The Fund’s investment objective is to achieve long term capital growth for investors to 2015. The Fund will move increasingly to an asset allocation appropriate to achieve a combination of income and long term capital growth as the year 2015 is approached. In 2015 the Fund will merge into the Fidelity Retirement Income Fund Accumulation Share Class. It invests in a wide range of investments covering markets throughout the world and providing exposure to bonds, company shares, index based commodity derivatives, property and cash. The Fund will invest primarily in funds, including those managed by Fidelity. It may also invest directly in transferable securities (which includes company shares and bonds), money market instruments, cash and deposits and has the freedom to invest outside the fund’s principal geographies, market sectors, industries or asset classes. The fund can invest in bonds issued by governments, companies and other bodies and can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund’s risk profile. May also make extensive use of derivatives including more complex instruments or strategies to achieve the investment objective and these may result in leverage. In such situations performance may rise or fall more than it would have done otherwise, reflecting such additional exposure.

United Kingdom

GBX 0.35m as at 31-Jan-2013