de los prestatarios de los valores para cumplir sus obligaciones, y la SICAV conserva el derecho a descartar a cualquier prestatario o resolver un préstamo en todo momento. Los niveles más bajos de riesgo de contraparte y de mercado asociados con el préstamo de valores se reducen adicionalmente a través de la protección contra impago de la contraparte otorgada por el agente de préstamo y el receptor de la garantía.

###### Políticas de garantía
Estas políticas son de aplicación a los activos recibidos por parte de las contrapartes en relación con las operaciones de préstamo de valores, operaciones de recompra inversa y derivados extrabursátiles.
GARANTÍA ACEPTABLE 
Todos los valores aceptados como garantía deben ser de alta calidad. La garantía debe adoptar la forma de:
- activos líquidos (es decir, efectivo y certificados bancarios a corto plazo, instrumentos del mercado monetario según se definen en la Directiva 2007/16/CE, del Consejo, de19 de marzo de 2007) y sus asimilados (incluidas las cartas de crédito y una garantía a primer requerimiento otorgada por una entidad de crédito de primer nivel que no forme parte del grupo de la contraparte);
- bonos emitidos o garantizados por un Estado miembro de la OCDE o sus autoridades locales, o por instituciones y entidades supranacionales en el ámbito de la UE, o a escala regional o mundial;
- acciones o participaciones emitidas por fondos del mercado monetario cuyo valor liquidativo se calcule a diario y con calificación AAA o equivalente;
- acciones o participaciones emitidas por un OICVM que invierte sobre todo en bonos/acciones que cumplan las condiciones indicadas en el punto c);
- bonos emitidos o garantizados por emisores de primer nivel que ofrezcan una liquidez adecuada; o
- acciones admitidas a negociación o negociadas en un mercado regulado o una bolsa de valores de un Estado miembro de la OCDE, siempre que formen parte de un índice principalLos valores susceptibles de ser comprados con una opción de recompra, o que puedan adquirirse en acuerdos de recompra inversa, se limitan al tipo de valores mencionados en los puntos a), b), c), e) y f).

Las garantías distintas al efectivo deben negociarse en un mercado regulado o un sistema multilateral de negociación con precios transparentes y deben poder venderse rápido por un precio próximo a su valoración previa a la venta.
Con el fin de garantizar que la garantía es debidamente independiente de la contraparte en lo que respecta tanto al riesgo crediticio como al riesgo de correlación entre inversiones, no se acepta ninguna emitida por la contraparte o el grupo de la contraparte. No se espera que la garantía presente una correlación elevada con la rentabilidad de la contraparte.
La exposición al crédito de la contraparte se supervisa teniendo los límites de crédito como referencia. Cualquier garantía debe poder ser íntegramente ejecutada por el fondo en cualquier momento sin que para ello sea necesario referirse ni obtener la autorización de la contraparte.
La garantía recibida por parte de la contraparte de una operación puede utilizarse para compensar la exposición global a dicha contraparte.
Para evitar tener que gestionar pequeños importes de garantía, la SICAV podrá fijar un importe mínimo de garantía (importe por debajo del que no exigirá garantía) o un umbral (incremento del importe por encima del que no exigirá una garantía adicional).
DIVERSIFICACIÓN 
Todas las garantías mantenidas por la SICAV deben estar diversificadas por país, mercado y emisor, con una exposición a emisores concretos igual o inferior al 20% del patrimonio neto del fondo. Si se ha indicado en la descripción, un fondo podría estar íntegramente titulizado por distintos valores mobiliarios e instrumentos del mercado monetario emitidos por un Estado miembro, una o varias autoridades locales, un país tercero o cualquier organismo público internacional del que formen parte uno o varios Estados miembros. En este caso, el fondo debería recibir una garantía de al menos 6 emisiones diferentes, sin que ninguna de ellas supere el 30% de los activos del fondo.
REUTILIZACIÓN Y REINVERSIONES DE LA GARANTÍA (ACTUALMENTE NO TODOS LOS FONDOS LAS LLEVAN A
CABO) 
La garantía en efectivo no será reinvertida, salvo que se permita específicamente para un fondo en concreto, de conformidad con las descripciones de los fondos. En ese caso, la garantía de efectivo se asignará, depositará o invertirá en bonos gubernamentales de alta calidad, operaciones de recompra inversa o fondos del mercado monetario a corto plazo (según se definen en las Directrices para la definición común de Fondos del Mercado Monetario europeos) que calculen su valor liquidativo diario y con calificación AAA o equivalente. Dicha reinversión deberá tenerse en cuenta a efectos del cálculo de la exposición global relacionada con instrumentos derivados de cada uno de los fondos implicados, y en particular si con ella se crea un efecto de apalancamiento. Todas las inversiones deben cumplir los requisitos de diversificación indicados anteriormente.
