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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