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UK Smaller Companies Fund A - ACC Shares 31 August 2021

FUND FACTS STRATEGY Launch date: 10.02.11 Jonathan Winton focuses on companies that have gone through a period of underperformance but where there are unrecognised growth options. He believes the stock market is inefficient at pricing companies that have gone through Portfolio manager: Jonathan Winton a troubled period and are consequently unloved and out-of-favour. This is particularly the case for smaller companies Appointed to fund: 01.03.13 where a lack of research can often combine with market scepticism to leave many companies trading below the true

Fund size: £460m value of their franchise. It is often only when an improvement in a company’s trading is visible that the market moves Equity to re-price future growth prospects. He places strong emphasis on understanding the downside risk of each potential Number of positions in fund: Long 97 / Short 0 investment. Chosen investments exhibit an asymmetric risk-return profile, where the potential for future upside in the price Fund reference currency: UK Sterling (GBP) of a stock far exceeds the prospect for further declines. Fund domicile: CUMULATIVE PERFORMANCE IN GBP (REBASED TO 100) Fund legal structure: OEIC Active Money: 83.4%

SHARE CLASS FACTS Other share classes may be available. Please refer to the prospectus for more details. Launch date: 10.02.11 NAV price in share class currency: 4.119 ISIN: GB00B3SW2T17 SEDOL: B3SW2T1 Bloomberg: FIDUKAA LN Dealing cut-off: 12:00 UK time Distribution type: Accumulating ■_Fund____■_Index____ Performance is shown for the last five years (or since launch for funds launched within that period). Ongoing Charges Figure (OCF) per year: 1.66% (28.02.21) PERFORMANCE TO 31.08.21 IN GBP (%) OCF takes into account annual management charge Since per year: 1.50% 1m 3m YTD 1yr 3yr 5yr Peer Group Universe: Morningstar IA UK Smaller 29.02.08* Companies Fund cumulative growth 5.0 6.9 34.8 71.9 42.8 87.0 657.2 Index cumulative growth 5.4 4.6 24.9 49.3 28.6 61.8 196.6 Market index from 11.02.11: Numis UK Smaller Companies ex Inv Cos Index (Gross) Fund annualised growth - - - 71.9 12.6 13.3 16.2 Index annualised growth - - - 49.3 8.7 10.1 8.4 Market index is for comparative purposes only. The same index is Quartile rank (W used in the positioning tables on this factsheet. Where the effective 2 2 1 1 2 3 date for the current market index is after the share class launch Accumulation Shares)** date, full history is available from Fidelity. *Performance commencement date. **Quartile ranking is that of the class included in the Peer Group Universe. Quartile ranking Risk & Reward Indicator (SRRI): 6 is an internal Fidelity International calculation..

MEASURES (3 YEARS) Annualised Volatility: fund (%) 24.98 Beta 1.07 Relative Volatility 1.11 Annualised Tracking Error (%) 6.53 Sharpe Ratio: fund 0.49 Information Ratio 0.59 Sharpe Ratio: index 0.37 R2 0.94 Annualised Alpha 3.37 Measures are calculated using month-end data points.

PERFORMANCE FOR CALENDAR YEARS IN GBP (%) PERFORMANCE FOR 12 MONTH PERIODS IN GBP (%)

■_Fund____■_Index____ ■_Fund____■_Index____

Source of fund performance and measures is Fidelity. Performance is excluding initial charge. Basis: bid-bid with income reinvested, in Definition of terms and data methodology can be found in the GBP, net of fees. Market indices are sourced from Rimes and other data is sourced from third-party providers such as Morningstar. online glossary: www.fidelityinternational.com/glossary IMPORTANT INFORMATION (continued overleaf) Past performance is not a reliable indicator of future results. The fund's returns can be affected by fluctuations in currency exchange rates. Fidelity Investment Funds - UK Smaller Companies Fund A - ACC Shares 31 August 2021

