Fidelity European Multi Asset Income Fund

<p>Objective: The fund aims to provide income over time. Investment Policy: The fund invests at least 70% of its assets in equities and debt securities of issuers that are listed, headquartered, or do most of their business in Europe, and European governments. The fund may invest in the following assets according to the percentages indicated: </p><ul class='list'><li>European investment grade bonds: up to 70% <li>European below investment grade bonds: up to 50% <li>European equities: up to 50% <li>European government bonds: up to 50% <li>China A and B shares and listed onshore bonds (directly and/or indirectly): less than 10% (in aggregate) <li>hybrids and contingent convertible (CoCo) bonds: less than 30%, with less than 20% in CoCos <li>alternative investments, such as infrastructure securities and REITs: up to 20% <li>non-European investments (including equities, government bonds, investment or below Investment grade bonds, emerging market debt or eligible alternative investments): up to 20% <li>money market instruments: up to 25% <li>SPACs: less than 5% The fund’s exposure to distressed securities is limited to 10% of its assets. Investment Process: In actively managing the fund, the Investment Manager combines macroeconomic, market and fundamental company analysis to flexibly allocate investments across asset classes and geographic areas based on their potential to generate income. It considers ESG characteristics when assessing investment risks and opportunities. In determining ESG characteristics, the Investment Manager takes into account ESG ratings provided by Fidelity or external agencies. Through the investment management process, the Investment Manager aims to ensure that investee companies follow good governance practices. A minimum of 70% of the fund’s assets will adhere to specific multi asset ESG criteria. For more information, see “Sustainable Investing and ESG Integration” and the Sustainability Annex. Derivatives and Techniques: The fund may use derivatives for hedging, efficient portfolio management and investment purposes. Benchmark: None.</ul>