Annual Report and Financial Statements

Fidelity Investment Funds IV

Annual Report and Financial Statements

For the year ended 31 October 2020 Fidelity Investment Funds IV Annual Report and Financial Statements for the year ended 31 October 2020

Contents

Director’s Report* 2 Statement of Authorised Corporate Director’s responsibilities 3 Certification of the Annual Report and Financial Statements by Directors 3 Report of the Depositary 4 Independent Auditors’ report 4 Authorised Corporate Director’s Report*, including the financial highlights and financial statements Market Performance Review 6 Accounting policies of Fidelity Investment Funds IV and its sub-funds 7 Risk management policies of Fidelity Investment Funds IV and its sub-funds 9 Fidelity Allocator World Fund 11 Fidelity Multi Asset Allocator Adventurous Fund 20 Fidelity Multi Asset Allocator Defensive Fund 29 Fidelity Multi Asset Allocator Growth Fund 38 Fidelity Multi Asset Allocator Strategic Fund 47 Fidelity Multi Asset Balanced Income Fund 57 Fidelity Multi Asset Income & Growth Fund 69 Fidelity Multi Asset Income Fund 81 Fidelity Multi Asset Open Adventurous Fund 99 Fidelity Multi Asset Open Defensive Fund 106 Fidelity Multi Asset Open Growth Fund 116 Fidelity Multi Asset Open Strategic Fund 126 Fidelity Open World Fund 136 Fidelity Select 50 Balanced Fund 145 Portfolio Statements (unaudited)* 154 Further Information* 183

*These collectively comprise the Authorised Corporate Director’s (ACD) report.

1 Fidelity Investment Funds IV Annual Report and Financial Statements for the year ended 31 October 2020

Alternative Investment Fund Managers Directive (AIFMD) (Unaudited) Director’s Report In compliance with the AIFMD, Fidelity Investment Services (UK) Limited (“FISL”) has been appointed the Company’s Alternative Investment Fund Manager We are pleased to present the annual report and financial statements for (“AIFM”). Fidelity Investment Funds IV (the “Company”), covering the year to 31 October 2020. The AIFM operates under the terms of Fidelity’s Global Remuneration Policy Statement. This ensures that the AIFM complies with the requirements of the Reference in this document to specific securities should not be construed as a FCA’s Remuneration Code (SYSC19A), the AIFM Remuneration Code (SYSC19B) recommendation to buy or sell these securities but is included for the purpose and the BIPRU Remuneration Code (SYSC19C). of illustration only. Investors should also note that the views expressed may no longer be current and may already have been acted upon by Fidelity. FISL does not employ staff directly so the total remuneration to be disclosed under AIFMD remuneration disclosure for the financial performance year to Company and Status 30 June 2020 is £nil. The Company is an open-ended investment company with variable capital The total remuneration paid to code staff supporting the AIFM (FISL) is €7.56m (ICVC) incorporated in England and Wales under registered number IC000712 (£6.91m). and authorised by the Financial Conduct Authority (FCA) on 2 October 2008. Code staff includes the following individuals: The Company is authorised as a non-UCITS retail scheme (NURS) and is an (a) senior management (Registered Directors); alternative investment fund (AIF) under the AIFM Directive. It is structured as an umbrella company comprising various funds, each of which is operated as a (b) risk takers (Senior Management team); distinct fund, with their own portfolio of investments. (c) staff engaged in control functions (Risk, Compliance, Audit, HR, Finance). The funds in which shares are currently available are: The funds use leverage to increase their exposure to the stock markets in line Fidelity Allocator World Fund with the investment objectives. The AIFM has set maximum levels of leverage that are reasonable. It has implemented systems to calculate and monitor Fidelity Multi Asset Allocator Adventurous Fund compliance against these limits and has ensured that the limits have been Fidelity Multi Asset Allocator Defensive Fund complied with at all times. Fidelity Multi Asset Allocator Growth Fund The maximum leverage limits are 300% for the Gross Method of calculating Fidelity Multi Asset Allocator Strategic Fund leverage and 200% for the Commitment Method. Fidelity Multi Asset Balanced Income Fund There have been no changes to the maximum level of leverage that the Fidelity Multi Asset Income & Growth Fund Company may employ during the year. Fidelity Multi Asset Income Fund At 31 October 2020, actual leverage for both the Gross Method and the Commitment Method for the funds are as follows: Fidelity Multi Asset Open Adventurous Fund Fidelity Multi Asset Open Defensive Fund Fund name Gross Commitment Method Method Fidelity Multi Asset Open Growth Fund Fidelity Allocator World Fund 104.17% 101.77% Fidelity Multi Asset Open Strategic Fund Fidelity Multi Asset Allocator Adventurous Fund 110.46% 102.39% Fidelity Open World Fund Fidelity Multi Asset Allocator Defensive Fund 129.54% 116.98% Fidelity Select 50 Balanced Fund Fidelity Multi Asset Allocator Growth Fund 115.74% 106.35% In the future additional funds or new classes of shares within the existing funds may be launched by the ACD. Fidelity Multi Asset Allocator Strategic Fund 123.57% 112.12% Each fund has the investment powers equivalent to those of a NURS as per Fidelity Multi Asset Balanced Income Fund 156.80% 106.39% the Prospectus. Fidelity Multi Asset Income & Growth Fund 166.88% 110.46% Shareholders are not liable for the debts of the Company. A shareholder is not Fidelity Multi Asset Income Fund 152.38% 104.49% liable to make any further payment to the Company after they have paid the Fidelity Multi Asset Open Adventurous Fund 115.23% 103.84% purchase price of the shares. Fidelity Multi Asset Open Defensive Fund 119.12% 100.06% The Company is governed by the requirements of the Open-Ended Investment Fidelity Multi Asset Open Growth Fund 118.54% 105.16% Companies Regulations 2001 (SI 2001/1228) (“OEIC Regulations”) and the FCA’s Handbook of rules and guidance, specifically the Collective Investment Fidelity Multi Asset Open Strategic Fund 120.87% 104.11% Schemes sourcebook (COLL). As permitted by the COLL, the Company does not Fidelity Open World Fund 114.94% 108.46% hold Annual General Meetings. Fidelity Select 50 Balanced Fund 102.09% 99.11% The Company has segregated liability status between funds. This means that The Gross Method is a measure of overall total financial markets exposure and the assets of a fund belong exclusively to that fund and shall not be used to provides insight into the total amount at risk from market fluctuations. discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the Company, or any other fund. The Commitment Method is a measure (after appropriate netting and hedging) of overall total financial markets exposure and provides insight into the total amount at risk from market fluctuations (after netting and hedging). Holdings in other sub-funds within the same Company No sub-fund held shares in any other sub-fund in the same Company throughout the year ended 31 October 2020.

2 Fidelity Investment Funds IV Annual Report and Financial Statements for the year ended 31 October 2020

Objectives The broad aim of the Company is to provide access, both indirectly through Statement of Authorised Corporate Director’s (ACD) investing in other collective investment schemes and directly, to the global Responsibilities in relation to the Report and Financial research resources and stock picking skills of Fidelity’s investment management Statements of the Company teams throughout the world. Each fund provides the opportunity to benefit from investment in professionally The Open-Ended Investment Companies Regulations 2001 (SI 2001/1228) and managed pools of securities and other financial instruments in different Collective Investment Schemes sourcebook (COLL) require the ACD to prepare geographic areas and currencies. financial statements for each annual and half-yearly accounting period which The investment objective and a review of the investment activities of each fund give a true and fair view of the financial position of the Company and of its net during the year under review are included within the Authorised Fund Manager revenue and net capital gains or losses on the property of the Company for the Reviews. year. In preparing the financial statements the ACD is required to: Coronavirus (COVID-19) • select suitable accounting policies and then apply them consistently The coronavirus (COVID-19) outbreak caused extensive disruptions to businesses • comply with the requirements of the UK Financial Reporting Standard 102 and economic activities globally. The uncertainties over the emergence and (FRS 102) and the Statement of Recommended Practice for UK Authorised spread of COVID-19 caused market volatility on a global scale. Markets have Funds issued by The Investment Management Association (IMA) in May since bounced back, driven by substantial monetary and fiscal policy measures 2014, the COLL, the Prospectus and the Instrument of Incorporation unveiled globally to mitigate the economic impact of the COVID-19 pandemic. News around progress on vaccines and treatments for the virus and easing of • follow generally accepted accounting principles and applicable accounting lockdown restrictions in several economies also provided support. However, the standards virus threat has not yet dissipated, and a lot of uncertainty remains. Despite a • keep proper accounting records which enable it to demonstrate that the pick-up in economic activity, ‘social distancing’ policies, which have become the financial statements as prepared comply with the above requirements norm for now, will impact the services sector. • prepare the financial statements on the going concern basis unless it is As the situation continues to evolve, so does the ACD’s assessment of the risks inappropriate to presume the Company will continue in operation facing each sub-fund, and the degree to which these risks might crystallise. The post balance sheet events note included within the notes to the financial • take reasonable steps for the prevention and detection of fraud or other statements of each sub-fund analyses net asset value movement since the irregularities. period end. The assets of each fund of the Company consist predominantly of assets which are readily realisable. Having considered the financial resources available Certification of the Annual Report and Financial to the ICVC and its sub-funds and having considered the impact of COVID-19 Statements by Directors of the ACD on the Company, the ACD continues to prepare the financial statements on a going concern basis. In accordance with the requirements of the COLL as issued and amended Changes to the Prospectus by the Financial Conduct Authority, the report and financial statements are approved on behalf of the Directors of FIL Investment Services (UK) Limited, For the year ended 31 October 2020 the following significant changes were the ACD. made to the Prospectus and Instrument of Incorporation: • Fidelity Allocator World Fund, Fidelity Multi Asset Allocator Adventurous Fund, Fidelity Multi Asset Allocator Defensive Fund, Fidelity Multi Asset Allocator Growth Fund and Fidelity Multi Asset Allocator Strategic Fund Y Accumulation Shares renamed to W Accumulation Shares on 21 November 2019. • Fidelity Multi Asset Balanced Income Fund launched Investment Pathway 3 John Clougherty Peter Brookman Accumulation Shares on 9 September 2020. Director Director • Fidelity Multi Asset Allocator Adventurous Fund and Fidelity Multi Asset Allocator Growth Fund A Accumulation Shares merged with W Accumulation FIL Investment Services (UK) Limited Shares on 27 February 2020. 27 January 2021

3 Fidelity Investment Funds IV Annual Report and Financial Statements for the year ended 31 October 2020

Report of the Depositary to the Shareholders Independent Auditors’ report to the Shareholders of the Fidelity Investment Funds IV of Fidelity Investment Funds IV

The Depositary must ensure that the Company is managed in accordance with Report on the audit of the financial statements the Financial Conduct Authority’s Collective Investment Schemes sourcebook, and the Investment Funds Sourcebook, the Open-Ended Investment Companies Opinion Regulations 2001 (S1 2001/1228), as amended, the Financial Services and In our opinion, the financial statements of Fidelity Investment Funds IV (the Markets Act 2000, as amended, (together “the Regulations”), the Company’s “Company”): Instrument of Incorporation and Prospectus (together “the Scheme documents”) • give a true and fair view of the financial position of the sub-funds as at 31 as detailed below. October 2020 and of the net revenue and the net capital gains/losses on The Depositary must in the context of its role act honestly, fairly, professionally, the property of the sub-funds for the year ended 31 October 2020; and independently and in the interests of the Company and its investors. • have been properly prepared in accordance with United Kingdom The Depositary is responsible for the safekeeping of all custodial assets and Generally Accepted Accounting Practice, including Financial Reporting maintaining a record of all other assets of the Company in accordance with Standard 102 “The Financial Reporting Standard applicable in the UK and the Regulations. Republic of Ireland”, the Statement of Recommended Practice “Financial The Depositary must ensure that: Statements of UK Authorised Funds” , the rules in the Collective Investment Schemes Sourcebook and the Instrument of Incorporation. • the Company’s cash flows are properly monitored, and that cash of the Company is booked into the cash accounts in accordance with the We have audited the financial statements which comprise for each sub-fund: regulations; • the statement of total return; • the sale, issue, repurchase, redemption and cancellation of shares are • the statement of change in net assets attributable to shareholders; carried out in accordance with the regulations; • the balance sheet; • the value of shares of the Company are calculated in accordance with • the related consolidated and individual notes; and regulations; • the distribution tables. • any consideration relating to transactions in the Company’s assets is The financial reporting framework that has been applied in their preparation is remitted to the Company within the usual time limits; applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the • the Company’s income is applied in accordance with the regulations; and UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting • the instructions of the Alternative Investment Fund Manager (“the AIFM” or Practice), the Statement of Recommended Practice: “Financial Statements of “the Manager”) are carried out (unless they conflict with the regulations). UK Authorised Funds” issued by the Investment Association in May 2014, the The Depositary also has a duty to take reasonable care to ensure that the Collective Investment Schemes Sourcebook and the Instrument of Incorporation. Company is managed in accordance with the Scheme documents and the Basis for opinion Regulations in relation to the investment and borrowing powers applicable to We conducted our audit in accordance with International Standards on Auditing the Company. (UK) (ISAs (UK)) and applicable law. Our responsibilities under those stand-ards Having carried out such procedures as we consider necessary to discharge our are further described in the auditor’s responsibilities for the audit of the financial responsibilities as Depositary of the Company, it is our opinion, based on the statements section of our report. information available to us and the explanations provided, that in all material We are independent of the company in accordance with the ethical respects the Company, acting through the AIFM: requirements that are relevant to our audit of the financial statements in the (i) has carried out the issue, sale, redemption and cancellation and calculation UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, of the price of the Company’s shares and the application of the Company’s and we have fulfilled our other ethical responsibilities in accordance with these income in accordance with the Regulations and the Scheme documents of requirements. We believe that the audit evidence we have obtained is sufficient the Company; and and appropriate to provide a basis for our opinion. (ii) has observed the investment and borrowing powers and restrictions applicable to the Company in accordance with the Regulations and Scheme documents of the Company.

J.P. Morgan Europe Limited London 27 January 2021

4 Fidelity Investment Funds IV Annual Report and Financial Statements for the year ended 31 October 2020

Conclusions relating to going concern Auditors’ responsibilities for the audit of the financial statements We are required by ISAs (UK) to report in respect of the following matters Our objectives are to obtain reasonable assurance about whether the financial where: statements as a whole are free from material misstatement, whether due • the authorised corporate director’s (ACD’s) use of the going concern basis to fraud or error, and to issue an auditor’s report that includes our opinion. of accounting in preparation of the financial statements is not appropri- Reasonable assurance is a high level of assurance, but is not a guarantee ate; or that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or • the ACD has not disclosed in the financial statements any identified error and are considered material if, individually or in the aggregate, they could material uncertainties that may cast significant doubt about the company’s reasonably be expected to influence the economic decisions of users taken on ability to continue to adopt the going concern basis of accounting for a the basis of these financial statements. period of at least twelve months from the date when the financial state- ments are authorised for issue. A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This We have nothing to report in respect of these matters. description forms part of our auditor’s report. Other information Report on other legal and regulatory requirements The ACD is responsible for the other information. The other information comprises the information included in the annual report, other than the Opinions on other matters prescribed by the Collective Investment financial state-ments and our auditor’s report thereon. Our opinion on the Schemes Sourcebook financial statements does not cover the other information and, except to the In our opinion: extent otherwise explicitly stated in our report, we do not express any form of • proper accounting records for the company and the sub-funds have been assurance conclusion thereon. kept and the financial statements are in agreement with those records; In connection with our audit of the financial statements, our responsibility is to • we have received all the information and explanations which, to the best read the other information and, in doing so, consider whether the other infor- of our knowledge and belief, were necessary for the purposes of our mation is materially inconsistent with the financial statements or our knowledge audit; and obtained in the audit or otherwise appears to be materially misstated. If we • the information disclosed in the annual report for the year ended 31 identify such material inconsistencies or apparent material misstatements, we October 2020 for the purpose of complying with Paragraph 4.5.9R of the are required to determine whether there is a material misstatement in the finan- Collective Investment Schemes Sourcebook is consistent with the financial cial statements or a material misstatement of the other information. If, based statements. on the work we have performed, we conclude that there is a material misstate- ment of this other information, we are required to report that fact. Use of our report We have nothing to report in respect of these matters. This report is made solely to the company’s shareholders, as a body, in Responsibilities of depositary and ACD accordance with Paragraph 4.5.12R of the Collective Investment Schemes Source-book of the Financial Conduct Authority. Our audit work has been As explained more fully in the depositary’s responsibilities statement and undertaken so that we might state to the company’s shareholders those matters the ACD’s responsibilities statement, the depositary is responsible for the we are required to state to them in an auditor’s report and for no other purpose. safeguard-ing the property of the company and the ACD is responsible for the To the fullest extent permitted by law, we do not accept or assume responsibility preparation of the financial statements and for being satisfied that they give to anyone other than the company and the company’s shareholders as a body, a true and fair view, and for such internal control as the ACD determines is for our audit work, for this report, or for the opinions we have formed. necessary to enable the preparation of financial statements that are free from material mis-statement, whether due to fraud or error. In preparing the financial statements, the ACD is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the ACD either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Deloitte LLP Statutory Auditor Glasgow, United Kingdom 27 January 2021

5 Fidelity Investment Funds IV Annual Report and Financial Statements for the year ended 31 October 2020

Market Review 12Market-m to October Performance 2020 (£) Review

PerformanceGlobal equities, Overview as measured -by year the MSCI ended World 31 Index, October gained 2020 in sterling terms over the period. Equities performed positively at the start of the period, as the US and China agreed to a “phase one” Globaltrade dealequities, and election as measured results in the by UK the indicated MSCI thatWorld its exit Index, from gainedthe European in sterling Union (EU) terms would over the period. Equities performed positively at the start of the period, as the USbe and more China orderly. agreed However, to amarkets “phase fell one” sharply trade over dealthe February and election–March resultsperiod, asin thethe novelUK indicated that its exit from the European Union (EU) would be more orderly. However,coronavirus markets (commonly fell sharplyknown as over COVID the- 19February–March) pandemic weighed period, on global as the growth novel prospects. coronavirus (commonly known as COVID-19) pandemic weighed on global growth Authorities across the world announced large-scale lockdowns to curtail the contagion and introduced prospects.policies to Authorities mitigate its acrosseconomic the impact. world Markets announced recovered large-scale from April lockdowns onwards, as to progress curtail onthe contagion and introduced policies to mitigate its economic impact. Markets recoveredpotential COVIDfrom April-19 vaccines onwards, and astreatments, progress the on resumption potential of COVID-19economic activityvaccines amid and easing treatments, the resumption of economic activity amid easing lockdowns across economieslockdowns acrossand substantialeconomies and policy substantial stimulus policy measures stimulus measures provided provided support. support. However, However, a resurgence of COVID-19 cases globally, uncertainty before US presidential resurgence of COVID-19 cases globally, uncertainty before US presidential elections, US-China elections,tensions andUS-China concerns tensions over a trade and deal concerns between the over UK aand trade the EU deal weighed between on equities the UKtowards and the the EU weighed on equities towards the end of the period. Against this global backdrop,end of the US period. and AgainstJapanese this globalmarkets backdrop, ended US higher, and Japanese while marketsEuropean ended and higher, Pacific while ex Japan equities fell. Emerging markets rose and outperformed developed markets.European At and a sectorPacific exlevel, Japan information equities fell. technologyEmerging markets and consumerrose and outperformed discretionary developed gained strongly. Energy companies declined significantly as crude oil prices fell markets. At a sector level, information technology and consumer discretionary gained strongly. dueEnergy to weak companies demand. declined Overall, significantly returns as crude in sterling oil prices terms fell due were to weak supported demand. Overall, by its returnsdepreciation against the US dollar, yen and euro. in sterling terms were supported by its depreciation against the US dollar, yen and euro.

Source: Refinitiv DataStream, Total Returns in GBP rebased to 100, MSCI World, BofA ML Global Broad Market Index, Bloomberg Commodity Index, FTSE EPRA/NAREIT Developed, 31.10.2019 - 31.10.2020 Source: Refinitiv DataStream, Total Returns, GBP, MSCI World, BofA ML Global Broad Market Index, Bloomberg Commodity Source: Refinitiv DataStream, Total Returns in GBP rebased to 100, MSCI World, BofA Index, Source:FTSE EPRA/NAREIT Refinitiv DataStream, Developed, Total 31.10.2019 Returns, -GBP, 31.10.2020 MSCI World, BofA ML Global Broad Market

ML Global Broad Market Index, Bloomberg Commodity Index, FTSE EPRA/NAREIT Index, Bloomberg Commodity Index, FTSE EPRA/NAREIT Developed, 31.10.2019 - 31.10.2020 Global property markets fell sharply during the period as the spread of COVID-19 cases outside Developed, 31.10.2019 - 31.10.2020 China raised fears of a global economic crisis. At a sector level, hotels were among the worst performers given the direct impact of travel restrictions on the leisure and travel industry. Retail was also significantly impacted by the sell-off as the spread of the virus hit consumer demand and footfall Global property markets fell sharply during the period as the spread of COVID-19on the cases high outside street globally. China raised At a countryfears of level, a global the USeconomic housing crisis.market At came a sector under level, pressure as hotels were among the worst performers given the direct impact of travel restrictionsconsumer on confidence the leisure fell and on concerns travel industry. over current Retail business was also conditions. significantly In the eurozone,impacted the by German the sell-off as the spread of the virus hit consumer demand and footfall on the highreal estatestreet market globally. was At robust. a country Conversely, level, the Spanish US housing and French market property came stocksunder fell.pressure UK property stocks also registered negative returns during the period, mirroring other regions. as consumer confidence fell on concerns over current business conditions. In the eurozone, the German real estate market was robust. Conversely, Spanish and French property stocks fell. UK property stocks also registered negative returnsCommodities during the declinedperiod, mirroringin sterling otherterms regions.and underperformed equities over the one-year period. The decline was led by the energy complex, which fell sharply in early 2020 amid weakening global Commodities declined in sterling terms and underperformed equities over thedemand one-year due period.to the COVID The decline-19 pandemic. was led Early by thein theenergy period, complex, the Saudi which Arabia fell-Russia sharply price war, in early 2020 amid weakening global demand due to the COVID-19 pandemic.wherein Early both in the producers period, abandoned the Saudi produc Arabia-Russiation quotas, priceand later, war, increased wherein supply both fromproducers Libya and Iran abandoned production quotas, and later, increased supply from Libya and Iranweighed weighed on onsentiment. sentiment. Industrial Industrial metal metal prices prices fell infell the in firstthe firsthalf halfof theof theperiod period as widespreadas widespread lockdowns across the world led to a slowdown in industrial activitylockdowns and gave across rise theto worlddemand led toconcerns. a slowdown However, in industrial they activity recovered and gave later rise as to improving demand conce rns. economic data bolstered investor sentiment. Moreover, government stimulus,However, central they bank recovered liquidity later and as improvinga falling economicUS dollar data provided bolstered support investor forsentiment. industrial Moreover, government stimulus, central bank liquidity and a falling US dollar provided support for industrial commodities. Gold gained over the period due to investors’ search for safe havencommodities. assets. Gold gained over the period due to investors’ search for safe haven assets.

Global bond markets generated positive returns over the period, with governmentGlobal bonds bond outperforming markets generated corporate positive bonds. returns Within over credit, the investmentperiod, with grade government bonds bonds outperformed high yield bonds. Trade war concerns dominated headlines overoutperforming most of 2019, corporate though bonds.concerns Within subsided credit, as investment the year progressedgrade bonds andoutperformed the US and high yield China signed a phase one trade deal. Sentiment remained strong at the turn bonds.of 2020, Trade before war concernsthe spread dominated of the headlCOVID-19ines over pandemic most of 2019, resulted though in unprecedentedconcerns subsided as the levels of volatility, leading to a sell-off in risk assets such as equities and corporateyear bonds. progressed Government and the US bond and China yields signed slumped a phase to newone trade record deal. lows Sentiment and credit remained spreads strong at the significantly widened in the first quarter of 2020. The spread of the pandemicturn collided of 2020, with before an oilthe price spread crash of the as COVID the Organization-19 pandemic of resulted the Petroleum in unprecedented Exporting levels of volatility, leading to a sell-off in risk assets such as equities and corporate bonds. Government bond Countries’ (OPEC) talks with Russia to reduce output collapsed. The entire US yieldsTreasury slumped yield tocurve new fellrecord below lows 1% and for credit the firstspreads time significantly in March, amidwidened investors’ in the first focus quarter of on safe-haven assets. UK government bond (Gilt) yields also fell significantly over2020. the The period, spread in ofline the with pandemic their US collided counterparts. with an Inoil a pricecoordinated crash as effort the Organization to combat of the a potential global economic crisis, central banks across the world announcedPetroleum new policy Exporting responses Countries’ such (OPEC) as interest talks withrate Russiacuts and to reduce bond-buying output collapsed. programmes. The entire US Most economies also announced a string of fiscal easing packages to addressTreasury the financial yield curveconcerns fell belowof people 1% for already the first facing time in lockdowns. March, amid Against investors’ this focus backdrop, on safe -haven risk sentiment improved significantly, and credit spreads started tightening sinceassets. the UK second government week bon ofd April.(Gilt) yieldsPositive also developments fell significantly around over the a period, potential in line COVID- with their US counterparts. In a coordinated effort to combat a potential global economic crisis, central banks across 19 vaccine, encouraging global economic data and record amounts of liquidity also supported the recovery trend. However, returns were somewhat capped the world announced new policy responses such as interest rate cuts and bond-buying programmes. by fears of a second wave of infections, US-China trade relations, uncertaintyMost due economiesto the possibility also announced of contested a string USof fiscal elections, easing andpackages lack toof address progress the financialin the UK’s concerns of negotiations to exit the EU. people already facing lockdowns. Against this backdrop, risk sentiment improved significantly, and credit spreads started tightening since the second week of April. Positive developments around a potential COVID-19 vaccine, encouraging global economic data and record amounts of liquidity also

6 Fidelity Investment Funds IV Annual Report and Financial Statements for the year ended 31 October 2020

Accounting Policies of Fidelity Investment Funds IV and its sub-funds

Accounting policies a) Basis of preparation - The financial statements of the sub-funds have been prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss except as outlined below. The financial statements are also prepared in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP) and the Statement of Recommended Practice (SORP) for UK Authorised Funds issued by the Investment Management Association (IMA) in May 2014. b) Recognition of revenue - Dividends on quoted equities are recognised when the security is quoted ex-dividend. Interest from debt securities are accounted for on an effective yield basis. Effective yield recognises any discount or premium on the purchase of an investment as revenue over its remaining life. Distributions on underlying funds are recognised when the shares/units are quoted ex-distribution. Other revenue is accounted for on an accruals basis. Underwriting commission is recognised when the issue takes place. Special dividends are treated as revenue or capital depending on the facts of each particular case. c) Treatment of expenses: • All expenses are accounted for on an accruals basis. • Annual charges - In accordance with the COLL and as agreed with the Depositary, charges and expenses for the fund may be treated as capital charges, which will enhance income returns but may constrain capital growth. Where the management fees are ultimately borne by the capital of an underlying fund, the rebates are credited to capital for the purpose of calculating the distribution. • Other expenses - All other expenses are chargeable against revenue for distribution purposes other than those relating to purchases and sales of investments which are excluded for the purpose of calculating the distribution. • Underlying fund charges - The sub-fund may invest in other collective investment schemes, various other charges and expenses may be incurred indirectly by the fund at the level of the underlying funds. Where any fund invests in other collective investment schemes managed by independent fund managers, the ACD will seek to negotiate a high level of rebate of the underlying funds management charges, so as to minimise the effect of charging at both the fund and underlying fund levels. Where any fund invests in other collective investment schemes managed by the ACD or an associate of the ACD, to avoid a double management charge in respect of the same portfolio, the full amounts of the charges which the ACD and/or any associated company of the ACD receives for managing the investments of the underlying fund, will be credited to the fund, to the extent that such charges are attributable to investment in the underlying funds by the fund. d) Allocation to multiple share classes – All charges and expenses which are directly attributable to the fund will be charged to the class or classes within the fund pro rata to the net asset value of the fund attributable to each class, where appropriate. Any charges and expenses not attributable to any one fund will normally be allocated by the ACD to all funds (and their classes) pro rata to the net asset values of the funds (and their classes), although the ACD has the discretion to allocate such charges and expenses in a different manner which it considers fair to shareholders generally. e) Distribution policy - The distribution policy of the individual funds is to distribute or accumulate all available revenue after deduction of expenses properly chargeable against revenue. f) Taxation - Provision is made for corporation tax at the current rate on the excess of taxable revenue over allowable expenses, with relief for overseas tax taken where appropriate. Deferred tax is provided using the liability method on all timing differences arising from the different treatment of items for taxation and accounting purposes. Deferred tax assets are recognised to the extent that they are considered recoverable. g) Basis of valuation of investments - Investments in securities and underlying funds have been valued using the market price at the noon valuation point on the last business day of the accounting period. Market value is defined by the SORP as fair value which in an active market is the value of long positions at the quoted bid price and fair value of short positions is the quoted offer price. Holdings in other collective investment schemes are valued at bid price for dual priced funds and at single price for single priced funds. It is the responsibility of the Fair Value Committee (FVC) to ensure pricing sources and methodologies used to value securities are appropriate as delegated by the ACD. Where there is no price source from an active market for an investment, the FVC will assess information available from internal and external sources in order to arrive at a fair value. In seeking to value such securities, the FVC will gather valuation related information from multiple internal and external sources and may apply judgement in determining the fair value. These sources include historic trading and pricing information (including grey market trades), the views of internal security analysts, company specific news and fundamental data as well as information relating to comparable companies within related industries and sectors. The FVC policies and procedures remain under continuous review by the ACD. Fair value adjustments may be implemented to protect the interests of the Shareholder Funds against market timing practices. Accordingly, if a fund invests in markets that are closed for business at the time the fund is valued, the ACD may, by derogation from the provisions above, allow for the securities included in a particular portfolio to be adjusted to reflect more accurately the fair value of the fund’s investments at the point of valuation. Fair value market adjustments were applied to investments with the following effect on the fund midday prices as at 31 October 2020: • US Market -0.76% (2019: -0.30%) • Japan 0.90% (2019: -0.78%) • Australia 0.59% (2019: nil) • Indonesia -1.75% (2019: nil) h) The market value disclosed alongside each investment in the Portfolio Statement represents the fair value. Each derivative position is shown as a separate investment. The Portfolio Statement includes for each investment the percentage of the net assets. This may result in the geographical or sector allocations being different to the comparative index. The largest holdings disclosure is consistent with this basis, and therefore derivative positions may not appear in the list of largest holdings. A copy of the Fund Factsheet report disclosing the sector/industry exposure, country exposure and top holdings including derivatives exposures may be obtained upon request from the ACD alternatively, please go to http://www.fidelity.co.uk.

7 Fidelity Investment Funds IV Annual Report and Financial Statements for the year ended 31 October 2020

Accounting Policies of Fidelity Investment Funds IV and its sub-funds i) Derivatives - Where appropriate, certain permitted transactions such as derivatives are used. Where such transactions are used to protect or enhance revenue, the revenue and expenses derived from them are included in Revenue or Expenses in the Statement of Total Return. Where such transactions are used to protect or enhance capital, the gains or losses are included in Net capital gains/(losses) in the Statement of Total Return. Any positions on such transactions open at the year end are reflected in the Balance Sheet at their market value. All gains and losses in the value of futures contracts, interest rates swaps, credit default swaps, equity forwards, contracts for difference, equity linked notes and options are disclosed in the Statement of Total Return under Net capital gains/(losses). For futures, equity forwards and contracts for difference, the dividend element is included in revenue along with the associated finance costs of these contracts. Ongoing premia on credit default swaps are charged or credited to revenue/expenses on an accruals basis, depending on whether protection is bought or sold. Revenue receivable/payable on interest rate swaps is included in revenue on an accruals basis. The premium received on covered call options is taken to revenue over the life of the contract provided the strike price of the option is greater than the price of the underlying security at the time of trade. Where forward foreign exchange contracts have been entered into to hedge the underlying funds and securities against currency exchange rate movements, any subsequent hedge gain or loss is taken to capital. j) Exchange rates - Assets and liabilities denominated in foreign currencies have been translated into sterling at the rate of exchange ruling at the noon valuation point on the last business day of the accounting period. Revenue items denominated in foreign currency are translated into sterling at exchange rates ruling at the date of the transaction. Differences on exchange are included within the Statement of Total Return. k) Dilution levy - In certain circumstances, the value of the property of a Fund may be reduced as a result of costs incurred in dealings in the Fund’s investments, including stamp duty or stamp duty reserve tax, or through dealing in those investments at prices other than the mid-market price. In order to prevent this effect, known as “dilution”, and the consequent potential adverse effect on remaining Shareholders, the ACD has the power to charge a “dilution levy” when Shares are bought or sold. In the year to 31 October 2020 no dilution levy was paid to the Company (2019: none).

8 Fidelity Investment Funds IV Annual Report and Financial Statements for the year ended 31 October 2020

Risk management policies of Fidelity Investment Funds IV and its sub-funds

Risk framework The Board of Directors of FIL Limited, the ultimate parent company of the ACD, has established a Risk Policy, a Risk Appetite statement and a number of other risk related policies for adoption throughout the Fidelity International group of companies, including the ACD. There is a clearly defined structure operating within a corporate governance and management framework that is designed to address the related business risks, including those arising from financial instruments. Risk management policies and procedures are established by the Board and updated according to market, industry and government initiatives and regulatory developments. The Board monitors that a robust system of internal control exists to ensure compliance with rules, regulations and policies. It is the Board of Directors of the ACD that is ultimately responsible for monitoring risk but day to day management of the risk process has been delegated to other areas as appropriate. Fidelity operates a ‘multiple lines of defence’ approach to risk management; also, the risk control processes are comprehensive, multi-layered, both quantitative and qualitative and do not rely on any one risk measure or system. The primary responsibility for financial instrument risk management rests with the portfolio manager of each fund who is overseen by the relevant Chief Investment Officer (CIO). On a regular basis each fund is formally reviewed in a meeting involving the portfolio manager, the relevant CIO, Investment Management Portfolio Analytics and others; the review covers multiple aspects of the fund’s profile including trading activity, turnover, performance, structure, style profile, the use of derivatives and other relevant subjects such as yield curve exposure and sector and credit rating positioning in the case of Fixed Income funds. In addition to this review there is a formal Investment Risk Oversight Committee (IROC), chaired by the head of the Investment Management Risk function, whose remit includes review of various risk and performance measures, liquidity and other investment risks. Furthermore, there is a Derivative Risk Committee that focuses on all aspects of risk arising from the use of derivative instruments. The global exposure relating to derivatives held in a fund may not exceed the net value of that fund. Global exposure calculations for all funds – unless otherwise indicated - use the commitment approach as part of their risk management process, measure and limits. The funds in this umbrella OEIC are governed by non-UCITS rules. The rules and prospectus limits are monitored and reported on by an independent Investment Compliance function. Risk factors The main risks arising from financial instruments are market price, foreign currency, interest rate, liquidity, counterparty and credit risks. There are policies in place to ensure each of these risks are managed in an appropriate manner. Market price risk Market price risk arises from the uncertainty about future price movements on financial instruments held. It represents the potential loss each fund might suffer through holding market positions in the face of adverse price movements. The value of investments (including derivatives) is not fixed and may go down as well as up. This may be as a result of a specific factor affecting the value of an individual investment or may be caused by general market factors. Some of the funds may invest in securities of countries experiencing rapid economic growth. Investors should appreciate that these securities may be more volatile than securities in more developed markets with the result that there may be greater risk of price fluctuation and the suspension of redemptions in such funds compared with funds in more mature markets. This volatility may stem from political and economic factors, and be exacerbated by legal, trading liquidity, settlement, currency and other factors. Some emerging market countries may have relatively prosperous economies but may be sensitive to world commodity prices or other factors. Where derivatives are used for either efficient management of the fund or for investment purposes, market price risk will exist as for any other non-derivative investments. The volatility of option prices could be greater than for other derivatives. Foreign currency risk The fund’s Total Returns and Balance Sheets can be significantly affected by foreign exchange movements if the fund’s assets and revenue are denominated in currencies other than the fund’s base currency. Three principal areas where foreign currency risk could impact each fund have been identified as: • Movements in rates affecting the value of investments • Movements in rates affecting short term timing differences • Movements in rates affecting the revenue received The funds may hold forward foreign exchange contracts to hedge the fund’s base currency. The funds may be exposed to short term exchange rate movements, for example between the date when an investment is bought or sold and the date when settlement of the transaction occurs. The ACD may seek to manage exposure to currency movements by using forward and spot foreign exchange contracts. Revenue received in other currencies is converted into base currency on or near the date of receipt. Interest rate risk Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a fixed rate debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities can be more sensitive to interest rate changes. The fixed rate component of an interest rate swap will have a similar interest rate risk profile to that of a fixed rate debt security where the currency, fixed rate and maturity are the same. Liquidity risk The fund’s assets comprise mainly realisable securities which can be readily sold or redeemed in normal market conditions. The fund’s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The fund’s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity) and the number of days it would take to trade out of a given security position or percentage of the fund as a whole (determined by reference to available market trading volumes). Where investments cannot be realised in time to meet any potential liability, the fund may borrow up to 10% of its value to ensure settlement.

9 Fidelity Investment Funds IV Annual Report and Financial Statements for the year ended 31 October 2020

Risk management policies of Fidelity Investment Funds IV and its sub-funds

Counterparty risk All security transactions and derivatives are transacted with brokers and carry the risk that the counterparty to a transaction may not meet their financial obligations. All counterparties for any type of trading are assessed by an independent Credit Research and Analysis function and approved for use by any Fidelity company, including the ACD. Exposures to counterparties are monitored and reported frequently. Margin on exchange-traded derivatives mitigates counterparty risk exposure and in the case of over-the-counter derivatives, collateral is transferred to reduce counterparty risk exposure in accordance with the terms outlined in market standard (ISDA) derivative legal contracts. Credit risk Investments may be adversely affected if any of the institutions with which money is deposited suffers insolvency or other financial difficulties. The process outlined above under ‘Counterparty risk’ is used to review, approve and report on exposures to institutions with which money is deposited. Credit risk also arises from the uncertainty about the payment of interest and the repayment of principal bond investments. Default risk is based on the issuer’s ability to make interest payments and to repay the loan at maturity. Due to the higher possibility of default, an investment in corporate bonds is generally less secure than an investment in government bonds. Default risk may therefore vary between different government issuers as well as between different corporate issuers. In certain cases, government bonds may have higher probability of default than specific corporate issuers. The funds may hold credit default swaps to manage their credit risk profile. Credit default swaps are transacted to take advantage of expected movements in credit spreads on either individual securities or baskets of securities. Fair values of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the balance sheet, and their fair value. The numerical information in respect of financial instruments disclosure is provided in the financial statements for the individual funds. Leverage The funds use leverage to increase their exposure to the stock markets in line with the investment objectives. The AIFM has set maximum levels of leverage that are reasonable. It has implemented systems to calculate and monitor compliance against these limits and has ensured that the limits have been complied with at all times. Details of the leverage levels as at 31 October 2020 for each fund are included on page 2.

10 Fidelity Allocator World Fund

Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI The fund aims to increase the value of your investment over a period of 5 W Accumulation Shares 5 years or more through global exposure to higher risk assets. The fund will invest at least 70% into funds that use an ‘index tracking’ (also Lower risk Higher risk known as 'passive') investment management approach (these may include funds managed by Fidelity), with the aim of pursuing a lower cost investment Typically lower rewards Typically higher rewards approach. The fund can also invest directly into transferable securities, other collective investment schemes, money market instruments, cash and deposits, and is also able to use derivatives for efficient portfolio management and 1 2 3 4 5 6 7 investment purposes. The risk category was calculated using historical volatility data, based upon The Investment Manager will actively select investments for the fund. As the methods set by European Union rules. Volatility is influenced by changes part of the investment process, the Investment Manager aims to maintain a in the stock market prices, currencies and interest rates which can be affected fixed allocation of 100% in higher-risk assets (such as global equities, global unpredictably by diverse factors including political and economic events. emerging market equities, global smaller companies and global property securities). This allocation, as well as the breakdown of higher-risk assets, • Historical data may not be a reliable indication for the future. may change according to prevailing market conditions and the efficient • The risk category shown is not guaranteed and may change over time. management of the portfolio, and will be periodically rebalanced back to its • The lowest category does not mean a "risk free" investment. target allocation. • The risk and reward profile is classified by the level of historical fluctuation As part of the fund’s asset allocation process, the Investment Manager will aim of the Net Asset Values of the share class, and within this classification, to maintain an underlying static asset allocation that is designed in-house and categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium based on proprietary capital market assumptions using quantitative research. level and 6-7 a high level. For these higher-risk assets, the fund will aim to maintain an allocation of • The value of your investment may fall as well as rise and you may get back at least 70% in global equities with the remainder spread across assets less than you originally invested. including global real estate investment trusts, global small cap and emerging market equities. The Investment Manager rebalances the strategy regularly • The fund may invest in instruments denominated in currencies other than the back to these static asset allocations and has discretion over when to do so. fund base currency. Changes in currency exchange rates can therefore affect However, the Portfolio Manager does not take relative positions ‘overweight’ the value of your investment. or ‘underweight’ versus this static mix. The funds do not aim to outperform this • Currency hedging may be used which aims to reduce the effect of such static asset allocation. changes. However, the effects may not be completely eliminated to the The fund is managed without reference to a benchmark. degree expected. • The use of derivatives may result in “leverage” by which we mean a level of Performance and Portfolio Activity exposure which could expose the fund to the potential of greater gains or The fund delivered positive returns over a period in which equity markets losses than would otherwise be the case. advanced and government bond yields fell. Against this backdrop, the allocation to global and emerging market equities, as well as to global small- cap equities contributed to performance. Meanwhile, the position in global real estate investment trusts (REITs) weighed on returns. The fund is managed to provide diversified and efficient exposure to global markets and has a purely static strategic asset allocation – 100% of the portfolio is invested in higher risk growth assets. During the period, there were no purchases or sales of securities, except for some periodic rebalancing. Outlook The fund’s asset allocation is not impacted by the market outlook. The fund is managed to provide diversified and efficient exposure to global markets and is rebalanced periodically to keep asset allocation in line with its long-term strategic asset allocation. Chris Forgan & Nick Peters Fund Managers 31 October 2020

11 Fidelity Allocator World Fund

Comparative Performance Table

W Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 Opening net asset value per share 206.51 185.03 181.62 Return before operating charges* 3.07 21.97 3.87 Operating charges (0.52) (0.49) (0.46) Return after operating charges* 2.55 21.48 3.41 Distributions (3.16) (3.04) (2.23) Retained distributions on accumulation shares 3.16 3.04 2.23 Closing net asset value per share 209.06 206.51 185.03 *after direct transaction costs of 0.02 0.01 0.03 Performance Return after charges 1.2% 11.6% 1.9% Other information Closing net asset value (£'000) 56,308 52,587 39,813 Closing number of shares 26,933,922 25,464,639 21,517,392 Operating charges 0.25% 0.25% 0.25% Direct transaction costs 0.01% 0% 0.02% Prices (pence per share) Highest share price 224.00 215.30 198.90 Lowest share price 162.40 172.60 169.80

12 Fidelity Allocator World Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 (5) 4,167 Revenue 5 1,021 818 Expenses 6 (141) (112) Interest payable and similar charges 8 - (1)

Net revenue/(expense) before taxation 880 705 Taxation 7 (27) (19)

Net revenue/(expense) after taxation xxx 853 xxx 686

Total return before distributions 848 4,853 Distributions 8 (853) (686) Change in net assets attributable to shareholders from investment activities (5) 4,167

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 52,587 39,813 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 18,857 12,274 Amounts payable on cancellation of shares (15,982) (4,442) xxx 2,875 xxx 7,832 Change in net assets attributable to shareholders from investment activities (see above) (5) 4,167 Retained distribution on accumulation shares 8 851 775 Closing net assets attributable to shareholders 56,308 52,587

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 56,101 52,303 Current assets: Debtors 9 76 94 Cash equivalents 2 1 Cash and bank balances 175 233

Total other assets xxx 253 xxx 328

Total assets 56,354 52,631 Liabilities: Investment liabilities (9) (1) Creditors Other creditors 10 (37) (43)

Total other liabilities xxx (37) xxx (43) Total liabilities (46) (44) Net assets attributable to shareholders 56,308 52,587

13 Fidelity Allocator World Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ (12) 4,116 Gains/(losses) on forward currency contracts+ (28) (2) Other currency gains/(losses) 2 - ACD fee rebate/waiver to capital 33 27 Gains/(losses) on derivative contracts+ - 26

Net capital gains/(losses) (5) 4,167 + These comprise: Realised gains/(losses)++ 1,278 441 Unrealised gains/(losses) (1,318) 3,699

Total (40) 4,140 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 601 508 Unfranked UK dividend distributions 194 143 Overseas dividend distributions 185 132 Management fee rebate to income 3 3 ACD fee rebate/waiver to income 38 32

Total revenue 1,021 818

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 141 112 141 112

Total expenses* 141 112 *The ACD is responsible for payment of all charges and expenses of the fund out of its investment management fees including audit fees amounting to £9,000 (including VAT) (2019: £10,000).

