Fidelity Asian High Yield Fund

The fund aims to achieve capital growth over time and provide a high level of income. The fund invests at least 70% of its assets, in high-yielding below investment grade debt securities of issuers, or in high-yielding debt securities of below investment grade issuers, that do most of their business in the Asian region, including emerging markets. These securities will be subject to high risk and will not be required to meet a minimum rating standard and may not be rated for creditworthiness by an internationally recognised rating agency. The fund may also invest in money market instruments on an ancillary basis. The fund may invest in the following assets according to the percentages indicated: Listed China onshore bonds (directly and/or indirectly): less than 30% (in aggregate). hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos. The fund may also invest in other subordinated financial debt and preference shares. The fund’s exposure to distressed securities is limited to 10% of its assets.