Notification of changes to the underlying fund of R200 Fidelity US Dollar Cash Fund
29 Jun 2022
We have been notified by Fidelity International (the “Company”) of the following changes which impact the Fidelity Funds – US Dollar Cash Fund (the “Underlying fund”), which is the underlying fund of our ILP sub-fund R200 Fidelity US Dollar Cash Fund (the “Affected ILP sub-fund”).
Re-classification from Article 6 to Article 8
The Company has conducted a thorough analysis of the investment policy and investment process of the Underlying fund, and has decided that with effect from 16 August 2022 (the “Effective Date”), the Company will re-classify the Underlying fund to Article 8 (“Re-classification”) under Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”), in accordance with Fidelity’s Sustainable Investing Framework (as detailed in the Underlying fund prospectus).
Implication of the changes
Following the Re-classification, the Underlying fund's English name will be amended to include the word Sustainable, and the investment objective will be enhanced with further sustainability-related disclosures regarding the promotion of environmental and social characteristics pursuant to Article 8 of the SFDR. However, the enhanced disclosures do not represent a material change to the investment strategy or investment policy of the Underlying fund.
Additionally, there will be no change in the fee level or costs of the repurposed Underlying fund, following the implementation of the changes detailed in this notice. The costs and/or expenses incurred in connection with the changes detailed in this notice will be borne by FIL Fund Management Limited, the Investment Manager (and/or any of its affiliates within FIL Group) of the Underlying fund of the Affected ILP sub-fund.
In line with the above changes to the Underlying fund, the name and investment objective of the Affected ILP sub-fund will be amended as follows:
| Before the Effective Date | After the Effective Date | |
| ILP sub-fund name | R200 Fidelity US Dollar Cash Fund | R200 Fidelity Funds Sustainable US Dollar Cash (USD) |
| ILP sub-fund investment objective | The fund invests principally in US Dollar denominated Money Market Instruments, reverse repurchase agreements and deposits. The fund is actively managed without reference to an index. | The fund invests principally in US Dollar denominated Money Market Instruments, reverse repurchase agreements and deposits. The fund is part of the Fidelity Sustainable Family of Funds and adopts a Sustainable Focused strategy under which a minimum of 70% of the fund’s net assets will be invested in securities deemed to maintain sustainable characteristics, as described in the section entitled “1.3.2 (b) Fidelity Sustainable Family of Funds” of the Underlying fund’s Prospectus. The fund is actively managed without reference to an index. |
Impacted policyholders and advisers have been notified about the above changes by email or letter. Policyholders do not need to take any action if they are happy to remain invested in the Affected ILP sub-fund, but are free to switch to any other ILP sub-fund available to their policy should they wish to.