14 Fidelity Allocator World Fund

Notes to the Financial Statements

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year UK corporation tax 25 8 Overseas taxation 27 19 Double taxation relief (25) (8)

Total current taxation 27 19 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 880 705 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 176 141 Effects of: ACD fee waiver to capital - 5 Double taxation relief (25) (8) Increase/(decrease) in unutilised management expenses - (10) Management fee rebate 7 - Overseas taxation 27 19 Revenue not included for tax purposes (158) (128)

Current tax charge/(credit) 27 19 Open ended investment companies are exempt from UK tax on capital gains.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. W Accumulation Shares* Final 851 775 Add: Revenue deducted on cancellation of shares 166 38 Deduct: Revenue received on issue of shares (164) (127) Net distributions for the year 853 686 Interest/other Derivative expense - 1

Total finance costs 853 687 Details of the distribution per share is set out in the Distribution Statement. *Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 49 76 Sales awaiting settlement 10 - ACD fee rebate/waiver recoverable 6 6 UK income tax recoverable 11 12

Total debtors 76 94

10 Other creditors 31/10/20 31/10/19 £'000 £'000 Amounts payable for cancellation of shares 14 - Purchases awaiting settlement 11 32 Accrued expenses 12 11

Total other creditors 37 43

15 Fidelity Allocator World Fund

Notes to the Financial Statements

11 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Brazilian Real (5) - - (5) Euro - 6 - 6 UK Pound 54,191 165 39 54,395 Indian Rupee (1) - - (1) Japanese Yen 1 4 - 5 Mexican Peso (1) - - (1) Russian Ruble (2) - - (2) Swedish Krona - - - - US Dollar 1,908 - - 1,908 South African Rand 3 - - 3 Total 56,094 175 39 56,308

31/10/19 £'000 £'000 £'000 £'000 Euro - 6 - 6 Japanese Yen - 4 - 4 Swedish Krona - 1 - 1 UK Pound 50,362 222 51 50,635 US Dollar 1,941 - - 1,941 Total 52,303 233 51 52,587

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section. Interest rate risk profile The fund invests in equity, fixed interest funds, cash/money market funds and has bank balances and/or amounts held at futures clearing houses and brokers. At the year end, there is no significant interest rate risk on the fund. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.80% rise or fall in the fund's market value (2019: 0.79%). Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Futures exposure At the year end the fund holds no derivatives that could impact it significantly (2019: same).

16 Fidelity Allocator World Fund

Notes to the Financial Statements

12 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 5,757 3 0.04 - - Mutual Fund 21,759 - - - -

Total 27,516 3 -

Total including transaction costs 27,519 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 5,630 2 0.04 - - Mutual Fund 18,093 - - - -

Total 23,723 2 -

Total including transaction costs 23,721 Total as a percentage of average net assets* xxx 0.01 % xxx 0.00 % xxx

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 3,194 1 0.04 - - Mutual Fund 14,010 - - - -

Total 17,204 1 -

Total including transaction costs 17,205 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 1,656 1 0.05 - - Mutual Fund 5,959 - - - -

Total 7,615 1 -

Total including transaction costs 7,614 Total as a percentage of average net assets xxx 0.00 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.03% (2019: 0.03%).

13 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 7,829 - 7,678 - Level 2: Observable market data 48,274 (9) 44,626 (1) Level 3: Unobservable data - - - - 56,103 (9) 52,304 (1)

14 Shares in issue reconciliation Shares in issue as at Shares in issue as at 31/10/19 Issued shares Cancelled shares 31/10/20 W Accumulation Shares 25,464,639 9,270,189 (7,800,906) 26,933,922

17 Fidelity Allocator World Fund

Notes to the Financial Statements

15 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of £12,000 (2019: £11,000) are included within accrued expenses in Note 10. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to capital are included in note 4. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5. Amounts recoverable at the year end in respect of ACD fee rebate/waiver are included within ACD fee rebate/waiver recoverable in Note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £611,000 (2019: £506,000) is included in Note 5. During the year, the aggregate value of purchases and sales in Fidelity funds were £3,308,000 and £701,000 respectively (2019: £11,590,000 and £5,083,000). Amounts receivable at the year end in respect of investments sold of £9,000 (2019: £nil) are included within sales awaiting settlement in Note 9. Amounts due at the year end in respect of investments purchased of £11,000 (2019: £32,000) are included within purchases awaiting settlement in Note 10.

16 Counterparty details of financial derivative transactions 31/10/20 Currency Broker Contracts CFD Futures Swaps Options Grand Total £'000 £'000 £'000 £'000 £'000 £'000 BNP Paribas (2) - - - - (2) HSBC Global Markets (1) - - - - (1) JP Morgan (3) - - - - (3) Morgan Stanley 4 - - - - 4 Total (2) - - - - (2) 31/10/19 Currency Broker Contracts CFD Futures Swaps Options Grand Total £'000 £'000 £'000 £'000 £'000 £'000 JP Morgan (1) - - - - (1) Total (1) - - - - (1)

17 Shareholders' funds The fund has one share class; W Accumulation Shares. The annual management charge is as follows: W Accumulation Shares : 0.25% The distributions per share class are given in the Distribution Statement.

18 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% W Accumulation Shares 209.06 240.00 14.80

18 Fidelity Allocator World Fund

Distribution Statement for the year ended 31 October 2020 W Accumulation Shares^ - final distribution No. 8 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 3.1579 - 3.1579 3.0430 Group 2 1.2293 1.9286 3.1579 3.0430 xxx xxx xxx xxx xxx ^ Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

19 Fidelity Multi Asset Allocator Adventurous Fund

Fidelity Multi Asset Allocator Adventurous Fund Fund Manager’s Review Risk and Reward Indicator

IInvestment Objective and Policy XXX SRRI The fund aims to increase the value of your investment over a period of 5 W Accumulation Shares 5 years or more through a portfolio providing global exposure to both lower and higher risk assets. Lower risk Higher risk The fund will invest at least 70% into funds that use ‘index tracking’ (also known as ‘passive’) investment management approach (these may include Typically lower rewards Typically higher rewards Funds managed by Fidelity), with the aim of pursuing a lower cost investment approach. The fund can also invest directly into transferable securities, other collective investment schemes, money market instruments, cash and deposits, 1 2 3 4 5 6 7 and is also able to use derivatives for efficient portfolio management and investment purposes. The risk category was calculated using historical volatility data, based upon the methods set by European Union rules. Volatility is influenced by changes The Investment Manager will actively select investments for the fund. As part in the stock market prices, currencies and interest rates which can be affected of the investment process, the Investment Manager aims to maintain a fixed unpredictably by diverse factors including political and economic events. allocation of 20% in lower-risk assets (such as debt instruments including global government bonds, global corporate bonds and cash) and 80% higher- • Historical data may not be a reliable indication for the future. risk assets (such as global equities, global emerging market equities, global • The risk category shown is not guaranteed and may change over time. smaller companies and global property securities). This allocation, as well as • The lowest category does not mean a “risk free” investment. the breakdown of higher-risk and lower-risk assets, may change according to • The risk and reward profile is classified by the level of historical fluctuation prevailing market conditions and the efficient management of the portfolio, of the Net Asset Values of the share class, and within this classification, and will be periodically rebalanced back to its target 20/80 allocation. categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium As part of the fund’s asset allocation process, the Investment Manager will aim level and 6-7 a high level. to maintain an underlying static asset allocation that is designed in-house and • The value of your investment may fall as well as rise and you may get back based on proprietary capital market assumptions using quantitative research. less than you originally invested. For the 20% lower-risk assets, the fund will aim to maintain an allocation of at least 8% in government bonds and the remainder in corporate bonds. • The fund may invest in instruments denominated in currencies other than the For the 80% higher-risk assets, the fund will aim to maintain an allocation fund base currency. Changes in currency exchange rates can therefore affect of at least 45% in global equities with the remainder spread across assets the value of your investment. including global real estate investment trusts, global small cap and emerging • Currency hedging may be used which aims to reduce the effect of such market equities. The Investment Manager rebalances the strategy regularly changes. However, the effects may not be completely eliminated to the back to these static asset allocations and has discretion over when to do so. degree expected. However, the Portfolio Manager does not take relative positions ‘overweight’ • The use of derivatives may result in “leverage” by which we mean a level of or ‘underweight’ versus this static mix. The fund does not aim to outperform exposure which could expose the fund to the potential of greater gains or this static asset allocation. losses than would otherwise be the case. The fund is managed without reference to a benchmark. • There is a risk that the issuers of bonds may not be able to repay the money Performance and Portfolio Activity they have borrowed or make interest payments. While we seek to mitigate The fund delivered positive returns over a period in which equity markets this, the fund may be exposed to the risk of financial loss if it invests into an advanced and government bond yields fell. Against this backdrop, the instrument issued by an entity that subsequently defaults on its borrowings. allocation to global government and corporate bonds was rewarding. The Losses may also be realised if an entity that the fund is exposed to ceases position in global and emerging market equities and global small-cap to make interest payments over a period of time or indefinitely. Bond prices companies enhanced gains, while global real estate investment trusts (REITs) have an inverse relationship with interest rates such that when interest rates weighed on returns. The fund is managed to provide diversified and efficient rise, bonds may fall in value. Rising interest rates may cause the value of your exposure to global markets and has a purely static strategic asset allocation investment to fall. – 20% of the portfolio is invested in lower risk defensive assets and 80% in higher risk growth assets. During the period, there were no purchases or sales of securities, except for some periodic rebalancing. Outlook The fund’s asset allocation is not impacted by the market outlook. The fund is managed to provide diversified and efficient exposure to global markets and is rebalanced periodically to keep asset allocation in line with its long-term strategic asset allocation. Chris Forgan & Nick Peters Fund Managers 27 November 2020

20 Fidelity Multi Asset Allocator Adventurous Fund

Comparative Performance Table

W Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 Opening net asset value per share 176.08 158.54 159.86 Return before operating charges* 4.45 17.96 (0.94) Operating charges (0.44) (0.42) (0.39) Return after operating charges* 4.01 17.54 (1.32) Distributions (2.45) (2.39) (2.28) Retained distributions on accumulation shares 2.45 2.39 2.28 Closing net asset value per share 180.09 176.08 158.54 *after direct transaction costs of 0.02 0.02 0.02 Performance Return after charges 2.3% 11.1% (0.8%) Other information Closing net asset value (£'000) 111,179 73,197 50,253 Closing number of shares 61,736,977 41,569,614 31,697,182 Operating charges 0.25% 0.25% 0.23% Direct transaction costs 0.01% 0.01% 0.01% Prices (pence per share) Highest share price 189.30 181.70 168.20 Lowest share price 144.70 150.30 148.40

21 Fidelity Multi Asset Allocator Adventurous Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 736 5,228 Revenue 5 1,502 1,000 Expenses 6 (225) (149) Interest payable and similar charges 8 (1) (1)

Net revenue/(expense) before taxation 1,276 850 Taxation 7 (86) (48)

Net revenue/(expense) after taxation xxx 1,190 xxx 802

Total return before distributions 1,926 6,030 Distributions 8 (1,190) (802) Change in net assets attributable to shareholders from investment activities 736 5,228

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 73,212 50,268 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 39,363 19,609 Amounts payable on cancellation of shares (3,642) (2,886) xxx 35,721 xxx 16,723 Change in net assets attributable to shareholders from investment activities (see above) 736 5,228 Retained distribution on accumulation shares 8 1,510 993 Closing net assets attributable to shareholders 111,179 73,212

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 110,356 72,671 Current assets: Debtors 9 381 394 Cash equivalents 2 2 Cash and bank balances 720 363

Total other assets xxx 1,103 xxx 759

Total assets 111,459 73,430 Liabilities: Investment liabilities (15) (3) Creditors Other creditors 10 (265) (215)

Total other liabilities xxx (265) xxx (215) Total liabilities (280) (218) Net assets attributable to shareholders 111,179 73,212

22 Fidelity Multi Asset Allocator Adventurous Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ 692 5,161 Gains/(losses) on forward currency contracts+ - 10 Other currency gains/(losses) (1) 1 ACD fee rebate/waiver to capital 45 30 Gains/(losses) on derivative contracts+ - 26

Net capital gains/(losses) 736 5,228 + These comprise: Realised gains/(losses)++ 781 473 Unrealised gains/(losses) (89) 4,724

Total 692 5,197 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 696 514 Unfranked UK dividend distributions 239 144 Overseas dividend distributions 195 123 Interest distributions 292 163 Management fee rebate to income 10 8 ACD fee rebate/waiver to income 70 47 Bank interest - 1

Total revenue 1,502 1,000

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 225 149 225 149

Total expenses* 225 149 *The ACD is responsible for payment of all charges and expenses of the fund out of its investment management fees including audit fees amounting to £9,000 (including VAT) (2019: £10,000).

23 Fidelity Multi Asset Allocator Adventurous Fund

Notes to the Financial Statements

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year UK corporation tax 86 49 Overseas taxation 34 19 Double taxation relief (34) (19) Prior year adjustment - (1)

Total current taxation 86 48 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 1,276 850 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 255 170 Effects of: Double taxation relief (34) (19) Management fee rebate 9 6 Overseas taxation 34 19 Prior year adjustment - (1) Revenue not included for tax purposes (178) (127)

Current tax charge/(credit) 86 48 Open ended investment companies are exempt from UK tax on capital gains.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. A Accumulation Shares* Final - - W Accumulation Shares Final 1,510 993 Add: Revenue deducted on cancellation of shares 29 20 Deduct: Revenue received on issue of shares (349) (211) Net distributions for the year 1,190 802 Interest/other Derivative expense - 1 Contract for difference finance costs 1 - 1 1

Total finance costs 1,191 803 Details of the distributions per share are set out in the Distribution Statement. *Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 346 368 Management fee rebate recoverable 1 1 ACD fee rebate/waiver recoverable 12 8 UK income tax recoverable 22 16 Sales awaiting settlement - 1

Total debtors 381 394

24 Fidelity Multi Asset Allocator Adventurous Fund

Notes to the Financial Statements

10 Other creditors 31/10/20 31/10/19 £'000 £'000 Purchases awaiting settlement 181 170 Accrued expenses 24 15 UK corporation tax payable 60 28 Amounts payable for cancellation of shares - 2

Total other creditors 265 215

11 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Brazilian Real (8) - - (8) Euro (1) - - (1) UK Pound 107,306 720 116 108,142 Japanese Yen 2 - - 2 Mexican Peso (1) - - (1) Russian Ruble (3) - - (3) US Dollar 3,044 - - 3,044 South African Rand 4 - - 4 Total 110,343 720 116 111,179

31/10/19 £'000 £'000 £'000 £'000 UK Pound 70,675 363 179 71,217 US Dollar 1,995 - - 1,995 Total 72,670 363 179 73,212

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section. Interest rate risk profile The fund invests in equity, fixed interest funds, cash/money market funds and has bank balances and/or amounts held at futures clearing houses and brokers. At the year end, there is no significant interest rate risk on the fund. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.67% rise or fall in the fund's market value (2019: 0.60%). Interest rate risk A rise or fall of 1% in global interest rates is likely to result in a 0.63% fall or rise in the fund's market value (2019: 0.02%). Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Equity derivatives At the year end the fund holds no equity derivatives that could impact it significantly (2019: same).

25 Fidelity Multi Asset Allocator Adventurous Fund

Notes to the Financial Statements

12 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 13,419 5 0.04 - - Mutual Fund 42,032 - - - -

Total 55,451 5 -

Total including transaction costs 55,456 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 6,102 3 0.05 - - Mutual Fund 12,373 - - - -

Total 18,475 3 -

Total including transaction costs 18,472 Total as a percentage of average net assets* xxx 0.01 % xxx 0.00 % xxx

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 7,406 3 0.05 - - Mutual Fund 24,758 - - - -

Total 32,164 3 -

Total including transaction costs 32,167 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 3,801 2 0.05 - - Mutual Fund 9,980 - - - -

Total 13,781 2 -

Total including transaction costs 13,779 Total as a percentage of average net assets xxx 0.01 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.00% (2019: 0.00%).

13 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 21,249 - 13,812 - Level 2: Observable market data 89,109 (15) 58,861 (3) Level 3: Unobservable data - - - - 110,358 (15) 72,673 (3)

14 Shares in issue reconciliation Shares in issue as Shares in issue as at 31/10/19 Issued shares Cancelled shares Conversion shares at 31/10/20 A Accumulation Shares 9,150 2,833 (4,000) (7,983) - W Accumulation Shares 41,569,614 22,282,187 (2,122,348) 7,524 61,736,977

26 Fidelity Multi Asset Allocator Adventurous Fund

Notes to the Financial Statements

15 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of £24,000 (2019: £15,000) are included within accrued expenses in Note 10. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to capital are included in note 4. Amounts recoverable at the year end in respect of ACD fee rebate/waiver are included within ACD fee rebate/waiver recoverable in Note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £701,000 (2019: £511,000) is included in Note 5. During the year, the aggregate value of purchases and sales in Fidelity funds were £343,000 and £315,000 respectively (2019: £15,507,000 and £5,009,000). Amounts receivable at the year end in respect of investments sold of nil (2019: £1,000) are included within sales awaiting settlement in Note 9. Amounts due at the year end in respect of investments purchased of £164,000 (2019: £170,000) are included within purchases awaiting settlement in Note 10.

16 Counterparty details of financial derivative transactions 31/10/20 Currency Broker Contracts CFD Futures Swaps Options Grand Total £'000 £'000 £'000 £'000 £'000 £'000 BBH 7 - - - - 7 BNP Paribas (3) - - - - (3) CIBC 1 - - - - 1 JP Morgan 11 - - - - 11 Morgan Stanley 5 - - - - 5 Total 21 - - - - 21 31/10/19 Currency Broker Contracts CFD Futures Swaps Options Grand Total £'000 £'000 £'000 £'000 £'000 £'000 BBH (3) - - - - (3) JP Morgan 20 - - - - 20 Total 17 - - - - 17

17 Shareholders' funds The fund has one share class; W Accumulation Shares. The annual management charge is as follows: W Accumulation Shares : 0.25% The distributions per share class are given in the Distribution Statement.

18 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% W Accumulation Shares 180.09 201.40 11.83

27 Fidelity Multi Asset Allocator Adventurous Fund

Distribution Statement for the year ended 31 October 2020 W Accumulation Shares^- final distribution No. 8 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 2.4460 - 2.4460 2.3893 Group 2 0.8549 1.5911 2.4460 2.3893 xxx xxx xxx xxx xxx ^ Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

28 Fidelity Multi Asset Allocator Defensive Fund

Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI The fund aims to increase the value of your investment over a period of 5 A Accumulation Shares 3 years or more through a portfolio providing global exposure to both lower W Accumulation Shares 3 and higher risk assets. The fund will invest at least 70% into funds that use an ‘index tracking’ (also known as 'passive') investment management approach (these may include Lower risk Higher risk funds managed by Fidelity), with the aim of pursuing a lower cost investment Typically lower rewards Typically higher rewards approach. The fund can also invest directly into transferable securities, other collective investment schemes, money market instruments, cash and deposits, and is 1 2 3 4 5 6 7 also able to use derivatives for efficient portfolio management and investment purposes. The risk category was calculated using historical volatility data, based upon the methods set by European Union rules. Volatility is influenced by changes The Investment Manager will actively select investments for the fund. As part in the stock market prices, currencies and interest rates which can be affected of the investment process, the Investment Manager aims to maintain a fixed unpredictably by diverse factors including political and economic events. allocation of 80% in lower-risk assets (such as debt instruments including global government bonds, global corporate bonds and cash) and 20% higher- • Historical data may not be a reliable indication for the future. risk assets (including global equities, global emerging market equities, global • The risk category shown is not guaranteed and may change over time. smaller companies and global property securities). This allocation, as well as • The lowest category does not mean a "risk free" investment. the breakdown of higher-risk and lower-risk assets, may change according to prevailing market conditions and the efficient management of the portfolio, • The risk and reward profile is classified by the level of historical fluctuation and will be periodically rebalanced back to its target 80/20 allocation. of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium As part of the fund’s asset allocation process, the Investment Manager will aim level and 6-7 a high level. to maintain an underlying static asset allocation that is designed in-house and based on proprietary capital market assumptions using quantitative research. • The value of your investment may fall as well as rise and you may get back For the 80% lower-risk assets, the fund will aim to maintain an allocation less than you originally invested. of at least 40% in government bonds and over 25% in corporate bonds. • The fund may invest in instruments denominated in currencies other than the For the 20% higher-risk assets, the fund will aim to maintain an allocation fund base currency. Changes in currency exchange rates can therefore affect of at least 10% in global equities with the remainder spread across assets the value of your investment. including global real estate investment trusts, global small cap and emerging • Currency hedging may be used which aims to reduce the effect of such market equities. The Investment Manager rebalances the strategy regularly changes. However, the effects may not be completely eliminated to the back to these static asset allocations and has discretion over when to do so. degree expected. However, the Portfolio Manager does not take relative positions ‘overweight’ • The use of derivatives may result in “leverage” by which we mean a level of or ‘underweight’ versus this static mix. The fund does not aim to outperform exposure which could expose the fund to the potential of greater gains or this static asset allocation. losses than would otherwise be the case. The fund is managed without reference to a benchmark. • There is a risk that the issuers of bonds may not be able to repay the money Performance and Portfolio Activity they have borrowed or make interest payments. While we seek to mitigate The fund delivered positive returns over a period in which equity markets this, the fund may be exposed to the risk of financial loss if it invests into an advanced and government bond yields fell. Against this backdrop, the instrument issued by an entity that subsequently defaults on its borrowings. allocation to global government and corporate bonds was rewarding. The Losses may also be realised if an entity that the fund is exposed to ceases position in global and emerging market equities enhanced gains, while to make interest payments over a period of time or indefinitely. Bond prices global real estate investment trusts (REITs) weighed on returns. The fund is have an inverse relationship with interest rates such that when interest rates managed to provide diversified and efficient exposure to global markets and rise, bonds may fall in value. Rising interest rates may cause the value of your has a purely static strategic asset allocation – 80% of the portfolio is invested investment to fall. in lower risk defensive assets and 20% in higher risk growth assets. During the period, there were no purchases or sales of securities, except for some periodic rebalancing. Outlook The fund’s asset allocation is not impacted by the market outlook. The fund is managed to provide diversified and efficient exposure to global markets and is rebalanced periodically to keep asset allocation in line with its long-term strategic asset allocation. Chris Forgan & Nick Peters Fund Managers 31 October 2020

29 Fidelity Multi Asset Allocator Defensive Fund

Comparative Performance Table

A Accumulation Shares W Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 2020 2019 2018 Opening net asset value per share 127.15 117.11 120.13 134.44 122.67 124.63 Return before operating charges* 5.52 11.54 (1.60) 5.87 12.09 (1.66) Operating charges (1.54) (1.50) (1.42) (0.34) (0.32) (0.30) Return after operating charges* 3.98 10.04 (3.02) 5.53 11.77 (1.96) Distributions (0.75) (0.45) (0.36) (2.10) (1.70) (1.54) Retained distributions on accumulation shares 0.75 0.45 0.36 2.10 1.70 1.54 Closing net asset value per share 131.13 127.15 117.11 139.97 134.44 122.67 *after direct transaction costs of 0.03 0.03 0.04 0.03 0.03 0.04 Performance Return after charges 3.1% 8.6% (2.5%) 4.1% 9.6% (1.6%) Other information Closing net asset value (£'000) 2,588 3,304 215 91,985 76,852 58,148 Closing number of shares 1,973,697 2,598,646 183,728 65,718,710 57,163,808 47,402,307 Operating charges 1.20% 1.20% 1.20% 0.25% 0.25% 0.25% Direct transaction costs 0.02% 0.02% 0.03% 0.02% 0.02% 0.03% Prices (pence per share) Highest share price 133.00 129.50 121.40 141.90 136.70 126.20 Lowest share price 117.20 116.30 116.30 124.30 121.90 121.30

30 Fidelity Multi Asset Allocator Defensive Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 1,990 5,209 Revenue 5 1,570 1,084 Expenses 6 (245) (188)

Net revenue/(expense) before taxation 1,325 896 Taxation 7 (7) (5)

Net revenue/(expense) after taxation xxx 1,318 xxx 891

Total return before distributions 3,308 6,100 Distributions 8 (1,318) (891) Change in net assets attributable to shareholders from investment activities 1,990 5,209

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 80,156 58,363 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 24,646 22,200 Amounts payable on cancellation of shares (13,616) (6,598) xxx 11,030 xxx 15,602 Change in net assets attributable to shareholders from investment activities (see above) 1,990 5,209 Retained distribution on accumulation shares 1,397 982 Closing net assets attributable to shareholders 94,573 80,156

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 93,962 79,400 Current assets: Debtors 9 384 280 Cash equivalents 3 3 Cash and bank balances 367 569

Total other assets xxx 754 xxx 852

Total assets 94,716 80,252 Liabilities: Investment liabilities (2) (9) Creditors Other creditors 10 (141) (87)

Total other liabilities xxx (141) xxx (87) Total liabilities (143) (96) Net assets attributable to shareholders 94,573 80,156

31 Fidelity Multi Asset Allocator Defensive Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ 2,158 5,040 Gains/(losses) on forward currency contracts+ (179) 151 Other currency gains/(losses) (1) - ACD fee rebate/waiver to capital 12 10 Gains/(losses) on derivative contracts+ - 8

Net capital gains/(losses) 1,990 5,209 + These comprise: Realised gains/(losses)++ 1,010 719 Unrealised gains/(losses) 969 4,480

Total 1,979 5,199 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 205 163 Unfranked UK dividend distributions 50 35 Overseas dividend distributions 18 25 Interest distributions 716 754 Management fee rebate to income 26 25 ACD fee rebate/waiver to income 100 81 Overseas dividends 455 - Bank interest - 1

Total revenue 1,570 1,084

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 245 188 245 188

Total expenses* 245 188 *The ACD is responsible for payment of all charges and expenses of the fund out of its investment management fees including audit fees amounting to £9,000 (including VAT) (2019: £10,000).

32 Fidelity Multi Asset Allocator Defensive Fund

Notes to the Financial Statements

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year UK corporation tax 4 - Overseas taxation 7 5 Double taxation relief (4) -

Total current taxation 7 5 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 1,325 896 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 265 179 Effects of: ACD fee waiver to capital - 2 Double taxation relief (4) - Interest distributions (128) (142) Management fee rebate 2 - Overseas tax expensed - (1) Overseas taxation 7 5 Revenue not included for tax purposes (135) (38)

Current tax charge/(credit) 7 5 The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. A Accumulation Shares Final 15 12 W Accumulation Shares* Final 1,382 970 1,397 982 Add: Revenue deducted on cancellation of shares 85 41 Deduct: Revenue received on issue of shares (164) (132) Net distributions for the year 1,318 891 Interest/other

Total finance costs 1,318 891 Details of the distributions per share are set out in the Distribution Statement. *Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 366 260 Sales awaiting settlement - 4 Management fee rebate recoverable 3 2 ACD fee rebate/waiver recoverable 10 9 UK income tax recoverable 5 5

Total debtors 384 280

33 Fidelity Multi Asset Allocator Defensive Fund

Notes to the Financial Statements

10 Other creditors 31/10/20 31/10/19 £'000 £'000 Amounts payable for cancellation of shares - 28 Purchases awaiting settlement 119 40 Accrued expenses 22 19

Total other creditors 141 87

11 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure 31/10/20 £'000 £'000 £'000 £'000 Currency Investments^ Cash balances Debtors/(Creditors) UK Pound 93,419 367 243 94,029 US Dollar 543 - - 543 South African Rand 1 - - 1 Total 93,963 367 243 94,573

31/10/19 £'000 £'000 £'000 £'000 UK Pound 78,917 569 193 79,679 US Dollar 477 - - 477 Total 79,394 569 193 80,156

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section. Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund's financial assets was: Financial assets on which no Currency Floating rate financial assets Fixed rate financial assets interest is paid Total assets 31/10/20 £'000 £'000 £'000 £'000 UK Pound 76,016 - 18,154 94,170 US Dollar - - 545 545 South African Rand - - 1 1 Total 76,016 - 18,700 94,716

31/10/19 £'000 £'000 £'000 £'000 UK Pound 37,031 - 42,735 79,766 US Dollar - - 486 486 Total 37,031 - 43,221 80,252

The interest rate risk profile of the fund's financial liabilities was: Floating rate financial Financial liabilities on which Currency liabilities Fixed rate financial liabilities no interest is paid^ Total liabilities^ 31/10/20 £'000 £'000 £'000 £'000 UK Pound - - 94,714 94,714 US Dollar - - 2 2 Total - - 94,716 94,716

31/10/19 £'000 £'000 £'000 £'000 UK Pound - - 80,243 80,243 US Dollar - - 9 9 Total - - 80,252 80,252

^ Includes £94,573,000 in respect of the fund's liability to redeem all shares (2019: £80,156,000). The fund invests in equity, fixed interest funds, cash/money market funds and has bank balances and/or amounts held at futures clearing houses and brokers. 34 Fidelity Multi Asset Allocator Defensive Fund

Notes to the Financial Statements

Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.26% rise or fall in the fund's market value (2019: 0.00%). Interest rate risk A rise or fall of 1% in global interest rates is likely to result in a 2.57% fall or rise in the fund's market value (2019: 0.08%). Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Equity derivatives At the year end the fund holds no equity derivatives that could impact it significantly (2019: same).

12 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 21,084 10 0.05 - - Mutual Fund 17,300 - - - -

Total 38,384 10 -

Total including transaction costs 38,394 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 17,407 8 0.05 - - Mutual Fund 8,574 - - - -

Total 25,981 8 -

Total including transaction costs 25,973 Total as a percentage of average net assets* xxx 0.02 % xxx 0.00 % xxx

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 19,154 10 0.05 - - Mutual Fund 31,106 - - - - Corporate actions 2 - - - -

Total 50,262 10 -

Total including transaction costs 50,272 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 14,540 6 0.04 - - Mutual Fund 19,817 - - - -

Total 34,357 6 -

Total including transaction costs 34,351 Total as a percentage of average net assets xxx 0.02 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.00% (2019: 0.00%).

13 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 31,900 - 27,720 - Level 2: Observable market data 62,065 (2) 51,683 (9) Level 3: Unobservable data - - - - 93,965 (2) 79,403 (9)

35 Fidelity Multi Asset Allocator Defensive Fund

Notes to the Financial Statements

14 Shares in issue reconciliation Shares in issue as Shares in issue as at 31/10/19 Issued shares Cancelled shares at 31/10/20 A Accumulation Shares 2,598,646 439,649 (1,064,598) 1,973,697 W Accumulation Shares 57,163,808 17,633,869 (9,078,967) 65,718,710

15 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of £22,000 (2019: £19,000) are included within accrued expenses in Note 10. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to capital are included in note 4. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5. Amounts recoverable at the year end in respect of ACD fee rebate/waiver are included within ACD fee rebate/waiver recoverable in Note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £209,000 (2019: £163,000) is included in Note 5. During the year, the aggregate value of purchases and sales in Fidelity funds were £16,731,000 and £3,303,000 respectively (2019: £5,452,000 and £2,399,000). Amounts receivable at the year end in respect of investments sold of nil (2019: £4,000) are included within sales awaiting settlement in Note 9. Amounts due at the year end in respect of investments purchased of £164,000 (2019: £41,000) are included within purchases awaiting settlement in Note 10.

16 Counterparty details of financial derivative transactions 31/10/20 Currency Broker Contracts CFD Futures Swaps Options Grand Total £'000 £'000 £'000 £'000 £'000 £'000 BBH 29 - - - - 29 CIBC 6 - - - - 6 JP Morgan 60 - - - - 60 Morgan Stanley 1 - - - - 1 Total 96 - - - - 96 31/10/19 Currency Broker Contracts CFD Futures Swaps Options Grand Total £'000 £'000 £'000 £'000 £'000 £'000 BBH (8) - - - - (8) JP Morgan 92 - - - - 92 Morgan Stanley 1 - - - - 1 Total 85 - - - - 85

17 Shareholders' funds The fund has two share classes; W Accumulation Shares and A Accumulation Shares. The annual management charge on each share class is as follows: A Accumulation Shares : 1.20% W Accumulation Shares : 0.25% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up.

18 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% A Accumulation Shares 131.13 134.80 2.80 W Accumulation Shares 139.97 144.30 3.09

36 Fidelity Multi Asset Allocator Defensive Fund

Distribution Statement for the year ended 31 October 2020 A Accumulation Shares - final distribution No. 10 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Gross revenue (Note 2) 31/12/20 31/12/19

Group 1 0.7545 - 0.7545 0.4504 Group 2 0.4181 0.3364 0.7545 0.4504 xxx xxx xxx xxx xxx W Accumulation Shares^ - final distribution No. 8 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Gross revenue (Note 2) 31/12/20 31/12/19

Group 1 2.1036 - 2.1036 1.6974 Group 2 1.1502 0.9534 2.1036 1.6974 xxx xxx xxx xxx xxx ^ Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

37 Fidelity Multi Asset Allocator Growth Fund

Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI The fund aims to increase the value of your investment over a period of 5 W Accumulation Shares 4 years or more through a portfolio providing global exposure to both lower and higher risk assets. Lower risk Higher risk The fund will invest at least 70% into funds that use an ‘index tracking’ (also known as 'passive') investment management approach (these may include Typically lower rewards Typically higher rewards funds managed by Fidelity), with the aim of pursuing a lower cost investment approach. The fund can also invest directly into transferable securities, other collective investment schemes, money market instruments, cash and deposits, 1 2 3 4 5 6 7 and is also able to use derivatives for efficient portfolio management and investment purposes. The risk category was calculated using historical volatility data, based upon the methods set by European Union rules. Volatility is influenced by changes The Investment Manager will actively select investments for the fund. As part in the stock market prices, currencies and interest rates which can be affected of the investment process, the Investment Manager aims to maintain a fixed unpredictably by diverse factors including political and economic events. allocation of 40% in lower-risk assets (such as debt instruments including global government bonds, global corporate bonds and cash) and 60% higher- • Historical data may not be a reliable indication for the future. risk assets (including global equities, global emerging market equities, global • The risk category shown is not guaranteed and may change over time. smaller companies and global property securities). This allocation, as well as • The lowest category does not mean a "risk free" investment. the breakdown of higher-risk and lower-risk assets, may change according to • The risk and reward profile is classified by the level of historical fluctuation prevailing market conditions and the efficient management of the portfolio, of the Net Asset Values of the share class, and within this classification, and will be periodically rebalanced back to its target 40/60 allocation. categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium As part of the fund’s asset allocation process, the Investment Manager will aim level and 6-7 a high level. to maintain an underlying static asset allocation that is designed in-house and • The value of your investment may fall as well as rise and you may get back based on proprietary capital market assumptions using quantitative research. less than you originally invested. For the 40% lower-risk assets, the fund will aim to maintain an allocation of at least 20% in government bonds and over 10% in corporate bonds. • The fund may invest in instruments denominated in currencies other than the For the 60% higher-risk assets, the fund will aim to maintain an allocation fund base currency. Changes in currency exchange rates can therefore affect of at least 35% in global equities with the remainder spread across assets the value of your investment. including global real estate investment trusts, global small cap and emerging • Currency hedging may be used which aims to reduce the effect of such market equities. The Investment Manager rebalances the strategy regularly changes. However, the effects may not be completely eliminated to the back to these static asset allocations and has discretion over when to do so. degree expected. However, the Portfolio Manager does not take relative positions ‘overweight’ • The use of derivatives may result in “leverage” by which we mean a level of or ‘underweight’ versus this static mix. The fund does not aim to outperform exposure which could expose the fund to the potential of greater gains or this static asset allocation. losses than would otherwise be the case. The fund is managed without reference to a benchmark. • There is a risk that the issuers of bonds may not be able to repay the money Performance and Portfolio Activity they have borrowed or make interest payments. While we seek to mitigate The fund delivered positive returns over a period in which equity markets this, the fund may be exposed to the risk of financial loss if it invests into an advanced and government bond yields fell. Against this backdrop, the instrument issued by an entity that subsequently defaults on its borrowings. allocation to global government and corporate bonds was rewarding. The Losses may also be realised if an entity that the fund is exposed to ceases position in global and emerging market equities and global small-cap to make interest payments over a period of time or indefinitely. Bond prices companies enhanced gains, while global real estate investment trusts (REITs) have an inverse relationship with interest rates such that when interest rates weighed on returns. The fund is managed to provide diversified and efficient rise, bonds may fall in value. Rising interest rates may cause the value of your exposure to global markets and has a purely static strategic asset allocation investment to fall. – 40% of the portfolio is invested in lower risk defensive assets and 60% in higher risk growth assets. During the period, there were no purchases or sales of securities, except for some periodic rebalancing. Outlook The fund’s asset allocation is not impacted by the market outlook. The fund is managed to provide diversified and efficient exposure to global markets and is rebalanced periodically to keep asset allocation in line with its long-term strategic asset allocation. Chris Forgan & Nick Peters Fund Managers 31 October 2020

38 Fidelity Multi Asset Allocator Growth Fund

Comparative Performance Table

W Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 Opening net asset value per share 164.07 148.37 150.29 Return before operating charges* 5.16 16.09 (1.55) Operating charges (0.41) (0.39) (0.37) Return after operating charges* 4.75 15.70 (1.92) Distributions (2.37) (2.05) (1.98) Retained distributions on accumulation shares 2.37 2.05 1.98 Closing net asset value per share 168.82 164.07 148.37 *after direct transaction costs of 0.03 0.02 0.02 Performance Return after charges 2.9% 10.6% (1.3%) Other information Closing net asset value (£'000) 317,923 320,764 294,242 Closing number of shares 188,321,764 195,500,721 198,316,120 Operating charges 0.25% 0.25% 0.22% Direct transaction costs 0.02% 0.02% 0.02% Prices (pence per share) Highest share price 175.00 167.40 155.60 Lowest share price 140.30 143.00 141.60

39 Fidelity Multi Asset Allocator Growth Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 1,503 29,109 Revenue 5 6,073 5,548 Expenses 6 (795) (812) Interest payable and similar charges 8 (1) (3)

Net revenue/(expense) before taxation 5,277 4,733 Taxation 7 (499) (408)

Net revenue/(expense) after taxation xxx 4,778 xxx 4,325

Total return before distributions 6,281 33,434 Distributions 8 (4,778) (4,325) Change in net assets attributable to shareholders from investment activities 1,503 29,109

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 321,007 294,354 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 94,780 82,859 Amounts payable on cancellation of shares (103,823) (89,322) xxx (9,043) xxx (6,463) Change in net assets attributable to shareholders from investment activities (see above) 1,503 29,109 Retained distribution on accumulation shares 8 4,456 4,007 Closing net assets attributable to shareholders 317,923 321,007

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 314,668 316,416 Current assets: Debtors 9 1,581 1,967 Cash equivalents 3 3 Cash and bank balances 2,467 3,107

Total other assets xxx 4,051 xxx 5,077

Total assets 318,719 321,493 Liabilities: Investment liabilities (8) (20) Creditors Other creditors 10 (788) (466)

Total other liabilities xxx (788) xxx (466) Total liabilities (796) (486) Net assets attributable to shareholders 317,923 321,007

40 Fidelity Multi Asset Allocator Growth Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ 1,601 28,782 Gains/(losses) on forward currency contracts+ (230) 55 Other currency gains/(losses) (4) 22 ACD fee rebate/waiver to capital 136 141 Gains/(losses) on derivative contracts+ - 109

Net capital gains/(losses) 1,503 29,109 + These comprise: Realised gains/(losses)++ 7,161 8,679 Unrealised gains/(losses) (5,790) 20,267

Total 1,371 28,946 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 2,257 2,286 Unfranked UK dividend distributions 638 576 Overseas dividend distributions 659 547 Interest distributions 2,190 1,783 Management fee rebate to income 56 71 ACD fee rebate/waiver to income 271 280 Bank interest 2 5

Total revenue 6,073 5,548

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 795 812 795 812

Total expenses* 795 812 *The ACD is responsible for payment of all charges and expenses of the fund out of its investment management fees including audit fees amounting to £9,000 (including VAT) (2019: £10,000).

41 Fidelity Multi Asset Allocator Growth Fund

Notes to the Financial Statements

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year UK corporation tax 499 408 Overseas taxation 92 78 Double taxation relief (92) (78)

Total current taxation 499 408 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 5,277 4,733 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 1,055 947 Effects of: ACD fee waiver to capital 27 28 Double taxation relief (92) (78) Overseas taxation 92 78 Revenue not included for tax purposes (583) (567)

Current tax charge/(credit) 499 408 Open ended investment companies are exempt from UK tax on capital gains.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. A Accumulation Shares* Final - 1 W Accumulation Shares Final 4,456 4,006 4,456 4,007 Add: Revenue deducted on cancellation of shares 942 978 Deduct: Revenue received on issue of shares (620) (660) Net distributions for the year 4,778 4,325 Interest/other Interest 1 - Derivative expense - 2 Contract for difference finance costs - 1 1 3

Total finance costs 4,779 4,328 Details of the distributions per share are set out in the Distribution Statement. *Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 1,431 1,852 Management fee rebate recoverable 5 4 ACD fee rebate/waiver recoverable 35 36 UK income tax recoverable 110 75

Total debtors 1,581 1,967

42 Fidelity Multi Asset Allocator Growth Fund

Notes to the Financial Statements

10 Other creditors 31/10/20 31/10/19 £'000 £'000 Purchases awaiting settlement 524 255 Accrued expenses 68 70 UK corporation tax payable 196 141

Total other creditors 788 466

11 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Euro (3) - - (3) UK Pound 309,241 2,463 793 312,497 Japanese Yen 2 - - 2 Mexican Peso (2) - - (2) Singapore Dollar - 4 - 4 US Dollar 5,417 - - 5,417 South African Rand 8 - - 8 Total 314,663 2,467 793 317,923

31/10/19 £'000 £'000 £'000 £'000 Singapore Dollar - 4 - 4 UK Pound 310,712 3,103 1,501 315,316 US Dollar 5,687 - - 5,687 Total 316,399 3,107 1,501 321,007

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section. Interest rate risk profile The fund invests in equity, fixed interest funds, cash/money market funds and has bank balances and/or amounts held at futures clearing houses and brokers. At the year end, there is no significant interest rate risk on the fund. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.53% rise or fall in the fund's market value (2019: 0.4%). Interest rate risk A rise or fall of 1% in global interest rates is likely to result in a 1.28% fall or rise in the fund's market value (2019: 0.04%). Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Equity derivatives At the year end the fund holds no equity derivatives that could impact it significantly (2019: same).

