ROEIC Full Eng 0122 LO00761 - Fidelity International

1 ProspectusFidelity Investment Funds 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, 11 January 2023 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.

2 FIL Investment Services (UK) Limited accepts responsibility accordingly. LO00781 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 liabilities of, or claims against, any other person or body, including the Company, or any other fund , and shall not be available for any such purpose.

3 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 must not 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 the purchaser.

4 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 the Funds or in other funds managed by Fidelity or by other fund managers, or whose trading activity has been or may be disruptive.

5 The delivery of this Prospectus (whether or not accompanied by any reports) or the issue of Shares shall 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 be restricted. 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. However, potential investors should not treat the contents of this Prospectus as advice relating to legal, taxation, investment or any other matters and are recommended to consult their own professional advisers concerning the acquisition, holding or disposal of Shares.

6 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 may be 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.

7 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 Laws. Please see the privacy statement of the ACD and the Company, which is available at 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.

8 The Company cannot be 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. 1 TABLE OF CONTENTS THE COMPANY AND ITS FUNDS 11 The Company 11 The Funds 11 Investment Objectives and Policies of the Funds 12 Sustainable Investing 12 EU Benchmark Regulation 16 Risk Factors 17 General Risks 17 Asset Class Specific Risks 19 Investment Focus/Style Related Risks 21 Specific Instrument Related Risks 22 Derivatives/Counterparty Related Risks 26 Additional Risks 30 Risks associated with the use of Derivatives 31 Investment Powers and Restrictions 33 SHARES 34 Classes of Shares 34 Register of Shareholders and Statements 35 Share Classes and their characteristics 35 BUYING, SELLING AND SWITCHING SHARES 38 General 38 Money Laundering Prevention 38 Minimum Holdings 38 Buying Shares 38 Selling Shares 39 Switching Shares 39 SHARE PRICES 41 Pricing Basis 41 Calculation of Prices 41 2 Publication of Prices 41 Price Adjustment Policy (Swing Pricing)

9 41 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) 42 CHARGES AND EXPENSES 43 ACD s Charges and Expenses 43 Depositary s Charges and Expenses 44 Other Expenses 45 Foreign Exchange Transactions 46 Formation Costs 46 Allocation of Charges and Expenses Between Funds 46 Ongoing Charges Figure ( OCF ) 46 INCOME 47 Accounting Periods 47 Income Allocations 47 Income Equalisation 47 UK TAXATION 48 Taxation of the Company and the Funds 48 Taxation of Distributions from the Funds 48 Dividend Distributions 48 Interest Distributions 49 Capital Gains 49 Individual Savings Accounts (ISAs) 49 US Foreign Account Tax Compliance Act ( FATCA ) 49 OECD Common Reporting Standard ( CRS ) 50 APPENDIX 1.

10 THE FUNDS 51 Fidelity American fund 51 Fidelity American Special Situations fund 54 Fidelity Asia fund 56 Fidelity Asia Pacific Opportunities fund 59 3 Fidelity Asian Dividend fund 62 Fidelity Cash fund 65 Fidelity China Consumer fund 68 Fidelity Emerging Europe, Middle East and Africa fund 71 Fidelity Enhanced Income fund 74 Fidelity European fund 77 Fidelity Extra Income fund 81 Fidelity global Dividend fund 84 Fidelity global Enhanced Income fund 88 Fidelity global High Yield fund 92 Fidelity global Property fund 96 Fidelity global Special Situations fund 98 Fidelity Index Emerging Markets fund 101 Fidelity Index Europe ex UK fund 105 Fidelity Index Japan fund 109 Fidelity Index Pacific ex Japan fund 113 Fidelity Index Sterling Corporate Bond fund 117 Fidelity Index UK fund 120 Fidelity Index UK Gilt fund 124 Fidelity Index US fund 127 Fidelity Index World fund 132 Fidelity Japan fund 136 Fidelity Japan Smaller Companies fund 138 Fidelity MoneyBuilder Balanced fund 140 Fidelity MoneyBuilder Dividend fund 143 Fidelity Short Dated Corporate Bond fund 146 Fidelity Special Situations fund 149 Fidelity Strategic Bond fund 152