Notification of changes to various Fidelity funds

The minimum percentage of sustainable investments for the Fidelity Funds European High Yield fund will increase from 2.5% to 5%.

This will not impact the risk profile or investment management of the fund.

While the investment policy for the below Affected Funds does not currently use derivatives for investment purposes, the investment policy wording in the prospectus is being updated to make it explicitly clear. The wording will be amended:

From: “The fund may use derivatives for hedging, efficient portfolio management and investment purpose”

To: “The fund may use derivatives for hedging and for efficient portfolio management”.

From the Effective Date, Fidelity Funds European Smaller Companies fund will be reclassifed as an Article 8 product within the meaning of the EU's Sustainable Finance Disclosure Regulation (“SFDR”) and in accordance with Fidelity’s Sustainable Investing Framework.

Article 8 funds are those that promote social and/or environmental characteristics, invest in companies that follow good governance, give binding commitments but do not have a sustainable investment objective.

The investment policy of the fund will be enhanced with additional disclosure relating to sustainable investing and the promotion of environmental and social characteristics. Further details can be found in the fund prospectus.

Certain funds are registered in other jurisdictions and are subject to country-specific investment restrictions. These country-specific investment restrictions may change from time to time, and the investment policies of the below listed funds have been further clarified to reflect these changes.

The investment policy of Fidelity Funds China Consumer fund has been clarified to reflect that the fund may invest up to 40% of its assets directly and/or indirectly in onshore China A and B Shares

The investment policies of the following Affected Funds have been clarified to reflect that each may invest up to 20% of its assets directly and/or indirectly in China A and B Shares.

The investment policies of the following Affected Funds have been clarified to reflect that each may invest up to 20% of its assets directly and/or indirectly in onshore China fixed income securities.