43 Fidelity Multi Asset Allocator Growth Fund

Notes to the Financial Statements

12 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 58,457 26 0.05 - - Mutual Fund 93,780 - - - -

Total 152,237 26 -

Total including transaction costs 152,263 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 60,258 31 0.05 - - Mutual Fund 95,324 - - - -

Total 155,582 31 -

Total including transaction costs 155,551 Total as a percentage of average net assets* xxx 0.02 % xxx 0.00 % xxx

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 49,470 23 0.05 - - Mutual Fund 113,434 - - - - Corporate actions 7 - - - -

Total 162,911 23 -

Total including transaction costs 162,934 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 46,994 28 0.06 - - Mutual Fund 117,375 - - - - Corporate actions 1 - - - -

Total 164,370 28 -

Total including transaction costs 164,342 Total as a percentage of average net assets xxx 0.02 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.00% (2019: 0.00%).

13 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 76,419 - 77,343 - Level 2: Observable market data 238,252 (8) 239,076 (20) Level 3: Unobservable data - - - - 314,671 (8) 316,419 (20)

14 Shares in issue reconciliation Shares in issue as Shares in issue as at 31/10/19 Issued shares Cancelled shares Conversion shares at 31/10/20 A Accumulation Shares 158,114 147,189 (7,679) (297,624) - W Accumulation Shares 195,500,721 56,977,840 (64,435,042) 278,245 188,321,764

44 Fidelity Multi Asset Allocator Growth Fund

Notes to the Financial Statements

15 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of £68,000 (2019: £70,000) are included within accrued expenses in Note 10. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to capital are included in note 4. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5. Amounts recoverable at the year end in respect of ACD fee rebate/waiver are included within ACD fee rebate/waiver recoverable in Note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £2,293,000 (2019: £2,286,000) is included in Note 5. During the year, the aggregate value of purchases and sales in Fidelity funds were £11,171,000 and £9,945,000 respectively (2019: £50,454,000 and £45,111,000). Amounts due at the year end in respect of investments purchased of £466,000 (2019: £255,000) are included within purchases awaiting settlement in Note 10.

16 Counterparty details of financial derivative transactions 31/10/20 Currency Broker Contracts CFD Futures Swaps Options Grand Total £'000 £'000 £'000 £'000 £'000 £'000 BBH 49 - - - - 49 CIBC 9 - - - - 9 JP Morgan 103 - - - - 103 Morgan Stanley 8 - - - - 8 Total 169 - - - - 169 31/10/19 Currency Broker Contracts CFD Futures Swaps Options Grand Total £'000 £'000 £'000 £'000 £'000 £'000 BBH (17) - - - - (17) BNP Paribas 7 - - - - 7 CIBC (1) - - - - (1) JP Morgan 177 - - - - 177 National Australia Bank (1) - - - - (1) Total 165 - - - - 165

17 Shareholders' funds The fund has one share class; W Accumulation Shares. The annual management charge is as follows: W Accumulation Shares : 0.25% The distributions per share class are given in the Distribution Statement.

18 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% W Accumulation Shares 168.82 183.80 8.87

45 Fidelity Multi Asset Allocator Growth Fund

Distribution Statement for the year ended 31 October 2020 W Accumulation Shares^ - final distribution No. 8 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 2.3663 - 2.3663 2.0491 Group 2 1.2020 1.1643 2.3663 2.0491 xxx xxx xxx xxx xxx ^ Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

46 Fidelity Multi Asset Allocator Strategic Fund

Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI The fund aims to increase the value of your investment over a period of 5 A Accumulation Shares 4 years or more through a portfolio providing global exposure to both lower W Accumulation Shares 4 and higher risk assets. The fund will invest at least 70% into funds that use an ‘index tracking’ (also known as 'passive') investment management approach (these may include Lower risk Higher risk funds managed by Fidelity), with the aim of pursuing a lower cost investment Typically lower rewards Typically higher rewards approach. The fund can also invest directly into transferable securities, other collective investment schemes, money market instruments, cash and deposits, and is also able to use derivatives for efficient portfolio management and 1 2 3 4 5 6 7 investment purposes. The Investment Manager will actively select investments for the fund. As part The risk category was calculated using historical volatility data, based upon of the investment process, the Investment Manager aims to maintain a fixed the methods set by European Union rules. Volatility is influenced by changes allocation of 60% in lower-risk assets (such as debt instruments including in the stock market prices, currencies and interest rates which can be affected global government bonds, global corporate bonds and cash) and 40% higher- unpredictably by diverse factors including political and economic events. risk assets (such as global equities, global emerging market equities, global • Historical data may not be a reliable indication for the future. smaller companies and global property securities). This allocation, as well as • The risk category shown is not guaranteed and may change over time. the breakdown of higher-risk and lower-risk assets, may change according to prevailing market conditions and the efficient management of the portfolio, • The lowest category does not mean a "risk free" investment. and will be periodically rebalanced back to its target 60/40 allocation. • The risk and reward profile is classified by the level of historical fluctuation As part of the fund’s asset allocation process, the Investment Manager will aim of the Net Asset Values of the share class, and within this classification, to maintain an underlying static asset allocation that is designed in-house and categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium based on proprietary capital market assumptions using quantitative research. level and 6-7 a high level. For the 60% lower-risk assets, the fund will aim to maintain an allocation • The value of your investment may fall as well as rise and you may get back of at least 30% in government bonds and over 20% in corporate bonds. less than you originally invested. For the 40% higher-risk assets, the fund will aim to maintain an allocation • The fund may invest in instruments denominated in currencies other than the of at least 20% in global equities with the remainder spread across assets fund base currency. Changes in currency exchange rates can therefore affect including global real estate investment trusts, global small cap and emerging the value of your investment. market equities. The Investment Manager rebalances the strategy regularly • Currency hedging may be used which aims to reduce the effect of such back to these static asset allocations and has discretion over when to do so. changes. However, the effects may not be completely eliminated to the However, the Portfolio Manager does not take relative positions ‘overweight’ degree expected. or ‘underweight’ versus this static mix. The fund does not aim to outperform this static asset allocation. • The use of derivatives may result in “leverage” by which we mean a level of exposure which could expose the fund to the potential of greater gains or The fund is managed without reference to a benchmark. losses than would otherwise be the case. Performance and Portfolio Activity • There is a risk that the issuers of bonds may not be able to repay the money The fund delivered positive returns over a period in which equity markets they have borrowed or make interest payments. While we seek to mitigate advanced and government bond yields fell. Against this backdrop, the this, the fund may be exposed to the risk of financial loss if it invests into an allocation to global government and corporate bonds was rewarding. The instrument issued by an entity that subsequently defaults on its borrowings. position in global and emerging market equities and global small-cap Losses may also be realised if an entity that the fund is exposed to ceases companies enhanced gains, while global real estate investment trusts (REITs) to make interest payments over a period of time or indefinitely. Bond prices weighed on returns. The fund is managed to provide diversified and efficient have an inverse relationship with interest rates such that when interest rates exposure to global markets and has a purely static strategic asset allocation rise, bonds may fall in value. Rising interest rates may cause the value of your – 60% of the portfolio is invested in lower risk defensive assets and 40% in investment to fall. higher risk growth assets. During the period, there were no purchases or sales of securities, except for some periodic rebalancing. Outlook The fund’s asset allocation is not impacted by the market outlook. The fund is managed to provide diversified and efficient exposure to global markets and is rebalanced periodically to keep asset allocation in line with its long-term strategic asset allocation. Chris Forgan & Nick Peters Fund Managers 31 October 2020

47 Fidelity Multi Asset Allocator Strategic Fund

Comparative Performance Table

A Accumulation Shares W Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 2020 2019 2018 Opening net asset value per share 143.71 131.75 134.63 151.52 137.76 139.71 Return before operating charges* 5.72 13.65 (1.28) 5.66 14.12 (1.61) Operating charges (1.74) (1.69) (1.60) (0.38) (0.36) (0.34) Return after operating charges* 3.98 11.96 (2.88) 5.28 13.76 (1.95) Distributions (1.06) (0.54) (0.61) (2.05) (1.76) (1.68) Retained distributions on accumulation shares 1.06 0.54 0.61 2.05 1.76 1.68 Closing net asset value per share 147.69 143.71 131.75 156.80 151.52 137.76 *after direct transaction costs of 0.03 0.02 0.02 0.03 0.02 0.02 Performance Return after charges 2.8% 9.1% (2.1%) 3.5% 10.0% (1.4%) Other information Closing net asset value (£'000) 3,350 1,814 465 201,931 151,229 118,037 Closing number of shares 2,268,362 1,262,518 353,048 128,778,889 99,807,912 85,683,457 Operating charges 1.20% 1.20% 1.20% 0.25% 0.25% 0.25% Direct transaction costs 0.02% 0.01% 0.02% 0.02% 0.01% 0.02% Prices (pence per share) Highest share price 151.30 146.30 136.90 160.80 154.10 142.70 Lowest share price 127.40 128.70 128.80 134.80 134.80 134.10

48 Fidelity Multi Asset Allocator Strategic Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 2,890 10,650 Revenue 5 3,208 2,152 Expenses 6 (467) (342) Interest payable and similar charges 8 (5) (1)

Net revenue/(expense) before taxation 2,736 1,809 Taxation 7 (359) (224)

Net revenue/(expense) after taxation xxx 2,377 xxx 1,585

Total return before distributions 5,267 12,235 Distributions 8 (2,377) (1,588) Change in net assets attributable to shareholders from investment activities 2,890 10,647

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 153,043 118,739 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 59,201 32,280 Amounts payable on cancellation of shares (12,517) (10,391) xxx 46,684 xxx 21,889 Change in net assets attributable to shareholders from investment activities (see above) 2,890 10,647 Retained distribution on accumulation shares 8 2,664 1,768 Closing net assets attributable to shareholders 205,281 153,043

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 203,995 151,627 Current assets: Debtors 9 1,226 709 Cash equivalents 2 2 Cash and bank balances 989 1,352

Total other assets xxx 2,217 xxx 2,063

Total assets 206,212 153,690 Liabilities: Investment liabilities (8) (14) Creditors Other creditors 10 (923) (633)

Total other liabilities xxx (923) xxx (633) Total liabilities (931) (647) Net assets attributable to shareholders 205,281 153,043

49 Fidelity Multi Asset Allocator Strategic Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ 3,070 10,390 Gains/(losses) on forward currency contracts+ (225) 192 Other currency gains/(losses) (5) 1 ACD fee rebate/waiver to capital 50 37 Gains/(losses) on derivative contracts+ - 30

Net capital gains/(losses) 2,890 10,650 + These comprise: Realised gains/(losses)++ 1,871 1,377 Unrealised gains/(losses) 974 9,235

Total 2,845 10,612 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 880 651 Unfranked UK dividend distributions 237 155 Overseas dividend distributions 111 77 Interest distributions 1,764 1,098 Management fee rebate to income 42 39 ACD fee rebate/waiver to income 173 131 Bank interest 1 1

Total revenue 3,208 2,152

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 467 342 467 342

Total expenses* 467 342 *The ACD is responsible for payment of all charges and expenses of the fund out of its investment management fees including audit fees amounting to £10,000 (including VAT) (2019: £10,000).

50 Fidelity Multi Asset Allocator Strategic Fund

Notes to the Financial Statements

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year UK corporation tax 359 224 Overseas taxation 35 21 Double taxation relief (35) (21)

Total current taxation 359 224 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 2,736 1,809 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 547 362 Effects of: Double taxation relief (35) (21) Management fee rebate 10 7 Overseas taxation 35 21 Revenue not included for tax purposes (198) (145)

Current tax charge/(credit) 359 224 Open ended investment companies are exempt from UK tax on capital gains.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. A Accumulation Shares Final 24 7 W Accumulation Shares* Final 2,640 1,761 2,664 1,768 Add: Revenue deducted on cancellation of shares 94 62 Deduct: Revenue received on issue of shares (381) (242) Net distributions for the year 2,377 1,588 Interest/other Derivative expense - 1 Contract for difference finance costs 5 - 5 1

Total finance costs 2,382 1,589 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 2,377 1,585 Add back (revenue)/expenses transferred to capital: Equalisation on conversions - 3

2,377 1,588 Details of the distributions per share are set out in the Distribution Statement. *Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

51 Fidelity Multi Asset Allocator Strategic Fund

Notes to the Financial Statements

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 1,192 666 Sales awaiting settlement - 3 Management fee rebate recoverable 4 3 ACD fee rebate/waiver recoverable 22 17 UK income tax recoverable 8 20

Total debtors 1,226 709

10 Other creditors 31/10/20 31/10/19 £'000 £'000 Amounts payable for cancellation of shares 1 8 Purchases awaiting settlement 660 313 Accrued expenses 46 34 UK corporation tax payable 216 278

Total other creditors 923 633

11 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Euro (2) - - (2) UK Pound 201,827 989 303 203,119 Russian Ruble (3) - - (3) US Dollar 2,164 - - 2,164 South African Rand 3 - - 3 Total 203,989 989 303 205,281

31/10/19 £'000 £'000 £'000 £'000 UK Pound 150,056 1,346 76 151,478 US Dollar 1,559 6 - 1,565 Total 151,615 1,352 76 153,043

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section. Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund's financial assets was: 31/10/20 £'000 £'000 £'000 £'000 Financial assets on which no Currency Floating rate financial assets Fixed rate financial assets interest is paid Total assets UK Pound 991 - 203,051 204,042 US Dollar - - 2,167 2,167 South African Rand - - 3 3 Total 991 - 205,221 206,212

31/10/19 £'000 £'000 £'000 £'000 UK Pound 53,910 - 98,201 152,111 US Dollar 6 - 1,573 1,579 Total 53,916 - 99,774 153,690

52 Fidelity Multi Asset Allocator Strategic Fund

Notes to the Financial Statements

The interest rate risk profile of the fund's financial liabilities was: Floating rate financial Financial liabilities on which Currency liabilities Fixed rate financial liabilities no interest is paid^ Total liabilities^ 31/10/20 £'000 £'000 £'000 £'000 Euro - - 2 2 UK Pound - - 206,204 206,204 Russian Ruble - - 3 3 US Dollar - - 3 3 Total - - 206,212 206,212

31/10/19 £'000 £'000 £'000 £'000 UK Pound - - 153,676 153,676 US Dollar - - 14 14 Total - - 153,690 153,690

^ Includes £205,281,000 in respect of the fund's liability to redeem all shares (2019: £153,043,000). The fund invests in equity, fixed interest funds, cash/money market funds and has bank balances and/or amounts held at futures clearing houses and brokers. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.42% rise or fall in the fund's market value (2019: 0.22%). Interest rate risk A rise or fall of 1% in global interest rates is likely to result in a 1.90% fall or rise in the fund's market value (2019: 0.06%). Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Equity derivatives At the year end the fund holds no equity derivatives that could impact it significantly (2019: same).

12 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 39,351 18 0.05 - - Mutual Fund 56,431 - - - -

Total 95,782 18 -

Total including transaction costs 95,800 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 24,937 14 0.05 - - Mutual Fund 21,566 - - - -

Total 46,503 14 -

Total including transaction costs 46,489 Total as a percentage of average net assets* xxx 0.02 % xxx 0.00 % xxx

53 Fidelity Multi Asset Allocator Strategic Fund

Notes to the Financial Statements

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 20,678 10 0.05 - - Mutual Fund 54,001 - - - - Corporate actions 3 - - - -

Total 74,682 10 -

Total including transaction costs 74,692 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 15,414 8 0.05 - - Mutual Fund 36,251 - - - -

Total 51,665 8 -

Total including transaction costs 51,657 Total as a percentage of average net assets xxx 0.01 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.00% (2019: 0.00%).

13 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 55,530 - 40,336 - Level 2: Observable market data 148,467 (8) 111,293 (14) Level 3: Unobservable data - - - - 203,997 (8) 151,629 (14)

14 Shares in issue reconciliation Shares in issue as Shares in issue as at 31/10/19 Issued shares Cancelled shares Conversion shares at 31/10/20 A Accumulation Shares 1,262,518 1,706,591 (587,207) (113,540) 2,268,362 W Accumulation Shares 99,807,912 36,710,123 (7,846,283) 107,137 128,778,889

15 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of £46,000 (2019: £34,000) are included within accrued expenses in Note 10. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to capital are included in note 4. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5. Amounts recoverable at the year end in respect of ACD fee rebate/waiver are included within ACD fee rebate/waiver recoverable in Note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £890,000 (2019: £650,000) is included in Note 5. During the year, the aggregate value of purchases and sales in Fidelity funds were £14,020,000 and £578,000 respectively (2019: £16,151,000 and £7,392,000). Amounts receivable at the year end in respect of investments sold of nil (2019: £2,000) are included within sales awaiting settlement in Note 9. Amounts due at the year end in respect of investments purchased of £274,000 (2019: £130,000) are included within purchases awaiting settlement in Note 10.

54 Fidelity Multi Asset Allocator Strategic Fund

Notes to the Financial Statements

16 Counterparty details of financial derivative transactions 31/10/20 Currency Broker Contracts CFD Futures Swaps Options Grand Total £'000 £'000 £'000 £'000 £'000 £'000 BBH 47 - - - - 47 BNP Paribas (3) - - - - (3) CIBC 9 - - - - 9 JP Morgan 97 - - - - 97 Morgan Stanley 4 - - - - 4 Total 154 - - - - 154 31/10/19 Currency Broker Contracts CFD Futures Swaps Options Grand Total £'000 £'000 £'000 £'000 £'000 £'000 BBH (12) - - - - (12) BNP Paribas 4 - - - - 4 CIBC (1) - - - - (1) JP Morgan 132 - - - - 132 Total 123 - - - - 123

17 Shareholders' funds The fund has two share classes; W Accumulation Shares and A Accumulation Shares. The annual management charge on each share class is as follows: A Accumulation Shares : 1.20% W Accumulation Shares : 0.25% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up.

18 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% A Accumulation Shares 147.69 156.09 5.69 W Accumulation Shares 156.80 166.19 5.99

55 Fidelity Multi Asset Allocator Strategic Fund

Distribution Statement for the year ended 31 October 2020 A Accumulation Shares - final distribution No. 10 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 1.0621 - 1.0621 0.5413 Group 2 0.7855 0.2766 1.0621 0.5413 xxx xxx xxx xxx xxx W Accumulation Shares^ - final distribution No. 8 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 2.0501 - 2.0501 1.7640 Group 2 0.9958 1.0543 2.0501 1.7640 xxx xxx xxx xxx xxx ^Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the changes to the Prospectus on page3.

56 Fidelity Multi Asset Balanced Income Fund

Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI The fund aims to achieve an income yield of 3-5% per annum over a typical Investment Pathway 3 Accumulation Shares 4 market cycle (5-7 years). The fund also aims to increase the value of your Lovewell Blake FP Income Shares 4 investment over a period of 5 years or more. W Accumulation Shares 4 Any income you may receive will vary depending on the share class of the fund into which you are invested. W Income Shares 4 The fund invests at least 70% into funds (including index-tracking funds and funds managed by Fidelity) which provide global exposure to a mixture Lower risk Higher risk of asset classes (including bonds, equities and alternative investments). Alternative investments may include infrastructure securities and real estate. Typically lower rewards Typically higher rewards The fund can also invest directly into transferable securities, money market instruments, cash and deposits, and is also able to use derivatives for efficient portfolio management and investment purposes. The fund is actively 1 2 3 4 5 6 7 managed without reference to a benchmark. The risk category was calculated using historical volatility data, based upon Asset allocation exposure of the fund will be actively managed subject to it the methods set by European Union rules. Volatility is influenced by changes remaining within the following parameters: 20-100% income assets (such as in the stock market prices, currencies and interest rates which can be affected bonds and cash) and 0-60% growth assets (such as equities and alternative unpredictably by diverse factors including political and economic events. investments as stipulated above). Exposure to index-tracking funds may • Historical data may not be a reliable indication for the future. represent between 30% to 70% of the fund’s investments at any time. The fund’s asset allocation can be adjusted within the ranges in order to preserve • The risk category shown is not guaranteed and may change over time. capital or to take advantage of market opportunities. • The lowest category does not mean a "risk free" investment. Performance and Portfolio Activity • The risk and reward profile is classified by the level of historical fluctuation The fund generated income broadly in line with its objective and preserved of the Net Asset Values of the share class, and within this classification, capital during periods of market volatility. However, it generated negative categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium returns over the period. Equities were the largest detractors from performance, level and 6-7 a high level. followed by alternative assets such as infrastructure, and emerging market • The value of your investment may fall as well as rise and you may get back local currency debt. This was partly offset by positions in investment grade less than you originally invested. and high yield bonds, emerging market hard currency debt and government • The fund may invest in instruments denominated in currencies other than the bonds, which enhanced gains. fund base currency. Changes in currency exchange rates can therefore affect The fund was re-purposed on 20 August 2020 into a low-cost income strategy the value of your investment. and now uses a blend of passive and active strategies. It seeks to deliver • Currency hedging may be used which aims to reduce the effect of such a sustainable income of 3–5% per annum over a market cycle and provide changes. However, the effects may not be completely eliminated to the modest capital growth, while managing volatility and drawdown. The degree expected. exposure to high yield and investment grade bonds was increased, while that to equities and selected alternative assets was reduced. Positions in Fidelity • The use of derivatives may result in “leverage” by which we mean a level of Funds - Global Financial Services Fund and Invesco Morningstar US Energy exposure which could expose the fund to the potential of greater gains or Infrastructure MLP were sold. Purchases included iShares Core Corporate losses than would otherwise be the case. Bond UCITS ETF and iShares Global Infrastructure UCITS ETF. • There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate Outlook this, the fund may be exposed to the risk of financial loss if it invests into an We favour a cautious stance in view of uncertainty around the outcome of instrument issued by an entity that subsequently defaults on its borrowings. the US presidential election and the size and timing of US fiscal stimulus Losses may also be realised if an entity that the fund is exposed to ceases measures. Meanwhile, the second wave of COVID-19 cases worldwide, to make interest payments over a period of time or indefinitely. Bond prices continuing US-China geopolitical tensions and ongoing talks over the UK’s have an inverse relationship with interest rates such that when interest rates exit from the European Union remain a cause for concern. Credit assets, which rise, bonds may fall in value. Rising interest rates may cause the value of your offer better security of income and have the direct support of central banks, investment to fall. are preferred over equities. Eugene Philalithis, George Efstathopoulos & Chris Forgan Fund Managers 31 October 2020

57 Fidelity Multi Asset Balanced Income Fund

Comparative Performance Table

W Income Shares W Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 2020 2019 Opening net asset value per share 111.40 107.61 112.18 105.74 100.00 Return before operating charges* (2.34) 9.06 (0.45) (2.18) 6.72 Operating charges (0.43) (1.04) (1.02) (0.42) (0.98) Return after operating charges* (2.77) 8.02 (0.41) (2.60) 5.74 Distributions (4.18) (4.23) (4.16) (3.51) (2.42) Retained distributions on accumulation shares - - - 3.51 2.42 Closing net asset value per share 104.45 111.40 107.61 103.14 105.74 *after direct transaction costs of 0.03 - 0.01 0.03 - Performance Return after charges (2.5%) 7.5% (0.4%) (2.5%) 5.7% Other information Closing net asset value (£'000) 66,811 62,468 39,549 4,059 3,407 Closing number of shares 63,962,232 56,075,467 36,753,591 3,935,873 3,221,929 Operating charges 0.40% 0.94% 0.71% 0.40% 0.94% Direct transaction costs 0.03% 0% 0.01% 0.03% 0% Prices (pence per share) Highest share price 114.50 114.20 113.00 109.60 106.90 Lowest share price 93.86 104.00 107.30 90.09 99.95

Investment Pathway 3 Lovewell Blake FP Income Shares Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 2020 Opening net asset value per share 103.56 100.03 100.00 100.00 Return before operating charges* (2.30) 8.08 2.13 (1.11) Operating charges (0.40) (0.87) (0.85) (0.40) Return after operating charges* (2.70) 7.21 2.29 (1.51) Distributions (3.51) (3.68) (2.26) (1.11) Retained distributions on accumulation shares - - - 1.11 Closing net asset value per share 97.35 103.56 100.03 98.49 *after direct transaction costs of 0.03 - 0.01 0.03 Performance Return after charges (2.6%) 7.2% 1.0% (1.5%) Other information Closing net asset value (£'000) 2,466 2,057 515 11 Closing number of shares 2,540,305 1,986,160 514,710 9,839 Operating charges 0.40% 0.84% 0.32% 0.40% Direct transaction costs 0.03% 0% 0.01% 0.03% Prices (pence per share) Highest share price 106.50 106.10 103.70 100.60 Lowest share price 87.25 96.66 99.92 98.01

58 Fidelity Multi Asset Balanced Income Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 (4,397) 2,024 Revenue 5 3,233 2,411 Expenses 6 (451) (375) Interest payable and similar charges 8 (22) (21)

Net revenue/(expense) before taxation 2,760 2,015 Taxation 7 (320) (237)

Net revenue/(expense) after taxation xxx 2,440 xxx 1,778

Total return before distributions (1,957) 3,802 Distributions 8 (2,794) (2,047) Change in net assets attributable to shareholders from investment activities (4,751) 1,755

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 67,932 44,764 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 20,778 27,296 Amounts payable on cancellation of shares (10,750) (5,961) xxx 10,028 xxx 21,335 Change in net assets attributable to shareholders from investment activities (see above) (4,751) 1,755 Retained distribution on accumulation shares 138 78 Closing net assets attributable to shareholders 73,347 67,932

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 72,472 62,846 Current assets: Debtors 9 232 428 Cash equivalents 7 2,323 Cash and bank balances 10 2,010 3,453

Total other assets xxx 2,249 xxx 6,204

Total assets 74,721 69,050 Liabilities: Investment liabilities (180) (310) Creditors Bank overdrafts (27) - Distribution payable (744) (516) Other creditors 11 (423) (292)

Total other liabilities xxx (1,194) xxx (808) Total liabilities (1,374) (1,118) Net assets attributable to shareholders 73,347 67,932

59 Fidelity Multi Asset Balanced Income Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Compensation payments 73 - Gains/(losses) on non-derivative securities+ (4,557) 1,784 Gains/(losses) on derivative contracts+ (175) (3) Gains/(losses) on forward currency contracts+ 215 198 Other currency gains/(losses) (23) 1 Transaction charges (5) (13) ACD fee rebate/waiver to capital 57 45 Management fee rebate to capital 18 12

Net capital gains/(losses) (4,397) 2,024 + These comprise: Realised gains/(losses)++ 1,218 (4,952) Unrealised gains/(losses) (5,735) 6,931

Total (4,517) 1,979 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 546 465 Unfranked UK dividend distributions 141 99 Overseas dividend distributions 371 420 Interest distributions 1,470 1,143 Derivative revenue 4 11 ACD fee rebate/waiver to income 364 238 UK dividends 94 2 UK property income distributions 9 12 Overseas dividends 224 - Bank interest 10 21

Total revenue 3,233 2,411

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 347 276 Registrar fees 55 53 Service charges 28 26 430 355 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 7 7 7 7

60 Fidelity Multi Asset Balanced Income Fund

Notes to the Financial Statements

Other expenses: Audit fee 11 10 Other operating expenses 3 3 14 13

Total expenses 451 375

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year UK corporation tax 320 237 Overseas taxation - 2 Double taxation relief - (2)

Total current taxation 320 237 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 2,760 2,015 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 552 403 Effects of: ACD fee waiver to capital 11 - Double taxation relief - (2) Management fee rebate 4 11 Overseas taxation - 2 Revenue not included for tax purposes (247) (177)

Current tax charge/(credit) 320 237 Open ended investment companies are exempt from UK tax on capital gains.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Y Income Shares* Interim - 34 W Income Shares Final 488 277 Interim 2,102 1,694 W Accumulation Shares Final 138 78 Lovewell Blake FP Income Shares Final 15 8 Interim 78 41 Investment Pathway 3 Accumulation Shares Final - - 2,821 2,132 Add: Revenue deducted on cancellation of shares 60 23 Deduct: Revenue received on issue of shares (87) (108) Net distributions for the year 2,794 2,047 Interest/other Derivative expense 22 8 Contract for difference finance costs - 13 22 21

Total finance costs 2,816 2,068 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 2,440 1,778

61 Fidelity Multi Asset Balanced Income Fund

Notes to the Financial Statements

Add back (revenue)/expenses transferred to capital: Service charges 26 25 Investment management fees 328 262 Equalisation on conversions - (18)

2,794 2,047 Details of the distributions per share are set out in the Distribution Statement. *Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 2 248 Accrued revenue 101 106 Management fee rebate recoverable 2 1 ACD fee rebate/waiver recoverable 71 31 UK income tax recoverable 56 42

Total debtors 232 428

10 Cash and bank balances 31/10/20 31/10/19 £'000 £'000 Amounts held at futures clearing houses and brokers 83 201 Cash and bank balances 1,927 3,252

Total cash and bank balances 2,010 3,453

11 Other creditors 31/10/20 31/10/19 £'000 £'000 Amounts payable for cancellation of shares 138 5 Accrued expenses 63 52 UK corporation tax payable 222 235

Total other creditors 423 292

12 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Swiss Franc (3) - - (3) Chinese Yuan Renminbi (5) - - (5) Czech Koruna 2 - - 2 Euro 5,316 (27) - 5,289 UK Pound 40,664 2,010 (935) 41,739 Hong Kong Dollar (1) - - (1) Japanese Yen 118 - - 118 Swedish Krona (23) - - (23) Thai Baht (3) - - (3) US Dollar 26,234 - - 26,234 Total 72,299 1,983 (935) 73,347

62 Fidelity Multi Asset Balanced Income Fund

Notes to the Financial Statements

31/10/19 £'000 £'000 £'000 £'000 Australian Dollar 17 - - 17 Chinese Yuan Renminbi 36 - - 36 Euro 5,538 - 7 5,545 Hong Kong Dollar 48 - - 48 Japanese Yen (254) - - (254) Swiss Franc 37 - - 37 UK Pound 40,096 3,447 (387) 43,156 US Dollar 19,341 6 - 19,347 Total 64,859 3,453 (380) 67,932

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section. Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund's financial assets was: Financial assets on which no Currency Floating rate financial assets Fixed rate financial assets interest is paid Total assets 31/10/20 £'000 £'000 £'000 £'000 Swiss Franc - - 1 1 Czech Koruna - - 2 2 Euro 5,265 - 74 5,339 UK Pound 20,866 - 22,041 42,907 Japanese Yen - - 118 118 US Dollar 14,883 - 11,471 26,354 Total 41,014 - 33,707 74,721

31/10/19 £'000 £'000 £'000 £'000 Australian Dollar - - 18 18 Swiss Franc - - 37 37 Chinese Yuan Renminbi - - 39 39 Euro 4,800 - 753 5,553 UK Pound 19,816 - 24,151 43,967 Hong Kong Dollar - - 50 50 Japanese Yen - - 12 12 US Dollar 15,727 - 3,647 19,374 Total 40,343 - 28,707 69,050

The interest rate risk profile of the fund's financial liabilities was: Floating rate financial Financial liabilities on which Currency liabilities Fixed rate financial liabilities no interest is paid^ Total liabilities^ 31/10/20 £'000 £'000 £'000 £'000 Swiss Franc - - 4 4 Chinese Yuan Renminbi - - 5 5 Euro 27 - 23 50 UK Pound - - 74,515 74,515 Hong Kong Dollar - - 1 1 Swedish Krona - - 23 23 Thai Baht - - 3 3 US Dollar - - 120 120 Total 27 - 74,694 74,721

63 Fidelity Multi Asset Balanced Income Fund

Notes to the Financial Statements

31/10/19 £'000 £'000 £'000 £'000 Australian Dollar - - 1 1 Chinese Yuan Renminbi - - 3 3 Euro - - 8 8 UK Pound - - 68,743 68,743 Hong Kong Dollar - - 2 2 Japanese Yen - - 266 266 US Dollar - - 27 27 Total - - 69,050 69,050

^ Includes £73,347,000 in respect of the fund's liability to redeem all shares (2019: £67,932,000). The fund invests in equity, fixed interest funds, cash/money market funds and has bank balances and/or amounts held at futures clearing houses and brokers. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.24% rise or fall in the fund's market value (2019: 0.20%). Interest rate risk A rise or fall of 1% in global interest rates is likely to result in a 3.23% fall or rise in the fund's market value (2019: 2.71%). Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Bond futures At the year end the fund holds no derivatives that could impact it significantly (2019: same). Equity derivatives At the year end the fund holds no equity derivatives that could impact it significantly (2019: same).

13 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 22,326 13 0.06 - - Mutual Fund 38,736 - - - - Corporate actions 116 - - - -

Total 61,178 13 -

Total including transaction costs 61,191 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 4,824 2 0.05 - - Mutual Fund 40,965 4 0.01 - - Corporate actions 92 - - - -

Total 45,881 6 -

Total including transaction costs 45,875 Total as a percentage of average net assets* xxx 0.03 % xxx 0.00 % xxx

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 754 - 0.04 - - Mutual Fund 22,822 - - - - Corporate actions 1 - - - -

Total 23,577 - -

Total including transaction costs 23,577

64 Fidelity Multi Asset Balanced Income Fund

Notes to the Financial Statements

Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 1,102 1 0.06 - - Mutual Fund 5,246 - - - - Corporate actions 76 - - - -

Total 6,424 1 -

Total including transaction costs 6,423 Total as a percentage of average net assets xxx 0.00 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.10% (2019: 0.10%).

14 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 20,774 (2) 9,254 (36) Level 2: Observable market data 51,705 (178) 55,915 (274) Level 3: Unobservable data - - - - 72,479 (180) 65,169 (310)

15 Shares in issue reconciliation Shares in issue as at Shares in issue as at 31/10/19 Issued shares Cancelled shares 31/10/20 Lovewell Blake FP Income Shares 1,986,160 1,039,936 (485,791) 2,540,305 Investment Pathway 3 Accumulation Shares - 10,839 (1,000) 9,839 W Accumulation Shares 3,221,929 1,658,688 (944,744) 3,935,873 W Income Shares 56,075,467 16,829,421 (8,942,656) 63,962,232

16 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of £49,000 (2019: £37,000) are included within accrued expenses in Note 11. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to capital are included in note 4. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5. Amounts recoverable at the year end in respect of ACD fee rebate/waiver are included within ACD fee rebate/waiver recoverable in Note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £895,000 (2019: £621,000) is included in Note 5 and amounts receivable at the year end of £50,000 (2019: £50,000) are included within accrued revenue in Note 9. During the year, the aggregate value of purchases and sales in Fidelity funds were £10,609,000 and £10,276,000 respectively (2019: £9,844,000 and £5,211,000). Amounts due at the year end in respect of investments purchased of nil (2019: nil) are included within purchases awaiting settlement in Note 11.

65 Fidelity Multi Asset Balanced Income Fund

Notes to the Financial Statements

17 Counterparty details of financial derivative transactions 31/10/20 Currency Broker Contracts CFD Futures Swaps Collateral -Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 BBH (1) - - - - (1) BNP Paribas (46) - - - - (46) CIBC (109) - - - - (109) Citibank (1) - - - - (1) HSBC Global Markets (2) - - - - (2) JP Morgan 22 - - - - 22 National Australia Bank 93 - - - - 93 State Street 41 - - - - 41 UBS - (11) 34 - 83 106 Total (3) (11) 34 - 83 103 31/10/19 Currency Broker Contracts CFD Futures Swaps Collateral -Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 BBH (241) - - - - (241) BNP Paribas (2) - - - - (2) CIBC (2) - - - - (2) Citibank 50 - - - - 50 JP Morgan 928 - - - - 928 National Australia Bank 317 - - - - 317 Royal Bank of Canada 11 - - - - 11 State Street 12 - - - - 12 UBS - - (27) - - (27) Total 1,073 - (27) - - 1,046

18 Shareholders' funds The fund has four share classes; W Income Shares, Lovewell Blake FP Income Shares, Pathway 3 Accumulation Shares and W Accumulation Shares. The annual management charge on each share class is as follows: W Income Shares : 0.40% W Accumulation Shares : 0.40% Lovewell Blake FP Income Shares : 0.40% Investment Pathway 3 Accumulation Shares : 0.40% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up.

19 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% W Income Shares 104.45 111.20 6.46 W Accumulation Shares 103.14 110.30 6.94 Lovewell Blake FP Income Shares 97.09 103.40 6.50 Pathway 3 Accumulation Shares 98.49 104.70 6.31

66 Fidelity Multi Asset Balanced Income Fund

Distribution Statement for the year ended 31 October 2020 W Accumulation Shares - final distribution No. 2 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Gross revenue (Note 2) 15/12/20 15/12/19

Group 1 3.5146 - 3.5146 2.4196 Group 2 1.9528 1.5618 3.5146 2.4196 xxx xxx xxx xxx xxx Lovewell Blake FP Income Shares - final distribution No. 31 in pence per share Group 1 - Shares purchased on or before 30 September 2020. Group 2 - Shares purchased from 1 October 2020 to 31 October 2020. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 15/12/20 15/12/19

Group 1 0.5991 - 0.5991 0.4221 Group 2 0.4694 0.1297 0.5991 0.4221 xxx xxx xxx xxx xxx Lovewell Blake FP Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 2019/2020 2018/2019

Group 1 Distribution No. 20 0.2256 - 0.2256 0.2245 Distribution No. 21 0.2284 - 0.2284 0.2291 Distribution No. 22 0.2881 - 0.2881 0.2772 Distribution No. 23 0.2747 - 0.2747 0.2786 Distribution No. 24 0.3097 - 0.3097 0.2905 Distribution No. 25 0.3087 - 0.3087 0.3065 Distribution No. 26 0.3081 - 0.3081 0.3352 Distribution No. 27 0.3008 - 0.3008 0.3377 Distribution No. 28 0.2706 - 0.2706 0.2790 Distribution No. 29 0.3291 - 0.3291 0.3429 Distribution No. 30 0.3269 - 0.3269 0.3583 Group 2 Distribution No. 20 0.0274 0.1982 0.2256 0.2245 Distribution No. 21 - 0.2284 0.2284 0.2291 Distribution No. 22 - 0.2881 0.2881 0.2772 Distribution No. 23 0.0619 0.2128 0.2747 0.2786 Distribution No. 24 - 0.3097 0.3097 0.2905 Distribution No. 25 - 0.3087 0.3087 0.3065 Distribution No. 26 - 0.3081 0.3081 0.3352 Distribution No. 27 0.0142 0.2866 0.3008 0.3377 Distribution No. 28 0.0526 0.2180 0.2706 0.2790 Distribution No. 29 0.0263 0.3028 0.3291 0.3429 Distribution No. 30 0.0054 0.3215 0.3269 0.3583 xxx xxx xxx xxx xxx

67 Fidelity Multi Asset Balanced Income Fund

Distribution Statement

W Income Shares - final distribution No. 85 in pence per share Group 1 - Shares purchased on or before 30 September 2020. Group 2 - Shares purchased from 1 October 2020 to 31 October 2020. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 15/12/20 15/12/19

Group 1 0.7630 - 0.7630 0.4941 Group 2 0.3106 0.4524 0.7630 0.4941 xxx xxx xxx xxx xxx W Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 2019/2020 2018/2019

Group 1 Distribution No. 74 0.2600 - 0.2600 0.2600 Distribution No. 75 0.2600 - 0.2600 0.2600 Distribution No. 76 0.2900 - 0.2900 0.3200 Distribution No. 77 0.2900 - 0.2900 0.3200 Distribution No. 78 0.3300 - 0.3300 0.3300 Distribution No. 79 0.3300 - 0.3300 0.3500 Distribution No. 80 0.3300 - 0.3300 0.3800 Distribution No. 81 0.3200 - 0.3200 0.3800 Distribution No. 82 0.2900 - 0.2900 0.3200 Distribution No. 83 0.3600 - 0.3600 0.4100 Distribution No. 84 0.3600 - 0.3600 0.4100 Group 2 Distribution No. 74 0.0017 0.2583 0.2600 0.2600 Distribution No. 75 - 0.2600 0.2600 0.2600 Distribution No. 76 - 0.2900 0.2900 0.3200 Distribution No. 77 - 0.2900 0.2900 0.3200 Distribution No. 78 - 0.3300 0.3300 0.3300 Distribution No. 79 - 0.3300 0.3300 0.3500 Distribution No. 80 - 0.3300 0.3300 0.3800 Distribution No. 81 0.0088 0.3112 0.3200 0.3800 Distribution No. 82 0.0370 0.2530 0.2900 0.3200 Distribution No. 83 - 0.3600 0.3600 0.4100 Distribution No. 84 0.0013 0.3587 0.3600 0.4100 xxx xxx xxx xxx xxx Investment Pathway 3 Accumulation Shares^ - final distribution No. 1 in pence per share Group 1 - See below. Group 2 - Shares purchased from 10 September 2020 to 31 October 2020. Amount Equalisation accumulated xxx Gross revenue (Note 2) 15/12/20

Group 1 1.1135 - 1.1135 Group 2 0.7467 0.3668 1.1135 xxx xxx xxx xxx ^ Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

68 Fidelity Multi Asset Income & Growth Fund

Fidelity Multi Asset Income & Growth Fund Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI The fund aims to achieve an income yield of 4-6% per annum over a typical Lovewell Blake FP Income Shares 4 market cycle (5-7 years). The fund also aims to increase the value of your W Accumulation Shares 4 investment over a period of 5 years or more which will typically be in line with inflation. W Income Shares 4 Any income you may receive will vary depending on the share class of the fund into which you are invested and is not guaranteed. Lower risk Higher risk The fund invests at least 70% into funds (including funds managed by Fidelity) Typically lower rewards Typically higher rewards which provide global exposure to a mixture of asset classes. The fund can also invest directly into transferable securities, money market instruments, cash and deposits, and is also able to use derivatives for efficient portfolio 1 2 3 4 5 6 7 management and investment purposes. The fund is actively managed without reference to a benchmark. The risk category was calculated using historical volatility data, based upon Asset allocation exposure of the fund will be actively managed subject to the methods set by European Union rules. Volatility is influenced by changes it remaining within the following parameters: 25-100% growth assets (such in the stock market prices, currencies and interest rates which can be affected as equities, infrastructure securities and real estate securities) and 0-100% unpredictably by diverse factors including political and economic events. income assets (such as bonds and cash). The fund’s asset allocation can be • Historical data may not be a reliable indication for the future. adjusted within the ranges in order to preserve capital or to take advantage • The risk category shown is not guaranteed and may change over time. of market opportunities. • The lowest category does not mean a "risk free" investment. Performance and Portfolio Activity • The risk and reward profile is classified by the level of historical fluctuation The fund generated income in line with its objective and preserved capital of the Net Asset Values of the share class, and within this classification, compared to equities during periods of market volatility. However, it generated categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium negative returns over the period. Equities were the largest detractors from level and 6-7 a high level. returns, followed by emerging market local currency debt and alternative assets such as loans and infrastructure. This was partly offset by positions in • The value of your investment may fall as well as rise and you may get back investment grade bonds, high yield bonds, government bonds and emerging less than you originally invested. market hard currency debt, which enhanced gains. The exposure to high • The fund may invest in instruments denominated in currencies other than the yield and investment grade bonds was increased, while that to equities fund base currency. Changes in currency exchange rates can therefore affect and selected alternative assets was reduced. We rotated from emerging the value of your investment. market local currency debt into hard currency denominated debt. US and UK • Currency hedging may be used which aims to reduce the effect of such government bonds were sold and a new position was purchased in Xtrackers changes. However, the effects may not be completely eliminated to the CSI300 Swap UCITS ETF. Holdings in Fidelity Moneybuilder Income Fund and degree expected. Fidelity Funds - US High Yield Fund were increased, while positions in Fidelity • The use of derivatives may result in “leverage” by which we mean a level of Funds - Global Financial Services Fund and Invesco Perpetual European exposure which could expose the fund to the potential of greater gains or Equity Income Fund were sold. losses than would otherwise be the case. Outlook • There is a risk that the issuers of bonds may not be able to repay the money We favour a cautious stance in view of uncertainty around the outcome of they have borrowed or make interest payments. While we seek to mitigate the US presidential election and the size and timing of US fiscal stimulus this, the fund may be exposed to the risk of financial loss if it invests into an measures. Meanwhile, the second wave of COVID-19 cases worldwide, instrument issued by an entity that subsequently defaults on its borrowings. continuing US-China geopolitical tensions and ongoing talks over the UK’s Losses may also be realised if an entity that the fund is exposed to ceases exit from the European Union remain a cause for concern. Credit assets, which to make interest payments over a period of time or indefinitely. Bond prices offer better security of income and have the direct support of central banks, have an inverse relationship with interest rates such that when interest rates are preferred over equities. rise, bonds may fall in value. Rising interest rates may cause the value of your Eugene Philalithis, George Efstathopoulos & Chris Forgan investment to fall. Fund Managers 31 October 2020

