Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Fidelity Funds - Global High Yield Fund a sub-fund of Fidelity Funds A-MINCOME-Euro (hedged) (ISIN: LU0740037378) This fund is managed by FIL Investment Management (Luxembourg) S.A. n Aims to provide high current income and capital growth. n At least 70% invested in high-yielding, sub investment grade bonds of issuers globally. n The fund may invest its net assets directly in onshore China bonds listed or traded on any eligible market in China. n Has the freedom to invest outside the fund's principal geographies, market sectors, industries or asset classes. n Investments are concentrated in a more limited number of bonds and therefore the resulting portfolio will be less diversified. n Can invest in bonds issued by governments, companies and other bodies. n The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard. n May invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile. n The fund has discretion in its choices of investments within its objectives and policies. n Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class Reference Currency, thereby delivering the underlying market returns.In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities. n Income is paid to shareholders out of net investment income for most of the time. The fund seeks to maintain a stable payment per share so far as is reasonable. The payment is not fixed and will vary according to economic and other circumstances, and the ability of the fund to support stable payments without a long-term positive or negative impact on its capital. This may occasionally result in income payment coming out of the capital. n Shares can usually be bought and sold each business day of the fund. n As this fund may invest globally, it may invest in countries considered to be emerging markets. n The fund is unconstrained in the amount it may invest in any single country or region.