Our Ref: Objective SMFL

Our ref: OMIG, OMWL, OMWLP

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Dear «Salute»

Fidelity Multi Asset Open Strategic – Investment Objective Change

I am writing to you because you are an investor in the Fidelity Multi Asset Open Strategic fund.

FIL Investment Services (UK) Ltd has told us that the objective of this fund will change from Tuesday 14 March 2017.

Why is the change happening? Fidelity is revising the investment objective of the fund in order to make it easier for investors to see how the strategy differs from others in the Fidelity Multi Asset Open fund range. It will also allow for greater flexibility in the types of asset the fund can hold to meet the investment targets it is aiming for.

How will these changes affect your investment? The objective change will not affect the value of your fund holding or in the fund manager’s opinion, its risk profile. The fund objectives are shown overleaf for you to compare.

What action do you need to take? You do not need to take any action unless you wish to make an alternative choice from our extensive range of funds. Please speak to your financial adviser before making any investment decisions or if you have any questions about this change.

For any other questions you can call our Customer Service Centre on freephone or email us at [email protected], but please remember we are not authorised to give you any investment advice.

Yours sincerely

Anthony Scammell Head of Customer Experience

If you have an authorised financial adviser, we have made a copy of this letter available for them to view online. Old objective New objective

To provide long term capital growth from To target an average annual return of 5% after exposure to global markets in mostly bonds, the deduction of ongoing fund charges, over a equities, property, commodities and cash. The typical market cycle of 5-7 years. There is no fund will invest in collective investment guarantee that the target will be achieved by schemes including those managed by Fidelity the fund. It typically has exposure to both and may also invest in transferable securities, higher and lower risk investments meaning money market instruments, cash and deposits. that there is a moderate risk of capital losses. Derivatives and forward transactions may also The fund invests primarily into funds (including be used for investment purposes. those managed by Fidelity) which provide global exposure to a diversified range of Investments in emerging markets tend to be assets volatile and are usually considered to carry a greater degree of risk than investments in established markets. This relates to dealing, settlement and custody practices, the Risk Profile possibility of political or economic instability, and developing legal, fiscal and regulatory Fidelity does not expect the risk profile of the structures. fund to change as a result of the investment objective change. The fund is denominated in one currency but may hold assets which are priced in other For more information on risks, please see the currencies. The performance of the fund may updated Prospectus and Key Investor therefore rise and fall as a result of exchange Information Document which will be available rate fluctuations. at www.fidelity.co.uk after 14 March 2017.

The fund invests in non-investment grade high-yielding bonds. The high yield reflects a higher risk of capital loss through default.

The fund invests in bonds or money market instruments (including deposits with banks or other financial institutions). The yield and/or value of the fund will fluctuate as interest rates change. There is a possibility of default, reducing capital values.

The fund, or some of its underlying assets, may hold derivatives for investment purposes, or borrow to invest ('gearing'), and the nature of these investments can lead to a higher volatility in the price of the fund. In addition, the fund may have some exposure to credit risk if a provider of derivatives fails to honour their obligation.

Part, or all, of the fund management charge is levied against the capital of the fund, rather than the income, which could reduce the potential for future growth.