69 Fidelity Multi Asset Income & Growth Fund

Comparative Performance Table

W Income Shares W Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 2020 2019 Opening net asset value per share 113.25 108.98 113.93 105.72 100.00 Return before operating charges* (2.45) 9.65 0.49 (2.24) 6.71 Operating charges (1.10) (1.07) (1.03) (1.04) (0.99) Return after operating charges* (3.55) 8.58 (0.54) (3.28) 5.72 Distributions (4.31) (4.31) (4.41) (3.58) (2.31) Retained distributions on accumulation shares - - - 3.58 2.31 Closing net asset value per share 105.39 113.25 108.98 102.44 105.72 *after direct transaction costs of 0.01 - 0.02 0.01 - Performance Return after charges (3.1%) 7.9% (0.5%) (3.1%) 5.7% Other information Closing net asset value (£'000) 55,345 52,332 30,522 5,044 3,470 Closing number of shares 52,513,876 46,208,313 28,006,828 4,924,013 3,282,531 Operating charges 1.01% 0.95% 0.93% 1.01% 0.95% Direct transaction costs 0.01% 0% 0.01% 0.01% 0% Prices (pence per share) Highest share price 116.90 116.40 114.80 109.70 107.10 Lowest share price 93.82 105.50 108.70 88.45 100.00

Lovewell Blake FP Income Shares Change in net assets (pence per share) 2020 2019 2018 Opening net asset value per share 103.86 99.79 100.00 Return before operating charges* (2.43) 8.86 3.05 Operating charges (0.91) (0.88) (0.83) Return after operating charges* (3.34) 7.98 2.22 Distributions (3.87) (3.91) (2.43) Retained distributions on accumulation shares - - - Closing net asset value per share 96.65 103.86 99.79 *after direct transaction costs of 0.01 - 0.02 Performance Return after charges (3.2%) 8.0% 2.2% Other information Closing net asset value (£'000) 9,955 9,459 2,290 Closing number of shares 10,300,974 9,107,428 2,294,693 Operating charges 0.91% 0.85% 0.83% Direct transaction costs 0.01% 0% 0.01% Prices (pence per share) Highest share price 107.30 106.70 104.10 Lowest share price 86.04 96.53 99.68

70 Fidelity Multi Asset Income & Growth Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 (4,777) 2,117 Revenue 5 3,207 2,228 Expenses 6 (469) (343) Interest payable and similar charges 8 (16) (14)

Net revenue/(expense) before taxation 2,722 1,871 Taxation 7 (311) (202)

Net revenue/(expense) after taxation xxx 2,411 xxx 1,669

Total return before distributions (2,366) 3,786 Distributions 8 (2,774) (1,911) Change in net assets attributable to shareholders from investment activities (5,140) 1,875

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 65,261 37,001 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 24,500 28,221 Amounts payable on cancellation of shares (14,453) (1,912) xxx 10,047 xxx 26,309 Change in net assets attributable to shareholders from investment activities (see above) (5,140) 1,875 Retained distribution on accumulation shares 8 176 76 Closing net assets attributable to shareholders 70,344 65,261

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 68,172 60,697 Current assets: Debtors 9 928 422 Cash equivalents 242 1,877 Cash and bank balances 10 2,653 3,314

Total other assets xxx 3,823 xxx 5,613

Total assets 71,995 66,310 Liabilities: Investment liabilities (297) (276) Creditors Distribution payable (714) (524) Other creditors 11 (640) (249)

Total other liabilities xxx (1,354) xxx (773) Total liabilities (1,651) (1,049) Net assets attributable to shareholders 70,344 65,261

71 Fidelity Multi Asset Income & Growth Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ (4,559) 1,752 Gains/(losses) on derivative contracts+ (313) 26 Gains/(losses) on forward currency contracts+ 9 275 Other currency gains/(losses) 14 4 Transaction charges (6) (12) ACD fee rebate/waiver to capital 56 47 Management fee rebate to capital 22 14 Compensation payments - 11

Net capital gains/(losses) (4,777) 2,117 + These comprise: Realised gains/(losses)++ 296 (3,725) Unrealised gains/(losses) (5,159) 5,778

Total (4,863) 2,053 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 556 498 Unfranked UK dividend distributions 136 99 Overseas dividend distributions 189 412 Interest distributions 1,448 950 Derivative revenue 13 9 ACD fee rebate/waiver to income 345 225 UK dividends 69 3 UK property income distributions 13 12 Overseas dividends 429 - Bank interest 9 20

Total revenue 3,207 2,228

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 357 258 Registrar fees 60 44 Service charges 30 22 447 324 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 9 6 9 6

72 Fidelity Multi Asset Income & Growth Fund

Notes to the Financial Statements

Other expenses: Audit fee 9 10 Other operating expenses 4 3 13 13

Total expenses 469 343

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year UK corporation tax 311 203 Overseas taxation 1 1 Double taxation relief (1) (2)

Total current taxation 311 202 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 2,722 1,871 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 544 374 Effects of: Double taxation relief (1) (2) Management fee rebate 15 12 Overseas taxation 1 1 Revenue not included for tax purposes (248) (183)

Current tax charge/(credit) 311 202 Open ended investment companies are exempt from UK tax on capital gains.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. Y Income Shares* Interim - 20 W Income Shares Final 402 242 Interim 1,844 1,416 W Accumulation Shares Final 176 76 Lovewell Blake FP Income Shares Final 63 63 Interim 332 192 2,817 2,009 Add: Revenue deducted on cancellation of shares 69 9 Deduct: Revenue received on issue of shares (112) (107) Net distributions for the year 2,774 1,911 Interest/other Derivative expense 15 3 Contract for difference finance costs 1 11 16 14

Total finance costs 2,790 1,925 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 2,411 1,669

73 Fidelity Multi Asset Income & Growth Fund

Notes to the Financial Statements

Add back (revenue)/expenses transferred to capital: Service charges 28 21 Investment management fees 335 243 Equalisation on conversions - (22)

2,774 1,911 Details of the distributions per share are set out in the Distribution Statement. *Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 187 262 Sales awaiting settlement 543 - Accrued revenue 110 94 Management fee rebate recoverable 2 1 ACD fee rebate/waiver recoverable 42 30 UK income tax recoverable 44 35

Total debtors 928 422

10 Cash and bank balances 31/10/20 31/10/19 £'000 £'000 Amounts held at futures clearing houses and brokers 138 153 Cash and bank balances 2,515 3,161

Total cash and bank balances 2,653 3,314

11 Other creditors 31/10/20 31/10/19 £'000 £'000 Amounts payable for cancellation of shares 324 - Purchases awaiting settlement 6 - Accrued expenses 83 49 UK corporation tax payable 227 200

Total other creditors 640 249

12 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Australian Dollar 10 - - 10 Swiss Franc (3) - - (3) Chilean Peso 4 - - 4 Chinese Yuan Renminbi (10) - - (10) Czech Koruna 1 - - 1 Euro 4,994 - (5) 4,989 UK Pound 36,314 2,653 (421) 38,546 Hong Kong Dollar 354 - - 354 Japanese Yen 112 - - 112 Philippine Peso 1 - - 1 Russian Ruble (16) - - (16) Swedish Krona (34) - - (34) Thai Baht (1) - - (1) US Dollar 26,391 - - 26,391 74 Fidelity Multi Asset Income & Growth Fund

Notes to the Financial Statements

Total 68,117 2,653 (426) 70,344

31/10/19 £'000 £'000 £'000 £'000 Australian Dollar 26 - - 26 Chinese Yuan Renminbi 21 - - 21 Euro 6,231 - 2 6,233 Hong Kong Dollar 75 - - 75 Japanese Yen (213) 14 - (199) Swiss Franc 40 - - 40 UK Pound 36,721 3,295 (353) 39,663 US Dollar 19,397 5 - 19,402 Total 62,298 3,314 (351) 65,261

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section. Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund's financial assets was: Financial assets on which no Currency Floating rate financial assets Fixed rate financial assets interest is paid Total assets 31/10/20 £'000 £'000 £'000 £'000 Australian Dollar - - 13 13 Swiss Franc - - 1 1 Chilean Peso - - 4 4 Czech Koruna - - 1 1 Euro 4,519 - 576 5,095 UK Pound 15,959 - 23,936 39,895 Hong Kong Dollar - - 364 364 Japanese Yen - - 112 112 Philippine Peso - - 1 1 US Dollar 21,325 - 5,184 26,509 Total 41,803 - 30,192 71,995

31/10/19 £'000 £'000 £'000 £'000 Australian Dollar - - 27 27 Swiss Franc - - 40 40 Chinese Yuan Renminbi - - 22 22 Euro 5,630 - 606 6,236 UK Pound 15,209 - 25,230 40,439 Hong Kong Dollar - - 77 77 Japanese Yen 14 - 29 43 US Dollar 14,079 - 5,347 19,426 Total 34,932 - 31,378 66,310

The interest rate risk profile of the fund's financial liabilities was: Floating rate financial Financial liabilities on which Currency liabilities Fixed rate financial liabilities no interest is paid^ Total liabilities^ 31/10/20 £'000 £'000 £'000 £'000 Australian Dollar - - 3 3 Swiss Franc - - 4 4 Chinese Yuan Renminbi - - 10 10 Euro - - 106 106 UK Pound - - 71,693 71,693 Hong Kong Dollar - - 10 10 Russian Ruble - - 16 16 Swedish Krona - - 34 34 Thai Baht - - 1 1 US Dollar - - 118 118 Total - - 71,995 71,995

75 Fidelity Multi Asset Income & Growth Fund

Notes to the Financial Statements

31/10/19 £'000 £'000 £'000 £'000 Australian Dollar - - 1 1 Chinese Yuan Renminbi - - 1 1 Euro - - 3 3 UK Pound - - 66,037 66,037 Hong Kong Dollar - - 2 2 Japanese Yen - - 242 242 US Dollar - - 24 24 Total - - 66,310 66,310

^ Includes £70,344,000 in respect of the fund's liability to redeem all shares (2019: £65,261,000). The fund invests in equity, fixed interest funds, cash/money market funds and has bank balances and/or amounts held at futures clearing houses and brokers. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.26% rise or fall in the fund's market value (2019: 0.21%). Interest rate risk A rise or fall of 1% in global interest rates is likely to result in a 2.63% fall or rise in the fund's market value (2019: 2.21%). Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Bond futures At the year end the fund holds no derivatives that could impact it significantly (2019: same). Equity derivatives At the year end the fund holds no equity derivatives that could impact it significantly (2019: same).

13 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 5,405 3 0.05 - - Mutual Fund 29,588 - - - - Corporate actions 109 - - - - Derivative - 2 - - -

Total 35,102 5 -

Total including transaction costs 35,107 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 2,842 1 0.04 - - Mutual Fund 18,692 - - - - Corporate actions 341 - - - - Derivative - 1 - - -

Total 21,875 2 -

Total including transaction costs 21,873 Total as a percentage of average net assets* xxx 0.01 % xxx 0.00 % xxx

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 1,205 - 0.03 - - Mutual Fund 26,291 - - - - Corporate actions 1 - - - - Derivative - 1 - - -

Total 27,497 1 -

Total including transaction costs 27,498

76 Fidelity Multi Asset Income & Growth Fund

Notes to the Financial Statements

Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 1,150 1 0.06 - - Mutual Fund 3,901 - - - - Corporate actions 87 - - - - Derivative - 1 - - -

Total 5,138 2 -

Total including transaction costs 5,136 Total as a percentage of average net assets xxx 0.00 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.10% (2019: 0.10%).

14 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 9,875 (2) 9,527 (26) Level 2: Observable market data 58,539 (295) 53,047 (250) Level 3: Unobservable data - - - - 68,414 (297) 62,574 (276)

15 Shares in issue reconciliation Shares in issue as at Shares in issue as at 31/10/19 Issued shares Cancelled shares 31/10/20 Lovewell Blake FP Income Shares 9,107,428 2,444,428 (1,250,882) 10,300,974 W Accumulation Shares 3,282,531 2,732,610 (1,091,128) 4,924,013 W Income Shares 46,208,313 17,786,194 (11,480,631) 52,513,876

16 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of £67,000 (2019: £35,000) are included within accrued expenses in Note 11. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to capital are included in note 4. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5 and amounts receivable at the year end are included within the ACD fee rebate/waiver recoverable in note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £817,000 (2019: £526,000) is included in Note 5 and amounts receivable at the year end of £43,000 (2019: £49,000) are included within accrued revenue in Note 9. During the year, the aggregate value of purchases and sales in Fidelity funds were £5,985,000 and £3,905,000 respectively (2019: £10,735,000 and £3,945,000). Amounts receivable at the year end in respect of investments sold of £511,000 (2019: nil) are included within sales awaiting settlement in Note 9.

77 Fidelity Multi Asset Income & Growth Fund

Notes to the Financial Statements

17 Counterparty details of financial derivative transactions 31/10/20 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Bank of America (17) - - - - - (17) BBH (1) - - - - - (1) BNP Paribas (82) - - - - - (82) CIBC (97) - - - - - (97) HSBC Global Markets (14) (59) - - - - (73) JP Morgan 19 - - - - - 19 National Australia Bank 101 - - - - - 101 Royal Bank of Canada (1) - - - - - (1) State Street 46 - - - - - 46 UBS - (10) 7 - - 138 135 Total (46) (69) 7 - - 138 30 31/10/19 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 BBH (229) - - - - - (229) BNP Paribas 5 - - - - - 5 CIBC (2) - - - - - (2) Citibank 64 - - - - - 64 HSBC Global Markets - 18 - - - - 18 JP Morgan 900 - - - - - 900 National Australia Bank 404 - - - - - 404 Northern Trust 1 - - - - - 1 Royal Bank of Canada (6) - - - - - (6) State Street 10 - - - - - 10 UBS - - (16) - - 153 137 Total 1,147 18 (16) - - 153 1,302

18 Shareholders' funds The fund has three share classes; W Income Shares, Lovewell Blake FP Income Shares and W Accumulation Shares. The annual management charge on each share class is as follows: W Income Shares : 0.50% W Accumulation Shares : 0.50% Lovewell Blake FP Income Shares : 0.55% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up.

19 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% W Income Shares 105.39 113.40 7.60 W Accumulation Shares 102.44 110.70 8.06 Lovewell Blake FP Income Shares 96.65 104.00 7.60

78 Fidelity Multi Asset Income & Growth Fund

Distribution Statement for the year ended 31 October 2020 W Income Shares - final distribution No. 85 in pence per share Group 1 - Shares purchased on or before 30 September 2020. Group 2 - Shares purchased from 1 October 2020 to 31 October 2020. Amount Amount Equalisation distributed distributed xxx Net revenue (Note 2) 15/12/20 15/12/19

Group 1 0.7649 - 0.7649 0.5228 Group 2 0.2896 0.4753 0.7649 0.5228 xxx xxx xxx xxx xxx W Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount Equalisation distributed distributed xxx Net revenue (Note 2) 2019/2020 2018/2019

Group 1 Distribution No. 74 0.2800 - 0.2800 0.2800 Distribution No. 75 0.2800 - 0.2800 0.2800 Distribution No. 76 0.2900 - 0.2900 0.3200 Distribution No. 77 0.3000 - 0.3000 0.3200 Distribution No. 78 0.3300 - 0.3300 0.3300 Distribution No. 79 0.3400 - 0.3400 0.3500 Distribution No. 80 0.3300 - 0.3300 0.3700 Distribution No. 81 0.3200 - 0.3200 0.3700 Distribution No. 82 0.2800 - 0.2800 0.3300 Distribution No. 83 0.4000 - 0.4000 0.4200 Distribution No. 84 0.4000 - 0.4000 0.4200 Group 2 Distribution No. 74 0.0381 0.2419 0.2800 0.2800 Distribution No. 75 - 0.2800 0.2800 0.2800 Distribution No. 76 - 0.2900 0.2900 0.3200 Distribution No. 77 - 0.3000 0.3000 0.3200 Distribution No. 78 - 0.3300 0.3300 0.3300 Distribution No. 79 - 0.3400 0.3400 0.3500 Distribution No. 80 - 0.3300 0.3300 0.3700 Distribution No. 81 0.0131 0.3069 0.3200 0.3700 Distribution No. 82 0.0621 0.2179 0.2800 0.3300 Distribution No. 83 - 0.4000 0.4000 0.4200 Distribution No. 84 0.0304 0.3696 0.4000 0.4200 xxx xxx xxx xxx xxx W Accumulation Shares - final distribution No. 2 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 15/12/20 15/12/19

Group 1 3.5753 - 3.5753 2.3078 Group 2 2.0353 1.5400 3.5753 2.3078 xxx xxx xxx xxx xxx

79 Fidelity Multi Asset Income & Growth Fund

Distribution Statement

Lovewell Blake FP Income Shares - final distribution No. 31 in pence per share Group 1 - Shares purchased on or before 30 September 2020. Group 2 - Shares purchased from 1 October 2020 to 31 October 2020. Amount Amount Equalisation distributed distributed xxx Net revenue (Note 2) 15/12/20 15/12/19

Group 1 0.6084 - 0.6084 0.6891 Group 2 0.0191 0.5893 0.6084 0.6891 xxx xxx xxx xxx xxx Lovewell Blake FP Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount Equalisation distributed distributed xxx Net revenue (Note 2) 2019/2020 2018/2019

Group 1 Distribution No. 20 0.2405 - 0.2405 0.2423 Distribution No. 21 0.2504 - 0.2504 0.2367 Distribution No. 22 0.2855 - 0.2855 0.2751 Distribution No. 23 0.2804 - 0.2804 0.2776 Distribution No. 24 0.3058 - 0.3058 0.2477 Distribution No. 25 0.3141 - 0.3141 0.2907 Distribution No. 26 0.3039 - 0.3039 0.3684 Distribution No. 27 0.2969 - 0.2969 0.3288 Distribution No. 28 0.2580 - 0.2580 0.2453 Distribution No. 29 0.3629 - 0.3629 0.3491 Distribution No. 30 0.3680 - 0.3680 0.3624 Group 2 Distribution No. 20 0.0147 0.2258 0.2405 0.2423 Distribution No. 21 0.0751 0.1753 0.2504 0.2367 Distribution No. 22 - 0.2855 0.2855 0.2751 Distribution No. 23 - 0.2804 0.2804 0.2776 Distribution No. 24 - 0.3058 0.3058 0.2477 Distribution No. 25 - 0.3141 0.3141 0.2907 Distribution No. 26 - 0.3039 0.3039 0.3684 Distribution No. 27 0.0182 0.2787 0.2969 0.3288 Distribution No. 28 0.0438 0.2142 0.2580 0.2453 Distribution No. 29 - 0.3629 0.3629 0.3491 Distribution No. 30 0.0463 0.3217 0.3680 0.3624 xxx xxx xxx xxx xxx

80 Fidelity Multi Asset Income Fund

Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI The fund aims to achieve an income yield of 4-6% per annum over a typical A Accumulation Shares 4 market cycle (5-7 years). A Income Shares 4 Any income you may receive will vary depending on the share class of the I Income Shares 4 fund into which you are invested and is not guaranteed. The fund invests at least 70% into funds (including funds managed by Fidelity) Lovewell Blake FP Income Shares 4 which provide global exposure to a mixture of asset classes. The fund can W Accumulation Shares 4 also invest directly into transferable securities, money market instruments, W Income Shares 4 cash and deposits, and is also able to use derivatives for efficient portfolio management and investment purposes. The fund is actively managed without reference to a benchmark. Lower risk Higher risk Asset allocation exposure of the fund will be actively managed subject to it Typically lower rewards Typically higher rewards remaining within the following parameters: 20-100% income assets (such as bonds and cash) and 0-65% growth assets (such as equities, infrastructure securities and property securities). The fund’s asset allocation can be adjusted 1 2 3 4 5 6 7 within the ranges in order to preserve capital or to take advantage of market opportunities. The risk category was calculated using historical volatility data, based upon the methods set by European Union rules. Volatility is influenced by changes Performance and Portfolio Activity in the stock market prices, currencies and interest rates which can be affected The fund generated income in line with its objective and preserved capital unpredictably by diverse factors including political and economic events. compared to equities during periods of market volatility. It generated negative returns over the period. Equities were the largest detractors from • Historical data may not be a reliable indication for the future. performance, followed by alternative assets such as loans and infrastructure, • The risk category shown is not guaranteed and may change over time. which were impacted by indiscriminate selling in early 2020. This was • The lowest category does not mean a "risk free" investment. partly offset by positions in investment grade bonds, high yield bonds and • The risk and reward profile is classified by the level of historical fluctuation emerging market hard currency debt, which enhanced gains. The exposure to of the Net Asset Values of the share class, and within this classification, investment grade and high yield bonds was increased, while that to equities categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium and selected alternative assets was reduced. We rotated from emerging level and 6-7 a high level. market local currency debt into hard currency denominated debt earlier this year. US and UK government bonds were sold and a new position was • The value of your investment may fall as well as rise and you may get back purchased in Chinese government bonds. Holdings in Fidelity Moneybuilder less than you originally invested. Income Fund and Fidelity Funds - US High Yield Fund were increased, while • The fund may invest in instruments denominated in currencies other than the positions in Fidelity Funds - Global Financial Services Fund and Invesco fund base currency. Changes in currency exchange rates can therefore affect Perpetual European Equity Income Fund were sold. the value of your investment. Outlook • Currency hedging may be used which aims to reduce the effect of such We favour a cautious stance in view of uncertainty around the outcome of changes. However, the effects may not be completely eliminated to the the US presidential election and the size and timing of US fiscal stimulus degree expected. measures. Meanwhile, the second wave of COVID-19 cases worldwide, • The use of derivatives may result in “leverage” by which we mean a level of continuing US-China geopolitical tensions and ongoing talks over the UK’s exposure which could expose the fund to the potential of greater gains or exit from the European Union remain a cause for concern. Credit assets, which losses than would otherwise be the case. offer better security of income and have the direct support of central banks, • There is a risk that the issuers of bonds may not be able to repay the money are preferred over equities. they have borrowed or make interest payments. While we seek to mitigate Eugene Philalithis, George Efstathopoulos & Chris Forgan this, the fund may be exposed to the risk of financial loss if it invests into an Fund Managers instrument issued by an entity that subsequently defaults on its borrowings. 31 October 2020 Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. • Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell.

81 Fidelity Multi Asset Income Fund

Comparative Performance Table

A Accumulation Shares A Income Shares Change in net assets (pence per share) 2020 2019 2018 2020 2019 2018 Opening net asset value per share 179.97 167.73 169.17 112.30 109.17 114.75 Return before operating charges* (0.11) 15.10 0.95 (0.14) 9.67 0.62 Operating charges (3.01) (2.86) (2.39) (1.84) (1.82) (1.59) Return after operating charges* (3.12) 12.24 (1.44) (1.98) 7.85 (0.97) Distributions (5.27) (5.12) (4.72) (4.64) (4.72) (4.61) Retained distributions on accumulation shares 5.27 5.12 4.72 - - - Closing net asset value per share 176.85 179.97 167.73 105.68 112.30 109.17 *after direct transaction costs of 0.01 - 0.01 0.01 - 0.01 Performance Return after charges (1.7%) 7.3% (0.9%) (1.8%) 7.2% (0.9%) Other information Closing net asset value (£'000) 16,232 18,099 14,056 3,136 3,219 3,495 Closing number of shares 9,178,460 10,056,769 8,380,247 2,967,163 2,866,175 3,201,703 Operating charges 1.70% 1.64% 1.42% 1.70% 1.64% 1.42% Direct transaction costs 0.01% 0% 0.01% 0.01% 0% 0.01% Prices (pence per share) Highest share price 185.60 181.70 171.40 114.90 115.00 115.30 Lowest share price 155.30 162.20 163.50 95.89 105.40 109.00

I Income Shares W Income Shares Change in net assets (pence per share) 2020 2019 2018 2020 2019 2018 Opening net asset value per share 106.88 102.98 107.18 108.22 104.42 108.93 Return before operating charges* (0.12) 9.15 0.90 (0.11) 9.27 (0.24) Operating charges (0.65) (0.67) (0.67) (1.00) (0.95) (0.96) Return after operating charges* (0.77) 8.48 0.23 (1.11) 8.32 (0.12) Distributions (4.54) (4.58) (4.43) (4.49) (4.52) (4.39) Retained distributions on accumulation shares ------Closing net asset value per share 101.57 106.88 102.98 102.62 108.22 104.42 *after direct transaction costs of 0.01 - 0.01 0.01 - 0.01 Performance Return after charges (0.7%) 8.2% 0.2% (1.0%) 8.0% (0.1%) Other information Closing net asset value (£'000) 466,557 433,909 492,036 345,953 277,683 163,324 Closing number of shares 459,339,756 405,968,098 477,780,556 337,109,689 256,571,936 156,414,090 Operating charges 0.63% 0.64% 0.33% 0.95% 0.89% 0.67% Direct transaction costs 0.01% 0% 0.01% 0.01% 0% 0.01% Prices (pence per share) Highest share price 109.70 109.20 107.90 111.00 110.60 109.60 Lowest share price 91.62 99.46 102.80 92.69 100.90 104.20

82 Fidelity Multi Asset Income Fund

Comparative Performance Table

W Accumulation Shares Lovewell Blake FP Income Shares Change in net assets (pence per share) 2020 2019 2020 2019 2018 Opening net asset value per share 106.19 106.19 103.38 99.73 100.00 Return before operating charges* (0.05) 0.93 (0.10) 8.88 1.97 Operating charges (0.99) (0.93) (0.85) (0.81) (0.81) Return after operating charges* (1.04) - (0.95) 8.07 2.21 Distributions (3.91) (2.80) (4.39) (4.42) (2.48) Retained distributions on accumulation shares 3.91 2.80 - - - Closing net asset value per share 105.15 106.19 98.04 103.38 99.73 *after direct transaction costs of 0.01 - 0.01 - 0.01 Performance Return after charges (1.0%) 0% (0.9%) 8.1% 2.2% Other information Closing net asset value (£'000) 167,996 120,592 1,632 1,160 79 Closing number of shares 159,772,136 113,536,854 1,664,039 1,121,906 79,383 Operating charges 0.95% 0.89% 0.85% 0.79% 0.31% Direct transaction costs 0.01% 0% 0.01% 0% 0.01% Prices (pence per share) Highest share price 109.70 107.10 106.10 105.70 103.10 Lowest share price 91.90 99.91 88.56 96.34 99.51

83 Fidelity Multi Asset Income Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 (43,517) 34,359 Revenue 5 40,877 36,192 Expenses 6 (5,780) (5,259) Interest payable and similar charges 8 (473) (485)

Net revenue/(expense) before taxation 34,624 30,448 Taxation 7 (9) (36)

Net revenue/(expense) after taxation xxx 34,615 xxx 30,412

Total return before distributions (8,902) 64,771 Distributions 8 (38,820) (33,547) Change in net assets attributable to shareholders from investment activities (47,722) 31,224

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 854,662 813,198 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 224,135 130,537 Amounts payable on cancellation of shares (36,294) (123,993) xxx 187,841 xxx 6,544 Change in net assets attributable to shareholders from investment activities (see above) (47,722) 31,224 Retained distribution on accumulation shares 6,725 3,696 Closing net assets attributable to shareholders 1,001,506 854,662

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 973,194 828,089 Current assets: Debtors 9 12,014 5,227 Cash equivalents 20,969 19,220 Cash and bank balances 10 12,165 14,023

Total other assets xxx 45,148 xxx 38,470

Total assets 1,018,342 866,559 Liabilities: Investment liabilities (2,081) (3,931) Creditors Bank overdrafts (341) - Distribution payable (8,743) (6,553) Other creditors 11 (5,671) (1,413)

Total other liabilities xxx (14,755) xxx (7,966) Total liabilities (16,836) (11,897) Net assets attributable to shareholders 1,001,506 854,662

84 Fidelity Multi Asset Income Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ (43,508) 30,483 Gains/(losses) on derivative contracts+ (2,513) (1,143) Gains/(losses) on forward currency contracts+ 1,011 3,663 Other currency gains/(losses) (252) 2 Transaction charges (79) (79) ACD fee rebate/waiver to capital 1,690 1,271 Management fee rebate to capital 134 160 Compensation payments - 2

Net capital gains/(losses) (43,517) 34,359 + These comprise: Realised gains/(losses)++ (6,468) (5,219) Unrealised gains/(losses) (38,542) 38,222

Total (45,010) 33,003 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 6,256 7,118 Unfranked UK dividend distributions 1,826 1,572 Overseas dividend distributions 1,006 4,603 Interest distributions 22,360 18,632 Derivative revenue 95 144 ACD fee rebate/waiver to income 4,549 3,758 UK dividends 1,106 - Overseas dividends 3,592 - Bank interest 87 299 UK property income distributions - 66

Total revenue 40,877 36,192

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 4,730 4,364 Registrar fees 454 360 Service charges 457 410 5,641 5,134 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 70 64 Custody fees 3 - 73 64

85 Fidelity Multi Asset Income Fund

Notes to the Financial Statements

Other expenses: Audit fee 10 11 Other operating expenses 56 50 66 61

Total expenses 5,780 5,259

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year UK corporation tax - 13 Overseas taxation 9 23

Total current taxation 9 36 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 34,624 30,448 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 6,925 6,090 Effects of: ACD fee waiver to capital 338 286 Interest distributions (4,896) (4,115) Management fee rebate 27 - Overseas tax expensed (2) (5) Overseas taxation 9 23 Revenue not included for tax purposes (2,392) (2,256) UK property income distributions - 13

Current tax charge/(credit) 9 36 Open ended investment companies are exempt from UK tax on capital gains. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. A Accumulation Shares Final 484 515 A Income Shares Final 22 18 Interim 115 123 I Income Shares Final 3,312 2,407 Interim 17,028 17,101 Y Income Shares Interim - 560 W Income Shares Final 2,419 1,512 Interim 10,596 8,384 W Accumulation Shares Final 6,241 3,181 Lovewell Blake FP Income Shares Final 12 6 Interim 55 25 40,284 33,832 Add: Revenue deducted on cancellation of shares 439 476 Deduct: Revenue received on issue of shares (1,903) (761) Net distributions for the year 38,820 33,547

86 Fidelity Multi Asset Income Fund

Notes to the Financial Statements

Interest/other Interest 3 4 Derivative expense 465 310 Contract for difference finance costs 5 171 473 485

Total finance costs 39,293 34,032 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 34,615 30,412 Add back (revenue)/expenses transferred to capital: Service charges 379 353 Investment management fees 3,824 3,600 Equalisation on conversions 3 (818) Revenue c/f (1) -

38,820 33,547 Details of the distributions per share are set out in the Distribution Statement.

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 7,986 1,772 Sales awaiting settlement 15 9 Accrued revenue 1,554 1,357 Management fee rebate recoverable 10 14 ACD fee rebate/waiver recoverable 1,566 1,277 UK corporation tax recoverable 13 - UK income tax recoverable 870 798

Total debtors 12,014 5,227

10 Cash and bank balances 31/10/20 31/10/19 £'000 £'000 Amounts held at futures clearing houses and brokers 1,453 2,205 Cash and bank balances 10,712 11,818

Total cash and bank balances 12,165 14,023

11 Other creditors 31/10/20 31/10/19 £'000 £'000 Amounts payable for cancellation of shares 47 - Purchases awaiting settlement 4,639 891 Accrued expenses 985 509 UK corporation tax payable - 13

Total other creditors 5,671 1,413

12 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Australian Dollar 6 - - 6 Swiss Franc (33) - - (33) Chinese Yuan Renminbi (10) - - (10) Euro 45,330 (341) (122) 44,867 UK Pound 576,439 12,164 (2,281) 586,322 87 Fidelity Multi Asset Income Fund

Notes to the Financial Statements

Hong Kong Dollar (13) - - (13) Hungarian Forint - 1 - 1 Japanese Yen 1,513 - - 1,513 Philippine Peso 3 - - 3 Swedish Krona (151) - - (151) Thai Baht (3) - - (3) US Dollar 369,001 - 3 369,004 Total 992,082 11,824 (2,400) 1,001,506

31/10/19 £'000 £'000 £'000 £'000 Australian Dollar 67 - - 67 Chinese Yuan Renminbi 373 - - 373 Euro 58,659 - - 58,659 Hong Kong Dollar 183 - - 183 Hungarian Forint - 1 - 1 Japanese Yen (3,190) - - (3,190) Swiss Franc 466 - - 466 UK Pound 567,220 14,022 (2,739) 578,503 US Dollar 219,600 - - 219,600 Total 843,378 14,023 (2,739) 854,662

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section. Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund's financial assets was: Financial assets on which no Currency Floating rate financial assets Fixed rate financial assets interest is paid Total assets 31/10/20 £'000 £'000 £'000 £'000 Australian Dollar - - 8 8 Swiss Franc - - 7 7 Euro 40,740 - 4,709 45,449 UK Pound 438,496 - 162,085 600,581 Hungarian Forint 1 - - 1 Japanese Yen - - 1,513 1,513 Philippine Peso - - 3 3 US Dollar 369,245 - 1,535 370,780 Total 848,482 - 169,860 1,018,342

31/10/19 £'000 £'000 £'000 £'000 Australian Dollar - - 75 75 Swiss Franc - - 466 466 Chinese Yuan Renminbi - - 406 406 Euro 49,837 - 8,995 58,832 UK Pound 307,852 - 278,614 586,466 Hong Kong Dollar - - 190 190 Hungarian Forint 1 - - 1 Japanese Yen - - 138 138 US Dollar 201,434 - 18,538 219,972 Total 559,124 - 307,422 866,546

The interest rate risk profile of the fund's financial liabilities was: Floating rate financial Financial liabilities on which Currency liabilities Fixed rate financial liabilities no interest is paid^ Total liabilities^ 31/10/20 £'000 £'000 £'000 £'000 Australian Dollar - - 2 2 Swiss Franc - - 40 40 Chinese Yuan Renminbi - - 10 10 Euro 341 - 241 582

88 Fidelity Multi Asset Income Fund

Notes to the Financial Statements

UK Pound - - 1,015,765 1,015,765 Hong Kong Dollar - - 13 13 Swedish Krona - - 151 151 Thai Baht - - 3 3 US Dollar - - 1,776 1,776 Total 341 - 1,018,001 1,018,342

31/10/19 £'000 £'000 £'000 £'000 Australian Dollar - - 8 8 Chinese Yuan Renminbi - - 33 33 Euro - - 173 173 UK Pound - - 862,625 862,625 Hong Kong Dollar - - 7 7 Japanese Yen - - 3,328 3,328 US Dollar - - 372 372 Total - - 866,546 866,546

^ Includes £1,001,506,000 in respect of the fund's liability to redeem all shares (2019: £854,662,000). The fund invests in equity, fixed interest funds, cash/money market funds and has bank balances and/or amounts held at futures clearing houses and brokers. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.17% rise or fall in the fund's market value (2019: 0.19%). Interest rate risk A rise or fall of 1% in global interest rates is likely to result in a 3.97% fall or rise in the fund's market value (2019: 3.56%). Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Bond futures At the year end the fund holds no derivatives that could impact it significantly (2019: same). Equity derivatives At the year end the fund holds no equity derivatives (2019: same).

13 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 32,415 19 0.06 - - Mutual Fund 393,154 - - - - Corporate actions 791 - - - - Derivative - 9 - - -

Total 426,360 28 -

Total including transaction costs 426,388 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 25,050 14 0.06 - - Mutual Fund 194,485 6 - - - Corporate actions 5,729 - - - - Derivative - 5 - - -

Total 225,264 25 -

Total including transaction costs 225,239 Total as a percentage of average net assets* xxx 0.01 % xxx 0.00 % xxx

89 Fidelity Multi Asset Income Fund

Notes to the Financial Statements

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 1,651 - - - - Mutual Fund 267,362 - - - - Corporate actions 313 - - - - Derivative - 5 - - -

Total 269,326 5 -

Total including transaction costs 269,331 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 26,658 17 0.06 - - Mutual Fund 232,198 2 - - - Corporate actions 1,540 - - - - Derivative - 6 - - -

Total 260,396 25 -

Total including transaction costs 260,371 Total as a percentage of average net assets xxx 0.00 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.00% (2019: 0.00%).

14 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 88,932 (58) 103,063 (520) Level 2: Observable market data 905,231 (2,023) 744,246 (3,411) Level 3: Unobservable data - - - - 994,163 (2,081) 847,309 (3,931)

15 Shares in issue reconciliation Shares in issue as Shares in issue as at 31/10/19 Issued shares Cancelled shares Conversion shares at 31/10/20 A Accumulation Shares 10,056,769 1,410,719 (1,790,824) (498,204) 9,178,460 A Income Shares 2,866,175 409,812 (293,736) (15,088) 2,967,163 I Income Shares 405,968,098 55,748,171 (2,376,513) - 459,339,756 Lovewell Blake FP Income Shares 1,121,906 854,611 (312,478) - 1,664,039 W Accumulation Shares 113,536,854 60,824,475 (15,389,153) 799,960 159,772,136 W Income Shares 256,571,936 94,842,111 (14,362,033) 57,675 337,109,689

16 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to capital are included in note 4. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5 and amounts receivable at the year end are included within the ACD fee rebate/waiver recoverable in note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £13,313,000 (2019: £11,788,000) is included in Note 5 and amounts receivable at the year end of £570,000 (2019: £615,000) are included within accrued revenue in Note 9. During the year, the aggregate value of purchases and sales in Fidelity funds were £63,762,000 and £12,516,000 respectively (2019: £156,604,000 and £138,499,000). Amounts receivable at the year end in respect of investments sold of £8,000 (2019: nil) are included within sales awaiting settlement in Note 9. Amounts due at the year end in respect of investments purchased of £2,743,000 (2019: £519,000) are included within purchases awaiting settlement in Note 11.

90 Fidelity Multi Asset Income Fund

Notes to the Financial Statements

17 Counterparty details of financial derivative transactions 31/10/20 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Bank of America 7 - - - - - 7 BBH (1,640) - - - - - (1,640) BNP Paribas (151) - - - - - (151) CIBC (2) - - - - - (2) Citibank (1) - - - - - (1) Goldman Sachs - 4 - - - 350 354 HSBC Global Markets (19) - - - - - (19) JP Morgan 266 - - - - - 266 National Australia Bank 1,183 - - - - - 1,183 State Street 445 - - - - - 445 UBS - (134) 579 - - 1,103 1,548 Total 88 (130) 579 - - 1,453 1,990 31/10/19 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Bank of America (7) - - - - - (7) BBH (3,193) - - - - - (3,193) CIBC (134) - - - - - (134) Citibank 496 - - - - - 496 HSBC Global Markets (2) - - - - - (2) JP Morgan 12,065 - - - - - 12,065 National Australia Bank 3,222 - - - - - 3,222 State Street 298 - - - - - 298 UBS - - (350) - - 2,205 1,855 Total 12,745 - (350) - - 2,205 14,600

18 Shareholders' funds The fund has six share classes; W Income Shares, I Income Shares, Lovewell Blake FP Income Shares, A Income Shares, W Accumulation Shares and A Accumulation Shares. The annual management charge on each share class is as follows: A Accumulation Shares : 1.25% A Income Shares : 1.25% I Income Shares : 0.50% W Income Shares : 0.50% W Accumulation Shares : 0.50% Lovewell Blake FP Income Shares : 0.55% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up.

