Semi-Annual Reports and Accounts - Fidelity Worldwide Investment

FIDELITY INVESTMENT FUNDS IV INTERIM REPORT AND FINANCIALSTATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 APRIL 2014CONTENTSDirector’s report* 2Statement of Authorised Corporate Director’s responsibilities 3Certification of the Interim Report and Financial Statements by Directors 3General information* 3Aggregated Financial Statements for Fidelity Investment Funds IV 4FUND MANAGER REVIEWS* AND FINANCIAL STATEMENTSFidelity Allocator World Fund 6Fidelity Multi Asset Adventurous Fund 9Fidelity Multi Asset Allocator Adventurous Fund 12Fidelity Multi Asset Allocator Defensive Fund 15Fidelity Multi Asset Allocator Growth Fund 18Fidelity Multi Asset Allocator Strategic Fund 21Fidelity Multi Asset Balanced Income Fund 24Fidelity Multi Asset Defensive Fund 34Fidelity Multi Asset Growth Fund 37Fidelity Multi Asset Income Fund 40Fidelity Multi Asset Income & Growth Fund 51Fidelity Multi Asset Open Adventurous Fund 57Fidelity Multi Asset Open Defensive Fund 60Fidelity Multi Asset Open Growth Fund 63Fidelity Multi Asset Open Strategic Fund 66Fidelity Multi Asset Strategic Fund 70Fidelity Open World Fund 73Fidelity Target 2015 Fund 76Fidelity Target 2020 Fund 79Fidelity Target 2025 Fund 82Fidelity Target 2030 Fund 85Fidelity Undiscovered Talent Fund 88Fidelity WealthBuilder Fund 91Portfolio Statements 94Total Purchases and Sales 132Risk and Reward Profiles 133Further information* 136* These collectively comprise the Authorised Corporate Director’s (ACD) report.1

FIDELITY INVESTMENT FUNDS IV INTERIM REPORT AND FINANCIALSTATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 APRIL 2014DIRECTOR’S REPORTWe are pleased to present the interim report and financial statements forFidelity Investment Funds IV (“the Company”), covering the six month periodto 30 April 2014.As required by the Collective Investment Schemes sourcebook (COLL), theAuthorised Corporate Director (ACD) has issued a Short Report for theCompany to investors.Reference in this document to specific securities should not be construed asa recommendation to buy or sell these securities but is included for thepurpose of illustration only. Investors should also note that the viewsexpressed may no longer be current and may already have been actedupon by Fidelity.COMPANY AND STATUSThe Company is an open-ended investment company with variable capitalincorporated in England and Wales under registered number IC000712and authorised by the Financial Conduct Authority (FCA) on 2 October 2008.The Company is authorised as a non-UCITS retail scheme (NURS) andstructured as an umbrella company comprising various funds, each of whichis operated as a distinct fund, with its own portfolio of investments.The funds in which shares are currently available are:Fidelity Allocator World FundFidelity Multi Asset Adventurous FundFidelity Multi Asset Allocator Adventurous FundFidelity Multi Asset Allocator Defensive FundFidelity Multi Asset Allocator Growth FundFidelity Multi Asset Allocator Strategic FundFidelity Multi Asset Balanced Income FundFidelity Multi Asset Defensive FundFidelity Multi Asset Growth FundFidelity Multi Asset Income FundFidelity Multi Asset Income & Growth FundFidelity Multi Asset Open Adventurous FundFidelity Multi Asset Open Defensive FundFidelity Multi Asset Open Growth FundFidelity Multi Asset Open Strategic FundFidelity Multi Asset Strategic FundFidelity Open World FundFidelity Target 2015 FundFidelity Target 2020 FundFidelity Target 2025 FundFidelity Target 2030 FundFidelity Undiscovered Talent FundFidelity WealthBuilder FundIn the future additional funds, or new classes of shares within existing funds,may be launched by the ACD.Each fund has the investment powers equivalent to those of a NURS as perthe Prospectus.Shareholders are not liable for the debts of the Company. A shareholder isnot liable to make any further payment to the Company after they havepaid the purchase price of the shares.The Company is governed by the requirements of the Open-EndedInvestment Companies Regulations 2001 (SI 2001/1228) ("OEICRegulations") and the FCA’s Handbook of rules and guidance, specificallythe COLL. As permitted by the COLL, the Company does not hold AnnualGeneral Meetings.In accordance with the OEIC Regulations and with the approval of the FCA,the Company has converted to segregated liability status between funds on13 December 2013. Having segregated liability between funds means thatthe assets of a fund belong exclusively to that fund and shall not be usedto discharge directly or indirectly the liabilities of, or claims against, anyother person or body, including the Company, or any other fund.OBJECTIVESThe broad aim of the Company is to provide access, both indirectly throughinvesting in other collective investment schemes and directly, to the globalresearch resources and stockpicking skills of Fidelity’s investmentmanagement teams throughout the world. Each fund provides theopportunity to benefit from investment in professionally managed pools ofsecurities and other financial instruments in different geographic areas andcurrencies.The investment objective and a review of the investment activities of eachfund during the period under review are included within the Fund ManagerReviews.CHANGES TO THE PROSPECTUSFor the period ended 30 April 2014 the following significant changes weremade to the Prospectus or Instrument of Incorporation:• The Company converted to segregated liability status between funds on13 December 2013 in accordance with the OEIC Regulations and withthe approval of the FCA.Share class launches• Fidelity Multi Asset Open Strategic Fund launched Y Accumulation Shareclass on 13 November 2013.• Y Accumulation Share classes were launched on 10 December 2013 forMulti Asset Balance Income Fund (including Gross paying Shares), MultiAsset Income Fund (including Gross paying Shares) and Multi AssetIncome & Growth Fund.• Accumulation (clean) Share classes in the PathFinder range werelaunched on 30 January 2014 for the following funds:Fidelity Allocator World FundFidelity Multi Asset Adventurous FundFidelity Multi Asset Allocator Adventurous FundFidelity Multi Asset Allocator Defensive Fund(including Gross paying Shares)Fidelity Multi Asset Allocator Growth FundFidelity Multi Asset Allocator Strategic FundFidelity Multi Asset Defensive Fund(including Gross paying 1 Shares)Fidelity Multi Asset Growth FundFidelity Multi Asset Open Growth FundFidelity Multi Asset Open Strategic FundFidelity Multi Asset Strategic FundFidelity Multi Asset Open Adventurous FundFidelity Multi Asset Open Defensive Fund(including Gross paying shares)Fidelity Open World FundFidelity WealthBuilder Fund2

FIDELITY INVESTMENT FUNDS IV INTERIM REPORT AND FINANCIALSTATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 APRIL 2014• Income (clean) Share classes in the PathFinder range were launched on30 January 2014 for the following funds:Fidelity Multi Asset Balanced Income Fund (including Gross payingIncome 2 Income Shares)Fidelity Multi Asset Income Fund (including Gross paying Income 1Income Shares)Fidelity Multi Asset Income & Growth FundSTATEMENT OF AURTHORISED CORPORATEDIRECTOR'S (ACD) RESPONSIBILITIES IN RELATIONTO THE FINANCIAL STATEMENTS OF THE COMPANYThe Open-Ended Investment Companies Regulations 2001 (SI 2001/1228)and the Collective Investment Schemes sourcebook (COLL) require the ACDto prepare financial statements for each annual and half-yearly accountingperiod which give a true and fair view of the financial position of theCompany and of its net revenue or expenses and the net capital gains orlosses on the property of the Company for the period. In preparing thefinancial statements the ACD is required to:• Select suitable accounting policies and then apply them consistently---• Comply with the Statement of Recommended Practice for AuthorisedFunds issued by the Investment Management Association (IMA) inOctober 2010, the COLL, the Prospectus and the Instrument ofIncorporation.• Follow generally accepted accounting principles and applicableaccounting standards.• Keep proper accounting records which enable it to demonstrate thatthe financial statements as prepared comply with the aboverequirements.• Prepare the financial statements on the going concern basis unless itis inappropriate to presume the Company will continue in operation.• Take reasonable steps for the prevention and detection of fraud orother irregularities.CERTIFICATION OF THE INTERIM REPORT ANDFINANCIAL STATEMENTS BY DIRECTORS OF THE ACDIn accordance with the requirements of the COLL, the report and financialstatements are approved on behalf of the Directors of FIL InvestmentServices (UK) Limited, the ACD.GENERAL INFORMATIONFIDELITY INVESTMENT FUNDS IVREGISTERED OFFICEOakhill House130 Tonbridge RoadHildenboroughTonbridgeKent TN11 9DZUnited Kingdomwww.fidelity.co.ukAuthorised and regulated in the UK by the Financial Conduct Authority.AUTHORISED CORPORATE DIRECTOR (ACD),INVESTMENT MANAGER, GENERAL DISTRIBUTOR,ADMINISTRATOR AND REGISTRARFIL Investment Services (UK) LimitedOakhill House130 Tonbridge RoadHildenboroughTonbridgeKent TN11 9DZUnited KingdomThe ACD is FIL Investment Services (UK) Limited and is the sole director.Authorised and regulated in the UK by the Financial Conduct Authority.Registered in England and Wales No 2016555.SUB-DISTRIBUTORFinancial Administration Services LimitedOakhill House130 Tonbridge RoadHildenboroughTonbridgeKent TN11 9DZUnited KingdomBy a separate sub-distribution agreement dated 1 March 2012 the ACDhas appointed Financial Administration Services Limited to distributeshares in the United Kingdom.Authorised and regulated in the UK by the Financial Conduct Authority.DEPOSITARYJ.P. Morgan Trustee and Depositary Company LimitedRegistered Office:25 Bank StreetLondon E14 5JPUnited KingdomNishith GandhiDirectorFIL Investment Services (UK) Limited19 June 2014John CloughertyDirectorHead Office:ChasesideBournemouthDorset BH7 7DAUnited KingdomAuthorised and regulated in the UK by the Financial Conduct Authority.INDEPENDENT AUDITORSPricewaterhouseCoopers LLP7 More London RiversideLondon SE1 2RTUnited Kingdom3

AGGREGATED FINANCIAL STATEMENTS FOR FIDELITY INVESTMENT FUNDS IVSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited) 30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (3,617) 324,390Revenue 28,196 26,525Expenses (19,127) (19,109)Finance costs: Interest/other (343) (34)Net revenue/(expense) before taxation 8,726 7,382Taxation (141) (197)Net revenue/(expense) after taxation 8,585 7,185Total return before distributions 4,968 331,575Finance costs: Distributions/Equalisation (1,864) (1,659)Change in net assets attributable to shareholders from investment activities 3,104 329,916STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited) 30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 2,893,289 2,507,871Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 154,345 406,081Amounts payable on cancellation of shares (260,672) (277,130)(160,327) 128,951Dilution levyStamp duty reserve tax (400) (430)Change in net assets attributable to shareholders frominvestment activities (see above) 3,104 329,916Closing net assets attributable to shareholders 2,789,666 2,966,308BALANCE SHEETas at 30 April 2014(unaudited) 30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 2,747,315 2,675,464Derivative assets 3,911 2,694Debtors 35,834 65,554Cash and bank balances 42,785 278,407Total other assets 78,619 343,961Total assets 2,829,845 3,022,119LiabilitiesDerivative liabilities (1,429) (6,250)Creditors (38,188) (65,104)Bank overdrafts (33) (57,028)Net distributions payable on income shares (529) (448)Total other liabilities (38,750) (122,580)Total liabilities (40,179) (128,830)Net assets attributable to shareholders 2,789,666 2,893,289The aggregated financial statements represent the sum of the individual funds within the umbrella Company. Further analysis of the distribution and thenet asset position can be found within the financial statements of the individual funds.4

AGGREGATED FINANCIAL STATEMENTS FOR FIDELITY INVESTMENT FUNDS IVNOTES TO THE FINANCIAL STATEMENTS(unaudited)1. Accounting policiesa) Basis of accounting - These financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments,and in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP) and the Statement ofRecommended Practice (SORP) for Authorised Funds issued by the Investment Management Association (IMA) in October 2010.b) The interim financial statements have been prepared on the same basis as the audited financial statements for the year ended 31 October 2013.5

FIDELITY ALLOCATOR WORLD FUNDINVESTMENT OBJECTIVE AND POLICYThe fund aims to provide long term capital growth by investing primarilythrough regulated collective investment schemes, including schemes managedby Fidelity in order to obtain exposure to global markets mainly in equities. TheFund may also invest directly in transferable securities, money marketinstruments, cash and deposits. Derivatives and forward transactions may alsobe used for investment purposesNB: It is anticipated that the Fund will mainly invest in index tracking funds withthe aim of pursuing a lower cost investment approach.FUND MANAGER’S COMMENTARYMARKET REVIEWGlobal equities generated small but positive returns over the period.Improving economic data in developed markets supported investor sentiment.However worries about the impact of the reduction in money supply by the USFederal Reserve (Fed), particularly on emerging market economies, which aredependent on external financing limited gains. Concerns about slower growthin China and geopolitical tensions in Ukraine also impacted markets. Againstthis backdrop, Europe ex UK, the US and the UK generated positive returns. Incontrast, Pacific ex Japan and emerging markets declined. In Japan, equitiesslid due to concerns about the impact that an increase in the sales tax, whichwas scheduled for April, would have on consumption spending and the lackof near term policy action to counter that impact.PORTFOLIO ACTIVITYBased on my positive view on global growth, I positioned the fund to benefitfrom an improving economic environment. I preferred developed economiessuch as the US and Japan over other regions. However, a bias towards Japan,notably positions in iShares MSCI Japan Fund and BlackRock Japan EquityTracker Fund detracted from returns. Since the start of 2014, Japanese equitieshave been relative laggards as the consumption tax hike scheduled for Aprilhas led to increased uncertainty among investors. Consequently, the positionin the former was sold, while the latter was reduced. An underweight stancein the UK and Europe ex UK also held back gains. I increased the exposure tothe latter given a pickup in growth by increasing the holding in Fidelity IndexEurope ex-UK Fund. On a positive note, a bias towards the US supportedperformance. The position in S&P500 E-Mini Future 31/03/2014 boostedreturns. Given the optimistic outlook for the US, I bought positions in Fidelity USIndex Fund and iShares MSCI USA Fund. Elsewhere, an underweight stance inemerging markets and Pacific ex Japan contributed to relative performance.The position in iShares MSCI Emerging Markets Fund was reduced while theholding in iShares MSCI Pacific Ex-Japan Fund was sold.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China, the major export marketfor both regions.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14Y Accumulation Shares - - - - 5.3Fidelity PathFinder Foundation 5Accumulation Shares - - - - 4.9N Accumulation Shares - - - - -Fidelity PathFinder Foundation 5Accumulation (clean) Shares - - - - -* Comparative Index - - - - 5.4* Comparative Index: MSCI All Countries World Index (Net)Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested. Pastperformance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.The value of investments and the income from it can go down as well as up soyou may not get back the amount you invested. Some funds are able to investsome or all of their assets in developing overseas markets which carry a higherrisk than investing in larger established markets. Investments in emergingmarkets are likely to experience greater rises and falls in value and there maybe trading difficulties. Some funds invest in overseas markets. This means thatchanges in currency exchange rates will affect the value of your investment. Forsome funds, derivatives and forward transactions may be used for specificinvestment purposes, as well as for hedging and other efficient managementpurposes as permitted for all funds. Where this is the case, their use may leadto higher volatility in the fund’s share price. For funds that use derivativetransactions, there is a risk that the counterparty to the transaction will whollyor partially fail to honour its contractual obligations. This may result in financialloss to the fund. We assess the creditworthiness of counterparties as part of ourrisk management process. Each of our funds is operated as a separate entitywith its own assets and liabilities. However, if the liabilities of one fund were toexceed its assets, the other funds within the scheme might have to transferacross money to cover the liabilities. This means that the fund you invest in maybe worth less if it has to transfer money to another fund.Trevor GreethamFund Manager30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.6

FIDELITYALLOCATOR WORLD FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Equity Funds 78.61 76.41Cash Funds/Money Market Funds 10.67 0.00Index Futures 0.13 1.04Forward Foreign Exchange Contracts 0.02 0.04Cash and other net assets/(liabilities) 10.57 22.51TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity US Index Fund 2 34.26Fidelity Institutional Liquidity Fund (USD) 10.67Fidelity Index Europe ex-UK Fund 7.46Blackrock Japan Equity Tracker Fund 6.35Fidelity UK Index Fund 3 6.03Northern Trust Emerging Market Index Fund 5.79iShares MSCI Europe ex-UK Fund 3.92BlackRock Continental European EquityTracker Fund 3.90Fidelity Index Pacific (ex-Japan) Fund 2.87Fidelity Index Japan Fund 2.60FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)N Accumulation Y AccumulationSharesShares30/04/14 0.45 0.7030/04/13 - 0.89Fidelity PathFinder Fidelity PathFinderFoundation 5 Foundation 5Accumulation Shares Accumulation (clean)Shares 430/04/14 1.20 0.5530/04/13 1.39 -The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueN Accumulation SharesY Accumulation Shares30/04/14 0.1 100.68 67,285 5.6 111.21 5,006,884Fidelity PathFinder Foundation 5 Fidelity PathFinder Foundation 5Accumulation SharesAccumulation (clean) Shares30/04/14 1.1 110.11 1,013,590 1.6 102.96 1,561,826Top holdings as at 31/10/13% of totalnet assetsFidelity US Index Fund 2 31.63Blackrock Japan Equity Tracker Fund 9.30Fidelity UK Index Fund 3 6.87Northern Trust Emerging Market Index Fund 6.58iShares MSCI Europe Ex-UK Fund 6.14iShares MSCI Emerging Markets Fund 4.58iShares MSCI Pacific Ex-Japan Fund 4.54BlackRock Continental European EquityTracker Fund 4.04iShares MSCI Japan Fund Fund 1.46iShares MSCI Canada Fund 0.83Footnotes:1. The net asset value is the accounting value at the period end on a fairvalue basis.2. Formerly Fidelity MoneyBuilder US Index Fund.3. Formerly Fidelity MoneyBuilder UK Index Fund.4. The Fidelity PathFinder Foundation 5 Accumulation (clean) Shares werelaunched on 30/01/14.7

FIDELITYALLOCATOR WORLD FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (54) 355Revenue 67 20Expenses (33) (13)Net revenue/(expense) before taxation 34 7Taxation - -Net revenue/(expense) after taxation 34 7Total return before distributions (20) 362Finance costs: Equalisation 2 1Change in net assets attributable to shareholders frominvestment activities (18) 363STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 7,943 -Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 2,051 6,923Amounts payable on cancellation of shares (1,612) -439 6,923Stamp duty reserve tax (4) -Change in net assets attributable to shareholders frominvestment activities (see above) (18) 363Closing net assets attributable to shareholders 8,360 7,286BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 7,464 6,068Derivative assets 52 121Debtors 88 12Cash and bank balances 884 1,810Total other assets 972 1,822Total assets 8,488 8,011LiabilitiesDerivative liabilities (41) (34)Creditors (87) (22)Bank overdrafts - (12)Total other liabilities (87) (34)Total liabilities (128) (68)Net assets attributable to shareholders 8,360 7,943The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.8

FIDELITY MULTI ASSET ADVENTUROUS FUNDINVESTMENT OBJECTIVE AND POLICYThe Fund aims to provide long-term capital growth by investing primarilythrough other regulated collective investment schemes, including schemesmanaged by Fidelity in order to obtain exposure to global equities,commodities and global fixed income securities, with a bias towards the UK.The Fund may also invest directly in other transferable securities, bonds,money market instruments, cash and deposits. Derivatives and forwardtransactions may also be used for investment purposes.NB: It is anticipated that investment shall be made primarily in funds managedby Fidelity.FUND MANAGER’S COMMENTARYMARKET REVIEWCommodities outperformed other asset classes over the period as badweather boosted prices in the energy and agriculture sectors. Energy pricesrose due to the unseasonably cold winter in the US, while the drought in Brazildrove up coffee prices to a record high. Meanwhile, improving economic dataand continued monetary support from central banks in developed marketssupported equities. However, gains were limited by worries about the impactof the reduction in money supply by the US Federal Reserve (Fed), slow growthin China and rising geopolitical tensions in Ukraine. The real estate sectorunderperformed other asset classes following the Fed’s announcement that itcould begin tapering money supply. A reduction in money supply could leadto a rise in interest rates, which would likely impact property shares as theyare sensitive to changes in interest rates.PORTFOLIO ACTIVITYThe selection of underlying managers in US equities hurt performance. Theposition in iShares MSCI Canada Fund held back returns; as a result, I reducedthis holding over the period. Selection of underlying managers in other equityregions such as Europe ex UK, the UK and Japan also hamperedperformance. Moreover, tactical asset allocation held back gains. Based onmy positive view on global growth, I maintained a bias towards equities.However, in equity regions, a preference for Japan detracted from returns.Since the start of 2014, Japanese equities have been relative laggards as theconsumption tax hike scheduled for April has led to increased uncertaintyamong investors. Disappointing progress on the government’s growth andreform policies also hurt sentiment. Consequently, the overweight stance inJapan was lowered by reducing the exposure to iShares MSCI Japan Fundand Fidelity Japan Fund. In contrast, a bias towards the Europe ex UKcontributed to returns given supportive policies implemented by the EuropeanCentral Bank (ECB). The exposure to the region was increased by addingpositions in Fidelity Funds – European Dividend Fund, Fidelity Funds - EuropeanLarger Companies Fund and Fidelity Funds - European Value Fund. Elsewhere,commodities was held at an underweight stance as I believe that slow growthin China, the largest consumer of industrial metals, will hurt commodity prices.Therefore, I further reduced the position in this asset class by selling holdingsin Dow Jones – UBS Commodity Flex Index and ETFS All Commodities.However, this decision negatively impacted returns as commodities rose onthe back of harsh weather. Nonetheless, I believe this was an unexpectedshort-term gain, and retain my underweight in the sector.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China, the major export marketfor both regions. Elsewhere, the weather induced strength in commodities islikely to fade.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares - - -3.7 16.1 2.6Y Accumulation Shares - - - - 3.2Fidelity PathFinder Focused 4Accumulation Shares - - - - 2.7N Accumulation Shares - - - - -Fidelity PathFinder Focused 4Accumulation (clean) Shares - - - - -* Comparative Index - - -4.6 15.5 3.6* Comparative Index: 15% Dow Jones - UBS Commodity Index Total Return, 25% FTSE All Share Index,50% MSCI All Countries World Index (Net) & 10% FTSE EPRA/NAREIT Developed Index (G)Source: Fidelity, Morningstar and RIMES, bid to bid, UK£, net income reinvested.Comparative index to 24/09/2012 was Morningstar Flexible Investment. Pastperformance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds are able to invest some or all of their assets in developingoverseas markets which carry a higher risk than investing in larger establishedmarkets. Investments in emerging markets are likely to experience greater risesand falls in value and there may be trading difficulties. Some funds invest inoverseas markets. This means that changes in currency exchange rates willaffect the value of your investment. For some funds, derivatives and forwardtransactions may be used for specific investment purposes, as well as forhedging and other efficient management purposes as permitted for all funds.Where this is the case, their use may lead to higher volatility in the fund’s shareprice. For funds that use derivative transactions, there is a risk that thecounterparty to the transaction will wholly or partially fail to honour itscontractual obligations. This may result in financial loss to the fund. We assessthe creditworthiness of counterparties as part of our risk management process.Each of our funds is operated as a separate entity with its own assets andliabilities. However, if the liabilities of one fund were to exceed its assets, theother funds within the scheme might have to transfer across money to cover theliabilities. This means that the fund you invest in may be worth less if it has totransfer money to another fund.Trevor GreethamFund Manager30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.9

FIDELITYMULTI ASSET ADVENTUROUS FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Equity Funds 79.62 80.53Property Funds 8.43 5.61Commodity Funds/Commodity Exposure 5.28 1.02Cash Funds/Money Market Funds 5.28 0.00Forward Foreign Exchange Contracts 0.03 0.00Index Futures -0.22 -0.37Cash and other net assets/(liabilities) 1.58 13.21TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity UK Select Fund 9.46FAST - US Fund 9.11Fidelity Global Property Fund 8.43SPDR S&P US Dividend Aristocrats Fund 7.73Fidelity MoneyBuilder Dividend Fund 7.09Fidelity Funds - American Growth Fund 6.17Fidelity MoneyBuilder Growth Fund 4.91Fidelity Institutional Liquidity Fund (USD) 4.79Fidelity Funds - European Dynamic Value Fund 3.90Fidelity Global Dividend Fund 3.73Top holdings as at 31/10/13% of totalnet assetsFidelity UK Select Fund 10.20FAST - US Fund 8.19Fidelity MoneyBuilder Growth Fund 7.97Fidelity MoneyBuilder Dividend Fund 7.76SPDR S&P US Dividend Aristocrats Fund 7.06Fidelity Funds - American Growth Fund 5.79Fidelity Global Property Fund 5.61Fidelity Global Dividend Fund 3.80Fidelity Japan Fund 2.94Fidelity Institutional Pacific (ex-Japan) Fund 2.71Footnotes:FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A Accumulation N AccumulationSharesShares30/04/14 1.73 0.9730/04/13 1.66 -Y Accumulation Fidelity PathFinderShares Focused 4AccumulationShares30/04/14 1.23 1.7330/04/13 1.16 1.66Fidelity PathFinderFocused 4 Accumulation(clean) Shares 230/04/14 1.04The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Accumulation SharesN Accumulation Shares30/04/14 245.7 121.90 201,565,093 0.5 100.48 530,824Y Accumulation SharesFidelity PathFinder Focused4 Accumulation Shares30/04/14 1.1 117.08 982,105 3.4 107.79 3,126,092Fidelity PathFinder Focused 4Accumulation (clean) Shares30/04/14 2.2 103.01 2,096,6471. The net asset value is the accounting value at the period end on a fairvalue basis.2. The Fidelity PathFinder Focused 4 Accumulation (clean) Shares werelaunched on 30/01/14.10

FIDELITYMULTI ASSET ADVENTUROUS FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) 253 35,626Revenue 2,461 2,170Expenses (1,819) (1,860)Finance costs: Interest/other (94) (1)Net revenue/(expense) before taxation 548 309Taxation - -Net revenue/(expense) after taxation 548 309Total return before distributions 801 35,935Finance costs: Equalisation (24) (17)Change in net assets attributable to shareholders frominvestment activities 777 35,918STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 269,187 257,797Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 9,948 2,637Amounts payable on cancellation of shares (26,969) (20,817)(17,021) (18,180)Stamp duty reserve tax (25) (7)Change in net assets attributable to shareholders frominvestment activities (see above) 777 35,918Closing net assets attributable to shareholders 252,918 275,528BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 248,843 234,644Derivative assets 811 699Debtors 756 55,754Cash and bank balances 3,846 35,006Total other assets 4,602 90,760Total assets 254,256 326,103LiabilitiesDerivative liabilities (725) (1,705)Creditors (608) (54,558)Bank overdrafts (5) (653)Total other liabilities (613) (55,211)Total liabilities (1,338) (56,916)Net assets attributable to shareholders 252,918 269,187The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.11

FIDELITY MULTI ASSET ALLOCATOR ADVENTUROUS FUNDINVESTMENT OBJECTIVE AND POLICYThe fund aims to provide long term capital growth by investing primarilythrough regulated collective investment schemes, including schemes managedby Fidelity in order to obtain a global exposure to mostly equities andcommodities. The Fund may also invest directly in other transferable securities,money market instruments, cash and deposits. Derivatives and forwardtransactions may also be used for investment purposes.NB: It is anticipated that the Fund will mainly invest in index tracking funds withthe aim of pursuing a lower cost investment approach.FUND MANAGER’S COMMENTARYMARKET REVIEWCommodities outperformed other asset classes over the period as badweather boosted prices in the energy and agriculture sectors. Energy pricesrose due to the unseasonably cold winter in the US, while the drought in Brazildrove up coffee prices to a record high. Meanwhile, improving economic dataand continued monetary support from central banks in developed marketssupported equities. However, gains were limited by worries about the impactof the reduction in money supply by the US Federal Reserve (Fed), slow growthin China and rising geopolitical tensions in Ukraine. The real estate sectorunderperformed following the Fed’s announcement that it could begintapering money supply. A reduction in money supply could lead to a rise ininterest rates, which would likely impact property shares as they are sensitiveto changes in interest rates.PORTFOLIO ACTIVITYTactical asset allocation negatively impacted returns. Based on my positiveview on global growth, I positioned the fund to benefit from an improvingeconomic environment by maintaining a bias towards equities at the expenseof other asset classes. However, in equity regions, an overweight stance inJapan, notably positions in iShares MSCI Japan Fund and Northern Trust JapanEquity Index Fund held back performance. The position in the former was sold,while the exposure to the latter was reduced. A preference for Pacific exJapan and emerging market equities also detracted from returns amidconcerns about slow growth in China, the largest export market for bothregions. Consequently, the exposure to both regions was scaled down byreducing the allocation to iShares MSCI Pacific Ex-Japan Fund and iSharesMSCI Emerging Markets Fund. On a positive note, an overweight stance in theUS and Europe ex UK equities supported returns. The allocation to the latterwas raised in light of a pickup in growth by increasing holdings in FidelityIndex Europe ex UK Fund and iShares MSCI Europe ex-UK Fund. Elsewhere, Ibelieved that slow growth in China, the largest consumer of industrial metals,will hurt commodity prices. Therefore, I reduced the allocation to commoditiesduring the period. However, the underweight stance in the asset classdetracted from returns as commodities rose on the back of harsh weather.Nonetheless, I believe this was an unexpected short-term gain, and retain myunderweight in the sector. In the real estate segment, I increased the exposureto BlackRock Global Property Securities Equity Fund.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China, the major export marketfor both regions. Elsewhere, the weather induced strength in commodities islikely to fade.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares - - - - 2.0Y Accumulation Shares - - - - 2.6Fidelity PathFinder Foundation 4Accumulation Shares - - - - 2.1N Accumulation Shares - - - - -Fidelity PathFinder Foundation 4Accumulation (clean) Shares - - - - -* Comparative Index - - - - 3.6* Comparative Index: Comprises 15% Dow Jones - UBS Commodity Index Total Return, 25% FTSE AllShare Index, 50% MSCI All Countries World Index (Net) & 10% FTSE EPRA/NAREIT Developed Index (G)Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested. Pastperformance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.The value of investments and the income from it can go down as well as up soyou may not get back the amount you invested. Some funds are able to investsome or all of their assets in developing overseas markets which carry a higherrisk than investing in larger established markets. Investments in emergingmarkets are likely to experience greater rises and falls in value and there maybe trading difficulties. Some funds invest in overseas markets. This means thatchanges in currency exchange rates will affect the value of your investment. Forsome funds, derivatives and forward transactions may be used for specificinvestment purposes, as well as for hedging and other efficient managementpurposes as permitted for all funds. Where this is the case, their use may leadto higher volatility in the fund’s share price. For funds that use derivativetransactions, there is a risk that the counterparty to the transaction will whollyor partially fail to honour its contractual obligations. This may result in financialloss to the fund. We assess the creditworthiness of counterparties as part of ourrisk management process. Each of our funds is operated as a separate entitywith its own assets and liabilities. However, if the liabilities of one fund were toexceed its assets, the other funds within the scheme might have to transferacross money to cover the liabilities. This means that the fund you invest in maybe worth less if it has to transfer money to another fund.Trevor GreethamFund Manager30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.12

FIDELITYMULTI ASSET ALLOCATOR ADVENTUROUS FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Equity Funds 78.05 78.87Property Funds 8.48 5.74Commodity Funds/Commodity Exposure 5.23 0.65Cash Funds/Money Market Funds 0.03 0.05Forward Foreign Exchange Contracts 0.01 0.02Index Futures -0.20 -0.26Cash and other net assets/(liabilities) 8.40 14.93TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity UK Index Fund 3 28.19Fidelity US Index Fund 2 27.11BlackRock Global Property Securities Equity Fund 7.39iShares MSCI Europe Ex-UK Fund 5.13Fidelity Index Japan Fund 2.96Northern Trust Emerging Market Index Fund 2.43Northern Trust Japan Equity Index Fund 2.26Northern Trust Europe (ex-UK) Equity Index Fund 2.16Dow Jones - UBS Agriculture and Livestock Total ReturnIndex (Warrants 13/02/2017) 2.16Fidelity Emerging Markets Fund 1.71Top holdings as at 31/10/13% of totalnet assetsFidelity UK Index Fund 3 28.79Fidelity US Index Fund 2 25.92BlackRock Global Property Securities Equity Fund 5.71Northern Trust Japan Equity Index Fund 4.27iShares MSCI Emerging Markets Fund 3.62iShares MSCI Europe Ex-UK Fund 3.16Northern Trust Emerging Market Index Fund 2.97iShares MSCI Pacific Ex-Japan Fund 2.59Northern Trust Europe (ex-UK) Equity Index Fund 2.38iShares MSCI Japan Fund Fund 2.10Footnotes:FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A Accumulation N AccumulationSharesShares30/04/14 1.20 0.4530/04/13 1.35 -Y Accumulation Fidelity PathFinderShares Foundation 4Accumulation Shares30/04/14 0.70 1.2030/04/13 0.85 1.35Fidelity PathFinderFoundation 4Accumulation(clean) Shares 430/04/14 0.55The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Accumulation SharesN Accumulation Shares30/04/14 1.8 114.42 1,602,497 0.7 100.00 696,921Y Accumulation Shares Fidelity PathFinder Foundation 4Accumulation Shares30/04/14 3.7 115.22 3,231,743 1.8 106.32 1,695,013Fidelity PathFinder Foundation 4Accumulation (clean) Shares30/04/14 1.8 103.74 1,701,9161. The net asset value is the accounting value at the period end on a fairvalue basis.2. Formerly Fidelity MoneyBuilder US Index Fund.3. Formerly Fidelity MoneyBuilder UK Index Fund.4. The Fidelity PathFinder Foundation 4 Accumulation (clean) Shares werelaunched on 30/01/14.13

FIDELITYMULTI ASSET ALLOCATOR ADVENTUROUS FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (24) 751Revenue 79 44Expenses (46) (29)Finance costs: Interest/other (3) -Net revenue/(expense) before taxation 30 15Taxation - -Net revenue/(expense) after taxation 30 15Total return before distributions 6 766Finance costs: Equalisation 15 7Change in net assets attributable to shareholders frominvestment activities 21 773STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 8,726 -Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 3,220 7,176Amounts payable on cancellation of shares (2,141) -1,079 7,176Stamp duty reserve tax (4) -Change in net assets attributable to shareholders frominvestment activities (see above) 21 773Closing net assets attributable to shareholders 9,822 7,949BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 8,992 7,443Derivative assets 33 38Debtors 199 47Cash and bank balances 821 1,327Total other assets 1,020 1,374Total assets 10,045 8,855LiabilitiesDerivative liabilities (29) (60)Creditors (194) (43)Bank overdrafts - (26)Total other liabilities (194) (69)Total liabilities (223) (129)Net assets attributable to shareholders 9,822 8,726The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.14

FIDELITY MULTI ASSET ALLOCATOR DEFENSIVE FUNDINVESTMENT OBJECTIVE AND POLICYThe Fund aims to provide long term growth by investing primarily through otherregulated collective investment schemes, including schemes managed byFidelity in order to obtain a global exposure to mostly bonds and cash. TheFund may also have exposure to equities, property and commodities. The Fundmay also invest directly in other transferable securities, money marketinstruments, cash and deposits. Derivatives and forward transactions may alsobe used for investment purposes.NB: It is anticipated that the Fund will mainly invest in index tracking funds withthe aim of pursuing a lower cost investment approach.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Commodities outperformed as bad weather boosted prices in the energy andagriculture sectors. Energy prices rose due to the unseasonably cold winter inthe US, while the drought in Brazil drove up coffee prices to a record high.Meanwhile, improving economic data and continued monetary support fromcentral banks in developed markets supported equities. However, gains werelimited by worries about the impact of the reduction in money supply by theUS Federal Reserve (Fed), slow growth in China and rising geopoliticaltensions in Ukraine. In the fixed income segment, high yield and corporatebonds outperformed government bonds. Property underperformed other assetclasses following the Fed’s announcement that it could begin tapering moneysupply. This could lead to a rise in interest rates, which would likely impactproperty shares as they are sensitive to changes in interest rates.PORTFOLIO ACTIVITYTactical asset allocation negatively impacted returns. Based on my positiveview on global growth, I positioned the fund to benefit from an improvingeconomic environment by maintaining a bias towards equities at the expenseof other asset classes. However, in equity regions, an overweight stance inJapan, notably holdings in iShares MSCI Japan Fund and Northern Trust JapanEquity Index Fund held back performance. The position in the former was sold,while the exposure to the latter was reduced. A slight preference for emergingmarket equities also detracted from returns amid concerns about slow growthin China, the major export market for the region. Consequently, the exposureto emerging markets was lowered by selling the holding in iShares MSCIEmerging Markets Fund. In contrast, returns were supported by an overweightstance in the US and Europe ex UK equities. In the former, I bought a positionin Fidelity Index US Fund. The allocation to the latter was increased given apickup in growth by raising the holding in Fidelity Index Europe ex UK Fund.Elsewhere, I believe that slow growth in China, the largest consumer ofindustrial metals, will hurt commodity prices. Therefore, I lowered theallocation to the asset class. However, the underweight stance in commoditiesdetracted from returns as it rose on the back of harsh weather. Nonetheless,I believe this was an unexpected short-term gain, and retain my underweightin the sector. In the fixed income segment, corporate bonds were preferredover government bonds. Thus, I raised the exposure to Blackrock UK BondIndex Fund.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China. Elsewhere, the weatherinduced strength in commodities is likely to fade. Global corporate bonds arelikely to outperform core government bonds as investors are attracted by thelevel of income they pay.Trevor GreethamFund Manager30 April 14PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14Gross paying AAccumulation Shares** - - - 5.6 -2.0A Accumulation Shares - - - 5.6 -2.0Gross paying FidelityPathFinder Foundation1 Accumulation** - - - - -1.8Fidelity PathFinder Foundation1 Accumulation Shares - - - - -1.7Y Accumulation Shares - - - 6.1 -1.6Gross paying YAccumulation Shares** - - - 6.3 -1.4Gross paying NAccumulation Shares** - - - - -N Accumulation Shares - - - - -Gross paying Fidelity PathFinderFoundation 1 Accumulation(clean) Shares** - - - - -Fidelity PathFinder Foundation1 Accumulation (clean) Shares - - - - -* Comparative Index - - - 8.4 -1.0* Comparative Index: Comprises 50% BofA ML Sterling Large Cap (Net), 25% GBP 1 Week LIBID, 10%MSCI AC World (Net), 5% FTSE All Share (Net), 5% DJ-UBS Commodity Index & 5% FTSE EPRA/NAREITGlobal (G)Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested, ** grossincome reinvested. Past performance is not a realiable indicator of futureresults.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds are able to invest some or all of their assets in developing overseasmarkets which carry a higher risk than investing in larger established markets.Investments in emerging markets are likely to experience greater rises and fallsin value and there may be trading difficulties. Some funds invest in overseasmarkets. This means that changes in currency exchange rates will affect thevalue of your investment. For some funds, derivatives and forward transactionsmay be used for specific investment purposes, as well as for hedging and otherefficient management purposes as permitted for all funds. Where this is thecase, their use may lead to higher volatility in the fund’s share price. For fundsthat use derivative transactions, there is a risk that the counterparty to thetransaction will wholly or partially fail to honour its contractual obligations. Thismay result in financial loss to the fund. We assess the creditworthiness ofcounterparties as part of our risk management process. Each of our funds isoperated as a separate entity with its own assets and liabilities. However, if theliabilities of one fund were to exceed its assets, the other funds within thescheme might have to transfer across money to cover the liabilities. This meansthat the fund you invest in may be worth less if it has to transfer money toanother fund.* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.15

