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Sustainable characteristics are defined as issuers rated by MSCI, or in the absence of a rating from MSCI, by the Fidelity Sustainability Rating, as follows:
Global market classifications are as set out in MSCI’s Annual Market Classification Review.
Applicable to the Fidelity Global Demographics Fund (Managed Fund) only:
Issuers that are not assessed as having positive sustainable characteristics for the purposes of the primary objective of the Fund (minimum 70% of assets) are eligible for inclusion in the Fund, with up to 30% of assets allowed in issuers that are able to demonstrate they are improving with respect to their sustainable characteristics.
Improving sustainable indicators are issuers classified as such via our Fidelity Sustainability Ratings, or are issuers who demonstrate the potential for improvement through the implementation and execution of a formal engagement plan.
Engagement plans must include key objectives and milestones to validate the improvement being sought and must be recorded in Fidelity’s internal research platform. If the engagement has not resulted in an improvement in the sustainability characteristics of the issuer within a specified period of time, the security is subject to divestment in accordance with Fidelity’s exclusion divestment procedure.