19 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% A Accumulation Shares 176.84 186.40 5.41 A Income Shares 105.68 110.80 4.84 I Income Shares 101.57 106.80 5.15 W Income Shares 102.62 107.80 5.05 W Accumulation Shares 105.15 111.00 5.56 Lovewell Blake FP Income Shares 98.04 103.00 5.06

91 Fidelity Multi Asset Income Fund

Distribution Statement for the year ended 31 October 2020 A Accumulation Shares - final distribution No. 14 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Gross revenue (Note 2) 15/12/20 15/12/19

Group 1 5.2701 - 5.2701 5.1168 Group 2 3.4291 1.8410 5.2701 5.1168 xxx xxx xxx xxx xxx A Income Shares - final distribution No. 156 in pence per share Group 1 - Shares purchased on or before 30 September 2020. Group 2 - Shares purchased from 1 October 2020 to 31 October 2020. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 15/12/20 15/12/19

Group 1 0.7413 - 0.7413 0.6116 Group 2 0.1910 0.5503 0.7413 0.6116 xxx xxx xxx xxx xxx A Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 2019/2020 2018/2019

Group 1 Distribution No. 145 0.2557 - 0.2557 0.2614 Distribution No. 146 0.2845 - 0.2845 0.2607 Distribution No. 147 0.3072 - 0.3072 0.3310 Distribution No. 148 0.3272 - 0.3272 0.3404 Distribution No. 149 0.3683 - 0.3683 0.3495 Distribution No. 150 0.3882 - 0.3882 0.4150 Distribution No. 151 0.3872 - 0.3872 0.4330 Distribution No. 152 0.3865 - 0.3865 0.4113 Distribution No. 153 0.3770 - 0.3770 0.4121 Distribution No. 154 0.4106 - 0.4106 0.4761 Distribution No. 155 0.4056 - 0.4056 0.4209 Group 2 Distribution No. 145 - 0.2557 0.2557 0.2614 Distribution No. 146 0.0044 0.2801 0.2845 0.2607 Distribution No. 147 - 0.3072 0.3072 0.3310 Distribution No. 148 - 0.3272 0.3272 0.3404 Distribution No. 149 - 0.3683 0.3683 0.3495 Distribution No. 150 - 0.3882 0.3882 0.4150 Distribution No. 151 - 0.3872 0.3872 0.4330 Distribution No. 152 0.0693 0.3172 0.3865 0.4113 Distribution No. 153 0.0163 0.3607 0.3770 0.4121 Distribution No. 154 - 0.4106 0.4106 0.4761 Distribution No. 155 - 0.4056 0.4056 0.4209 xxx xxx xxx xxx xxx

92 Fidelity Multi Asset Income Fund

Distribution Statement

I Income Shares - final distribution No. 59 in pence per share Group 1 - Shares purchased on or before 30 September 2020. Group 2 - Shares purchased from 1 October 2020 to 31 October 2020. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 15/12/20 15/12/19

Group 1 0.7211 - 0.7211 0.5928 Group 2 0.3262 0.3949 0.7211 0.5928 xxx xxx xxx xxx xxx I Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 2019/2020 2018/2019

Group 1 Distribution No. 48 0.2500 - 0.2500 0.2525 Distribution No. 49 0.2800 - 0.2800 0.2560 Distribution No. 50 0.3000 - 0.3000 0.3200 Distribution No. 51 0.3200 - 0.3200 0.3300 Distribution No. 52 0.3600 - 0.3600 0.3400 Distribution No. 53 0.3800 - 0.3800 0.4000 Distribution No. 54 0.3800 - 0.3800 0.4200 Distribution No. 55 0.3800 - 0.3800 0.4000 Distribution No. 56 0.3700 - 0.3700 0.4000 Distribution No. 57 0.4000 - 0.4000 0.4600 Distribution No. 58 0.4000 - 0.4000 0.4100 Group 2 Distribution No. 48 - 0.2500 0.2500 0.2525 Distribution No. 49 0.0118 0.2682 0.2800 0.2560 Distribution No. 50 - 0.3000 0.3000 0.3200 Distribution No. 51 - 0.3200 0.3200 0.3300 Distribution No. 52 - 0.3600 0.3600 0.3400 Distribution No. 53 - 0.3800 0.3800 0.4000 Distribution No. 54 - 0.3800 0.3800 0.4200 Distribution No. 55 0.1517 0.2283 0.3800 0.4000 Distribution No. 56 0.0546 0.3154 0.3700 0.4000 Distribution No. 57 - 0.4000 0.4000 0.4600 Distribution No. 58 0.0587 0.3413 0.4000 0.4100 xxx xxx xxx xxx xxx W Income Shares - final distribution No. 85 in pence per share Group 1 - Shares purchased on or before 30 September 2020. Group 2 - Shares purchased from 1 October 2020 to 31 October 2020. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 15/12/20 15/12/19

Group 1 0.7175 - 0.7175 0.5892 Group 2 0.3057 0.4118 0.7175 0.5892 xxx xxx xxx xxx xxx

93 Fidelity Multi Asset Income Fund

Distribution Statement

W Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 2019/2020 2018/2019

Group 1 Distribution No. 74 0.2465 - 0.2465 0.2500 Distribution No. 75 0.2753 - 0.2753 0.2500 Distribution No. 76 0.2966 - 0.2966 0.3170 Distribution No. 77 0.3159 - 0.3159 0.3261 Distribution No. 78 0.3558 - 0.3558 0.3352 Distribution No. 79 0.3752 - 0.3752 0.3983 Distribution No. 80 0.3744 - 0.3744 0.4050 Distribution No. 81 0.3741 - 0.3741 0.3929 Distribution No. 82 0.3652 - 0.3652 0.3961 Distribution No. 83 0.3980 - 0.3980 0.4580 Distribution No. 84 0.3933 - 0.3933 0.4051 Group 2 Distribution No. 74 - 0.2465 0.2465 0.2500 Distribution No. 75 - 0.2753 0.2753 0.2500 Distribution No. 76 - 0.2966 0.2966 0.3170 Distribution No. 77 - 0.3159 0.3159 0.3261 Distribution No. 78 - 0.3558 0.3558 0.3352 Distribution No. 79 - 0.3752 0.3752 0.3983 Distribution No. 80 - 0.3744 0.3744 0.4050 Distribution No. 81 0.0785 0.2956 0.3741 0.3929 Distribution No. 82 0.0395 0.3257 0.3652 0.3961 Distribution No. 83 - 0.3980 0.3980 0.4580 Distribution No. 84 0.0161 0.3772 0.3933 0.4051 xxx xxx xxx xxx xxx W Accumulation Shares - final distribution No. 2 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 15/12/20 15/12/19

Group 1 3.9063 - 3.9063 2.8022 Group 2 1.8351 2.0712 3.9063 2.8022 xxx xxx xxx xxx xxx Lovewell Blake FP Income Shares - final distribution No. 31 in pence per share Group 1 - Shares purchased on or before 30 September 2020. Group 2 - Shares purchased from 1 October 2020 to 31 October 2020. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 15/12/20 15/12/19

Group 1 0.6945 - 0.6945 0.5733 Group 2 0.2823 0.4122 0.6945 0.5733 xxx xxx xxx xxx xxx

94 Fidelity Multi Asset Income Fund

Distribution Statement

Lovewell Blake FP Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount Equalisation distributed distributed xxx Gross revenue (Note 2) 2019/2020 2018/2019

Group 1 Distribution No. 20 0.2418 - 0.2418 0.2445 Distribution No. 21 0.2733 - 0.2733 0.2676 Distribution No. 22 0.2903 - 0.2903 0.3107 Distribution No. 23 0.3094 - 0.3094 0.3197 Distribution No. 24 0.3481 - 0.3481 0.3293 Distribution No. 25 0.3673 - 0.3673 0.3873 Distribution No. 26 0.3667 - 0.3667 0.3818 Distribution No. 27 0.3671 - 0.3671 0.3820 Distribution No. 28 0.3574 - 0.3574 0.3869 Distribution No. 29 0.3850 - 0.3850 0.4451 Distribution No. 30 0.3857 - 0.3857 0.3967 Group 2 Distribution No. 20 - 0.2418 0.2418 0.2445 Distribution No. 21 0.0167 0.2566 0.2733 0.2676 Distribution No. 22 - 0.2903 0.2903 0.3107 Distribution No. 23 - 0.3094 0.3094 0.3197 Distribution No. 24 - 0.3481 0.3481 0.3293 Distribution No. 25 - 0.3673 0.3673 0.3873 Distribution No. 26 - 0.3667 0.3667 0.3818 Distribution No. 27 0.0884 0.2787 0.3671 0.3820 Distribution No. 28 0.0819 0.2755 0.3574 0.3869 Distribution No. 29 - 0.3850 0.3850 0.4451 Distribution No. 30 0.0165 0.3692 0.3857 0.3967 xxx xxx xxx xxx xxx

95 Fidelity Multi Asset Open Adventurous Fund

Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI This Fund targets an average annual return of 6.5% after the deduction of A Accumulation Shares 5 ongoing fund charges, over a typical market cycle of 5-7 years. The return Lovewell Blake FP Accumulation Shares 5 target assumes the deduction of the ongoing charges figure (OCF) on the W share class. There is no guarantee that the target will be achieved by the W Accumulation Shares 5 fund. The fund has a large exposure to higher risk investments (such as global Lower risk Higher risk equities, global emerging market equities, global smaller companies and global property securities) meaning that it is likely to experience short-term Typically lower rewards Typically higher rewards price fluctuations and an investor may not get back the full amount invested. The fund provides global exposure to a diversified range of assets by investing 1 2 3 4 5 6 7 at least 70% into funds. The fund typically invests more than 65% in sub-funds of an Irish UCITS fund (Fidelity Common Contractual Fund II) operated by Fidelity The risk category was calculated using historical volatility data, based upon which subsequently utilise the experience and specialisms of a number of the methods set by European Union rules. Volatility is influenced by changes investment managers (which may include Fidelity) to manage the underlying in the stock market prices, currencies and interest rates which can be affected assets. The exposure may be less than 65% depending on market conditions. unpredictably by diverse factors including political and economic events. The fund is actively managed without reference to a benchmark. • Historical data may not be a reliable indication for the future. The fund can also invest directly into other collective investment schemes • The risk category shown is not guaranteed and may change over time. (including schemes operated by Fidelity), transferable securities, money market instruments, cash and deposits, and is also able to use derivatives for • The lowest category does not mean a "risk free" investment. efficient portfolio management and investment purposes. • The risk and reward profile is classified by the level of historical fluctuation Asset allocation exposure of the fund will be actively managed subject to it of the Net Asset Values of the share class, and within this classification, remaining within the following parameters in all market conditions: 60-100% categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium equity, 0-40% debt instruments (which may include high yield and emerging level and 6-7 a high level. market debt), 0-20% cash and 0-30% alternatives (such as infrastructure • The value of your investment may fall as well as rise and you may get back securities and Real Estate Investment Trusts). less than you originally invested. Performance and Portfolio Activity • The fund may invest in instruments denominated in currencies other than the The fund delivered negative returns, with growth and diversifying assets fund base currency. Changes in currency exchange rates can therefore affect detracting from performance. Within growth assets, underlying equity the value of your investment. holdings in the UK, Europe ex-UK and emerging markets weighed on returns. • Currency hedging may be used which aims to reduce the effect of such We bought a new position in STOXX Europe 600 Automobiles & Parts index changes. However, the effects may not be completely eliminated to the as the sector is likely benefit from the re-opening of economies across the degree expected. globe. We also purchased a holding in attractively valued iShares China CNY • The use of derivatives may result in “leverage” by which we mean a level of Bond UCITS ETF, a defensive asset class that could act as a hedge in the exposure which could expose the fund to the potential of greater gains or event of future volatility. The position in Ninety One Fund Series III - Global losses than would otherwise be the case. Gold was sold as the structural tailwinds that initially made gold so attractive • There is a risk that the issuers of bonds may not be able to repay the money diminished in recent months. We also sold the position in Euro STOXX Banks they have borrowed or make interest payments. While we seek to mitigate index. this, the fund may be exposed to the risk of financial loss if it invests into an Outlook instrument issued by an entity that subsequently defaults on its borrowings. Despite the recovery in growth data, the resurgence of COVID-19 cases across Losses may also be realised if an entity that the fund is exposed to ceases the globe continues to overshadow the resumption of economic activity. to make interest payments over a period of time or indefinitely. Bond prices Against this backdrop, monetary policy is likely to remain accommodative for have an inverse relationship with interest rates such that when interest rates the foreseeable future, across both developed and emerging markets. rise, bonds may fall in value. Rising interest rates may cause the value of your Chris Forgan & Charlotte Harington investment to fall. Fund Managers 31 October 2020

96 Fidelity Multi Asset Open Adventurous Fund

Comparative Performance Table

A Accumulation Shares W Accumulation Shares Change in net assets (pence per share) 2020 2019 2020 2019 2018 Opening net asset value per share 108.95 108.95 147.31 133.92 136.81 Return before operating charges* (0.92) 1.97 (1.23) 14.95 (1.17) Operating charges (1.94) (1.97) (1.55) (1.56) (1.72) Return after operating charges* (2.86) - (2.78) 13.39 (2.89) Distributions (0.33) - (1.62) - (1.01) Retained distributions on accumulation shares 0.33 - 1.62 - 1.01 Closing net asset value per share 106.09 108.95 144.53 147.31 133.92 *after direct transaction costs of 0.01 0.01 0.01 0.01 0.02 Performance Return after charges (2.6%) 0% (1.9%) 10.0% (2.1%) Other information Closing net asset value (£'000) 160,128 182,860 78,997 72,678 16,922 Closing number of shares 150,930,724 167,832,011 54,658,988 49,335,358 12,635,387 Operating charges 1.82% 1.84% 1.07% 1.09% 0.71% Direct transaction costs 0.01% 0.01% 0.01% 0.01% 0.02% Prices (pence per share) Highest share price 114.30 112.50 154.80 151.80 142.70 Lowest share price 88.29 97.45 119.70 130.90 130.60

Lovewell Blake FP Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 Opening net asset value per share 111.32 101.01 100.00 Return before operating charges* (0.94) 11.28 2.09 Operating charges (0.95) (0.97) (1.08) Return after operating charges* (1.89) 10.31 1.01 Distributions (1.44) - (0.43) Retained distributions on accumulation shares 1.44 - 0.43 Closing net asset value per share 109.43 111.32 101.01 *after direct transaction costs of 0.01 0.01 0.02 Performance Return after charges (1.7%) 10.2% 1.0% Other information Closing net asset value (£'000) 17,724 16,889 3,810 Closing number of shares 16,196,392 15,172,157 3,772,372 Operating charges 0.87% 0.89% 0.30% Direct transaction costs 0.01% 0.01% 0.02% Prices (pence per share) Highest share price 117.00 114.70 107.60 Lowest share price 90.55 98.77 100.00

97 Fidelity Multi Asset Open Adventurous Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 (7,818) 20,088 Revenue 5 6,873 723 Expenses 6 (4,553) (2,411) Interest payable and similar charges 8 (140) (404)

Net revenue/(expense) before taxation 2,180 (2,092) Taxation 7 (555) (17)

Net revenue/(expense) after taxation xxx 1,625 xxx (2,109)

Total return before distributions (6,193) 17,979 Distributions 8 (1,625) 1 Change in net assets attributable to shareholders from investment activities (7,818) 17,980

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 272,427 22,030 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 21,062 25,878 Amounts payable on cancellation of shares (30,436) (26,054) In specie creation of shares - 232,593 xxx (9,374) xxx 232,417 Change in net assets attributable to shareholders from investment activities (see above) (7,818) 17,980 Retained distribution on accumulation shares 8 1,614 - Closing net assets attributable to shareholders 256,849 272,427

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 234,156 260,199 Current assets: Debtors 9 959 947 Cash equivalents 19,354 8,620 Cash and bank balances 10 3,821 4,166

Total other assets xxx 24,134 xxx 13,733

Total assets 258,290 273,932 Liabilities: Investment liabilities (890) (966) Creditors Bank overdrafts - (7) Other creditors 11 (551) (532)

Total other liabilities xxx (551) xxx (539) Total liabilities (1,441) (1,505) Net assets attributable to shareholders 256,849 272,427

98 Fidelity Multi Asset Open Adventurous Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ (6,070) 20,498 Gains/(losses) on derivative contracts+ (1,752) (1,142) Gains/(losses) on forward currency contracts+ (38) 687 Other currency gains/(losses) 47 48 Transaction charges (7) (4) Management fee rebate to capital 2 1

Net capital gains/(losses) (7,818) 20,088 + These comprise: Realised gains/(losses)++ 4,633 2,800 Unrealised gains/(losses) (12,493) 17,243

Total (7,860) 20,043 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 14 5 Overseas dividend distributions 6,047 183 Interest distributions 72 43 Derivative revenue 163 29 Management fee rebate to income 18 22 ACD fee rebate/waiver to income 527 407 Bank interest 32 25 Unfranked UK dividend distributions - 9

Total revenue 6,873 723

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 2,571 2,028 Registrar fees 245 192 Service charges 122 96 2,938 2,316 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 31 24 31 24 Other expenses: Audit fee 9 10 Other operating expenses 1,575 61 1,584 71

Total expenses 4,553 2,411

99 Fidelity Multi Asset Open Adventurous Fund

Notes to the Financial Statements

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year Overseas taxation 555 17

Total current taxation 555 17 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 2,180 (2,092) Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 436 (418) Effects of: Increase/(decrease) in unutilised management expenses 780 457 Overseas tax expensed (4) (1) Overseas taxation 555 17 Revenue not included for tax purposes (1,212) (38)

Current tax charge/(credit) 555 17 Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of £1,296,000 (2019: £516,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these and therefore no deferred tax asset has been recognised.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. A Accumulation Shares Final 495 - W Accumulation Shares Final 886 - Lovewell Blake FP Accumulation Shares Final 233 - 1,614 - Add: Revenue deducted on cancellation of shares 37 - Deduct: Revenue received on issue of shares (26) (1) Net distributions for the year 1,625 (1) Interest/other Short dividend payments 22 53 Interest 1 - Derivative expense 100 338 Contract for difference finance costs 17 13 140 404

Total finance costs 1,765 403 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 1,625 (2,109) Add back (revenue)/expenses transferred to capital: Revenue shortfall transferred from capital - 2,108

1,625 (1) Details of the distributions per share are set out in the Distribution Statement.

100 Fidelity Multi Asset Open Adventurous Fund

Notes to the Financial Statements

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 431 532 Accrued revenue 2 7 Management fee rebate recoverable - 3 ACD fee rebate/waiver recoverable 525 404 UK income tax recoverable 1 1

Total debtors 959 947

10 Cash and bank balances 31/10/20 31/10/19 £'000 £'000 Amounts held at futures clearing houses and brokers 1,645 1,528 Cash and bank balances 2,176 2,638

Total cash and bank balances 3,821 4,166

11 Other creditors 31/10/20 31/10/19 £'000 £'000 Amounts payable for cancellation of shares 280 244 Accrued expenses 271 286 Amounts payable on closure of derivative contract - 2

Total other creditors 551 532

12 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Chinese Yuan Renminbi 22 - - 22 Euro 38,204 2 - 38,206 UK Pound 100,528 3,688 406 104,622 Japanese Yen 14,611 - - 14,611 Korean Won - 129 - 129 US Dollar 99,255 2 2 99,259 Total 252,620 3,821 408 256,849

31/10/19 £'000 £'000 £'000 £'000 Euro 43,255 2 - 43,257 Japanese Yen 16,769 - - 16,769 UK Pound 117,954 4,164 408 122,526 US Dollar 89,875 (7) 7 89,875 Total 267,853 4,159 415 272,427

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section. Interest rate risk profile The fund invests in equity, fixed interest funds, cash/money market funds and has bank balances and/or amounts held at futures clearing houses and brokers. At the year end, there is no significant interest rate risk on the fund. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value.

101 Fidelity Multi Asset Open Adventurous Fund

Notes to the Financial Statements

Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.60% rise or fall in the fund's market value (2019: 0.50%). Interest rate risk A rise or fall of 1% in global interest rates is likely to result in a 0.41% fall or rise in the fund's market value (2019: 0.16%). Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Bond futures The fund invests into futures to gain exposure to the bond markets. A 1% change in interest rates would lead to a change representing 0.62% (2019: 0.70%) of the fund's market value. Equity derivatives The fund can use derivatives for investment purposes. At the year end, the fund holds no derivatives that could impact it significantly (2019: same).

13 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 26,194 9 0.03 - - Mutual Fund 17,387 - - - - Corporate actions 133 - - - - Derivative - 8 - - -

Total 43,714 17 -

Total including transaction costs 43,731 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 19,493 6 0.03 - - Mutual Fund 43,257 - - - - Derivative - 8 - - -

Total 62,750 14 -

Total including transaction costs 62,736 Total as a percentage of average net assets* xxx 0.01 % xxx 0.00 % xxx

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 18,885 3 0.01 - - Mutual Fund 229,156 - - - - Corporate actions 37 - - - - Derivative - 7 - - -

Total 248,078 10 -

Total including transaction costs 248,088 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 18,570 10 0.06 - - Mutual Fund 12,164 - - - - Derivative - 6 - - -

Total 30,734 16 -

Total including transaction costs 30,718 Total as a percentage of average net assets xxx 0.01 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.00% (2019: 0.00%).

102 Fidelity Multi Asset Open Adventurous Fund

Notes to the Financial Statements

14 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 13,362 (387) 6,888 (143) Level 2: Observable market data 240,148 (503) 261,931 (823) Level 3: Unobservable data - - - - 253,510 (890) 268,819 (966)

15 Shares in issue reconciliation Shares in issue as Shares in issue as at 31/10/19 Issued shares Cancelled shares at 31/10/20 A Accumulation Shares 167,832,011 2,219,648 (19,120,935) 150,930,724 Lovewell Blake FP Accumulation Shares 15,172,157 3,724,694 (2,700,459) 16,196,392 W Accumulation Shares 49,335,358 10,243,201 (4,919,571) 54,658,988

16 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of £247,000 (2019: £265,000) are included within accrued expenses in Note 11. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5 and amounts receivable at the year end are included within the ACD fee rebate/waiver recoverable in note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £490,000 (2019: £13,000) is included in Note 5. During the year, the aggregate value of purchases and sales in Fidelity funds were £485,000 and £1,000 respectively (2019: £21,381,000 and nil).

17 Counterparty details of financial derivative transactions 31/10/20 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Bank of America 39 - - - - - 39 Barclays (27) - - - - - (27) BNP Paribas 37 - - - - - 37 Citibank 1 - - - - - 1 HSBC Global Markets - (476) - - - 370 (106) JP Morgan 133 - - - - - 133 Morgan Stanley 22 - - - - - 22 UBS - - (287) - - 1,275 988 Total 205 (476) (287) - - 1,645 1,457 31/10/19 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 BBH 101 - - - - - 101 BNP Paribas 26 - - - - - 26 HSBC Global Markets - 223 - - - 210 433 UBS - (823) 71 - - 918 166 Total 127 (600) 71 - - 1,128 726

103 Fidelity Multi Asset Open Adventurous Fund

Notes to the Financial Statements

18 Shareholders' funds The fund has three share classes; Lovewell Blake FP Accumulation Shares, W Accumulation Shares and A Accumulation Shares. The annual management charge on each share class is as follows: A Accumulation Shares : 1.25% W Accumulation Shares : 0.50% Lovewell Blake FP Accumulation Shares : 0.45% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up.

19 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% A Accumulation Shares 106.09 119.80 12.92 W Accumulation Shares 144.53 163.40 13.06 Lovewell Blake FP Accumulation Shares 109.43 123.80 13.13

104 Fidelity Multi Asset Open Adventurous Fund

Distribution Statement for the year ended 31 October 2020 A Accumulation Shares - final distribution No. 2 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 0.3278 - 0.3278 - Group 2 0.2291 0.0987 0.3278 - xxx xxx xxx xxx xxx W Accumulation Shares - final distribution No. 8 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 1.6202 - 1.6202 - Group 2 1.4370 0.1832 1.6202 - xxx xxx xxx xxx xxx Lovewell Blake FP Accumulation Shares - final distribution No. 3 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 1.4372 - 1.4372 - Group 2 1.2381 0.1991 1.4372 - xxx xxx xxx xxx xxx

105 Fidelity Multi Asset Open Defensive Fund

Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI This Fund targets an average annual return of 4% after the deduction of A Accumulation Shares 4 ongoing fund charges, over a typical market cycle of 5-7 years. The return Lovewell Blake FP Accumulation Shares 4 target assumes the deduction of the ongoing charges figure (OCF) on the W share class. There is no guarantee that the target will be achieved by the W Accumulation Shares 4 fund. The fund has a large exposure to lower risk investments (such as debt Lower risk Higher risk instruments including global government bonds, global corporate bonds and cash) with the aim of mitigating the risk of capital losses, however, an investor Typically lower rewards Typically higher rewards may not get back the full amount invested. The fund provides global exposure to a diversified range of assets by investing 1 2 3 4 5 6 7 at least 70% into funds. The fund typically invests more than 65% in sub-funds of an Irish UCITS fund (Fidelity Common Contractual Fund II) operated by Fidelity The risk category was calculated using historical volatility data, based upon which subsequently utilise the experience and specialisms of a number of the methods set by European Union rules. Volatility is influenced by changes investment managers (which may include Fidelity) to manage the underlying in the stock market prices, currencies and interest rates which can be affected assets. The exposure may be less than 65% depending on market conditions. unpredictably by diverse factors including political and economic events. The fund is actively managed without reference to a benchmark. • Historical data may not be a reliable indication for the future. The fund can also invest directly into other collective investment schemes • The risk category shown is not guaranteed and may change over time. (including schemes operated by Fidelity), transferable securities, money market instruments, cash and deposits, and is also able to use derivatives for • The lowest category does not mean a "risk free" investment. efficient portfolio management and investment purposes. • The risk and reward profile is classified by the level of historical fluctuation Asset allocation exposure of the fund will be actively managed subject to of the Net Asset Values of the share class, and within this classification, it remaining within the following parameters in all market conditions: 0-35% categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium equity, 15-100% debt instruments (which may include high yield and emerging level and 6-7 a high level. market debt), 0-30% cash and 0-30% alternatives (such as infrastructure • The value of your investment may fall as well as rise and you may get back securities and Real Estate Investment Trusts). less than you originally invested. Performance and Portfolio Activity • The fund may invest in instruments denominated in currencies other than the The fund delivered positive returns. Hedging assets buoyed performance, fund base currency. Changes in currency exchange rates can therefore affect while growth assets held back gains. Within hedging assets, holdings in gold the value of your investment. and global aggregate bonds provided support. We bought a new position • Currency hedging may be used which aims to reduce the effect of such in STOXX Europe 600 Automobiles & Parts index as the sector is likely benefit changes. However, the effects may not be completely eliminated to the from the re-opening of economies across the globe. We also purchased a degree expected. holding in attractively valued iShares China CNY Bond UCITS ETF, a defensive • The use of derivatives may result in “leverage” by which we mean a level of asset class that could act as a hedge in the event of future volatility. The exposure which could expose the fund to the potential of greater gains or position in Ninety One Fund Series III - Global Gold was sold as the structural losses than would otherwise be the case. tailwinds that initially made gold so attractive diminished in recent months. • There is a risk that the issuers of bonds may not be able to repay the money We also sold the position in S&P US Dividend Aristocrats UCITS ETF. they have borrowed or make interest payments. While we seek to mitigate Outlook this, the fund may be exposed to the risk of financial loss if it invests into an Despite the recovery in growth data, the resurgence of COVID-19 cases across instrument issued by an entity that subsequently defaults on its borrowings. the globe continues to overshadow the resumption of economic activity. Losses may also be realised if an entity that the fund is exposed to ceases Against this backdrop, monetary policy is likely to remain accommodative for to make interest payments over a period of time or indefinitely. Bond prices the foreseeable future, across both developed and emerging markets. have an inverse relationship with interest rates such that when interest rates Chris Forgan & Charlotte Harington rise, bonds may fall in value. Rising interest rates may cause the value of your Fund Managers investment to fall. 31 October 2020

106 Fidelity Multi Asset Open Defensive Fund

Comparative Performance Table

A Accumulation Shares W Accumulation Shares Change in net assets (pence per share) 2020 2019 2020 2019 2018 Opening net asset value per share 106.70 106.70 129.12 120.02 122.12 Return before operating charges* 0.42 1.87 3.23 10.39 (0.71) Operating charges (1.83) (1.87) (1.25) (1.29) (1.39) Return after operating charges* (1.41) - 1.98 9.10 (2.10) Distributions - - (0.35) - (1.49) Retained distributions on accumulation shares - - 0.35 - 1.49 Closing net asset value per share 105.29 106.70 131.10 129.12 120.02 *after direct transaction costs of 0.02 0.01 0.02 0.01 0.01 Performance Return after charges (1.3%) 0% 1.5% 7.6% (1.7%) Other information Closing net asset value (£'000) 13,400 14,488 48,373 49,293 12,211 Closing number of shares 12,725,900 13,578,162 36,895,958 38,174,923 10,174,028 Operating charges 1.72% 1.77% 0.97% 1.02% 0.69% Direct transaction costs 0.02% 0.01% 0.02% 0.01% 0.01% Prices (pence per share) Highest share price 109.30 108.20 133.10 130.90 124.10 Lowest share price 95.61 99.35 116.00 119.50 117.90

Lovewell Blake FP Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 Opening net asset value per share 108.83 101.00 100.00 Return before operating charges* 2.25 8.71 1.97 Operating charges (0.84) (0.88) (0.97) Return after operating charges* 1.41 7.83 1.00 Distributions (0.51) (0.01) (0.67) Retained distributions on accumulation shares 0.51 0.01 0.67 Closing net asset value per share 110.24 108.83 101.00 *after direct transaction costs of 0.02 0.01 0.01 Performance Return after charges 1.3% 7.8% 1.0% Other information Closing net asset value (£'000) 1,015 787 9 Closing number of shares 920,705 723,270 8,529 Operating charges 0.77% 0.82% 0.25% Direct transaction costs 0.02% 0.01% 0.01% Prices (pence per share) Highest share price 112.40 110.30 104.40 Lowest share price 97.87 100.60 99.99

107 Fidelity Multi Asset Open Defensive Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 137 3,372 Revenue 5 1,053 294 Expenses 6 (839) (402) Interest payable and similar charges 8 (90) (43)

Net revenue/(expense) before taxation 124 (151) Taxation 7 (56) (4)

Net revenue/(expense) after taxation xxx 68 xxx (155)

Total return before distributions 205 3,217 Distributions 8 (136) - Change in net assets attributable to shareholders from investment activities 69 3,217

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 64,568 13,582 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 9,824 9,339 Amounts payable on cancellation of shares (11,808) (6,643) In specie creation of shares - 45,073 xxx (1,984) xxx 47,769 Change in net assets attributable to shareholders from investment activities (see above) 69 3,217 Retained distribution on accumulation shares 135 - Closing net assets attributable to shareholders 62,788 64,568

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 56,056 54,215 Current assets: Debtors 9 184 103 Cash equivalents 5,780 9,849 Cash and bank balances 10 1,037 928

Total other assets xxx 7,001 xxx 10,880

Total assets 63,057 65,095 Liabilities: Investment liabilities (180) (226) Creditors Bank overdrafts - (2) Other creditors 11 (89) (299)

Total other liabilities xxx (89) xxx (301) Total liabilities (269) (527) Net assets attributable to shareholders 62,788 64,568

108 Fidelity Multi Asset Open Defensive Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ 388 3,571 Gains/(losses) on derivative contracts+ (385) (245) Gains/(losses) on forward currency contracts+ 122 46 Other currency gains/(losses) 14 3 Transaction charges (5) (5) Management fee rebate to capital 3 2

Net capital gains/(losses) 137 3,372 + These comprise: Realised gains/(losses)++ 1,542 419 Unrealised gains/(losses) (1,417) 2,953

Total 125 3,372 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 2 - Overseas dividend distributions 706 60 Interest distributions 123 97 Derivative revenue 46 8 Management fee rebate to income 2 3 ACD fee rebate/waiver to income 128 92 Overseas dividends 3 - Bank interest 43 34

Total revenue 1,053 294

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 424 294 Registrar fees 63 45 Service charges 31 22 518 361 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 8 5 8 5 Other expenses: Audit fee 9 10 Other operating expenses 304 26 313 36

Total expenses 839 402

109 Fidelity Multi Asset Open Defensive Fund

Notes to the Financial Statements

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year Overseas taxation 56 4

Total current taxation 56 4 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 124 (151) Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 25 (30) Effects of: Increase/(decrease) in unutilised management expenses 117 42 Management fee rebate 1 - Overseas tax expensed (1) - Overseas taxation 56 4 Revenue not included for tax purposes (142) (12)

Current tax charge/(credit) 56 4 Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of £159,000 (2019: £42,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these and therefore no deferred tax asset has been recognised. The fund is an interest distributing fund under Corporation Tax Act 2009 and as interest distributions are deductible when calculating the liability, the corporation tax charge will usually be reduced to nil, except where there are expenses which are not deductible.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. W Accumulation Shares Final 130 - Lovewell Blake FP Accumulation Shares Final 5 - Interim - - 135 - Add: Revenue deducted on cancellation of shares 4 - Deduct: Revenue received on issue of shares (3) - Net distributions for the year 136 - Interest/other Short dividend payments 4 9 Derivative expense 76 31 Contract for difference finance costs 10 3 90 43

Total finance costs 226 43 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 68 (155) Add back (revenue)/expenses transferred to capital: Revenue shortfall transferred from capital 68 155

136 - Details of the distributions per share are set out in the Distribution Statement. The A Accumulation Shares have an excess of expenses over revenue for the current year and therefore there is no accumulation (2019: same).

110 Fidelity Multi Asset Open Defensive Fund

Notes to the Financial Statements

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 57 9 Accrued revenue - 2 Management fee rebate recoverable - 1 ACD fee rebate/waiver recoverable 127 91

Total debtors 184 103

10 Cash and bank balances 31/10/20 31/10/19 £'000 £'000 Amounts held at futures clearing houses and brokers 461 404 Cash and bank balances 576 524

Total cash and bank balances 1,037 928

11 Other creditors 31/10/20 31/10/19 £'000 £'000 Amounts payable for cancellation of shares 33 240 Accrued expenses 56 59

Total other creditors 89 299

12 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Chinese Yuan Renminbi 6 - - 6 Euro 5,114 2 - 5,116 UK Pound 48,589 1,004 95 49,688 Japanese Yen 641 - - 641 Korean Won - 31 - 31 US Dollar 7,306 - - 7,306 Total 61,656 1,037 95 62,788

31/10/19 £'000 £'000 £'000 £'000 Euro 4,459 1 - 4,460 Japanese Yen 920 - - 920 UK Pound 50,772 927 (200) 51,499 US Dollar 7,687 - 2 7,689 Total 63,838 928 (198) 64,568

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section.

111 Fidelity Multi Asset Open Defensive Fund

Notes to the Financial Statements

Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund's financial assets was: Financial assets on which no Currency Floating rate financial assets Fixed rate financial assets interest is paid Total assets 31/10/20 £'000 £'000 £'000 £'000 Chinese Yuan Renminbi - - 6 6 Euro 822 - 4,433 5,255 UK Pound 40,004 - 9,772 49,776 Japanese Yen - - 642 642 Korean Won 31 - - 31 US Dollar 2 - 7,345 7,347 Total 40,859 - 22,198 63,057

31/10/19 £'000 £'000 £'000 £'000 Euro 2,116 - 2,357 4,473 Japanese Yen - - 920 920 UK Pound 27,442 - 24,358 51,800 US Dollar - - 7,902 7,902 Total 29,558 - 35,537 65,095

The interest rate risk profile of the fund's financial liabilities was: Floating rate financial Financial liabilities on which Currency liabilities Fixed rate financial liabilities no interest is paid^ Total liabilities^ 31/10/20 £'000 £'000 £'000 £'000 Euro - - 139 139 UK Pound - - 62,876 62,876 Japanese Yen - - 1 1 US Dollar - - 41 41 Total - - 63,057 63,057

31/10/19 £'000 £'000 £'000 £'000 Euro - - 13 13 UK Pound - - 64,869 64,869 US Dollar - - 213 213 Total - - 65,095 65,095

^ Includes £62,788,000 in respect of the fund's liability to redeem all shares (2019: £64,568,000). The fund invests in equity, fixed interest funds, cash/money market funds and has bank balances and/or amounts held at futures clearing houses and brokers. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.24% rise or fall in the fund's market value (2019: 0.22%). Interest rate risk A rise or fall of 1% in global interest rates is likely to result in a 3.74% fall or rise in the fund's market value (2019: 1.74%). Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Bond futures At the year end the fund holds no derivatives that could impact it significantly (2019: A 1% change in interest rates would lead to a change representing 0.53% change of the fund's market value). Equity derivatives At the year end the fund holds no equity derivatives that could impact it significantly (2019: same).

112 Fidelity Multi Asset Open Defensive Fund

Notes to the Financial Statements

13 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 12,103 4 0.04 - - Mutual Fund 9,052 - - - - Corporate actions 42 - - - - Derivative - 2 - - -

Total 21,197 6 -

Total including transaction costs 21,203 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 11,136 4 0.04 - - Mutual Fund 8,416 - - - - Corporate actions 2 - - - - Derivative - 2 - - -

Total 19,554 6 -

Total including transaction costs 19,548 Total as a percentage of average net assets* xxx 0.02 % xxx 0.00 % xxx

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 4,122 1 0.02 - - Mutual Fund 40,249 - - - - Corporate actions 28 - - - - Derivative - 1 - - -

Total 44,399 2 -

Total including transaction costs 44,401 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 4,103 2 0.06 - - Mutual Fund 2,565 - - - - Derivative - 1 - - -

Total 6,668 3 -

Total including transaction costs 6,665 Total as a percentage of average net assets xxx 0.01 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.00% (2019: 0.00%).

14 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 3,783 (113) 2,342 (68) Level 2: Observable market data 58,053 (67) 61,722 (158) Level 3: Unobservable data - - - - 61,836 (180) 64,064 (226)

113 Fidelity Multi Asset Open Defensive Fund

Notes to the Financial Statements

15 Shares in issue reconciliation Shares in issue as at Shares in issue as at 31/10/19 Issued shares Cancelled shares 31/10/20 A Accumulation Shares 13,578,162 2,932,033 (3,784,295) 12,725,900 Lovewell Blake FP Accumulation Shares 723,270 241,554 (44,119) 920,705 W Accumulation Shares 38,174,923 4,783,549 (6,062,514) 36,895,958

16 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of £43,000 (2019: £45,000) are included within accrued expenses in Note 11. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5. Amounts recoverable at the year end in respect of ACD fee rebate/waiver are included within ACD fee rebate/waiver recoverable in Note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £41,000 (2019: £8,000) is included in Note 5. During the year, the aggregate value of purchases and sales in Fidelity funds were £343,000 and £315,000 respectively (2019: £1,398,000 and £0.00).

17 Counterparty details of financial derivative transactions 31/10/20 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Bank of America 18 - - - - - 18 Barclays (7) - - - - - (7) BNP Paribas 19 - - - - - 19 HSBC Global Markets - (60) - - - - (60) JP Morgan 34 - - - - - 34 Morgan Stanley 6 - - - - - 6 UBS - - (82) - - 461 379 Total 70 (60) (82) - - 461 389 31/10/19 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 BBH 24 - - - - - 24 BNP Paribas 13 - - - - - 13 HSBC Global Markets - 52 - - - - 52 UBS - (158) (15) - - 404 231 Total 37 (106) (15) - - 404 320

18 Shareholders' funds The fund has three share classes; Lovewell Blake FP Accumulation Shares, W Accumulation Shares and A Accumulation Shares. The annual management charge on each share class is as follows: A Accumulation Shares : 1.25% W Accumulation Shares : 0.50% Lovewell Blake FP Accumulation Shares : 0.45% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up.

19 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% A Accumulation Shares 105.29 111.50 5.90 W Accumulation Shares 131.10 139.09 6.09 Lovewell Blake FP Accumulation Shares 110.19 117.00 6.18

114 Fidelity Multi Asset Open Defensive Fund

Distribution Statement for the year ended 31 October 2020 W Accumulation Shares - final distribution No. 8 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Gross revenue (Note 2) 31/12/20 31/12/19

Group 1 0.3523 - 0.3523 - Group 2 0.2938 0.0585 0.3523 - xxx xxx xxx xxx xxx Lovewell Blake FP Accumulation Shares - final distribution No. 3 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Gross revenue (Note 2) 31/12/20 31/12/19

Group 1 0.5089 - 0.5089 0.0133 Group 2 0.4675 0.0414 0.5089 0.0133 xxx xxx xxx xxx xxx

115 Fidelity Multi Asset Open Growth Fund

Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI This Fund targets an average annual return of 5.5% after the deduction of A Accumulation Shares 5 ongoing fund charges, over a typical market cycle of 5-7 years. The return Lovewell Blake FP Accumulation Shares 5 target assumes the deduction of the ongoing charges figure (OCF) on the W share class. There is no guarantee that the target will be achieved by the W Accumulation Shares 5 fund. The fund has exposure to higher risk investments (such as global equities, Lower risk Higher risk global emerging market equities, global smaller companies and global property securities) meaning that there is a risk of short-term price fluctuations Typically lower rewards Typically higher rewards and an investor may not get back the full amount invested. The fund provides global exposure to a diversified range of assets by investing 1 2 3 4 5 6 7 at least 70% into funds. The fund typically invests more than 70% in sub-funds of an Irish UCITS fund (Fidelity Common Contractual Fund II) operated by Fidelity The risk category was calculated using historical volatility data, based upon which subsequently utilise the experience and specialisms of a number of the methods set by European Union rules. Volatility is influenced by changes investment managers (which may include Fidelity) to manage the underlying in the stock market prices, currencies and interest rates which can be affected assets. The exposure may be less than 70% depending on market conditions. unpredictably by diverse factors including political and economic events. The fund is actively managed without reference to a benchmark. • Historical data may not be a reliable indication for the future. The fund can also invest directly into other collective investment schemes • The risk category shown is not guaranteed and may change over time. (including schemes operated by Fidelity), transferable securities, money market instruments, cash and deposits, and is also able to use derivatives for • The lowest category does not mean a "risk free" investment. efficient portfolio management and investment purposes. • The risk and reward profile is classified by the level of historical fluctuation Asset allocation exposure of the fund will be actively managed subject to it of the Net Asset Values of the share class, and within this classification, remaining within the following parameters in all market conditions: 40-85% categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium equity, 0-60% debt instruments (which may include high yield and emerging level and 6-7 a high level. market debt), 0-20% cash and 0-30% alternatives (such as infrastructure • The value of your investment may fall as well as rise and you may get back securities and Real Estate Investment Trusts). less than you originally invested. Performance and Portfolio Activity • The fund may invest in instruments denominated in currencies other than the The fund delivered negative returns, with growth and diversifying assets fund base currency. Changes in currency exchange rates can therefore affect detracting from performance. Within growth assets, underlying equity holdings the value of your investment. in the UK weighed on returns. We bought a new position in STOXX Europe 600 • Currency hedging may be used which aims to reduce the effect of such Automobiles & Parts index as the sector is likely benefit from the re-opening changes. However, the effects may not be completely eliminated to the of economies across the globe. We also purchased a holding in attractively degree expected. valued iShares China CNY Bond UCITS ETF, a defensive asset class that could • The use of derivatives may result in “leverage” by which we mean a level of act as a hedge in the event of future volatility. The position in Ninety One Fund exposure which could expose the fund to the potential of greater gains or Series III - Global Gold was sold as the structural tailwinds that initially made losses than would otherwise be the case. gold so attractive diminished in recent months. We also sold the position in • There is a risk that the issuers of bonds may not be able to repay the money S&P US Dividend Aristocrats UCITS ETF. they have borrowed or make interest payments. While we seek to mitigate Outlook this, the fund may be exposed to the risk of financial loss if it invests into an Despite the recovery in growth data, the resurgence of COVID-19 cases across instrument issued by an entity that subsequently defaults on its borrowings. the globe continues to overshadow the resumption of economic activity. Losses may also be realised if an entity that the fund is exposed to ceases Against this backdrop, monetary policy is likely to remain accommodative for to make interest payments over a period of time or indefinitely. Bond prices the foreseeable future, across both developed and emerging markets. have an inverse relationship with interest rates such that when interest rates Chris Forgan & Charlotte Harington rise, bonds may fall in value. Rising interest rates may cause the value of your Fund Managers investment to fall. 31 October 2020

116 Fidelity Multi Asset Open Growth Fund

Comparative Performance Table

A Accumulation Shares W Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 2020 2019 2018 Opening net asset value per share 61.28 56.32 58.02 141.55 129.13 132.02 Return before operating charges* (0.70) 6.10 (0.60) (1.53) 13.99 (1.37) Operating charges (1.12) (1.14) (1.10) (1.54) (1.57) (1.52) Return after operating charges* (1.82) 4.96 (1.70) (3.07) 12.42 (2.89) Distributions (0.19) - (0.27) (1.77) - (1.61) Retained distributions on accumulation shares 0.19 - 0.27 1.77 - 1.61 Closing net asset value per share 59.46 61.28 56.32 138.48 141.55 129.13 *after direct transaction costs of 0.01 0.01 0.01 0.01 0.01 0.01 Performance Return after charges 3.1% 8.8% (2.9%) (2.2%) 9.6% (2.2%) Other information Closing net asset value (£'000) 192,703 316,997 21,686 273,661 286,030 84,318 Closing number of shares 324,078,235 517,282,296 38,501,048 197,632,161 202,076,011 65,298,730 Operating charges 1.86% 1.89% 1.90% 1.11% 1.14% 1.15% Direct transaction costs 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% Prices (pence per share) Highest share price 64.01 62.93 60.07 148.10 145.10 137.50 Lowest share price 50.06 54.84 55.17 116.00 125.90 125.90

Lovewell Blake FP Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 Opening net asset value per share 110.54 100.65 100.00 Return before operating charges* (1.22) 10.90 1.62 Operating charges (0.99) (1.01) (0.97) Return after operating charges* (2.21) 9.89 0.65 Distributions (1.61) - (0.65) Retained distributions on accumulation shares 1.61 - 0.65 Closing net asset value per share 108.33 110.54 100.65 *after direct transaction costs of 0.01 0.01 0.01 Performance Return after charges (2.0%) 9.8% 0.7% Other information Closing net asset value (£'000) 29,003 25,162 4,139 Closing number of shares 26,772,474 22,761,520 4,112,567 Operating charges 0.91% 0.94% 0.95% Direct transaction costs 0.01% 0.01% 0.01% Prices (pence per share) Highest share price 115.70 113.20 107.10 Lowest share price 90.64 98.13 99.91

117 Fidelity Multi Asset Open Growth Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 (24,572) 44,989 Revenue 5 14,683 2,505 Expenses 6 (8,665) (5,314) Interest payable and similar charges 8 (381) (542)

Net revenue/(expense) before taxation 5,637 (3,351) Taxation 7 (1,039) (81)

Net revenue/(expense) after taxation xxx 4,598 xxx (3,432)

Total return before distributions (19,974) 41,557 Distributions 8 (4,598) 1 Change in net assets attributable to shareholders from investment activities (24,572) 41,558

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 628,189 125,540 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 27,672 52,733 Amounts payable on cancellation of shares (140,469) (49,004) In specie creation of shares - 457,362 xxx (112,797) xxx 461,091 Change in net assets attributable to shareholders from investment activities (see above) (24,572) 41,558 Retained distribution on accumulation shares 8 4,547 - Closing net assets attributable to shareholders 495,367 628,189

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 467,397 586,678 Current assets: Debtors 9 897 1,408 Cash equivalents 21,036 33,797 Cash and bank balances 10 9,189 9,227

Total other assets xxx 31,122 xxx 44,432

Total assets 498,519 631,110 Liabilities: Investment liabilities (2,381) (2,167) Creditors Bank overdrafts - (16) Other creditors 11 (771) (738)

Total other liabilities xxx (771) xxx (754) Total liabilities (3,152) (2,921) Net assets attributable to shareholders 495,367 628,189

118 Fidelity Multi Asset Open Growth Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ (20,961) 45,388 Gains/(losses) on derivative contracts+ (3,341) (1,810) Gains/(losses) on forward currency contracts+ (61) 1,356 Other currency gains/(losses) (206) 59 Transaction charges (7) (7) Management fee rebate to capital 4 3

Net capital gains/(losses) (24,572) 44,989 + These comprise: Realised gains/(losses)++ 13,138 7,252 Unrealised gains/(losses) (37,501) 37,682

Total (24,363) 44,934 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 25 10 Overseas dividend distributions 12,983 1,078 Interest distributions 164 402 Derivative revenue 573 82 Management fee rebate to income 36 42 ACD fee rebate/waiver to income 829 749 Bank interest 73 70 Unfranked UK dividend distributions - 72

Total revenue 14,683 2,505

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 4,411 4,241 Registrar fees 511 472 Service charges 256 236 5,178 4,949 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 47 42 Custody fees 1 - 48 42 Other expenses: Audit fee 9 10 Other operating expenses 3,430 313 3,439 323

Total expenses 8,665 5,314 119 Fidelity Multi Asset Open Growth Fund

Notes to the Financial Statements

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year Overseas taxation 1,039 81

Total current taxation 1,039 81 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 5,637 (3,351) Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 1,127 (670) Effects of: Increase/(decrease) in unutilised management expenses 1,483 891 Management fee rebate 1 1 Overseas tax expensed (8) (4) Overseas taxation 1,039 81 Revenue not included for tax purposes (2,603) (218)

Current tax charge/(credit) 1,039 81 Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of £2,818,000 (2019: £1,335,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these and therefore no deferred tax asset has been recognised.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. A Accumulation Shares Final 615 - W Accumulation Shares Final 3,500 - Lovewell Blake FP Accumulation Shares Final 432 - 4,547 - Add: Revenue deducted on cancellation of shares 77 - Deduct: Revenue received on issue of shares (26) (1) Net distributions for the year 4,598 (1) Interest/other Short dividend payments 45 125 Interest 2 - Derivative expense 298 411 Contract for difference finance costs 36 6 381 542

Total finance costs 4,979 541 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 4,598 (3,432) Add back (revenue)/expenses transferred to capital: Revenue shortfall transferred from capital - 3,431

4,598 (1) Details of the distributions per share are set out in the Distribution Statement.