FIDELITYMULTI ASSET ALLOCATOR DEFENSIVE FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Fixed Interest Funds 43.14 36.66Cash Funds/Money Market Funds 23.29 28.25Equity Funds 18.65 22.85Commodity Funds/Commodity Exposure 4.86 0.04Property Funds 3.10 2.48ETFS: Tracking Government Bonds 0.72 3.50Forward Foreign Exchange Contracts 0.04 0.01Index Futures -0.18 -0.05Cash and other net assets/(liabilities) 6.38 6.26TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsLegal & General All Stock Gilt Index Trust Fund 26.70Fidelity Gross Accumulating Cash Fund 23.29BlackRock UK Bond Index Fund 14.57Fidelity UK Index Fund 3 5.15Northern Trust North America Equity Fund 4.14Fidelity US Index Fund 2 3.58BlackRock Global Property Securities Equity Fund 2.93Dow Jones - UBS Agriculture and Livestock Total ReturnIndex (Warrants 13/02/2017) 2.13Dow Jones - UBS Energy Total Return Index (Warrants07/02/2017) 1.73iShares Barclays Euro Government Bond Fund 1.72Top holdings as at 31/10/13% of totalnet assetsFidelity Gross Accumulating Cash Fund 28.25Legal & General All Stock Gilt Index Trust Fund 22.93BlackRock UK Bond Index Fund 11.33Fidelity UK Index Fund 3 5.70Northern Trust North America Equity Fund 4.72iShares FTSE UK Gilt All Stocks Fund 3.50iShares MSCI Emerging Markets Fund 2.46iShares Markit iBoxx £ Corporate Bond Fund 2.41iShares MSCI USA Fund 2.38iShares MSCI Pacific Ex-Japan Fund 1.82Footnotes:FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A Accumulation Gross paying AShares Accumulation Shares30/04/14 1.20 1.2030/04/13 1.30 1.30N Accumulation Gross paying NShares Accumulation Shares30/04/14 0.45 0.4530/04/13 - -Y Accumulation Gross paying YShares Accumulation Shares30/04/14 0.70 0.7030/04/13 0.80 0.80Fidelity PathFinder Gross payingFoundation 1 Fidelity PathFinderAccumulation Shares Foundation 1Accumulation Shares30/04/14 1.20 1.2030/04/13 1.30 1.30Fidelity PathFinder Gross payingFoundation 1 Fidelity PathFinderAccumulation (clean) FoundationShares 4 Accumulation (clean)Shares 430/04/14 0.55 0.55The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Accumulation SharesGross paying A Accumulation Shares30/04/14 5.2 104.36 5,036,231 3.2 104.46 3,065,271N Accumulation SharesGross paying N Accumulation Shares30/04/14 0.2 99.87 247,528 0.5 100.08 535,943Y Accumulation SharesGross paying Y Accumulation Shares30/04/14 2.6 105.52 2,457,040 1.2 105.95 1,114,906Fidelity PathFinder Foundation 1 Gross paying Fidelity PathFinderAccumulation SharesFoundation 1 Accumulationshares30/04/14 0.1 101.25 48,670 1.3 100.99 1,335,963Fidelity PathFinder Foundation 1 Gross paying Fidelity PathFinderAccumulation (clean) SharesFoundation 1 Accumulation(clean) shares30/04/14 0.1 100.97 48,604 1.3 100.99 1,242,7011. The net asset value is the accounting value at the period end on a fairvalue basis.2. Formerly Fidelity MoneyBuilder US Index Fund.3. Formerly Fidelity MoneyBuilder UK Index Fund.4. The Fidelity PathFinder Freedom 1 Accumulation (clean) Shares and Grosspaying Fidelity PathFinder Freedom 1 Accumulation (clean) Shares werelaunched on 30/01/14.16

FIDELITYMULTI ASSET ALLOCATOR DEFENSIVE FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (103) 595Revenue 111 105Expenses (87) (72)Finance costs: Interest/other (4) -Net revenue/(expense) before taxation 20 33Taxation - -Net revenue/(expense) after taxation 20 33Total return before distributions (83) 628Finance costs: Equalisation - (14)Change in net assets attributable to shareholders frominvestment activities (83) 614STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 17,014 11,796Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 3,022 5,927Amounts payable on cancellation of shares (4,231) (3,352)(1,209) 2,575Stamp duty reserve tax (5) (2)Change in net assets attributable to shareholders frominvestment activities (see above) (83) 614Closing net assets attributable to shareholders 15,717 14,983BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 14,773 15,957Derivative assets 15 33Debtors 122 132Cash and bank balances 1,001 1,143Total other assets 1,123 1,275Total assets 15,911 17,265LiabilitiesDerivative liabilities (73) (40)Creditors (121) (135)Bank overdrafts - (76)Total other liabilities (121) (211)Total liabilities (194) (251)Net assets attributable to shareholders 15,717 17,014The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.17

FIDELITY MULTI ASSET ALLOCATOR GROWTH FUNDINVESTMENT OBJECTIVE AND POLICYThe fund aims to provide long term growth by investing primarily through otherregulated collective investment schemes, including schemes managed byFidelity in order to obtain a global exposure to mostly equities, commodities,and property. The fund may also invest directly in other transferable securities,money market instruments, cash and deposits. Derivatives and forwardtransactions may also be used for investment purposes.NB: It is anticipated that the Fund will mainly invest in index tracking funds withthe aim of pursuing a lower cost investment approach.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Commodities outperformed as bad weather boosted prices in the energy andagriculture sectors. Energy prices rose due to the unseasonably cold winter inthe US, while the drought in Brazil drove up coffee prices to a record high.Meanwhile, improving economic data and continued monetary support fromcentral banks in developed markets supported equities. However, gains werelimited by worries about the impact of the reduction in money supply by theUS Federal Reserve (Fed), slow growth in China and rising geopoliticaltensions in Ukraine. In the fixed income segment, high yield and corporatebonds outperformed government bonds. Property underperformed other assetclasses following the Fed’s announcement that it could begin tapering moneysupply. This could lead to a rise in interest rates, which would likely impactproperty shares as they are sensitive to changes in interest rates.PORTFOLIO ACTIVITYTactical asset allocation negatively impacted returns. Based on my positiveview on global growth, I positioned the fund to benefit from an improvingeconomic environment by maintaining a bias towards equities at the expenseof other asset classes. However, in equity regions, an overweight stance inJapan, notably positions in iShares MSCI Japan Fund and Northern Trust JapanEquity Index Fund held back performance. The position in the former was sold,while the exposure to the latter was reduced. A preference for Pacific exJapan and emerging market equities also detracted from returns amidconcerns about slow growth in China, which is the major export market forboth regions. Consequently, the exposure to these regions was scaled downby reducing the allocation to iShares MSCI Pacific ex-Japan Fund and iSharesMSCI Emerging Markets Fund. In contrast, returns were supported by anoverweight stance in the US and Europe ex UK equities. The allocation to thelatter was increased given a pickup in growth by raising the holding in FidelityIndex Europe ex UK Fund. Elsewhere, I believe that slow growth in China, thelargest consumer of industrial metals, will hurt commodity prices. Therefore, Ilowered the allocation to the asset class. However, the underweight stance incommodities detracted from returns as it rose on the back of harsh weather.Nonetheless, I believe this was an unexpected short-term gain, and retain myunderweight in the sector. In the fixed income segment, corporate bonds werepreferred over government bonds. Therefore, I raised the exposure to iSharesMarkit iBoxx £ Corporate Bond Fund and Blackrock UK Credit Bond IndexFund.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China. Elsewhere, the weatherinduced strength in commodities is likely to fade. Meanwhile, global corporatebonds are expected to outperform core government bonds as investors areattracted by the level of income they pay.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares - - - 10.8 0.7Fidelity PathFinder Foundation3 Accumulation Shares - - - - 0.7Y Accumulation Shares - - - 11.3 1.1N Accumulation Shares - - - - -Fidelity PathFinder Foundation3 Accumulation (clean) Shares - - - - -* Comparative Index - - - 14.1 1.5* Comparative Index: Comprises 30% MSCI AC World (Net), 20% BofA ML Sterling Large Cap (Net), 20%FTSE All Share (Net), 15% DJ-UBS Commodity Index, 10% FTSE EPRA/NAREIT Global (G) & 5% GBP 1Week LIBIDSource: Fidelity and RIMES, bid to bid, UK£, net income reinvested. Pastperformance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds are able to invest some or all of their assets in developing overseasmarkets which carry a higher risk than investing in larger established markets.Investments in emerging markets are likely to experience greater rises and fallsin value and there may be trading difficulties. Some funds invest in overseasmarkets. This means that changes in currency exchange rates will affect thevalue of your investment. For some funds, derivatives and forward transactionsmay be used for specific investment purposes, as well as for hedging and otherefficient management purposes as permitted for all funds. Where this is thecase, their use may lead to higher volatility in the fund’s share price. For fundsthat use derivative transactions, there is a risk that the counterparty to thetransaction will wholly or partially fail to honour its contractual obligations. Thismay result in financial loss to the fund. We assess the creditworthiness ofcounterparties as part of our risk management process. Each of our funds isoperated as a separate entity with its own assets and liabilities. However, if theliabilities of one fund were to exceed its assets, the other funds within thescheme might have to transfer across money to cover the liabilities. This meansthat the fund you invest in may be worth less if it has to transfer money toanother fund.Trevor GreethamFund Manager30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.18

FIDELITYMULTI ASSET ALLOCATOR GROWTH FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Equity Funds 54.38 62.50Fixed Interest Funds 14.35 5.51Cash Funds/Money Market Funds 8.94 5.37Property Funds 8.42 7.55Commodity Funds/Commodity Exposure 4.99 1.03ETFS: Tracking Government Bonds 1.40 1.67Forward Foreign Exchange Contracts 0.01 0.00Index Futures -0.17 -0.41Cash and other net assets/(liabilities) 7.68 16.78TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity UK Index Fund 3 22.17Northern Trust North America Equity Fund 10.19Fidelity Gross Accumulating Cash Fund 8.94Fidelity US Index Fund 2 7.74Legal & General All Stock Gilt Index Trust Fund 6.64BlackRock Global Property Securities Equity Fund 6.43BlackRock UK Bond Index Fund 4.16Fidelity Index Japan Fund 2.23Fidelity Index Europe ex-UK Fund 2.05iShares £ Corporate Bond Fund 2.03Top holdings as at 31/10/13% of totalnet assetsFidelity UK Index Fund 3 22.36Northern Trust North America Equity Fund 13.44BlackRock Global Property Securities Equity Fund 6.96Fidelity Gross Accumulating Cash Fund 5.37iShares MSCI Pacific Ex-Japan Fund 3.64iShares MSCI Emerging Markets Fund 3.52Northern Trust Japan Equity Index Fund 3.44iShares MSCI Europe Ex-UK Fund 3.38Fidelity US Index Fund 2 2.53Legal & General All Stock Gilt Index Trust Fund 2.26Footnotes:FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A Accumulation N AccumulationSharesShares30/04/14 1.20 0.4530/04/13 1.32 -Y Accumulation Fidelity PathFinderShares Foundation 3AccumulationShares30/04/14 0.70 1.2030/04/13 0.82 1.32Fidelity PathFinderFoundation 3Accumulation(clean) Shares 430/04/14 0.55The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Accumulation SharesN Accumulation Shares30/04/14 4.1 116.52 3,519,853 2.3 100.32 2,318,538Y Accumulation Shares Fidelity PathFinder Foundation 3Accumulation Shares30/04/14 22.6 118.03 19,071,202 3.8 104.12 3,645,013Fidelity PathFinder Foundation 3Accumulation (clean) Shares30/04/14 4.1 102.96 4,019,3991. The net asset value is the accounting value at the period end on a fairvalue basis.2. Formerly Fidelity MoneyBuilder US Index Fund.3. Formerly Fidelity MoneyBuilder UK Index Fund.4. The Fidelity PathFinder Foundation 3 Accumulation (clean) Shares werelaunched on 30/01/14.19

FIDELITYMULTI ASSET ALLOCATOR GROWTH FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) 57 1,520Revenue 180 170Expenses (129) (92)Finance costs: Interest/other (11) -Net revenue/(expense) before taxation 40 78Taxation - -Net revenue/(expense) after taxation 40 78Total return before distributions 97 1,598Finance costs: Equalisation 26 (84)Change in net assets attributable to shareholders frominvestment activities 123 1,514STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 29,784 11,045Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 12,627 33,194Amounts payable on cancellation of shares (5,643) (15,453)6,984 17,741Stamp duty reserve tax (19) (1)Change in net assets attributable to shareholders frominvestment activities (see above) 123 1,514Closing net assets attributable to shareholders 36,872 30,299BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 34,011 24,909Derivative assets 126 66Debtors 658 297Cash and bank balances 2,438 5,046Total other assets 3,096 5,343Total assets 37,233 30,318LiabilitiesDerivative liabilities (97) (189)Creditors (264) (288)Bank overdrafts - (57)Total other liabilities (264) (345)Total liabilities (361) (534)Net assets attributable to shareholders 36,872 29,784The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.20

FIDELITY MULTI ASSET ALLOCATOR STRATEGIC FUNDINVESTMENT OBJECTIVE AND POLICYThe Fund aims to provide long term growth by investing primarily through otherregulated collective investment schemes, including schemes managed byFidelity in order to obtain a global exposure to mostly bonds, equities,commodities, property and cash. The Fund may also invest directly inother transferable securities, money market instruments, cash anddeposits. Derivatives and forward transactions may also be used forinvestment purposes.NB: It is anticipated that the Fund will mainly invest in index tracking funds withthe aim of pursuing a lower cost investment approach.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Commodities outperformed as bad weather boosted prices in the energy andagriculture sectors. Energy prices rose due to the unseasonably cold winter inthe US, while the drought in Brazil drove up coffee prices to a record high.Meanwhile, improving economic data and continued monetary support fromcentral banks in developed markets supported equities. However, gains werelimited by worries about the impact of the reduction in money supply by theUS Federal Reserve (Fed), slow growth in China and rising geopoliticaltensions in Ukraine. In the fixed income segment, high yield and corporatebonds outperformed government bonds. Property underperformed other assetclasses following the Fed’s announcement that it could begin tapering moneysupply. This could lead to a rise in interest rates, which would likely impactproperty shares as they are sensitive to changes in interest rates.PORTFOLIO ACTIVITYTactical asset allocation negatively impacted returns. Based on my positiveview on global growth, I positioned the fund to benefit from an improvingeconomic environment by maintaining a bias towards equities at the expenseof other asset classes. However, in equity regions, an overweight stance inJapan, notably positions in iShares MSCI Japan Fund and Northern Trust JapanEquity Index Fund held back performance. The position in the former was sold,while the exposure to the latter was reduced. A slight preference for emergingmarket equities also detracted from returns amid concerns about slow growthin China, the major export market for the region. Consequently, the exposureto emerging markets was lowered by reducing the allocation to iShares MSCIEmerging Markets Fund. In contrast, returns were supported by an overweightstance in the US and Europe ex UK equities. The allocation to the latter wasincreased given a pickup in growth by raising holdings in Fidelity Index Europeex UK Fund and iShares MSCI Europe ex-UK Fund. Elsewhere, I believe thatslow growth in China, the largest consumer of industrial metals, will hurtcommodity prices. Therefore, I lowered the allocation to the asset class.However, the underweight stance in commodities detracted from returns as itrose on the back of harsh weather. Nonetheless, I believe this was anunexpected short-term gain, and retain my underweight in the sector. In thefixed income segment, corporate bonds were preferred over governmentbonds. Thus, I raised the exposure to Blackrock UK Credit Bond Index Fund.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China. Elsewhere, the weatherinduced strength in commodities is likely to fade. Meanwhile, global corporatebonds are expected to outperform core government bonds as investors areattracted by the level of income they pay.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares - - - 8.3 -0.6MoneyBuilder Asset AllocatorAccumulation Shares - - - 8.5 -0.4Fidelity PathFinder Foundation2 Accumulation Shares - - - - -0.6Y Accumulation Shares - - - 8.8 -0.1N Accumulation Shares - - - - -Fidelity PathFinder Foundation2 Accumulation (clean) Shares - - - - -* Comparative Index - - - 11.4 0.6* Comparative Index: Comprises 40% BofA ML Sterling Large Cap (Net), 20% MSCI AC World (Net),15% FTSE All Share (Net), 10% DJ-UBS Commodity Index, 10% GBP 1 Week LIBID & 5% FTSEEPRA/NAREIT Global (G)Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested. Pastperformance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds are able to invest some or all of their assets in developing overseasmarkets which carry a higher risk than investing in larger established markets.Investments in emerging markets are likely to experience greater rises and fallsin value and there may be trading difficulties. Some funds invest in overseasmarkets. This means that changes in currency exchange rates will affect thevalue of your investment. For some funds, derivatives and forward transactionsmay be used for specific investment purposes, as well as for hedging and otherefficient management purposes as permitted for all funds. Where this is thecase, their use may lead to higher volatility in the fund’s share price. For fundsthat use derivative transactions, there is a risk that the counterparty to thetransaction will wholly or partially fail to honour its contractual obligations. Thismay result in financial loss to the fund. We assess the creditworthiness ofcounterparties as part of our risk management process. Each of our funds isoperated as a separate entity with its own assets and liabilities. However, if theliabilities of one fund were to exceed its assets, the other funds within thescheme might have to transfer across money to cover the liabilities. This meansthat the fund you invest in may be worth less if it has to transfer money toanother fund.Trevor GreethamFund Manager30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.21

FIDELITYMULTI ASSET ALLOCATOR STRATEGIC FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Equity Funds 39.75 42.39Fixed Interest Funds 33.80 26.16Cash Funds/Money Market Funds 14.05 12.79Commodity Funds/Commodity Exposure 4.90 0.90Property Funds 3.50 2.43ETFS: Tracking Government Bonds 2.22 3.63Forward Foreign Exchange Contracts 0.01 0.01Index Futures -0.17 -0.18Cash and other net assets/(liabilities) 1.94 11.87TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsLegal & General All Stock Gilt Index Trust Fund 17.69Fidelity UK Index Fund 3 16.15Fidelity Gross Accumulating Cash Fund 14.05BlackRock UK Credit Bond Index Fund 10.87Northern Trust North America Equity Fund 7.10Fidelity US Index Fund 2 5.90BlackRock Global Property Securities Equity Fund 2.62BlackRock GiltTrak Fund 2.36iShares FTSE UK Gilt All Stocks Fund 2.22iShares MSCI Europe ex-UK Fund 2.15Top holdings as at 31/10/13% of totalnet assetsFidelity UK Index Fund 3 16.04Fidelity Gross Accumulating Cash Fund 12.79Legal & General All Stock Gilt Index Trust Fund 12.66Northern Trust North America Equity Fund 9.92BlackRock UK Bond Index Fund 8.41iShares FTSE UK Gilt All Stocks Fund 3.63BlackRock GiltTrak Fund 3.01iShares MSCI Emerging Markets Fund 2.62Northern Trust Japan Equity Index Fund 2.59iShares MSCI USA Fund 2.36Footnotes:FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A Accumulation N AccumulationSharesShares30/04/14 1.20 0.4530/04/13 1.31 -Y Accumulation Shares MoneyBuilder AssetAllocatorAccumulationShares30/04/14 0.70 0.9530/04/13 0.81 1.06Fidelity PathFinder Fidelity PathFinderFoundation 2 Foundation 2Accumulation Accumulation (clean)Shares Shares 430/04/14 1.20 0.5530/04/13 1.31 -The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Accumulation SharesN Accumulation Shares30/04/14 6.8 111.06 6,044,259 2.6 100.16 2,627,439Y Accumulation SharesMoneyBuilder Asset AllocatorAccumulation Shares30/04/14 8.0 112.38 7,112,852 6.9 111.65 6,187,770Fidelity PathFinder Foundation 2 Fidelity PathFinder Foundation 2Accumulation SharesAccumulation (clean) Shares30/04/14 2.8 102.63 2,740,493 3.6 101.93 3,539,8341. The net asset value is the accounting value at the period end on a fairvalue basis.2. Formerly Fidelity MoneyBuilder US Index Fund.3. Formerly Fidelity MoneyBuilder UK Index Fund.4. The Fidelity PathFinder Foundation 2 Accumulation (clean) Shares werelaunched on 30/01/14.22

FIDELITYMULTI ASSET ALLOCATOR STRATEGIC FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (75) 1,093Revenue 226 151Expenses (125) (83)Finance costs: Interest/other (7) (3)Net revenue/(expense) before taxation 94 65Taxation (1) -Net revenue/(expense) after taxation 93 65Total return before distributions 18 1,158Finance costs: Equalisation 20 (13)Change in net assets attributable to shareholders frominvestment activities 38 1,145STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 24,363 13,132Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 9,738 12,237Amounts payable on cancellation of shares (3,460) (5,666)6,278 6,571Stamp duty reserve tax (12) (7)Change in net assets attributable to shareholders frominvestment activities (see above) 38 1,145Closing net assets attributable to shareholders 30,667 20,841BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 30,113 21,517Derivative assets 31 53Debtors 333 135Cash and bank balances 500 2,939Total other assets 833 3,074Total assets 30,977 24,644LiabilitiesDerivative liabilities (74) (95)Creditors (236) (95)Bank overdrafts - (91)Total other liabilities (236) (186)Total liabilities (310) (281)Net assets attributable to shareholders 30,667 24,363The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.23

FIDELITY MULTI ASSET BALANCED INCOME FUNDINVESTMENT OBJECTIVE AND POLICYThe fund’s investment objective is to achieve a balance of income and longterm capital growth. The Fund will invest primarily in collective investmentschemes including those managed by Fidelity. The Fund will gain exposure toa range of global assets through allocation to bonds and to company shares.The Fund may also gain exposure to commodities, property and cash andinvest directly in equities, bonds, money market instruments, cash and deposits.Derivatives and forward transactions may also be used for investmentpurposes.FUND MANAGER’S COMMENTARYMARKET REVIEWThe general level of interest rates and yields remained low over the period.Improving economic data in developed countries supported equity markets.However worries about the impact of the reduction in money supply by the USFederal Reserve (Fed), concerns about slower growth in China andgeopolitical tensions in Ukraine limited gains. Within fixed income assets, highyield and corporate bonds gained the most, benefiting from investors’ searchfor returns. Property shares underperformed other asset classes following theFed’s announcement that it could begin tapering money supply. This couldlead to a rise in interest rates, which would likely impact property shares asthey are sensitive to changes in interest rates.PORTFOLIO ACTIVITYThe selection of underlying funds in the fixed income segment was notablyrewarding. Funds invested in investment grade and high yield bonds benefitedfrom the strong performance of these asset classes. Consequently, holdings inFidelity Extra Income Fund, Fidelity Institutional UK Corporate Bond Fund andFidelity Funds – European High Yield Fund supported returns. Elsewhere, theallocation to loans (a type of high yield security that offer returns that rise inline with an increase in interest rates and provide greater protection to bondholders in the event of a default) boosted performance. Notably, a newholding in TwentyFour Income Fund aided performance. Within theinfrastructure sector, a new position in Doric Nimrod Air Two, an aircraftleasing company, supported returns. Since the fund focuses on incomegeneration, we mainly hold dividend paying stocks in the equity segment.These tend to outperform the broader market when there are concerns aboutgrowth. Consequently, the equity segment supported returns. Over the reviewperiod, we reduced our position in equities via Fidelity Global Dividend Fundin view of emerging risks to global growth. Within the investment grade bondssegment, we lowered the exposure to Fidelity MoneyBuilder Income Fund andFidelity Extra Income Fund. Meanwhile, we raised the allocation to FidelityInstitutional UK Aggregate Bond Fund as it is relatively more sensitive tochanges in interest rates. This holding is therefore likely to benefit fromcontinued low interest rates if growth slips. Elsewhere, the sharp fall inemerging market debt in January made returns from this asset class attractive.Consequently, we bought a holding in Fidelity Funds - Emerging Market DebtFund. We also purchased a new position in Tritax Big Box REIT, which investsin large warehouse and distribution facilities in the UK. It is expected to offerrobust and increasing returns that are likely to outpace inflation.OUTLOOKWe believe the global economy is in the recovery phase of the economiccycle, which is characterised by improving growth and low inflation. However,slowing growth in China and geopolitical tension in Ukraine make us cautiousabout the growth outlook. The focus on income generation is primarilyachieved through fixed income holdings. At the same time, there areopportunities in infrastructure, loans and property that can offer attractive,growing dividends as well as some potential for capital growth.PERFORMANCE RECORDA discrete 1 year performance table has not been included as the fundlaunched on 4 September 2013 and does not have a full twelve monthperformance record.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds take their annual management charge from your capital and not from theincome generated by the fund. This means that any capital growth in the fundwill be reduced by the charge. And, your capital may reduce over time if thefund’s growth does not compensate for it. Some funds are able to invest someor all of their assets in developing overseas markets which carry a higher riskthan investing in larger established markets. Investments in emerging marketsare likely to experience greater rises and falls in value and there may betrading difficulties. Some funds invest in overseas markets. This means thatchanges in currency exchange rates will affect the value of your investment. Forsome funds, derivatives and forward transactions may be used for specificinvestment purposes, as well as for hedging and other efficient managementpurposes as permitted for all funds. Where this is the case, their use may leadto higher volatility in the fund’s share price. For funds that use derivativetransactions, there is a risk that the counterparty to the transaction will whollyor partially fail to honour its contractual obligations. This may result in financialloss to the fund. We assess the creditworthiness of counterparties as part of ourrisk management process. The value of the fund may be affected if any of theinstitutions with which cash is deposited suffers insolvency or other financialdifficulty. Each of our funds is operated as a separate entity with its own assetsand liabilities. However, if the liabilities of one fund were to exceed its assets,the other funds within the scheme might have to transfer across money to coverthe liabilities. This means that the fund you invest in may be worth less if it hasto transfer money to another fund.Eugene Philalithis & Nick PetersFund Managers30 April 1424

FIDELITYMULTI ASSET BALANCED INCOME FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Fixed Interest Funds 67.94 65.39Equity Funds 26.05 27.39Equity Holdings 4.92 4.89Property Funds 0.47 0.00Forward Foreign Exchange Contracts 0.21 0.23Cash and other net assets/(liabilities) 0.41 2.1TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity Extra Income Fund 14.28Fidelity Global Dividend Fund 11.40Fidelity Enhanced Income Fund 9.83Fidelity Funds - US High Yield Fund 9.83Fidelity MoneyBuilder Income Fund 9.47Fidelity Institutional UK Corporate Bond Fund 6.64Fidelity Institutional UK Aggregate Bond Fund 6.17Fidelity Funds - European High Yield Fund 5.39Fidelity Funds - Asian High Yield Fund 4.60Fidelity Institutional Sterling Core Plus Bond Fund 3.77Top holdings as at 31/10/13% of totalnet assetsFidelity Global Dividend Fund 14.67Fidelity Extra Income Fund 14.60Fidelity Enhanced Income Fund 9.86Fidelity Funds - US High Yield Fund 9.86Fidelity MoneyBuilder Income Fund 9.86Fidelity Institutional UK Corporate Bond Fund 6.85Fidelity Funds - European High Yield Fund 5.57Fidelity Institutional UK Aggregate Bond Fund 4.89Fidelity Funds - Asian High Yield Fund 4.89Fidelity Institutional Sterling Core Plus Bond Fund 3.91FUND FACTSINCOME (PENCE PER SHARE)N Income Gross payingXD date Shares N Income SharesInterim distribution 01/05/14 0.2800 0.3500Interim distribution 01/04/14 0.2800 0.3500Interim distribution 01/03/14 0.1406 0.2393Interim distribution 01/02/14 0.2800 0.3500Interim distribution 01/01/14 0.3397 0.4380Interim distribution 01/12/13 0.2160 0.2683Y Income Gross payingXD date Shares Y Income SharesInterim distribution 01/05/14 0.2800 0.3500Interim distribution 01/04/14 0.2800 0.3500Interim distribution 01/03/14 0.1425 0.2380Interim distribution 01/02/14 0.2800 0.3500Interim distribution 01/01/14 0.3400 0.4373Interim distribution 01/12/13 0.2102 0.2683Fidelity PathFinder Gross payingIncome 2 Income Fidelity PathFinderShares Income 2 IncomeXD dateSharesInterim distribution 01/05/14 0.2800 0.3500Interim distribution 01/04/14 0.2800 0.3500Interim distribution 01/03/14 0.1502 0.2493Interim distribution 01/02/14 0.2800 0.3500Interim distribution 01/01/14 0.3465 0.4466Interim distribution 01/12/13 0.2187 0.2719Fidelity PathFinder Gross payingIncome 2 Income Fidelity PathFinder(clean) Shares Income 2 IncomeXD date(clean) SharesInterim distribution 01/05/14 0.2800 0.3500Interim distribution 01/04/14 0.2800 0.3500Interim distribution 01/03/14 0.0676 0.106825

FIDELITYMULTI ASSET BALANCED INCOME FUNDFUND FACTSONGOING CHARGES (%)N Income Gross payingShares N Income Shares30/04/14 1.23 1.3030/04/13 - -Y Income Gross payingShares Y Income Shares30/04/14 1.55 1.5230/04/13 - -Y Accumulation Gross paying YShares 2 AccumulationShares 230/04/14 1.60 1.5330/04/13 - -Fidelity PathFinder Gross payingIncome 2 Income Fidelity PathFinderShares Income 2 IncomeShares30/04/14 2.02 2.0230/04/13 - -Fidelity PathFinder Gross payingIncome 2 Income Fidelity PathFinder(clean) Shares 3 Income 2 Income(clean) Shares 330/04/14 1.41 1.42The ongoing charges figure is the ratio of total costs to average net assetsFUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueN Income SharesGross paying N Income Shares30/04/14 0.1 101.84 9,314 0.1 101.85 164,748Y Income SharesGross paying Y Income Shares30/04/14 0.1 101.67 133,959 0.1 101.75 24,180Y Accumulation SharesGross paying Y Accumulation Shares30/04/14 0.1 103.25 17,280 0.1 103.58 12,877Fidelity PathFinder Income 2 Income Gross paying Fidelity PathFinderSharesIncome 2 Income shares30/04/14 0.1 103.35 565,897 0.3 103.44 381,235Fidelity PathFinder Income 2 Income Gross paying Fidelity PathFinder(clean) SharesIncome 2 Income (clean) Shares30/04/14 0.5 101.71 153,596 0.4 101.83 399,961Footnotes:1. The net asset value is the accounting value at the period end on a fair value basis.2. The Y Accumulation and Gross paying Y Accumulation Shares were launched on 10/12/13.3. The Fidelity PathFinder Income 2 Income (clean) Shares and Gross paying Fidelity PathFinder Income 2 Income (clean) Shareswere launched on 30/01/14.26

FIDELITYMULTI ASSET BALANCED INCOME FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14£’000 £’000IncomeNet capital gains/(losses) 16Revenue 35Expenses (9)Net revenue/(expense) before taxation 26Taxation -Net revenue/(expense) after taxation 26Total return before Distributions 42Finance costs: Distributions/Equalisation (27)Change in net assets attributable to shareholders frominvestment activities 15STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14£’000 £’000Opening net assets attributable to shareholders* 1,329Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 937Amounts payable on cancellation of shares (368)569Stamp duty reserve tax (1)Change in net assets attributable to shareholders frominvestment activities (see above) 15Closing net assets attributable to shareholders 1,912* The fund was launched on 4 September 2013.BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 1,901 1,297Derivative assets 4 3Debtors 44 17Cash and bank balances 16Total other assets 44 33Total assets 1,949 1,333LiabilitiesDerivative liabilities (1) -Creditors (18) (2)Bank overdrafts (7) -Net distributions payable on income shares (11) (2)Total other liabilities (36) (4)Total liabilities (37) (4)Net assets attributable to shareholders 1,912 1,329The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.27

FIDELITYMULTI ASSET BALANCED INCOME FUNDDISTRIBUTION STATEMENTfor the six month period ended 30 April 2014(unaudited)N Income Shares - Interim distribution No. 7 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 15/06/14Group 1 0.3500 0.0700 0.2800 - 0.2800Group 2 - - - 0.2800 0.2800N Income Shares - Interim distributions in pence per shareFor 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.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 2014Group 1Distribution No. 2 0.2700 0.0540 0.2160 - 0.2160Distribution No. 3 0.4246 0.0849 0.3397 - 0.3397Distribution No. 4 0.3500 0.0700 0.2800 - 0.2800Distribution No. 5 0.1758 0.0352 0.1406 - 0.1406Distribution No. 6 0.3500 0.0700 0.2800 - 0.2800Group 2Distribution No. 2 - - - 0.2160 0.2160Distribution No. 3 - - - 0.3397 0.3397Distribution No. 4 - - - 0.2800 0.2800Distribution No. 5 0.0004 0.0001 0.0003 0.1403 0.1406Distribution No. 6 - - - 0.2800 0.2800Gross Paying N Income Shares - interim distribution No. 7 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross revenue Equalisation distributed15/06/14Group 1 0.3500 - 0.3500Group 2 - 0.3500 0.350028

FIDELITYMULTI ASSET BALANCED INCOME FUNDDISTRIBUTION STATEMENT - CONTINUEDfor the six month period ended 30 April 2014(unaudited)Gross Paying N Income Shares - interim distributions in pence per shareFor 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.AmountGross revenue Equalisation distributed2014Group 1Distribution No. 2 0.2683 - 0.2683Distribution No. 3 0.4380 - 0.4380Distribution No. 4 0.3500 - 0.3500Distribution No. 5 0.2393 - 0.2393Distribution No. 6 0.3500 - 0.3500Group 2Distribution No. 2 - 0.2683 0.2683Distribution No. 3 0.0183 0.4197 0.4380Distribution No. 4 - 0.3500 0.3500Distribution No. 5 - 0.2393 0.2393Distribution No. 6 - 0.3500 0.3500Y Income Shares - interim distribution No. 7 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 15/06/14Group 1 0.3500 0.0700 0.2800 - 0.2800Group 2 - - - 0.2800 0.2800Y Income Shares - interim distributions in pence per shareFor 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.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 2014Group 1Distribution No. 2 0.2628 0.0526 0.2102 - 0.2102Distribution No. 3 0.4250 0.0850 0.3400 - 0.3400Distribution No. 4 0.3500 0.0700 0.2800 - 0.2800Distribution No. 5 0.1781 0.0356 0.1425 - 0.1425Distribution No. 6 0.3500 0.0700 0.2800 - 0.2800Group 2Distribution No. 2 - - - 0.2102 0.2102Distribution No. 3 - - - 0.3400 0.3400Distribution No. 4 - - - 0.2800 0.2800Distribution No. 5 - - - 0.1425 0.1425Distribution No. 6 - - - 0.2800 0.280029

FIDELITYMULTI ASSET BALANCED INCOME FUNDDISTRIBUTION STATEMENT - CONTINUEDfor the six month period ended 30 April 2014(unaudited)Gross paying Y Income Shares - interim distribution No. 7 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross revenue Equalisation distributed15/06/14Group 1 0.3500 - 0.3500Group 2 - 0.3500 0.3500Gross paying Y Income Shares - interim distributions in pence per shareFor 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.AmountGross revenue Equalisation distributed2014Group 1Distribution No. 2 0.2683 - 0.2683Distribution No. 3 0.4373 - 0.4373Distribution No. 4 0.3500 - 0.3500Distribution No. 5 0.2380 - 0.2380Distribution No. 6 0.3500 - 0.3500Group 2Distribution No. 2 - 0.2683 0.2683Distribution No. 3 - 0.4373 0.4373Distribution No. 4 - 0.3500 0.3500Distribution No. 5 - 0.2380 0.2380Distribution No. 6 - 0.3500 0.3500Fidelity PathFinder Income 2 Income Shares - interim distribution No. 8 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 15/06/14Group 1 0.3500 0.0700 0.2800 - 0.2800Group 2 - - - 0.2800 0.280030

FIDELITYMULTI ASSET BALANCED INCOME FUNDDISTRIBUTION STATEMENT - CONTINUEDfor the six month period ended 30 April 2014(unaudited)Fidelity PathFinder Income 2 Income Shares - interim distributions in pence per shareFor 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.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 2014Group 1Distribution No. 3 0.2734 0.0547 0.2187 - 0.2187Distribution No. 4 0.4331 0.0866 0.3465 - 0.3465Distribution No. 5 0.3500 0.0700 0.2800 - 0.2800Distribution No. 6 0.1878 0.0376 0.1502 - 0.1502Distribution No. 7 0.3500 0.0700 0.2800 - 0.2800Group 2Distribution No. 3 - - - 0.2187 0.2187Distribution No. 4 - - - 0.3465 0.3465Distribution No. 5 - - - 0.2800 0.2800Distribution No. 6 - - - 0.1502 0.1502Distribution No. 7 - - - 0.2800 0.2800Gross paying Fidelity PathFinder Income 2 Income Shares - interim distribution No. 8 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross revenue Equalisation distributed15/06/14Group 1 0.3500 - 0.3500Group 2 - 0.3500 0.3500Gross paying Fidelity PathFinder Income 2 Income Shares - interim distributions in pence per shareFor 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.AmountGross revenue Equalisation distributed2014Group 1Distribution No. 3 0.2719 - 0.2719Distribution No. 4 0.4466 - 0.4466Distribution No. 5 0.3500 - 0.3500Distribution No. 6 0.2493 - 0.2493Distribution No. 7 0.3500 - 0.3500Group 2Distribution No. 3 - 0.2719 0.2719Distribution No. 4 - 0.4466 0.4466Distribution No. 5 - 0.3500 0.3500Distribution No. 6 - 0.2493 0.2493Distribution No. 7 - 0.3500 0.350031

FIDELITYMULTI ASSET BALANCED INCOME FUNDDISTRIBUTION STATEMENT - CONTINUEDfor the six month period ended 30 April 2014(unaudited)Fidelity PathFinder Income 2 Income (clean) Shares - interim distribution No. 4 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 15/06/14Group 1 0.3500 0.0700 0.2800 - 0.2800Group 2 - - - 0.2800 0.2800Fidelity PathFinder Income 2 Income (clean) Shares - interim distributions in pence per shareFor 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.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 2014*Group 1Distribution No. 1 - - - - -Distribution No. 2 0.0845 0.0169 0.0676 - 0.0676Distribution No. 3 0.3500 0.0700 0.2800 - 0.2800Group 2Distribution No. 1 - - - - -Distribution No. 2 - - - 0.0676 0.0676Distribution No. 3 - - - 0.2800 0.2800* This share class was launched on 30 January 2014.Gross paying Fidelity PathFinder Income 2 Income (clean) Shares - interim distribution No. 4 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross revenue Equalisation distributed15/06/14Group 1 0.3500 - 0.3500Group 2 - 0.3500 0.350032

FIDELITYMULTI ASSET BALANCED INCOME FUNDDISTRIBUTION STATEMENT - CONTINUEDfor the six month period ended 30 April 2014(unaudited)Gross paying Fidelity PathFinder Income 2 Income (clean) Shares - interim distributions in pence per shareFor 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.AmountGross revenue Equalisation distributed2014*Group 1Distribution No. 1 - - -Distribution No. 2 0.1068 - 0.1068Distribution No. 3 0.3500 - 0.3500Group 2Distribution No. 1 - - -Distribution No. 2 - 0.1068 0.1068Distribution No. 3 - 0.3500 0.3500* This share class was launched on 30 January 2014.33

