ROEIC Full Eng 0919 V03 cl - Fidelity International

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, 13 July 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.

LO00772

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. 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.

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 shortterm 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.

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 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 matters and 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 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. 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 OEIC_privacypolicy.

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 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.

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

20

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

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