120 Fidelity Multi Asset Open Growth Fund

Notes to the Financial Statements

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 79 651 Accrued revenue 3 16 Management fee rebate recoverable - 6 ACD fee rebate/waiver recoverable 810 730 UK income tax recoverable 5 5

Total debtors 897 1,408

10 Cash and bank balances 31/10/20 31/10/19 £'000 £'000 Amounts held at futures clearing houses and brokers 4,930 3,460 Cash and bank balances 4,259 5,767

Total cash and bank balances 9,189 9,227

11 Other creditors 31/10/20 31/10/19 £'000 £'000 Amounts payable for cancellation of shares 335 158 Accrued expenses 436 578 Amounts payable on closure of derivative contract - 2

Total other creditors 771 738

12 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Chinese Yuan Renminbi 43 - - 43 Euro 68,773 - - 68,773 UK Pound 247,543 8,903 123 256,569 Japanese Yen 21,739 - - 21,739 Korean Won - 282 - 282 US Dollar 147,954 4 3 147,961 Total 486,052 9,189 126 495,367

31/10/19 £'000 £'000 £'000 £'000 Euro 92,443 - - 92,443 Japanese Yen 26,207 - - 26,207 UK Pound 342,848 9,227 637 352,712 US Dollar 156,810 - 17 156,827 Total 618,308 9,227 654 628,189

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.49% rise or fall in the fund's market value (2019: 0.4%).

121 Fidelity Multi Asset Open Growth Fund

Notes to the Financial Statements

Interest rate risk A rise or fall of 1% in global interest rates is likely to result in a 1.58% fall or rise in the fund's market value (2019: 0.22%). Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Bond futures The fund invests into futures to gain exposure to the bond markets. A 1% change in interest rates would lead to a change representing 0.62% (2019: 0.94%) of the fund's market value. Equity derivatives At the year end the fund holds no equity derivatives that could impact it significantly (2019: same).

13 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 63,941 24 0.04 - - Mutual Fund 31,096 - - - - Corporate actions 409 - - - - Derivative - 18 - - -

Total 95,446 42 -

Total including transaction costs 95,488 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 50,400 17 0.03 - - Mutual Fund 139,738 - - - - Derivative - 17 - - -

Total 190,138 34 -

Total including transaction costs 190,104 Total as a percentage of average net assets* xxx 0.01 % xxx 0.00 % xxx

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 46,037 10 0.02 - - Mutual Fund 456,634 - - - - Corporate actions 310 - - - - Derivative - 12 - - -

Total 502,981 22 -

Total including transaction costs 503,003 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 43,939 24 0.05 - - Mutual Fund 45,147 - - - - Derivative - 8 - - -

Total 89,086 32 -

Total including transaction costs 89,054 Total as a percentage of average net assets xxx 0.01 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.00% (2019: 0.00%).

122 Fidelity Multi Asset Open Growth Fund

Notes to the Financial Statements

14 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 33,606 (1,509) 21,531 (327) Level 2: Observable market data 454,827 (872) 598,944 (1,840) Level 3: Unobservable data - - - - 488,433 (2,381) 620,475 (2,167)

15 Shares in issue reconciliation Shares in issue as Shares in issue as at 31/10/19 Issued shares Cancelled shares Conversion shares at 31/10/20 A Accumulation Shares 517,282,296 16,698,051 (197,394,230) (12,507,882) 324,078,235 Lovewell Blake FP Accumulation Shares 22,761,520 6,803,453 (2,792,499) - 26,772,474 W Accumulation Shares 202,076,011 7,274,359 (17,122,538) 5,404,329 197,632,161

16 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of £403,000 (2019: £544,000) are included within accrued expenses in Note 11. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to capital are included in note 4. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5. Amounts recoverable at the year end in respect of ACD fee rebate/waiver are included within ACD fee rebate/waiver recoverable in Note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £756,000 (2019: £174,000) is included in Note 5. During the year, the aggregate value of purchases and sales in Fidelity funds were £3,367,000 and £3,557,000 respectively (2019: £28,715,000 and nil).

17 Counterparty details of financial derivative transactions 31/10/20 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Bank of America 75 - - - - - 75 Barclays (35) - - - - - (35) BNP Paribas 92 - - - - - 92 Citibank 2 - - - - - 2 HSBC Global Markets - (837) - - - 700 (137) JP Morgan 209 - - - - - 209 Morgan Stanley 43 - - - - - 43 UBS - - (1,355) - - 4,230 2,875 Total 386 (837) (1,355) - - 4,930 3,124 31/10/19 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 BBH 233 - - - - - 233 BNP Paribas 71 - - - - - 71 HSBC Global Markets - 516 - - - 570 1,086 UBS - (1,841) 360 - - 1,705 224 Total 304 (1,325) 360 - - 2,275 1,614

123 Fidelity Multi Asset Open Growth Fund

Notes to the Financial Statements

18 Shareholders' funds The fund has three share classes; Lovewell Blake FP Accumulation Shares, W Accumulation Shares and A Accumulation Shares. The annual management charge on each share class is as follows: A Accumulation Shares : 1.25% W Accumulation Shares : 0.50% Lovewell Blake FP Accumulation Shares : 0.45% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up.

19 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% A Accumulation Shares 59.46 66.96 12.61 W Accumulation Shares 138.48 156.19 12.79 Lovewell Blake FP Accumulation Shares 108.33 122.30 12.90

124 Fidelity Multi Asset Open Growth Fund

Distribution Statement for the year ended 31 October 2020 A Accumulation Shares - final distribution No. 17 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 0.1898 - 0.1898 - Group 2 0.1660 0.0238 0.1898 - xxx xxx xxx xxx xxx W Accumulation Shares - final distribution No. 8 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 1.7711 - 1.7711 - Group 2 1.5311 0.2400 1.7711 - xxx xxx xxx xxx xxx Lovewell Blake FP Accumulation Shares - final distribution No. 3 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 1.6143 - 1.6143 - Group 2 1.4533 0.1610 1.6143 - xxx xxx xxx xxx xxx

125 Fidelity Multi Asset Open Strategic Fund

Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI This Fund targets an average annual return of 5% after the deduction of A Accumulation Shares 4 ongoing fund charges, over a typical market cycle of 5-7 years. The return I Accumulation Shares 4 target assumes the deduction of the ongoing charges figure (OCF) on the W share class. There is no guarantee that the target will be achieved by the Lovewell Blake FP Accumulation Shares 4 fund. W Accumulation Shares 4 The fund has exposure to both higher risk investments (such as global equities, global emerging market equities, global smaller companies and global Lower risk Higher risk property securities) and lower risk investments (such as debt instruments including global government bonds, global corporate bonds and cash) Typically lower rewards Typically higher rewards meaning that there is a moderate risk of capital losses and an investor may not get back the full amount invested. The fund provides global exposure to a diversified range of assets by investing 1 2 3 4 5 6 7 at least 70% into funds. The fund typically invests more than 65% in sub-funds of The risk category was calculated using historical volatility data, based upon an Irish UCITS fund (Fidelity Common Contractual Fund II) operated by Fidelity the methods set by European Union rules. Volatility is influenced by changes which subsequently utilise the experience and specialisms of a number of in the stock market prices, currencies and interest rates which can be affected investment managers (which may include Fidelity) to manage the underlying unpredictably by diverse factors including political and economic events. assets. The exposure may be less than 65% depending on market conditions. The fund is actively managed without reference to a benchmark. • Historical data may not be a reliable indication for the future. The fund can also invest directly into other collective investment schemes • The risk category shown is not guaranteed and may change over time. (including schemes operated by Fidelity), transferable securities, money • The lowest category does not mean a "risk free" investment. market instruments, cash and deposits, and is also able to use derivatives for • The risk and reward profile is classified by the level of historical fluctuation efficient portfolio management and investment purposes. of the Net Asset Values of the share class, and within this classification, Asset allocation exposure of the fund will be actively managed within the categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium following parameters: 20-60% equity, 5-80% debt instruments (which may level and 6-7 a high level. include high yield and emerging market debt), 0-30% cash and 0-30% • The value of your investment may fall as well as rise and you may get back alternatives (such as infrastructure securities and Real Estate Investment less than you originally invested. Trusts). • The fund may invest in instruments denominated in currencies other than the Performance and Portfolio Activity fund base currency. Changes in currency exchange rates can therefore affect The fund delivered negative returns, with growth and diversifying assets the value of your investment. detracting from performance. Within growth assets, underlying equity holdings • Currency hedging may be used which aims to reduce the effect of such in the UK and the US weighed on returns. We bought a new position in STOXX changes. However, the effects may not be completely eliminated to the Europe 600 Automobiles & Parts index as the sector is likely benefit from the degree expected. re-opening of economies across the globe. We also purchased a holding in attractively valued iShares China CNY Bond UCITS ETF, a defensive asset • The use of derivatives may result in “leverage” by which we mean a level of class that could act as a hedge in the event of future volatility. The position in exposure which could expose the fund to the potential of greater gains or Ninety One Fund Series III - Global Gold was sold as the structural tailwinds losses than would otherwise be the case. that initially made gold so attractive diminished in recent months. We also • There is a risk that the issuers of bonds may not be able to repay the money sold the position in S&P US Dividend Aristocrats UCITS ETF. they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an Outlook instrument issued by an entity that subsequently defaults on its borrowings. Despite the recovery in growth data, the resurgence of COVID-19 cases across Losses may also be realised if an entity that the fund is exposed to ceases the globe continues to overshadow the resumption of economic activity. to make interest payments over a period of time or indefinitely. Bond prices Against this backdrop, monetary policy is likely to remain accommodative for have an inverse relationship with interest rates such that when interest rates the foreseeable future, across both developed and emerging markets. rise, bonds may fall in value. Rising interest rates may cause the value of your Chris Forgan & Charlotte Harington investment to fall. Fund Managers 31 October 2020

126 Fidelity Multi Asset Open Strategic Fund

Comparative Performance Table

A Accumulation Shares I Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 2020 2019 Opening net asset value per share 154.82 143.04 146.49 104.66 100.00 Return before operating charges* (0.23) 14.52 (0.75) (0.14) 4.99 Operating charges (2.69) (2.74) (2.70) (0.90) (0.93) Return after operating charges* (2.92) 11.78 (3.45) (1.04) 4.06 Distributions - - (0.88) (0.94) (0.04) Retained distributions on accumulation shares - - 0.88 0.94 0.04 Closing net asset value per share 151.90 154.82 143.04 103.62 104.66 *after direct transaction costs of 0.02 0.01 0.01 0.02 0.01 Performance Return after charges (1.9%) 8.2% (2.4%) (1.0%) 4.7% Other information Closing net asset value (£'000) 76,090 102,675 158 26,825 9,936 Closing number of shares 50,093,151 66,318,845 110,251 25,888,552 9,493,337 Operating charges 1.77% 1.79% 1.85% 0.87% 0.89% Direct transaction costs 0.01% 0.01% 0.02% 0.01% 0.01% Prices (pence per share) Highest share price 159.80 157.30 149.60 108.30 106.10 Lowest share price 131.60 140.90 140.40 89.30 100.00

W Accumulation Shares Lovewell Blake FP Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 2020 2019 2018 Opening net asset value per share 138.01 126.56 128.71 110.49 101.11 100.00 Return before operating charges* (0.18) 12.86 (0.74) (0.16) 10.28 2.03 Operating charges (1.39) (1.41) (1.41) (0.89) (0.90) (0.92) Return after operating charges* (1.57) 11.45 (2.15) (1.05) 9.38 1.11 Distributions (1.00) - (1.69) (1.03) - (0.65) Retained distributions on accumulation shares 1.00 - 1.69 1.03 - 0.65 Closing net asset value per share 136.44 138.01 126.56 109.44 110.49 101.11 *after direct transaction costs of 0.02 0.01 0.01 0.02 0.01 0.01 Performance Return after charges (1.1%) 9.1% (1.7%) (1.0%) 9.3% 1.1% Other information Closing net asset value (£'000) 535,365 574,616 74,088 16,114 11,487 3,341 Closing number of shares 392,385,645 416,343,970 58,539,864 14,724,202 10,395,722 3,304,205 Operating charges 1.02% 1.04% 1.10% 0.82% 0.84% 0.90% Direct transaction costs 0.01% 0.01% 0.02% 0.01% 0.01% 0.02% Prices (pence per share) Highest share price 142.70 140.00 132.10 114.30 112.00 105.50 Lowest share price 117.70 124.80 123.70 94.29 99.72 99.99

127 Fidelity Multi Asset Open Strategic Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 (14,004) 43,316 Revenue 5 14,583 2,540 Expenses 6 (8,706) (3,930) Interest payable and similar charges 8 (806) (631)

Net revenue/(expense) before taxation 5,071 (2,021) Taxation 7 (874) (47)

Net revenue/(expense) after taxation xxx 4,197 xxx (2,068)

Total return before distributions (9,807) 41,248 Distributions 8 (4,360) (19) Change in net assets attributable to shareholders from investment activities (14,167) 41,229

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 698,714 116,052 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 38,102 84,466 Amounts payable on cancellation of shares (72,560) (37,059) In specie creation of shares - 494,022 xxx (34,458) xxx 541,429 Change in net assets attributable to shareholders from investment activities (see above) (14,167) 41,229 Retained distribution on accumulation shares 8 4,305 4 Closing net assets attributable to shareholders 654,394 698,714

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 614,777 626,081 Current assets: Debtors 9 1,933 2,545 Cash equivalents 31,279 62,748 Cash and bank balances 10 9,815 10,165

Total other assets xxx 43,027 xxx 75,458

Total assets 657,804 701,539 Liabilities: Investment liabilities (1,801) (2,049) Creditors Bank overdrafts - (17) Other creditors 11 (1,609) (759)

Total other liabilities xxx (1,609) xxx (776) Total liabilities (3,410) (2,825) Net assets attributable to shareholders 654,394 698,714

128 Fidelity Multi Asset Open Strategic Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ (12,645) 44,429 Gains/(losses) on derivative contracts+ (2,275) (1,761) Gains/(losses) on forward currency contracts+ 775 540 Other currency gains/(losses) 126 66 Transaction charges (7) (7) Management fee rebate to capital 22 16 ACD fee rebate/waiver to capital - 33

Net capital gains/(losses) (14,004) 43,316 + These comprise: Realised gains/(losses)++ 13,688 6,438 Unrealised gains/(losses) (27,833) 36,770

Total (14,145) 43,208 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 29 (6) Overseas dividend distributions 11,046 730 Interest distributions 1,113 634 Derivative revenue 749 82 Management fee rebate to income 35 39 ACD fee rebate/waiver to income 1,372 939 Bank interest 239 122

Total revenue 14,583 2,540

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 4,063 2,927 Registrar fees 648 470 Service charges 324 234 5,035 3,631 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 56 41 Custody fees 2 - 58 41 Other expenses: Audit fee 9 10 Other operating expenses 3,604 248 3,613 258

Total expenses 8,706 3,930 129 Fidelity Multi Asset Open Strategic Fund

Notes to the Financial Statements

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year Overseas taxation 874 47

Total current taxation 874 47 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 5,071 (2,021) Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 1,014 (404) Effects of: ACD fee waiver to capital - 7 Increase/(decrease) in unutilised management expenses 1,205 542 Management fee rebate 4 3 Overseas tax expensed (9) (3) Overseas taxation 874 47 Revenue not included for tax purposes (2,214) (145)

Current tax charge/(credit) 874 47 Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of £1,747,000 (2019: £542,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these and therefore no deferred tax asset has been recognised.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. A Income Shares Interim - 9 I Accumulation Shares Final 243 4 Y Income Shares Interim - 6 W Accumulation Shares Final 3,911 - Lovewell Blake FP Accumulation Shares Final 151 - 4,305 19 Add: Revenue deducted on cancellation of shares 131 1 Deduct: Revenue received on issue of shares (76) (1) Net distributions for the year 4,360 19 Interest/other Short dividend payments 43 98 Derivative expense 650 527 Contract for difference finance costs 113 6 806 631

Total finance costs 5,166 650 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 4,197 (2,068) Add back (revenue)/expenses transferred to capital: Service charges - 8 Revenue shortfall transferred from capital 163 1,907 Investment management fees - 172

4,360 19 Details of the distributions per share are set out in the Distribution Statement. The A Accumulation Shares have an excess of expenses over revenue for the current year and therefore there is no accumulation (2019: same). 130 Fidelity Multi Asset Open Strategic Fund

Notes to the Financial Statements

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 571 1,552 Accrued revenue 3 18 Management fee rebate recoverable 2 14 ACD fee rebate/waiver recoverable 1,357 957 UK corporation tax recoverable - 4

Total debtors 1,933 2,545

10 Cash and bank balances 31/10/20 31/10/19 £'000 £'000 Amounts held at futures clearing houses and brokers 3,951 3,944 Cash and bank balances 5,864 6,221

Total cash and bank balances 9,815 10,165

11 Other creditors 31/10/20 31/10/19 £'000 £'000 Amounts payable for cancellation of shares 1,151 275 Accrued expenses 453 481 Amounts payable on closure of derivative contract 1 3 UK corporation tax payable 4 -

Total other creditors 1,609 759

12 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Chinese Yuan Renminbi 67 - - 67 Euro 80,191 - - 80,191 UK Pound 409,145 9,494 321 418,960 Japanese Yen 16,833 - - 16,833 Korean Won - 317 - 317 US Dollar 138,019 4 3 138,026 Total 644,255 9,815 324 654,394

31/10/19 £'000 £'000 £'000 £'000 Euro 81,475 - - 81,475 Japanese Yen 17,623 - - 17,623 UK Pound 471,590 10,165 1,769 483,524 US Dollar 116,092 (17) 17 116,092 Total 686,780 10,148 1,786 698,714

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section.

131 Fidelity Multi Asset Open Strategic Fund

Notes to the Financial Statements

Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund's financial assets was: Financial assets on which no Currency Floating rate financial assets Fixed rate financial assets interest is paid Total assets 31/10/20 £'000 £'000 £'000 £'000 Chinese Yuan Renminbi - - 67 67 Euro 20,372 - 61,210 81,582 UK Pound 282,809 - 137,760 420,569 Japanese Yen - - 16,833 16,833 Korean Won 317 - - 317 US Dollar 19 - 138,417 138,436 Total 303,517 - 354,287 657,804

31/10/19 £'000 £'000 £'000 £'000 Euro - - 81,612 81,612 Japanese Yen - - 17,623 17,623 UK Pound 72,897 - 411,385 484,282 US Dollar 15 - 118,007 118,022 Total 72,912 - 628,627 701,539

The interest rate risk profile of the fund's financial liabilities was: Floating rate financial Financial liabilities on which Currency liabilities Fixed rate financial liabilities no interest is paid^ Total liabilities^ 31/10/20 £'000 £'000 £'000 £'000 Euro - - 1,391 1,391 UK Pound - - 656,003 656,003 US Dollar - - 410 410 Total - - 657,804 657,804

31/10/19 £'000 £'000 £'000 £'000 Euro - - 137 137 UK Pound - - 699,472 699,472 US Dollar - - 1,930 1,930 Total - - 701,539 701,539

^ Includes £654,394,000 in respect of the fund's liability to redeem all shares (2019: £698,714,000). The fund invests in equity, fixed interest funds, cash/money market funds and has bank balances and/or amounts held at futures clearing houses and brokers. Interest rate risk profile Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.37% rise or fall in the fund's market value (2019: 0.30%). Interest rate risk A rise or fall of 1% in global interest rates is likely to result in a 2.92% fall or rise in the fund's market value (2019: 0.94%). Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Bond futures At the year end the fund holds no derivatives that could impact it significantly (2019: A 1% change in interest rates would lead to a change representing 0.83% change of the fund's market value). Equity derivatives The fund can use derivatives for investment purposes. At the year end, the fund holds no derivatives that could impact it significantly (2019: same).

132 Fidelity Multi Asset Open Strategic Fund

Notes to the Financial Statements

13 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 85,976 28 0.03 - - Mutual Fund 40,807 - - - - Corporate actions 445 - - - - Derivative - 20 - - -

Total 127,228 48 -

Total including transaction costs 127,276 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 70,701 22 0.03 - - Mutual Fund 52,790 - - - - Corporate actions 32 - - - - Derivative - 19 - - -

Total 123,523 41 -

Total including transaction costs 123,482 Total as a percentage of average net assets* xxx 0.01 % xxx 0.00 % xxx

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 47,902 8 0.02 - - Mutual Fund 496,255 - - - - Corporate actions 208 - - - - Derivative - 11 - - -

Total 544,365 19 -

Total including transaction costs 544,384 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 45,979 27 0.06 - - Mutual Fund 27,994 - - - - Derivative - 7 - - -

Total 73,973 34 -

Total including transaction costs 73,939 Total as a percentage of average net assets xxx 0.01 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.00% (2019: 0.00%).

14 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 40,032 (862) 24,381 (363) Level 2: Observable market data 606,024 (939) 664,448 (1,686) Level 3: Unobservable data - - - - 646,056 (1,801) 688,829 (2,049)

15 Shares in issue reconciliation Shares in issue as Shares in issue as at 31/10/19 Issued shares Cancelled shares Conversion shares at 31/10/20 A Accumulation Shares 66,318,845 3,814,898 (8,965,874) (11,074,718) 50,093,151 I Accumulation Shares 9,493,337 16,702,860 (307,645) - 25,888,552 Lovewell Blake FP Accumulation Shares 10,395,722 5,128,408 (799,928) - 14,724,202 W Accumulation Shares 416,343,970 6,720,688 (43,044,612) 12,365,599 392,385,645 133 Fidelity Multi Asset Open Strategic Fund

Notes to the Financial Statements

16 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of £413,000 (2019: £445,000) are included within accrued expenses in Note 11. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to capital are included in note 4. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5. Amounts recoverable at the year end in respect of ACD fee rebate/waiver are included within ACD fee rebate/waiver recoverable in Note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £623,000 (2019: £84,000) is included in Note 5. During the year, the aggregate value of purchases and sales in Fidelity funds were £562,000 and nil respectively (2019: £22,719,000 and nil).

17 Counterparty details of financial derivative transactions 31/10/20 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Bank of America 456 - - - - - 456 Barclays (47) - - - - - (47) BNP Paribas 161 - - - - - 161 Citibank 4 - - - - - 4 HSBC Global Markets - (893) - - - 725 (168) JP Morgan 94 - - - - - 94 Morgan Stanley 67 - - - - - 67 UBS - - (534) - - 3,226 2,692 Total 735 (893) (534) - - 3,951 3,259 31/10/19 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 BBH 258 - - - - - 258 BNP Paribas 117 - - - - - 117 HSBC Global Markets - 568 - - - 620 1,188 UBS - (1,686) 361 - - 2,334 1,009 Total 375 (1,118) 361 - - 2,954 2,572

18 Shareholders' funds The fund has four share classes; Lovewell Blake FP Accumulation Shares, I Accumulation Shares, W Accumulation Shares and A Accumulation Shares. The annual management charge on each share class is as follows: A Accumulation Shares : 1.25% I Accumulation Shares : 0.50% W Accumulation Shares : 0.50% Lovewell Blake FP Accumulation Shares : 0.45% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up.

19 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% A Accumulation Shares 151.90 166.19 9.41 I Accumulation Shares 103.62 113.59 9.62 W Accumulation Shares 136.44 149.59 9.64 Lovewell Blake FP Accumulation Shares 109.44 120.00 9.65

134 Fidelity Multi Asset Open Strategic Fund

Distribution Statement for the year ended 31 October 2020 I Accumulation Shares - final distribution No. 2 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 0.9384 - 0.9384 0.0410 Group 2 0.5527 0.3857 0.9384 0.0410 xxx xxx xxx xxx xxx W Accumulation Shares - final distribution No. 8 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 0.9966 - 0.9966 - Group 2 0.8553 0.1413 0.9966 - xxx xxx xxx xxx xxx Lovewell Blake FP Accumulation Shares - final distribution No. 3 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 1.0265 - 1.0265 - Group 2 0.8533 0.1732 1.0265 - xxx xxx xxx xxx xxx

135 Fidelity Open World Fund

Fidelity Open World Fund Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI This Fund targets an average annual return of 7% after the deduction of A Accumulation Shares 6 ongoing fund charges, over a typical market cycle of 5-7 years. The return Lovewell Blake FP Accumulation Shares 6 target assumes the deduction of the ongoing charges figure (OCF) on the W share class. There is no guarantee that the target will be achieved by the W Accumulation Shares 6 fund. The fund has a large exposure to equities meaning that it is likely to experience Lower risk Higher risk short-term price fluctuations in line with these markets and an investor may not get back the full amount invested. Typically lower rewards Typically higher rewards The fund provides global exposure to a diversified range of assets by investing at least 70% into funds. The fund typically invests more than 70% in sub-funds of 1 2 3 4 5 6 7 an Irish UCITS fund (Fidelity Common Contractual Fund II) operated by Fidelity which subsequently utilise the experience and specialisms of a number of The risk category was calculated using historical volatility data, based upon investment managers (which may include Fidelity) to manage the underlying the methods set by European Union rules. Volatility is influenced by changes assets. The exposure may be less than 70% depending on market conditions. in the stock market prices, currencies and interest rates which can be affected The fund is actively managed without reference to a benchmark. unpredictably by diverse factors including political and economic events. The fund can also invest directly into other collective investment schemes • Historical data may not be a reliable indication for the future. (including schemes operated by Fidelity), transferable securities, money • The risk category shown is not guaranteed and may change over time. market instruments, cash and deposits, and is also able to use derivatives for efficient portfolio management and investment purposes. • The lowest category does not mean a "risk free" investment. Asset allocation exposure of the fund will be actively managed subject to it • The risk and reward profile is classified by the level of historical fluctuation remaining within the following parameters in all market conditions: 80-100% of the Net Asset Values of the share class, and within this classification, equity, 0-20% debt instruments (which may include high yield and emerging categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium market debt), 0-10% cash and 0-20% alternatives (such as infrastructure level and 6-7 a high level. securities and Real Estate Investment Trusts). • The value of your investment may fall as well as rise and you may get back less than you originally invested. Performance and Portfolio Activity The fund delivered negative returns, with growth and diversifying assets • The fund may invest in instruments denominated in currencies other than the detracting from performance. Within growth assets, underlying equity fund base currency. Changes in currency exchange rates can therefore affect holdings in the UK, emerging markets and Japan weighed on returns. Within the value of your investment. hedging assets, holdings in gold provided support. We bought a position in • Currency hedging may be used which aims to reduce the effect of such STOXX Europe 600 Automobiles & Parts index as the sector is likely benefit changes. However, the effects may not be completely eliminated to the from the re-opening of economies across the globe. We purchased a holding degree expected. in attractively valued Majedie Tortoise Fund. The strategy has a balanced • The use of derivatives may result in “leverage” by which we mean a level of portfolio from a stylistic perspective, with exposure to both value and quality exposure which could expose the fund to the potential of greater gains or growth areas of the market. Meanwhile, we reduced the exposure to Ninety losses than would otherwise be the case. One Fund Series III - Global Gold and sold the position in Euro STOXX Banks • There is a risk that the issuers of bonds may not be able to repay the money index. they have borrowed or make interest payments. While we seek to mitigate Outlook this, the fund may be exposed to the risk of financial loss if it invests into an Despite the recovery in growth data, the resurgence of COVID-19 cases across instrument issued by an entity that subsequently defaults on its borrowings. the globe continues to overshadow the resumption of economic activity. Losses may also be realised if an entity that the fund is exposed to ceases Against this backdrop, monetary policy is likely to remain accommodative for to make interest payments over a period of time or indefinitely. Bond prices the foreseeable future, across both developed and emerging markets. have an inverse relationship with interest rates such that when interest rates Chris Forgan & Charlotte Harington rise, bonds may fall in value. Rising interest rates may cause the value of your Fund Managers investment to fall. 31 October 2020

136 Fidelity Open World Fund

Comparative Performance Table

A Accumulation Shares W Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 2020 2019 2018 Opening net asset value per share 187.44 169.61 170.87 177.10 159.06 159.19 Return before operating charges* 0.25 21.45 2.21 0.22 20.28 1.90 Operating charges (3.58) (3.62) (3.47) (2.08) (2.24) (2.03) Return after operating charges* (3.33) 17.83 (1.26) (1.86) 18.04 (0.13) Distributions (0.70) - - (2.07) - (0.72) Retained distributions on accumulation shares 0.70 - - 2.07 - 0.72 Closing net asset value per share 184.11 187.44 169.61 175.24 177.10 159.06 *after direct transaction costs of 0.02 0.01 0.03 0.02 0.01 0.03 Performance Return after charges (1.8%) 10.5% (0.7%) (1.1%) 11.3% (0.1%) Other information Closing net asset value (£'000) 91,779 113,724 14,476 1,139,425 1,238,215 188,168 Closing number of shares 49,849,340 60,673,335 8,535,025 650,226,276 699,163,279 118,302,758 Operating charges 1.94% 1.97% 2.00% 1.19% 1.22% 1.25% Direct transaction costs 0.01% 0.01% 0.02% 0.01% 0.01% 0.02% Prices (pence per share) Highest share price 198.90 197.20 184.00 188.20 185.90 172.40 Lowest share price 146.60 162.70 161.40 139.00 152.70 150.80

Lovewell Blake FP Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 Opening net asset value per share 115.83 103.82 100.00 Return before operating charges* 0.15 13.17 4.94 Operating charges (1.13) (1.16) (1.12) Return after operating charges* (0.98) 12.01 3.82 Distributions (1.62) (0.07) (0.29) Retained distributions on accumulation shares 1.62 0.07 0.29 Closing net asset value per share 114.85 115.83 103.82 *after direct transaction costs of 0.02 0.01 0.03 Performance Return after charges (0.9%) 11.6% 3.8% Other information Closing net asset value (£'000) 3,143 2,072 179 Closing number of shares 2,736,717 1,788,795 172,506 Operating charges 0.99% 1.02% 1.05% Direct transaction costs 0.01% 0.01% 0.02% Prices (pence per share) Highest share price 123.10 121.60 112.40 Lowest share price 90.96 99.72 99.89

137 Fidelity Open World Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 (25,044) 115,229 Revenue 5 34,824 8,351 Expenses 6 (16,766) (9,870) Interest payable and similar charges 8 (411) (994)

Net revenue/(expense) before taxation 17,647 (2,513) Taxation 7 (3,571) (530)

Net revenue/(expense) after taxation xxx 14,076 xxx (3,043)

Total return before distributions (10,968) 112,186 Distributions 8 (14,076) (1) Change in net assets attributable to shareholders from investment activities (25,044) 112,185

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 1,354,011 628,017 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 166,660 62,496 Amounts payable on cancellation of shares (275,101) (139,500) In specie creation of shares - 690,812 xxx (108,441) xxx 613,808 Change in net assets attributable to shareholders from investment activities (see above) (25,044) 112,185 Retained distribution on accumulation shares 8 13,821 1 Closing net assets attributable to shareholders 1,234,347 1,354,011

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 1,213,008 1,346,302 Current assets: Debtors 9 1,353 1,330 Cash equivalents 6,449 6 Cash and bank balances 10 20,609 13,333

Total other assets xxx 28,411 xxx 14,669

Total assets 1,241,419 1,360,971 Liabilities: Investment liabilities (5,021) (4,938) Creditors Bank overdrafts - (34) Other creditors 11 (2,051) (1,988)

Total other liabilities xxx (2,051) xxx (2,022) Total liabilities (7,072) (6,960) Net assets attributable to shareholders 1,234,347 1,354,011

138 Fidelity Open World Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ (18,178) 113,326 Gains/(losses) on derivative contracts+ (9,327) (1,815) Gains/(losses) on forward currency contracts+ 2,427 3,592 Other currency gains/(losses) 41 130 Transaction charges (7) (6) Management fee rebate to capital - 2

Net capital gains/(losses) (25,044) 115,229 + These comprise: Realised gains/(losses)++ 17,582 15,867 Unrealised gains/(losses) (42,660) 99,236

Total (25,078) 115,103 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 286 (10) Overseas dividend distributions 31,209 6,067 Interest distributions 397 77 Derivative revenue 1,452 906 Management fee rebate to income 120 129 ACD fee rebate/waiver to income 1,285 1,138 Bank interest 75 44

Total revenue 34,824 8,351

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 7,155 6,557 Registrar fees 1,282 1,136 Service charges 641 568 9,078 8,261 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 78 71 Custody fees 4 - 82 71 Other expenses: Audit fee 9 10 Other operating expenses 7,597 1,528 7,606 1,538

Total expenses 16,766 9,870

139 Fidelity Open World Fund

Notes to the Financial Statements

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year Overseas taxation 3,571 530

Total current taxation 3,571 530 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 17,647 (2,513) Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 3,529 (503) Effects of: ACD fee waiver to capital - 1 Increase/(decrease) in unutilised management expenses 2,789 1,722 Overseas tax expensed (20) - Overseas taxation 3,571 530 Revenue not included for tax purposes (6,298) (1,220)

Current tax charge/(credit) 3,571 530 Open ended investment companies are exempt from UK tax on capital gains. The fund has unrelieved excess management expenses resulting in a potential deferred tax asset of £6,428,000 (2019: £3,639,000). It is unlikely that the fund will generate sufficient taxable profits in the future to utilise these and therefore no deferred tax asset has been recognised.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares. A Accumulation Shares Final 350 - Y Accumulation Shares* Interim - - W Accumulation Shares Final 13,427 - Lovewell Blake FP Accumulation Shares Final 44 1 13,821 1 Add: Revenue deducted on cancellation of shares 335 - Deduct: Revenue received on issue of shares (80) - Net distributions for the year 14,076 1 Interest/other Short dividend payments 110 311 Interest 6 15 Derivative expense 59 648 Contract for difference finance costs 236 20 411 994

Total finance costs 14,487 995 Reconciliation of Net revenue after taxation to Net distribution for the year: Net revenue after taxation for the year, per the Statement of Total Return 14,076 (3,043) Add back (revenue)/expenses transferred to capital: Revenue shortfall transferred from capital - 3,044

14,076 1 Details of the distributions per share are set out in the Distribution Statement. *Share class launches, closures, conversions, mergers and renames have been completed during the year. Please refer to the Changes to the Prospectus on page 3.

140 Fidelity Open World Fund

Notes to the Financial Statements

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 54 142 Accrued revenue 10 35 Management fee rebate recoverable 4 15 ACD fee rebate/waiver recoverable 1,285 1,138

Total debtors 1,353 1,330

10 Cash and bank balances 31/10/20 31/10/19 £'000 £'000 Amounts held at futures clearing houses and brokers 10,349 8,197 Cash and bank balances 10,260 5,136

Total cash and bank balances 20,609 13,333

11 Other creditors 31/10/20 31/10/19 £'000 £'000 Amounts payable for cancellation of shares 1,225 1,103 Accrued expenses 825 878 Amounts payable on closure of derivative contract 1 7

Total other creditors 2,051 1,988

12 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Euro 208,425 - - 208,425 UK Pound 175,816 20,598 (708) 195,706 Japanese Yen 90,165 - - 90,165 US Dollar 740,030 11 10 740,051 Total 1,214,436 20,609 (698) 1,234,347

31/10/19 £'000 £'000 £'000 £'000 Euro 222,210 - - 222,210 Japanese Yen 112,461 - - 112,461 UK Pound 274,511 13,333 (726) 287,118 US Dollar 732,188 (34) 68 732,222 Total 1,341,370 13,299 (658) 1,354,011

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section. Interest rate risk profile The fund invests in equity, fixed interest funds, cash/money market funds and has bank balances and/or amounts held at futures clearing houses and brokers. At the year end, there is no significant interest rate risk on the fund. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.86% rise or fall in the fund's market value (2019: 0.78%).

141 Fidelity Open World Fund

Notes to the Financial Statements

Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value. Equity derivatives At the year end the fund holds no equity derivatives that could impact it significantly (2019: same).

13 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 89,098 42 0.05 - - Mutual Fund 32,939 - - - - Derivative - 37 - - -

Total 122,037 79 -

Total including transaction costs 122,116 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 53,154 23 0.04 - - Mutual Fund 182,913 - - - - Derivative - 33 - - -

Total 236,067 56 -

Total including transaction costs 236,011 Total as a percentage of average net assets* xxx 0.01 % xxx 0.00 % xxx

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 51,983 8 0.02 - - Mutual Fund 746,801 - - - - Corporate actions 981 - - - - Derivative - 33 - - -

Total 799,765 41 -

Total including transaction costs 799,806 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 38,643 22 0.06 - - Mutual Fund 151,980 - - - - Derivative - 22 - - -

Total 190,623 44 -

Total including transaction costs 190,579 Total as a percentage of average net assets xxx 0.01 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.00% (2019: 0.00%).

14 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 93,083 (2,286) 66,945 (774) Level 2: Observable market data 1,126,374 (2,735) 1,279,363 (4,164) Level 3: Unobservable data - - - - 1,219,457 (5,021) 1,346,308 (4,938)

142 Fidelity Open World Fund

Notes to the Financial Statements

15 Shares in issue reconciliation Shares in issue as Shares in issue as at 31/10/19 Issued shares Cancelled shares Conversion shares at 31/10/20 A Accumulation Shares 60,673,335 648,982 (5,693,559) (5,779,418) 49,849,340 Lovewell Blake FP Accumulation Shares 1,788,795 1,521,933 (574,011) - 2,736,717 W Accumulation Shares 699,163,279 98,283,615 (153,330,297) 6,109,679 650,226,276

16 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 11. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the year end of £767,000 (2019: £824,000) are included within accrued expenses in Note 11. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5. Amounts recoverable at the year end in respect of ACD fee rebate/waiver are included within ACD fee rebate/waiver recoverable in Note 9. Income received from Fidelity funds of £2,726,000 (2019: £150,000) is included in Note 5. During the year, the aggregate value of purchases and sales in Fidelity funds were £292,000 and £3,016,000 respectively (2019: £79,916,000 and £5,179,000).

17 Counterparty details of financial derivative transactions 31/10/20 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Bank of America 564 - - - - - 564 Barclays (88) - - - - - (88) Citibank 5 - - - - - 5 HSBC Global Markets - (2,645) - - - 2,150 (495) JP Morgan 239 - - - - - 239 UBS - - (2,024) - - 8,199 6,175 Total 720 (2,645) (2,024) - - 10,349 6,400 31/10/19 Currency Collateral - Broker Contracts CFD Futures Swaps Options Cash Grand Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 BBH 358 - - - - - 358 HSBC Global Markets - 1,114 - - - 1,110 2,224 UBS - (4,164) (542) - - 3,852 (854) Total 358 (3,050) (542) - - 4,962 1,728

18 Shareholders' funds The fund has three share classes; Lovewell Blake FP Accumulation Shares, W Accumulation Shares and A Accumulation Shares. The annual management charge on each share class is as follows: A Accumulation Shares : 1.25% W Accumulation Shares : 0.50% Lovewell Blake FP Accumulation Shares : 0.45% The distributions per share class are given in the Distribution Statement. All classes have the same rights on winding up.