FIDELITY MULTI ASSET DEFENSIVE FUNDINVESTMENT OBJECTIVE AND POLICYThe Fund aims to provide long-term growth by investing mostly in a range ofglobal assets providing exposure to bonds and cash. The fund may also havesome exposure to equities, property and commodities. The Fund will investprimarily through other regulated collective investment schemes, includingschemes managed by Fidelity, and may also invest directly in other transferablesecurities, money market instruments, cash and deposits. Derivatives andforward transactions may also be used for investment purposes.NB: It is anticipated that investment shall be made primarily in funds managedby Fidelity.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Commodities outperformed as bad weather boosted prices in the energy andagriculture sectors. Energy prices rose due to the unseasonably cold winter inthe US, while the drought in Brazil drove up coffee prices to a record high.Meanwhile, improving economic data and continued monetary support fromcentral banks in developed markets supported equities. However, gains werelimited by worries about the impact of the reduction in money supply by theUS Federal Reserve (Fed), slow growth in China and rising geopoliticaltensions in Ukraine. In the fixed income segment, high yield and corporatebonds outperformed government bonds. Property underperformed other assetclasses following the Fed’s announcement that it could begin tapering moneysupply. This could lead to a rise in interest rates, which would likely impactproperty shares as they are sensitive to changes in interest rates.PORTFOLIO ACTIVITYTactical asset allocation negatively impacted returns. Based on my positiveview on global growth, I maintained a bias towards equities. However, inequity regions, a preference for Japan held back gains. Since the start of 2014,Japanese equities have been relative laggards as the consumption tax hikescheduled for April has led to uncertainty among investors. Consequently, theoverweight stance in Japan was lowered by reducing the exposure to iSharesMSCI Japan Fund and Fidelity Japan Fund. In contrast, a bias towards Europeex UK and the US supported returns. Positions were purchased in SPDR S&PUS Dividend Aristocrats Fund, Fidelity US Index Fund and FAST - US Fund.Elsewhere, commodities was held at an underweight stance as I believe thatslow growth in China, the largest consumer of industrial metals, will hurtcommodity prices. Therefore, I further reduced the position in this asset classby selling holdings in Dow Jones – UBS Commodity Index and ETFS AllCommodities. However, this decision negatively impacted returns ascommodities rose on the back of harsh weather. Nonetheless, I believe thiswas an unexpected short-term gain, and retain my underweight in the sector.In the fixed income segment, I prefer corporate bonds over governmentbonds. Thus, the exposure to Fidelity Institutional UK Gilt Fund was reduced.Meanwhile, selection of underlying managers had a broadly neutral impact onperformance. Positions in the fixed income segment contributed to returns, butselected funds in equity regions detracted from overall fund performance.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China, the major export marketfor both regions. Elsewhere, the weather induced strength in commodities islikely to fade. Global corporate bonds are likely to outperform coregovernment bonds as investors are attracted by the level of income they pay.Trevor GreethamFund Manager30 April 14PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares - 2.4 0.4 7.3 -1.8Y Accumulation Shares - 2.9 0.9 7.6 -1.4Gross payingA Accumulation Shares** - - - 7.4 -1.7Gross paying YAccumulation Shares** - - - 7.9 -1.2Gross paying Fidelity PathFinderFocused 1 AccumulationShares** - - - - -1.7Fidelity PathFinder Focused 1Accumulation Shares - - - - -1.8N Accumulation Shares - - - - -Gross paying NAccumulation Shares** - - - - -Gross paying FidelityPathFinder Focused 1Accumulation (clean) Shares** - - - - -Fidelity PathFinder Focused 1Accumulation (clean) Shares - - - - -* Comparative Index - 6.2 4.2 8.4 -1.0* Comparative Index: Comprises 50% BofA ML Sterling Large Cap (Net), 25% GBP 1 Week LIBID, 10%MSCI AC World (Net), 5% FTSE All Share (Net), 5% DJ - UBS Commodity Index & 5% FTSE EPRA/NAREITDev (G)Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested, ** grossincome reinvested. Past performance is not a realiable indicator of futureresults.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds are able to invest some or all of their assets in developing overseasmarkets which carry a higher risk than investing in larger established markets.Investments in emerging markets are likely to experience greater rises and fallsin value and there may be trading difficulties. Some funds invest in overseasmarkets. This means that changes in currency exchange rates will affect thevalue of your investment. For some funds, derivatives and forward transactionsmay be used for specific investment purposes, as well as for hedging and otherefficient management purposes as permitted for all funds. Where this is thecase, their use may lead to higher volatility in the fund’s shareprice. For fundsthat use derivative transactions, there is a risk that the counterparty to thetransaction will wholly or partially fail to honour its contractual obligations. Thismay result in financial loss to the fund. We assess the creditworthiness ofcounterparties as part of our risk management process. Each of our funds isoperated as a separate entity with its own assets and liabilities. However, if theliabilities of one fund were to exceed its assets, the other funds within thescheme might have to transfer across money to cover the liabilities. This meansthat the fund you invest in may be worth less if it has to transfer money toanother fund.* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.34

FIDELITYMULTI ASSET DEFENSIVE FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Fixed Interest Funds 40.54 40.29Cash Funds/Money Market Funds 29.56 29.08Equity Funds 20.29 22.43Commodity Funds/Commodity Exposure 4.85 0.48Property Funds 3.29 2.50Forward Foreign Exchange Contracts 0.05 0.01Index Futures 0.04 -0.03Cash and other net assets/(liabilities) 1.38 5.24TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity Gross Accumulating Cash Fund 29.56Fidelity Institutional UK Gilt Fund 20.27Fidelity Institutional UK Corporate Bond Fund 14.71Fidelity Institutional Long Bond Fund 4.15Fidelity Funds - Global Property Fund 3.29Dow Jones - UBS Agriculture and LivestockTotal Return Index (Warrants 13/02/2017) 2.29FAST - US Fund 1.79Dow Jones - UBS Energy Total Return Index(Warrants 07/02/2017) 1.68Fidelity UK Select Fund 1.61SPDR S&P US Dividend Aristocrats Fund 1.48Top holdings as at 31/10/13% of totalnet assetsFidelity Gross Accumulating Cash Fund 29.08Fidelity Institutional UK Gilt Fund 22.89Fidelity Institutional UK Corporate Bond Fund 13.34Fidelity Institutional Long Bond Fund 4.06Fidelity Funds - Global Property Fund 2.50Fidelity American Fund 2.32Fidelity UK Select Fund 1.96iShares S&P 500 Index Fund 1.87iShares MSCI Emerging Markets Fund 1.84iShares FTSE 100 Fund 1.68Footnotes:1. The net asset value is the accounting value at the period end on a fairvalue basis.2. The Fidelity PathFinder Focused 1 Accumulation (clean) Shares and Grosspaying Fidelity PathFinder Focused 1 Accumulation (clean) Shares werelaunched on 30/01/14.FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A Accumulation Gross payingShares A AccumulationShares30/04/14 1.88 1.8730/04/13 1.69 1.69N Accumulation Gross payingShares N AccumulationShares30/04/14 1.13 1.1430/04/13 - -Y Accumulation Gross paying YShares AccumulationShares30/04/14 1.37 1.3830/04/13 1.19 1.18Fidelity PathFinder Gross payingFocused 1 Fidelity PathFinderAccumulation Shares Focused 1Accumulation Shares30/04/14 1.88 1.8830/04/13 1.69 1.69Fidelity PathFinder Gross payingFocused 1 Fidelity PathFinderAccumulation Focused 1(clean) Shares 2 Accumulation(clean) Shares 230/04/14 1.27 1.27The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Accumulation SharesGross paying A Income Shares30/04/14 22.4 113.07 19,858,164 3.5 113.23 3,107,164N Accumulation SharesGross paying N Income Shares30/04/14 0.4 100.55 412,330 0.4 100.67 368,525Y Accumulation SharesGross paying Y Accumulation Shares30/04/14 1.5 115.44 1,277,039 0.3 108.96 288,033Fidelity PathFinder Focused 1Gross paying Fidelity PathFinderAccumulation SharesFocused 1 Accumulation Shares30/04/14 0.4 101.46 381,910 0.8 101.56 833,572Fidelity PathFinder Focused 1Gross paying Fidelity PathFinderAccumulation (clean) SharesFocused 1 Accumulation (clean)Shares30/04/14 0.1 101.21 56,928 0.7 101.22 695,04435

FIDELITYMULTI ASSET DEFENSIVE FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (159) 1,714Revenue 297 270Expenses (221) (222)Finance costs: Interest/other (4) (2)Net revenue/(expense) before taxation 72 46Taxation (1) (1)Net revenue/(expense) after taxation 71 45Total return before distributions (88) 1,759Finance costs: Equalisation (24) (9)Change in net assets attributable to shareholders frominvestment activities (112)1,750STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 33,574 30,349Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 2,158 4,066Amounts payable on cancellation of shares (5,092) (3,428)(2,934) 638Stamp duty reserve tax 13 (9)Change in net assets attributable to shareholders frominvestment activities (see above) (112) 1,750Closing net assets attributable to shareholders 30,54132,728BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 30,161 31,818Derivative assets 33 26Debtors 123 73Cash and bank balances 508 3,075Total other assets 631 3,148Total assets 30,825 34,992LiabilitiesDerivative liabilities (76) (34)Creditors (208) (130)Bank overdrafts - (1,254)Total other liabilities (208) (1,384)Total liabilities (284) (1,418)Net assets attributable to shareholders 30,54133,574The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.36

FIDELITY MULTI ASSET GROWTH FUNDINVESTMENT OBJECTIVE AND POLICYThe Fund aims to provide long-term capital growth by investing mostly in arange of global assets providing exposure to equities, commodities andproperty. The Fund will also have some exposure to bonds and cash. The Fundwill invest primarily through other regulated collective investment schemes,including schemes managed by Fidelity, and may also invest directly in othertransferable securities, money market instruments, cash and deposits.Derivatives and forward transactions may also be used for investmentpurposes.NB: It is anticipated that investment shall be made primarily in funds managedby Fidelity.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Commodities outperformed as bad weather boosted prices in the energy andagriculture sectors. Energy prices rose due to the unseasonably cold winter inthe US, while the drought in Brazil drove up coffee prices to a record high.Meanwhile, improving economic data and continued monetary support fromcentral banks in developed markets supported equities. However, gains werelimited by worries about the impact of the reduction in money supply by theUS Federal Reserve (Fed), slow growth in China and rising geopoliticaltensions in Ukraine. In the fixed income segment, high yield and corporatebonds outperformed government bonds. Property underperformed other assetclasses following the Fed’s announcement that it could begin tapering moneysupply. This could lead to a rise in interest rates, which would likely impactproperty shares as they are sensitive to changes in interest rates.PORTFOLIO ACTIVITYTactical asset allocation negatively impacted returns. Based on my positiveview on global growth, I maintained a bias towards equities. However, in equityregions, a preference for Japan held back gains. Since the start of 2014,Japanese equities have been relative laggards as the consumption tax hikescheduled for April has led to uncertainty among investors. Consequently, theoverweight stance in Japan was lowered by reducing the exposure to iSharesMSCI Japan Fund and Fidelity Japan Fund. In contrast, a bias towards the USsupported returns. Positions were purchased in SPDR S&P US DividendAristocrats Fund, Fidelity Index US Fund and FAST - US Fund. Meanwhile, in UKequities, the choice of funds held in the portfolio detracted from returns, largelydue to selected positions in the health care sector. On a positive note, theposition in Fidelity Funds - Global Consumer Industries Fund strengthenedperformance. Elsewhere, commodities was held at an underweight stance as Ibelieve that slow growth in China, the largest consumer of industrial metals, willhurt commodity prices. Therefore, I further reduced the position in this assetclass by selling the holding in ETFS All Commodities. However, this decisionnegatively impacted returns as commodities rose on the back of harsh weather.Nonetheless, I believe this was an unexpected short-term gain, and retain myunderweight in the sector. In the fixed income segment, I preferred corporatebonds over government bonds. Thus, the exposure to Fidelity Institutional UKCorporate Bond Fund was increased, which contributed to performance.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China, the major export marketfor both regions. Elsewhere, the weather induced strength in commodities islikely to fade. Meanwhile, global corporate bonds are expected to outperformcore government bonds as investors are attracted by the level of incomethey pay.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares - 7.0 -4.9 12.4 1.4Y Accumulation Shares - 7.3 -4.5 12.8 1.9Fidelity PathFinder Focused 3Accumulation Shares - - - - 1.3N Accumulation Shares - - - - -Fidelity PathFinder Focused 3Accumulation (clean) Shares - - - - -* Comparative Index - 10.9 -1.5 14.1 1.5* Comparative Index: Comprises 30% MSCI AC World (Net), 20% BofA ML Sterling Large Cap (Net), 20%FTSE All Share (Net), 15% DJ - UBS Commodity Index, 10% FTSE/EPRA NAREIT developed index (G) &5% GBP 1 Week LIBIDSource: Fidelity and RIMES, bid to bid, UK£, net income reinvested. Pastperformance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds are able to invest some or all of their assets in developing overseasmarkets which carry a higher risk than investing in larger established markets.Investments in emerging markets are likely to experience greater rises and fallsin value and there may be trading difficulties. Some funds invest in overseasmarkets. This means that changes in currency exchange rates will affect thevalue of your investment. For some funds, derivatives and forward transactionsmay be used for specific investment purposes, as well as for hedging and otherefficient management purposes as permitted for all funds. Where this is thecase, their use may lead to higher volatility in the fund’s share price. For fundsthat use derivative transactions, there is a risk that the counterparty to thetransaction will wholly or partially fail to honour its contractual obligations. Thismay result in financial loss to the fund. We assess the creditworthiness ofcounterparties as part of our risk management process. Each of our funds isoperated as a separate entity with its own assets and liabilities. However, if theliabilities of one fund were to exceed its assets, the other funds within thescheme might have to transfer across money to cover the liabilities. This meansthat the fund you invest in may be worth less if it has to transfer money toanother fund.Trevor GreethamFund Manager30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.37

FIDELITYMULTI ASSET GROWTH FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Equity Funds 55.01 62.86Fixed Interest Funds 15.78 7.30Cash Funds/Money Market Funds 14.28 6.65Property Funds 8.43 7.42Commodity Funds/Commodity Exposure 5.30 0.87Forward Foreign Exchange Contracts 0.03 -0.03Index Futures 0.00 -0.32Cash and other net assets/(liabilities) 1.17 15.25TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity Gross Accumulating Cash Fund 9.31Fidelity Institutional UK Gilt Fund 7.87Fidelity UK Select Fund 7.77Fidelity Global Property Fund 7.59Fidelity MoneyBuilder Dividend Fund 5.64Fidelity Institutional UK Corporate Bond Fund 5.53Fidelity Institutional Liquidity Fund (USD) 4.97Fidelity MoneyBuilder Growth Fund 3.98Fidelity Funds - Global Consumer Industries Fund 3.54FAST - US Fund 3.53Top holdings as at 31/10/13% of totalnet assetsFidelity UK Select Fund 8.33Fidelity Global Property Fund 6.69Fidelity Gross Accumulating Cash Fund 6.65Fidelity American Fund 6.56Fidelity MoneyBuilder Dividend Fund 6.37Fidelity MoneyBuilder Growth Fund 6.30Fidelity Funds - Global Industrials Fund 4.23Fidelity Funds - Global Consumer Industries Fund 3.76Fidelity Institutional UK Gilt Fund 3.71Fidelity Institutional UK Corporate Bond Fund 3.00Footnotes:FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A Accumulation N AccumulationSharesShares30/04/14 1.67 0.9330/04/13 1.65 -Y Accumulation Fidelity PathFinderShares Focused 3Accumulation Shares30/04/14 1.18 1.6730/04/13 1.16 1.64Fidelity PathFinderFocused 3 Accumulation(clean) Shares 230/04/14 1.01The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Accumulation SharesN Accumulation Shares30/04/14 492.5 127.07 387,566,942 1.8 100.81 1,765,779Y Accumulation Shares Fidelity PathFinder Focused 3Accumulation Shares30/04/14 25.8 129.37 19,916,478 7.3 105.43 6,937,065Fidelity PathFinder Focused 3Accumulation (clean) Shares30/04/14 7.2 102.95 7,031,8351. The net asset value is the accounting value at the period end on a fairvalue basis.2. The Fidelity PathFinder Focused 3 Accumulation (clean) Shares werelaunched on 30/01/14.38

FIDELITYMULTI ASSET GROWTH FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) 3,009 67,592Revenue 4,609 4,163Expenses (3,672) (3,989)Finance costs: Interest/other (110) (9)Net revenue/(expense) before taxation 827 165Taxation - -Net revenue/(expense) after taxation 827 165Total return before distributions 3,836 67,757Finance costs: Equalisation (5) 6Change in net assets attributable to shareholders frominvestment activities 3,831 67,763STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 546,444 352,965Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 19,798 227,761Amounts payable on cancellation of shares (35,453) (29,983)(15,655) 197,778Stamp duty reserve tax (44) (67)Change in net assets attributable to shareholders frominvestment activities (see above) 3,831 67,763Closing net assets attributable to shareholders 534,576 618,439BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 526,849 465,082Derivative assets 1,653 340Debtors 2,107 1,197Cash and bank balances 6,477 92,934Total other assets 8,584 94,131Total assets 537,086 559,553LiabilitiesDerivative liabilities (145) (2,270)Creditors (2,365) (1,270)Bank overdrafts - (9,569)Total other liabilities (2,365) (10,839)Total liabilities (2,510) (13,109)Net assets attributable to shareholders 534,576 546,444The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.39

FIDELITY MULTI ASSET INCOME FUNDINVESTMENT OBJECTIVE AND POLICYThe fund’s investment objective is to achieve a combination of income andlong term capital growth. The fund’s policy is to invest in a range ofinvestments covering markets throughout the world and providing exposure tobonds, equities, index based commodity derivatives, property and cash. Thefund will invest primarily in collective investment schemes, including schemesmanaged by Fidelity, and may also invest directly in equities, bonds, moneymarket instruments, cash and deposits. Derivatives and forward transactionsmay also be used for investment purposes.FUND MANAGER’S COMMENTARYMARKET REVIEWThe general level of interest rates and yields remained low over the period.Improving economic data in developed countries supported equity markets.However worries about the impact of the reduction in money supply by the USFederal Reserve (Fed), concerns about slower growth in China andgeopolitical tensions in Ukraine limited gains. Within fixed income assets, highyield and corporate bonds gained the most, benefiting from investors’ searchfor returns. Property shares underperformed other asset classes following theFed’s announcement that it could begin tapering money supply. This couldlead to a rise in interest rates, which would likely impact property shares asthey are sensitive to changes in interest rates.PORTFOLIO ACTIVITYThe selection of underlying funds in the fixed income segment was notablyrewarding. Funds invested in investment grade and high yield bonds benefitedfrom the strong performance of these asset classes. Consequently, holdings inFidelity Extra Income Fund, Fidelity MoneyBuilder Income Fund and FidelityFunds – European High Yield Fund supported returns. Elsewhere, the allocationto loans (a type of high yield security that offer returns that rise in line with anincrease in interest rates and provide greater protection to bond holders inthe event of a default) boosted performance. Notably, the position inTwentyFour Income Fund aided returns. The allocation to the property andinfrastructure sector also contributed to performance. Since the fund focuseson income generation, we mainly hold dividend paying stocks in the equitysegment. These tend to outperform the broader market when there areconcerns about growth. Consequently, the equity segment supported returns.Over the review period, the position in Carador Income Fund was reduced. Wealso scaled back the exposure to US and European high yield bonds as wefelt that they were becoming expensive. Consequently, holdings in FidelityFunds – US High Yield Bond Fund and Fidelity Funds – European High YieldBond Fund were reduced. Elsewhere, the sharp fall in emerging market debtin January made returns from this asset class attractive. Therefore, we boughta holding in Fidelity Funds - Emerging Market Debt Fund. We also raised theallocation to investment grade bonds via Fidelity Institutional UK AggregateBond Fund in view of emerging risks to global growth. We also purchased anew position in Tritax Big Box Real Estate Investment Trust, which invests inlarge warehouse and distribution facilities in the UK. It is expected to offerrobust and increasing returns that are likely to outpace inflation.OUTLOOKWe believe the global economy is in the recovery phase of the economiccycle, which is characterised by improving growth and low inflation. However,slowing growth in China and geopolitical tension in Ukraine make us cautiousabout the growth outlook. The focus on income generation is primarilyachieved through fixed income holdings. At the same time, there areopportunities in infrastructure, loans and property that can offer attractive,growing dividends as well as some potential for capital growth.Eugene Philalithis & Nick PetersFund Managers30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares 27.2 6.2 2.3 14.7 2.9Gross paying AAccumulation Shares** 28.1 6.8 3.0 15.3 3.8A Income Shares 28.4 5.8 2.3 14.3 2.5Gross paying AIncome Shares** 28.1 6.9 3.0 15.4 3.7Y Income Shares - - - 15.0 3.3Gross paying Y Income Shares** - - - 15.9 4.3Fidelity PathFinder Income 1Income Shares - - - - -Gross paying Fidelity PathFinderIncome 1 Income Shares** - - - - -N Income Shares - - - - -Gross paying N Income Shares** - - - - -Y Accumulation Shares - - - - -Gross paying YAccumulation Shares** - - - - -Fidelity PathFinder Income1 Income (clean) Shares - - - - -Gross paying Fidelity PathFinderIncome 1 Income (clean) Shares** - - - - -* Comparative Index 28.8 8.0 1.3 10.7 0.4* Comparative Index: Comprises 70% BofA ML Sterling Broad (Net), 15% FTSE All Share (Net), 10% MSCIWorld ex UK (Net) & 5% SONIASource: Fidelity and RIMES, bid to bid, UK£, net income reinvested, ** grossincome reinvested. Comparative index to 30/09/11 comprises 62.8% BofA MLEuro Sterling (Net), 12% FTSE All Share (Net), 10% MSCI World ex UK (Net), 4.5%BofA ML Sterling High Yield (Net), 4% DJ-UBS Commodity Index TR, 4% FTSEEPRA/NAREIT Global (G) & 2.7% BofA ML Euro High Yield Cons GBP Hedged(Net). Past performance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds take their annual management charge from your capital and not from theincome generated by the fund. This means that any capital growth in the fundwill be reduced by the charge. And, your capital may reduce over time if thefund’s growth does not compensate for it. Some funds are able to invest someor all of their assets in developing overseas markets which carry a higher riskthan investing in larger established markets. Investments in emerging marketsare likely to experience greater rises and falls in value and there may betrading difficulties. Some funds invest in overseas markets. This means thatchanges in currency exchange rates will affect the value of your investment. Forsome funds, derivatives and forward transactions may be used for specificinvestment purposes, as well as for hedging and other efficient managementpurposes as permitted for all funds. Where this is the case, their use may leadto higher volatility in the fund’s share price. For funds that use derivativetransactions, there is a risk that the counterparty to the transaction will whollyor partially fail to honour its contractual obligations. This may result in financialloss to the fund. We assess the creditworthiness of counterparties as part of ourrisk management process. The value of the fund may be affected if any of theinstitutions with which cash is deposited suffers insolvency or other financialdifficulty. Each of our funds is operated as a separate entity with its own assetsand liabilities. However, if the liabilities of one fund were to exceed its assets,the other funds within the scheme might have to transfer across money to coverthe liabilities. This means that the fund you invest in may be worth less if it hasto transfer money to another fund.40

FIDELITYMULTI ASSET INCOME FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Fixed Interest Funds 65.63 66.92Equity Funds 27.58 25.14Equity Holdings 5.50 4.80Property Funds 0.45 0.00Forward Foreign Exchange Contracts 0.19 0.47Cash and other net assets/(liabilities) 0.65 2.67TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity Enhanced Income Fund 15.76Fidelity MoneyBuilder Income Fund 14.21Fidelity Extra Income Fund 12.42Fidelity Institutional UK Aggregate Bond Fund 7.90Fidelity Funds - US High Yield Fund 5.62Fidelity Institutional UK Corporate Bond Fund 5.09Fidelity Funds - Asian High Yield Fund 4.79Fidelity Global Dividend Fund 4.65Fidelity Institutional Sterling Core Plus Bond Fund 3.89iShares Euro Stoxx Select Development Fund 2.86Top holdings as at 31/10/13% of totalnet assetsFidelity Enhanced Income Fund 14.17Fidelity MoneyBuilder Income Fund 13.89Fidelity Extra Income Fund 12.06Fidelity Funds - US High Yield Bond Fund (USD) 7.21Fidelity Institutional UK Corporate Bond Fund 6.33Fidelity Institutional UK Aggregate Bond Fund 6.07Fidelity Funds - European High Yield Fund 5.22Fidelity Institutional Sterling Core Plus Bond Fund 4.47Fidelity Global Dividend Fund 4.33Fidelity Funds - Asian High Yield Fund 3.95FUND FACTSINCOME (PENCE PER SHARE)A Income Gross A payingXD date Shares Income SharesInterim distribution 01/05/14 0.3600 0.4500Interim distribution 01/04/14 0.3600 0.4500Interim distribution 01/03/14 0.3600 0.4500Interim distribution 01/02/14 0.1900 0.2400Interim distribution 01/01/14 0.1900 0.2400Interim distribution 01/12/13 0.1900 0.2400N Income Gross N payingXD date Shares Income SharesInterim distribution 01/05/14 0.3600 0.4500Interim distribution 01/04/14 0.3600 0.4500Interim distribution 01/03/14 0.3600 0.4500Interim distribution 01/02/14 0.1900 0.2400Interim distribution 01/01/14 0.1900 0.2400Interim distribution 01/12/13 0.1900 0.2400Y Income Gross Y payingXD date Shares Income SharesInterim distribution 01/05/14 0.3600 0.4500Interim distribution 01/04/14 0.3600 0.4500Interim distribution 01/03/14 0.3600 0.4500Interim distribution 01/02/14 0.1900 0.2400Interim distribution 01/01/14 0.1900 0.2400Interim distribution 01/12/13 0.1900 0.2400Fidelity PathFinder Gross payingIncome 1 Income Fidelity PathFinderShares Income 1 IncomeXD dateSharesInterim distribution 01/05/14 0.3600 0.4500Interim distribution 01/04/14 0.3600 0.4500Interim distribution 01/03/14 0.3600 0.4500Interim distribution 01/02/14 0.1900 0.2400Interim distribution 01/01/14 0.1900 0.2400Interim distribution 01/12/13 0.1900 0.2400Fidelity PathFinder Gross payingIncome 1 Income Fidelity PathFinder(clean) Shares Income 1 IncomeXD date(clean) SharesInterim distribution 01/05/14 0.2800 0.3500Interim distribution 01/04/14 0.2800 0.3500Interim distribution 01/03/14 0.1900 0.239141

FIDELITYMULTI ASSET INCOME FUNDFUND FACTSONGOING CHARGES (%)A Income Gross payingShares A Income Shares30/04/14 1.91 1.9130/04/13 1.94 1.94N Income Gross payingShares N Income Shares30/04/14 1.14 1.1430/04/13 - -Y Income Gross payingShares Y Income Shares30/04/14 1.41 1.4130/04/13 1.16 1.39A Accumulation Gross payingShares A AccumulationShares30/04/14 1.91 1.9130/04/13 1.92 1.94Y Accumulation Gross payingShares 2 Y AccumulationShares 230/04/14 1.39 1.39Fidelity PathFinder Gross payingIncome 1 Income Fidelity PathFinderShares Income 1 IncomeShares30/04/14 1.88 1.88Fidelity PathFinder Gross payingIncome 1 Income Fidelity PathFinder(clean) Shares 3 Income 1 Income(clean) Shares 330/04/14 1.23 1.23The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Income SharesGross paying A Income Shares30/04/14 4.9 110.32 4,408,325 6.3 110.29 5,709,130N Income SharesGross paying N Income Shares30/04/14 2.0 101.83 1,944,180 3.5 101.97 3,458,511Y Income SharesGross paying Y Accumulation Shares30/04/14 13.5 111.76 12,051,420 3.9 111.70 3,498,065A Accumulation SharesGross paying A Accumulation Shares30/04/14 30.6 139.95 21,926,995 17.0 146.54 11,636,531Y Accumulation SharesGross paying Y Accumulation Shares30/04/14 6.3 103.66 6,075,925 0.5 103.97 495,783Fidelity PathFinder Income 1 Income Gross paying Fidelity PathFinderSharesIncome 1 Income Shares30/04/14 0.1 103.59 8,210 0.1 103.70 33,654Fidelity PathFinder Income 1 Income Gross paying Fidelity PathFinder(clean) SharesIncome 1 Income (clean) Shares30/04/14 0.3 101.89 288,586 1.4 101.95 1,419,967Footnotes:1. The net asset value is the accounting value at the period end on a fair value basis.2. The Y Accumulation Shares and Gross paying Y Accumulation Shares were launched on 10/12/13.3. The Fidelity PathFinder Income 1 Income (clean) Shares and Gross paying Fidelity PathFinder Income 1 Income (clean) Shareswere launched on 30/01/14.42

FIDELITYMULTI ASSET INCOME FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) 709 2,251Revenue 2,261 860Expenses (522) (253)Finance costs: Interest/other (2) -Net revenue/(expense) before taxation 1,737 607Taxation - -Net revenue/(expense) after taxation 1,737 607Total return before distributions 2,446 2,858Finance costs: Distributions/Equalisation (626) (75)Change in net assets attributable to shareholders frominvestment activities 1,8202,783STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 71,520 26,527Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 25,137 21,200Amounts payable on cancellation of shares (8,065) (1,918)17,072 19,282Stamp duty reserve tax (31) (19)Change in net assets attributable to shareholders frominvestment activities (see above) 1,820 2,783Closing net assets attributable to shareholders 90,38148,573BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 89,626 69,270Derivative assets 214 340Debtors 961 628Cash and bank balances 559 3,666Total other assets 1,520 4,294Total assets 91,360 73,904LiabilitiesDerivative liabilities (45) (5)Creditors (686) (357)Bank overdrafts - (1,830)Net distributions payable on income shares (248) (192)Total other liabilities (934) (2,379)Total liabilities (979) (2,384)Net assets attributable to shareholders 90,38171,520The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.43

FIDELITYMULTI ASSET INCOME FUNDDISTRIBUTION STATEMENTfor the six month period ended 30 April 2014(unaudited)A Income Shares - interim distribution No. 78 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountAmountGross Income tax Net revenue Equalisation distributed distributedrevenue 20% 15/06/14 15/06/13Group 1 0.4500 0.0900 0.3600 - 0.3600 0.3700Group 2 - - - 0.3600 0.3600 0.3700A Income Shares - interim distributions in pence per shareFor 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.AmountAmountGross Income tax Net revenue Equalisation distributed distributedrevenue 20% 2014 2013Group 1Distribution No. 73 0.2375 0.0475 0.1900 - 0.1900 0.2546Distribution No. 74 0.2375 0.0475 0.1900 - 0.1900 0.3000Distribution No. 75 0.2375 0.0475 0.1900 - 0.1900 0.3000Distribution No. 76 0.4500 0.0900 0.3600 - 0.3600 0.3000Distribution No. 77 0.4500 0.0900 0.3600 - 0.3600 0.3700Group 2Distribution No. 73 - - - 0.1900 0.1900 0.2546Distribution No. 74 - - - 0.1900 0.1900 0.3000Distribution No. 75 - - - 0.1900 0.1900 0.3000Distribution No. 76 - - - 0.3600 0.3600 0.3000Distribution No. 77 - - - 0.3600 0.3600 0.3700Gross paying A Income Shares - interim distribution No. 78 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountAmountGross Equalisation distributed distributedrevenue 15/06/14 15/06/13Group 1 0.4500 - 0.4500 0.4600Group 2 - 0.4500 0.4500 0.460044

FIDELITYMULTI ASSET INCOME FUNDDISTRIBUTION STATEMENT - CONTINUEDfor the six month period ended 30 April 2014(unaudited)Gross paying A Income Shares - interim distributions in pence per shareFor 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.AmountAmountGross Equalisation distributed distributedrevenue 2014 2013Group 1Distribution No. 73 0.2400 - 0.2400 0.3059Distribution No. 74 0.2400 - 0.2400 0.3750Distribution No. 75 0.2400 - 0.2400 0.3750Distribution No. 76 0.4500 - 0.4500 0.3750Distribution No. 77 0.4500 - 0.4500 0.4600Group 2Distribution No. 73 0.0257 0.2143 0.2400 0.3059Distribution No. 74 - 0.2400 0.2400 0.3750Distribution No. 75 - 0.2400 0.2400 0.3750Distribution No. 76 - 0.4500 0.4500 0.3750Distribution No. 77 - 0.4500 0.4500 0.4600N Income Shares - interim distribution No. 7 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 15/06/14Group 1 0.4500 0.0900 0.3600 - 0.3600Group 2 - - - 0.3600 0.3600N Income Shares - interim distributions in pence per shareFor 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.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 2014Group 1Distribution No. 2 0.2375 0.0475 0.1900 - 0.1900Distribution No. 3 0.2375 0.0475 0.1900 - 0.1900Distribution No. 4 0.2375 0.0475 0.1900 - 0.1900Distribution No. 5 0.4500 0.0900 0.3600 - 0.3600Distribution No. 6 0.4500 0.0900 0.3600 - 0.3600Group 2Distribution No. 2 - - - 0.1900 0.1900Distribution No. 3 - - - 0.1900 0.1900Distribution No. 4 - - - 0.1900 0.1900Distribution No. 5 - - - 0.3600 0.3600Distribution No. 6 - - - 0.3600 0.360045

FIDELITYMULTI ASSET INCOME FUNDDISTRIBUTION STATEMENT - CONTINUEDfor the six month period ended 30 April 2014(unaudited)Gross paying N Income Shares - interim distribution No. 7 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross Equalisation distributedrevenue 15/06/14Group 1 0.4500 - 0.4500Group 2 - 0.4500 0.4500Gross paying N Income Shares - interim distributions in pence per shareFor 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.AmountGross Equalisation distributedrevenue 2014Group 1Distribution No. 2 0.2400 - 0.2400Distribution No. 3 0.2400 - 0.2400Distribution No. 4 0.2400 - 0.2400Distribution No. 5 0.4500 - 0.4500Distribution No. 6 0.4500 - 0.4500Group 2Distribution No. 2 0.0095 0.2305 0.2400Distribution No. 3 - 0.2400 0.2400Distribution No. 4 - 0.2400 0.2400Distribution No. 5 - 0.4500 0.4500Distribution No. 6 - 0.4500 0.4500Y Income Shares - interim distribution No. 27 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountAmountGross Income tax Net revenue Equalisation distributed distributedrevenue 20% 15/06/14 15/06/13Group 1 0.4500 0.0900 0.3600 - 0.3600 0.3700Group 2 - - - 0.3600 0.3600 0.370046

FIDELITYMULTI ASSET INCOME FUNDDISTRIBUTION STATEMENT - CONTINUEDfor the six month period ended 30 April 2014(unaudited)Y Income Shares - interim distributions in pence per shareFor 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.AmountAmountGross Income tax Net revenue Equalisation distributed distributedrevenue 20% 2014 2013Group 1Distribution No. 22 0.2375 0.0475 0.1900 - 0.1900 0.2558Distribution No. 23 0.2375 0.0475 0.1900 - 0.1900 0.3000Distribution No. 24 0.2375 0.0475 0.1900 - 0.1900 0.3000Distribution No. 25 0.4500 0.0900 0.3600 - 0.3600 0.3000Distribution No. 26 0.4500 0.0900 0.3600 - 0.3600 0.3700Group 2Distribution No. 22 - - - 0.1900 0.1900 0.2558Distribution No. 23 - - - 0.1900 0.1900 0.3000Distribution No. 24 - - - 0.1900 0.1900 0.3000Distribution No. 25 - - - 0.3600 0.3600 0.3000Distribution No. 26 - - - 0.3600 0.3600 0.3700Gross paying Y Income Shares - interim distribution No. 27 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountAmountGross Equalisation distributed distributedrevenue 15/06/14 15/06/13Group 1 0.4500 - 0.4500 0.4600Group 2 - 0.4500 0.4500 0.4600Gross paying Y Income Shares - interim distributions in pence per shareFor 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.AmountAmountGross Equalisation distributed distributedrevenue 2014 2013Group 1Distribution No. 22 0.2400 - 0.2400 0.3076Distribution No. 23 0.2400 - 0.2400 0.3750Distribution No. 24 0.2400 - 0.2400 0.3750Distribution No. 25 0.4500 - 0.4500 0.3750Distribution No. 26 0.4500 - 0.4500 0.4600Group 2Distribution No. 22 - 0.2400 0.2400 0.3076Distribution No. 23 - 0.2400 0.2400 0.3750Distribution No. 24 - 0.2400 0.2400 0.3750Distribution No. 25 - 0.4500 0.4500 0.3750Distribution No. 26 - 0.4500 0.4500 0.460047

FIDELITYMULTI ASSET INCOME FUNDDISTRIBUTION STATEMENT - CONTINUEDfor the six month period ended 30 April 2014(unaudited)Fidelity PathFinder Income 1 Income Shares - interim distribution No. 8 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 15/06/14Group 1 0.4500 0.0900 0.3600 - 0.3600Group 2 - - - 0.3600 0.3600Fidelity PathFinder Income 1 Income Shares - interim distributions in pence per shareFor 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.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 2014Group 1Distribution No. 3 0.2375 0.0475 0.1900 - 0.1900Distribution No. 4 0.2375 0.0475 0.1900 - 0.1900Distribution No. 5 0.2375 0.0475 0.1900 - 0.1900Distribution No. 6 0.4500 0.0900 0.3600 - 0.3600Distribution No. 7 0.4500 0.0900 0.3600 - 0.3600Group 2Distribution No. 3 - - - 0.1900 0.1900Distribution No. 4 - - - 0.1900 0.1900Distribution No. 5 - - - 0.1900 0.1900Distribution No. 6 - - - 0.3600 0.3600Distribution No. 7 - - - 0.3600 0.3600Gross paying Fidelity PathFinder Income 1 Income Shares - interim distribution No. 8 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross Equalisation distributedrevenue 15/06/14Group 1 0.4500 - 0.4500Group 2 - 0.4500 0.450048

FIDELITYMULTI ASSET INCOME FUNDDISTRIBUTION STATEMENT - CONTINUEDfor the six month period ended 30 April 2014(unaudited)Gross paying Fidelity PathFinder Income 1 Income Shares - interim distributions in pence per shareFor 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.AmountGross Equalisation distributedrevenue 2014Group 1Distribution No. 3 0.2400 - 0.2400Distribution No. 4 0.2400 - 0.2400Distribution No. 5 0.2400 - 0.2400Distribution No. 6 0.4500 - 0.4500Distribution No. 7 0.4500 - 0.4500Group 2Distribution No. 3 - 0.2400 0.2400Distribution No. 4 - 0.2400 0.2400Distribution No. 5 - 0.2400 0.2400Distribution No. 6 - 0.4500 0.4500Distribution No. 7 - 0.4500 0.4500Fidelity PathFinder Income 1 Income (clean) Shares - interim distribution No. 4 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 15/06/14Group 1 0.3500 0.0700 0.2800 - 0.2800Group 2 - - - 0.2800 0.2800Fidelity PathFinder Income 1 Income (clean) Shares - interim distributions in pence per shareFor 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.AmountGross Income tax Net revenue Equalisation distributedrevenue 20% 2014*Group 1Distribution No. 1 - - - - -Distribution No. 2 0.2375 0.0475 0.1900 - 0.1900Distribution No. 3 0.3500 0.0700 0.2800 - 0.2800Group 2Distribution No. 1 - - - - -Distribution No. 2 - - 0.0234 0.1666 0.1900Distribution No. 3 - - - 0.2800 0.2800* This share class was launched on 30 January 2014.49

FIDELITYMULTI ASSET INCOME FUNDDISTRIBUTION STATEMENT - CONTINUEDfor the six month period ended 30 April 2014(unaudited)Gross paying Fidelity PathFinder Income 1 Income (clean) Shares - interim distribution No. 4 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountGross Equalisation distributedrevenue 15/06/14Group 1 0.3500 - 0.3500Group 2 - 0.3500 0.3500Gross paying Fidelity PathFinder Income 1 Income (clean) Shares - interim distributions in pence per shareFor 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.AmountGross Equalisation distributedrevenue 2014*Group 1Distribution No. 1 - - -Distribution No. 2 0.2391 - 0.2391Distribution No. 3 0.3500 - 0.3500Group 2Distribution No. 1 - - -Distribution No. 2 0.0304 0.2087 0.2391Distribution No. 3 - 0.3500 0.3500* This share class was launched on 30 January 2014.50

