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The Fund is designed and managed to support longer-term investment and active trading is discouraged. Short-term or excessive trading into and out of the Fund may harm performance by disrupting portfolio management strategies and by increasing expenses. In accordance with general Fidelity policy and practice and CSSF circular 04/146, the Fund and the Distributors are committed not to permit transactions which they know to be or have reasons to believe to be related to market timing. Accordingly, the Fund and the distributors may refuse to accept applications for Units, or applications for switching of Units, especially where transactions are deemed disruptive, particularly from market timers or investors who, in their opinion, have a pattern of short-term or excessive trading or whose trading has been or may be disruptive to the Fund.
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