ROEIC Full Eng 0919 V03 cl
[Pages:232]Fidelity Investment Funds
Prospectus
PROSPECTUS OF
FIDELITY INVESTMENT FUNDS
(an umbrella company with variable capital registered in England and Wales under registered number IC8)
This document constitutes the Prospectus for Fidelity Investment Funds ("the Company"), which has been prepared in accordance with The Collective Investment Schemes Sourcebook (COLL). This Prospectus is dated, and is valid as at, 24 January 2022. Copies of this Prospectus have been sent to the Financial Conduct Authority (formerly known as the Financial Services Authority) and the Depositary. FIL Investment Services (UK) Limited, the Authorised Corporate Director of the Company, is the person responsible for the information contained in this Prospectus. To the best of its knowledge and belief (having taken all reasonable care to ensure that such is the case), the information in this document does not contain any untrue or misleading statement or omit any matters required by The Collective Investment Schemes Sourcebook to be included in it. FIL Investment Services (UK) Limited accepts responsibility accordingly.
LO00761
Prospectus of Fidelity Investment Funds
An investment company with variable capital and segregated liability between Funds incorporated with limited liability and registered in England and Wales under number IC8. The Company's FCA product reference number is 185943.
In accordance with the OEIC Regulations and with the approval of the FCA, the Company has converted to segregated liability status between Funds. Having segregated liability between Funds means that the Funds are segregated portfolios of assets and, accordingly, the assets of a Fund belong exclusively to that Fund and shall not be used to discharge directly or indirectly the liabilitiesof, or claims against, any other person or body, including the Company, or any other Fund, and shall not be available for any such purpose. As outlined in the COLL Sourcebook and as more particularly outlined herein under risk factors, the concept of segregated liability is relatively new and accordingly, where claims are brought by local creditors in foreign courts or under foreign law contracts, it is not yet known whether foreign courts will recognise the segregated liability status between Funds.
No person has been authorised by the Company to give any information or to make any representations concerning the Company or in connection with the offering of Shares other than those contained in this Prospectus, and, if given or made, such information or representations mustnot be relied on as having been given or made by the Company. Any purchase of Shares made by any person on the basis of information or representations not contained in or inconsistent with the information and representations contained in this Prospectus will be solely at the risk of thepurchaser.
The Company's Funds are designed and managed to support longer-term investment, and frequent trading is discouraged. The Company is not intended to serve as a vehicle for active trading which seeks to take advantage of short-term fluctuations in securities markets. This type of short-term or excessive trading is often described as "market timing" and may harm a Fund's performance by disrupting portfolio management strategies and by increasing expenses. FIL Investment Services (UK) Limited is committed to disallowing transactions which it knows or reasonably believes to represent a pattern of market timing activity involving the Funds. Accordingly, FIL Investment Services (UK) Limited and other distributors may reject any purchase or switch of Shares by persons who are considered to have a history of short-term or excessive trading in theFunds or in other funds managed by Fidelity or by other fund managers, or whose trading activity has been or may be disruptive.
The delivery of this Prospectus (whether or not accompanied by any reports) or the issue of Sharesshall not, under any circumstances, create any implication that the affairs of the Company have not changed since the date hereof.
The distribution of this Prospectus and the offering of Shares in certain jurisdictions may berestricted. Persons into whose possession this Prospectus comes are required by the Company to inform themselves about and to observe any such restrictions. This Prospectus does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation.
Shares in the Company are not listed or dealt on any investment exchange.
The Company's Funds are marketable to all retail investors save the Fidelity Sterling Core Plus Reduced Duration Bond Fund which is designed principally for institutional investors such as pension funds and local government bodies. However, potential investors should not treat the contents of this Prospectus as advice relating to legal, taxation, investment or any other mattersand are recommended to consult their own professional advisers concerning the acquisition,holding or disposal of Shares.
Investors in the Company agree that data relating to them may be stored or used for legitimate purposes by FIL Investment Services (UK) Limited and associated or affiliated companies, who maybe based outside of the European Economic Area. Data provided by investors will be used for a number of different purposes, including to develop and process the business relationship and to comply with legal and regulatory requirements. Data may be shared with associated or affiliated companies, wherever located, with intermediaries and other parties in the business relationship, and with other third parties for the purposes mentioned above. Information about investors may also be passed to financial and other organisations for the purpose of fraud prevention and where it is suspected that the relevant investor is or has been engaging in short-term, excessive or disruptive trading in the Company's Funds or other funds, so that appropriate steps may be taken to protect the Company and its Shareholders. If data is transferred outside of the UK, Fidelity will ensure that the recipient agrees to hold it securely in accordance with the requirements of the UK Data Protection law. Shareholders are advised that telephone calls made to and received from investors
by the Company, its delegates, its duly appointed agents and any of their respective related, associated or affiliated companies are recorded for security, record keeping and/or training purposes.
The provisions of the Company's Instrument of Incorporation are binding on each of its Shareholders (who are taken to have notice of them).
This Prospectus has been issued for the purpose of section 21 of the Financial Services and Markets Act 2000 by FIL Investment Services (UK) Limited.
This Prospectus is based on information, law and practice at the date hereof. The Company cannotbe bound by an out of date Prospectus when it has issued a new Prospectus, and investors should check with FIL Investment Services (UK) Limited that this is the most recently published Prospectus.
