Data through March 31, 2024 FINRA members: For internal or institutional use only. Fidelity Multi-Asset Income Ticker FMSDX Yield 4.0% Total Assets $2,482 mil Mstar Category Moderately Conservative Allocation Benchmark 1: Morningstar Mod Con Tgt Risk TR USD Benchmark 2: Morningstar Mod Tgt Risk TR USD Morningstar Medalist Rating™ „ Analyst-Driven % 55.00% Data Coverage % 98.00% Morningstar Pillars Process 02-29-24 Above Average Q People 02-29-24 High Parent 02-29-24 Above Average Morningstar Medalist Rating™ Morningstar Medalist Ratings/Pillar Scores are assigned based on (1) an analyst’s qualitative assessment, either directly or indirectly or (2) using algorithmic techniques intended to be similar to those an analyst might assign if he/she had covered the vehicle. Investment vehicles are evaluated on three key pillars. Qualitative investment research is produced and issued by subsidiaries of Morningstar, Inc. Quantitatively- driven analysis is generated using mental models meant to mirror analyst-driven written analysis. The Medalist Rating Spectrum includes Gold, Silver, Bronze, Neutral and Negative. The Pillar Rating Spectrum includes Low, Below Average, Average, Above Average and High. 10.0 12.0 14.0 16.0 Historical Profile Return Risk Rating High High QQQQQ Highest 1 4 1 1 1 5 4 4 Investment Style Equity Growth of $10,000 Investment Values of Fund Investment Values of Benchmark 1 & & & * & & Performance Quartile (within Category) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 History 9.81 11.72 13.15 14.98 12.49 13.36 13.83 NAV 23.14 16.55 17.80 -12.82 11.73 4.54 Total Return % 7.88 4.69 11.43 1.03 0.84 2.03 +/- Bmark 1 4.11 3.73 7.61 1.95 -1.49 0.63 +/- Bmark 2 3.35 3.74 3.46 3.31 4.62 1.00 Income Return % 19.79 12.81 14.34 -16.14 7.11 3.54 Capital Return % 1 8 15 31 22 11 Total Rtn % Rank Cat 0.22 0.32 0.43 0.45 0.48 0.57 0.13 Income $ 0.05 0.01 0.02 0.04 0.10 0.00 0.00 Capital Gains $ 1.05 0.94 0.85 0.74 0.73 0.73 Expense Ratio % 2.17 2.94 3.53 2.63 3.62 4.36 Income Ratio % 367 298 308 150 256 175 Turnover Rate % 6 60 207 1,121 911 1,046 1,108 Net Assets $mil Performance 03-31-24 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 2020 -10.94 11.14 6.55 10.51 16.55 2021 7.08 5.63 -0.49 4.66 17.80 2022 -1.67 -13.88 -1.38 4.39 -12.82 2023 6.24 0.83 -2.43 6.90 11.73 2024 4.54 — — — — Trailing Total Return% +/- Bmark 1 +/- Bmark 2 %Rank Cat Growth of $10,000 3 Mo 4.54 2.02 0.63 11 10,454 6 Mo 11.76 0.67 -2.03 27 11,176 1 Yr 9.95 0.53 -2.83 51 10,995 3 Yr Avg 3.85 2.58 1.21 10 11,201 5 Yr Avg 9.80 5.10 3.38 1 15,960 10 Yr Avg — — — — — 15 Yr Avg — — — — — Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 2.84 5 0.97 15 5 Yr (estimated) 8.79 1 0.92 15 10 Yr (estimated) — — — — Potential Capital Gain Exposure: -3% of assets Rating and Risk Time Period Load-Adj Return % Morningstar Rtn vs Cat Morningstar Risk vs Cat Morningstar Risk-Adj Rating 1 Yr 9.95 3 Yr 3.85 High +Avg QQQQQ 5 Yr 9.80 High High QQQQQ 10 Yr — — — — Incept 9.55 Other Measures Standard Index Best Fit Index Alpha 1.0 0.8 Beta 0.78 0.68 R-Squared 88 91 Standard Deviation 10.33 Mean 3.85 Sharpe Ratio 0.14 Portfolio Analysis 01-31-24 Total Stocks: 192 Share change since 12-31-23 Sector YTD Ret % % Assets T DHT Holdings Inc Energy 19.47 2.74 Y Microsoft Corp Technology 12.08 2.45 T Amazon.com Inc Cnsmr Cyc 18.72 1.64 T Fidelity Direct Lending F — — 1.06 Y NVIDIA Corp Technology 82.46 1.04 T Frontline Plc Energy 18.45 0.98 Y Alphabet Inc Class A Comm Svcs 8.05 0.97 Y Apple Inc Technology -10.81 0.85 T Scorpio Tankers Inc