Fidelity Monthly Income Class

Investment Strategy

Fidelity Monthly Income Class aims to achieve a combination of a steady flow of income and the potential for capital gains. It invests, either directly or through investments in units of other funds, primarily in a mix of equity and fixed income securities. This may include real estate investment trusts as well as high yield securities and other lower quality debt securities, emerging market debt securities and lower quality commercial mortgage-backed securities. The Fund may invest up to approximately 49% of its assets in foreign securities.

Performance

Performance cannot be shown until one year after the Fund's inception.

Volatility meter

The volatility meter uses methodology recommended by the Fund Risk Classification Task Force of the Investment Funds Institute of Canada. The Task Force prescribes risk assessment based on historical volatility risk as measured by the standard deviation of fund performance. The Task Force also acknowledges that other types of measurable and nonmeasurable risk may exist. The Task Force reminds investors that historical performance may not be indicative of future returns and a fund’s historical volatility may not be indicative of future volatility.

Allocation to funds

Asset mix

Sector mix

View other Fidelity funds in this category:

Fund facts

NAVPU – Series B

$10.49 – as at 18-May-2012

Fund inception date

28-Sep-2011

Fund benchmark

Blended index**

Fund aggregate assets (all series)

$425.1 million
as at 30-Apr-2012

Management expense ratio - Series B

2.09% – as at 30-Nov-2011

Quarterly Top Ten Holdings
Shoppers Drug Mart  
Goodrich  
Fairfax Financial Holdings, Sub Vtg  
Rogers Communication, Cl. B, Non Vtg  
Industrial Alliance  
BP  
Vivendi  
AstraZeneca  
Hewlett-Packard  
Toronto-Dominion Bank  
Total number of holdings 1,968
Total equity holdings 207
Total bond holdings 1,751
Top 10 holdings aggregate 14.8%
Footnotes and disclosures

**The blended index is 30% MSCI Canada Value Capped Index, 38% DEX Universe Bond Index, 20% blend of four S&P/TSX industry groups (telecommunication services, utilities, oil and gas storage and transportation, and REIT (market capitalization weighted)), and 12% BofA ML U.S. High Yield Master II Constrained Index.

‡The U.S. high-yield portion of the Fund will be affected by changes in the exchange rate between Canadian and U.S. dollars. We may use derivatives in order to seek to eliminate, or “hedge” against, the effects of such changes.

†Percentage of equity holdings.

 The indicated rates of return are the historical annual compounded total returns including changes in unit value and the reinvestment of all distributions and do not take into account sales, redemption, distribution, optional charges, or income taxes payable by any securityholder that would have reduced returns.

595145.1.0