Si un fondo invierte la garantía procedente del préstamo de valores en operaciones de recompra inversa, los límites aplicables al préstamo de valores se ampliarán a las operaciones de recompra inversa.
Toda garantía que no sea en efectivo no podrá venderse, reinvertirse ni pignorarse.
CUSTODIA DE LA GARANTÍA 
La garantía (así como otros valores que pueden mantenerse en custodia) transmitidos por título a un fondo serán mantenidos por el depositario de un subcustodio. Con el resto de tipos de compromisos de garantía, como un acuerdo de pignoración, la garantía se puede mantener en un depositario externo sujeto a supervisión prudencial y que no guarde relación con el proveedor de la garantía.
VALORACIÓN Y RECORTES 
Todas las garantías se valoran con respecto al precio de mercado (diariamente utilizado los precios de mercado disponibles), teniendo en cuenta cualquier recorte aplicable (descuento en el valor de la garantía con el fin de otorgar protección frente a las
reducciones del valor o la liquidez de la garantía). Un fondo puede pedir una garantía adicional (margen de variación) a la contraparte con el fin de garantizar que el valor de la garantía es, como mínimo, igual a la exposición a la contraparte correspondiente.
Los porcentajes correspondientes al recorte que actualmente aplican los fondos se muestran a continuación.
Estos porcentajes tienen en cuenta aquellos factores que probablemente afecten a la volatilidad y al riesgo de pérdida (como la calidad crediticia, el vencimiento o la liquidez), así como los resultados de los test de estrés que puedan realizarse en cada momento. Estos recortes no afectarán a las garantías en efectivo. La Sociedad Gestora podrá ajustar estos porcentajes en cualquier momento, sin previo aviso. No obstante, deberá incorporar cualesquiera cambios a la edición más reciente del folleto informativo.
El valor de la garantía recibida deberá, en el transcurso del contrato, ser igual a, como mínimo, un 105% de la valoración global de los títulos prestados en el caso de la renta variable y de, como mínimo, un 102% del valor total de los valores prestados en el caso de los bonos. Los acuerdos de recompra y de recompra inversa estarán por lo general garantizados, en cualquier momento dado mientras dure el acuerdo, por un mínimo del 100% de su importe teórico.
|  | Instrumentos permitidos como garantía | Recorte |
| --- | --- | --- |
| Operaciones	con derivados financieros extrabursátiles Operaciones		de préstamo de valores - renta variable Operaciones		de préstamo de valores - renta fija | Efectivo (USD, EUR, GBP, AUD o JPY) | 0% |
| Bonos del Estado emitidos por Estados del G10 | 5% |
| Bonos del Estado emitidos por Estados del G10 | 2% |
| Operaciones	de recompra inversa | Deuda		soberana específica o exposición a determinadas entidades no gubernamentales del sector público (en algunas divisas) según se acuerde con	el		fondo/la contraparte | Hasta	el 2,818% (según corresponda en	función de	la normativa y el vencimiento residual) |


##### Reglamento sobre fondos del mercado monetario
MARCO JURÍDICO Y NORMATIVO 
El reglamento sobre fondos del mercado monetario (oficialmente, Reglamento (UE) 2017/1131 del Parlamento Europeo y del Consejo, de 14 de junio de 2017, sobre fondos del mercado monetario) se aplica a todos los fondos del mercado monetario domiciliados o comercializados en la UE. El reglamento trata de incrementar la resiliencia de los fondos del mercado monetario y garantizar que puedan mantener liquidez en periodos de mercado tensionado y reembolsos cuantiosos o repentinos.
TIPOS DE FONDOS DEL MERCADO MONETARIO 
El reglamento
permite fondos de las siguientes categorías:
| Tipo de fondo | A	corto plazo | Estándar |
| --- | --- | --- |
| De deuda pública con VL constante | • | — |
| VL con baja volatilidad | • | — |
|  VL variable	 | •	 | •	 |

NORMAS APLICABLES A LA CARTERA
Puesto que todos los fondos de efectivo se consideran Fondos del Mercado Monetario a corto plazo con valor liquidativo variable, deberán cumplir permanentemente la totalidad de los requisitos siguientes:
- que el vencimiento medio ponderado de la cartera no sea superior a 60 días; y
- que la vida media ponderada de la cartera no sea superior a 120 días.
