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-Dec-2011

  Fund Morningstar
Quartile*		 Benchmark
1 month -0.26% 2 -1.06%
3 month 2.86% 3 7.41%
6 month -12.36% 3 -6.10%
1 year -15.84% 3 -5.58%
2 year 2.57% 2 9.63%
3 year 19.28% 2 18.33%
5 year — — —
7 year — — —
10 year — — —
YTD -15.84% 3 -5.58%
Since Inception 9.17% — 0.41%

Calendar year performance – as at 31-Dec-2011

Growth of $10,000 since inception – as at 31-Oct-2011

Fund risk measures – as at 31-Dec-2011
  Fund Benchmark
Annual Standard Deviation 16.76 14.69
Beta 1.03 —
R² 0.82 —

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.

View other Fidelity funds in this category:

Lipper Fund Awards

Fund facts

NAVPU – Series B

$16.02 – as at 03-Feb-2012

Fund inception date

18-Apr-2007

Fund benchmark

Blended Index**

Fund aggregate assets (all series)

$449.3 million
as at 31-Jan-2012

Management expense ratio - Series B

2.28% – as at 30-Jun-2011

Quarterly Top Ten Holdings
CGI, Cl. A, Sub Vtg  
TIM HORTONS INC (CANA)  
Loblaw  
Goodrich  
Manulife  
Microsoft  
Alimentation Couche-Tard, Cl. B, Sub Vtg  
MOTOROLA MOBILITY HOLDINGS I  
Wal-Mart  
EMPIRE CO LTD NON-VTG CL A  
Total number of holdings 90
Top 10 holdings aggregate 37.8%
Allocation to funds

Asset mix

Sector mix

Country mix

Footnotes and disclosures

* ©2011 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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