19 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% A Accumulation Shares 184.11 212.00 15.15 W Accumulation Shares 175.24 202.19 15.38 Lovewell Blake FP Accumulation Shares 114.85 132.59 15.45

143 Fidelity Open World Fund

Distribution Statement for the year ended 31 October 2020 A Accumulation Shares - final distribution No. 8 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 0.7015 - 0.7015 - Group 2 0.5803 0.1212 0.7015 - xxx xxx xxx xxx xxx W Accumulation Shares - final distribution No. 8 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 2.0650 - 2.0650 - Group 2 1.9444 0.1206 2.0650 - xxx xxx xxx xxx xxx Lovewell Blake FP Accumulation Shares - final distribution No. 3 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 1.6193 - 1.6193 0.0691 Group 2 1.4966 0.1227 1.6193 0.0691 xxx xxx xxx xxx xxx

144 Fidelity Select 50 Balanced Fund

Fund Manager’s Review Risk and Reward Indicator

Investment Objective and Policy XXX SRRI The aim of the fund is to increase the value of your investment over a period PI Accumulation Shares 4 of 5 years or more from global exposure to a diversified range of assets. The fund invests at least 80% into a portfolio of funds from the Fidelity Select Lower risk Higher risk 50 list of funds (which may include funds managed by Fidelity). The fund has exposure to a balance of both higher risk assets (like equities Typically lower rewards Typically higher rewards and non-investment grade debt instruments) and lower risk assets (such as investment grade debt instruments and cash). The Portfolio Manager will 2 3 4 5 6 7 tactically alter the balance between these risk assets in accordance with the 1 opportunities for producing returns over a typical market cycle of 5-7 years The risk category was calculated using historical volatility data, based upon while balancing this with the aim of maintaining a moderate risk profile. the methods set by European Union rules. Volatility is influenced by changes Asset allocation exposure of the fund will be actively managed subject to in the stock market prices, currencies and interest rates which can be affected it remaining within the following parameters: 30-70% equity, 20-60% debt unpredictably by diverse factors including political and economic events. instruments (which may include investment grade and non-investment • Historical data may not be a reliable indication for the future. grade debt instruments (such as high yield and emerging market debt)) and alternatives and 0-20% cash. The fund is actively managed without reference • The risk category shown is not guaranteed and may change over time. to a benchmark. • The lowest category does not mean a "risk free" investment. The fund can also invest directly into other collective investment schemes, • The risk and reward profile is classified by the level of historical fluctuation transferable securities, money market instruments, cash and deposits, and is of the Net Asset Values of the share class, and within this classification, also able to use derivatives for efficient portfolio management and investment categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium purposes. level and 6-7 a high level. Performance and Portfolio Activity • The value of your investment may fall as well as rise and you may get back less than you originally invested. The fund generated positive returns over the period. The allocation to gold contributed to performance, as did the exposure to global equity and fixed • The fund may invest in instruments denominated in currencies other than the income holdings. This was partially offset by equity positions in the UK and fund base currency. Changes in currency exchange rates can therefore affect Europe ex UK. Among equities holdings, FP Crux European Special Situations the value of your investment. Fund and Invesco European Equity Income Fund were sold. Meanwhile, a • Currency hedging may be used which aims to reduce the effect of such position was purchased in BlackRock Continental European Fund. Within the changes. However, the effects may not be completely eliminated to the fixed income line-up, a holding was purchased in iShares UK Gilts All Stocks degree expected. Index Fund. • The use of derivatives may result in “leverage” by which we mean a level of Outlook exposure which could expose the fund to the potential of greater gains or Second waves of COVID-19 continue to weigh on global economic activity, losses than would otherwise be the case. although economic data has improved compared to March 2020 levels. The • There is a risk that the issuers of bonds may not be able to repay the money team is cautiously optimistic on the prospects for a further recovery, though they have borrowed or make interest payments. While we seek to mitigate uncertainty remains. this, the fund may be exposed to the risk of financial loss if it invests into an Ayesha Akbar & Sarah Jane Cawthray instrument issued by an entity that subsequently defaults on its borrowings. Fund Managers Losses may also be realised if an entity that the fund is exposed to ceases 31 October 2020 to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall.

145 Fidelity Select 50 Balanced Fund

Comparative Performance Table

PI Accumulation Shares Change in net assets (pence per share) 2020 2019 2018 Opening net asset value per share 107.59 99.34 100.00 Return before operating charges* 1.45 9.55 0.61 Operating charges (1.31) (1.30) (1.27) Return after operating charges* 0.14 8.25 (0.66) Distributions (1.02) (0.82) (0.63) Retained distributions on accumulation shares 1.02 0.82 0.63 Closing net asset value per share 107.73 107.59 99.34 *after direct transaction costs of - - - Performance Return after charges 0.1% 8.3% (0.7%) Other information Closing net asset value (£'000) 107,143 86,272 46,115 Closing number of shares 99,457,244 80,183,721 46,420,063 Operating charges 1.22% 1.25% 1.25% Direct transaction costs 0% 0% 0% Prices (pence per share) Highest share price 111.60 110.10 105.10 Lowest share price 93.77 97.08 97.99

146 Fidelity Select 50 Balanced Fund

Statement of Total Return for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Income Net capital gains/(losses) 4 (696) 4,578 Revenue 5 1,682 1,080 Expenses 6 (666) (461) Interest payable and similar charges 8 - (1)

Net revenue/(expense) before taxation 1,016 618 Taxation 7 (66) (46)

Net revenue/(expense) after taxation xxx 950 xxx 572

Total return before distributions 254 5,150 Distributions 8 (950) (572) Change in net assets attributable to shareholders from investment activities (696) 4,578

Statement of Change in Net Assets Attributable to Shareholders for the year ended 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Opening net assets attributable to shareholders 86,272 46,115 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 29,766 36,834 Amounts payable on cancellation of shares (9,217) (1,916) xxx 20,549 xxx 34,918 Change in net assets attributable to shareholders from investment activities (see above) (696) 4,578 Retained distribution on accumulation shares 8 1,018 661 Closing net assets attributable to shareholders 107,143 86,272

Balance Sheet as at 31 October 2020 31/10/20 31/10/19 Note £'000 £'000 £'000 £'000

Assets Investments 106,623 86,077 Current assets: Debtors 9 320 255 Cash and bank balances 563 119

Total other assets xxx 883 xxx 374

Total assets 107,506 86,451 Liabilities: Creditors Other creditors 10 (363) (179)

Total other liabilities xxx (363) xxx (179) Total liabilities (363) (179) Net assets attributable to shareholders 107,143 86,272

147 Fidelity Select 50 Balanced Fund

Notes to the Financial Statements

1 Accounting policies The fund’s financial statements have been prepared in accordance with the Company Accounting Policies and Risk Management sections.

2 Equalisation Equalisation applies only to shares purchased during the distribution year (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is credited to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

3 Contingent liabilities At the year end there are no contingent liabilities or commitments (2019: nil).

4 Net capital gains/(losses) 31/10/20 31/10/19 £'000 £'000 Gains/(losses) on non-derivative securities+ (619) 4,505 Gains/(losses) on forward currency contracts+ (99) 54 Other currency gains/(losses) (4) (5) Transaction charges (6) (6) ACD fee rebate/waiver to capital 21 13 Management fee rebate to capital 11 17

Net capital gains/(losses) (696) 4,578 + These comprise: Realised gains/(losses)++ 822 765 Unrealised gains/(losses) (1,540) 3,794

Total (718) 4,559 ++ Where realised gains/(losses) include gains/losses arising in previous periods, a corresponding loss/gain is included in unrealised gains/(losses).

5 Revenue 31/10/20 31/10/19 £'000 £'000 UK dividend distributions 608 336 Unfranked UK dividend distributions 64 54 Overseas dividend distributions 110 83 Interest distributions 747 493 Management fee rebate to income 13 12 ACD fee rebate/waiver to income 140 101 Bank interest - 1

Total revenue 1,682 1,080

6 Expenses 31/10/20 31/10/19 £'000 £'000 Payable to the ACD, associates of the ACD, and agents of either of them: Investment management fees 492 338 Registrar fees 98 67 Service charges 49 34 639 439 Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary fees 12 8 12 8 Other expenses: Audit fee 9 10 Other operating expenses 6 4 15 14

Total expenses 666 461

148 Fidelity Select 50 Balanced Fund

Notes to the Financial Statements

7 Taxation 31/10/20 31/10/19 £'000 £'000 a) Analysis of charge/(credit) for the year UK corporation tax 66 46 Overseas taxation 6 7 Double taxation relief (6) (7)

Total current taxation 66 46 b) Factors affecting tax charge/(credit) for the year

Net revenue/(expense) before taxation 1,016 618 Net revenue/(expense) multiplied by the standard rate of corporation tax of 20% (2019: 20%). 203 124 Effects of: Double taxation relief (6) (7) Management fee rebate 6 6 Overseas taxation 6 7 Revenue not included for tax purposes (143) (84)

Current tax charge/(credit) 66 46 Open ended investment companies are exempt from UK tax on capital gains.

8 Finance costs 31/10/20 31/10/19 £'000 £'000 Distributions The distribution takes account of revenue received on the issue of shares and revenue deducted on cancellation of shares. PI Accumulation Shares Final 1,018 661 Add: Revenue deducted on cancellation of shares 44 5 Deduct: Revenue received on issue of shares (112) (94) Net distributions for the year 950 572 Interest/other Interest - 1

Total finance costs 950 573 Details of the distribution per share is set out in the Distribution Statement.

9 Debtors 31/10/20 31/10/19 £'000 £'000 Amounts receivable for issue of shares 131 196 Sales awaiting settlement 146 - Management fee rebate recoverable 1 3 ACD fee rebate/waiver recoverable 31 26 UK income tax recoverable 11 5 Accrued revenue - 25

Total debtors 320 255

10 Other creditors 31/10/20 31/10/19 £'000 £'000 Amounts payable for cancellation of shares 222 - Accrued expenses 77 64 UK corporation tax payable 64 39 Purchases awaiting settlement - 76

Total other creditors 363 179

149 Fidelity Select 50 Balanced Fund

Notes to the Financial Statements

11 Financial instruments exposure Currency exposure A portion of the financial assets of the fund are denominated in currencies other than UK Pound, which is the fund's base currency, with the effect that the Balance Sheet and total return can be affected by currency movements. The currency exposure of the fund was: Non-monetary exposures Monetary exposures Monetary exposures Total exposure Currency Investments^ Cash balances Debtors/(Creditors) 31/10/20 £'000 £'000 £'000 £'000 Euro 3,252 - - 3,252 UK Pound 101,269 563 (43) 101,789 US Dollar 2,102 - - 2,102 Total 106,623 563 (43) 107,143

31/10/19 £'000 £'000 £'000 £'000 Euro 2,077 - - 2,077 UK Pound 82,293 119 76 82,488 US Dollar 1,707 - - 1,707 Total 86,077 119 76 86,272

^ includes cash equivalents where appropriate. The currency disclosure provided is based on the trading currency of the investments and foreign currency contracts. For further information on risk disclosures refer to the Risk management policies section. Interest rate risk profile of financial assets and financial liabilities The interest rate risk profile of the fund's financial assets was: Financial assets on which no Currency Floating rate financial assets Fixed rate financial assets interest is paid Total assets 31/10/20 £'000 £'000 £'000 £'000 Euro - - 3,252 3,252 UK Pound 43,475 - 58,677 102,152 US Dollar 2,102 - - 2,102 Total 45,577 - 61,929 107,506

31/10/19 £'000 £'000 £'000 £'000 Euro - - 2,077 2,077 UK Pound 3,520 - 79,147 82,667 US Dollar - - 1,707 1,707 Total 3,520 - 82,931 86,451

The interest rate risk profile of the fund's financial liabilities was: Floating rate financial Financial liabilities on which Currency liabilities Fixed rate financial liabilities no interest is paid^ Total liabilities^ 31/10/20 £'000 £'000 £'000 £'000 UK Pound - - 107,506 107,506 Total - - 107,506 107,506

31/10/19 £'000 £'000 £'000 £'000 UK Pound - - 86,451 86,451 Total - - 86,451 86,451

^ Includes £107,143,000 in respect of the fund's liability to redeem all shares (2019: £86,272,000). Interest rate risk profile The only interest bearing financial instruments in the fund are its bank balances and/or amounts held at futures clearing houses and brokers. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. Market value sensitivity analysis Currency risk A rise or fall of 1% in non UK Pound currencies is likely to result in a 0.09% rise or fall in the fund's market value (2019: 0.11%). Interest rate risk A rise or fall of 1% in global interest rates is likely to result in a 0.60% fall or rise in the fund's market value (2019: 0.90%).

150 Fidelity Select 50 Balanced Fund

Notes to the Financial Statements

Other price risk Fluctuations in securities and underlying funds prices will directly be reflected in the fund's market value.

12 Portfolio transaction costs 31/10/20 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 7,610 2 0.02 - - Mutual Fund 48,575 - - - - Corporate actions 53 - - - -

Total 56,238 2 -

Total including transaction costs 56,240 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 5,007 1 0.01 - - Mutual Fund 30,069 - - - - Corporate actions 7 - - - -

Total 35,083 1 -

Total including transaction costs 35,082 Total as a percentage of average net assets* xxx 0.00 % xxx 0.00 % xxx

31/10/19 Purchases Commissions Taxes Analysis of total purchases costs £'000 £'000 % £'000 % Equity 103 - 0.06 - - Mutual Fund 64,211 - - - - Corporate actions 77 - - - -

Total 64,391 - -

Total including transaction costs 64,391 Sales Commissions Taxes Analysis of total sales costs £'000 £'000 % £'000 % Equity 693 - 0.05 - - Mutual Fund 27,844 - - - - Corporate actions 40 - - - -

Total 28,577 - -

Total including transaction costs 28,577 Total as a percentage of average net assets xxx 0.00 % xxx 0.00 % xxx *During the year dealing spread costs may be applicable to purchases and sales (the difference between bid and offer prices of all investments expressed as a percentage of the offer price value), which are not separately identifiable and do not form part of the analysis above. Dealing spread costs suffered by the fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread was 0.00% (2019: 0.00%).

13 Basis of valuation 31/10/20 31/10/20 31/10/19 31/10/19 £'000 £'000 £'000 £'000 Assets Liabilities Assets Liabilities Level 1: Quoted prices 3,247 - - - Level 2: Observable market data 103,376 - 86,077 - Level 3: Unobservable data - - - - 106,623 - 86,077 -

14 Shares in issue reconciliation Shares in issue as Shares in issue as at 31/10/19 Issued shares Cancelled shares at 31/10/20 PI Accumulation Shares 80,183,721 28,047,133 (8,773,610) 99,457,244

151 Fidelity Select 50 Balanced Fund

Notes to the Financial Statements

15 Related parties The ACD, FIL Investment Services (UK) Limited, is regarded as a related party under FRS 102 because it provides key management personnel services to the authorised fund. The ACD acts as principal on all transactions of shares in the fund. The aggregate monies received through issues and paid through cancellations are disclosed in the Statement of Change in Net Assets Attributable to Shareholders, and the amounts due to, and from, the ACD in respect of share transactions at the year end are disclosed in Notes 9 and 10. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to capital are included in note 4. Amounts rebated from the ACD in respect of the ACD fee rebate/waiver to income are included in note 5 and amounts receivable at the year end are included within the ACD fee rebate/waiver recoverable in note 9. The fund invests in other Fidelity funds, all transactions in respect of which are transacted with FIL Investment Services (UK) Limited. Income received from Fidelity funds of £327,000 (2019: £94,000) is included in Note 5. During the year, the aggregate value of purchases and sales in Fidelity funds were £6,981,000 and £5,421,000 respectively (2019: £14,050,000 and £5,141,000). Amounts receivable at the year end in respect of investments sold of £130,000 (2019: NIL) are included within sales awaiting settlement in Note 9. Amounts paid to the ACD in respect of services provided are disclosed in Note 6. Amounts due at the period end of £60,000 (2019:£47,000) are included within accrued expenses in Note 10.

16 Counterparty details of financial derivative transactions 31/10/20 Currency Broker Contracts CFD Futures Swaps Options Grand Total £'000 £'000 £'000 £'000 £'000 £'000 BNP Paribas 24 - - - - 24 JP Morgan 1 - - - - 1 Total 25 - - - - 25 31/10/19 Currency Broker Contracts CFD Futures Swaps Options Grand Total £'000 £'000 £'000 £'000 £'000 £'000 Bank of America 1 - - - - 1 BNP Paribas 10 - - - - 10 Total 11 - - - - 11

17 Shareholders' funds The fund has one share class; PI Accumulation Shares. The annual management charge is as follows: PI Accumulation Shares : 0.50% The distributions per share class are given in the Distribution Statement.

18 Post balance sheet event The net asset value in pence per share at the Balance Sheet date and the latest practicable date prior to the publication of this report have been recorded below. NAV as at 31/10/20 NAV as at 25/01/21 Increase/(decrease)% PI Accumulation Shares 107.73 116.90 8.51

152 Fidelity Select 50 Balanced Fund

Distribution Statement for the year ended 31 October 2020 PI Accumulation Shares - final distribution No. 3 in pence per share Group 1 - Shares purchased on or before 31 October 2019. Group 2 - Shares purchased from 1 November 2019 to 31 October 2020. Amount Amount Equalisation accumulated accumulated xxx Net revenue (Note 2) 31/12/20 31/12/19

Group 1 1.0239 - 1.0239 0.8249 Group 2 0.6010 0.4229 1.0239 0.8249 xxx xxx xxx xxx xxx

153 Fidelity Allocator World Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Global Equities - (58.80%) 653,607 Fidelity Index World Fund F Acc 16,684 29.63 329,611 Fidelity Index US Fund F Acc 11,025 19.58 179,550 Fidelity Index Europe ex UK Fund F Acc 2,611 4.64 76,459 Fidelity Index Japan Fund F Acc 1,338 2.38 64,855 Fidelity Index UK Fund F Acc 722 1.28 42,273 Fidelity Index Pacific ex Japan Fund F Acc 644 1.14 33,024 58.65 Financials - (14.60%) 115,223 iShares Core MSCI World UCITS 5,555 9.87 345,884 iShares MSCI World Small Cap UCITS ETF 1,382 2.45 5,476 iShares MSCI Canada UCITS ETF (USD) 525 0.93 22,372 iShares Developed Markets Property Yield UCITS ETF 366 0.65 7,828 13.90 Global Emerging Equities - (10.07%) 344,639 Fidelity Index Emerging Markets F Acc 5,840 10.37 5,840 10.37 Global REITS - (8.72%) 2,728,756 iShares Global Property Securities Equity Index Fund (UK) 5,089 9.04 5,089 9.04 Global Smaller Companies - (7.26%) 3,997,838 L&G Global Small Cap Equity Index Fund 4,310 7.65 4,310 7.65 Cash Funds/Money Market Funds - (0.00%) 0 Fidelity Institutional Liquidity Fund - Sterling C Acc 2 0.00 2 0.00 Global Government Bonds - (0.00%) 100 HSBC Global Funds ICAV - Global Government Bond Index Fund 1 0.00 807 iShares Overseas Government Bond Index Fund L Acc 1 0.00 2 0.00 Global Corporate Bonds - (0.00%) 708 iShares Overseas Corporate Bond Index Fund L Acc 1 0.00 1 0.00

154 Fidelity Allocator World Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Forward Foreign Exchange Contracts - (0.00%) 3,620,000 Bought ZAR sold USD @ 0.060511 for settlement 25/11/2020 3 0.01 19,454,000 Bought JPY sold USD @ 0.009475 for settlement 25/11/2020 2 0.00 55,642 Bought USD sold EUR @ 0.844685 for settlement 25/11/2020 1 0.00 333,593 Bought USD sold CNY @ 6.681812 for settlement 25/11/2020 1 0.00 1,840,000 Bought THB sold USD @ 0.031927 for settlement 25/11/2020 0 0.00 225,577 Bought USD sold GBP @ 0.771621 for settlement 25/11/2020 0 0.00 595,000 Bought HKD sold USD @ 0.129005 for settlement 25/11/2020 0 0.00 847,439,000 Bought IDR sold USD @ 0.000068 for settlement 25/11/2020 0 0.00 51,170,000 Bought KRW sold USD @ 0.000878 for settlement 25/11/2020 0 0.00 1,893,000 Bought MXN sold USD @ 0.047185 for settlement 25/11/2020 (1) 0.00 5,208,000 Bought INR sold USD @ 0.013567 for settlement 25/11/2020 (1) 0.00 10,899,000 Bought RUB sold USD @ 0.012861 for settlement 25/11/2020 (2) 0.00 1,029,000 Bought BRL sold USD @ 0.179244 for settlement 25/11/2020 (5) (0.01) (2) 0.00 Portfolio of investments 56,094 99.61 Cash and other net assets/(liabilities) 214 0.39 Net assets 56,308 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

155 Fidelity Multi Asset Allocator Adventurous Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Global Equities - (48.16%) 1,326,127 Fidelity Index World Fund F Acc 33,851 30.45 390,571 Fidelity Index US Fund F Acc 13,064 11.75 212,820 Fidelity Index Europe ex UK Fund F Acc 3,095 2.78 90,893 Fidelity Index Japan Fund F Acc 1,590 1.43 76,561 Fidelity Index UK Fund F Acc 852 0.77 50,153 Fidelity Index Pacific ex Japan Fund F Acc 764 0.69 53,216 47.86 Financials - (18.86%) 156,749 iShares Core MSCI World UCITS 7,557 6.80 1,040,270 iShares Global Government Bond UCITS ETF GBP Hedged 5,677 5.11 699,287 iShares Global Corporate Bond UCITS ETF GBP Hedged 3,733 3.36 599,046 iShares MSCI World Small Cap UCITS ETF 2,394 2.15 62,491 iShares Developed Markets Property Yield UCITS ETF 1,023 0.92 6,478 iShares MSCI Canada UCITS ETF (USD) 621 0.56 1,562 iShares Core Corporate Bond UCITS ETF 244 0.22 21,249 19.11 Global Emerging Equities - (8.05%) 541,473 Fidelity Index Emerging Markets F Acc 9,175 8.25 9,175 8.25 Global Government Bonds - (7.01%) 683,006 HSBC Global Funds ICAV - Global Government Bond Index Fund 7,778 7.00 7,778 7.00 Global REITS - (6.95%) 4,002,727 iShares Global Property Securities Equity Index Fund (UK) 7,465 6.71 7,465 6.71 Global Smaller Companies - (5.90%) 5,985,633 L&G Global Small Cap Equity Index Fund 6,453 5.80 6,453 5.80 Global Corporate Bonds - (4.29%) 2,865,888 iShares Overseas Corporate Bond Index Fund L Acc 4,984 4.48 4,984 4.48 Forward Foreign Exchange Contracts - (0.02%) 1,690,571 Bought USD sold EUR @ 0.844685 for settlement 25/11/2020 18 0.02 (6,618,234) Bought GBP sold USD @ 1.296422 for settlement 25/11/2020 8 0.01 5,468,000 Bought ZAR sold USD @ 0.060511 for settlement 25/11/2020 4 0.00 484,818 Bought USD sold GBP @ 0.770762 for settlement 25/11/2020 2 0.00 22,068,000 Bought JPY sold USD @ 0.009475 for settlement 25/11/2020 2 0.00 159,739 Bought USD sold CAD @ 1.314644 for settlement 25/11/2020 1 0.00 511,090 Bought USD sold CNY @ 6.681812 for settlement 25/11/2020 1 0.00 65,330,000 Bought KRW sold USD @ 0.000878 for settlement 25/11/2020 0 0.00 845,000 Bought HKD sold USD @ 0.129005 for settlement 25/11/2020 0 0.00 1,276,266,000 Bought IDR sold USD @ 0.000068 for settlement 25/11/2020 0 0.00 (155,531) Bought GBP sold USD @ 1.306980 for settlement 25/11/2020 (1) 0.00 340,000 Bought EUR sold USD @ 1.171564 for settlement 25/11/2020 (1) 0.00 2,856,000 Bought MXN sold USD @ 0.047185 for settlement 25/11/2020 (1) 0.00 628,879 Bought USD sold GBP @ 0.770762 for settlement 25/11/2020 (1) 0.00 16,491,000 Bought RUB sold USD @ 0.012861 for settlement 25/11/2020 (3) 0.00 1,547,000 Bought BRL sold USD @ 0.179244 for settlement 25/11/2020 (8) (0.01) 21 0.02

156 Fidelity Multi Asset Allocator Adventurous Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Cash Funds/Money Market Funds - (0.00%) 0 Fidelity Institutional Liquidity Fund - Sterling C Acc 2 0.00 2 0.00 Portfolio of investments 110,343 99.23 Cash and other net assets/(liabilities) 836 0.77 Net assets 111,179 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

157 Fidelity Multi Asset Allocator Defensive Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Financials - (34.58%) 3,316,502 iShares Global Government Bond UCITS ETF GBP Hedged 18,098 19.14 2,261,915 iShares Global Corporate Bond UCITS ETF GBP Hedged 12,076 12.77 5,440 iShares Core Corporate Bond UCITS ETF 850 0.90 112,094 iShares MSCI World Small Cap UCITS ETF 448 0.47 26,100 iShares Developed Markets Property Yield UCITS ETF 427 0.45 31,899 33.73 Global Government Bonds - (28.21%) 2,376,626 HSBC Global Funds ICAV - Global Government Bond Index Fund 27,065 28.62 27,065 28.62 Global Corporate Bonds - (17.28%) 9,981,950 iShares Overseas Corporate Bond Index Fund L Acc 17,359 18.36 17,359 18.36 Global Equities - (13.93%) 504,291 Fidelity Index World Fund F Acc 12,872 13.61 12,872 13.61 Global Emerging Equities - (2.01%) 113,260 Fidelity Index Emerging Markets F Acc 1,919 2.03 1,919 2.03 Global Smaller Companies - (1.48%) 1,304,266 L&G Global Small Cap Equity Index Fund 1,406 1.49 1,406 1.49 Global REITS - (1.45%) 720,420 iShares Global Property Securities Equity Index Fund (UK) 1,344 1.42 1,344 1.42 Forward Foreign Exchange Contracts - (0.11%) 5,763,095 Bought USD sold EUR @ 0.844685 for settlement 25/11/2020 60 0.06 (23,041,308) Bought GBP sold USD @ 1.296422 for settlement 25/11/2020 29 0.03 668,622 Bought USD sold CAD @ 1.314644 for settlement 25/11/2020 6 0.01 323,406 Bought USD sold GBP @ 0.771388 for settlement 25/11/2020 2 0.00 1,115,000 Bought ZAR sold USD @ 0.060511 for settlement 25/11/2020 1 0.00 508,290 Bought USD sold GBP @ 0.771388 for settlement 25/11/2020 (1) 0.00 158,246 Bought USD sold JPY @ 105.540897 for settlement 25/11/2020 (1) 0.00 96 0.10 Cash Funds/Money Market Funds - (0.00%) 0 Fidelity Institutional Liquidity Fund - Sterling C Acc 3 0.00 3 0.00 Portfolio of investments 93,963 99.36 Cash and other net assets/(liabilities) 610 0.64 Net assets 94,573 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

158 Fidelity Multi Asset Allocator Growth Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Global Equities - (36.43%) 3,686,196 Fidelity Index World Fund F Acc 94,091 29.60 417,549 Fidelity Index US Fund F Acc 13,967 4.39 227,336 Fidelity Index Europe ex UK Fund F Acc 3,307 1.04 97,935 Fidelity Index Japan Fund F Acc 1,714 0.54 81,213 Fidelity Index UK Fund F Acc 904 0.28 52,630 Fidelity Index Pacific ex Japan Fund F Acc 802 0.25 114,785 36.10 Financials - (24.09%) 5,786,380 iShares Global Government Bond UCITS ETF GBP Hedged 31,576 9.93 3,923,585 iShares Global Corporate Bond UCITS ETF GBP Hedged 20,948 6.59 312,763 iShares Core MSCI World UCITS 15,078 4.74 1,148,871 iShares MSCI World Small Cap UCITS ETF 4,591 1.44 131,100 iShares Developed Markets Property Yield UCITS ETF 2,146 0.68 9,064 iShares Core Corporate Bond UCITS ETF 1,416 0.45 6,913 iShares MSCI Canada UCITS ETF (USD) 663 0.21 76,418 24.04 Global Government Bonds - (13.98%) 3,960,638 HSBC Global Funds ICAV - Global Government Bond Index Fund 45,104 14.19 45,104 14.19 Global Corporate Bonds - (8.56%) 16,639,726 iShares Overseas Corporate Bond Index Fund L Acc 28,936 9.10 28,936 9.10 Global Emerging Equities - (6.01%) 1,153,284 Fidelity Index Emerging Markets F Acc 19,541 6.15 19,541 6.15 Global REITS - (5.02%) 8,404,038 iShares Global Property Securities Equity Index Fund (UK) 15,674 4.93 15,674 4.93 Global Smaller Companies - (4.42%) 13,016,139 L&G Global Small Cap Equity Index Fund 14,033 4.41 14,033 4.41 Forward Foreign Exchange Contracts - (0.05%) 9,405,873 Bought USD sold EUR @ 0.844685 for settlement 25/11/2020 98 0.03 (38,423,355) Bought GBP sold USD @ 1.296422 for settlement 25/11/2020 49 0.02 1,761,057 Bought USD sold GBP @ 0.770719 for settlement 25/11/2020 11 0.00 1,013,202 Bought USD sold CAD @ 1.314644 for settlement 25/11/2020 9 0.00 11,672,000 Bought ZAR sold USD @ 0.060511 for settlement 25/11/2020 8 0.00 26,471,000 Bought JPY sold USD @ 0.009475 for settlement 25/11/2020 2 0.00 5,346,000 Bought JPY sold USD @ 0.009605 for settlement 25/11/2020 0 0.00 112,492,000 Bought KRW sold USD @ 0.000878 for settlement 25/11/2020 0 0.00 205,000 Bought CAD sold USD @ 0.749424 for settlement 25/11/2020 0 0.00 457,000 Bought MYR sold USD @ 0.241255 for settlement 25/11/2020 0 0.00 6,091,000 Bought MXN sold USD @ 0.047185 for settlement 25/11/2020 (2) 0.00 909,000 Bought EUR sold USD @ 1.171564 for settlement 25/11/2020 (3) 0.00 2,562,196 Bought USD sold GBP @ 0.770719 for settlement 25/11/2020 (3) 0.00 169 0.05

159 Fidelity Multi Asset Allocator Growth Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Cash Funds/Money Market Funds - (0.00%) 0 Fidelity Institutional Liquidity Fund - Sterling C Acc 3 0.00 3 0.00 Portfolio of investments 314,663 98.97 Cash and other net assets/(liabilities) 3,260 1.03 Net assets 317,923 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

160 Fidelity Multi Asset Allocator Strategic Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Global Equities - (27.87%) 2,200,176 Fidelity Index World Fund F Acc 56,160 27.36 56,160 27.36 Financials - (26.36%) 5,625,831 iShares Global Government Bond UCITS ETF GBP Hedged 30,700 14.96 3,841,035 iShares Global Corporate Bond UCITS ETF GBP Hedged 20,507 9.99 502,431 iShares MSCI World Small Cap UCITS ETF 2,008 0.98 8,585 iShares Core Corporate Bond UCITS ETF 1,341 0.65 59,483 iShares Developed Markets Property Yield UCITS ETF 974 0.47 55,530 27.05 Global Government Bonds - (21.30%) 3,803,048 HSBC Global Funds ICAV - Global Government Bond Index Fund 43,309 21.10 43,309 21.10 Global Corporate Bonds - (13.04%) 15,977,081 iShares Overseas Corporate Bond Index Fund L Acc 27,784 13.53 27,784 13.53 Global Emerging Equities - (4.03%) 494,075 Fidelity Index Emerging Markets F Acc 8,372 4.08 8,372 4.08 Global REITS - (3.40%) 3,586,511 iShares Global Property Securities Equity Index Fund (UK) 6,689 3.26 6,689 3.26 Global Smaller Companies - (2.99%) 5,554,773 L&G Global Small Cap Equity Index Fund 5,989 2.92 5,989 2.92 Forward Foreign Exchange Contracts - (0.08%) 9,087,411 Bought USD sold EUR @ 0.844685 for settlement 25/11/2020 94 0.05 (37,495,117) Bought GBP sold USD @ 1.296422 for settlement 25/11/2020 48 0.02 1,034,500 Bought USD sold CAD @ 1.314644 for settlement 25/11/2020 9 0.00 1,073,656 Bought USD sold GBP @ 0.771064 for settlement 25/11/2020 7 0.00 4,884,000 Bought ZAR sold USD @ 0.060511 for settlement 25/11/2020 3 0.00 468,437 Bought USD sold CNY @ 6.681812 for settlement 25/11/2020 1 0.00 759,000 Bought HKD sold USD @ 0.129005 for settlement 25/11/2020 0 0.00 1,409,000 Bought BRL sold USD @ 0.172831 for settlement 25/11/2020 0 0.00 86,000 Bought EUR sold USD @ 1.183011 for settlement 25/11/2020 (1) 0.00 409,000 Bought EUR sold USD @ 1.171564 for settlement 25/11/2020 (1) 0.00 98,774 Bought USD sold JPY @ 105.540897 for settlement 25/11/2020 (1) 0.00 1,601,373 Bought USD sold GBP @ 0.771064 for settlement 25/11/2020 (2) 0.00 14,781,000 Bought RUB sold USD @ 0.012861 for settlement 25/11/2020 (3) 0.00 154 0.08

161 Fidelity Multi Asset Allocator Strategic Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Cash Funds/Money Market Funds - (0.00%) 0 Fidelity Institutional Liquidity Fund - Sterling C Acc 2 0.00 2 0.00 Portfolio of investments 203,989 99.38 Cash and other net assets/(liabilities) 1,292 0.62 Net assets 205,281 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

162 Fidelity Multi Asset Balanced Income Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Financials - (6.72%) 67,507 iShares Core Corporate Bond UCITS ETF 10,549 14.38 233,005 Xtrackers USD UCITS ETF 2,969 4.05 187,203 iShares Asia Pacific Dividend UCITS ETF 2,903 3.96 69,402 iShares Global Infrastructure UCITS ETF 1,480 2.02 314,628 Fidelity Global Quality Income UCITS ETF 1,450 1.98 344,847 iShares China CNY Bond UCITS ETF 1,387 1.89 20,738 28.28 High Yield - (20.26%) 666,543 Fidelity Funds - Global Hybrids Bond Fund Y USD 5,632 7.68 669,273 Fidelity Funds - US High Yield Fund A MDist USD 5,626 7.67 769,899 Fidelity Funds - Asian High Yield Fund A MDist USD 4,487 6.12 347,524 Fidelity Funds - European High Yield Fund A MDist EUR 3,395 4.63 1,453 Neuberger Berman CLO Income USD I5 Dist Fund 10 0.01 19,150 26.11 Global Equities - (19.68%) 4,065,659 Fidelity Global Enhanced Income Fund W MDist 4,635 6.32 2,998,189 Fidelity Global Dividend Fund W MDist 3,883 5.29 1,715,683 BlackRock Continental European Income Fund 2,477 3.38 10,995 14.99 Global Bonds - (8.33%) 521,490 Fidelity Global High Yield Y Inc 5,267 7.18 2,774,886 Fidelity Renaissance F Inc GBP 3,033 4.14 228,343 HSBC Global Corporate Bond Index GBP 2,254 3.07 10,554 14.39 Emerging Debt - (11.08%) 563,565 Fidelity Funds - Emerging Market Debt Fund A MDist USD 4,760 6.49 305,434 Fidelity Funds - Emerging Market Local Currency Debt Fund A MDist EUR 1,871 2.55 6,631 9.04 UK Equities - (7.40%) 5,087,551 Fidelity Enhanced Income Fund W Inc 3,493 4.76 3,493 4.76 Real Estate - (0.65%) 474,002 iShares Global Property Security Equity 711 0.97 711 0.97 Futures - ((0.04)%) (100) EURO STOXX 50 Commodity Future 18/12/2020 31 0.04 (4) FTSE 250 Y2 Index Future 18/12/2020 2 0.00 (200) E-Mini S&P Healthcare Index Future 18/12/2020 2 0.00 (100) E-Mini S&P 500 Index Future 18/12/2020 1 0.00 (100,000) EURO-BUND Commodity Future 08/12/2020 (2) 0.00 34 0.05 Cash Funds/Money Market Funds - (3.42%) 1 Fidelity Institutional Liquidity Fund - Sterling C Acc 7 0.01 7 0.01

163 Fidelity Multi Asset Balanced Income Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Forward Foreign Exchange Contracts - (1.58%) 668,988,500 Bought JPY sold GBP @ 0.007237 for settlement 15/12/2020 93 0.13 (6,055,500) Bought GBP sold EUR @ 1.102961 for settlement 15/12/2020 42 0.06 (235,434,000) Bought GBP sold JPY @ 133.615000 for settlement 15/12/2020 25 0.03 (2,447,600) Bought GBP sold CZK @ 29.319742 for settlement 15/12/2020 3 0.00 (50,000) Bought GBP sold CHF @ 1.172386 for settlement 15/12/2020 1 0.00 7,994,200 Bought THB sold GBP @ 0.024648 for settlement 15/12/2020 0 0.00 47,342 Bought USD sold PHP @ 48.897364 for settlement 15/12/2020 0 0.00 52,810 Bought USD sold PHP @ 48.569625 for settlement 15/12/2020 0 0.00 133,000 Bought HKD sold GBP @ 0.100004 for settlement 15/12/2020 0 0.00 75,000 Bought HKD sold GBP @ 0.100004 for settlement 15/12/2020 0 0.00 92,000 Bought HKD sold GBP @ 0.100004 for settlement 15/12/2020 0 0.00 84,000 Bought HKD sold GBP @ 0.100004 for settlement 15/12/2020 0 0.00 64,000 Bought HKD sold GBP @ 0.100004 for settlement 15/12/2020 0 0.00 74,000 Bought HKD sold GBP @ 0.100004 for settlement 15/12/2020 0 0.00 1,876,000 Bought PHP sold USD @ 0.020602 for settlement 15/12/2020 0 0.00 3,003,900 Bought PHP sold USD @ 0.020456 for settlement 15/12/2020 0 0.00 35,000 Bought CHF sold GBP @ 0.848891 for settlement 15/12/2020 0 0.00 42,000 Bought CHF sold GBP @ 0.848891 for settlement 15/12/2020 0 0.00 98,000 Bought CZK sold GBP @ 0.033144 for settlement 15/12/2020 0 0.00 2,349,600 Bought CZK sold GBP @ 0.033144 for settlement 15/12/2020 0 0.00 6,527,000 Bought CNY sold GBP @ 0.114948 for settlement 15/12/2020 (1) 0.00 48,000 Bought CHF sold GBP @ 0.848891 for settlement 15/12/2020 (1) 0.00 241,000 Bought EUR sold GBP @ 0.917661 for settlement 15/12/2020 (1) 0.00 (1,603,300) Bought GBP sold HKD @ 10.115033 for settlement 15/12/2020 (1) 0.00 (902,900) Bought GBP sold CHF @ 1.192739 for settlement 15/12/2020 (3) 0.00 (7,994,200) Bought GBP sold THB @ 41.172500 for settlement 15/12/2020 (3) 0.00 (1,176,400) Bought GBP sold CNY @ 8.987100 for settlement 15/12/2020 (4) (0.01) 923,000 Bought EUR sold GBP @ 0.917661 for settlement 15/12/2020 (21) (0.03) 16,311,000 Bought SEK sold GBP @ 0.088110 for settlement 15/12/2020 (23) (0.03) (31,686,600) Bought GBP sold USD @ 1.304641 for settlement 15/12/2020 (109) (0.15) (3) 0.00 Contracts for Difference - (0.00%) 1,014 Stoxx Eur600 Bas Resources Price EUR (CFD) 0 0.00 866 IXU Utilities Select Sector (CFD) (11) (0.01) (11) (0.01) Portfolio of investments 72,299 98.59 Cash and other net assets/(liabilities) 1,048 1.41 Net assets 73,347 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

164 Fidelity Multi Asset Income & Growth Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

High Yield - (20.36%) 598,086 Fidelity Funds - US High Yield Fund A MDist USD 5,027 7.15 775,335 Fidelity Funds - Asian High Yield Fund A MDist USD 4,519 6.42 514,578 Fidelity Funds - Global Hybrids Bond Fund Y USD 4,348 6.18 395,952 Fidelity Funds - European High Yield Fund A MDist EUR 3,868 5.50 121,173 PIMCO GIS Capital Securities Fund 1,494 2.12 17,151 M&G European Loan Fund 1,468 2.09 79,247 Neuberger Berman CLO Income USD I5 Dist Fund 539 0.77 343,714 Starwood European Real Estate Finance 293 0.42 208,366 TwentyFour Income Fund 215 0.31 182,727 CVC Credit Partners European Opportunities 168 0.24 109,279 Blackstone/GSO Loan Financing 57 0.08 108,713 Fair Oaks Income 43 0.06 1,844 Alcentra European Floating Rate Income Fund 2 0.00 22,041 31.34 Global Equities - (23.95%) 3,941,470 Fidelity Global Enhanced Income Fund W MDist 4,493 6.39 3,169,127 Fidelity Global Dividend Fund W MDist 4,104 5.83 303,389 Fidelity Funds - Asia Pacific Dividend Fund A MIncom (G) USD 2,881 4.10 1,742,807 BlackRock Continental European Income Fund 2,517 3.58 331,714 Fidelity Funds China Focus Y GBP 650 0.92 14,645 20.82 Emerging Debt - (12.24%) 655,866 Fidelity Funds - Emerging Market Debt Fund A MDist USD 5,539 7.87 90,758 Finisterre Unconstrained Emerging Markets Fund 950 1.35 106,350 Fidelity Funds - Emerging Market Local Currency Debt Fund A MDist EUR 651 0.93 7,140 10.15 Investment Grade Bonds - (8.39%) 10,679,083 Fidelity MoneyBuilder Income Fund A Inc 4,070 5.79 721,315 Fidelity Institutional UK Aggregate Bond Fund Acc Gross 1,757 2.50 757,973 Fidelity Extra Income Fund Y Inc 959 1.36 6,786 9.65 Financials - (8.06%) 436,068 Fidelity Global Quality Income UCITS ETF 2,011 2.86 484,229 iShares China CNY Bond UCITS ETF 1,947 2.77 358,577 Fidelity Europe Quality Income UCITS ETF INC EUR 1,450 2.06 446,664 HICL Infrastructure 786 1.12 355,500 Xtrackers Csi300 Swap UCITS ET 365 0.52 181,505 Real Estate Credit Investments 223 0.32 6,782 9.64 Global Bonds - (5.66%) 1,903,381 Fidelity Renaissance F Inc GBP 2,080 2.96 131,706 Fidelity Funds - US Dollar Bond Fund A MDist USD 1,351 1.92 323 Fair Oaks High Grade Credit Fund 291 0.41 278,514 PFS Twentyfour Monument Bond 284 0.40 21,855 Fidelity Funds - Asian Bond Fund Y Acc USD 274 0.39 4,280 6.08 UK Equities - (7.54%)