FIDELITY MULTI ASSET INCOME & GROWTH FUNDINVESTMENT OBJECTIVE AND POLICYThe fund’s investment objective is to achieve above average and growingincome and long term capital growth. The Fund will invest primarily incollective investment schemes including those managed by Fidelity. The Fundwill gain exposure to a range of global assets through allocation to bonds andto company shares. The Fund may also gain exposure to commodities,property and cash and invest directly in equities, bonds, money marketinstruments, cash and deposits. Derivatives and forward transactions may alsobe used for investment purposesFUND MANAGER’S COMMENTARYMARKET REVIEWThe general level of interest rates and yields remained low over the period.Improving economic data in developed countries supported equity markets.However worries about the impact of the reduction in money supply by the USFederal Reserve (Fed), concerns about slower growth in China andgeopolitical tensions in Ukraine limited gains. Within fixed income assets, highyield and corporate bonds gained the most, benefiting from investors’ searchfor returns. Property shares underperformed other asset classes following theFed’s announcement that it could begin tapering money supply. This couldlead to a rise in interest rates, which would likely impact property shares asthey are sensitive to changes in interest rates.PORTFOLIO ACTIVITYThe selection of underlying funds in the fixed income segment was notablyrewarding. Funds invested in investment grade and high yield bonds benefitedfrom the strong performance of these asset classes. Consequently, holdings inFidelity Extra Income Fund, Fidelity Institutional UK Corporate Bond Fund andFidelity Funds – European High Yield Fund supported returns. Elsewhere, theallocation to loans (a type of high yield security that offer returns that rise inline with an increase in interest rates and provide greater protection to bondholders in the event of a default) boosted performance. Notably, a newholding in TwentyFour Income Fund aided performance. Within theinfrastructure sector, a new position in Doric Nimrod Air Three, an aircraftleasing company, supported returns. Since the fund focuses on incomegeneration, we mainly hold dividend paying stocks in the equity segment.These tend to outperform the broader market when there are concerns aboutgrowth. Consequently, the equity segment supported returns. Over the reviewperiod, we reduced our position in equities via Fidelity Global Dividend Fundand Fidelity Enhanced Income Fund in view of emerging risks to global growth.We also scaled back the exposure to US and European high yield bonds aswe felt that they were becoming expensive. Holdings in Fidelity Funds – USHigh Yield Bond Fund and Fidelity Funds – European High Yield Bond Fundwere also reduced. Elsewhere, the sharp fall in emerging market debt inJanuary made returns from this asset class attractive. Consequently, we boughta holding in Fidelity Funds - Emerging Market Debt Fund. We also purchaseda new position in Tritax Big Box REIT, which invests in large warehouse anddistribution facilities in the UK. It is expected to offer robust and increasingreturns that are likely to outpace inflation.OUTLOOKWe believe the global economy is in the recovery phase of the economiccycle, which is characterised by improving growth and low inflation. However,slowing growth in China and geopolitical tension in Ukraine make us cautiousabout the growth outlook. The focus on income generation is primarilyachieved through fixed income holdings. At the same time, there areopportunities in infrastructure, loans and property that can offer attractive,growing dividends as well as some potential for capital growth.PERFORMANCE RECORDA discrete 1 year performance table has not been included as the fundlaunched on 4 September 2013 and does not have a full twelve monthperformance record.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds take their annual management charge from your capital and not from theincome generated by the fund. This means that any capital growth in the fundwill be reduced by the charge. And, your capital may reduce over time if thefund’s growth does not compensate for it. Some funds are able to invest someor all of their assets in developing overseas markets which carry a higher riskthan investing in larger established markets. Investments in emerging marketsare likely to experience greater rises and falls in value and there may betrading difficulties. Some funds invest in overseas markets. This means thatchanges in currency exchange rates will affect the value of your investment. Forsome funds, derivatives and forward transactions may be used for specificinvestment purposes, as well as for hedging and other efficient managementpurposes as permitted for all funds. Where this is the case, their use may leadto higher volatility in the fund’s share price. For funds that use derivativetransactions, there is a risk that the counterparty to the transaction will whollyor partially fail to honour its contractual obligations. This may result in financialloss to the fund. We assess the creditworthiness of counterparties as part of ourrisk management process. The value of the fund may be affected if any of theinstitutions with which cash is deposited suffers insolvency or other financialdifficulty. Each of our funds is operated as a separate entity with its own assetsand liabilities. However, if the liabilities of one fund were to exceed its assets,the other funds within the scheme might have to transfer across money to coverthe liabilities. This means that the fund you invest in may be worth less if it hasto transfer money to another fund.Eugene Philalithis & Nick PetersFund Managers30 April 1451

FIDELITYMULTI ASSET INCOME & GROWTH FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Fixed Interest Funds 50.49 47.97Equity Funds 42.19 43.19Equity Holdings 6.62 6.67Property Funds 0.35 0.00Forward Foreign Exchange Contracts 0.26 0.43Cash and other net assets/(liabilities) 0.09 1.74TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity Enhanced Income Fund 20.48Fidelity Global Dividend Fund 17.92Fidelity Extra Income Fund 7.41Fidelity MoneyBuilder Income Fund 7.41Fidelity Funds - US High Yield Fund 6.88Fidelity Funds - Asian High Yield Fund 6.88Fidelity Institutional UK Corporate Bond Fund 4.15John Laing Infrastructure 3.88Fidelity Funds - European High Yield Fund 3.00Fidelity Institutional UK Aggregate Bond Fund 2.91Top holdings as at 31/10/13% of totalnet assetsFidelity Enhanced Income Fund 21.45Fidelity Global Dividend Fund 18.84Fidelity Funds - US High Yield Fund 7.54Fidelity Extra Income Fund 7.39Fidelity MoneyBuilder Income Fund 7.39Fidelity Funds - Asian High Yield Fund 6.81Fidelity Funds - European High Yield Fund 6.38Fidelity Institutional UK Corporate Bond Fund 3.91John Laing Infrastructure 3.77HICL Infrastructure 2.90Footnotes:1. The net asset value is the accounting value at the period end on a fairvalue basis.2. The Y Accumulation Shares were launched on 10/12/13.3. The Fidelity PathFinder Income 3 Income (clean) Shares were launched on30/01/14.FUND FACTSINCOME (PENCE PER SHARE)N IncomeY IncomeXD date Shares SharesInterim distribution 01/05/14 0.2800 0.2800Interim distribution 01/04/14 0.2800 0.2800Interim distribution 01/03/14 0.1158 0.1200Interim distribution 01/02/14 0.0261 0.0308Interim distribution 01/01/14 0.5226 0.5279Interim distribution 01/12/13 0.2307 0.2374Fidelity PathFinder Fidelity PathFinderIncome 3 Income Income 3 IncomeXD date Shares (clean) SharesInterim distribution 01/05/14 0.2800 0.2800Interim distribution 01/04/14 0.2800 0.2800Interim distribution 01/03/14 0.1293 0.1166Interim distribution 01/02/14 0.0425Interim distribution 01/01/14 0.5445Interim distribution 01/12/13 0.2488ONGOING CHARGES (%)N IncomeY IncomeSharesShares30/04/14 1.29 1.5430/04/13 - -Y Accumulation Fidelity PathFinderShares 2 Income 3Income Shares30/04/14 1.54 2.0530/04/13 - -Fidelity PathFinderIncome 3 Income(clean) Shares 330/04/14 1.36The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueN Income SharesY Income Shares30/04/14 0.2 102.26 216,093 0.1 102.21 43,362Y Accumulation SharesFidelity PathFinder Income3 Income Shares30/04/14 0.1 103.52 13,421 0.6 103.89 687,156Fidelity PathFinder Income 3 Income(clean) Shares30/04/14 0.1 102.30 137,05952

FIDELITYMULTI ASSET INCOME & GROWTH FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14£’000 £’000IncomeNet capital gains/(losses) 10Revenue 20Expenses (5)Net revenue/(expense) before taxation 15Taxation (2)Net revenue/(expense) after taxation 13Total return before distributions 23Finance costs: Distributions/Equalisation (10)Change in net assets attributable to shareholders frominvestment activities 13STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14£’000 £’000Opening net assets attributable to shareholders* 690Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 446Amounts payable on cancellation of shares (16)430Change in net assets attributable to shareholders frominvestment activities (see above) 13Closing net assets attributable to shareholders 1,133* The fund was launched on 4 September 2013.BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 1,129 675Derivative assets 3 3Debtors 5 7Cash and bank balances 6 8Total other assets 11 15Total assets 1,143 693LiabilitiesCreditors (4) (2)Net distributions payable on income shares (6) (1)Total liabilities (10) (3)Net assets attributable to shareholders 1,133 690The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.53

FIDELITYMULTI ASSET INCOME & GROWTH FUNDDISTRIBUTION STATEMENTfor the six month period ended 30 April 2014(unaudited)N Income Shares - interim distribution No. 7 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountNet revenue Equalisation distributed15/06/14Group 1 0.2800 - 0.2800Group 2 - 0.2800 0.2800N Income Shares - interim distributions in pence per shareFor 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.AmountNet revenue Equalisation distributed2014Group 1Distribution No. 2 0.2307 - 0.2307Distribution No. 3 0.5226 - 0.5226Distribution No. 4 0.0261 - 0.0261Distribution No. 5 0.1158 - 0.1158Distribution No. 6 0.2800 - 0.2800Group 2Distribution No. 2 - 0.2307 0.2307Distribution No. 3 - 0.5226 0.5226Distribution No. 4 - 0.0261 0.0261Distribution No. 5 - 0.1158 0.1158Distribution No. 6 - 0.2800 0.2800Y Income Shares - interim distribution No. 7 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountNet revenue Equalisation distributed15/06/14Group 1 0.2800 - 0.2800Group 2 - 0.2800 0.280054

FIDELITYMULTI ASSET INCOME & GROWTH FUNDDISTRIBUTION STATEMENT - CONTINUEDY Income Shares - interim distributions in pence per shareFor 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.AmountNet revenue Equalisation distributed2014Group 1Distribution No. 2 0.2374 - 0.2374Distribution No. 3 0.5279 - 0.5279Distribution No. 4 0.0308 - 0.0308Distribution No. 5 0.1200 - 0.1200Distribution No. 6 0.2800 - 0.2800Group 2Distribution No. 2 - 0.2374 0.2374Distribution No. 3 - 0.5279 0.5279Distribution No. 4 - 0.0308 0.0308Distribution No. 5 - 0.1200 0.1200Distribution No. 6 - 0.2800 0.2800Fidelity PathFinder Income 3 Income Shares - interim distribution No. 8 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountNet revenue Equalisation distributed15/06/14Group 1 0.2800 - 0.2800Group 2 - 0.2800 0.2800Fidelity PathFinder Income 3 Income Shares - interim distributions in pence per shareFor 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.AmountNet revenue Equalisation distributed2014Group 1Distribution No. 3 0.2488 - 0.2488Distribution No. 4 0.5445 - 0.5445Distribution No. 5 0.0425 - 0.0425Distribution No. 6 0.1293 - 0.1293Distribution No. 7 0.2800 - 0.2800Group 2Distribution No. 3 0.0023 0.2465 0.2488Distribution No. 4 0.0784 0.4661 0.5445Distribution No. 5 - 0.0425 0.0425Distribution No. 6 0.0014 0.1279 0.1293Distribution No. 7 - 0.2800 0.280055

FIDELITYMULTI ASSET INCOME & GROWTH FUNDDISTRIBUTION STATEMENT - CONTINUEDFidelity PathFinder Income 3 Income (clean) Shares - interim distribution No. 4 in pence per shareGroup 1 - Shares purchased on or before 31 March 2014.Group 2 - Shares purchased from 1 April 2014 to 30 April 2014.AmountNet revenue Equalisation distributed15/06/14Group 1 0.2800 - 0.2800Group 2 - 0.2800 0.2800Fidelity PathFinder Income 3 Income (clean) Shares - interim distributions in pence per shareFor 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.AmountNet revenue Equalisation distributed2014*Group 1Distribution No. 1 - - -Distribution No. 2 0.1166 - 0.1166Distribution No. 3 0.2800 - 0.2800Group 2Distribution No. 1 - - -Distribution No. 2 - 0.1166 0.1166Distribution No. 3 - 0.2800 0.2800* This share class was launched on 30 January 2014.56

FIDELITY MULTI ASSET OPEN ADVENTUROUS FUNDINVESTMENT OBJECTIVE AND POLICYThe Fund aims to provide long term capital growth from exposure to equities,commodities and property covering the UK and other markets throughout theworld. The Fund will invest in collective investment schemes including thosemanaged by Fidelity and may also invest in transferable securities, moneymarket instruments, cash and deposits. Derivatives and forward transactionsmay also be used for investment purposes.NB: It is anticipated that as an "open" fund, investment shall be made in bothfunds managed by third party fund providers and funds managed by Fidelityand in such proportions as the investment manager may decide in pursuit ofthe investment strategy.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Commodities advanced the most due to higher prices in the energy andagricultural sectors. Energy prices rose due to the unseasonably cold winter inthe US, while the drought in Brazil drove up coffee prices to a record high.They were followed by equities and property. Meanwhile, improving economicdata in developed countries supported equity markets. However worries aboutthe impact of the reduction in money supply by the US Federal Reserve (Fed),concerns about slower growth in China and geopolitical tensions in Ukrainelimited gains. Property shares underperformed other asset classes followingthe Fed’s announcement that it could begin tapering money supply. This couldlead to a rise in interest rates, which would likely impact property shares asthey are sensitive to changes in interest rates.PORTFOLIO ACTIVITYIn terms of tactical asset allocation, an overweight stance in Japaneseequities, which underperformed other regions due to concerns about theimpact of a sales tax hike on consumption spending, hurt returns. Elsewhere,the underweight position in commodities, the best performing asset class,weakened returns. The underlying manager in this segment also did notperform well. The selection of underlying managers in the equity segmentdetracted from returns. The European segment had a bias towards managerswho invest in growth stocks (companies whose earnings are expected to growrapidly). These holdings detracted from performance as investors shifted focusto undervalued stocks and those that pay dividends. Within the UK segment,stock specific reasons led to weak returns from MFS Meridian UK Equity Fund.Towards the end of the period, the health care sector gained due to mergerand acquisition news. This hurt returns from CF Lindsell Train UK Equity Fund,which had no exposure to health care stocks. In the US, the allocation toWilliam Blair US Small-Mid Cap Growth Fund hurt returns as small sizedcompanies underperformed their larger counterparts over the period. Incontrast, the emerging markets segment supported returns. We reduced theoverweight stance in equities in view of emerging risks to global growth. In theEurope ex UK segment, we sold Schroder European Alpha Plus Fund andbought Invesco Continental European Fund in order to reduce the overweightstance in growth stocks. Elsewhere, we sold Northern Trust Emerging MarketsEquity Index Fund and bought Fidelity Index Emerging Markets Fund instead.Fidelity South East Asia Fund was sold following a change in manager andFidelity Funds – South East Asia Fund was bought instead.OUTLOOKCentral banks in most developed countries continue to support theireconomies by maintaining adequate money supply, which should supportequities. However, slower growth in China and geopolitical tensions in Ukrainemake us cautious about the outlook. Meanwhile, commodities could be hurtdue to excess capacity and weak demand from China, which is a majorconsumer of metals used in manufacturing. Elsewhere, interest rate sensitiveassets such as property shares are likely to be hurt when interest rates risefrom historic lows.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14Y Accumulation Shares - - - - 4.2Fidelity PathFinder Freedom 4Accumulation Shares - - - - 3.7N Accumulation Shares - - - - -Fidelity PathFinder Freedom 4Accumulation (clean) Shares - - - - -* Comparative Index - - - - 3.6* Comparative Index: Comprises 15% Dow Jones - UBS Commodity Index Total Return, 25% FTSE AllShare Index, 50% MSCI All Countries World Index (Net) &10% FTSE EPRA/NAREIT Developed Index (G)Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested. Pastperformance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.The value of investments and the income from it can go down as well as up soyou may not get back the amount you invested. Some funds are able to investsome or all of their assets in developing overseas markets which carry a higherrisk than investing in larger established markets. Investments in emergingmarkets are likely to experience greater rises and falls in value and there maybe trading difficulties. Some funds invest in overseas markets. This means thatchanges in currency exchange rates will affect the value of your investment. Forsome funds, derivatives and forward transactions may be used for specificinvestment purposes, as well as for hedging and other efficient managementpurposes as permitted for all funds. Where this is the case, their use may leadto higher volatility in the fund’s share price. For funds that use derivativetransactions, there is a risk that the counterparty to the transaction will whollyor partially fail to honour its contractual obligations. This may result in financialloss to the fund. We assess the creditworthiness of counterparties as part of ourrisk management process. Each of our funds is operated as a separate entitywith its own assets and liabilities. However, if the liabilities of one fund were toexceed its assets, the other funds within the scheme might have to transferacross money to cover the liabilities. This means that the fund you invest in maybe worth less if it has to transfer money to another fund.Nick Peters & James BatemanFund Managers30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.57

FIDELITYMULTI ASSET OPEN ADVENTUROUS FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Equity Funds 63.36 66.86Commodity Funds/Commodity Exposure 9.57 7.79Property Funds 8.87 8.66Absolute Return Funds 5.17 4.66Cash Funds/Money Market Funds 1.22 0.00Index Futures 0.14 0.30Cash and other net assets/(liabilities) 11.67 11.73TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsBlackRock North American Equity Tracker 16.38Threadneedle Enhanced CommoditiesPortfolio Fund 9.35BlackRock Global Property Securities Equity Fund 8.87Majedie UK Equity Fund 6.73Artemis Income Fund 5.51MFS Meridian UK Equity Fund 5.27CF Morant Wright Japan Fund 5.17Fidelity UK Index Fund 2 4.15CF Lindsell Train UK Equity Fund 3.83William Blair Small Mid Cap Growth Fund 3.66FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)N Accumulation Y AccumulationSharesShares30/04/14 1.31 1.4930/04/13 - 1.58Fidelity PathFinder Fidelity PathFinderFreedom 4 Freedom 4Accumulation AccumulationShares (clean) Shares 330/04/14 1.99 1.4530/04/13 2.08 -The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueN Accumulation SharesY Accumulation Shares30/04/14 0.2 100.78 212,681 4.0 107.66 3,694,752Fidelity PathFinder Freedom 4 Fidelity PathFinder Freedom 4Accumulation ShareAccumulation (clean) Shares30/04/14 2.7 106.93 2,519,597 2.1 102.31 2,100,350Top holdings as at 31/10/13% of totalnet assetsBlackRock North American Equity Tracker Fund 16.33BlackRock Global Property Securities Equity Fund 8.66Threadneedle Enhanced CommoditiesPortfolio Fund 8.12Majedie UK Equity Fund 7.44Fidelity UK Index Fund 2 5.82Artemis Income Fund 5.45CF Lindsell Train UK Equity Fund 4.72CF Morant Wright Japan Fund 4.66William Blair US Small-Mid Cap Growth Fund 4.17Eaton Vance Parametric Emerging Markets Fund 4.07Footnotes:1. The net asset value is the accounting value at the period end on a fairvalue basis.2. Formerly Fidelity MoneyBuilder UK Index Fund.3. The Fidelity PathFinder Freedom 4 Accumulation (clean) Shares werelaunched on 30/01/14.58

FIDELITYMULTI ASSET OPEN ADVENTUROUS FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (34) 220Revenue 53 12Expenses (53) (18)Net revenue/(expense) before taxation - (6)Taxation - -Net revenue/(expense) after taxation - (6)Total return before distributions (34) 214Finance costs: Equalisation - 1Change in net assets attributable to shareholders frominvestment activities (34) 215STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 9,357 -Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 3,264 8,088Amounts payable on cancellation of shares (3,541) -(277) 8,088Stamp duty reserve tax (11) -Change in net assets attributable to shareholders frominvestment activities (see above) (34) 215Closing net assets attributable to shareholders 9,035 8,303BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 7,949 8,262Derivative assets 33 28Debtors 103 44Cash and bank balances 1,055 1,131Total other assets 1,158 1,175Total assets 9,140 9,465LiabilitiesDerivative liabilities - (31)Creditors (105) (34)Bank overdrafts - (43)Total other liabilities (105) (77)Total liabilities (105) (108)Net assets attributable to shareholders 9,035 9,357The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.59

FIDELITY MULTI ASSET OPEN DEFENSIVE FUNDINVESTMENT OBJECTIVE AND POLICYThe fund aims to provide long term capital growth from exposure to globalmarkets in mostly bonds and cash and it may also have exposure to equities,property and commodities. The Fund will invest in collective investment schemesincluding those managed by Fidelity and may also invest in transferablesecurities, money market instruments, cash and deposits. Derivatives andforward transactions may also be used for investment purposes.NB: It is anticipated that as an "open" fund, investment shall be made in bothfunds managed by third party fund providers and funds managed by Fidelityand in such proportions as the investment manager may decide in pursuit ofthe investment strategy.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Commodities advanced the most due to higher prices in the energy andagricultural sectors. Energy prices rose due to the unseasonably cold winter inthe US, while the drought in Brazil drove up coffee prices to a record high.Meanwhile, improving economic data in developed countries supported equitymarkets. However worries about the impact of the reduction in money supplyby the US Federal Reserve (Fed), concerns about slower growth in China andgeopolitical tensions in Ukraine limited gains. Within fixed income assets, highyield and corporate bonds benefited from investors’ search for returns.Property shares underperformed other asset classes following the Fed’sannouncement that it could begin tapering money supply. This could lead toa rise in interest rates, which would likely impact property shares as they aresensitive to changes in interest rates.PORTFOLIO ACTIVITYThe underweight position in commodities, the best performing asset class, hurtreturns. An overweight allocation to Japan, which underperformed otherregions due to concerns about the impact of a sales tax hike on consumptionspending, also weakened performance. Meanwhile, the selection ofunderlying managers in the equity segment detracted from returns. Notably, inthe US, William Blair US Small-Mid Cap Growth Fund hurt performance assmall sized stocks underperformed their larger counterparts. Elsewhere, theEuropean segment had a bias towards managers who invest in growth stocks(companies whose earnings are expected to grow rapidly). However, thesestocks underperformed the broader market as investor focus shifted toundervalued stocks. Within the UK, the performance of selected managers washurt by their allocation to small sized stocks and lack of exposure to the healthcare sector. Small sized stocks fell sharply following a period of strongperformance, while the health care sector gained due to merger andacquisition news. In contrast, the bonds segment supported returns. Positionsin PIMCO Capital Securities Fund and Fidelity Strategic Bond Fund benefitedfrom the strong performance of financial bonds and corporate bonds,respectively. We sold Northern Trust European Equity Index Fund and NorthernTrust Emerging Markets Equity Index Fund. Fidelity UK Smaller Companies wasalso sold after a period of strong performance. Positions in Franklin UK SmallerCompanies Fund, MFS Meridian UK Equity Fund, Fidelity Index EmergingMarkets Fund and PIMCO Capital Securities Fund were purchased. In theEurope ex UK segment, we bought Invesco Continental European Equity toreduce the overweight stance in growth stocks.OUTLOOKCentral banks in most developed countries continue to support theireconomies by maintaining adequate money supply, which should supportequity market performance. However, slower growth in China and geopoliticaltensions in Ukraine make us cautious about the outlook. Commodities could behurt by weak demand from China, which is a major consumer of metals usedin manufacturing. Elsewhere, interest rate sensitive assets such as propertyshares and bonds are likely to be hurt when interest rates rise from historiclows.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14Gross paying YAccumulation Shares** - - - - 0.1Y Accumulation Shares - - - - -0.2Gross paying FidelityPathFinder Freedom 1Accumulation Shares** - - - - -0.3Fidelity PathFinder Freedom 1Accumulation Shares - - - - -0.5Gross paying NAccumulation Shares** - - - - -N Accumulation Shares - - - - -Gross paying FidelityPathFinder Freedom 1Accumulation (clean) Shares** - - - - -Fidelity PathFinder Freedom 1Acc (clean) Shares - - - - -* Comparative Index - - - - -0.6* Comparative Index: Comprises 5% Dow Jones - UBS Commodity Index Total Return, 5% FTSE All ShareIndex, 25% GBP 1 Week LIBID, 50% The BofA Merrill Lynch Sterling Large Cap Index (Net), 10% MSCIAll Countries World Index (Net) & 5% FTSE EPRA/NAREIT Developed Index (G)Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested,** gross income reinvested. Past performance is not a realiable indicator offuture results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.The value of investments and the income from it can go down as well as up soyou may not get back the amount you invested. Some funds will invest in ‘subinvestmentgrade’ bonds. These bonds may produce a higher level of incomethan ‘investment grade’ bonds but at a higher risk to your capital. With fundsthat invest in bonds, cash or other money market instruments there is a risk thatthe issuer may default. The likelihood of this happening will depend on thecredit-worthiness of the issuer. The risk of default is usually greatest with bondsthat are classed as sub-investment grade. Some funds are able to invest someor all of their assets in developing overseas markets which carry a higher riskthan investing in larger established markets. Investments in emerging marketsare likely to experience greater rises and falls in value and there may betrading difficulties. Some funds invest in overseas markets. This means thatchanges in currency exchange rates will affect the value of your investment. Forsome funds, derivatives and forward transactions may be used for specificinvestment purposes, as well as for hedging and other efficient managementpurposes as permitted for all funds. Where this is the case, their use may leadto higher volatility in the fund’s shareprice. For funds that use derivativetransactions, there is a risk that the counterparty to the transaction will whollyor partially fail to honour its contractual obligations. This may result in financialloss to the fund. We assess the creditworthiness of counterparties as part of ourrisk management process. Each of our funds is operated as a separate entitywith its own assets and liabilities. However, if the liabilities of one fund were toexceed its assets, the other funds within the scheme might have to transferacross money to cover the liabilities. This means that the fund you invest in maybe worth less if it has to transfer money to another fund.Eugene Philalithis & James BatemanFund Managers30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.60

FIDELITYMULTI ASSET OPEN DEFENSIVE FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Fixed Interest Funds 50.91 50.52Equity Funds 17.18 17.98Absolute Return Funds 11.18 9.41Hedge Funds 5.33 6.16Cash Funds/Money Market Funds 4.60 2.95Property Funds 4.05 4.61Commodity Funds/Commodity Exposure 2.45 2.25Index Futures 0.03 0.00Forward Foreign Exchange Contracts 0.01 0.06Cash and other net assets/(liabilities) 4.26 6.06TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity Institutional UK Aggregate Bond Fund 18.64Legal & General All Stock Gilt Index Trust Fund 7.15Threadneedle Absolute Return Bond Fund 6.03Loomis Sayles Global Opportunities Bond Fund 5.75Fidelity Strategic Bond Fund 4.80Fidelity Gross Accumulating Cash Fund 4.60BlackRock Global Property Securities Equity Fund 4.05BlackRock North American Equity Tracker 3.77MS Long Term Trends Fund 3.33Pimco Capital Securities Fund 2.88Top holdings as at 31/10/13% of totalnet assetsFidelity Institutional UK Aggregate Bond Fund 16.92Legal & General All Stock Gilt Index Trust Fund 7.10Loomis Sayles Global Opportunities Bond Fund 6.87Threadneedle Absolute Return Bond Fund 5.99BlackRock UK Bond Index Fund 5.20Fidelity Strategic Bond Fund 4.83BlackRock Global Property Securities Equity Fund 4.61Blackrock North American Equity Tracker 3.73Brevan Howard Credit Catalysts Fund 3.63MS Long Term Trends Fund 3.22Footnotes:FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)N Accumulation Shares Gross paying NAccumulationShares30/04/14 1.29 1.3030/04/13 - -Y Accumulation Gross paying YShares Accumulation Shares30/04/14 1.53 1.5330/04/13 1.63 1.62Fidelity PathFinder Gross paying FidelityFreedom 1 PathFinder Freedom 1Accumulation Shares Accumulation Shares30/04/14 2.02 2.0230/04/13 2.10 2.09Fidelity PathFinder Gross paying FidelityFreedom 1 PathFinder Freedom 1Accumulation (clean) Accumulation (clean)Shares 2 Shares 230/04/14 1.38 1.48The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueN Accumulation SharesGross paying N Accumulation Shares30/04/14 0.2 100.93 165,643 0.1 101.18 129,194Y Accumulation SharesGross paying Y Accumulation Shares30/04/14 2.8 102.58 2,786,356 2.5 102.88 2,452,335Fidelity PathFinder Freedom 1Gross paying Fidelity PathFinderAccumulation SharesFreedom 1 Accumulation Shares30/04/14 0.3 102.24 279,075 0.7 102.42 685,201Fidelity PathFinder Freedom 1Gross paying Fidelity PathFinderAccumulation (clean) Shares Freedom 1 Accumulation (clean) shares30/04/14 0.1 101.45 13,188 0.4 101.50 374,0521. The net asset value is the accounting value at the period end on a fairvalue basis.2. The Fidelity PathFinder Freedom 1 Accumulation (clean) Shares and Grosspaying Fidelity PathFinder Freedom 1 Accumulation (clean) Shares werelaunched on 30/01/14.61

FIDELITYMULTI ASSET OPEN DEFENSIVE FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (38) 173Revenue 116 19Expenses (38) (16)Net revenue/(expense) before taxation 78 3Taxation - -Net revenue/(expense) after taxation 78 3Total return before distributions 40 176Finance costs: Equalisation (12) -Change in net assets attributable to shareholders frominvestment activities 28 176STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 7,057 -Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 979 6,730Amounts payable on cancellation of shares (1,001) (1)(22) 6,729Stamp duty reserve tax (4) -Change in net assets attributable to shareholders frominvestment activities (see above) 28 176Closing net assets attributable to shareholders 7,059 6,905BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 6,751 6,632Derivative assets 8 9Debtors 35 53Cash and bank balances 295 454Total other assets 330 507Total assets 7,089 7,148LiabilitiesDerivative liabilities - (13)Creditors (30) (53)Bank overdrafts - (25)Total other liabilities (30) (78)Total liabilities (30) (91)Net assets attributable to shareholders 7,059 7,057The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.62

FIDELITY MULTI ASSET OPEN GROWTH FUNDINVESTMENT OBJECTIVE AND POLICYThe Fund aims to provide long term capital growth from exposure to equities,bonds, commodities, property and cash covering the UK and other marketsthroughout the world. The Fund will invest in collective investment schemesincluding those managed by Fidelity and may also invest in transferablesecurities, money market instruments, cash and deposits. Derivatives andforward transactions may also be used for investment purposes.NB: It is anticipated that as an "open" fund, investment shall be made in bothfunds managed by third party fund providers and funds managed by Fidelityand in such proportions as the investment manager may decide in pursuit ofthe investment strategy.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Commodities advanced the most due to higher prices in the energy andagricultural sectors. Energy prices rose due to the unseasonably cold winter inthe US, while the drought in Brazil drove up coffee prices to a record high.Meanwhile, improving economic data in developed countries supported equitymarkets. However worries about the impact of the reduction in money supplyby the US Federal Reserve (Fed), concerns about slower growth in China andgeopolitical tensions in Ukraine limited gains. Within fixed income assets, highyield and corporate bonds benefited from investors’ search for returns.Property shares underperformed other asset classes following the Fed’sannouncement that it could begin tapering money supply. This could lead toa rise in interest rates, which would likely impact property shares as they aresensitive to changes in interest rates.PORTFOLIO ACTIVITYIn terms of tactical asset allocation, the underweight stance in commodities,the best performing asset class, hurt returns. The underlying manager in thissegment also did not perform well. Elsewhere, an overweight allocation toJapanese equities, which underperformed other regions due to concernsabout the impact of a sales tax hike on consumption spending, weakenedperformance. Moreover, the selection of underlying managers in the equitysegment detracted from returns. The European segment had a bias towardsmanagers who invest in growth stocks (companies whose earnings areexpected to grow rapidly). These holdings detracted from performance asinvestors shifted focus to undervalued stocks and those that pay dividends.Within the UK segment, stock specific reasons led to weak returns from MFSMeridian UK Equity Fund. Towards the end of the period, small capitalisedstocks in the UK fell sharply following a period of strong performance. This hurtreturns from Franklin UK Small Cap Fund. In contrast, the fixed income segmentsupported returns. PIMCO Capital Securities Fund benefited from the strongperformance of financial bonds. Elsewhere, UK corporate bonds outperformedgovernment bonds, aiding the performance of Fidelity Strategic Bond Fund.We reduced the overweight stance in equities given emerging risks to globalgrowth. We sold Fidelity UK Smaller Companies after a period of strongperformance and bought Franklin UK Smaller Companies Fund. In the Europeex UK segment, we sold Schroder European Alpha Plus Fund and boughtInvesco Continental European Fund in order to reduce the overweight stancein growth stocks. We also bought Kames UK Equity Absolute Return Fund andReal Estate Credit Investments, both of which invest in property related debt,but sold Aquila Capital Risk Parity 12 Fund.OUTLOOKCentral banks in most developed countries continue to support theireconomies by maintaining adequate money supply, which should supportequity market performance. However, slower growth in China and geopoliticaltensions in Ukraine make us cautious about the outlook. Commodities could behurt by weak demand from China, which is a major consumer of metals usedin manufacturing. Elsewhere, interest rate sensitive assets such as propertyshares and bonds are likely to be hurt when interest rates rise from historiclows.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares 31.1 9.5 -2.1 11.9 1.6Y Accumulation Shares - - - - 2.0Fidelity PathFinder Freedom 3Accumulation Shares - - - - 1.5N Accumulation Shares - - - - -Fidelity PathFinder Freedom 3Accumulation (clean) Shares - - - - -* Comparative Index 31.6 9.3 -4.6 12.6 1.5* Comparative Index: Comprises 30% MSCI All Countries World (Net), 20% FTSE All Share (Net), 15% DJ- UBS Commodity Index Total Return, 10% FTSE EPRA/NAREIT Developed Index (Gross), 20% BofA MLSterling Large Cap (Net) & 5% GBP 1 Week LIBIDSource: Fidelity, Morningstar and RIMES, bid to bid, UK£, net incomereinvested.Comparative index to 30/06/04 was 50% FTSE All Share (Net) & 50%MSCI World (Net) From 01/07/2004 to 31/10/2012 the comparative index wasMorningstar Flexible Investment. Past performance is not a realiable indicatorof future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds are able to invest some or all of their assets in developing overseasmarkets which carry a higher risk than investing in larger established markets.Investments in emerging markets are likely to experience greater rises and fallsin value and there may be trading difficulties. Some funds invest in overseasmarkets. This means that changes in currency exchange rates will affect thevalue of your investment. For some funds, derivatives and forward transactionsmay be used for specific investment purposes, as well as for hedging and otherefficient management purposes as permitted for all funds. Where this is thecase, their use may lead to higher volatility in the fund’s share price. For fundsthat use derivative transactions, there is a risk that the counterparty to thetransaction will wholly or partially fail to honour its contractual obligations. Thismay result in financial loss to the fund. We assess the creditworthiness ofcounterparties as part of our risk management process. Each of our funds isoperated as a separate entity with its own assets and liabilities. However, if theliabilities of one fund were to exceed its assets, the other funds within thescheme might have to transfer across money to cover the liabilities. This meansthat the fund you invest in may be worth less if it has to transfer money toanother fund.Ayesha Akbar & James BatemanFund Managers30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.63

FIDELITYMULTI ASSET OPEN GROWTH FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %United Kingdom 40.95 41.7Global 26.28 23.25United States 11.18 14.23Europe 5.96 5.75Emerging Markets 3.14 3.76Japan 2.63 2.79Asia Pacific Ex-Japan 2.07 1.96Guernsey 1.00 0.00Greece 0.00 0.02Cash and other net assets/(liabilities) 6.79 6.54TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsBlackRock Global Property Securities Equity Fund 9.34Threadneedle Enhanced CommoditiesPortfolio Fund 8.27BlackRock North American Equity Tracker 7.61Majedie UK Equity Fund 5.45Fidelity Institutional UK Aggregate Bond Fund 5.36ETFS All Commodities - UBS Commodity Index 5.14Fidelity Strategic Bond Fund 5.10Fidelity UK Index Fund 2 4.01Artemis Income Fund 3.99CF Lindsell Train UK Equity Fund 3.93FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A Accumulation N AccumulationSharesShares30/04/14 1.94 1.2230/04/13 1.98 -Y Accumulation Fidelity PathFinderShares Freedom 3AccumulationShares30/04/14 1.45 1.9530/04/13 1.48 1.98Fidelity PathFinderFreedom 3 Accumulation(clean) Shares 330/04/14 1.41The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Accumulation SharesN Accumulation Shares30/04/14 106.6 45.41 234,405,041 1.9 100.56 1,935,751Y Accumulation Shares Fidelity PathFinder Freedom 3Accumulation Shares30/04/14 3.0 46.55 6,475,625 5.5 104.88 5,281,645Fidelity PathFinder Freedom 3Accumulation (clean) Shares30/04/14 3.7 102.50 3,596,897Top holdings as at 31/10/13% of totalnet assetsBlackRock Global Property Securities Equity Fund 10.12BlackRock North American Equity Tracker Fund 7.66Threadneedle Enhanced Commodities Portfolio Fund7.52ETFS All Commodities 5.46Majedie UK Equity Fund 5.40Fidelity UK Index Fund 2 5.20Fidelity Institutional UK Aggregate Bond Fund 5.06Fidelity Strategic Bond Fund 4.78Artemis Income Fund 4.66CF Lindsell Train UK Equity Fund 4.01Footnotes:1. The net asset value is the accounting value at the period end on a fairvalue basis.2. Formerly Fidelity MoneyBuilder UK Index Fund.3. The Fidelity PathFinder Freedom 3 Accumulation (clean) Shares werelaunched on 30/01/14.64

FIDELITYMULTI ASSET OPEN GROWTH FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (847) 11,618Revenue 1,373 1,301Expenses (844) (774)Finance costs: Interest/other (2) (2)Net revenue/(expense) before taxation 527 525Taxation - -Net revenue/(expense) after taxation 527 525Total return before distributions (320) 12,143Finance costs: Equalisation (15) (18)Change in net assets attributable to shareholders frominvestment activities (335) 12,125STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 124,845 122,704Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 7,400 5,565Amounts payable on cancellation of shares (11,216) (11,907)(3,816) (6,342)Stamp duty reserve tax (18) (28)Change in net assets attributable to shareholders frominvestment activities (see above) (335) 12,125Closing net assets attributable to shareholders 120,676 128,459BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 112,327 116,368Derivative assets 148 306Debtors 253 280Cash and bank balances 8,417 11,475Total other assets 8,670 11,755Total assets 121,145 128,429LiabilitiesCreditors (454) (475)Bank overdrafts (15) (3,109)Total liabilities (469) (3,584)Net assets attributable to shareholders 120,676 124,845The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.65

FIDELITY MULTI ASSET OPEN STRATEGIC FUNDINVESTMENT OBJECTIVE AND POLICYThe Fund aims to provide long term capital growth from exposure to globalmarkets in mostly bonds, equities, property, commodities and cash. The Fundwill invest in collective investment schemes including those managed byFidelity and may also invest in transferable securities, money marketinstruments, cash and deposits. Derivatives and forward transactions may alsobe used for investment purposes.NB: It is anticipated that as an "open" fund, investment shall be made in bothfunds managed by third party fund providers and funds managed by Fidelityand in such proportions as the investment manager may decide in pursuit ofthe investment strategy.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Commodities advanced the most due to higher prices in the energy andagricultural sectors. Energy prices rose due to the unseasonably cold winter inthe US, while the drought in Brazil drove up coffee prices to a record high.Meanwhile, improving economic data in developed countries supported equitymarkets. However worries about the impact of the reduction in money supplyby the US Federal Reserve (Fed), concerns about slower growth in China andgeopolitical tensions in Ukraine limited gains. Within fixed income assets, highyield and corporate bonds benefited from investors’ search for returns.Property shares underperformed other asset classes following the Fed’sannouncement that it could begin tapering money supply. This could lead toa rise in interest rates, which would likely impact property shares as they aresensitive to changes in interest rates.PORTFOLIO ACTIVITYAn underweight position in commodities, the best performing asset class, hurtreturns. The underlying manager in this segment also did not perform well.Elsewhere, an overweight allocation to Japanese equities, whichunderperformed other regions due to concerns about the impact of a sales taxhike on consumption spending, weakened performance. The selection ofunderlying managers in the equity segment also detracted from returns. TheEuropean segment had a bias towards managers who invest in growth stocks(companies whose earnings are expected to grow rapidly). These holdingsdetracted from performance as investors shifted focus to undervalued stocksand those that pay dividends. Towards the end of the period, stocks in smallsized companies in the UK fell sharply following a period of strongperformance, which hurt returns from Franklin UK Small Cap Fund. In contrast,the fixed income segment supported returns. PIMCO Capital Securities Fundand Fidelity Strategic Bond Fund benefited from the strong performance offinancial bonds and corporate bonds, respectively. We reduced theoverweight stance in equities in view of emerging risks to global growth. Overthe period, we sold Northern Trust European Equity Index Fund and NorthernTrust Emerging Markets Equity Index Fund. We also sold Fidelity UK SmallerCompanies after a period of strong performance. Franklin UK SmallerCompanies Fund, MFS Meridian UK Equity Fund, Fidelity Index Europe ex UKFund and Fidelity Index Emerging Markets Fund and Real Estate CreditInvestments, which invests in property related debt, were added to theportfolio. In the Europe ex UK segment, we bought Invesco ContinentalEuropean Fund in order to reduce the overweight stance in growth stocks.OUTLOOKCentral banks in most developed countries continue to support theireconomies by maintaining adequate money supply, which should supportequity market performance. However, slower growth in China and geopoliticaltensions in Ukraine make us cautious about the outlook. Commodities couldbe hurt by weak demand from China, which is a major consumer of metalsused in manufacturing. Elsewhere, interest rate sensitive assets such asproperty shares and bonds are likely to be hurt when interest rates rise fromhistoric lows.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares - - - - 1.5A Income Shares 23.9 6.5 -0.7 12.9 1.5Y Income Shares - - - - 1.9Fidelity PathFinder Freedom 2Accumulation Shares - - - - 1.5N Accumulation Shares - - - - -Y Accumulation Shares - - - - -Fidelity PathFinder Freedom 2Accumulation (clean) Shares - - - - -* Comparative Index 22.7 6.4 -0.4 11.1 0.6* Comparative Index: Comprises 15% FTSE All Share, 20% MSCI All Countries World (Net) , 10% DJ - UBSCommodity Index Total return, 5% FTSE EPRA/NAREIT Developed Index (G), 40% BofA ML Sterling LargeCap (Net) & 10% GBP 1 Week LIBID.Source: Fidelity, Morningstar and RIMES, bid to bid, UK£, net income reinvested.Comparative index to 30/06/2004 comprises 55% FTSE All Share (Net) & 45%BofA ML Sterling Broad Market (Net). From 01/07/2004 to 31/10/2012 thecomparative index was Morningstar Mixed Investment 20-60% Shares. Pastperformance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds are able to invest some or all of their assets in developing overseasmarkets which carry a higher risk than investing in larger established markets.Investments in emerging markets are likely to experience greater rises and fallsin value and there may be trading difficulties. Some funds invest in overseasmarkets. This means that changes in currency exchange rates will affect thevalue of your investment. For some funds, derivatives and forward transactionsmay be used for specific investment purposes, as well as for hedging and otherefficient management purposes as permitted for all funds. Where this is thecase, their use may lead to higher volatility in the fund’s share price. For fundsthat use derivative transactions, there is a risk that the counterparty to thetransaction will wholly or partially fail to honour its contractual obligations. Thismay result in financial loss to the fund. We assess the creditworthiness ofcounterparties as part of our risk management process. Each of our funds isoperated as a separate entity with its own assets and liabilities. However, if theliabilities of one fund were to exceed its assets, the other funds within thescheme might have to transfer across money to cover the liabilities. This meansthat the fund you invest in may be worth less if it has to transfer money toanother fund.Eugene Philalithis & James BatemanFund Managers30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.66