Important: If you are in any doubt about the contents of this Prospectus you should consult your financial adviser.
TABLE OF CONTENTS
THE COMPANY AND ITS FUNDS
1
The Company
1
The Funds
1
Investment Objectives and Policies of the Funds
2
Sustainable Investing
2
EU Benchmark Regulation
7
Risk Factors
7
General Risks
7
Asset Class Specific Risks
10
Investment Focus/Style Related Risks
12
Specific Instrument Related Risks
13
Derivatives/Counterparty Related Risks
17
Additional Risks
20
Risks associated with the use of Derivatives
21
Investment Powers and Restrictions
23
SHARES
24
Classes of Shares
24
Register of Shareholders and Statements
25
Share Classes and their characteristics
25
BUYING, SELLING AND SWITCHING SHARES
28
General
28
Money Laundering Prevention
28
Minimum Holdings
28
Buying Shares
28
Selling Shares
29
Switching Shares
29
SHARE PRICES
31
Pricing Basis
31
Calculation of Prices
31
Publication of Prices
31
Price Adjustment Policy (Swing Pricing)
31
Dilution Levy and Large Deals ? (Fidelity Index Emerging Markets Fund, Fidelity Index Europe ex UK
Fund, Fidelity Index Japan Fund, Fidelity Index Pacific ex Japan Fund, Fidelity Index Sterling Corporate
Bond Fund, Fidelity Index UK Gilt Fund, Fidelity Index US Fund and Fidelity Index World Fund (the
"Funds") on their first day of dealing only)
32
CHARGES AND EXPENSES
33
ACD's Charges and Expenses
33
Depositary's Charges and Expenses
34
Other Expenses
35
Foreign Exchange Transactions
36
Formation Costs
36
Allocation of Charges and Expenses Between Funds
36
Ongoing Charges Figure ("OCF")
36
INCOME
37
Accounting Periods
37
Income Allocations
37
Income Equalisation
37
UK TAXATION
38
Taxation of the Company and the Funds
38
Taxation of Distributions from the Funds
38
Dividend Distributions
38
Interest Distributions
39
Capital Gains
39
Individual Savings Accounts (ISAs)
39
US Foreign Account Tax Compliance Act ("FATCA")
39
UK International Tax Compliance Agreements ("ITC")
40
APPENDIX 1: THE FUNDS
41
Fidelity American Fund
41
Fidelity American Special Situations Fund
44
Fidelity Asia Fund
46
Fidelity Asia Pacific Opportunities Fund
49
Fidelity Asian Dividend Fund
51
Fidelity Cash Fund
54
Fidelity China Consumer Fund
56
Fidelity Emerging Europe, Middle East and Africa Fund
58
Fidelity Enhanced Income Fund
60
Fidelity European Fund
62
Fidelity Extra Income Fund
66
Fidelity Global Dividend Fund
68
Fidelity Global Enhanced Income Fund
71
Fidelity Global High Yield Fund
74
Fidelity Global Property Fund
77
Fidelity Global Special Situations Fund
79
Fidelity Index Emerging Markets Fund
82
Fidelity Index Europe ex UK Fund
86
Fidelity Index Japan Fund
90
Fidelity Index Pacific ex Japan Fund
94
Fidelity Index Sterling Corporate Bond Fund
98
Fidelity Index UK Fund
101
Fidelity Index UK Gilt Fund
104
Fidelity Index US Fund
107
Fidelity Index World Fund
112
Fidelity Japan Fund
116
Fidelity Japan Smaller Companies Fund
118
Fidelity MoneyBuilder Balanced Fund
120
Fidelity MoneyBuilder Dividend Fund
122
Fidelity MoneyBuilder Income Fund
124
Fidelity Short Dated Corporate Bond Fund
127
Fidelity Special Situations Fund
129
Fidelity Sterling Core Plus Reduced Duration Bond Fund
132
Fidelity Strategic Bond Fund
135
Fidelity Sustainable Asia Equity Fund
137
Fidelity Sustainable European Equity Fund
140
Fidelity Sustainable Global Equity Fund
143
Fidelity Sustainable Water & Waste Fund
143
Fidelity UK Growth Fund
149
Fidelity UK Select Fund
151
Fidelity UK Smaller Companies Fund
153
APPENDIX 2: INVESTMENT POWERS AND RESTRICTIONS
155
General
155
Transferable Securities
155
Collective Investment Schemes
156
Money Market Instruments
157
Investment Powers and Restrictions for the Fidelity Cash Fund ("Cash Fund")
159
Derivatives
168
Spread Requirements
174
Concentration Restrictions
176
Prohibition on Acquiring Significant Influence in a Company
176
Warrants and Nil-Paid and Partly-Paid Securities
176
Co-Management of Assets
177
Stocklending
177
Repurchase Agreement Transactions
177
Power to Underwrite or Accept Placings
177
Borrowing
180
Cash and Near Cash
180
Risk Management
181
Breaches of the Investment and Borrowing Powers and Limits
181
ANNEX ? ELIGIBLE SECURITIES MARKETS FOR THE COMPANY
182
APPENDIX 3: MANAGEMENT, DISTRIBUTION, INVESTMENT MANAGEMENT AND
ADMINISTRATION
184
Authorised Corporate Director
184
The Depositary
185
Conflicts of Interest
186
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