165 Fidelity Multi Asset Income & Growth Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

3,555,307 Fidelity Enhanced Income Fund W Inc 2,441 3.47 1,241,234 JO Hambro UK Equity Income Fund 1,039 1.48 3,480 4.95 Infrastructure - (3.23%) 449,150 International Public Partnerships 750 1.07 429,393 Greencoat UK Wind 575 0.82 395,857 Sequoia Economic Infrastructure Income Fund 409 0.58 111,264 SQN Asset Finance Income Fund 37 0.05 1,771 2.52 Volatility - (0.00%) 489 Assenagon Alpha Volatility 525 0.75 525 0.75 Real Estate - (0.88%) 245,900 GCP Student Living 265 0.38 265 0.38 Cash Funds/Money Market Funds - (2.88%) 24 Fidelity Institutional Liquidity Fund - Sterling C Acc 242 0.34 242 0.34 Utilities - (0.24%) 174,280 Greencoat Renewables (GB) 180 0.26 48,000 US Solar Fund 36 0.05 216 0.31 Industrials - (0.23%) 39,160 Doric Nimrod Air Two Preferred 28 0.04 73,584 Amedeo Air Four Plus 24 0.03 52 0.07 Futures - ((0.02)%) (16) FTSE 250 Y2 Index Future 18/12/2020 7 0.01 (200) E-Mini S&P Healthcare Index Future 18/12/2020 2 0.00 (100,000) EURO Bund Commodity Future 08/12/2020 (2) 0.00 7 0.01 Forward Foreign Exchange Contracts - (1.76%) 632,801,700 Bought JPY sold GBP @ 0.007240 for settlement 15/12/2020 88 0.13 (6,670,400) Bought GBP sold EUR @ 1.102961 for settlement 15/12/2020 46 0.07 (219,298,000) Bought GBP sold JPY @ 133.615000 for settlement 15/12/2020 24 0.03 (986,600) Bought GBP sold AUD @ 1.800694 for settlement 15/12/2020 13 0.02 661,832,900 Bought CLP sold USD @ 0.001290 for settlement 15/12/2020 3 0.00 45,646 Bought USD sold RUB @ 75.602933 for settlement 15/12/2020 2 0.00 17,641,000 Bought JPY sold GBP @ 0.007240 for settlement 15/12/2020 1 0.00 (50,000) Bought GBP sold CHF @ 1.172386 for settlement 15/12/2020 1 0.00 29,492,000 Bought CLP sold USD @ 0.001268 for settlement 15/12/2020 1 0.00 (852,200) Bought GBP sold CZK @ 29.319742 for settlement 15/12/2020 1 0.00 (40,000) Bought GBP sold AUD @ 1.821801 for settlement 15/12/2020 0 0.00 148,000 Bought CNY sold GBP @ 0.114919 for settlement 15/12/2020 0 0.00 200,000 Bought CNY sold GBP @ 0.114919 for settlement 15/12/2020 0 0.00 34,000 Bought CZK sold GBP @ 0.033144 for settlement 15/12/2020 0 0.00 818,200 Bought CZK sold GBP @ 0.033144 for settlement 15/12/2020 0 0.00 (1,657,000) Bought GBP sold USD @ 1.298626 for settlement 15/12/2020 0 0.00 894,000 Bought HKD sold GBP @ 0.099644 for settlement 15/12/2020 0 0.00 153,000 Bought THB sold GBP @ 0.024647 for settlement 15/12/2020 0 0.00

166 Fidelity Multi Asset Income & Growth Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

250,000 Bought THB sold GBP @ 0.024647 for settlement 15/12/2020 0 0.00 3,308,200 Bought THB sold GBP @ 0.024647 for settlement 15/12/2020 0 0.00 35,228 Bought USD sold PHP @ 48.569625 for settlement 15/12/2020 0 0.00 36,014 Bought USD sold CLP @ 780.031201 for settlement 15/12/2020 0 0.00 156,000 Bought PHP sold USD @ 0.020627 for settlement 15/12/2020 0 0.00 1,233,000 Bought PHP sold USD @ 0.020602 for settlement 15/12/2020 0 0.00 3,648,700 Bought PHP sold USD @ 0.020456 for settlement 15/12/2020 0 0.00 2,870,000 Bought RUB sold USD @ 0.012492 for settlement 15/12/2020 0 0.00 2,967,000 Bought RUB sold USD @ 0.012531 for settlement 15/12/2020 0 0.00 68,034 Bought USD sold PHP @ 48.897364 for settlement 15/12/2020 0 0.00 36,000 Bought CHF sold GBP @ 0.848734 for settlement 15/12/2020 0 0.00 42,000 Bought CHF sold GBP @ 0.848734 for settlement 15/12/2020 0 0.00 36,000 Bought AUD sold GBP @ 0.551696 for settlement 15/12/2020 0 0.00 39,000 Bought AUD sold GBP @ 0.551696 for settlement 15/12/2020 0 0.00 90,000 Bought AUD sold GBP @ 0.551696 for settlement 15/12/2020 (1) 0.00 109,000 Bought AUD sold GBP @ 0.551696 for settlement 15/12/2020 (1) 0.00 46,000 Bought CHF sold GBP @ 0.848734 for settlement 15/12/2020 (1) 0.00 (2,663,000) Bought GBP sold HKD @ 10.122101 for settlement 15/12/2020 (1) 0.00 6,204,000 Bought CNY sold GBP @ 0.114919 for settlement 15/12/2020 (1) 0.00 282,000 Bought EUR sold GBP @ 0.918999 for settlement 15/12/2020 (2) 0.00 (3,711,200) Bought GBP sold THB @ 41.172502 for settlement 15/12/2020 (2) 0.00 (912,200) Bought GBP sold CHF @ 1.192739 for settlement 15/12/2020 (3) 0.00 (2,671,000) Bought GBP sold CNY @ 8.987100 for settlement 15/12/2020 (9) (0.01) (20,183,600) Bought GBP sold HKD @ 10.115033 for settlement 15/12/2020 (9) (0.01) 1,324,000 Bought USD sold GBP @ 0.777504 for settlement 15/12/2020 (12) (0.02) 56,065,300 Bought RUB sold USD @ 0.012957 for settlement 15/12/2020 (17) (0.02) 23,867,000 Bought SEK sold GBP @ 0.088110 for settlement 15/12/2020 (34) (0.05) 1,720,000 Bought EUR sold GBP @ 0.918999 for settlement 15/12/2020 (37) (0.05) (27,773,800) Bought GBP sold USD @ 1.304641 for settlement 15/12/2020 (96) (0.14) (46) (0.06) Contracts for Difference - (0.03%) 821 IXU Utilities Select Sector (CFD) (10) (0.01) 2,039 STOXX Europe 600 Automobiles (CFD) (59) (0.08) (69) (0.10) Portfolio of investments 68,117 96.85 Cash and other net assets/(liabilities) 2,227 3.15 Net assets 70,344 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

167 Fidelity Multi Asset Income Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

High Yield - (20.90%) 9,768,909 Fidelity Funds - US High Yield Fund A MDist USD 82,118 8.20 12,591,327 Fidelity Funds - Asian High Yield Fund A MDist USD 73,384 7.33 6,771,308 Fidelity Funds - Global Hybrids Bond Fund Y USD 57,219 5.71 3,782,704 Fidelity Funds - European High Yield Fund A MDist EUR 36,950 3.69 1,391,237 PIMCO GIS Capital Securities Fund 17,154 1.71 172,160 M&G European Loan Fund 14,732 1.47 1,405,362 Neuberger Berman CLO Income USD I5 Dist Fund 9,568 0.96 3,688,639 TwentyFour Income Fund 3,799 0.38 2,692,039 CVC Credit Partners European Opportunities 2,477 0.25 2,096,458 Starwood European Real Estate Finance 1,786 0.18 2,811,621 Blackstone/GSO Loan Financing 1,466 0.15 2,125,356 Fair Oaks Income 835 0.08 77,858 Alcentra European Floating Rate Income Fund 64 0.01 301,552 30.11 Investment Grade Bonds - (22.95%) 308,711,431 Fidelity MoneyBuilder Income Fund A Inc 117,650 11.75 33,357,804 Fidelity Institutional UK Aggregate Bond Fund Acc Gross 81,260 8.11 46,288,591 Fidelity Extra Income Fund Y Inc 58,601 5.85 257,511 25.71 Global Equities - (16.32%) 58,240,646 Fidelity Global Enhanced Income Fund W MDist 66,394 6.63 30,145,077 Fidelity Global Dividend Fund W MDist 39,038 3.90 8,944,654 BlackRock Continental European Income Fund 12,916 1.29 118,348 11.82 Global Bonds - (9.22%) 37,812,789 Fidelity Renaissance F Inc GBP 41,329 4.13 3,240,516 Fidelity Funds - US Dollar Bond Fund A MDist USD 33,230 3.32 1,873,721 Fidelity Funds - Asian Bond Fund Y Acc USD 23,450 2.34 4,162,424 PFS Twentyfour Monument Bond 4,241 0.42 4,204 Fair Oaks High Grade Credit Fund 3,790 0.38 106,040 10.59 Emerging Debt - (9.38%) 7,492,358 Fidelity Funds - Emerging Market Debt Fund A MDist USD 63,281 6.32 382,340 Finisterre Unconstrained Emerging Markets Fund 4,003 0.40 67,284 6.72 Financials - (5.28%) 6,712,201 iShares China CNY Bond UCITS ETF 26,996 2.70 7,529,450 HICL Infrastructure 13,252 1.32 2,873,181 Real Estate Credit Investments 3,534 0.35 621,175 Fidelity Global Quality Income UCITS ETF 2,865 0.29 46,647 4.66 UK Equities - (6.31%) 57,145,995 Fidelity Enhanced Income Fund W Inc 39,236 3.92 3,269,455 JO Hambro UK Equity Income Fund 2,737 0.27 41,973 4.19

168 Fidelity Multi Asset Income Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Infrastructure - (3.53%) 5,913,770 International Public Partnerships 9,876 0.99 8,383,844 Sequoia Economic Infrastructure Income Fund 8,652 0.86 6,378,331 Greencoat UK Wind 8,547 0.85 27,075 2.70 Cash Funds/Money Market Funds - (2.25%) 2,055 Fidelity Institutional Liquidity Fund - Sterling C Acc 20,969 2.09 20,969 2.09 Utilities - (0.32%) 2,214,980 Greencoat Renewables (GB) 2,290 0.23 768,000 US Solar Fund 580 0.06 2,870 0.29 Industrials - (0.40%) 1,406,848 Doric Nimrod Air Three 521 0.05 559,693 Doric Nimrod Air Two Preferred 397 0.04 1,118,250 Amedeo Air Four Plus 358 0.04 1,276 0.13 Futures - ((0.04)%) (1,500) EURO STOXX 50 Commodity Future 18/12/2020 469 0.05 (4,100) E-Mini S&P 500 Index Future 18/12/2020 91 0.01 (128) FTSE 250 Y2 Index Future 18/12/2020 52 0.01 (3,000) E-Mini S&P Healthcare Index Future 18/12/2020 25 0.00 (2,400,000) EURO Bund Commodity Future 08/12/2020 (58) (0.01) 579 0.06 Forward Foreign Exchange Contracts - (1.49%) 8,462,649,900 Bought JPY sold GBP @ 0.007243 for settlement 15/12/2020 1,176 0.12 (64,104,100) Bought GBP sold EUR @ 1.102961 for settlement 15/12/2020 445 0.04 (2,890,120,000) Bought GBP sold JPY @ 133.615000 for settlement 15/12/2020 310 0.03 269,388,000 Bought JPY sold GBP @ 0.007243 for settlement 15/12/2020 20 0.00 267,343,000 Bought JPY sold GBP @ 0.007243 for settlement 15/12/2020 7 0.00 (576,000) Bought GBP sold CHF @ 1.172386 for settlement 15/12/2020 7 0.00 (532,100) Bought GBP sold AUD @ 1.800694 for settlement 15/12/2020 7 0.00 22,871,700 Bought PHP sold USD @ 0.020456 for settlement 15/12/2020 3 0.00 (17,028,000) Bought GBP sold USD @ 1.298626 for settlement 15/12/2020 2 0.00 719,000 Bought HKD sold GBP @ 0.100013 for settlement 15/12/2020 0 0.00 (118,000) Bought GBP sold CNY @ 8.742794 for settlement 15/12/2020 0 0.00 9,724,000 Bought PHP sold USD @ 0.020602 for settlement 15/12/2020 0 0.00 865,000 Bought HKD sold GBP @ 0.100013 for settlement 15/12/2020 0 0.00 1,049,000 Bought HKD sold GBP @ 0.100013 for settlement 15/12/2020 0 0.00 8,107,900 Bought THB sold GBP @ 0.024648 for settlement 15/12/2020 0 0.00 271,629 Bought USD sold PHP @ 48.569625 for settlement 15/12/2020 0 0.00 (44,000) Bought GBP sold AUD @ 1.821801 for settlement 15/12/2020 0 0.00 (30,000) Bought GBP sold AUD @ 1.805889 for settlement 15/12/2020 0 0.00 (30,000) Bought GBP sold AUD @ 1.842657 for settlement 15/12/2020 0 0.00 (19,000) Bought GBP sold AUD @ 1.803307 for settlement 15/12/2020 0 0.00 27,000 Bought AUD sold GBP @ 0.554068 for settlement 15/12/2020 0 0.00 47,000 Bought AUD sold GBP @ 0.554068 for settlement 15/12/2020 (1) 0.00 53,000 Bought AUD sold GBP @ 0.554068 for settlement 15/12/2020 (1) 0.00 59,000 Bought AUD sold GBP @ 0.554068 for settlement 15/12/2020 (1) 0.00 982,000 Bought HKD sold GBP @ 0.100013 for settlement 15/12/2020 (1) 0.00 (982,000) Bought GBP sold HKD @ 10.161820 for settlement 15/12/2020 (1) 0.00

169 Fidelity Multi Asset Income Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

858,000 Bought HKD sold GBP @ 0.100013 for settlement 15/12/2020 (1) 0.00 1,505,000 Bought HKD sold GBP @ 0.100013 for settlement 15/12/2020 (2) 0.00 428,000 Bought CHF sold GBP @ 0.851144 for settlement 15/12/2020 (2) 0.00 (8,107,900) Bought GBP sold THB @ 41.172500 for settlement 15/12/2020 (3) 0.00 396,804 Bought USD sold PHP @ 48.897364 for settlement 15/12/2020 (3) 0.00 547,000 Bought CHF sold GBP @ 0.851144 for settlement 15/12/2020 (7) 0.00 (19,138,800) Bought GBP sold HKD @ 10.115033 for settlement 15/12/2020 (8) 0.00 (2,720,000) Bought GBP sold CNY @ 8.987100 for settlement 15/12/2020 (10) 0.00 2,473,000 Bought EUR sold GBP @ 0.910618 for settlement 15/12/2020 (27) 0.00 (10,365,700) Bought GBP sold CHF @ 1.192739 for settlement 15/12/2020 (30) 0.00 106,945,000 Bought SEK sold GBP @ 0.088110 for settlement 15/12/2020 (151) (0.02) (445,971,600) Bought GBP sold USD @ 1.305040 for settlement 15/12/2020 (1,640) (0.16) 88 0.01 Contracts for Difference - (0.00%) 12,859 STOXX Europe 600 Basic Resources (CFD) 4 0.00 10,766 IXU Utilities Select Sector (CFD) (134) (0.01) (130) (0.01) Portfolio of investments 992,082 99.07 Cash and other net assets/(liabilities) 9,424 0.93 Net assets 1,001,506 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

170 Fidelity Multi Asset Open Adventurous Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

North American Equities - (16.30%) 5,100,720 FCCF II - Fidelity North America Equity Fund I Acc USD 43,791 17.05 43,791 17.05 UK Equities - (20.66%) 43,576,168 FCCF II - Fidelity UK Equity Fund I Acc GBP 35,990 14.01 35,990 14.01 European Equities - (14.37%) 3,972,889 FCCF II - Fidelity Europe ex-UK Equity Fund I Acc EUR 34,056 13.26 34,056 13.26 Pacific ex Japan Equities - (8.64%) 3,084,759 FCCF II - Fidelity Asia Pacific ex-Japan Equity Fund I Acc USD 26,277 10.23 26,277 10.23 Global Aggregate Bonds - (9.98%) 1,810,237 FCCF II - Fidelity Global Aggregate Bond Fund I Acc GBP 20,131 7.84 20,131 7.84 Cash Funds/Money Market Funds - (3.16%) 1,896 Fidelity Institutional Liquidity Fund - Sterling C Acc 19,352 7.53 0 Fidelity Institutional Liquidity Fund - USD C Acc 2 0.00 19,354 7.54 Emerging Market Equities - (6.06%) 2,016,711 FCCF II - Fidelity Global Emerging Markets Fund I Acc USD 17,341 6.75 17,341 6.75 High Yield - (3.16%) 1,586,099 FCCF II - Fidelity Global Sub-IG Fixed Income Fund I Acc GBP 16,294 6.34 16,294 6.34 Japan Equities - (6.14%) 2,206,687 FCCF II - Fidelity Japan Equity Fund I Acc JPY 14,509 5.65 14,509 5.65 Financials - (1.71%) 1,726,983 iShares China CNY Bond UCITS ETF 6,890 2.68 88,271 Amundi Physical Gold ETC 5,097 1.98 47,452 Vanguard FTSE 250 UCITS ETF 1,274 0.50 13,261 5.16 Macro Absolute Return - (0.88%) 8,779,293 Majedie Tortoise Fund Z GBP 7,485 2.91 7,485 2.91 Volatility - (1.41%) 4,171 Assenagon Alpha Volatility (I) INC-EUR 4,473 1.74 4,473 1.74 Property - (0.08%) 40 Fidelity International Eurozone Select Real Estate Fund 214 0.08 214 0.08

171 Fidelity Multi Asset Open Adventurous Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Forward Foreign Exchange Contracts - (0.05%) 1,455,397,000 Bought JPY sold GBP @ 0.007306 for settlement 25/11/2020 100 0.04 (2,927,800) Bought GBP sold EUR @ 1.095769 for settlement 25/11/2020 39 0.02 (5,273,100) Bought GBP sold EUR @ 1.103353 for settlement 19/11/2020 37 0.01 (5,738,800) Bought GBP sold EUR @ 1.104873 for settlement 25/11/2020 33 0.01 (57,651,700) Bought GBP sold CNY @ 8.667700 for settlement 25/11/2020 22 0.01 (38,992,400) Bought GBP sold JPY @ 134.909522 for settlement 25/11/2020 1 0.00 10,184,600 Bought USD sold GBP @ 0.772747 for settlement 25/11/2020 (27) (0.01) 205 0.08 Global Fixed Income - (0.00%) 102 Fidelity Enhanced Reserve Fund A-Minc 1 0.00 871 Jupiter Strategic Bond Fund I Acc 1 0.00 2 0.00 Futures - (0.03%) 10,200 MSCI Asia ex Japan Future 18/12/2020 79 0.03 (600) E-Mini S&P 500 Index Future 18/12/2020 21 0.01 (6,900,000) EURO-BUND Commodity Future 08/12/2020 (159) (0.06) 9,600 STOXX Europe 600 Oil & Gas Future 18/12/2020 (228) (0.09) (287) (0.11) Contracts for Difference - ((0.22)%) 11,554 IXM - Finance Select Sector Index (CFD) (216) (0.08) 9,027 STOXX Europe 600 Automobiles (CFD) (260) (0.10) (476) (0.18) Portfolio of investments 252,620 98.35 Cash and other net assets/(liabilities) 4,229 1.65 Net assets 256,849 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

172 Fidelity Multi Asset Open Defensive Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Global Aggregate Bonds - (33.99%) 1,854,411 FCCF II - Fidelity Global Aggregate Bond Fund I Acc GBP 20,623 32.84 20,623 32.84 High Yield - (8.52%) 914,191 FCCF II - Fidelity Global Sub-IG Fixed Income Fund I Acc GBP 9,392 14.96 9,392 14.96 Cash Funds/Money Market Funds - (15.25%) 566 Fidelity Institutional Liquidity Fund - Sterling C Acc 5,778 9.20 0 Fidelity Institutional Liquidity Fund - USD C Acc 2 0.00 5,780 9.21 UK Equities - (11.47%) 6,604,012 FCCF II - Fidelity UK Equity Fund I Acc GBP 5,454 8.69 5,454 8.69 Financials - (2.69%) 494,784 iShares China CNY BD UCITS ETF 1,974 3.14 25,499 Amundi Physical Gold ETC 1,472 2.34 11,364 Vanguard FTSE 250 UCITS ETF 305 0.49 104,432 Highbridge Multi Strategy Fund 0 0.00 3,751 5.97 Alternatives - (4.09%) 3,380,302 FCCF II - Fidelity Alternative Listed Equity Fund I Acc GBP 3,219 5.13 3,219 5.13 Global Fixed Income - (0.00%) 2,797,392 Jupiter Strategic Bond Fund I Acc 3,208 5.11 102 Fidelity Enhanced Reserve Fund A MInc 1 0.00 3,209 5.11 European Equities - (3.59%) 333,739 FCCF II - Fidelity Europe ex-UK Equity Fund I Acc EUR 2,861 4.56 2,861 4.56 Emerging Market Equities - (2.40%) 189,243 FCCF II - Fidelity Global Emerging Markets Fund I Acc USD 1,627 2.59 1,627 2.59 Volatility - (1.80%) 1,265 Assenagon Alpha Volatility (I) Inc EUR 1,357 2.16 1,357 2.16 Pacific ex Japan Equities - (2.68%) 134,995 FCCF II - Fidelity Asia Pacific ex-Japan Equity Fund I Acc USD 1,150 1.83 1,150 1.83 North American Equities - (3.97%) 126,700 FCCF II - Fidelity North America Equity Fund I Acc USD 1,088 1.73 1,088 1.73 Multi-Strategy - (1.34%) 901 Helium Fund - Helium Performance E EUR 820 1.31 820 1.31 Japan Equities - (1.41%) 93,939 FCCF II - Fidelity Japan Equity Fund I Acc JPY 618 0.98 618 0.98

173 Fidelity Multi Asset Open Defensive Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Macro Absolute Return - (0.82%) 714,748 Majedie Tortoise Fund Z GBP 609 0.97 609 0.97 Property - (0.25%) 32 Fidelity International Eurozone Select Real Estate Fund 170 0.27 170 0.27 Forward Foreign Exchange Contracts - (0.06%) 347,114,200 Bought JPY sold GBP @ 0.007306 for settlement 25/11/2020 24 0.04 (2,639,900) Bought GBP sold EUR @ 1.103353 for settlement 19/11/2020 19 0.03 (1,396,600) Bought GBP sold EUR @ 1.095769 for settlement 25/11/2020 18 0.03 (1,399,800) Bought GBP sold EUR @ 1.104873 for settlement 25/11/2020 8 0.01 (16,500,000) Bought GBP sold CNY @ 8.667700 for settlement 25/11/2020 6 0.01 (2,469,500) Bought GBP sold USD @ 1.297374 for settlement 25/11/2020 2 0.00 2,469,500 Bought USD sold GBP @ 0.772747 for settlement 25/11/2020 (7) (0.01) 70 0.11 Contracts for Difference - ((0.16)%) 899 STOXX Europe 600 Automobiles (CFD) (26) (0.04) 1,841 IXM - Finance Select Sector Index (CFD) (34) (0.05) (60) (0.10) Futures - ((0.02)%) 2,500 MSCI Asia ex Japan Future 18/12/2020 19 0.03 (350) E-Mini S&P 500 Index Future 18/12/2020 12 0.02 (1,600) NIKKEI 225 Mini Commodity Future 10/12/2020 (1) 0.00 1,050 STOXX Europe 600 Oil & Gas Future 18/12/2020 (25) (0.04) (1,300,000) EURO Bund Commodity Future 08/12/2020 (31) (0.05) 180 EURO STOXX 50 Commodity Future 18/12/2020 (56) (0.09) (82) (0.13) Portfolio of investments 61,656 98.19 Cash and other net assets/(liabilities) 1,132 1.81 Net assets 62,788 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

174 Fidelity Multi Asset Open Growth Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

UK Equities - (22.55%) 117,722,479 FCCF II - Fidelity UK Equity Fund I Acc GBP 97,227 19.63 97,227 19.63 Global Aggregate Bonds - (13.48%) 5,700,023 FCCF II - Fidelity Global Aggregate Bond Fund I Acc GBP 63,387 12.80 63,387 12.80 European Equities - (12.91%) 6,788,226 FCCF II - Fidelity Europe ex-UK Equity Fund I Acc EUR 58,189 11.75 58,189 11.75 North American Equities - (11.76%) 6,746,292 FCCF II - Fidelity North America Equity Fund I Acc USD 57,919 11.69 57,919 11.69 High Yield - (4.96%) 4,059,195 FCCF II - Fidelity Global Sub-IG Fixed Income Fund I Acc GBP 41,701 8.42 41,701 8.42 Financials - (2.50%) 3,340,822 iShares China CNY Bond UCITS ETF 13,328 2.69 171,087 Amundi Physical Gold ETC 9,879 1.99 164,157 Xtrackers S&P 500 Swap UCITS ETF 7,786 1.57 91,559 Vanguard FTSE 250 UCITS ETF 2,458 0.50 311,461 Highbridge Multi Strategy Fund 0 0.00 33,451 6.75 Pacific ex Japan Equities - (5.78%) 3,748,844 FCCF II - Fidelity Asia Pacific ex-Japan Equity Fund I Acc USD 31,933 6.45 31,933 6.45 Emerging Market Equities - (4.92%) 3,175,050 FCCF II - Fidelity Global Emerging Markets Fund I Acc USD 27,300 5.51 27,300 5.51 Japan Equities - (4.16%) 3,284,695 FCCF II - Fidelity Japan Equity Fund I Acc JPY 21,597 4.36 21,597 4.36 Cash Funds/Money Market Funds - (5.38%) 2,060 Fidelity Institutional Liquidity Fund - Sterling C Acc 21,019 4.24 2 Fidelity Institutional Liquidity Fund - USD C Acc 17 0.00 21,036 4.25 Macro Absolute Return - (1.02%) 14,211,321 Majedie Tortoise Fund Z GBP 12,117 2.45 12,117 2.45 Alternatives - (1.98%) 10,897,446 FCCF II - Fidelity Alternative Listed Equity Fund I Acc GBP 10,378 2.10 10,378 2.10 Volatility - (1.40%) 8,533 Assenagon Alpha Volatility (I) Inc EUR 9,152 1.85 9,152 1.85 Property - (0.38%) 462 Fidelity International Eurozone Select Real Estate Fund 2,469 0.50 2,469 0.50

175 Fidelity Multi Asset Open Growth Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Forward Foreign Exchange Contracts - (0.05%) 2,112,081,700 Bought JPY sold GBP @ 0.007306 for settlement 25/11/2020 146 0.03 (13,020,600) Bought GBP sold EUR @ 1.103353 for settlement 19/11/2020 92 0.02 (5,665,100) Bought GBP sold EUR @ 1.095769 for settlement 25/11/2020 75 0.02 (11,048,400) Bought GBP sold EUR @ 1.104873 for settlement 25/11/2020 63 0.01 (111,552,800) Bought GBP sold CNY @ 8.667700 for settlement 25/11/2020 43 0.01 (63,435,400) Bought GBP sold JPY @ 134.909519 for settlement 25/11/2020 2 0.00 13,093,900 Bought USD sold GBP @ 0.772747 for settlement 25/11/2020 (35) (0.01) 386 0.08 Global Fixed Income - (0.00%) 871 Jupiter Strategic Bond Fund I Acc 1 0.00 102 Fidelity Enhanced Reserve Fund A MInc 1 0.00 2 0.00 Contracts for Difference - ((0.21)%) 17,637 IXM - Finance Select Sector Index (CFD) (329) (0.07) 17,644 STOXX Europe 600 Automobiles (CFD) (508) (0.10) (837) (0.17) Futures - (0.06%) 19,900 MSCI Asia ex Japan Future 18/12/2020 154 0.03 (15,200) NIKKEI 225 Mini Commodity Future 10/12/2020 (6) 0.00 (13,300,000) EURO-BUND Commodity Future 08/12/2020 (307) (0.06) 19,000 STOXX Europe 600 Oil & Gas Future 18/12/2020 (451) (0.09) 1,640 FTSE 100 Index Future 18/12/2020 (745) (0.15) (1,355) (0.27) Portfolio of investments 486,052 98.15 Cash and other net assets/(liabilities) 9,315 1.85 Net assets 495,367 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

176 Fidelity Multi Asset Open Strategic Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Global Aggregate Bonds - (24.49%) 15,336,396 FCCF II - Fidelity Global Aggregate Bond Fund I Acc GBP 170,547 26.06 170,547 26.06 UK Equities - (16.39%) 115,471,579 FCCF II - Fidelity UK Equity Fund I Acc GBP 95,368 14.57 95,368 14.57 High Yield - (7.31%) 6,960,282 FCCF II - Fidelity Global Sub-IG Fixed Income Fund I Acc GBP 71,504 10.93 71,504 10.93 European Equities - (8.99%) 7,089,411 FCCF II - Fidelity Europe ex-UK Equity Fund I Acc EUR 60,771 9.29 60,771 9.29 North American Equities - (7.53%) 5,924,392 FCCF II - Fidelity North America Equity Fund I Acc USD 50,862 7.77 50,862 7.77 Financials - (2.60%) 5,251,911 iShares China CNY BD UCITS ETF 20,953 3.20 269,051 Amundi Physical Gold ETC 15,536 2.37 119,772 Vanguard FTSE 250 UCITS ETF 3,216 0.49 739,396 Highbridge Multi Strategy Fund 0 0.00 39,705 6.07 Cash Funds/Money Market Funds - (8.98%) 3,064 Fidelity Institutional Liquidity Fund - Sterling C Acc 31,264 4.78 2 Fidelity Institutional Liquidity Fund - USD C Acc 15 0.00 31,279 4.78 Pacific ex Japan Equities - (3.90%) 3,568,021 FCCF II - Fidelity Asia Pacific ex-Japan Equity Fund I Acc USD 30,393 4.64 30,393 4.64 Alternatives - (3.66%) 25,586,960 FCCF II - Fidelity Alternative Listed Equity Fund I Acc GBP 24,367 3.72 24,367 3.72 Emerging Market Equities - (2.77%) 2,364,327 FCCF II - Fidelity Global Emerging Markets Fund I Acc USD 20,330 3.11 20,330 3.11 Japan Equities - (2.51%) 2,520,070 FCCF II - Fidelity Japan Equity Fund I Acc JPY 16,569 2.53 16,569 2.53 Macro Absolute Return - (1.28%) 15,104,858 Majedie Tortoise Fund Z GBP 12,879 1.97 12,879 1.97 Volatility - (1.38%) 10,482 Assenagon Alpha Volatility (I) Inc EUR 11,243 1.72 11,243 1.72 Multi-Strategy - (1.06%) 7,974 Helium Fund - Helium Performance E EUR 7,256 1.11 7,256 1.11

177 Fidelity Multi Asset Open Strategic Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Property - (0.26%) 350 Fiidelity International Eurozone Select Real Estate Fund 1,872 0.29 1,872 0.29 Forward Foreign Exchange Contracts - (0.05%) 3,691,174,000 Bought JPY sold GBP @ 0.007305 for settlement 25/11/2020 260 0.04 (14,850,900) Bought GBP sold EUR @ 1.095769 for settlement 25/11/2020 196 0.03 (22,902,300) Bought GBP sold EUR @ 1.103353 for settlement 19/11/2020 161 0.02 (14,480,400) Bought GBP sold EUR @ 1.104873 for settlement 25/11/2020 82 0.01 (175,459,400) Bought GBP sold CNY @ 8.667700 for settlement 25/11/2020 67 0.01 (17,507,000) Bought GBP sold USD @ 1.297374 for settlement 25/11/2020 12 0.00 (95,920,500) Bought GBP sold JPY @ 134.909520 for settlement 25/11/2020 4 0.00 17,507,000 Bought USD sold GBP @ 0.772747 for settlement 25/11/2020 (47) (0.01) 735 0.11 Global Fixed Income - (0.00%) 102 Fidelity Enhanced Reserve Fund A MInc 1 0.00 871 Jupiter Strategic Bond Fund I Acc 1 0.00 2 0.00 Futures - (0.05%) 26,700 MSCI Asia ex Japan Future 18/12/2020 207 0.03 (3,400) E-Mini S&P 500 Index Future 18/12/2020 120 0.02 (13,000,000) EURO Bund Commodity Future 08/12/2020 (313) (0.05) 23,100 STOXX Europe 600 Oil & Gas Future 18/12/2020 (548) (0.08) (534) (0.08) Contracts for Difference - ((0.16)%) 19,487 IXM - Finance Select Sector Index (CFD) (363) (0.06) 18,378 STOXX Europe 600 Automobiles (CFD) (530) (0.08) (893) (0.14) Portfolio of investments 644,255 98.45 Cash and other net assets/(liabilities) 10,139 1.55 Net assets 654,394 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

178 Fidelity Open World Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

North American Equities - (37.43%) 49,481,087 FCCF II - Fidelity North America Equity Fund I Acc USD 424,808 34.42 12,764,986 Merian North American Equity GBP Acc 32,372 2.62 457,180 37.04 European Equities - (16.42%) 24,705,734 FCCF II - Fidelity Europe ex-UK Equity Fund I Acc EUR 211,779 17.16 211,779 17.16 Pacific ex Japan Equities - (9.81%) 16,611,502 FCCF II - Fidelity Asia Pacific ex-Japan Equity Fund I Acc USD 141,500 11.46 141,500 11.46 Emerging Market Equities - (9.62%) 13,117,945 FCCF II - Fidelity Global Emerging Markets Fund I Acc USD 112,794 9.14 112,794 9.14 Financials - (4.94%) 1,304,605 Xtrackers S&P 500 Swap UCITS ETF 61,874 5.01 633,260 SPDR S&P US Dividend Aristocrats UCITS ETF 24,748 2.00 230,889 Vanguard FTSE 250 UCITS ETF 6,199 0.50 92,821 7.52 Japan Equities - (8.29%) 13,659,858 FCCF II - Fidelity Japan Equity Fund I Acc JPY 89,814 7.28 89,814 7.28 UK Equities - (8.51%) 100,813,770 FCCF II - Fidelity UK Equity Fund I Acc GBP 83,262 6.75 83,262 6.75 Macro Absolute Return - (0.00%) 14,043,695 Majedie Tortoise Fund Z GBP 11,974 0.97 11,974 0.97 Gold - (4.28%) 4,887,778 Ninety One Funds Series III GG 10,812 0.88 10,812 0.88 Cash Funds/Money Market Funds - (0.00%) 632 Fidelity Institutional Liquidity Fund - Sterling C Acc 6,449 0.52 0 Fidelity Institutional Liquidity Fund - USD C Acc 0 0.00 6,449 0.52 Forward Foreign Exchange Contracts - (0.03%) 5,327,368,500 Bought JPY sold GBP @ 0.007305 for settlement 25/11/2020 375 0.03 (41,929,900) Bought GBP sold EUR @ 1.104873 for settlement 25/11/2020 239 0.02 (14,289,300) Bought GBP sold EUR @ 1.095769 for settlement 25/11/2020 189 0.02 (187,856,600) Bought GBP sold JPY @ 134.909520 for settlement 25/11/2020 7 0.00 312,700 Bought EUR sold GBP @ 0.904232 for settlement 25/11/2020 (2) 0.00 32,849,300 Bought USD sold GBP @ 0.772747 for settlement 25/11/2020 (88) (0.01) 720 0.06 Futures - ((0.04)%) 33,800 MSCI Asia ex Japan Future 18/12/2020 262 0.02 (78,500) NIKKEI 225 Mini Commodity Future 10/12/2020 (31) 0.00 (17,950) Mini MSCI Emerging Market Index Future 18/12/2020 (90) (0.01) 91,200 STOXX Europe 600 Oil & Gas Future 18/12/2020 (2,165) (0.18) (2,024) (0.16)

179 Fidelity Open World Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Contracts for Difference - ((0.23)%) 55,262 IXM - Finance Select Sector Index (CFD) (1,030) (0.08) 56,058 STOXX Europe 600 Automobiles (CFD) (1,615) (0.13) (2,645) (0.21) Portfolio of investments 1,214,436 98.41 Cash and other net assets/(liabilities) 19,911 1.59 Net assets 1,234,347 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

180 Fidelity Select 50 Balanced Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Global Fixed Income - (19.27%) 558,625 Colchester Global Bond Fund GBP Hedged Acc 7,014 6.55 7,578,150 Standard Life Global Index Linked Bond Fund S Acc 5,108 4.77 4,389,273 Jupiter Strategic Bond Fund I Acc 5,033 4.70 312,014 Fidelity Funds - Emerging Market Local Currency Debt Fund Y Acc USD 2,102 1.96 383,795 JPM Global High Yield Bond Fund C Acc 520 0.49 19,777 18.46 UK Fixed Income - (16.96%) 6,505,045 M&G Corporate Bond Fund I Acc GBP 5,365 5.01 333,174 Fidelity MoneyBuilder Income Fund Y Acc 4,814 4.49 1,802,201 iShares UK Gilts All Stocks Index Fund D Acc 3,491 3.26 2,203,537 Fidelity Strategic Bond Fund Y Acc 2,975 2.78 16,645 15.54 UK Equities - (10.43%) 256,757 Fidelity Special Situations Fund W Acc 7,110 6.64 1,255,733 Liontrust UK Growth Fund I 4,699 4.39 2,366,186 Majedie UK Equity Fund 3,491 3.26 15,300 14.28 Global Equities - (10.10%) 1,515,927 Rathbone Global Opportunities Fund Acc 4,835 4.51 66,594 Fidelity Global Special Situations Fund A Acc 3,016 2.81 1,141,275 Fidelity Global Dividend Fund W Acc (UK) 2,687 2.51 255,005 Invesco Global Equity Income Fund 828 0.77 11,366 10.61 North American Equities - (4.56%) 879,106 JPMorgan Fund ICVC - US Select 5,124 4.78 808,829 Merian North American Equity GBP Acc 2,051 1.91 516,630 JPMorgan Fund ICVC - US Equity Income Fund 1,463 1.37 8,638 8.06 Pacific ex Japan Equities - (5.14%) 2,041,234 Merian Asia Pacific Fund U1 GBP Acc 4,311 4.02 2,360,679 Maple-Brown Abbott Asia Pacific 1,868 1.74 6,179 5.77 Macro Absolute Return - (5.46%) 1,601,797 Invesco Global Targeted Returns Fund 3,716 3.47 20,208 BlackRock Style Advantage Fund I2 GBP Hedged 1,481 1.38 5,197 4.85 Europe ex UK Equities - (10.06%) 625,192 JO Hambro European Select Values Fund 2,860 2.67 64,497 Blackrock Continental European Equity Index Fund (UK) 2,059 1.92 4,919 4.59 Financials - (0.00%) 56,249 Amundi Physical Gold ETC 3,247 3.03 3,247 3.03 Volatility - (2.39%) 3,009 Assenagon Alpha Volatility (I) Inc EUR 3,228 3.01 3,228 3.01

181 Fidelity Select 50 Balanced Fund

Portfolio Statement

as at 31 October 2020

Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %

Infrastructure - (2.99%) 2,318,298 FP Foresight infrastructure fund 2,921 2.73 2,921 2.73 Japan Equities - (3.44%) 120,424 Baillie Gifford Japanese Fund B Acc 2,292 2.14 2,292 2.14 Emerging Market Equities - (0.95%) 1,580,783 Artemis Global Emerging Markets Fund I Acc GBP 2,077 1.94 2,077 1.94 European Equities - (0.00%) 13,916 Robeco QI European Conservative Equities C GBP 1,540 1.44 1,540 1.44 Commodities - (3.54%) 661,012 Ninety One Funds Series III GG 1,462 1.36 1,462 1.36 Property - (2.48%) 674,385 iShares Global Property Securities Equity Index Fund (UK) 1,258 1.17 1,258 1.17 Cash Funds/Money Market Funds - (1.98%) 542,542 Fidelity Cash Fund Y Acc 552 0.52 552 0.52 Forward Foreign Exchange Contracts - (0.01%) (3,356,200) Bought GBP sold EUR @ 1.103353 for settlement 19/11/2020 24 0.02 (192,700) Bought GBP sold EUR @ 1.107652 for settlement 19/11/2020 1 0.00 25 0.02 Portfolio of investments 106,623 107.38 Cash and other net assets/(liabilities) 520 (7.38) Net assets 107,143 100.00

The figures in brackets represent the sector distributions at 31 October 2019. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes. Where the holdings/holdings equivalent value is reported to be nil this is due to a fractional share position.

182 Fidelity Investment Funds IV Annual Report and Financial Statements for the year ended 31 October 2020

Further Information

Fidelity Investment Funds IV Registered Office Beech Gate Millfield Lane Lower Kingswood Tadworth Surrey KT20 6RP United Kingdom www.fidelity.co.uk Authorised and regulated in the UK by the Financial Conduct Authority. Authorised Corporate Director (ACD), AIFM, General Distributor, Administrator and Registrar FIL Investment Services (UK) Limited Beech Gate Millfield Lane Lower Kingswood Tadworth Surrey KT20 6RP United Kingdom Authorised and regulated in the UK by the Financial Conduct Authority. Registered in England and Wales No 2016555. Depositary J.P. Morgan Europe Limited Registered Office: 25 Bank Street London E14 5JP United Kingdom Head Office: Chaseside Bournemouth Dorset BH7 7DA United Kingdom Authorised and regulated in the UK by the Financial Conduct Authority. Independent Auditors Deloitte LLP 1 New Street Square London EC4 3HQ United Kingdom

183 Fidelity Investment Funds IV Annual Report and Financial Statements for the year ended 31 October 2020

Further Information

• All Fidelity employees are subject to a Code of Ethics which, among other things, sets out procedures for personal account dealings in securities. These procedures, which are rigorously monitored, are designed to ensure that there is no conflict between personal account dealing by Fidelity staff and the interests of Fidelity’s customers. The two basics of the Code of Ethics require that deals have to be pre-authorised before an individual may undertake them, and they must afterwards be reported to the Compliance Department. Individuals are required to use specified brokers which enables this process to be checked on a continual basis. In addition, there are specific provisions to ensure that any investment idea is first acted upon by the funds Fidelity manages, and that fund managers may not deal within a defined period either side of a fund (for which they are responsible) dealing in that stock. • The Report and Financial Statements of the Company and the Instrument of Incorporation may be inspected free of charge between 9.00 a.m. and 5.00 p.m. on every business day at the offices of the Authorised Corporate Director (ACD) at Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP, United Kingdom. • Shareholders may obtain copies of the above documents free of charge from the same address or alternatively from our website www.fidelity.co.uk. It is possible to receive information about the full holdings of the funds in which you invest. This is available on request, and may, at our discretion, be subject to you entering into an agreement with us to keep the information confidential. If you wish to receive full holdings information in accordance with the policy, please put your request in writing to: Data Policy Fund Holdings, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP, United Kingdom quoting your name, address and account number or client reference number. • The Authorised Fund Manager (AFM) is required to conduct a detailed assessment of whether its funds provide value to investors and publish an annual statement summarising the outcome of the review. The AFM will publish the outcome of the review in a separate document available during the third quarter of 2021.

FIL Limited and its respective subsidiaries form the global investment management organisation that is commonly referred to as Fidelity International. Fidelity International only gives information on products and services and, with the exception of retirement advice, does not provide investment advice based on individual circumstances. Any service, security, investment, fund or product outlined may not be available to or suitable for you and may not be available in your jurisdiction. It is your responsibility to ensure that any service, security, investment, fund or product outlined is available in your jurisdiction before any approach is made regarding that service, security, investment, fund or product. This document may not be reproduced or circulated without prior permission and must not be passed to private investors. Past performance is not a reliable indicator of future results. The value of investments may go down as well as up and an investor may not get back the original amount invested. Unless otherwise stated all products are provided by Fidelity International, and all views expressed are those of Fidelity International. In certain countries, and for certain types of investments, transaction costs are higher, and liquidity is lower than elsewhere. There may also be limited opportunities to find alternative ways of managing cash flows especially where the focus of investment is on small and medium sized firms. For funds specialising in such countries and investment types, transactions, particularly those large in size, are likely to have a greater impact on the costs of running a fund than similar transactions in larger funds. Prospective investors should bear this in mind in selecting funds. Issued by FIL Investment Services (UK) Limited (FCA registered number 121939) a firm authorised and regulated by the Financial Conduct Authority. FIL Investment Services (UK) Limited is a member of the Fidelity International group of companies and is registered in England and Wales under the company number 2016555. The registered office of the company is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP, United Kingdom. FIL Investment Management Limited VAT group identification number is 395 3090 35.

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