Energy — 0.82 Total Fixed Income: 80 Date of Maturity Amount 000 Value $000 % Assets United States Treasury 04-30-30 280,851 274,356 11.54 United States Treasury 07-31-28 204,884 206,829 8.70 United States Treasury 02-15-43 205,843 193,774 8.15 United States Treasury 11-15-32 185,334 187,767 7.90 GREAT OUTDOORS TM B2 1L 03-05-28 28,750 28,647 1.20 Petroleos Mexicanos 6.9 01-28-60 38,930 24,857 1.05 Uber Technologies Inc 7 09-15-27 19,275 19,693 0.83 Microstrategy Incorpora 06-15-28 18,150 17,316 0.73 Charter Communications 04-01-51 21,506 13,722 0.58 Equity Style Style: Blend Size: Large-Cap Fixed-Income Style Duration: Limited Quality: Medium Value Measures Rel Category Price/Earnings 14.13 0.86 Price/Book 2.40 0.95 Price/Sales 1.46 0.85 Price/Cash Flow 7.24 0.70 Dividend Yield % 4.69 1.81 Growth Measures % Rel Category Long-Term Erngs 8.95 0.87 Book Value 4.42 0.88 Sales 7.16 0.81 Cash Flow 11.54 1.58 Historical Erngs 10.96 1.01 Market Cap % Giant 32.3 Small 9.2 Large 23.2 Micro 12.8 Mid 22.6 Avg $mil: 56,480 Composition - Net Avg Eff Duration 1 3.1 Avg Eff Maturity — Avg Credit Quality BB Avg Wtd Coupon 5.03% 1 figure provided by fund as of 01-31-24 Sector Weightings % of Stocks Rel Bmark 1 h Cyclical 21.60 0.56 r BasicMat 3.80 0.78 t CnsmrCyc 11.98 1.09 y FinanSvcs 3.17 0.19 u Real Est 2.65 0.46 j Sensitive 58.43 1.42 i CommSrvs 8.49 1.43 o Energy 22.20 4.26 p Industrl 9.12 0.73 a Technlgy 18.62 1.05 k Defensive 19.97 0.98 s CnsmrDef 5.26 0.82 d Hlthcare 13.22 1.20 f Utilities 1.49 0.52 Morningstar's Take by Morningstar Manager Research 02-29-24 A strong management team and sound investment process underpin Fidelity Multi-Asset Income's Morningstar Medalist Rating of Silver. The strategy charges fees in line with its similarly distributed peers, priced within the middle quintile. The strategy’s management team earns a High People Pillar rating. The strategy's investment approach stands out and earns an Above Average Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained a significant overweight position in the North America region and the energy sector compared with category peers. The strategy's parent organization earns the firm an Above Average Parent Pillar rating. People Pillar and Parent Pillar ratings for this strategy are indirectly assigned by a Morningstar analyst rather than algorithmically derived. Please see the notes following each pillar section for more details. The details of assigning methods can be found in each pillar section. Address: Fidelity School Street Trust Minimum Purchase: $0 Add: — IRA: — Boston, MA 02109 Min Auto Inv Plan: — Add: — 800-544-8544 Sales Fees: No-load Web Address: www.institutional.fidelity.com Management Fee: 0.45% Inception: 03-28-18 Actual Fees: Mgt:0.68% Dist:— Advisor: Fidelity Management & Research Company LLC Expense Projections: 3Yr:$255 5Yr:$444 10Yr:$990 Subadvisor: FMR Investment Management (U.K.) Limited Income Distribution: Monthly ©2024 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. For Important Disclosures please visit: https://global.morningstar.com/managerdisclosures ß ® Mutual Funds A Data through March 31, 2024 FINRA members: For internal or institutional use only. Fidelity Multi-Asset Income Ticker FMSDX Yield 4.0% Total Assets $2,482 mil Mstar Category Moderately Conservative Allocation Cash 0.3 Stocks 39.0 Bonds 53.4 Other 7.2 Foreign 15.0 (% of Stock) ©2024 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. For Important Disclosures please visit: https://global.morningstar.com/managerdisclosures ß ® Mutual Funds A