TOP NET LONG POSITIONS (% TNA) GICS Sector Geographical Location Fund Index Relative GROUP PLC Industrials United Kingdom 2.9 1.0 1.9 Consumer Discretionary United Kingdom 2.9 0.0 2.9 PLC Industrials United Kingdom 2.6 0.0 2.6 GROUP PLC Industrials United Kingdom 2.4 0.7 1.7 PLC Industrials United Kingdom 2.2 0.0 2.2 SANDERSON DESIGN GROUP PLC Consumer Discretionary United Kingdom 2.2 0.0 2.2 STHREE PLC Industrials United Kingdom 1.9 0.4 1.5 WPP PLC Communication Services United Kingdom 1.9 0.0 1.9 MORGAN ADVANCED MATERIALS PLC Industrials United Kingdom 1.9 0.7 1.2 PLC Materials United Kingdom 1.8 0.5 1.2 Equity SECTOR/INDUSTRY EXPOSURE (% TNA) GEOGRAPHIC EXPOSURE (% TNA) GICS Sector Long Short Net Index Relative Long Short Net Index Relative Consumer Discretionary 26.8 0.0 26.8 18.0 8.8 United Kingdom 94.5 0.0 94.5 89.1 5.4 Industrials 26.8 0.0 26.8 25.0 1.8 Ireland 2.5 0.0 2.5 0.1 2.5 Financials 12.5 0.0 12.5 16.0 -3.6 Australia 2.1 0.0 2.1 0.4 1.8 Communication Services 7.1 0.0 7.1 4.8 2.3 Spain 1.6 0.0 1.6 0.8 0.9 Materials 6.7 0.0 6.7 6.5 0.3 Georgia 1.2 0.0 1.2 1.2 0.0 Energy 4.4 0.0 4.4 3.7 0.6 Egypt 0.8 0.0 0.8 0.7 0.1 Consumer Staples 4.0 0.0 4.0 4.7 -0.7 Israel 0.7 0.0 0.7 0.0 0.7 Information Technology 2.6 0.0 2.6 7.0 -4.4 Namibia 0.3 0.0 0.3 0.0 0.3 Health Care 2.6 0.0 2.6 3.8 -1.2 South Africa 0.2 0.0 0.2 1.3 -1.1 Real Estate 2.5 0.0 2.5 8.2 -5.7 USA 0.1 0.0 0.1 1.6 -1.5 Utilities 1.6 0.0 1.6 2.3 -0.7 Others 0.0 0.0 0.0 4.9 -4.9 Total Sector Exposure 97.5 0.0 97.5 100.0 Total Geographic Exposure 104.2 0.0 104.2 100.0 Other Index/Unclassified 6.6 0.0 6.6 0.0 Other Index/Unclassified 0.0 0.0 0.0 0.0 Total Equity Exposure 104.2 0.0 104.2 100.0 Total Equity Exposure 104.2 0.0 104.2 100.0

MARKET CAPITALISATION EXPOSURE (% TNA) TOP OVER/UNDERWEIGHT POSITIONS (% TNA) GBP Long Short Net Index Relative Fund Index Relative >10bn 2.9 0.0 2.9 0.0 2.9 INCHCAPE PLC 2.9 0.0 2.9 5-10bn 4.1 0.0 4.1 0.0 4.1 MEGGITT PLC 2.6 0.0 2.6 1-5bn 33.0 0.0 33.0 53.7 -20.7 JOHN LAING GROUP PLC 2.2 0.0 2.2 0-1bn 57.4 0.0 57.4 46.2 11.2 SANDERSON DESIGN GROUP PLC 2.2 0.0 2.2 Total Market Cap Exposure 97.4 0.0 97.4 99.9 SERCO GROUP PLC 2.9 1.0 1.9 Index / Unclassified 6.7 0.0 6.7 0.1 PLC 0.0 1.2 -1.2 Total Equity Exposure 104.2 0.0 104.2 100.0 GROUP PLC 0.0 1.2 -1.2 PAGEGROUP PLC 0.0 1.3 -1.3 PLC 0.0 1.3 -1.3 GROUP LTD 0.0 1.5 -1.5

EQUITY EXPOSURE: MONTHLY HISTORY (% TNA)

Long Short Net Gross Equity (after aggregation) ■ ■ ■ ■ 104.2 0.0 104.2 104.2

IMPORTANT INFORMATION (continued) The value of investments and any income from them may go down as well as up and an investor may not get back the amount invested. The use of financial derivative instruments may result in increased gains or losses within the fund. This fund invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies. Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be difficult to sell. UK Smaller Companies (formerly UK Opportunities Fund) launched on 10 February 2011. Performance before this date relates to the FlnstF UK Smaller Companies Fund which launched on 29 February 2008 and merged into the UK Smaller Companies on 10 February 2011.

Methodology: A position combines all equity investments (including derivatives) linked to an issuing company. Derivatives are included on an exposure basis so they reflect the equivalent underlying shares needed to generate the same return. Breakdowns are calculated using the positions methodology. This information must not be reproduced or circulated without prior permission. Fidelity International refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America. Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances, other than when specifically stipulated by an appropriately authorised firm, in a formal communication with the client. This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. Unless otherwise stated all products and services are provided by Fidelity International, and all views expressed are those of Fidelity International. Fidelity, Fidelity International, the Fidelity International logo and F symbol are registered trademarks of FIL Limited. FIL Investment Management (Luxembourg) S.A. reserves the right to terminate the arrangements made for the marketing of the sub-fund and/ or its shares in accordance with Article 93a of DirectiveWe recommend 2009/65/EC that youand obtain Article detailed 32a of Directive information 2011/61/EU. before taking Prior any notice investment of this cessation decision. will be made in Luxembourg. Morningstar ranks - Data Source - © 2021 Morningstar, Inc. All Rights Reserved. United Kingdom: Investments should be made on the basis of the KIID (key investor information document) which is available at www.fidelity.co.uk The full prospectus may also be obtained from Fidelity. Issued by FIL Pensions Management, authorised and regulated by the Financial Conduct Authority and Financial Administration Services Limited, authorised and regulated by the Financial Conduct Authority. A longer version of this factsheet is also available from www.fidelityinternational.com CP00028 / CL18031201