Fidelity China High Yield Fund

The fund aims to provide a high level of income over time. The fund invests at least 70% of its assets, in below investment grade or unrated debt securities of issuers that are headquartered or do most of their business in the Greater China region, including China, Hong Kong, Macau and Taiwan. 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: China offshore bonds (including dim sum bonds): up to 100% Listed China onshore corporate and government bonds including urban investment bonds, asset-backed securities and below investment grade, or unrated bonds (directly and/or indirectly): up to 60% (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. Investments of the fund are not currency constrained.