- que el 7,5% de sus activos, como mínimo, esté constituido por activos con vencimiento diario, pactos de recompra inversa a los que se pueda poner fin con un preaviso de un día hábil, o efectivo que pueda retirarse con un preaviso de un día hábil;
- que el 15% de sus activos, como mínimo, esté constituido por activos con vencimiento semanal, pactos de recompra inversa a los que se pueda poner fin con un preaviso de cinco días hábiles, o efectivo que pueda retirarse con un preaviso de cinco días hábiles. A efectos de cálculo, los Instrumentos del Mercado Monetario o las participaciones o acciones de otros Fondos del Mercado Monetario podrán incluirse dentro de los activos con vencimiento semanal hasta un máximo del 7,5% de sus activos, siempre que se puedan reembolsar y liquidar en el plazo de cinco días hábiles.

Si se exceden los límites previstos en el presente artículo independientemente de la voluntad del fondo de efectivo correspondiente, o tras el ejercicio de los derechos de suscripción o reembolso, el fondo deberá tener como objetivo prioritario corregir tal situación, teniendo debidamente en cuenta el interés de sus accionistas.
PROCEDIMIENTO PARA LA REALIZACIÓN DE TEST DE CRÉDITO Y DE ESTRÉS
Descripción del procedimiento
De conformidad con el Reglamento sobre FMM y el resto de actos delegados que lo complementan, la Sociedad Gestora garantizará la creación, puesta en marcha y aplicación consistente de un procedimiento interno de evaluación de la calidad crediticia basado en métodos de evaluación prudentes, sistemáticos y continuos con el fin de determinar sistemáticamente la calidad crediticia de los fondos que se consideran Fondos del Mercado Monetario. La Sociedad Gestora ha aprobado cuatro procedimientos de evaluación de la calidad crediticia independientes para (i) emisores soberanos, (ii) emisores relacionados con las Administraciones Públicas, (iii) emisores que son sociedades financieras y (iv) emisores que son sociedades no financieras.
La supervisión de los procedimientos de evaluación interna de la calidad crediticia corresponderá a la Sociedad Gestora, que contará con la ayuda del Comité de Riesgos de Inversión de Renta Fija (el “CRIRF”), un comité independiente responsable de supervisar el riesgo de la renta fija. Este comité y, en última instancia, la Sociedad Gestora es responsable de garantizar que los datos utilizados para llevar a cabo las evaluaciones de la calidad crediticia cuentan con una calidad suficiente, están actualizados y proceden de fuentes fiables.
El analista asignado realizará una evaluación de crédito de todos los emisores y garantes que figuren en el Listado autorizado conforme a la normativa como mínimo una vez al año. El CRIRF y, en última instancia, la Sociedad Gestora, es responsable de garantizar que se cumple el requisito de la frecuencia anual. Este comité y, en última instancia, la Sociedad Gestora será responsable de decidir si se ha producido algún cambio significativo y si los analistas deben preparar una nueva evaluación de la calidad crediticia de los emisores o garantes afectados.
A la hora de determinar la calidad crediticia de un emisor o instrumento, la Sociedad Gestora garantizará que no se recurre de forma mecánica a las calificaciones externas.
La idoneidad de los procedimientos de evaluación de la calidad crediticia se evaluará una vez al año (o con mayor frecuencia si es necesario) y los cambios en los mismos serán aprobados por la alta dirección y la Sociedad Gestora. En caso de que se produzca un cambio significativo, en el sentido con que se define en el Reglamento sobre Fondos del Mercado Monetario, que pueda afectar a la evaluación vigente de un instrumento, se realizará una nueva evaluación de la calidad crediticia. Asimismo, el procedimiento de evaluación interna de la calidad crediticia se supervisa de forma continua.
Descripción de la metodología
Se cuenta con un listado de emisores aptos (conocido como “Listado autorizado”) y los Fondos del Mercado Monetario solo podrán invertir en instrumentos de emisores que figuren en él. Cada uno de estos emisores se asigna a un analista del equipo de análisis de crédito.
La Sociedad Gestora ha creado un proceso eficaz para garantizar que se obtiene información relevante sobre el emisor y las características del instrumento y que esta información se mantiene actualizada.
