Fidelity Funds - Fidelity Target TM 2050 Fund P-ACC-USD (USD/Euro hedged)/  LU2362899317  /

The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2050. The fund invests in a range of asset classes such as bonds, equities, interest bearing and money market instruments as well as eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation. The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics. The fund may invest in the following assets according to the percentages indicated: collateralised and securitised debt instruments: up to 20% SPACs: less than 5% The fund will not terminate at the target date but will continue to be managed in accordance with its investment objective and policy. The fund is actively managed and references a blend of market indices (each a ''Market Index'') in order to set internal guidelines around the weightings allocated to different asset classes. The fund is managed to offer an optimized asset allocation between asset classes with different risk and return characteristics. The asset allocation has been designed to de-risk portfolio by migrating from a growth to a defensive asset allocation up to the fund's target date. The Investment Manager also considers ESG characteristics when assessing investment risks and opportunities. In determining favourable ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process the Investment Manager aims to ensure that investee companies follow good governance practices.

The fund aims to achieve capital growth over the long term for investors planning to withdraw substantial portions of their investment in the year 2050. The fund invests in a range of asset classes such as bonds, equities, interest bearing and money market instruments as well as eligible exposure to commodities from anywhere in the world, including emerging markets. These investments may be denominated in any currency and some of them may be below investment grade or unrated. The proportion of assets allocated to each asset class varies over time and the fund will increasingly favour lower risk investments as it approaches its target date, shifting to an increasingly conservative asset allocation. The fund invests at least 50% of its assets in securities of issuers with favourable environmental, social and governance (ESG) characteristics. The fund may invest in the following assets according to the percentages indicated: collateralised and securitised debt instruments: up to 20% SPACs: less than 5% The fund will not terminate at the target date but will continue to be managed in accordance with its investment objective and policy.