Fidelity Special Situations Fund

Investment Strategy

Fidelity Special Situations Fund aims to provide superior long-term returns by investing primarily in Canadian and U.S. small- and mid-cap equities. The Fund has the freedom to invest in any stock including foreign equities where opportunities warrant.

Performance

Annual compound performance – as at 31-Jul-2010

  Fund Morningstar
Quartile*		 Benchmark
1 month 2.01% 3 4.28%
3 month -7.86% 3 -3.85%
6 month 2.60% 2 6.24%
1 year 18.17% 3 25.22%
2 year 2.80% 1 0.28%
3 year 7.74% 1 -3.16%
5 year — — —
7 year — — —
10 year — — —
YTD -1.72% 3 4.20%
Since Inception 11.06% — —

Calendar year performance – as at 31-Jul-2010

Growth of $10,000 since inception – as at 30-Jun-2010

Fund risk measures – as at 31-Jul-2010
  Fund Benchmark
Annual Standard Deviation 23.77 19.23
Beta 1.08 —
R² 0.77 —

Risk measures are based on 3-year net returns (series B). (All returns are calculated in Canadian currency.)

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.

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Fund facts

NAVPU – Series B

$14.17 – as at 01-Sep-2010

Fund inception date

18-Apr-2007

Fund benchmark

Blended Index**

Fund aggregate assets (all available series)

$287.2 million
as at 31-Jul-2010

Management expense ratio - Series B

2.27% – as at 31-Dec-2009

Quarterly Top Ten Holdings
Apple Computers & Peripherals
Canadian National Railway Road & Rail
Intact Financial Insurance
NORBORD INC Paper & Forest Products
OPEN TEXT CORPORATION Internet Software & Services
Cineplex Galaxy Income Fund Media
CGI, Cl. A, Sub Vtg IT Services
Silver Wheaton Metals & Mining
AMERICAN TOWER CORP CL A Wireless Telecom Services
CREE INC Semiconductors & Semiconductor Equipment
Top 10 holdings aggregate 27.0%
Total number of holdings 102
Allocation

Asset mix

Sector mix

Country mix

Footnotes and disclosures

* ©2010 Morningstar Research Inc. All rights reserved. For greater detail see www.morningstar.ca. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any changes or losses arising from any use of this information.

**The blended index is 70% S&P/TSX Completion Index and 30% Russell 2500 Index.

 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.

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