Fidelity Sustainable Water & Waste Fund W Income

Objective: The fund aims to increase the value of your investment over a period of 5 years or more. Investment Policy: The fund will invest at least 60% in shares of sustainable water and waste companies globally. These are companies which maintain sustainable characteristics and are involved in the design, manufacture or sale of products and services used for or in connection with water and waste management. Companies with sustainable characteristics are those which the Investment Manager believes have effective governance and management of environmental and social issues. The fund will invest at least 70% in shares of companies in water and waste management; at least 70% in shares of companies which maintain sustainable characteristics; at least 60% in shares of water and waste management companies which themselves maintain sustainable characteristics. The remainder will be invested in other investment types, such as shares of companies which demonstrate improving sustainable characteristics, cash and derivatives. Investment Process: The fund is managed without reference to a benchmark and has full discretion in its choices of investments within its objectives and policies. Derivatives and Techniques: Derivatives are investments whose value is linked to another investment, or to the performance of a stock exchange or to some other variable factor, such as interest rates and used to reduce risk or transaction costs and/or to generate extra income or further increase the value of your investment. Additional information: Income earned by the fund is paid into the fund and reflected by an increase in the value of each share. Shares can usually be bought and sold each business day of the fund. The fund's performance can be compared to the MSCI All Country World Index.