Various changes to the underlying funds of various Fidelity funds

Before the Effective Date

With effect from the Effective Date

Mirror Fund Name and Code

Fidelity Global Infrastructure (J97)

Fidelity Global Dividend Plus (J97)

Underlying fund name

Fidelity Funds – Global Infrastructure Fund

Fidelity Funds – Global Dividend Plus Fund

Fidelity Funds – Global Infrastructure Fund

The fund aims to provide investors with income and long-term capital growth, principally through investment in the equity securities of companies throughout the world, selected from a universe of infrastructure sectors including, but not limited to, telecommunications, utilities, energy, transportation and social (including educational services and healthcare facilities). As this fund may invest globally, it may be exposed to countries considered to be emerging markets.

The fund aims to achieve income with the potential for some capital growth, investing at least 70% of net assets directly in equity securities of companies globally. The Investment Manager will target investments which it believes offer attractive dividend yields in addition to price appreciation.

As this fund may invest globally, it may be exposed to countries considered to be emerging markets.

As well as investing directly in equity securities, the fund will also achieve exposure indirectly through the use of derivatives. To enhance the income of the fund, derivatives may be used to generate additional income, for example, by the writing of covered call options on securities held by the fund, generating extra income in return for agreeing a strike price above which potential capital growth in a specified period is sold. The generation of additional income may impact the fund’s potential for capital growth, particularly in periods of rapidly rising markets where capital gains may be lower when compared with an equivalent uncovered portfolio.

The fund is actively managed and aims to provide income and capital growth. Income will typically be in excess of MSCI ACWI Index (the ‘’Index’’). The Index constituents are representative of the type of companies the fund invests in. The fund’s performance can be assessed against its Index.

The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it also is expected to invest in issuers, sectors, countries and security types that have different weightings from, and may not be included in, the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions.

The fund may invest its net assets directly in China A and B Shares.

The Investment Manager is free to select equity securities of any company and is not restricted in its discretion to tactically allocate to any particular geographical region, industry sector or companies with a particular market capitalization if it believes that, relative to other equities, they may offer greater potential for income and capital growth.

Before the Effective Date

With effect from the Effective Date

Mirror Fund Name and Code

R26 Fidelity Global Multi-Asset Tactical Moderate (USD)

R26 Fidelity Global Multi-Asset Growth & Income (USD)

Underlying fund name

Fidelity Funds - Global Multi-Asset Tactical Moderate

Fidelity Funds - Global Multi-Asset Growth & Income Fund

Before the Effective Date

With effect from the Effective Date

Mirror Fund Name and Code

R27 Fidelity Global Multi-Asset Tactical Moderate (EUR)

R27 Fidelity Global Multi-Asset Growth & Income (EUR)

Underlying fund name

Fidelity Funds - Global Multi-Asset Tactical Moderate

Fidelity Funds - Global Multi-Asset Growth & Income Fund

Before the Effective Date

With effect from the Effective Date

Underlying fund name

Fidelity Funds - Global Multi-Asset Tactical Moderate

Fidelity Funds - Global Multi-Asset Growth & Income Fund

Investment objective of the underlying fund

The fund aims to provide moderate long-term capital growth by investing in a range of global assets, including those located, listed or exposed to emerging markets providing exposure to bonds, equities, commodities, property and cash. Under normal market conditions, the fund will have a maximum exposure of 90% of its total assets in equities.

The fund may also seek exposure to infrastructure securities and eligible closed-ended real estate investment trusts (REITS). The fund may achieve elements of its return through the use of financial derivatives

The fund aims to provide income and capital growth over the medium to longer term by investing in a range of global asset classes. The fund will actively allocate to, and within, different asset classes and geographies (including emerging markets) based on their potential to generate income and capital growth within the portfolio.

The main asset classes in which the fund will invest include global investment grade bonds, global high yield bonds, global equities, infrastructure securities, commodities and closed-ended real estate investment trusts (REITs).

The fund is actively managed without reference to an index .