FIDELITYMULTI ASSET OPEN STRATEGIC FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Fixed Interest Funds 39.87 40.05Equity Funds 33.87 35.01Commodity Funds/Commodity Exposure 8.81 8.95Absolute Return Funds 6.18 4.53Property Funds 3.24 4.09Hedge Funds 2.41 2.46Cash Funds/Money Market Funds 2.38 0.83Index Futures 0.06 0.14Forward Foreign Exchange Contracts 0.02 0.06Cash and other net assets/(liabilities) 3.16 3.88TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity Institutional UK Aggregate Bond Fund 14.74BlackRock North American Equity Tracker 6.64Threadneedle Enhanced CommoditiesPortfolio Fund 5.78Legal & General All Stock Gilt Index Trust Fund 5.67Loomis Sayles Global Opportunities Bond Fund 4.56Majedie UK Equity Fund 3.93Fidelity Strategic Bond Fund 3.81Fidelity UK Index Fund 2 3.52BlackRock Global Property Securities Equity Fund 3.24MFS Meridian UK Equity Fund 3.12Top holdings as at 31/10/13% of totalnet assetsFidelity Institutional UK Aggregate Bond Fund 13.83Fidelity UK Index Fund 2 6.77BlackRock Collective Investment Fund -North America 6.31Legal & General All Stock Gilt Index Trust Fund 6.05Threadneedle Enhanced CommoditiesPortfolio Fund 5.30BlackRock Global Property Securities Equity Fund 4.09Majedie UK Equity Fund 4.09Fidelity Strategic Bond Fund 3.83Dow Jones - UBS Commodity Index 3.64Artemis Income Fund 3.51Footnotes:FUND FACTSINCOME (pence per share)A IncomeY IncomeXD date Shares SharesInterim distribution 01/05/14 0.0921 0.0862Interim distribution 01/02/14 0.2600 0.2423ONGOING CHARGES (%)A IncomeY IncomeSharesShares30/04/14 1.92 1.4330/04/13 1.97 1.48A Accumulation N AccumulationSharesShares30/04/14 1.92 1.1930/04/13 1.97 -Y Accumulation Fidelity PathFinderShares Freedom 2AccumulationShares30/04/14 1.45 1.9230/04/13 - 1.97Fidelity PathFinderFreedom 2Accumulation (clean)Shares 330/04/14 1.36The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Income SharesY Income Shares30/04/14 81.8 29.39 278,328,489 2.4 27.51 8,771,929A Accumulation SharesN Accumulation Shares30/04/14 3.8 118.34 3,228,629 1.6 101.65 1,542,458Y Accumulation Shares Fidelity PathFinder Freedom 2Accumulation Shares30/04/14 0.2 101.43 175,472 2.2 104.76 2,124,503Fidelity PathFinder Freedom 2Accumulation (clean) Shares30/04/14 2.3 102.00 2,287,5261. The net asset value is the accounting value at the period end on a fairvalue basis.2. Formerly Fidelity MoneyBuilder UK Index Fund.3. The Fidelity PathFinder Freedom 2 Accumulation (clean) Shares werelaunched on 30/01/14.67

FIDELITYMULTI ASSET OPEN STRATEGIC FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (351) 7,974Revenue 1,382 1,668Expenses (682) (657)Finance costs: Interest/other (5) (3)Net revenue/(expense) before taxation 695 1,008Taxation (16) (96)Net revenue/(expense) after taxation 679 912Total return before Distributions 328 8,886Finance costs: Distributions/Equalisation (1,076) (1,339)Change in net assets attributable to shareholders frominvestment activities (748)7,547STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 101,735 106,356Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 5,081 2,948Amounts payable on cancellation of shares (11,728) (10,072)(6,647) (7,124)Stamp duty reserve tax (10) (20)Change in net assets attributable to shareholders frominvestment activities (see above) (748) 7,547Closing net assets attributable to shareholders 94,330106,759BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 91,283 97,586Derivative assets 83 205Debtors 195 179Cash and bank balances 3,249 12,684Total other assets 3,444 12,863Total assets 94,810 110,654LiabilitiesDerivative liabilities (1) -Creditors (215) (339)Bank overdrafts - (8,327)Net distributions payable on income shares (264) (253)Total other liabilities (479) (8,919)Total liabilities (480) (8,919)Net assets attributable to shareholders 94,330101,735The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.68

FIDELITYMULTI ASSET OPEN STRATEGIC FUNDDISTRIBUTION STATEMENTfor the six month period ended 30 April 2014(unaudited)A Income Shares - interim distribution No. 42 in pence per shareGroup 1 - Shares purchased on or before 31 January 2014.Group 2 - Shares purchased from 1 February 2014 to 30 April 2014.AmountAmountNet revenue Equalisation distributed distributed30/06/14 30/06/13Group 1 0.0921 - 0.0921 0.0937Group 2 0.0328 0.0593 0.0921 0.0937A Income Shares - interim distribution No. 41 in pence per shareGroup 1 - Shares purchased on or before 31 October 2013.Group 2 - Shares purchased from 1 November 2013 to 31 January 2014.AmountAmountNet revenue Equalisation distributed distributed31/03/14 31/03/13Group 1 0.2600 - 0.2600 0.2757Group 2 0.2056 0.0544 0.2600 0.2757Y Income Shares - interim distribution No. 7 in pence per shareGroup 1 - Shares purchased on or before 31 January 2014.Group 2 - Shares purchased from 1 February 2014 to 30 April 2014.AmountAmountNet revenue Equalisation distributed distributed30/06/14 30/06/13Group 1 0.0862 - 0.0862 0.0862Group 2 0.0313 0.0549 0.0862 0.0862Y Income Shares - interim distribution No. 6 in pence per shareGroup 1 - Shares purchased on or before 31 October 2013.Group 2 - Shares purchased from 1 November 2013 to 31 January 2014.AmountAmountNet revenue Equalisation distributed distributed31/03/14 31/03/13Group 1 0.2423 - 0.2423 0.2603Group 2 0.1726 0.0697 0.2423 0.260369

FIDELITY MULTI ASSET STRATEGIC FUNDINVESTMENT OBJECTIVE AND POLICYThe fund’s investment objective is to achieve long term capital growth byinvesting in a range of global assets providing exposure to bonds, equities,commodities, property and cash. The fund will invest primarily through otherregulated collective investment schemes, including schemes managed byFidelity, and may also invest directly in other transferable securities, moneymarket instruments, cash and deposits. Derivatives and forward transactionsmay also be used for investment purposes.NB: It is anticipated that investment shall be made primarily in funds managedby FidelityFUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Commodities outperformed as bad weather boosted prices in the energy andagriculture sectors. Energy prices rose due to the unseasonably cold winter inthe US, while the drought in Brazil drove up coffee prices to a record high.Meanwhile, improving economic data and continued monetary support fromcentral banks in developed markets supported equities. However, gains werelimited by worries about the impact of the reduction in money supply by theUS Federal Reserve (Fed), slow growth in China and rising geopoliticaltensions in Ukraine. In the fixed income segment, high yield and corporatebonds outperformed government bonds. Property underperformed other assetclasses following the Fed’s announcement that it could begin tapering moneysupply. This could lead to a rise in interest rates, which would likely impactproperty shares as they are sensitive to changes in interest rates.PORTFOLIO ACTIVITYTactical asset allocation negatively impacted returns. Based on my positiveview on global growth, I maintained a bias towards equities at the expense ofother asset classes. However, in equity regions, an overweight stance in Japan,notably the position in iShares MSCI Japan, undermined gains. In contrast, apreference towards US equities supported returns. Positions were purchased inSPDR S&P US Dividend Aristocrats ETF Fund, Fidelity Index US Fund andFAST - US Fund. Meanwhile, in UK equities, the choice of funds held in theportfolio detracted from returns, largely due to selected positions in the healthcare sector. On a positive note, the position in Fidelity Funds - Global ConsumerIndustries Fund strengthened performance. Elsewhere, commodities was heldat an underweight stance as I believe that slow growth in China, the largestconsumer of industrial metals, will hurt commodity prices. Therefore, I furtherreduced the position in this asset class by selling holdings in Dow Jones – UBSCommodity Flex Index and ETFS All Commodities. However, this decisionnegatively impacted returns as commodities rose on the back of harsh weather.Nonetheless, I believe this was an unexpected short-term gain, and retain myunderweight in the sector. In the fixed income segment, I preferred corporatebonds over government bonds. Therefore, the exposure to Fidelity InstitutionalUK Gilt Fund was reduced and the position in Fidelity Institutional UK CorporateBond Fund increased. The holding in the latter contributed to performance.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China, the major export marketfor both regions. Elsewhere, the weather induced strength in commodities islikely to fade. Meanwhile, global corporate bonds are expected to outperformcore government bonds as investors are attracted by the level of incomethey pay.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares 25.9 5.4 -1.8 10.9 0.4Y Accumulation Shares - 5.6 -1.4 11.4 0.7Fidelity PathFinder Focused 2Accumulation Shares - - - - 0.3N Accumulation Shares - - - - -Fidelity PathFinder Focused 2Accumulation (clean) Shares - - - - -* Comparative Index 19.8 8.9 1.7 11.4 0.6* Comparative Index: Comprises 40% BofA ML Sterling Large Cap (Net), 20% MSCI All Countries World(Net), 15% FTSE All Share (Net), 10% DJ-UBS Commodity Index Total Return, 10% GBP 1 Week LIBID &5% FTSE EPRA/NAREIT Developed Index (Gross).Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested.Past performance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds are able to invest some or all of their assets in developing overseasmarkets which carry a higher risk than investing in larger established markets.Investments in emerging markets are likely to experience greater rises and fallsin value and there may be trading difficulties. Some funds invest in overseasmarkets. This means that changes in currency exchange rates will affect thevalue of your investment. For some funds, derivatives and forward transactionsmay be used for specific investment purposes, as well as for hedging and otherefficient management purposes as permitted for all funds. Where this is thecase, their use may lead to higher volatility in the fund’s share price. For fundsthat use derivative transactions, there is a risk that the counterparty to thetransaction will wholly or partially fail to honour its contractual obligations. Thismay result in financial loss to the fund. We assess the creditworthiness ofcounterparties as part of our risk management process. Each of our funds isoperated as a separate entity with its own assets and liabilities. However, if theliabilities of one fund were to exceed its assets, the other funds within thescheme might have to transfer across money to cover the liabilities. This meansthat the fund you invest in may be worth less if it has to transfer money toanother fund.Trevor GreethamFund Manager30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.70

FIDELITYMULTI ASSET STRATEGIC FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Equity Funds 40.18 42.50Fixed Interest Funds 31.72 30.18Cash Funds/Money Market Funds 18.46 14.28Commodity Funds/Commodity Exposure 5.12 0.97Property Funds 3.51 2.48Forward Foreign Exchange Contracts 0.05 0.00Index Futures 0.02 -0.19Cash and other net assets/(liabilities) 0.94 9.78TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity Institutional UK Gilt Fund 15.68Fidelity Gross Accumulating Cash Fund 14.36Fidelity Institutional UK Corporate Bond Fund 11.42Fidelity UK Select Fund 5.68Fidelity MoneyBuilder Dividend Fund 4.23Fidelity Institutional Liquidity Fund (USD) 4.11Fidelity Global Property Fund 3.51Fidelity MoneyBuilder Growth Fund 2.94Fidelity Institutional Long Bond Fund 2.85FAST - US Fund 2.66FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A Accumulation N AccumulationSharesShares30/04/14 1.61 0.8630/04/13 1.60 -Y Accumulation Shares Fidelity PathFinderFocused 2AccumulationShares30/04/14 1.11 1.6130/04/13 1.09 1.61Fidelity PathFinderFocused 2 Accumulation(clean) Shares 230/04/14 0.9330/04/13 -The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Accumulation SharesN Accumulation Shares30/04/14 544.9 141.10 386,149,118 16.3 101.10 16,150,164Y Accumulation SharesFidelity PathFinder Focused2 Accumulation Shares30/04/14 94.5 126.41 74,743,107 5.1 104.21 4,932,861Fidelity PathFinder Focused 2Accumulation (clean) Shares30/04/14 5.9 102.14 5,791,097Top holdings as at 31/10/13% of totalnet assetsFidelity Institutional UK Gilt Fund 15.65Fidelity Gross Accumulating Cash Fund 14.28Fidelity Institutional UK Corporate Bond Fund 9.99Fidelity UK Select Fund 6.02Fidelity MoneyBuilder Dividend Fund 4.56Fidelity MoneyBuilder Growth Fund 4.51Fidelity American Fund 3.77Fidelity Funds - Global Industrials Fund 2.83Fidelity Funds - Global Consumer Industries Fund 2.59Fidelity Global Property Fund 2.48Footnotes:1. The net asset value is the accounting value at the period end on a fairvalue basis.2. The Fidelity PathFinder Focused 2 Accumulation (clean) Shares werelaunched on 30/01/14.71

FIDELITYMULTI ASSET STRATEGIC FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) 1,425 57,029Revenue 6,748 6,371Expenses (4,560) (4,768)Finance costs: Interest/other (90) (11)Net revenue/(expense) before taxation 2,098 1,592Taxation (117) (100)Net revenue/(expense) after taxation 1,981 1,492Total return before distributions 3,406 58,521Finance costs: Equalisation (81) 8Change in net assets attributable to shareholders frominvestment activities 3,32558,529STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 703,206 653,478Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 33,173 39,362Amounts payable on cancellation of shares (72,825) (33,504)(39,652) 5,858Stamp duty reserve tax (168) (222)Change in net assets attributable to shareholders frominvestment activities (see above) 3,325 58,529Closing net assets attributable to shareholders 666,711717,643BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 659,978 635,728Derivative assets 615 367Debtors 2,059 2,457Cash and bank balances 8,127 96,272Total other assets 10,186 98,729Total assets 670,779 734,824LiabilitiesDerivative liabilities (110) (1,745)Creditors (3,952) (2,639)Bank overdrafts (6) (27,234)Total other liabilities (3,958) (29,873)Total liabilities (4,068) (31,618)Net assets attributable to shareholders 666,711703,206The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.72

FIDELITY OPEN WORLD FUNDINVESTMENT OBJECTIVE AND POLICYThe fund aims to provide long term capital growth from exposure to globalmarkets mainly in equities. The Fund will invest in collective investmentschemes including those managed by Fidelity and may also invest intransferable securities, money market instruments, cash and deposits.Derivatives and forward transactions may also be used for investmentpurposes.NB: It is anticipated that as an "open" fund, investment shall be made in bothfunds managed by third party fund providers and funds managed by Fidelityand in such proportions as the investment manager may decide in pursuit ofthe investment strategy.FUND MANAGER’S COMMENTARYMARKET REVIEWGlobal equities generated small but positive returns over the period. Improvingeconomic data in developed markets supported investor sentiment. However,worries about the impact of the reduction in money supply by the US FederalReserve (Fed), particularly on emerging market economies which remainsomewhat dependent on external financing, hampered markets. Concernsabout slower growth in China and geopolitical tensions in Ukraine further limitedgains. Against this backdrop, Europe ex UK, the US and the UK generatedpositive returns. In contrast, Pacific ex Japan and emerging markets declined. InJapan, equities slid due to concerns about the impact that an increase in thesales tax, which was scheduled for April, would have on consumption spendingand the lack of near term policy action to counter that impact.PORTFOLIO ACTIVITYSelection of underlying managers in the Europe ex UK and the US detractedfrom returns. The European segment of the portfolio had a bias towardsmanagers who invest in growth stocks (companies whose earnings areexpected to grow rapidly). These holdings detracted from performance asinvestors shifted their focus to undervalued stocks and those that paydividends. Elsewhere, the allocation to William Blair US Small-Mid Cap GrowthFund hurt returns as small sized companies in the US underperformed theirlarger counterparts over the period. Within the UK segment, stock specificreasons led to weak returns from MFS Meridian UK Equity Fund. The lack ofexposure to the health care sector hurt the performance of CF Lindsell TrainUK Equity Fund. The health care sector gained notably towards the end of theperiod due to merger and acquisition news. Positions in Pacific ex Japan alsodetracted from returns. However, this was partially offset by holdings in theemerging markets and Japanese segments. Within the UK equity segment, wesold Fidelity UK Smaller Companies after a period of strong performance andbought Franklin UK Smaller Companies Fund. In the Europe ex UK segment,we sold Schroder European Alpha Plus Fund and bought Invesco ContinentalEuropean Fund in order to reduce the overweight stance in growth stocks.Elsewhere, we replaced Northern Trust Emerging Markets Equity Index Fundwith Fidelity Index Emerging Markets Fund. We also sold Fidelity South EastAsia Fund following a change in manager and bought a holding in FidelityFunds – South East Asia Fund instead.OUTLOOKCentral banks in most developed countries continue to support their economiesby maintaining adequate money supply, which should support global growth andequity market performance. However, slower growth in China and geopoliticaltensions in Ukraine make us somewhat cautious about the growth outlook.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14Y Accumulation Shares - - - - 5.1A Accumulation Shares - - - - 4.6Fidelity PathFinder Freedom 5Accumulation Shares - - - - 4.6N Accumulation Shares - - - - -Fidelity PathFinder Freedom 5Accumulation (clean) Shares - - - - -* Comparative Index - - - - 5.4* Comparative Index: MSCI All Countries World Index (Net)Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested.Past performance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.The value of investments and the income from it can go down as well as up soyou may not get back the amount you invested. Some funds are able to investsome or all of their assets in developing overseas markets which carry a higherrisk than investing in larger established markets. Investments in emergingmarkets are likely to experience greater rises and falls in value and there maybe trading difficulties. Some funds invest in overseas markets. This means thatchanges in currency exchange rates will affect the value of your investment. Forsome funds, derivatives and forward transactions may be used for specificinvestment purposes, as well as for hedging and other efficient managementpurposes as permitted for all funds. Where this is the case, their use may leadto higher volatility in the fund’s share price. For funds that use derivativetransactions, there is a risk that the counterparty to the transaction will whollyor partially fail to honour its contractual obligations. This may result in financialloss to the fund. We assess the creditworthiness of counterparties as part of ourrisk management process. Each of our funds is operated as a separate entitywith its own assets and liabilities. However, if the liabilities of one fund were toexceed its assets, the other funds within the scheme might have to transferacross money to cover the liabilities. This means that the fund you invest in maybe worth less if it has to transfer money to another fund.Ayesha Akbar & James BatemanFund Managers30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.73

FIDELITYOPEN WORLD FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %United States 31.09 40.77Europe 15.65 16.23Emerging Markets 9.86 11.28Global 9.52 0.00United Kingdom 6.86 6.88Japan 6.32 7.47Asia Pacific Ex-Japan 5.11 5.30Greece 0.00 0.02Cash and other net assets/(liabilities) 15.59 12.05TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsBlackRock North American Equity Tracker 17.84Fidelity Funds - America Fund (USD) 12.01William Blair Small Mid Cap Growth Fund 9.52Eaton Vance Parametric Emerging Markets Fund 6.69CF Morant Wright Japan Fund 6.32BlackRock Continental European Fund 5.52Invesco Continental European Equity Fund 3.53Fidelity Emerging Markets Fund 3.16Fidelity Funds - South East Asia Fund 2.99IVI European Fund 2.54Top holdings as at 31/10/13% of totalnet assetsBlackRock Collective Investment Fund -North America 18.63Fidelity Funds - America Fund (USD) 11.06William Blair US Small-Mid Cap Growth Fund 9.63CF Morant Wright Japan Fund 7.47Eaton Vance Emerald -PPA Emerging Markets Equity Fund 7.13BlackRock Continental European Fund 5.75Northern Trust Emerging Market Index Fund 4.15Northern Trust Europe (ex-UK) Equity Index Fund 3.98Fidelity South-East Asia Fund 3.18IVI European Fund 2.55Footnotes:FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A Accumulation N AccumulationSharesShares30/04/14 2.06 1.3130/04/13 2.14 -Y Accumulation Fidelity PathFinderShares Freedom 5AccumulationShares30/04/14 1.56 2.0530/04/13 1.64 2.14Fidelity PathFinderFreedom 5Accumulation (clean)Shares 230/04/14 1.46The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Accumulation SharesN Accumulation Shares30/04/14 2.8 109.81 2,622,007 0.1 100.33 9,244Y Accumulation Shares Fidelity PathFinder Freedom 5Accumulation Shares30/04/14 1.6 110.48 1,491,938 2.7 109.40 2,434,758Fidelity PathFinder Freedom 5Accumulation (clean) Shares30/04/14 2.0 101.57 1,994,4471. The net asset value is the accounting value at the period end on a fairvalue basis.2. The Fidelity PathFinder Freedom 5 Accumulation (clean) Shares werelaunched on 30/01/14.74

FIDELITYOPEN WORLD FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (119) 328Revenue 47 12Expenses (62) (21)Finance costs: Interest/other (1) -Net revenue/(expense) before taxation (16) (9)Taxation - -Net revenue/(expense) after taxation (16) (9)Total return before distributions (135) 319Finance costs: Equalisation - -Change in net assets attributable to shareholders frominvestment activities (135) 319STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 9,340 -Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 2,984 7,321Amounts payable on cancellation of shares (2,953) -31 7,321Stamp duty reserve tax (10) -Change in net assets attributable to shareholders frominvestment activities (see above) (135) 319Closing net assets attributable to shareholders 9,226 7,640BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 7,760 8,168Derivative assets 26 47Debtors 50 149Cash and bank balances 1,420 1,179Total other assets 1,470 1,328Total assets 9,256 9,543LiabilitiesCreditors (30) (151)Bank overdrafts - (52)Total liabilities (30) (203)Net assets attributable to shareholders 9,226 9,340The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.75

FIDELITY TARGET 2015 FUNDINVESTMENT OBJECTIVE AND POLICYThe fund’s investment objective is to achieve long term capital growth forinvestors planning to withdraw substantial portions of their investment in or afterthe year 2015. The fund’s policy is to invest in a wide range of investmentscovering markets throughout the world, in accordance with an asset allocationthat will become increasingly conservative as the year 2015 is approached. Thefund will invest in other collective investment schemes (both regulated andunregulated), including schemes managed by Fidelity, and may also investdirectly in transferable securities, money market instruments, cash and deposits.Derivatives and forward transactions may also be used for investmentpurposes.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Energy prices rose due to the unseasonably cold winter in the US, while thedrought in Brazil drove up coffee prices to a record high. Meanwhile,improving economic data and continued monetary support from central banksin developed markets drove equities higher. However, gains were limited byworries about the impact of the reduction in money supply by the US FederalReserve (Fed), slow growth in China and rising geopolitical tensions inUkraine. At a regional level, equities in Europe ex UK, the US and the UK rose,but declined in Japan, emerging markets and Pacific ex Japan. Meanwhile, inthe fixed income segment, high yield and corporate bonds outperformedgovernment bonds.PORTFOLIO ACTIVITYBoth tactical asset allocation and selection of underlying managers detractedfrom returns. Based on our positive view on global growth, we positioned thefund to benefit from an improving economic environment by maintaining abias towards equities at the expense of other asset classes. However, inequities, an overweight stance in the Asia Pacific region, notably the exposureto Japan, held back gains. Equities in Japan were hurt due to concerns overthe impact of an increase in the sales tax on consumption spending, and thelack of near term policy action to counter the impact. The exposure to Japanwas scaled down by selling the positions in Fidelity Japan Smaller CompaniesFund and reducing the allocation to Fidelity Japan Fund. Over the period, wemaintained a preference for US equities given my optimistic outlook for theregion. Positions were purchased in SPDR S&P US Dividend Aristocrats Fund,Fidelity Funds - American Growth Fund and FAST - US Fund. We believe thatslow growth in China, the largest consumer of industrial metals, will hurtcommodity prices. Accordingly, we lowered the allocation to commodities byreducing the holding in ETFS All Commodities. However, this decisiondetracted from returns as commodities rose on the back of harsh weather.Nonetheless, we believe this was an unexpected short-term gain, and retainmy underweight in the sector. Meanwhile, in the fixed income segment,positions in government bonds hampered returns. In Europe ex UK equities,stock picking by underlying managers in the financials and technology sectorsalso weakened performance. On a positive note, in emerging markets, theposition in Fidelity Institutional Emerging Markets Fund contributed to returns.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China, the major export marketfor both regions. Elsewhere, the weather induced strength in commodities islikely to fade. In fixed income, global corporate bonds are expected tooutperform core government bonds as investors are attracted by the level ofincome they pay.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares 24.1 7.7 -2.6 9.3 -0.3Gross paying AAccumulation Shares** - - - - -0.1* Comparative Index 23.0 8.8 -0.6 9.1 -0.1* Comparative Index: The Comparative Index follows a roll down path designed to match the changingasset class exposure of the fund. The initial asset class exposure is 100% equity and this changes overtime as the fund approaches its maturity date, with bonds and then cash being introduced inincreasing amounts. The Comparative Index weights and components as at 30/04/2014. Comprises:35% BofA ML Sterling Broad Mkt (Net), 6% FTSE All Share (Net), 10% GBP Overnight LIBOR, 9% DJ - UBSCommodity Index TR, 4% MSCI Europe Ex UK (Net), 4% MSCI North America (Net), 4% MSCI AC Pacific(Net), 26% Morningstar UK Savings 2500+ (Net) & 2% MSCI Emerging Markets (Net)Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested, ** grossincome reinvested. Past performance is not a realiable indicator of futureresults.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds are able to invest some or all of their assets in developing overseasmarkets which carry a higher risk than investing in larger established markets.Investments in emerging markets are likely to experience greater rises and fallsin value and there may be trading difficulties. Some funds invest in overseasmarkets. This means that changes in currency exchange rates will affect thevalue of your investment. For some funds, derivatives and forward transactionsmay be used for specific investment purposes, as well as for hedging and otherefficient management purposes as permitted for all funds. Where this is thecase, their use may lead to higher volatility in the fund’s share price. For fundsthat use derivative transactions, there is a risk that the counterparty to thetransaction will wholly or partially fail to honour its contractual obligations. Thismay result in financial loss to the fund. We assess the creditworthiness ofcounterparties as part of our risk management process. The value of the fundmay be affected if any of the institutions with which cash is deposited suffersinsolvency or other financial difficulty. Each of our funds is operated as aseparate entity with its own assets and liabilities. However, if the liabilities ofone fund were to exceed its assets, the other funds within the scheme mighthave to transfer across money to cover the liabilities. This means that the fundyou invest in may be worth less if it has to transfer money to another fund.Joo Hee Lee & Eugene PhilalithisFund Manager30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.76

FIDELITYTARGET 2015 FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Cash Funds/Money Market Funds 27.00 20.87Fixed Interest Funds 22.77 21.91Equity Funds 22.08 26.64ETFS: Tracking Government Bonds 12.32 11.70Absolute Return Funds 9.08 8.99Commodity Funds/Commodity Exposure 5.72 7.86Cash and other net assets/(liabilities) 1.03 2.03TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A Accumulation Gross paying AShares Accumulation Shares30/04/14 1.34 1.3430/04/13 1.36 1.36The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Accumulation SharesGross paying A Accumulation Shares30/04/14 8.1 48.58 16,573,091 9.2 48.65 18,961,686Top holdings as at 30/04/14% of totalnet assetsFidelity Gross Accumulating Cash Fund 26.99iShares FTSE UK Gilts 0-5 Fund 12.32Fidelity Institutional UK Aggregate Bond Fund 12.25Fidelity Institutional UK Gilt Fund 10.51Threadneedle Absolute Return Bond Fund 9.08ETFS All Commodities - UBS Commodity Index 5.68Fidelity UK Select Fund 3.01Fidelity European Fund 2.40Fidelity MoneyBuilder Growth Fund 2.29Fidelity Institutional Emerging Markets Fund 1.96Top holdings as at 31/10/13% of totalnet assetsFidelity Gross Accumulating Cash Fund 20.87iShares FTSE UK Gilts 0-5 Fund 11.70Fidelity Institutional UK Gilt Fund 10.09Threadneedle Absolute Return Bond Fund 8.99Fidelity Institutional UK Aggregate Bond Fund 8.43Dow Jones - ETFS All Commodities 7.90Fidelity Funds - America Fund 3.53Fidelity MoneyBuilder Income Fund 3.38Fidelity UK Select Fund 3.30Fidelity European Fund 2.87Footnotes:1. The net asset value is the accounting value at the period end on a fairvalue basis.77

FIDELITYTARGET 2015 FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (28) 1,135Revenue 130 149Expenses (95) (113)Finance costs: Interest/other (1) (1)Net revenue/(expense) before taxation 34 35Taxation (4) -Net revenue/(expense) after taxation 30 35Total return before distributions 2 1,170Finance costs: Equalisation (2) (47)Change in net assets attributable to shareholders frominvestment activities -1,123STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 18,636 20,085Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 421 11,438Amounts payable on cancellation of shares (1,780) (13,064)(1,359) (1,626)Stamp duty reserve tax (1) (2)Change in net assets attributable to shareholders frominvestment activities (see above) - 1,123Closing net assets attributable to shareholders 17,27619,580BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 17,089 18,267Derivative assets 7 -Debtors 48 478Cash and bank balances 244 1,754Total other assets 292 2,232Total assets 17,388 20,499LiabilitiesDerivative liabilities - (8)Creditors (112) (482)Bank overdrafts - (1,373)Total other liabilities (112) (1,855)Total liabilities (112) (1,863)Net assets attributable to shareholders 17,27618,636The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.78

FIDELITY TARGET 2020 FUNDINVESTMENT OBJECTIVE AND POLICYThe Fund’s investment objective is to achieve long term capital growth forinvestors planning to withdraw substantial portions of their investment in orafter the year 2020. The Fund’s policy is to invest in a wide range ofinvestments covering markets throughout the world, in accordance with anasset allocation that will become increasingly conservative as the year 2020is approached. The Fund will invest in other collective investment schemes(both regulated and unregulated), including schemes managed by Fidelity,and may also invest directly in transferable securities, money marketinstruments, cash and deposits. Derivatives and forward transactions may alsobe used for investment purposes.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Energy prices rose due to the unseasonably cold winter in the US, while thedrought in Brazil drove up coffee prices to a record high. Meanwhile,improving economic data and continued monetary support from central banksin developed markets drove equities higher. However, gains were limited byworries about the impact of the reduction in money supply by the US FederalReserve (Fed), slow growth in China and rising geopolitical tensions inUkraine. At a regional level, equities in Europe ex UK, the US and the UK rose,but declined in Japan, emerging markets and Pacific ex Japan. Meanwhile, inthe fixed income segment, high yield and corporate bonds outperformedgovernment bonds.PORTFOLIO ACTIVITYThe selection of underlying managers in the equity segment of the portfolionegatively impacted returns. In Europe ex UK equities, stock picking byunderlying managers in the financials and technology sectors weakenedperformance. In the UK, positions in Fidelity UK Select Fund and FidelityMoneyBuilder Growth Fund detracted from returns. The exposure to both fundswas reduced. In contrast, selection in emerging market equities boostedperformance. Stock picking in consumer discretionary and an underweightstance in energy and materials supported returns. Selection of underlyingmanagers in the fixed income segment also buoyed returns. Based on ourpositive view on global growth, we positioned the fund to benefit from animproving economic environment by maintaining a bias towards equities atthe expense of other asset classes. However, in equities, an overweight stancein the Asia Pacific region, notably the exposure to Japan, held back gains.Equities in Japan were hurt due to concerns over the impact of an increase inthe sales tax on consumption spending, and the lack of near term policy actionto counter the impact. The exposure to Japan was scaled down by selling thepositions in Fidelity Japan Smaller Companies Fund. Over the period, wemaintained a preference for US equities given my optimistic outlook for theregion. Positions were purchased in SPDR S&P US Dividend Aristocrats ETFFund, Fidelity Funds -American Growth Fund and FAST - US Fund. We believedthat slow growth in China, the largest consumer of industrial metals, will hurtcommodity prices. However, the underweight stance in the asset classdetracted from returns as commodities rose on the back of harsh weather.Nonetheless, we believe this was an unexpected short-term gain, and retainmy underweight in the sector.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China, the major export marketfor both regions. Elsewhere, the weather induced strength in commodities islikely to fade. In fixed income, global corporate bonds are expected tooutperform core government bonds as investors are attracted by the level ofincome they pay.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares 28.7 7.9 -6.0 14.4 2.2* Comparative Index 29.1 10.1 -4.4 13.8 2.2* Comparative Index: The Comparative Index follows a roll down path designed to match the changingasset class exposure of the fund. The initial asset class exposure is 100% equity and this changes overtime as the fund approaches its maturity date, with bonds and then cash being introduced inincreasing amounts. The Comparative Index weights and components as at 30/04/2014. Comprises:17.1% FTSE All Share (Net), 11.4% MSCI Europe ex-UK (Net), 11.4% MSCI North America (Net), 11.4%MSCI AC Pacific (Net), 23% BofA ML Sterling Broad Mkt (Net), 10% GBP Overnight LIBOR, 10% DJ - UBSCommodity Index & 5.7% MSCI Emerging Markets (Net)Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested. Pastperformance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds are able to invest some or all of their assets in developing overseasmarkets which carry a higher risk than investing in larger established markets.Investments in emerging markets are likely to experience greater rises and fallsin value and there may be trading difficulties. Some funds invest in overseasmarkets. This means that changes in currency exchange rates will affect thevalue of your investment. For some funds, derivatives and forward transactionsmay be used for specific investment purposes, as well as for hedging and otherefficient management purposes as permitted for all funds. Where this is thecase, their use may lead to higher volatility in the fund’s share price. For fundsthat use derivative transactions, there is a risk that the counterparty to thetransaction will wholly or partially fail to honour its contractual obligations. Thismay result in financial loss to the fund. We assess the creditworthiness ofcounterparties as part of our risk management process. The value of the fundmay be affected if any of the institutions with which cash is deposited suffersinsolvency or other financial difficulty. Each of our funds is operated as aseparate entity with its own assets and liabilities. However, if the liabilities ofone fund were to exceed its assets, the other funds within the scheme mighthave to transfer across money to cover the liabilities. This means that the fundyou invest in may be worth less if it has to transfer money to another fund.Joo Hee Lee & Eugene PhilalithisFund Manager30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.79

FIDELITYTARGET 2020 FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Equity Funds 59.00 61.59Fixed Interest Funds 22.96 15.61Absolute Return Funds 9.00 8.93Commodity Funds/Commodity Exposure 7.27 7.80ETFS: Tracking Government Bonds 0.00 3.87Cash and other net assets/(liabilities) 1.77 2.20TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity Institutional UK Aggregate Bond Fund 13.77Fidelity Institutional UK Gilt Fund 9.19Threadneedle Absolute Return Bond Fund 9.00Fidelity UK Select Fund 7.45ETFS All Commodities - UBS Commodity Index 7.23Fidelity European Fund 6.83Fidelity MoneyBuilder Growth Fund 5.66Fidelity Institutional Emerging Markets Fund 5.56Fidelity European Opportunities Fund 4.52Fidelity Institutional Pacific (ex-Japan) Fund 4.44FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A AccumulationShares30/04/14 1.6330/04/13 1.51The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net assetassets value per Shares(£m) share (p) 1 in issueA Accumulation Shares30/04/14 22.0 53.73 40,997,440Top holdings as at 31/10/13% of totalnet assetsThreadneedle Absolute Return Bond Fund 8.93ETFS All Commodities 7.84Fidelity Institutional UK Aggregate Bond Fund 7.81Fidelity Funds - America Fund 7.74Fidelity UK Select Fund 7.53Fidelity European Fund 7.08Fidelity Japan Fund 5.91Fidelity Institutional UK Gilt Fund 5.85Fidelity Institutional Emerging Markets Fund 5.83Fidelity MoneyBuilder Growth Fund 5.67Footnotes:1. The net asset value is the accounting value at the period end on a fairvalue basis.80

FIDELITYTARGET 2020 FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (81) 2,245Revenue 204 194Expenses (144) (151)Finance costs: Interest/other (1) -Net revenue/(expense) before taxation 59 43Taxation - -Net revenue/(expense) after taxation 59 43Total return before distributions (22) 2,288Finance costs: Equalisation (1) (1)Change in net assets attributable to shareholders frominvestment activities (23) 2,287STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 22,660 20,121Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 385 758Amounts payable on cancellation of shares (993) (923)(608) (165)Stamp duty reserve tax (2) (1)Change in net assets attributable to shareholders frominvestment activities (see above) (23) 2,287Closing net assets attributable to shareholders 22,027 22,242BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 21,628 22,170Derivative assets 11 -Debtors 31 1,228Cash and bank balances 403 1,212Total other assets 434 2,440Total assets 22,073 24,610LiabilitiesDerivative liabilities - (9)Creditors (46) (1,229)Bank overdrafts - (712)Total other liabilities (46) (1,941)Total liabilities (46) (1,950)Net assets attributable to shareholders 22,027 22,660The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.81