El riesgo crediticio de un emisor o garante y sus instrumentos lo determinará únicamente el analista asignado bajo la responsabilidad de la Sociedad Gestora y se basará en el análisis independiente de la capacidad del emisor o garante de hacer frente a sus obligaciones de deuda. Para hacerlo, se utiliza un proceso sistemático de cuatro pasos diseñado con arreglo al Capítulo 3 del reglamento delegado 2018/990 y el párrafo 1 del Artículo 20 del Reglamento. Un emisor o garante y sus instrumentos deben superarlos todos. Estos pasos pueden incluir los siguientes elementos, en su caso:
- Factores cuantitativos: los emisores deben llegar a umbrales predeterminados en parámetros cuantitativos como las ratios financieras y la evolución macroeconómica (como capitalización, liquidez, calidad de los activos, rentabilidad, apalancamiento, ratio EBITDA/intereses ajustada, fuentes de liquidez, PIB per cápita, tasa de desempleo, puntuación de la eficacia de la gobernanza del Banco Mundial, tasa de morosidad bancaria o ratio de gastos por intereses sobre recaudación pública, entre otros).
- Factores externos y basados en el mercado: los emisores deben superar umbrales relativos a los diferenciales de los bonos o las permutas de incumplimiento crediticio de los correspondientes instrumentos además de contar con una calificación crediticia externa mínima de A3 o A según Moody’s o Standard & Poor’s.
- Factores cualitativos: el analista asignado tiene en cuenta factores cualitativos (entre otros, la gobernanza, el modelo de negocio, el perfil de riesgo, el contexto macroeconómico, la diversificación, la estabilidad e intenciones del Gobierno o la fortaleza de la divisa) que considere necesarios para llevar a cabo una evaluación íntegra y prudente de la calidad crediticia del emisor o garante.
- Factores específicos del instrumento: el analista asignado también valora factores concretos del instrumento (entre otros, el hecho de que el instrumento sea o no una obligación de pago directa e incondicional, el grado de flexibilidad en los plazos de abono de intereses y principal, el orden de prelación del instrumento o su perfil de liquidez), que considere necesarios para que el instrumento pueda considerarse de alta calidad crediticia y muy líquido.

En el caso de emisores y garantes relacionados con las Administraciones Públicas, se utiliza un enfoque diferente. El principal factor para determinar su calidad es su grado de vinculación entre él y el valor soberano. Por lo tanto, la evaluación se centra en determinar en qué medida existe dicho vínculo (titularidad, garantías expresas o implícitas, barreras a la ayuda, relaciones con el cliente, exposición a riesgos comunes, importancia económica, clasificación por parte de las agencias de calificación, etc.) y se emite una evaluación favorable si la probabilidad de que el emisor relacionado con las Administraciones Públicas incurra en impago se considera estrechamente vinculada a la del valor soberano.
Un emisor o garante solo recibirá una evaluación favorable y se incluirá en el listado de contrapartes autorizadas si tanto él como sus instrumentos superan todas las etapas del procedimiento.
Se realizará una evaluación crediticia de todos los emisores o garantes del listado de contrapartes autorizadas como mínimo una vez al año y se pondrá a disposición de la alta dirección o a la Sociedad Gestora como mínimo una vez al año.
Los datos que se utilizan para llevar a cabo la evaluación de la calidad crediticia proceden en su totalidad de fuentes fiables, como, por ejemplo, Bloomberg, agencias de calificación crediticia, Haver Analytics, el Fondo Monetario Internacional (“FMI”) y los informes oficiales de las sociedades, entre otras. Del mismo modo, los métodos empleados se validan con una prueba retrospectiva integral basada en los datos de impago de Moody’s para garantizar que los criterios que se utilizan para evaluar la calidad crediticia siguen siendo sólidos.
PROHIBICIÓN DEL APOYO EXTERNO 
Ningún fondo que sea un FMM recibe apoyo directo ni indirecto de terceros, tampoco del promotor del FMM. Esto se aplica también a las inyecciones de efectivo, la compra de activos de la cartera a precios inflados, la emisión de garantías y cualesquiera otras actuaciones cuya intención o efecto supondría garantizar la liquidez del FMM o la estabilidad de su VL.
OTROS REQUISITOS 
El resto de requisitos del reglamento sobre fondos del mercado monetario se describen en el apartado “Facultades y límites de inversión generales”.