Hard Closure of J97 Fidelity Global Infrastructure

17 March 2021

We continually monitor our fund range according to the parameters set out in the FPIL Fund Facts sheets. Following a review, we will be realigning the fund range that is available to our unit-linked products. This will result in the closure of some of our FPIL funds, as well as the selection of new FPIL funds that we feel are appropriate to achieve the quality and diversity required by our international investors.

Consequently, the fund named above (the “Closing Fund”) into which you are currently invested and/ or into which you are making ongoing contributions will be closing. This Closing Fund will be removed from the FPIL mirror fund range from 16 June 2021 (the “Closure Date”). From the Closure Date no new single or regular contributions will be permitted into the Closing Fund, whether from new or existing investors. From the date of this notice, only continuing regular contributions will be permitted into the Closing Fund until the Closure Date. These ongoing contributions into the Closing Fund may not be increased from their current level.

When an FPIL fund is closed we select another fund from our internal fund range (the “Default Fund”) to act as an alternative investment for the resulting proceeds being switched out of the Closing Fund and for any future contributions that may be directed into the Closing Fund.

Details of the Closing Fund and the Default Fund are set out in the table overleaf.

	Closing Fund	Default Fund
Fund name	Fidelity Global Infrastructure	Fidelity Global Dividend
Fund code	J97	L46
Currency	EUR	USD*
Investment objective of the underlying fund	The fund aims to provide investors with income and long-term capital growth, principally through investment in the equity securities of companies throughout the world, selected from a universe of infrastructure sectors including, but not limited to, telecommunications, utilities, energy, transportation and social (including educational services and healthcare facilities). As this fund may invest globally, it may be exposed to countries considered to be emerging markets.	The fund aims to achieve income and long-term capital growth principally through investments in income producing equity securities globally. The Investment Manager will target investments which it believes offer attractive dividend yields in addition to price appreciation. As this fund may invest globally, it may be exposed to countries considered to be emerging markets.
Ongoing Charges Figure (OCF) of the underlying fund	1.95% Unless otherwise stated, the ongoing charges figure represents the ongoing expenses based on the annual financial report for the year ended 30 April 2020.	1.90% Unless otherwise stated, the ongoing charges figure represents the ongoing expenses based on the annual financial report for the year ended 30 April 2020.
Risk profile (determined by Friends Provident International for reference only)***	5	4

^* Policyholders should note that while J97 Fidelity Global Infrastructure is priced in EUR, the Default Replacement Fund is priced in USD. This means that you are exposed to fluctuations in currency exchange rates between the two currencies which may affect the policy performance. If your policy currency is not in US dollars, your investment will be subject to foreign exchange risk when switching into the Default Replacement Fund.

^** The risk/reward profile is determined by Friends Provident International from information provided by the underlying fund houses and is based on the following characteristics of the underlying fund:
• volatility;
• asset type;and
• geographical region.

The risk/reward profile will be reviewed and, if appropriate, revised at least yearly by Friends Provident International as a result of our ongoing research analysis. The information given in the risk/reward profile is for reference only.

Whilst appropriate due diligence has been carried out on the Default Fund we do not accept any liability for the future performance of this, or any other FPIL fund.

Should you have any questions regarding these changes, please contact International Funds & Investments.