FIDELITY TARGET 2025 FUNDINVESTMENT OBJECTIVE AND POLICYThe fund’s investment objective is to achieve long term capital growth forinvestors planning to withdraw substantial portions of their investment in orafter the year 2025. The fund’s policy is to invest in a wide range ofinvestments covering markets throughout the world, in accordance with anasset allocation that will become increasingly conservative as the year 2025is approached. The fund will invest in other collective investment schemes,including schemes managed by Fidelity, and may also invest directly intransferable securities, money market instruments, cash and deposits.Derivatives and forward transactions may also be used for investmentpurposes.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Energy prices rose due to the unseasonably cold winter in the US, while thedrought in Brazil drove up coffee prices to a record high. Meanwhile,improving economic data and continued monetary support from central banksin developed markets drove equities higher. However, gains were limited byworries about the impact of the reduction in money supply by the US FederalReserve (Fed), slow growth in China and rising geopolitical tensions inUkraine. Meanwhile, in the fixed income segment, high yield and corporatebonds outperformed government bonds.PORTFOLIO ACTIVITYThe selection of underlying managers in the equity segment of the portfolionegatively impacted returns. In Europe ex UK equities, stock picking byunderlying managers in the financials and technology sectors weakenedperformance. In the UK, positions in Fidelity UK Select Fund and FidelityMoneyBuilder Growth Fund detracted from returns. On a positive note,selection in emerging market equities boosted performance. Stock picking inconsumer discretionary and an underweight stance in energy and materialssupported returns. Based on our positive view on global growth, we positionedthe fund to benefit from an improving economic environment by maintaining abias towards equities at the expense of other asset classes. However, inequities, an overweight stance in the Asia Pacific region, notably the exposureto Japan, held back gains. Equities in Japan were hurt due to concerns overthe impact of an increase in the sales tax on consumption spending, and thelack of near term policy action to counter the impact. The exposure to Japanwas scaled down by selling the positions in Fidelity Japan Smaller CompaniesFund and reducing the allocation to Fidelity Japan Fund. Over the period, wemaintained a preference for US equities given my optimistic outlook for theregion. Positions were purchased in SPDR S&P US Dividend Aristocrats ETFFund, Fidelity Funds - American Growth Fund and FAST - US Fund. We believethat slow growth in China, the largest consumer of industrial metals, will hurtcommodity prices. Therefore, the allocation to commodities was lowered byreducing the holding in ETFS All Commodities. However, the underweightstance in the asset class detracted from returns as commodities rose on theback of harsh weather. Nonetheless, we believe this was an unexpectedshort-term gain, and retain my underweight in the sector. Elsewhere, theexposure to government bonds detracted from returns.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China, the major export marketfor both regions. Elsewhere, the weather induced strength in commodities islikely to fade. In fixed income, global corporate bonds are expected tooutperform core government bonds as investors are attracted by the level ofincome they pay.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares 31.9 8.1 -6.6 17.5 3.2* Comparative Index 33.4 10.5 -5.4 17.1 3.8* Comparative Index: The Comparative Index follows a roll down path designed to match the changingasset class exposure of the fund. The initial asset class exposure is 100% equity and this changes overtime as the fund approaches its maturity date, with bonds and then cash being introduced inincreasing amounts. The Comparative Index weights and components as at 30/04/2014 Comprises:24% FTSE All Share (Net), 16% MSCI Europe ex-UK (Net), 16% MSCI North America (Net), 16% MSCI ACPacific (Net), 8% MSCI Emerging Markets (Net), 8% GBP Overnight LIBOR, 6% DJ - UBS CommodityIndex Total Return & 6% BofA ML Sterling Broad Mkt (Net)Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested. Pastperformance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds are able to invest some or all of their assets in developing overseasmarkets which carry a higher risk than investing in larger established markets.Investments in emerging markets are likely to experience greater rises and fallsin value and there may be trading difficulties. Some funds invest in overseasmarkets. This means that changes in currency exchange rates will affect thevalue of your investment. For some funds, derivatives and forward transactionsmay be used for specific investment purposes, as well as for hedging and otherefficient management purposes as permitted for all funds. Where this is thecase, their use may lead to higher volatility in the fund’s share price. For fundsthat use derivative transactions, there is a risk that the counterparty to thetransaction will wholly or partially fail to honour its contractual obligations. Thismay result in financial loss to the fund. We assess the creditworthiness ofcounterparties as part of our risk management process. The value of the fundmay be affected if any of the institutions with which cash is deposited suffersinsolvency or other financial difficulty. Each of our funds is operated as aseparate entity with its own assets and liabilities. However, if the liabilities ofone fund were to exceed its assets, the other funds within the scheme mighthave to transfer across money to cover the liabilities. This means that the fundyou invest in may be worth less if it has to transfer money to another fund.Joo Hee Lee & Eugene PhilalithisFund Manager30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.82

FIDELITYTARGET 2025 FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Equity Funds 82.54 84.58Absolute Return Funds 5.95 5.90Fixed Interest Funds 5.95 2.40Commodity Funds/Commodity Exposure 5.01 5.80ETFS: Tracking Government Bonds 0.00 0.58Cash and other net assets/(liabilities) 0.55 0.74TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity UK Select Fund 10.16Fidelity European Fund 9.54Fidelity Institutional Emerging Markets Fund 7.74Fidelity MoneyBuilder Growth Fund 7.71Fidelity Institutional Pacific (ex-Japan) Fund 6.39Fidelity European Opportunities Fund 6.33Fidelity Institutional Japan Fund 5.95FAST - US Fund 5.95Threadneedle Absolute Return Bond Fund 5.95Fidelity MoneyBuilder Dividend Fund 5.39FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A AccumulationShares30/04/14 2.0630/04/13 2.01The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net assetassets value per Shares(£m) share (p) 1 in issueA Accumulation Shares30/04/14 3.4 123.28 2,754,859Top holdings as at 31/10/13% of totalnet assetsFidelity Funds - America Fund 10.48Fidelity UK Select Fund 10.26Fidelity European Fund 9.78Fidelity Japan Fund 8.30Fidelity Institutional Emerging Markets Fund 8.04Fidelity MoneyBuilder Growth Fund 7.69Fidelity Institutional Pacific (ex-Japan) Fund 6.76Fidelity European Opportunities Fund 6.54Threadneedle Absolute Return Bond Fund 5.90ETFS All Commodities 5.80Footnotes:1. The net asset value is the accounting value at the period end on a fairvalue basis.83

FIDELITYTARGET 2025 FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (34) 379Revenue 39 33Expenses (31) (26)Net revenue/(expense) before taxation 8 7Taxation - -Net revenue/(expense) after taxation 8 7Total return before distributions (26) 386Finance costs: Equalisation - (1)Change in net assets attributable to shareholders frominvestment activities (26) 385STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 3,120 2,532Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 330 272Amounts payable on cancellation of shares (28) (305)302 (33)Change in net assets attributable to shareholders frominvestment activities (see above) (26) 385Closing net assets attributable to shareholders 3,396 2,884BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 3,377 3,097Debtors 29 245Cash and bank balances 5 61Total other assets 34 306Total assets 3,411 3,403LiabilitiesCreditors (15) (239)Bank overdrafts - (44)Total liabilities (15) (283)Net assets attributable to shareholders 3,396 3,120The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.84

FIDELITY TARGET 2030 FUNDINVESTMENT OBJECTIVE AND POLICYThe fund’s investment objective is to achieve long term capital growth forinvestors planning to withdraw substantial portions of their investment in orafter the year 2030. The fund’s policy is to invest in a wide range ofinvestments covering markets throughout the world, in accordance with anasset allocation that will become increasingly conservative as the year 2030is approached. The fund will invest in other collective investment schemes,including schemes managed by Fidelity, and may also invest directly intransferable securities, money market instruments, cash and deposits.Derivatives and forward transactions may also be used for investmentpurposes.FUND MANAGER’S COMMENTARYMARKET REVIEWMost asset classes generated small but positive returns over the period.Energy prices rose due to the unseasonably cold winter in the US, while thedrought in Brazil drove up coffee prices to a record high. Meanwhile,improving economic data and continued monetary support from central banksin developed markets drove equities higher. However, gains were limited byworries about the impact of the reduction in money supply by the US FederalReserve (Fed), slow growth in China and rising geopolitical tensions inUkraine. Meanwhile, in the fixed income segment, high yield and corporatebonds outperformed government bonds.PORTFOLIO ACTIVITYThe selection of underlying managers in the equity segment of the portfolionegatively impacted returns. In Europe ex UK equities, stock picking byunderlying managers in the financials and technology sectors weakenedperformance. In the UK, positions in Fidelity UK Select Fund and FidelityMoneyBuilder Growth Fund detracted from returns. In contrast, in emergingmarkets, stock selection in consumer discretionary and an underweight stancein energy and materials supported returns. Based on our positive view onglobal growth, we positioned the fund to benefit from an improving economicenvironment by maintaining a bias towards equities. However, an overweightstance in the Asia Pacific region, notably the exposure to Japan held backgains. Equities in Japan were hurt due to concerns over the impact of anincrease in the sales tax on consumption spending. The exposure to Japanwas scaled down by selling the position in Fidelity Japan Smaller CompaniesFund and reducing the allocation to Fidelity Japan Fund. Meanwhile, wemaintained a preference for US equities, which helped returns. Positions werepurchased in SPDR S&P US Dividend Aristocrats ETF Fund and FAST - US Fund.An overweight holding in UK equities also supported performance. We boughta position in Fidelity Special Situations Fund as the underlying managerbelieves that the economic environment is favourable for finding undervaluedmedium-sized companies. We believe that this strategy will supportperformance going forward. Meanwhile, the holding in Fidelity Special ValuesPLC was sold. The fund did not have exposure to commodities as we believethat slow growth in China, the largest consumer of industrial metals, will hurtcommodity prices. However, this decision detracted from returns ascommodities rose on the back of harsh weather. Nonetheless, we believe thiswas an unexpected short-term gain, and continue to avoid the asset class.OUTLOOKThe macroeconomic environment remains broadly supportive of equities. At aregional level, the US is favoured on the back of improving corporate earningsand signs of stable growth. Equities in Japan could be volatile due to theimpact of the sales tax increase. Meanwhile, Pacific ex Japan and emergingmarkets could be hurt by weakening growth in China, the major export marketfor both regions. Elsewhere, the weather induced strength in commodities islikely to fade. In fixed income, global corporate bonds are expected tooutperform core government bonds as investors are attracted by the level ofincome they pay.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares 32.7 8.2 -7.1 19.9 4.2* Comparative Index 34.7 10.9 -5.6 19.8 4.8* Comparative Index: The Comparative Index follows a roll down path designed to match the changingasset class exposure of the fund. The initial asset class exposure is 100% equity and this changes overtime as the fund approaches its maturity date, with bonds and then cash being introduced inincreasing amounts. The Comparative Index weights and components as at 30/04/2014 Comprises28.8% FTSE All Share (Net), 19.2% MSCI Europe ex-UK (Net), 19.2% MSCI North America (Net), 19.2%MSCI AC Pacific (Net), 9.6% MSCI Emerging Markets (Net), 2% GBP Overnight LIBOR, 1% BofA MLSterling Broad Market Index (Net) & 1% Dow Jones - UBS Commodity Index Total Return.Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested. Pastperformance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds will invest in ‘sub-investment grade’ bonds. These bonds mayproduce a higher level of income than ‘investment grade’ bonds but at a higherrisk to your capital. With funds that invest in bonds, cash or other money marketinstruments there is a risk that the issuer may default. The likelihood of thishappening will depend on the credit-worthiness of the issuer. The risk of defaultis usually greatest with bonds that are classed as sub-investment grade. Somefunds are able to invest some or all of their assets in developing overseasmarkets which carry a higher risk than investing in larger established markets.Investments in emerging markets are likely to experience greater rises and fallsin value and there may be trading difficulties. Some funds invest in overseasmarkets. This means that changes in currency exchange rates will affect thevalue of your investment. For some funds, derivatives and forward transactionsmay be used for specific investment purposes, as well as for hedging and otherefficient management purposes as permitted for all funds. Where this is thecase, their use may lead to higher volatility in the fund’s share price. For fundsthat use derivative transactions, there is a risk that the counterparty to thetransaction will wholly or partially fail to honour its contractual obligations. Thismay result in financial loss to the fund. We assess the creditworthiness ofcounterparties as part of our risk management process. The value of the fundmay be affected if any of the institutions with which cash is deposited suffersinsolvency or other financial difficulty. Each of our funds is operated as aseparate entity with its own assets and liabilities. However, if the liabilities ofone fund were to exceed its assets, the other funds within the scheme mighthave to transfer across money to cover the liabilities. This means that the fundyou invest in may be worth less if it has to transfer money to another fund.Joo Hee Lee & Eugene PhilalithisFund Manager30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.85

FIDELITYTARGET 2030 FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %Equity Funds 98.51 99.34Fixed Interest Funds 0.99 0.00Cash and other net assets/(liabilities) 0.50 0.66TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFidelity UK Select Fund 12.08Fidelity European Fund 11.47Fidelity Institutional Emerging Markets Fund 9.32Fidelity MoneyBuilder Growth Fund 9.17Fidelity Institutional Pacific (ex-Japan) Fund 7.64Fidelity European Opportunities Fund 7.59Fidelity Institutional Japan Fund 7.09FAST - US Fund 7.07Fidelity MoneyBuilder Dividend Fund 6.41SPDR S&P US Dividend Aristocrats ETF 6.01FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A AccumulationShares30/04/14 2.0230/04/13 2.00The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net assetassets value per Shares(£m) share (p) 1 in issueA Accumulation Shares30/04/14 4.2 128.14 3,300,403Top holdings as at 31/10/13% of totalnet assetsFidelity Funds - America Fund 12.23Fidelity UK Select Fund 12.03Fidelity European Fund 11.60Fidelity Japan Fund 9.72Fidelity Institutional Emerging Markets Fund 9.49Fidelity MoneyBuilder Growth Fund 9.04Fidelity Institutional Pacific (ex-Japan) Fund 7.92Fidelity European Opportunities Fund 7.72Fidelity MoneyBuilder Dividend Fund 6.07Fidelity Special Values PLC 2.99Footnotes:1. The net asset value is the accounting value at the period end on a fairvalue basis.86

FIDELITYTARGET 2030 FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (50) 467Revenue 43 37Expenses (38) (29)Net revenue/(expense) before taxation 5 8Taxation - -Net revenue/(expense) after taxation 5 8Total return before distributions (45) 475Finance costs: Equalisation 1 1Change in net assets attributable to shareholders frominvestment activities (44) 476STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 3,940 2,548Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 475 451Amounts payable on cancellation of shares (142) (74)333 377Change in net assets attributable to shareholders frominvestment activities (see above) (44) 476Closing net assets attributable to shareholders 4,229 3,401BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 4,208 3,914Debtors 43 348Cash and bank balances 12 56Total other assets 55 404Total assets 4,263 4,318LiabilitiesCreditors (34) (341)Bank overdrafts - (37)Total liabilities (34) (378)Net assets attributable to shareholders 4,229 3,940The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.87

FIDELITY UNDISCOVERED TALENT FUNDINVESTMENT OBJECTIVE AND POLICYThe fund’s investment objective is to achieve long term capital growth. TheFund’s policy is to invest primarily in collective investment schemes coveringmarkets throughout the world and providing exposure mainly to equities,including schemes managed by Fidelity. The Fund will seek to invest in new,emerging or undiscovered fund managers who offer the potential to outperformtheir peer group. This may include fund managers who are relatively new tomanaging money and so have a shorter track record; or those running a fundwhich has gone unnoticed by the market but has a solid track record but lowerassets under management; or those managers who are stand alone or with asmall team in a boutique structure. The Fund may also invest directly intransferable securities, money market instruments, cash and deposits.Derivatives and forward transactions may also be used for investmentpurposes.FUND MANAGER’S COMMENTARYMARKET REVIEWGlobal equities generated small but positive returns over the period. Improvingeconomic data in developed markets supported investor sentiment. However,worries about the impact of the reduction in money supply by the US FederalReserve (Fed), particularly on emerging market economies which remainsomewhat dependent on external financing, hampered markets. Concernsabout slower growth in China and geopolitical tensions in Ukraine further limitedgains. Against this backdrop, Europe ex UK, the US and the UK generatedpositive returns. In contrast, Pacific ex Japan and emerging markets declined. InJapan, equities slid due to concerns about the impact that an increase in thesales tax, which was scheduled for April, would have on consumption spendingand the lack of near term policy action to counter that impact.PORTFOLIO ACTIVITYThe selection of underlying managers in the UK and Japanese segmentssupported performance. In the UK, a position in Heronbridge UK Equity Fundwas notably rewarding. Strong stock picking, particularly in economicallysensitive holdings, boosted Heronbridge’s performance; the exposure toeconomically sensitive securities was reduced and the allocation to stocks thatare less sensitive to economic conditions was increased. We maintain asignificant exposure to Heronbridge as we have very strong conviction in itsability to outperform UK equities. Elsewhere, the holding in Baring JapanGrowth Trust supported returns, largely due to its strong overweight stance infinancials. The sector did well due to an upturn in the economy and substantialpolicy support. We do not expect frequent purchases and sales in the FidelityUndiscovered Talent Fund as the objective is to identify managers whoseinvestment process we feel confident about and to maintain long-terminvestments with them.OUTLOOKCentral banks in most developed countries continue to support theireconomies by maintaining adequate money supply, which should supportglobal growth and equities. However, slower growth in China and geopoliticaltensions in Ukraine make us cautious about the outlook. At a regional level,the US is favoured on the back of improving employment data and corporateearnings. Europe is seeing weak recovery and equities in Japan could bevolatile due to the impact of the sales tax increase. Meanwhile, Pacific exJapan and emerging markets could be hurt by weakening growth in China, themajor export market for both regions.PERFORMANCE RECORDA discrete 1 year performance table has not been included as the fundlaunched on 4 September 2013 and does not have a full twelve monthperformance record.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.The value of investments and the income from it can go down as well as up soyou may not get back the amount you invested. Some funds are able to investsome or all of their assets in developing overseas markets which carry a higherrisk than investing in larger established markets. Investments in emergingmarkets are likely to experience greater rises and falls in value and there maybe trading difficulties. Some funds invest in overseas markets. This means thatchanges in currency exchange rates will affect the value of your investment. Forsome funds, derivatives and forward transactions may be used for specificinvestment purposes, as well as for hedging and other efficient managementpurposes as permitted for all funds. Where this is the case, their use may leadto higher volatility in the fund’s share price. For funds that use derivativetransactions, there is a risk that the counterparty to the transaction will whollyor partially fail to honour its contractual obligations. This may result in financialloss to the fund. We assess the creditworthiness of counterparties as part of ourrisk management process. Each of our funds is operated as a separate entitywith its own assets and liabilities. However, if the liabilities of one fund were toexceed its assets, the other funds within the scheme might have to transferacross money to cover the liabilities. This means that the fund you invest in maybe worth less if it has to transfer money to another fund.Nick Peters & James BatemanFund Managers30 April 1488

FIDELITYUNDISCOVERED TALENT FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %United States 44.42 40.51Europe 16.01 17.11United Kingdom 14.78 17.23Global 10.73 11.05Japan 8.10 7.66Asia Pacific Ex-Japan 4.57 4.78Cash and other net assets/(liabilities) 1.39 1.66TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)Y AccumulationShares30/04/14 1.73The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net assetassets value per Shares(£m) share (p) 1 in issueY Accumulation Shares30/04/14 4.2 105.40 4,007,054Top holdings as at 30/04/14% of totalnet assetsFidelity Funds - American Growth Fund 18.02Alken European Opportunities Fund 16.01Heronbridge UK Equity Fund 15.06BlackRock North American Equity Tracker 13.50SPDR S&P US Dividend Aristocrats ETF 12.76PFS Somerset Global Emerging Markets Fund 10.73Baring Japan Growth Trust 8.10JO Hambro Asia ex-Japan Fund 4.57S&P500 E-MINI Future 20/06/2014 0.12FTSE 100 Index Future 20/06/2014 -0.28Top holdings as at 31/10/13% of totalnet assetsFidelity Funds - American Growth Fund 20.55Heronbridge UK Equity Fund 17.58Alken European Opportunities Fund 17.11BlackRock North American Equity Tracker Fund 12.12PFS Somerset Global Emerging Markets Fund 11.05Baring Japan Growth Trust 7.66SPDR S&P US Dividend Aristocrats ETF 7.54JO Hambro Asia ex-Japan Fund 4.78S&P500 E-Mini Future 20/12/2013 0.30FTSE 100 Index Future 20/12/2013 -0.36Footnotes:1. The net asset value is the accounting value at the period end on a fairvalue basis.89

FIDELITYUNDISCOVERED TALENT FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14£’000 £’000IncomeNet capital gains/(losses) 17Revenue 21Expenses (16)Net revenue/(expense) before taxation 5Taxation -Net revenue/(expense) after taxation 5Total return before distributions 22Finance costs: Equalisation 1Change in net assets attributable to shareholders frominvestment activities 23STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14£’000 £’000Opening net assets attributable to shareholders* 3,367Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 1,087Amounts payable on cancellation of shares (254)833Change in net assets attributable to shareholders frominvestment activities (see above) 23Closing net assets attributable to shareholders 4,223* The fund was launched on 4 September 2013BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 4,170 3,313Derivative assets 5 10Debtors 7 2Cash and bank balances 117 58Total other assets 124 60Total assets 4,299 3,383LiabilitiesDerivative liabilities (12) (12)Creditors (64) (4)Total other liabilities (64) (4)Total liabilities (76) (16)Net assets attributable to shareholders 4,223 3,367The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.90

FIDELITY WEALTHBUILDER FUNDINVESTMENT OBJECTIVE AND POLICYThe fund’s investment objective is to achieve long term capital growth byinvesting primarily in collective investment schemes, including schemesmanaged by Fidelity in order to obtain exposure to global markets. The fundmay also invest directly in transferable securities, money market instruments,cash and deposits. Derivatives and forward transactions may also be used forinvestment purposes.NB: It is anticipated that investment shall be made primarily in funds managedby FidelityFUND MANAGER’S COMMENTARYMARKET REVIEWGlobal equities generated small but positive returns over the period. Improvingeconomic data in developed markets supported investor sentiment. However,worries about the impact of the reduction in money supply by the US FederalReserve (Fed), particularly on emerging market economies which remainsomewhat dependent on external financing, hampered markets. Concernsabout slower growth in China and geopolitical tensions in Ukraine further limitedgains. Against this backdrop, Europe ex UK, the US and the UK generatedpositive returns. In contrast, Pacific ex Japan and emerging markets declined. InJapan, equities slid due to concerns about the impact that an increase in thesales tax, which was scheduled for April, would have on consumption spendingand the lack of near term policy action to counter that impact.PORTFOLIO ACTIVITYThe selection of underlying managers across several regions weakenedperformance. New positions in Fidelity Funds – American Growth Fund andFAST US Fund, which were bought in the second half of the period, detractedfrom returns. Stock picking by underlying managers in the informationtechnology and consumer discretionary sectors hampered performance. Anoverweight stance in the health care sector was also unhelpful. US health carestocks declined sharply in the last two months of the period as investors soughtto take profits after a period of outperformance. Meanwhile, the bias towardsconsumer discretionary and financials stocks weakened returns from Japanesefunds as well as from Fidelity South East Asia Fund. On a positive note, theselection of underlying managers in the European and UK segmentscontributed to returns. The overweight exposure to selected health care stocks,which benefited from merger and acquisition news, supported performancefrom both segments. Moreover, strong stock selection among financials aidedthe performance of underlying UK funds. In terms of tactical asset allocation,a preference for Europe ex UK over the UK supported performance. The biasagainst Japan and emerging markets, which underperformed most regionsalso contributed to relative returns. We reduced the allocation to several USfunds following a change in their managers. Three new holdings, includingSPDR S&P US Dividend Aristocrats ETF were bought instead. We also soldFidelity Funds – Japan Advantage Fund and bought two new funds that helpedmake the Japanese segment more style neutral. Fidelity UK SmallerCompanies Fund was sold and the allocation to Fidelity South East Asia Fundand Fidelity Global Demographics Fund reduced.OUTLOOKCentral banks in most developed countries continue to support theireconomies by maintaining adequate money supply, which should supportglobal growth and equities. However, slower growth in China and geopoliticaltensions in Ukraine make us cautious about the outlook. At a regional level,the US is favoured on the back of improving employment data and corporateearnings. Europe is seeing weak recovery and equities in Japan could bevolatile due to the impact of the sales tax increase. Meanwhile, Pacific exJapan and emerging markets could be hurt by weakening growth in China, themajor export market for both regions.PERFORMANCE RECORDDISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:30/04/10 30/04/11 30/04/12 30/04/13 30/04/14A Accumulation Shares 32.5 8.0 -4.6 19.7 5.6Fidelity PathFinder Focused 5Accumulation Shares - - - - 5.6Y Accumulation Shares - - - - 6.3N Accumulation Shares - - - - -Fidelity PathFinder Focused 5Accumulation (clean) Shares - - - - -* Comparative Index 35.4 10.9 -5.5 21.1 4.7* Comparative Index: Comprises 30% FTSE All Share Index (Net), 20% MSCI Europe ex-UK (Net), 20%MSCI North America (Net), 20% MSCI Pacific (Net) & 10% MSCI Emerging Markets (Net).Source: Fidelity and RIMES, bid to bid, UK£, net income reinvested. Pastperformance is not a realiable indicator of future results.RISK PROFILEIf you make regular withdrawals from your investment, this may reduce yourcapital over time if the fund’s growth does not compensate for the withdrawals.Some funds are able to invest some or all of their assets in developingoverseas markets which carry a higher risk than investing in larger establishedmarkets. Investments in emerging markets are likely to experience greater risesand falls in value and there may be trading difficulties. Some funds invest inoverseas markets. This means that changes in currency exchange rates willaffect the value of your investment. For some funds, derivatives and forwardtransactions may be used for specific investment purposes, as well as forhedging and other efficient management purposes as permitted for all funds.Where this is the case, their use may lead to higher volatility in the fund’s shareprice. For funds that use derivative transactions, there is a risk that thecounterparty to the transaction will wholly or partially fail to honour itscontractual obligations. This may result in financial loss to the fund. We assessthe creditworthiness of counterparties as part of our risk management process.Each of our funds is operated as a separate entity with its own assets andliabilities. However, if the liabilities of one fund were to exceed its assets, theother funds within the scheme might have to transfer across money to cover theliabilities. This means that the fund you invest in may be worth less if it has totransfer money to another fund.James Bateman & Nick PetersFund Managers30 April 14* Holdings can vary from those in the index quoted. For this reason thecomparative index is used for reference only.91

FIDELITYWEALTHBUILDER FUNDPORTFOLIO INFORMATION30/04/14 31/10/13% %United States 26.14 22.52Europe 25.39 28.90United Kingdom 19.94 19.99Japan 10.99 9.80Asia Pacific Ex-Japan 8.00 8.55Emerging Markets 6.44 7.03Global 2.09 2.03Latin America 0.81 0.94Cash and other net assets/(liabilities) 0.20 0.24TOP HOLDINGSThe top ten holdings in the fund as at 30 April 2014 andat the previous year end are shown below.Top holdings as at 30/04/14% of totalnet assetsFAST - US Fund 8.09FAST - UK Fund 7.30Fidelity Funds - European Dividend Fund 6.00Fidelity Funds - European Dynamic Value Fund 5.91Fidelity Funds - American Growth Fund 5.58FAST - Europe Fund 4.93Fidelity Special Situations Fund 4.92Fidelity American Special Situations Fund 4.51Fidelity Funds - European Larger Companies Fund 4.37Fidelity MoneyBuilder Dividend Fund 4.31FUND FACTSINCOME (pence per share)No distributions were due in the six month period.ONGOING CHARGES (%)A Accumulation N AccumulationSharesShares30/04/14 1.75 1.0130/04/13 1.76 -Y Accumulation Fidelity PathFinderShares Focused 5Accumulation Shares30/04/14 1.26 1.7530/04/13 1.27 1.77Fidelity PathFinderFocused 5 Accumulation(clean) Shares 230/04/14 1.11The ongoing charges figure is the ratio of total costs to average net assets.FUND SIZETotal net Net asset Total net Net assetassets value per Shares assets value per Shares(£m) share (p) 1 in issue (£m) share (p) 1 in issueA Accumulation SharesN Accumulation Shares30/04/14 797.4 91.21 874,183,157 3.7 101.78 3,654,883Y Accumulation Shares Fidelity PathFinder Focused 5Accumulation Shares30/04/14 12.7 106.73 11,907,905 1.4 112.11 1,249,087Fidelity PathFinder Focused 5Accumulation (clean) Shares30/04/14 3.4 102.04 3,359,644Top holdings as at 31/10/13% of totalnet assetsFidelity Genesis Fund 10.19Fidelity Funds - European Dynamic Value Fund 7.40Fidelity South-East Asia Fund 7.19Fidelity Funds - European Dividend Fund 6.97Fidelity American Fund 6.49Fidelity American Special Situations Fund 5.84FAST - UK Fund 5.63Fidelity Funds - European Larger Companies Fund 5.08Fidelity MoneyBuilder Growth Fund 5.07FAST - Japan Fund 4.92Footnotes:1. The net asset value is the accounting value at the period end on a fairvalue basis.2. The Fidelity PathFinder Focused 5 Accumulation (clean) Shares werelaunched on 30/01/14.92

FIDELITYWEALTHBUILDER FUNDSTATEMENT OF TOTAL RETURNfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000IncomeNet capital gains/(losses) (7,116) 131,325Revenue 7,694 8,776Expenses (5,896) (5,923)Finance costs: Interest/other (8) (2)Net revenue/(expense) before taxation 1,790 2,851Taxation - -Net revenue/(expense) after taxation 1,790 2,851Total return before distributions (5,326) 134,176Finance costs: Equalisation (26) (65)Change in net assets attributable to shareholders frominvestment activities (5,352) 134,111STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSfor the six month period ended 30 April 2014(unaudited)30/04/14 30/04/13£’000 £’000 £’000 £’000Opening net assets attributable to shareholders 875,452 876,436Movement due to sales and repurchases of sharesAmounts receivable on issue of shares 9,684 2,027Amounts payable on cancellation of shares (61,161) (126,663)(51,477) (124,636)Stamp duty reserve tax (44) (45)Change in net assets attributable to shareholders frominvestment activities (see above) (5,352) 134,111Closing net assets attributable to shareholders 818,579 885,866BALANCE SHEETas at 30 April 2014(unaudited)30/04/14 31/10/13£’000 £’000 £’000 £’000AssetsInvestment assets 816,933 873,279Debtors 27,585 1,792Cash and bank balances 2,401 5,101Total other assets 29,986 6,893Total assets 846,919 880,172LiabilitiesCreditors (28,340) (2,216)Bank overdrafts - (2,504)Total liabilities (28,340) (4,720)Net assets attributable to shareholders 818,579 875,452The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.93

FIDELITY ALLOCATOR WORLD FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %EQUITY FUNDS - (76.41%)215,790 Fidelity US Index Fund** 2,863 34.2660,692 Fidelity Index Europe ex-UK Fund 624 7.46435,612 Blackrock Japan Equity Tracker Fund 531 6.35602,844 Fidelity UK Index Fund* 504 6.038,574 Northern Trust Emerging Market Index Fund 484 5.7914,845 iShares MSCI Europe ex-UK Fund 328 3.92186,003 BlackRock Continental European Equity Tracker Fund 326 3.9022,266 Fidelity Index Pacific (ex-Japan) Fund 240 2.8723,907 Fidelity Index Japan Fund 217 2.607,079 iShares MSCI USA Fund 173 2.079,869 Fidelity Index Emerging Markets Fund 101 1.215,278 iShares MSCI Canada Fund 100 1.202,627 iShares FTSE 250 Fund 41 0.493,793 iShares FTSE 100 Fund 26 0.3153 Northern Trust Pacific ex-Japan Equity Fund 12 0.1497 iShares MSCI Emerging Markets Fund 2 0.026,572 78.61CASH FUNDS/MONEY MARKET FUNDS - (0.00%)1,500,093 Fidelity Institutional Liquidity Fund (USD) 892 10.67892 10.67INDEX FUTURES - (1.04%)USD 2,566,114 S&P500 E-MINI Future 20/06/2014 30 0.36EUR 7 DB CFD (DAX Index) 7 0.08USD 284,130 E-Mini Technology Select Sector Future 20/06/2014 4 0.05CAD 324,403 SP/TSX 60 Index Future 19/06/2014 4 0.05USD 102,084 E-Mini Industrial Select Sector Future 20/06/2014 2 0.02USD 350,696 E-Mini Health Care Select Sector Future 20/06/2014 (1) (0.01)USD (246,662) E-Mini Materials Select Sector Future 20/06/2014 (3) (0.04)USD 197,496 E-Mini Consumer Discretionary Sector Future 20/06/2014 (4) (0.05)USD (121,946) E-Mini Utilities Select Sector Future 20/06/2014 (5) (0.06)USD (211,490) E-Mini Consumer Staples Select Sector Future 20/06/2014 (6) (0.07)USD (343,672) E-Mini Energy Select Sector Future 20/06/2014 (19) (0.23)9 0.1394

FIDELITY ALLOCATOR WORLD FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FORWARD FOREIGN EXCHANGE CONTRACTS - (0.04%)471,439 Bought GBP sold JPY @ 170.94690 for settlement 16/07/2014 4 0.05250,117 Bought GBP sold CHF @ 1.47811 for settlement 16/07/2014 1 0.0141,798 Bought GBP sold EUR @ 1.21298 for settlement 16/07/2014 0 0.0046,166 Bought GBP sold JPY @ 170.94691 for settlement 16/07/2014 0 0.004,190 Bought GBP sold USD @ 1.67050 for settlement 16/07/2014 0 0.0036,859 Bought JPY sold GBP @ 170.10882 for settlement 16/07/2014 0 0.004,156 Bought CAD sold GBP @ 1.82869 for settlement 16/07/2014 0 0.0012,487 Bought AUD sold GBP @ 1.80182 for settlement 16/07/2014 0 0.0037,346 Bought EUR sold GBP @ 1.21298 for settlement 16/07/2014 0 0.0065,183 Bought CAD sold GBP @ 1.82869 for settlement 16/07/2014 (1) (0.01)94,349 Bought AUD sold GBP @ 1.80182 for settlement 16/07/2014 (1) (0.01)140,797 Bought USD sold GBP @ 1.67050 for settlement 16/07/2014 (1) (0.01)2 0.02Portfolio of investments 7,475 89.43Cash and other net assets/(liabilities) 885 10.57Net assets 8,360 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.* Formerly Fidelity MoneyBuilder UK Index Fund.** Formerly Fidelity MoneyBuilder US Index Fund.95

FIDELITY MULTI ASSET ADVENTUROUS FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %EQUITY FUNDS - (80.53%)11,174,323 Fidelity UK Select Fund 23,923 9.46319,943 FAST - US Fund 23,032 9.11882,191 SPDR S&P US Dividend Aristocrats Fund 19,558 7.736,982,844 Fidelity MoneyBuilder Dividend Fund 17,925 7.092,028,986 Fidelity Funds - American Growth Fund 15,614 6.1717,916,731 Fidelity MoneyBuilder Growth Fund 12,413 4.91822,155 Fidelity Funds - European Value Fund 9,869 3.906,930,437 Fidelity Global Dividend Fund 9,446 3.735,196,118 Fidelity Institutional Japan Fund 8,745 3.46268,914 Fidelity Funds - European Larger Companies Fund 8,552 3.38278,222 Fidelity Special Situations Fund 7,815 3.09643,762 Fidelity Funds - European Dividend Fund 7,224 2.86705,156 Fidelity American Special Situations Fund 6,217 2.461,532,793 Fidelity Institutional Pacific (ex-Japan) Fund 5,405 2.141,402,026 Fidelity Institutional Emerging Markets Fund 4,041 1.604,741,796 Fidelity UK Index Fund* 3,963 1.5739,200 FAST - Emerging Market Fund 3,042 1.201,273,940 Fidelity Japan Fund 2,845 1.12785,370 Fidelity European Opportunities Fund 2,812 1.11148,240 iShares MSCI Canada Fund 2,802 1.11119,086 iShares MSCI Emerging Markets Fund 2,741 1.08157,901 Fidelity US Index Fund** 2,095 0.83193,901 iShares MSCI Japan Fund 1,284 0.51201,363 79.62PROPERTY FUNDS - (5.61%)17,434,214 Fidelity Global Property Fund 21,320 8.4321,320 8.43COMMODITY FUNDS/COMMODITY EXPOSURE - (1.02%)61,985 Dow Jones - UBS Agriculture and Livestock Total Return Index (Warrants 13/02/2017) 5,775 2.2835,045 Dow Jones - UBS Energy Total Return Index (Warrants 07/02/2017) 4,216 1.6710,699 Dow Jones - UBS Industrial Materials Total Return Index (Warrants 07/02/2017) 1,681 0.665,122 Dow Jones - UBS Precious Metals Total Return Index (Warrants 07/02/2017) 1,134 0.45USD 186,783 Dow Jones - UBS Commodity Index CFD 557 0.2213,363 5.28CASH FUNDS/MONEY MARKET FUNDS - (0.00%)20,369,293 Fidelity Institutional Liquidity Fund (USD) 12,111 4.79973,842 Fidelity Gross Accumulating Cash Fund 1,243 0.4913,354 5.2896

FIDELITY MULTI ASSET ADVENTUROUS FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FORWARD FOREIGN EXCHANGE CONTRACTS - (0.00%)8,439,853 Bought GBP sold JPY @ 170.42750 for settlement 16/07/2014 93 0.045,983,021 Bought GBP sold CHF @ 1.47631 for settlement 16/07/2014 22 0.013,637,200 Bought GBP sold USD @ 1.67321 for settlement 16/07/2014 17 0.013,628,959 Bought GBP sold EUR @ 1.21286 for settlement 16/07/2014 8 0.00753,494 Bought GBP sold JPY @ 170.64101 for settlement 16/07/2014 7 0.001,880,893 Bought GBP sold EUR @ 1.21256 for settlement 16/07/2014 5 0.00396,243 Bought GBP sold CAD @ 1.83297 for settlement 16/07/2014 3 0.0067,431 Bought GBP sold AUD @ 1.80036 for settlement 16/07/2014 1 0.00124,997 Bought CAD sold GBP @ 1.83364 for settlement 16/07/2014 (1) 0.00622,747 Bought EUR sold GBP @ 1.21076 for settlement 16/07/2014 (3) 0.00750,855 Bought JPY sold GBP @ 170.10880 for settlement 16/07/2014 (9) 0.00998,809 Bought AUD sold GBP @ 1.79664 for settlement 16/07/2014 (15) (0.01)4,011,465 Bought USD sold GBP @ 1.67191 for settlement 16/07/2014 (22) (0.01)6,529,614 Bought USD sold GBP @ 1.67309 for settlement 16/07/2014 (31) (0.01)75 0.03INDEX FUTURES - ((0.37)%)USD 4,968,649 E-Mini Technology Select Sector Future 20/06/2014 67 0.03USD 1,888,548 E-Mini Industrial Select Sector Future 20/06/2014 31 0.01USD 6,424,186 E-Mini Health Care Select Sector Future 20/06/2014 (16) (0.01)USD (5,040,274) E-Mini Materials Select Sector Future 20/06/2014 (48) (0.02)USD (1,829,189) E-Mini Utilities Select Sector Future 20/06/2014 (71) (0.03)USD 3,884,083 E-Mini Consumer Discretionary Sector Future 20/06/2014 (75) (0.03)USD (3,679,933) E-Mini Consumer Staples Select Sector Future 20/06/2014 (105) (0.04)USD (6,014,266) E-Mini Energy Select Sector Future 20/06/2014 (329) (0.13)(546) (0.22)Portfolio of investments 248,929 98.42Cash and other net assets/(liabilities) 3,989 1.58Net assets 252,918 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.* Formerly Fidelity MoneyBuilder UK Index Fund.** Formerly Fidelity MoneyBuilder US Index Fund.97

FIDELITY MULTI ASSET ALLOCATOR ADVENTUROUS FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %EQUITY FUNDS - (78.87%)3,311,075 Fidelity UK Index Fund* 2,769 28.19200,713 Fidelity US Index Fund** 2,663 27.1122,847 iShares MSCI Europe ex-UK Fund 504 5.1332,167 Fidelity Index Japan Fund 291 2.964,244 Northern Trust Emerging Market Index Fund 239 2.431,947 Northern Trust Japan Equity Index Fund 222 2.261,255 Northern Trust Europe (ex-UK) Equity Index Fund 212 2.1616,399 Fidelity Index Emerging Markets Fund 168 1.7114,998 Fidelity Index Pacific (ex-Japan) Fund 162 1.6513,405 Fidelity Index Europe ex-UK Fund 138 1.41294 Northern Trust Pacific ex-Japan Equity Fund 66 0.673,150 iShares MSCI Canada Fund 60 0.613,688 iShares FTSE 250 Fund 57 0.587,300 iShares FTSE 100 Fund 50 0.512,269 iShares MSCI North America Fund 49 0.50625 iShares MSCI Emerging Markets Fund 14 0.1481 iShares MSCI Pacific (ex-Japan) Fund 2 0.027,666 78.05PROPERTY FUNDS - (5.74%)559,197 BlackRock Global Property Securities Equity Fund 726 7.397,778 iShares FTSE Developed Markets Property Yield Fund 107 1.09833 8.48COMMODITY FUNDS/COMMODITY EXPOSURE - (0.65%)2,277 Dow Jones - UBS Agriculture and Livestock Total Return Index (Warrants 13/02/2017) 212 2.161,400 Dow Jones - UBS Energy Total Return Index (Warrants 07/02/2017) 168 1.71408 Dow Jones - UBS Industrial Materials Total Return Index (Warrants 07/02/2017) 64 0.65211 Dow Jones - UBS Precious Metals Total Return Index (Warrants 07/02/2017) 46 0.48USD 7,208 Dow Jones - UBS Commodity Index CFD 22 0.22512 5.23CASH FUNDS/MONEY MARKET FUNDS - (0.05%)1,969 Fidelity Gross Accumulating Cash Fund 3 0.033 0.03FORWARD FOREIGN EXCHANGE CONTRACTS - (0.02%)330,764 Bought GBP sold JPY @ 170.94690 for settlement 16/07/2014 3 0.0326,751 Bought GBP sold AUD @ 1.80182 for settlement 16/07/2014 1 0.0019,216 Bought GBP sold USD @ 1.67050 for settlement 16/07/2014 0 0.004,803 Bought GBP sold CHF @ 1.47811 for settlement 16/07/2014 0 0.0033,882 Bought GBP sold JPY @ 170.94690 for settlement 16/07/2014 0 0.0043,364 Bought GBP sold EUR @ 1.21298 for settlement 16/07/2014 0 0.00192,882 Bought GBP sold CHF @ 1.47811 for settlement 16/07/2014 0 0.003,215 Bought EUR sold GBP @ 1.21298 for settlement 16/07/2014 0 0.0038,461 Bought AUD sold GBP @ 1.80182 for settlement 16/07/2014 0 0.0021,381 Bought CAD sold GBP @ 1.82869 for settlement 16/07/2014 0 0.00359,714 Bought USD sold GBP @ 1.67050 for settlement 16/07/2014 (2) (0.02)2 0.0198

FIDELITY MULTI ASSET ALLOCATOR ADVENTUROUS FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %INDEX FUTURES - ((0.26)%)USD 213,167 E-Mini Technology Select Sector Future 20/06/2014 3 0.03USD 102,084 E-Mini Industrial Select Sector Future 20/06/2014 2 0.02CAD 162,229 S&P/TSX 60 Index Mini Future 19/06/2014 2 0.02USD 233,797 E-Mini Health Care Select Sector Future 20/06/2014 (1) (0.01)USD (197,474) E-Mini Materials Select Sector Future 20/06/2014 (2) (0.02)USD (81,297) E-Mini Utilities Select Sector Future 20/06/2014 (3) (0.03)USD 131,664 E-Mini Consumer Discretionary Sector Future 20/06/2014 (3) (0.03)USD (126,894) E-Mini Consumer Staples Select Sector Future 20/06/2014 (4) (0.04)USD (257,754) E-Mini Energy Select Sector Future 20/06/2014 (14) (0.14)(20) (0.20)Portfolio of investments 8,996 91.60Cash and other net assets/(liabilities) 826 8.40Net assets 9,822 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.* Formerly Fidelity MoneyBuilder UK Index Fund.** Formerly Fidelity MoneyBuilder US Index Fund.99

FIDELITY MULTI ASSET ALLOCATOR DEFENSIVE FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FIXED INTEREST FUNDS - (36.66%)2,326,100 Legal & General All Stock Gilt Index Trust Fund 4,197 26.70199,199 BlackRock UK Credit Bond Index Fund 2,290 14.571,767 iShares Barclays Euro Government Bond Fund 270 1.72175 iShares £ Corporate Bond Fund 22 0.146,779 43.14CASH FUNDS/MONEY MARKET FUNDS - (28.25%)2,868,830 Fidelity Gross Accumulating Cash Fund 3,661 23.293,661 23.29EQUITY FUNDS - (22.85%)967,852 Fidelity UK Index Fund* 809 5.154,474 Northern Trust North America Equity Fund 650 4.1442,442 Fidelity US Index Fund** 563 3.5828,930 Fidelity Index Japan Fund 262 1.6715,602 Fidelity Index Europe ex-UK Fund 160 1.024,970 iShares MSCI Europe ex-UK Fund 110 0.70874 Northern Trust Japan Equity Index Fund 100 0.645,452 iShares FTSE 250 Fund 85 0.543,797 iShares MSCI North America Fund 82 0.527,000 Fidelity Index Pacific (ex-Japan) Fund 75 0.482,860 iShares FTSE 100 Fund 19 0.121,623 Fidelity Index Emerging Markets Fund 17 0.112,932 18.65COMMODITY FUNDS/COMMODITY EXPOSURE - (0.04%)3,601 Dow Jones - UBS Agriculture and Livestock Total Return Index (Warrants 13/02/2017) 336 2.132,259 Dow Jones - UBS Energy Total Return Index (Warrants 07/02/2017) 272 1.73696 Dow Jones - UBS Industrial Materials Total Return Index (Warrants 07/02/2017) 109 0.69378 Dow Jones - UBS Precious Metals Total Return Index (Warrants 07/02/2017) 84 0.53USD (8,307) Dow Jones - UBS Commodity Index CFD (36) (0.24)765 4.86PROPERTY FUNDS - (2.48%)354,373 BlackRock Global Property Securities Equity Fund 460 2.931,929 iShares FTSE Developed Markets Property Yield Fund 27 0.17487 3.10ETFS: TRACKING GOVERNMENT BONDS - (3.50%)9,953 iShares FTSE UK Gilt All Stocks Fund 113 0.72113 0.72100

FIDELITY MULTI ASSET ALLOCATOR DEFENSIVE FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FORWARD FOREIGN EXCHANGE CONTRACTS - (0.01%)454,422 Bought GBP sold JPY @ 170.94690 for settlement 16/07/2014 4 0.03116,253 Bought GBP sold USD @ 1.67050 for settlement 16/07/2014 1 0.01165,041 Bought GBP sold USD @ 1.67050 for settlement 16/07/2014 1 0.01280,961 Bought GBP sold EUR @ 1.21298 for settlement 16/07/2014 1 0.0194,275 Bought GBP sold CAD @ 1.82869 for settlement 16/07/2014 1 0.0156,887 Bought GBP sold AUD @ 1.80182 for settlement 16/07/2014 1 0.01242,607 Bought GBP sold CHF @ 1.47811 for settlement 16/07/2014 0 0.0115,746 Bought GBP sold EUR @ 1.21298 for settlement 16/07/2014 0 0.0055,391 Bought GBP sold JPY @ 170.94690 for settlement 16/07/2014 0 0.0015,763 Bought GBP sold CHF @ 1.47811 for settlement 16/07/2014 0 0.0023,623 Bought GBP sold CAD @ 1.82869 for settlement 16/07/2014 0 0.0078,643 Bought AUD sold GBP @ 1.80182 for settlement 16/07/2014 (1) (0.01)204,916 Bought USD sold GBP @ 1.67191 for settlement 16/07/2014 (1) (0.01)7 0.04INDEX FUTURES - ((0.05)%)USD 284,405 E-Mini Technology Select Sector Future 20/06/2014 4 0.03USD 102,084 E-Mini Industrial Select Sector Future 20/06/2014 2 0.01USD 348,511 E-Mini Health Care Select Sector Future 20/06/2014 0 0.00USD (246,684) E-Mini Materials Select Sector Future 20/06/2014 (3) (0.02)USD 197,496 E-Mini Consumer Discretionary Sector Future 20/06/2014 (4) (0.03)USD (121,946) E-Mini Utilities Select Sector Future 20/06/2014 (5) (0.03)USD (211,490) E-Mini Consumer Staples Select Sector Future 20/06/2014 (6) (0.04)USD (346,762) E-Mini Energy Select Sector Future 20/06/2014 (17) (0.11)(29) (0.18)Portfolio of investments 14,715 93.62Cash and other net assets/(liabilities) 1,002 6.38Net assets 15,717 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.* Formerly Fidelity MoneyBuilder UK Index Fund.** Formerly Fidelity MoneyBuilder US Index Fund.101

FIDELITY MULTI ASSET ALLOCATOR GROWTH FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %EQUITY FUNDS - (62.50%)9,778,819 Fidelity UK Index Fund* 8,175 22.1725,849 Northern Trust North America Equity Fund 3,756 10.19215,151 Fidelity US Index Fund** 2,855 7.7490,763 Fidelity Index Japan Fund 822 2.2373,477 Fidelity Index Europe ex-UK Fund 755 2.0531,906 iShares MSCI Europe ex-UK Fund 704 1.915,263 Northern Trust Japan Equity Index Fund 600 1.6347,433 Fidelity Index Pacific (ex-Japan) Fund 511 1.392,863 Northern Trust Europe (ex-UK) Equity Index Fund 484 1.316,141 Northern Trust Emerging Market Index Fund 346 0.9430,670 Fidelity Index Emerging Markets Fund 314 0.8511,046 iShares MSCI Canada Fund 209 0.577,203 iShares MSCI Emerging Markets Fund 166 0.459,793 iShares FTSE 250 Fund 152 0.416,071 iShares MSCI North America Fund 131 0.366,987 iShares FTSE 100 Fund 47 0.13927 iShares MSCI Pacific (ex-Japan) Fund 26 0.0720,053 54.38FIXED INTEREST FUNDS - (5.51%)1,356,511 Legal & General All Stock Gilt Index Trust Fund 2,449 6.64133,504 BlackRock UK Credit Bond Index Fund 1,534 4.165,857 iShares £ Corporate Bond Fund 748 2.033,662 iShares Barclays Euro Government Bond Fund 559 1.525,290 14.35CASH FUNDS/MONEY MARKET FUNDS - (5.37%)2,584,065 Fidelity Gross Accumulating Cash Fund 3,298 8.943,298 8.94PROPERTY FUNDS - (7.55%)1,827,114 BlackRock Global Property Securities Equity Fund 2,372 6.4353,114 iShares FTSE Developed Markets Property Yield Fund 731 1.983,103 8.42COMMODITY FUNDS/COMMODITY EXPOSURE - (1.03%)7,877 Dow Jones - UBS Agriculture and Livestock Total Return Index (Warrants 13/02/2017) 734 1.994,954 Dow Jones - UBS Energy Total Return Index (Warrants 07/02/2017) 596 1.621,511 Dow Jones - UBS Industrial Materials Total Return Index (Warrants 07/02/2017) 237 0.64836 Dow Jones - UBS Precious Metals Total Return Index (Warrants 07/02/2017) 185 0.50USD 27,393 Dow Jones - UBS Commodity Index CFD 87 0.241,839 4.99ETFS: TRACKING GOVERNMENT BONDS - (1.67%)45,575 iShares FTSE UK Gilt All Stocks Fund 515 1.40515 1.40102

FIDELITY MULTI ASSET ALLOCATOR GROWTH FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FORWARD FOREIGN EXCHANGE CONTRACTS - (0.00%)1,436,815 Bought GBP sold JPY @ 170.94690 for settlement 16/07/2014 12 0.03373,344 Bought GBP sold AUD @ 1.80182 for settlement 16/07/2014 5 0.01409,637 Bought GBP sold CAD @ 1.82869 for settlement 16/07/2014 4 0.01462,557 Bought GBP sold USD @ 1.67050 for settlement 16/07/2014 3 0.01756,897 Bought GBP sold EUR @ 1.21298 for settlement 16/07/2014 2 0.01557,469 Bought GBP sold CHF @ 1.47811 for settlement 16/07/2014 1 0.0051,552 Bought GBP sold CHF @ 1.47811 for settlement 16/07/2014 0 0.0017,171 Bought CAD sold GBP @ 1.82869 for settlement 16/07/2014 0 0.0051,526 Bought EUR sold GBP @ 1.21298 for settlement 16/07/2014 0 0.0087,961 Bought EUR sold GBP @ 1.21076 for settlement 16/07/2014 0 0.00106,062 Bought JPY sold GBP @ 170.10880 for settlement 16/07/2014 (1) 0.00460,372 Bought USD sold GBP @ 1.67191 for settlement 16/07/2014 (2) (0.01)207,012 Bought JPY sold GBP @ 170.94690 for settlement 16/07/2014 (2) (0.01)394,378 Bought AUD sold GBP @ 1.80182 for settlement 16/07/2014 (5) (0.01)1,711,587 Bought USD sold GBP @ 1.67050 for settlement 16/07/2014 (11) (0.03)6 0.01INDEX FUTURES - ((0.01)%)USD 640,600 E-Mini Technology Select Sector Future 20/06/2014 8 0.02USD 255,689 E-Mini Industrial Select Sector Future 20/06/2014 4 0.01USD 813,741 E-Mini Health Care Select Sector Future 20/06/2014 0 0.00USD (641,417) E-Mini Materials Select Sector Future 20/06/2014 (7) (0.02)USD 524,285 E-Mini Consumer Discretionary Sector Future 20/06/2014 (9) (0.02)USD (243,892) E-Mini Utilities Select Sector Future 20/06/2014 (10) (0.03)USD (465,929) E-Mini Consumer Staples Select Sector Future 20/06/2014 (13) (0.04)USD (782,533) E-Mini Energy Select Sector Future 20/06/2014 (37) (0.10)(64) (0.17)Portfolio of investments 34,040 92.32Cash and other net assets/(liabilities) 2,832 7.68Net assets 36,872 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.* Formerly Fidelity MoneyBuilder UK Index Fund.** Formerly Fidelity MoneyBuilder US Index Fund.103

FIDELITY MULTI ASSET ALLOCATOR STRATEGIC FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %EQUITY FUNDS - (42.39%)5,925,125 Fidelity UK Index Fund* 4,952 16.1514,986 Northern Trust North America Equity Fund 2,178 7.10136,223 Fidelity US Index Fund** 1,808 5.9029,917 iShares MSCI Europe ex-UK Fund 660 2.1556,772 Fidelity Index Japan Fund 514 1.683,979 Northern Trust Japan Equity Index Fund 454 1.4830,184 Fidelity Index Europe ex-UK Fund 310 1.0127,823 Fidelity Index Pacific (ex-Japan) Fund 300 0.9825,635 Fidelity Index Emerging Markets Fund 263 0.868,562 iShares MSCI North America Fund 185 0.608,804 iShares FTSE 250 Fund 136 0.4418,479 iShares FTSE 100 Fund 125 0.41718 Northern Trust Europe (ex-UK) Equity Index Fund 121 0.393,853 iShares MSCI Canada Fund 73 0.241,020 Northern Trust Emerging Market Index Fund 58 0.192,023 iShares MSCI Emerging Markets Fund 47 0.15257 iShares MSCI Pacific (ex-Japan) Fund 7 0.0212,191 39.75FIXED INTEREST FUNDS - (26.16%)3,003,764 Legal & General All Stock Gilt Index Trust Fund 5,423 17.69290,161 BlackRock UK Credit Bond Index Fund 3,335 10.8772,603 BlackRock GiltTrak Fund 725 2.363,576 iShares £ Corporate Bond Fund 457 1.492,793 iShares Barclays Euro Government Bond Fund 426 1.3910,366 33.80CASH FUNDS/MONEY MARKET FUNDS - (12.79%)3,375,515 Fidelity Gross Accumulating Cash Fund 4,308 14.054,308 14.05COMMODITY FUNDS/COMMODITY EXPOSURE - (0.90%)6,748 Dow Jones - UBS Agriculture and Livestock Total Return Index (Warrants 13/02/2017) 629 2.054,215 Dow Jones - UBS Energy Total Return Index (Warrants 07/02/2017) 507 1.651,297 Dow Jones - UBS Industrial Materials Total Return Index (Warrants 07/02/2017) 204 0.67707 Dow Jones - UBS Precious Metals Total Return Index (Warrants 07/02/2017) 156 0.51USD 3,866 Dow Jones - UBS Commodity Index CFD 7 0.021,503 4.90PROPERTY FUNDS - (2.43%)618,506 BlackRock Global Property Securities Equity Fund 803 2.6219,630 iShares FTSE Developed Markets Property Yield Fund 270 0.881,073 3.50ETFS: TRACKING GOVERNMENT BONDS - (3.63%)60,142 iShares FTSE UK Gilt All Stocks Fund 680 2.22680 2.22104

FIDELITY MULTI ASSET ALLOCATOR STRATEGIC FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FORWARD FOREIGN EXCHANGE CONTRACTS - (0.01%)796,780 Bought GBP sold JPY @ 170.94690 for settlement 16/07/2014 6 0.02222,782 Bought GBP sold CAD @ 1.82869 for settlement 16/07/2014 2 0.01221,700 Bought GBP sold JPY @ 170.94690 for settlement 16/07/2014 2 0.01375,852 Bought GBP sold EUR @ 1.21298 for settlement 16/07/2014 1 0.00109,334 Bought GBP sold AUD @ 1.80182 for settlement 16/07/2014 1 0.00428,115 Bought GBP sold CHF @ 1.47811 for settlement 16/07/2014 1 0.0029,420 Bought GBP sold CAD @ 1.82869 for settlement 16/07/2014 1 0.0088,356 Bought GBP sold CHF @ 1.47811 for settlement 16/07/2014 0 0.00147,076 Bought GBP sold EUR @ 1.21298 for settlement 16/07/2014 0 0.0059,301 Bought EUR sold GBP @ 1.21076 for settlement 16/07/2014 0 0.0089,360 Bought JPY sold GBP @ 170.10879 for settlement 16/07/2014 0 0.00132,116 Bought USD sold GBP @ 1.67050 for settlement 16/07/2014 (1) 0.00298,402 Bought USD sold GBP @ 1.67191 for settlement 16/07/2014 (2) (0.01)132,199 Bought AUD sold GBP @ 1.80182 for settlement 16/07/2014 (2) (0.01)789,287 Bought USD sold GBP @ 1.67050 for settlement 16/07/2014 (5) (0.02)3 0.01INDEX FUTURES - ((0.18)%)USD 533,604 E-Mini Technology Select Sector Future 20/06/2014 6 0.02USD 204,647 E-Mini Industrial Select Sector Future 20/06/2014 3 0.01USD 695,930 E-Mini Health Care Select Sector Future 20/06/2014 1 0.00USD (542,739) E-Mini Materials Select Sector Future 20/06/2014 (6) (0.02)USD (203,243) E-Mini Utilities Select Sector Future 20/06/2014 (8) (0.03)USD 394,992 E-Mini Consumer Discretionary Sector Future 20/06/2014 (8) (0.03)USD (381,333) E-Mini Consumer Staples Select Sector Future 20/06/2014 (10) (0.03)USD (696,615) E-Mini Energy Select Sector Future 20/06/2014 (32) (0.10)(54) (0.17)Portfolio of investments 30,070 98.06Cash and other net assets/(liabilities) 597 1.94Net assets 30,667 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.* Formerly Fidelity MoneyBuilder UK Index Fund.** Formerly Fidelity MoneyBuilder US Index Fund.105

FIDELITY MULTI ASSET BALANCED INCOME FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FIXED INTEREST FUNDS - (65.39%)226,873 Fidelity Extra Income Fund 273 14.2827,046 Fidelity Funds - US High Yield Fund 188 9.83530,588 Fidelity MoneyBuilder Income Fund 181 9.4761,572 Fidelity Institutional UK Corporate Bond Fund 127 6.6472,312 Fidelity Institutional UK Aggregate Bond Fund 118 6.1710,564 Fidelity Funds - European High Yield Fund 103 5.3917,593 Fidelity Funds - Asian High Yield Fund 88 4.6041,762 Fidelity Institutional Sterling Core Plus Bond Fund 72 3.77102,318 Carador Income Fund 55 2.8830,298 Twentyfour Income Fund 38 1.99195 AXA World Funds - Emerging Short Duration Bonds 19 0.9919,204 Neuberger Berman Global Floating Rate Income Fund 19 0.992,608 Fidelity Funds - Emerging Market Debt Fund 18 0.94200 City Merchants High Yield Trust 0 0.001,299 67.94EQUITY FUNDS - (27.39%)172,033 Fidelity Global Dividend Fund 218 11.40147,991 Fidelity Enhanced Income Fund 188 9.8325,061 Real Estate Credit Investments 38 1.9914,480 Doric Nimrod Air Two (Pref’d) 35 1.8318,267 Greencoat UK Wind 19 0.99498 26.05EQUITY HOLDINGS - (4.89%)49,553 John Laing Infrastructure 57 2.9827,573 HICL Infrastructure 38 1.9995 4.92PROPERTY FUNDS - (0.00%)8,061 Tritax Big Box Real Estate Investment Trust 9 0.479 0.47106

FIDELITY MULTI ASSET BALANCED INCOME FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FORWARD FOREIGN EXCHANGE CONTRACTS - (0.23%)270,780 Bought GBP sold USD @ 1.66187 for settlement 17/06/2014 3 0.1684,310 Bought GBP sold EUR @ 1.19796 for settlement 17/06/2014 1 0.057,441 Bought GBP sold EUR @ 1.20944 for settlement 17/06/2014 0 0.0015,658 Bought GBP sold EUR @ 1.21346 for settlement 17/06/2014 0 0.0019,233 Bought GBP sold USD @ 1.66377 for settlement 17/06/2014 0 0.0023,953 Bought GBP sold USD @ 1.66995 for settlement 17/06/2014 0 0.0020,873 Bought GBP sold USD @ 1.67677 for settlement 17/06/2014 0 0.0021,550 Bought GBP sold EUR @ 1.20647 for settlement 17/06/2014 0 0.0019,018 Bought GBP sold USD @ 1.68262 for settlement 17/06/2014 0 0.007,391 Bought GBP sold EUR @ 1.21774 for settlement 17/06/2014 0 0.0031,821 Bought EUR sold GBP @ 1.19417 for settlement 17/06/2014 (1) (0.05)3 0.21Portfolio of investments 1,904 99.59Cash and other net assets/(liabilities) 8 0.41Net assets 1,912 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.107

FIDELITY MULTI ASSET DEFENSIVE FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FIXED INTEREST FUNDS - (40.29%)3,405,974 Fidelity Institutional UK Gilt Fund 6,193 20.272,182,945 Fidelity Institutional UK Corporate Bond Fund 4,493 14.711,884,900 Fidelity Institutional Long Bond Fund 1,268 4.1537,211 Fidelity Funds - Euro Bond Fund 427 1.4012,381 40.54CASH FUNDS/MONEY MARKET FUNDS - (29.08%)7,073,060 Fidelity Gross Accumulating Cash Fund 9,026 29.569,026 29.56EQUITY FUNDS - (22.43%)7,613 FAST - US Fund 548 1.79229,395 Fidelity UK Select Fund 491 1.6120,361 SPDR S&P US Dividend Aristocrats Fund 451 1.4820,843 Fidelity Funds - Global Health Care Fund 435 1.4215,166 Fidelity Funds - Global Consumer Industries Fund 416 1.36157,016 Fidelity MoneyBuilder Dividend Fund 403 1.3214,147 Fidelity Special Situations Fund 397 1.30554,295 Fidelity MoneyBuilder Growth Fund 384 1.2647,720 Fidelity Funds - American Growth Fund 367 1.2049,328 Fidelity Funds - Global Technology Fund 364 1.1927,046 Fidelity US Index Fund** 359 1.1842,743 iShares MSCI Japan Fund 283 0.93161,597 Fidelity Institutional Japan Fund 272 0.896,531 Fidelity Funds - Global Industrials Fund 216 0.7116,968 Fidelity American Special Situations Fund 150 0.4910,865 Fidelity Funds - European Value Fund 130 0.433,592 Fidelity Funds - European Larger Companies Fund 114 0.375,841 Fidelity Funds - Global Financial Services Fund 107 0.358,599 Fidelity Funds - European Dividend Fund 96 0.3140,817 Fidelity Japan Fund 91 0.3021,035 Fidelity Institutional Pacific (ex-Japan) Fund 74 0.2410,654 Fidelity European Opportunities Fund 38 0.12804 Fidelity Funds - Global Telecommunications Fund 6 0.023,159 Fidelity UK Index Fund* 3 0.016,195 20.29COMMODITY FUNDS/COMMODITY EXPOSURE - (0.48%)7,509 Dow Jones - UBS Agriculture and Livestock Total Return Index (Warrants 13/02/2017) 700 2.294,258 Dow Jones - UBS Energy Total Return Index (Warrants 07/02/2017) 512 1.681,289 Dow Jones - UBS Industrial Materials Total Return Index (Warrants 07/02/2017) 203 0.66626 Dow Jones - UBS Precious Metals Total Return Index (Warrants 07/02/2017) 139 0.46USD (16,075) Dow Jones - UBS Commodity Index CFD (71) (0.23)1,483 4.85PROPERTY FUNDS - (2.50%)137,205 Fidelity Funds - Global Property Fund 1,005 3.291,005 3.29108

FIDELITY MULTI ASSET DEFENSIVE FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FORWARD FOREIGN EXCHANGE CONTRACTS - (0.01%)870,681 Bought GBP sold JPY @ 170.42750 for settlement 16/07/2014 10 0.03690,879 Bought GBP sold USD @ 1.67309 for settlement 16/07/2014 3 0.01444,296 Bought GBP sold USD @ 1.67321 for settlement 16/07/2014 2 0.01479,641 Bought GBP sold CHF @ 1.47631 for settlement 16/07/2014 2 0.01107,383 Bought GBP sold JPY @ 170.64100 for settlement 16/07/2014 1 0.00112,089 Bought GBP sold AUD @ 1.80036 for settlement 16/07/2014 1 0.00121,170 Bought GBP sold CAD @ 1.83297 for settlement 16/07/2014 1 0.00479,530 Bought GBP sold EUR @ 1.21285 for settlement 16/07/2014 1 0.0045,811 Bought GBP sold CAD @ 1.83364 for settlement 16/07/2014 0 0.0092,060 Bought GBP sold CHF @ 1.47621 for settlement 16/07/2014 0 0.00167,758 Bought AUD sold GBP @ 1.79664 for settlement 16/07/2014 (2) (0.01)611,756 Bought USD sold GBP @ 1.67191 for settlement 16/07/2014 (3) (0.01)16 0.05INDEX FUTURES - ((0.03)%)GBP 1,500,000 Long Gilt Future 26/06/2014 12 0.0412 0.04Portfolio of investments 30,118 98.62Cash and other net assets/(liabilities) 423 1.38Net assets 30,541 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.* Formerly Fidelity MoneyBuilder UK Index Fund.** Formerly Fidelity MoneyBuilder US Index Fund.109

FIDELITY MULTI ASSET GROWTH FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %EQUITY FUNDS - (62.86%)19,396,754 Fidelity UK Select Fund 41,528 7.7711,737,235 Fidelity MoneyBuilder Dividend Fund 30,129 5.6430,709,696 Fidelity MoneyBuilder Growth Fund 21,276 3.98690,729 Fidelity Funds - Global Consumer Industries Fund 18,938 3.54262,294 FAST - US Fund 18,882 3.53560,707 Fidelity Funds - Global Industrials Fund 18,545 3.47713,469 SPDR S&P US Dividend Aristocrats Fund 15,818 2.96754,149 Fidelity Funds - Global Financial Services Fund 13,768 2.58655,223 Fidelity Funds - Global Health Care Fund 13,668 2.561,814,133 Fidelity Funds - Global Technology Fund 13,388 2.50464,814 Fidelity Special Situations Fund 13,057 2.441,692,361 Fidelity Funds - American Growth Fund 13,023 2.444,826,910 Fidelity Institutional Japan Fund 8,124 1.52576,840 Fidelity Funds - European Value Fund 6,924 1.30458,608 Fidelity US Index Fund** 6,086 1.14188,654 Fidelity Funds - European Larger Companies Fund 6,000 1.126,629,438 Fidelity UK Index Fund* 5,540 1.04617,780 Fidelity American Special Situations Fund 5,446 1.02451,674 Fidelity Funds - European Dividend Fund 5,069 0.95692,331 iShares MSCI Japan Fund 4,583 0.861,132,286 Fidelity Institutional Pacific (ex-Japan) Fund 3,992 0.75984,695 Fidelity Institutional Emerging Markets Fund 2,838 0.531,172,470 Fidelity Japan Fund 2,618 0.49555,167 Fidelity European Opportunities Fund 1,988 0.3765,896 iShares MSCI Canada Fund 1,245 0.23121,937 Fidelity Funds - Global Telecommunications Fund 899 0.1731,340 iShares MSCI Emerging Markets Fund 721 0.1354 Fidelity Funds - Switzerland Fund 2 0.00294,095 55.01FIXED INTEREST FUNDS - (7.30%)23,142,329 Fidelity Institutional UK Gilt Fund 42,073 7.8714,367,286 Fidelity Institutional UK Corporate Bond Fund 29,568 5.53737,371 Fidelity Funds - Euro Bond Fund 8,469 1.586,280,169 Fidelity Institutional Long Bond Fund 4,225 0.7984,335 15.78CASH FUNDS/MONEY MARKET FUNDS - (6.65%)39,015,372 Fidelity Gross Accumulating Cash Fund 49,788 9.3144,669,408 Fidelity Institutional Liquidity Fund (USD) 26,558 4.9776,346 14.28PROPERTY FUNDS - (7.42%)33,181,963 Fidelity Global Property Fund 40,582 7.59327,108 iShares FTSE Developed Markets Property Yield Fund 4,504 0.8445,086 8.43110

FIDELITY MULTI ASSET GROWTH FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %COMMODITY FUNDS/COMMODITY EXPOSURE - (0.87%)130,487 Dow Jones - UBS Agriculture and Livestock Total Return Index (Warrants 13/02/2017) 12,157 2.2773,893 Dow Jones - UBS Energy Total Return Index (Warrants 07/02/2017) 8,889 1.6622,678 Dow Jones - UBS Industrial Materials Total Return Index (Warrants 07/02/2017) 3,564 0.6710,738 Dow Jones - UBS Precious Metals Total Return Index (Warrants 07/02/2017) 2,377 0.44USD 393,980 Dow Jones - UBS Commodity Index CFD 1,349 0.2528,336 5.30FORWARD FOREIGN EXCHANGE CONTRACTS - ((0.03)%)14,298,925 Bought GBP sold JPY @ 170.42750 for settlement 16/07/2014 158 0.038,477,119 Bought GBP sold USD @ 1.67321 for settlement 16/07/2014 39 0.0110,120,361 Bought GBP sold CHF @ 1.47631 for settlement 16/07/2014 37 0.0111,116,252 Bought GBP sold EUR @ 1.21285 for settlement 16/07/2014 26 0.002,387,257 Bought GBP sold JPY @ 170.64100 for settlement 16/07/2014 23 0.00551,168 Bought GBP sold AUD @ 1.80036 for settlement 16/07/2014 7 0.00791,977 Bought GBP sold CAD @ 1.83364 for settlement 16/07/2014 5 0.001,854,008 Bought GBP sold EUR @ 1.21256 for settlement 16/07/2014 5 0.001,061,231 Bought GBP sold CHF @ 1.47621 for settlement 16/07/2014 4 0.00178,236 Bought CAD sold GBP @ 1.83297 for settlement 16/07/2014 (1) 0.008,425,633 Bought USD sold GBP @ 1.67309 for settlement 16/07/2014 (39) (0.01)2,637,089 Bought AUD sold GBP @ 1.79664 for settlement 16/07/2014 (39) (0.01)12,200,013 Bought USD sold GBP @ 1.67191 for settlement 16/07/2014 (66) (0.01)159 0.03Portfolio of investments 528,357 98.83Cash and other net assets/(liabilities) 6,219 1.17Net assets 534,576 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.* Formerly Fidelity MoneyBuilder UK Index Fund.** Formerly Fidelity MoneyBuilder US Index Fund.111

FIDELITY MULTI ASSET INCOME FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FIXED INTEREST FUNDS - (66.92%)37,672,065 Fidelity MoneyBuilder Income Fund 12,842 14.219,324,237 Fidelity Extra Income Fund 11,226 12.424,383,666 Fidelity Institutional UK Aggregate Bond Fund 7,141 7.90731,397 Fidelity Funds - US High Yield Fund 5,076 5.623,894,032 Fidelity Institutional UK Corporate Bond Fund 4,603 5.09866,089 Fidelity Funds - Asian High Yield Fund 4,325 4.792,028,717 Fidelity Institutional Sterling Core Plus Bond Fund 3,514 3.891,922,616 Twentyfour Income Fund 2,398 2.6522,417 AXA World Funds - Emerging Short Duration Bonds 2,183 2.42218,337 Fidelity Funds - European High Yield Fund 2,137 2.36253,189 Fidelity Funds - Emerging Market Debt Fund 1,713 1.902,905,339 Carador Income Fund 1,572 1.74570,968 Neuberger Berman Global Floating Rate Income Fund 569 0.6310,500 City Merchants High Yield Trust 20 0.0259,319 65.63EQUITY FUNDS - (25.14%)11,221,828 Fidelity Enhanced Income Fund 14,242 15.763,312,734 Fidelity Global Dividend Fund 4,204 4.65159,770 iShares Euro Stoxx Select Development Fund 2,586 2.861,324,665 Real Estate Credit Investments 2,000 2.21950,000 Doric Nimrod Air Three 1,002 1.11516,945 Greencoat UK Wind 538 0.60492,589 CATCo Reinsurance Opportunities Fund 302 0.3321,984 Fidelity MoneyBuilder Dividend Fund 56 0.0624,930 27.58EQUITY HOLDINGS - (4.80%)2,183,870 John Laing Infrastructure 2,496 2.761,810,409 HICL Infrastructure 2,475 2.744,971 5.50PROPERTY FUNDS - (0.00%)373,552 Tritax Big Box Real Estate Investment Trust 406 0.45406 0.45FORWARD FOREIGN EXCHANGE CONTRACTS - (0.47%)12,624,348 Bought GBP sold USD @ 1.66187 for settlement 17/06/2014 146 0.164,601,136 Bought GBP sold EUR @ 1.19796 for settlement 17/06/2014 68 0.08572,812 Bought GBP sold USD @ 1.68118 for settlement 17/06/2014 0 0.002,493,780 Bought EUR sold GBP @ 1.19417 for settlement 17/06/2014 (45) (0.05)169 0.19Portfolio of investments 89,795 99.35Cash and other net assets/(liabilities) 586 0.65Net assets 90,381 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.112

FIDELITY MULTI ASSET INCOME & GROWTH FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FIXED INTEREST FUNDS - (47.97%)69,795 Fidelity Extra Income Fund 84 7.41245,886 Fidelity MoneyBuilder Income Fund 84 7.4111,225 Fidelity Funds - US High Yield Fund 78 6.8815,565 Fidelity Funds - Asian High Yield Fund 78 6.8822,670 Fidelity Institutional UK Corporate Bond Fund 47 4.153,426 Fidelity Funds - European High Yield Fund 34 3.0020,490 Fidelity Institutional UK Aggregate Bond Fund 33 2.9159,292 Carador Income Fund 32 2.82233 AXA World Funds - Emerging Short Duration Bonds 23 2.0312,869 Fidelity Institutional Sterling Core Plus Bond Fund 22 1.9416,466 Twentyfour Income Fund 21 1.8515,624 Neuberger Berman Global Floating Rate Income Fund 16 1.411,643 Fidelity Funds - Emerging Market Debt Fund 11 0.977,571 3i Infrastructure 10 0.88100 City Merchants High Yield Trust 0 0.00573 50.49EQUITY FUNDS - (43.19%)183,664 Fidelity Enhanced Income Fund 232 20.48160,243 Fidelity Global Dividend Fund 203 17.9213,573 Real Estate Credit Investments 20 1.774,412 Doric Nimrod Air Two (Pref’d) 11 0.979,921 Greencoat UK Wind 10 0.88476 42.19EQUITY HOLDINGS - (6.67%)38,189 John Laing Infrastructure 44 3.8822,837 HICL Infrastructure 31 2.7475 6.62PROPERTY FUNDS - (0.00%)4,091 Tritax Big Box Real Estate Investment Trust 5 0.355 0.35FORWARD FOREIGN EXCHANGE CONTRACTS - (0.43%)168,485 Bought GBP sold USD @ 1.66187 for settlement 17/06/2014 2 0.1848,415 Bought GBP sold EUR @ 1.19796 for settlement 17/06/2014 1 0.09834 Bought GBP sold EUR @ 1.19949 for settlement 17/06/2014 0 0.001,648 Bought GBP sold EUR @ 1.21347 for settlement 17/06/2014 0 0.001,654 Bought GBP sold EUR @ 1.20944 for settlement 17/06/2014 0 0.001,646 Bought GBP sold EUR @ 1.21486 for settlement 17/06/2014 0 0.007,785 Bought GBP sold USD @ 1.66994 for settlement 17/06/2014 0 0.007,753 Bought GBP sold USD @ 1.67677 for settlement 17/06/2014 0 0.005,948 Bought GBP sold USD @ 1.68118 for settlement 17/06/2014 0 0.006,050 Bought GBP sold USD @ 1.65285 for settlement 17/06/2014 0 0.005,944 Bought GBP sold USD @ 1.68242 for settlement 17/06/2014 0 0.0020,098 Bought EUR sold GBP @ 1.19417 for settlement 17/06/2014 0 0.003 0.26113

FIDELITY MULTI ASSET INCOME & GROWTH FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %Portfolio of investments 1,132 99.91Cash and other net assets/(liabilities) 1 0.09Net assets 1,133 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.114

FIDELITY MULTI ASSET OPEN ADVENTUROUS FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %EQUITY FUNDS - (66.86%)812,728 BlackRock North American Equity Tracker 1,480 16.38432,350 Majedie UK Equity Fund 608 6.73147,163 Artemis Income Fund 498 5.512,817 MFS Meridian UK Equity Fund 476 5.27448,966 Fidelity UK Index Fund* 375 4.15142,291 CF Lindsell Train UK Equity Fund 346 3.833,336 William Blair Small Mid Cap Growth Fund 331 3.66186,208 Franklin UK Smaller Companies Fund 315 3.4940,614 Eaton Vance Parametric Emerging Markets Fund 278 3.0813,275 BlackRock Continental European Fund 220 2.4328,049 Invesco Continental European Equity Fund 190 2.1017,827 Fidelity Index Emerging Markets Fund 183 2.0341,049 Montanaro European Smaller Companies Fund 144 1.5911,234 Fidelity Funds - South East Asia Fund 123 1.366,025 IVI European Fund 106 1.1728,040 Aberdeen Asia Pacific Fund 53 0.595,726 63.36COMMODITY FUNDS/COMMODITY EXPOSURE - (7.79%)58,135 Threadneedle Enhanced Commodities Portfolio Fund 845 9.35USD 4,502 Dow Jones - UBS Commodity Index CFD 20 0.22865 9.57PROPERTY FUNDS - (8.66%)617,329 BlackRock Global Property Securities Equity Fund 801 8.87801 8.87ABSOLUTE RETURN FUNDS - (4.66%)209,872 CF Morant Wright Japan Fund 467 5.17467 5.17CASH FUNDS/MONEY MARKET FUNDS - (0.00%)86,184 Fidelity Gross Accumulating Cash Fund 110 1.22110 1.22INDEX FUTURES - (0.30%)USD 1,099,763 S&P500 E-MINI Future 20/06/2014 13 0.14EUR 62,728 FTSE Athens 20 Future 16/05/2014 0 0.0013 0.14Portfolio of investments 7,982 88.33Cash and other net assets/(liabilities) 1,053 11.67Net assets 9,035 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.115

FIDELITY MULTI ASSET OPEN DEFENSIVE FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FIXED INTEREST FUNDS - (50.52%)806,086 Fidelity Institutional UK Aggregate Bond Fund 1,316 18.64279,748 Legal & General All Stock Gilt Index Trust Fund 505 7.1540,190 Loomis Sayles Global Opportunities Bond Fund 406 5.751,093,670 Fidelity Strategic Bond Fund 339 4.80230 MS Long Term Trends Fund 235 3.3316,501 PIMCO Capital Securities Fund 203 2.8814,736 BlackRock UK Credit Bond Index Fund 169 2.391,424 M&G European Loan Fund 122 1.7310,118 Fidelity Funds - Emerging Markets Inflation Linked Bond Fund 101 1.4367,587 Neuberger Berman Global Floating Rate Income Fund 67 0.955,511 Neuberger Berman High Yield Bond Fund 67 0.95120,899 Carador Income Fund 65 0.923,595 50.91EQUITY FUNDS - (17.98%)146,251 BlackRock North American Equity Tracker 266 3.77216,953 CATCo Reinsurance Opportunities Fund 133 1.881,089 William Blair Small Mid Cap Growth Fund 108 1.5375,485 Majedie UK Equity Fund 106 1.50112,659 Fidelity UK Index Fund* 94 1.33494 MFS Meridian UK Equity Fund 83 1.1823,887 Artemis Income Fund 81 1.1522,274 CF Lindsell Train UK Equity Fund 54 0.767,591 Eaton Vance Parametric Emerging Markets Fund 52 0.7427,569 Franklin UK Smaller Companies Fund 47 0.672,162 BlackRock Continental European Fund 36 0.511,846 IVI European Fund 33 0.473,141 Fidelity Index Europe ex-UK Fund 32 0.452,823 Fidelity Funds - South East Asia Fund 31 0.442,922 Fidelity Index Emerging Markets Fund 30 0.423,989 Invesco Continental European Equity Fund 27 0.381,213 17.18ABSOLUTE RETURN FUNDS - (9.41%)642,978 Threadneedle Absolute Return Bond Fund 426 6.031,441 Aquila Capital Risk Parity 12 Fund 152 2.15108,547 Kames UK Equity Absolute Return Fund 126 1.7838,182 CF Morant Wright Japan Fund 85 1.20789 11.18HEDGE FUNDS - (6.16%)24,269 Brevan Howard Credit Catalysts Fund 191 2.71104,432 Bluecrest AllBlue Fund 184 2.61375 5.33CASH FUNDS/MONEY MARKET FUNDS - (2.95%)254,565 Fidelity Gross Accumulating Cash Fund 325 4.60325 4.60116

FIDELITY MULTI ASSET OPEN DEFENSIVE FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %PROPERTY FUNDS - (4.61%)220,355 BlackRock Global Property Securities Equity Fund 286 4.05286 4.05COMMODITY FUNDS/COMMODITY EXPOSURE - (2.25%)11,567 Threadneedle Enhanced Commodities Portfolio Fund 168 2.38USD 1,926 Dow Jones - UBS Commodity Index CFD 5 0.07173 2.45INDEX FUTURES - (0.00%)USD 183,294 S&P500 E-MINI Future 20/06/2014 2 0.032 0.03FORWARD FOREIGN EXCHANGE CONTRACTS - (0.06%)128,771 Bought GBP sold USD @ 1.66187 for settlement 17/06/2014 1 0.0160,124 Bought USD sold GBP @ 1.67985 for settlement 17/06/2014 0 0.001 0.01Portfolio of investments 6,759 95.74Cash and other net assets/(liabilities) 300 4.26Net assets 7,059 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.* Formerly Fidelity MoneyBuilder UK Index Fund.117

FIDELITY MULTI ASSET OPEN GROWTH FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %UNITED KINGDOM - (41.70%)4,670,896 Majedie UK Equity Fund 6,573 5.453,972,557 Fidelity Institutional UK Aggregate Bond Fund 6,471 5.36733,684 ETFS All Commodoties - UBS Commodity Index 6,203 5.1419,852,160 Fidelity Strategic Bond Fund 6,154 5.105,796,152 Fidelity UK Index Fund* 4,844 4.011,422,911 Artemis Income Fund 4,814 3.991,952,727 CF Lindsell Train UK Equity Fund 4,743 3.931,356,315 Franklin UK Smaller Companies Fund 2,291 1.901,019,578 Legal & General All Stock Gilt Index Trust Fund 1,840 1.522,738,313 Threadneedle Absolute Return Bond Fund 1,814 1.50955,193 Fidelity Gross Accumulating Cash Fund 1,219 1.01533,405 Kames UK Equity Absolute Return Fund 618 0.5177,764 Brevan Howard Credit Catalysts Fund 613 0.51346,074 Bluecrest AllBlue Fund 611 0.5152,328 BlackRock UK Credit Bond Index Fund 601 0.5049,409 40.95GLOBAL - (23.25%)8,682,775 BlackRock Global Property Securities Equity Fund 11,272 9.34686,474 Threadneedle Enhanced Commodities Portfolio Fund 9,979 8.2737,872 William Blair Small Mid Cap Growth Fund 3,758 3.11181,096 Loomis Sayles Global Opportunities Bond Fund 1,831 1.52100,509 PIMCO Capital Securities Fund 1,237 1.031,229,678 Neuberger Berman Global Floating Rate Income Fund 1,225 1.0252,052 Neuberger Berman High Yield Bond Fund 636 0.53608 MS Long Term Trends Fund 620 0.51964,564 CATCo Reinsurance Opportunities Fund 591 0.491,047,530 Carador Income Fund 567 0.4731,716 26.28UNITED STATES - (14.23%)5,044,274 BlackRock North American Equity Tracker 9,181 7.6124,635 MFS Meridian UK Equity Fund 4,163 3.45USD 12,097,393 S&P500 E-MINI Future 20/06/2014 143 0.1213,487 11.18EUROPE - (5.75%)125,206 BlackRock Continental European Fund 2,075 1.72264,840 Invesco Continental European Equity Fund 1,790 1.48119,503 Fidelity Index Europe ex-UK Fund 1,228 1.0210,571 M&G European Loan Fund 909 0.7533,704 IVI European Fund 595 0.49167,166 Montanaro European Smaller Companies Fund 586 0.49EUR 650,803 FTSE Athens 20 Future 16/05/2014 5 0.007,188 5.96118

FIDELITY MULTI ASSET OPEN GROWTH FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %EMERGING MARKETS - (3.76%)367,830 Eaton Vance Parametric Emerging Markets Fund 2,522 2.0992,994 Fidelity Index Emerging Markets Fund 953 0.7931,733 Fidelity Funds - Emerging Markets Inflation Linked Bond Fund 317 0.263,792 3.14JAPAN - (2.79%)1,424,147 CF Morant Wright Japan Fund 3,171 2.633,171 2.63ASIA PACIFIC EX-JAPAN - (1.96%)681,353 Aberdeen Asia Pacific Fund 1,290 1.07110,572 Fidelity Funds - South East Asia Fund 1,213 1.012,503 2.07GUERNSEY - (0.00%)800,657 Real Estate Credit Investments 1,209 1.001,209 1.00Portfolio of investments 112,475 93.21Cash and other net assets/(liabilities) 8,201 6.79Net assets 120,676 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.* Formerly Fidelity MoneyBuilder UK Index Fund.119

FIDELITY MULTI ASSET OPEN STRATEGIC FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %FIXED INTEREST FUNDS - (40.05%)8,536,285 Fidelity Institutional UK Aggregate Bond Fund 13,907 14.742,962,478 Legal & General All Stock Gilt Index Trust Fund 5,347 5.67425,611 Loomis Sayles Global Opportunities Bond Fund 4,303 4.5611,583,850 Fidelity Strategic Bond Fund 3,591 3.81175,425 PIMCO Capital Securities Fund 2,159 2.29156,341 BlackRock UK Credit Bond Index Fund 1,797 1.911,676 MS Long Term Trends Fund 1,708 1.8118,720 M&G European Loan Fund 1,610 1.71107,146 Fidelity Funds - Emerging Markets Inflation Linked Bond Fund 1,071 1.1458,366 Neuberger Berman High Yield Bond Fund 713 0.76715,735 Neuberger Berman Global Floating Rate Income Fund 713 0.761,280,301 Carador Income Fund 693 0.7337,612 39.87EQUITY FUNDS - (35.01%)3,438,857 BlackRock North American Equity Tracker 6,259 6.642,635,184 Majedie UK Equity Fund 3,708 3.933,978,153 Fidelity UK Index Fund* 3,325 3.5217,402 MFS Meridian UK Equity Fund 2,941 3.12840,610 Artemis Income Fund 2,844 3.01785,267 CF Lindsell Train UK Equity Fund 1,907 2.02976,975 Franklin UK Smaller Companies Fund 1,650 1.7516,004 William Blair Small Mid Cap Growth Fund 1,588 1.68213,500 Eaton Vance Parametric Emerging Markets Fund 1,464 1.551,845,828 CATCo Reinsurance Opportunities Fund 1,130 1.2093,380 Fidelity Index Emerging Markets Fund 957 1.0149,814 BlackRock Continental European Fund 825 0.8742,524 IVI European Fund 750 0.8060,801 Fidelity Funds - South East Asia Fund 667 0.7191,891 Invesco Continental European Equity Fund 621 0.66329,435 Real Estate Credit Investments 497 0.5343,411 Fidelity Index Europe ex-UK Fund 446 0.47194,089 Aberdeen Asia Pacific Fund 368 0.3931,947 33.87COMMODITY FUNDS/COMMODITY EXPOSURE - (8.95%)374,943 Threadneedle Enhanced Commodities Portfolio Fund 5,450 5.78338,020 ETFS All Commodities - UBS Commodity Index 2,858 3.038,308 8.81ABSOLUTE RETURN FUNDS - (4.53%)3,432,369 Threadneedle Absolute Return Bond Fund 2,274 2.41833,569 CF Morant Wright Japan Fund 1,856 1.979,048 Aquila Capital Risk Parity 12 Fund 955 1.01645,328 Kames UK Equity Absolute Return Fund 748 0.795,833 6.18120

FIDELITY MULTI ASSET OPEN STRATEGIC FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %PROPERTY FUNDS - (4.09%)2,358,075 BlackRock Global Property Securities Equity Fund 3,061 3.243,061 3.24HEDGE FUNDS - (2.46%)144,285 Brevan Howard Credit Catalysts Fund 1,138 1.21642,472 Bluecrest AllBlue Fund 1,135 1.202,273 2.41CASH FUNDS/MONEY MARKET FUNDS - (0.83%)1,762,247 Fidelity Gross Accumulating Cash Fund 2,249 2.382,249 2.38INDEX FUTURES - (0.14%)USD 4,857,287 S&P500 E-MINI Future 20/06/2014 58 0.06EUR 343,044 FTSE Athens 20 Future 16/05/2014 2 0.0060 0.06FORWARD FOREIGN EXCHANGE CONTRACTS - (0.06%)2,011,291 Bought GBP sold USD @ 1.66187 for settlement 17/06/2014 23 0.021,276,781 Bought USD sold GBP @ 1.67985 for settlement 17/06/2014 (1) 0.0022 0.02Portfolio of investments 91,365 96.84Cash and other net assets/(liabilities) 2,965 3.16Net assets 94,330 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.* Formerly Fidelity MoneyBuilder UK Index Fund.121

FIDELITY MULTI ASSET STRATEGIC FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %EQUITY FUNDS - (42.50%)17,677,635 Fidelity UK Select Fund 37,848 5.6810,991,147 Fidelity MoneyBuilder Dividend Fund 28,214 4.2328,283,690 Fidelity MoneyBuilder Growth Fund 19,595 2.94246,353 FAST - US Fund 17,734 2.66599,251 Fidelity Funds - Global Consumer Industries Fund 16,430 2.46696,537 SPDR S&P US Dividend Aristocrats Fund 15,442 2.32424,924 Fidelity Funds - Global Industrials Fund 14,054 2.11639,706 Fidelity Funds - Global Health Care Fund 13,344 2.001,642,323 Fidelity Funds - American Growth Fund 12,638 1.901,676,386 Fidelity Funds - Global Technology Fund 12,372 1.86405,714 Fidelity Special Situations Fund 11,396 1.71541,237 Fidelity Funds - Global Financial Services Fund 9,881 1.48578,675 Fidelity US Index Fund** 7,679 1.154,516,950 Fidelity Institutional Japan Fund 7,602 1.148,794,544 Fidelity UK Index Fund* 7,350 1.101,023,365 iShares MSCI Japan Fund 6,775 1.02490,147 Fidelity Funds - European Value Fund 5,883 0.88596,896 Fidelity American Special Situations Fund 5,262 0.79159,376 Fidelity Funds - European Larger Companies Fund 5,069 0.76383,832 Fidelity Funds - European Dividend Fund 4,307 0.65984,295 Fidelity Institutional Pacific (ex-Japan) Fund 3,471 0.521,140,357 Fidelity Japan Fund 2,546 0.38468,999 Fidelity European Opportunities Fund 1,680 0.25345,931 Fidelity Institutional Emerging Markets Fund 997 0.1545,353 Fidelity Funds - Global Telecommunications Fund 334 0.05267,903 40.18FIXED INTEREST FUNDS - (30.18%)57,485,466 Fidelity Institutional UK Gilt Fund 104,508 15.6837,002,281 Fidelity Institutional UK Corporate Bond Fund 76,151 11.4228,199,434 Fidelity Institutional Long Bond Fund 18,970 2.851,032,083 Fidelity Funds - Euro Bond Fund 11,853 1.78211,482 31.72CASH FUNDS/MONEY MARKET FUNDS - (14.28%)74,995,182 Fidelity Gross Accumulating Cash Fund 95,709 14.3646,081,403 Fidelity Institutional Liquidity Fund (USD) 27,398 4.11123,107 18.46COMMODITY FUNDS/COMMODITY EXPOSURE - (0.97%)164,565 Dow Jones - UBS Agriculture and Livestock Total Return Index (Warrants 13/02/2017) 15,332 2.3093,242 Dow Jones - UBS Energy Total Return Index (Warrants 07/02/2017) 11,216 1.6828,649 Dow Jones - UBS Industrial Materials Total Return Index (Warrants 07/02/2017) 4,502 0.6813,713 Dow Jones - UBS Precious Metals Total Return Index (Warrants 07/02/2017) 3,035 0.46USD 81,797 Dow Jones - UBS Commodity Index CFD 72 0.0134,157 5.12122

FIDELITY MULTI ASSET STRATEGIC FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %PROPERTY FUNDS - (2.48%)19,133,999 Fidelity Global Property Fund 23,401 3.5123,401 3.51FORWARD FOREIGN EXCHANGE CONTRACTS - (0.00%)18,016,212 Bought GBP sold JPY @ 170.42750 for settlement 16/07/2014 199 0.0311,393,788 Bought GBP sold USD @ 1.67321 for settlement 16/07/2014 52 0.0111,980,335 Bought GBP sold CHF @ 1.47631 for settlement 16/07/2014 44 0.0115,213,198 Bought GBP sold EUR @ 1.21285 for settlement 16/07/2014 35 0.013,355,413 Bought GBP sold JPY @ 170.64100 for settlement 16/07/2014 33 0.006,652,860 Bought GBP sold USD @ 1.67308 for settlement 16/07/2014 31 0.001,163,269 Bought GBP sold AUD @ 1.80036 for settlement 16/07/2014 15 0.001,678,081 Bought GBP sold CHF @ 1.47621 for settlement 16/07/2014 6 0.00667,906 Bought GBP sold CAD @ 1.83364 for settlement 16/07/2014 5 0.00638,091 Bought GBP sold CAD @ 1.83297 for settlement 16/07/2014 5 0.001,005,144 Bought GBP sold EUR @ 1.21256 for settlement 16/07/2014 3 0.001,336,656 Bought JPY sold GBP @ 170.10880 for settlement 16/07/2014 (17) 0.008,033,755 Bought USD sold GBP @ 1.67191 for settlement 16/07/2014 (43) (0.01)3,335,894 Bought AUD sold GBP @ 1.79664 for settlement 16/07/2014 (50) (0.01)318 0.05INDEX FUTURES - ((0.19)%)GBP 23,900,000 Long Gilt Future 26/06/2014 115 0.02115 0.02Portfolio of investments 660,483 99.06Cash and other net assets/(liabilities) 6,228 0.94Net assets 666,711 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.* Formerly Fidelity MoneyBuilder UK Index Fund.** Formerly Fidelity MoneyBuilder US Index Fund.123

FIDELITY OPEN WORLD FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %UNITED STATES - (40.77%)904,238 BlackRock North American Equity Tracker 1,646 17.84109,941 Fidelity Funds - America Fund (USD) 1,108 12.01527 MFS Meridian UK Equity Fund 89 0.96USD 2,107,879 S&P500 E-MINI Future 20/06/2014 25 0.272,868 31.09EUROPE - (16.23%)30,727 BlackRock Continental European Fund 509 5.5248,197 Invesco Continental European Equity Fund 326 3.5313,242 IVI European Fund 234 2.5418,645 Fidelity Index Europe ex-UK Fund 192 2.0852,063 Montanaro European Smaller Companies Fund 182 1.97EUR 152,900 FTSE Athens 20 Future 16/05/2014 1 0.011,444 15.65EMERGING MARKETS - (11.28%)90,061 Eaton Vance Parametric Emerging Markets Fund 617 6.6928,505 Fidelity Index Emerging Markets Fund 292 3.16909 9.86GLOBAL - (0.00%)8,846 William Blair Small Mid Cap Growth Fund 878 9.52878 9.52UNITED KINGDOM - (6.88%)247,136 Fidelity UK Index Fund* 207 2.24111,477 Majedie UK Equity Fund 157 1.7033,644 Artemis Income Fund 114 1.2446,167 CF Lindsell Train UK Equity Fund 112 1.2125,721 Franklin UK Smaller Companies Fund 43 0.470 Fidelity UK Smaller Companies Fund 0 0.00633 6.86JAPAN - (7.47%)261,709 CF Morant Wright Japan Fund 583 6.32583 6.32ASIA PACIFIC EX-JAPAN - (5.30%)25,118 Fidelity Funds - South East Asia Fund 276 2.99103,121 Aberdeen Asia Pacific Fund 195 2.11471 5.11Portfolio of investments 7,786 84.41Cash and other net assets/(liabilities) 1,440 15.59Net assets 9,226 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.*Formerly Fidelity MoneyBuilder UK Index Fund.124

FIDELITY TARGET 2015 FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %CASH FUNDS/MONEY MARKET FUNDS - (20.87%)3,654,482 Fidelity Gross Accumulating Cash Fund 4,663 27.004,663 27.00FIXED INTEREST FUNDS - (21.91%)1,299,124 Fidelity Institutional UK Aggregate Bond Fund 2,116 12.25999,094 Fidelity Institutional UK Gilt Fund 1,816 10.513,932 22.77EQUITY FUNDS - (26.64%)242,905 Fidelity UK Select Fund 520 3.0126,744 Fidelity European Fund 415 2.40570,190 Fidelity MoneyBuilder Growth Fund 395 2.29117,117 Fidelity Institutional Emerging Markets Fund 338 1.96107,489 Fidelity MoneyBuilder Dividend Fund 276 1.6076,739 Fidelity European Opportunities Fund 275 1.593,791 FAST - US Fund 273 1.5876,724 Fidelity Institutional Pacific (ex-Japan) Fund 271 1.57148,843 Fidelity Institutional Japan Fund 251 1.4510,657 SPDR S&P US Dividend Aristocrats Fund 236 1.3724,562 Fidelity Funds - American Growth Fund 189 1.094,673 Fidelity Special Situations Fund 131 0.7637,603 Fidelity Japan Fund 84 0.491,265 iShares MSCI Japan Large Cap Fund 83 0.488,799 Fidelity American Special Situations Fund 78 0.453,815 22.08ETFS: TRACKING GOVERNMENT BONDS - (11.70%)16,397 iShares FTSE UK Gilts 0-5 Fund 2,128 12.322,128 12.32ABSOLUTE RETURN FUNDS - (8.99%)2,367,866 Threadneedle Absolute Return Bond Fund 1,569 9.081,569 9.08COMMODITY FUNDS/COMMODITY EXPOSURE - (7.86%)116,171 ETFS All Commodities - UBS Commodity Index 982 5.68USD 404,655 Dow-Jones UBS Commodity Index Future 18/06/2014 7 0.04989 5.72Portfolio of investments 17,096 98.97Cash and other net assets/(liabilities) 180 1.03Net assets 17,276 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.125

FIDELITY TARGET 2020 FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %EQUITY FUNDS - (61.59%)766,447 Fidelity UK Select Fund 1,641 7.4596,960 Fidelity European Fund 1,505 6.831,799,450 Fidelity MoneyBuilder Growth Fund 1,247 5.66424,606 Fidelity Institutional Emerging Markets Fund 1,224 5.56278,238 Fidelity European Opportunities Fund 996 4.52277,754 Fidelity Institutional Pacific (ex-Japan) Fund 979 4.4412,791 FAST - US Fund 921 4.18539,734 Fidelity Institutional Japan Fund 908 4.12339,368 Fidelity MoneyBuilder Dividend Fund 871 3.9535,603 SPDR S&P US Dividend Aristocrats Fund 789 3.5882,656 Fidelity Funds - American Growth Fund 636 2.8914,744 Fidelity Special Situations Fund 414 1.88136,353 Fidelity Japan Fund 304 1.384,554 iShares MSCI Japan Large Cap Fund 300 1.3629,589 Fidelity American Special Situations Fund 261 1.1812,996 59.00FIXED INTEREST FUNDS - (15.61%)1,862,360 Fidelity Institutional UK Aggregate Bond Fund 3,034 13.771,113,261 Fidelity Institutional UK Gilt Fund 2,024 9.195,058 22.96ABSOLUTE RETURN FUNDS - (8.93%)2,991,643 Threadneedle Absolute Return Bond Fund 1,982 9.001,982 9.00COMMODITY FUNDS/COMMODITY EXPOSURE - (7.80%)188,259 ETFS All Commodities - UBS Commodity Index 1,592 7.23USD 660,937 Dow-Jones UBS Commodity Index Future 18/06/2014 11 0.051,603 7.27Portfolio of investments 21,639 98.23Cash and other net assets/(liabilities) 388 1.77Net assets 22,027 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.126

FIDELITY TARGET 2025 FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %EQUITY FUNDS - (84.58%)161,156 Fidelity UK Select Fund 345 10.1620,872 Fidelity European Fund 324 9.5491,417 Fidelity Institutional Emerging Markets Fund 263 7.74378,354 Fidelity MoneyBuilder Growth Fund 262 7.7161,665 Fidelity Institutional Pacific (ex-Japan) Fund 217 6.3959,901 Fidelity European Opportunities Fund 215 6.33119,773 Fidelity Institutional Japan Fund 202 5.952,803 FAST - US Fund 202 5.9571,334 Fidelity MoneyBuilder Dividend Fund 183 5.397,787 SPDR S&P US Dividend Aristocrats Fund 173 5.0918,123 Fidelity Funds - American Growth Fund 139 4.093,101 Fidelity Special Situations Fund 87 2.5630,258 Fidelity Japan Fund 68 2.001,009 iShares MSCI Japan Large Cap Fund 66 1.946,482 Fidelity American Special Situations Fund 57 1.682,803 82.54ABSOLUTE RETURN FUNDS - (5.90%)305,362 Threadneedle Absolute Return Bond Fund 202 5.95202 5.95FIXED INTEREST FUNDS - (2.40%)74,424 Fidelity Institutional UK Aggregate Bond Fund 121 3.5644,476 Fidelity Institutional UK Gilt Fund 81 2.39137 Fidelity MoneyBuilder Income Fund 0 0.00202 5.95COMMODITY FUNDS/COMMODITY EXPOSURE - (5.80%)20,067 ETFS All Commodities - UBS Commodity Index 170 5.01170 5.01Portfolio of investments 3,377 99.45Cash and other net assets/(liabilities) 19 0.55Net assets 3,396 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.127

FIDELITY TARGET 2030 FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %EQUITY FUNDS - (99.34%)238,723 Fidelity UK Select Fund 511 12.0831,224 Fidelity European Fund 485 11.47136,705 Fidelity Institutional Emerging Markets Fund 394 9.32560,416 Fidelity MoneyBuilder Growth Fund 388 9.1791,722 Fidelity Institutional Pacific (ex-Japan) Fund 323 7.6489,603 Fidelity European Opportunities Fund 321 7.59178,299 Fidelity Institutional Japan Fund 300 7.094,153 FAST - US Fund 299 7.07105,644 Fidelity MoneyBuilder Dividend Fund 271 6.4111,470 SPDR S&P US Dividend Aristocrats Fund 254 6.0126,841 Fidelity Funds - American Growth Fund 207 4.894,592 Fidelity Special Situations Fund 129 3.0545,042 Fidelity Japan Fund 101 2.391,493 iShares MSCI Japan Large Cap Fund 98 2.329,600 Fidelity American Special Situations Fund 85 2.014,166 98.51FIXED INTEREST FUNDS - (0.00%)25,690 Fidelity Institutional UK Aggregate Bond Fund 42 0.9942 0.99Portfolio of investments 4,208 99.50Cash and other net assets/(liabilities) 21 0.50Net assets 4,229 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.128

FIDELITY UNDISCOVERED TALENT FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %UNITED STATES - (40.51%)99,019 Fidelity Funds - American Growth Fund 761 18.02312,991 BlackRock North American Equity Tracker 570 13.5024,309 SPDR S&P US Dividend Aristocrats Fund 539 12.76USD 552,142 S&P500 E-MINI Future 20/06/2014 5 0.121,875 44.42EUROPE - (17.11%)5,309 Alken European Opportunities Fund 676 16.01676 16.01UNITED KINGDOM - (17.23%)26,380 Heronbridge UK Equity Fund 636 15.06GBP (325,068) FTSE 100 Index Future 20/06/2014 (12) (0.28)624 14.78GLOBAL - (11.05%)261,320 PFS Somerset Global Emerging Markets Fund 453 10.73453 10.73JAPAN - (7.66%)293,826 Baring Japan Growth Trust 342 8.10342 8.10ASIA PACIFIC EX-JAPAN - (4.78%)142,711 JO Hambro Asia ex-Japan Fund 193 4.57193 4.57Portfolio of investments 4,163 98.61Cash and other net assets/(liabilities) 60 1.39Net assets 4,223 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.129

FIDELITY WEALTHBUILDER FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %UNITED STATES - (22.52%)920,267 FAST - US Fund 66,248 8.095,936,533 Fidelity Funds - American Growth Fund 45,683 5.584,191,062 Fidelity American Special Situations Fund 36,948 4.518,481,865 Fidelity Genesis Fund 34,309 4.19764,387 Fidelity American Fund 17,841 2.18583,107 SPDR S&P US Dividend Aristocrats Fund 12,927 1.58213,956 26.14EUROPE - (28.90%)4,377,316 Fidelity Funds - European Dividend Fund 49,121 6.004,032,851 Fidelity Funds - European Value Fund 48,407 5.91235,776 FAST - Europe Fund 40,376 4.931,125,903 Fidelity Funds - European Larger Companies Fund 35,808 4.372,807,829 Fidelity Funds - European Smaller Companies Fund 34,131 4.17207,843 25.39UNITED KINGDOM - (19.99%)440,712 FAST - UK Fund 59,795 7.301,596,668 Fidelity Special Situations Fund 40,252 4.9213,734,240 Fidelity MoneyBuilder Dividend Fund 35,256 4.3140,326,229 Fidelity MoneyBuilder Growth Fund 27,938 3.41163,241 19.94JAPAN - (9.80%)661,644 FAST - Japan Fund 34,457 4.21515,175 Fidelity Funds - Institutional Japan Fund 32,010 3.913,132,991 Fidelity Funds - Japan Smaller Companies Fund 23,510 2.8789,977 10.99ASIA PACIFIC EX-JAPAN - (8.55%)2,655,557 Fidelity Funds - Asia Pacific Dividend Fund 29,345 3.583,669,003 Fidelity South-East Asia Fund 25,577 3.12505,514 Fidelity Funds - Asian Special Situations Fund 10,558 1.2965,480 8.00EMERGING MARKETS - (7.03%)451,563 FAST - Emerging Market Fund 35,041 4.2810,584,016 Fidelity Funds - Emerging Asia Fund 11,049 1.35769,974 Fidelity Funds - Emerging Europe, Middle East & Africa Fund 6,630 0.8152,720 6.44130

FIDELITY WEALTHBUILDER FUNDPORTFOLIO STATEMENTat 30 April 2014(unaudited)PercentageHoldings/ Market value/ of totalHoldings Unrealised gain/(loss) net assetsequivalent Portfolio of investments £’000 %GLOBAL - (2.03%)10,105,271 Fidelity Funds - Global Demographic Fund 12,904 1.5841,132 FAST - Global Fund 4,169 0.5117,073 2.09LATIN AMERICA - (0.94%)292,685 Fidelity Funds - Latin America Fund 6,643 0.816,643 0.81Portfolio of investments 816,933 99.80Cash and other net assets/(liabilities) 1,646 0.20Net assets 818,579 100.00The figures in brackets represent the sector distributions at 31 October 2013.The percentage of net assets disclosed above is subject to rounding.131

FIDELITY INVESTMENT FUNDS IV INTERIM REPORT AND FINANCIALSTATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 APRIL 2014TOTAL PURCHASE AND SALES FOR THE PERIODPURCHASESSALESFUND NAME 30/04/14 30/04/13 30/04/14 30/04/13£’000 £’000 £’000 £’000Fidelity Allocator World Fund 4,718 7,154 3,230 1,458Fidelity Multi Asset Adventurous Fund 109,557 109,387 95,567 129,324Fidelity Multi Asset Allocator Adventurous Fund 5,160 8,716 3,637 2,506Fidelity Multi Asset Allocator Defensive Fund 8,343 6,476 9,460 4,681Fidelity Multi Asset Allocator Growth Fund 25,340 23,769 16,209 10,858Fidelity Multi Asset Allocator Strategic Fund 21,463 12,854 12,859 8,037Fidelity Multi Asset Balanced Income Fund* 659 - 58 -Fidelity Multi Asset Defensive Fund 15,523 16,025 17,271 16,779Fidelity Multi Asset Growth Fund 313,587 534,906 252,254 407,323Fidelity Multi Asset Income Fund 28,024 21,970 7,841 2,163Fidelity Multi Asset Income & Growth Fund* 482 - 26 -Fidelity Multi Asset Open Adventurous Fund 1,773 7,224 2,058 466Fidelity Multi Asset Open Defensive Fund 1,137 6,932 1,010 566Fidelity Multi Asset Open Growth Fund 22,613 128,803 26,337 140,506Fidelity Multi Asset Open Strategic Fund 18,765 106,713 25,209 117,180Fidelity Multi Asset Strategic Fund 351,593 305,886 330,554 337,074Fidelity Open World Fund 3,113 6,378 3,397 84Fidelity Target 2015 Fund 3,644 20,033 4,832 22,163Fidelity Target 2020 Fund 6,600 11,720 7,112 12,056Fidelity Target 2025 Fund 1,268 1,519 969 1,559Fidelity Target 2030 Fund 2,769 1,394 2,433 1,031Fidelity Undiscovered Talent Fund* 843 - - -Fidelity WealthBuilder Fund 336,968 180,772 386,497 304,028* These funds launched on 4 September 2013.132

FIDELITY INVESTMENT FUNDS IV INTERIM REPORT AND FINANCIALSTATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 APRIL 2014RISK AND REWARD PROFILESFUND SHARE CLASS SRRI*Fidelity Allocator World Fund N Accumulation Shares 6Y Accumulation Shares 6Fidelity PathFinder Foundation 5 Accumulation Shares 6Fidelity PathFinder Foundation 5 Accumulation (clean) Shares 6Fidelity Multi Asset Adventurous Fund A Accumulation Shares 5N Accumulation Shares 5Y Accumulation Shares 5Fidelity PathFinder Focused 4 Accumulation Shares 5Fidelity PathFinder Focused 4 Accumulation (clean) Shares 5Fidelity Multi Asset Allocator Adventurous Fund A Accumulation Shares 6N Accumulation Shares 6Y Accumulation Shares 6Fidelity PathFinder Foundation 4 Accumulation Shares 6Fidelity PathFinder Foundation 4 Accumulation (clean) Shares 6Fidelity Multi Asset Allocator Defensive Fund A Accumulation Shares 3Gross paying A Accumulation Shares 3N Accumulation Shares 3Gross paying N Accumulation Shares 3Y Accumulation Shares 3Gross paying Y Accumulation Shares 3Fidelity PathFinder Foundation 1 Accumulation Shares 3Gross paying Fidelity PathFinder Foundation 1 Accumulation Shares 3Fidelity PathFinder Foundation 1 Accumulation (clean) Shares 3Gross paying Fidelity PathFinder Foundation 1 Accumulation(clean) Shares 3Fidelity Multi Asset Allocator Growth Fund A Accumulation Shares 5N Accumulation Shares 5Y Accumulation Shares 5Fidelity PathFinder Foundation 3 Accumulation Shares 5Fidelity PathFinder Foundation 3 Accumulation (clean) Shares 5Fidelity Multi Asset Allocator Strategic Fund A Accumulation Shares 4N Accumulation Shares 4Y Accumulation Shares 4Fidelity PathFinder Foundation 2 Accumulation Shares 4Fidelity PathFinder Foundation 2 Accumulation (clean) Shares 4MoneyBuilder Asset Allocator Accumulation Shares 4Fidelity Multi Asset Balanced Income Fund N Income Shares 4Gross paying N Income Shares 4Y Income Shares 4Gross paying Y Income Shares 4Y Accumulation Shares 4Gross paying Y Accumulation Shares 4Fidelity PathFinder Income 2 Income Shares 4Gross paying Fidelity PathFinder Income 2 Income Shares 4Fidelity PathFinder Income 2 Income (clean) Shares 4Gross paying Fidelity PathFinder Income 2 Income (clean) Shares 4133

FIDELITY INVESTMENT FUNDS IV INTERIM REPORT AND FINANCIALSTATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 APRIL 2014RISK AND REWARD PROFILESFUND SHARE CLASS SRRI*Fidelity Multi Asset Defensive Fund A Accumulation Shares 3Gross paying A Accumulation Shares 3N Accumulation Shares 3Gross paying N Accumulation Shares 3Y Accumulation Shares 3Gross paying Y Accumulation Shares 3Fidelity PathFinder Focused 1 Accumulation Shares 3Gross paying Fidelity PathFinder Focused 1 Accumulation Shares 3Fidelity PathFinder Focused 1 Accumulation (clean) Shares 3Gross paying Fidelity PathFinder Focused 1 Accumulation (clean) Shares 3Fidelity Multi Asset Growth Fund A Accumulation Shares 5N Accumulation Shares 5Y Accumulation Shares 5Fidelity PathFinder Focused 3 Accumulation Shares 5Fidelity PathFinder Focused 3 Accumulation (clean) Shares 5Fidelity Multi Asset Income Fund A Income Shares 4Gross paying A Income Shares 4N Income Shares 4Gross paying N Income Shares 4Y Income Shares 4Gross paying Y Income Shares 4A Accumulation Shares 4Gross paying A Accumulation Shares 4Y Accumulation Shares 4Gross paying Y Accumulation Shares 4Fidelity PathFinder Income 1 Income Shares 4Gross paying Fidelity PathFinder Income 1 Income Shares 4Fidelity PathFinder Income 1 Income (clean) Shares 4Gross paying Fidelity PathFinder Income 1 Income (clean) Shares 4Fidelity Multi Asset Income & Growth Fund N Income Shares 5Y Income Shares 5Y Accumulation Shares 5Fidelity PathFinder Income 3 Income Shares 5Fidelity PathFinder Income 3 Income (clean) Shares 5Fidelity Multi Asset Open Adventurous Fund N Accumulation Shares 6Y Accumulation Shares 6Fidelity PathFinder Freedom 4 Accumulation Shares 6Fidelity PathFinder Freedom 4 Accumulation (clean) Shares 6Fidelity Multi Asset Open Defensive Fund N Accumulation Shares 3Gross paying N Accumulation Shares 3Y Accumulation Shares 3Gross paying Y Accumulation Shares 3Fidelity PathFinder Freedom 1 Accumulation Shares 3Gross paying Fidelity PathFinder Freedom 1 Accumulation Shares 3Fidelity PathFinder Freedom 1 Accumulation (clean) Shares 3Gross paying Fidelity PathFinder Freedom 1 Accumulation (clean) Shares 3Fidelity Multi Asset Open Growth Fund A Accumulation Shares 5N Accumulation Shares 5Y Accumulation Shares 5Fidelity PathFinder Freedom 3 Accumulation Shares 5Fidelity PathFinder Freedom 3 Accumulation (clean) Shares 5134

FIDELITY INVESTMENT FUNDS IV INTERIM REPORT AND FINANCIALSTATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 APRIL 2014RISK AND REWARD PROFILESFUND SHARE CLASS SRRI*Fidelity Multi Asset Open Strategic Fund A Income Shares 4Y Income Shares 4A Accumulation Shares 4N Accumulation Shares 4Y Accumulation Shares 4Fidelity PathFinder Freedom 2 Accumulation Shares 4Fidelity PathFinder Freedom 2 Accumulation (clean) Shares 4Fidelity Multi Asset Strategic Fund A Accumulation Shares 4N Accumulation Shares 4Y Accumulation Shares 4Fidelity PathFinder Focused 2 Accumulation Shares 4Fidelity PathFinder Focused 2 Accumulation (clean) Shares 4Fidelity Open World Fund A Accumulation Shares 6N Accumulation Shares 6Y Accumulation Shares 6Fidelity PathFinder Freedom 5 Accumulation Shares 6Fidelity PathFinder Freedom 5 Accumulation (clean) Shares 6Fidelity Target 2015 Fund A Accumulation Shares 3Gross paying A Accumulation Shares 4Fidelity Target 2020 Fund A Accumulation Shares 5Fidelity Target 2025 Fund A Accumulation Shares 5Fidelity Target 2030 Fund A Accumulation Shares 6Fidelity Undiscovered Talent Fund Y Accumulation Shares 6Fidelity WealthBuilder Fund A Accumulation Shares 6N Accumulation Shares 6Y Accumulation Shares 6Fidelity PathFinder Focused 5 Accumulation Shares 6Fidelity PathFinder Focused 5 Accumulation (clean) Shares 6*The synthetic risk and reward indicator (SRRI) is explained in the table below:Lower riskTypically lower rewardsHigher riskTypically higher rewards1 2 3 4 5 6 7• The risk category was calculated using historical volatility data, based upon the methods set by European Union rules. Volatility is influenced bychanges in the stock market prices, currencies and interest rates which can be affected unpredictably by diverse factors including political andeconomic events.• The risk category may not be a reliable indication of the future risk profile of the fund.• The risk category shown is not guaranteed and may shift over time.• The lowest category does not mean ‘risk free’.For fund specific risks, please refer to the latest Key Investor Information document.135

FIDELITY INVESTMENT FUNDS IV INTERIM REPORT AND FINANCIALSTATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 APRIL 2014FURTHER INFORMATION• Stamp Duty Reserve Tax (SDRT)HM revenue and Customs introduced legislation in Schedule 19 of the Finance Act 1999 as a result of which the Company may become liable to a SDRT chargeon the redemption of shares by investors. The maximum liability will be 0.5% of the value of the redemptions. As permitted by FCA regulations, any SDRT arisingunder the regime will be charged to the capital account of the relevant fund.As announced in Budget 2013, legislation will be introduced to abolish this special Stamp Duty Reserve Tax change on collective investment schemes inSchedule 19 Finance Act 1999. The charge will be abolished with effect from 30 March 2014.• All Fidelity employees are subject to a Code of Ethics which, among other things, sets out procedures for personal account dealings in securities. Theseprocedures, which are rigorously monitored, are designed to ensure that there is no conflict between personal account dealing by Fidelity staff and the interestsof 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 bereported to the Compliance Department. Individuals are required to use 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 notdeal 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 Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN119DZ, United Kingdom.Shareholders may obtain copies of the above documents, including long form accounts, free of charge from the same address or alternatively from our websitewww.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 subjectto 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, Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ quoting yourname, address and account number or client reference number.FIL Limited and its respective subsidiaries form the global investment management organisation that is commonly referred to as Fidelity WorldwideInvestment. Fidelity Worldwide Investment only gives information on its products and does not provide investment advice based on individualcircumstances.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 isyour responsibility to ensure that any service, security, investment, fund or product outlined is available in your jurisdiction before any approach is maderegarding that service, security, investment, fund or product. This document may not be reproduced or circulated without prior permission and must notbe 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 backthe original amount invested. Unless otherwise stated all products are provided by Fidelity Worldwide Investment, and all views expressed are those ofFidelity Worldwide Investment.Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited.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 Worldwide Investment group of companies and is registered in England and Walesunder the company number 2016555. The registered office of the company is Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN119DZ, United Kingdom. FIL Investment Management Limited VAT group identification number is 395 3090 35.SFR1855136

Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and symbol are trademarks of FIL Limited