Fidelity True North® Fund

Investment Strategy

Fidelity True North® Fund delivers superior long-term growth potential through its freedom to pursue opportunities throughout the Canadian market.

Performance

Annual compound performance – as at 31-Dec-2011

  Fund Morningstar
Quartile*		 Benchmark
1 month -1.31% 2 -1.70%
3 month 2.60% 4 3.59%
6 month -7.59% 1 -8.86%
1 year -8.37% 1 -8.71%
2 year 1.45% 2 3.62%
3 year 10.26% 3 13.18%
5 year -0.27% 2 1.30%
7 year 5.22% 2 6.49%
10 year 5.51% 2 7.03%
YTD -8.37% 1 -8.71%
Since Inception 8.37% — 8.86%

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 13.96 15.01
Beta 0.92 —
R² 0.98 —

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

$28.09 – as at 03-Feb-2012

Fund inception date

23-Sep-1996

Fund benchmark

S&P/TSX Capped Composite Index

Fund aggregate assets (all series)

$4.546 billion
as at 31-Jan-2012

Management expense ratio - Series B

2.28% – as at 30-Jun-2011

Quarterly Top Ten Holdings
Toronto-Dominion Bank  
Shoppers Drug Mart  
Suncor Energy  
Canadian National Railway  
Barrick Gold  
Power Corporation of Canada, Sub Vtg  
Bank of Montreal  
CGI, Cl. A, Sub Vtg  
Rogers Communication, Cl. B, Non Vtg  
Potash Corp. of Saskatchewan  
Total number of holdings 93
Top 10 holdings aggregate 31.3%
Allocation to funds

Asset mix

Sector 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.

**Prior to May 1, 2002, the benchmark was a blend of the TSE 300 Index and the TSE 300 Capped Index. Prior to May 1, 2000, the Fund’s benchmark was the TSE 300 Index.

†Contains foreign equities as a percentage of total portfolio.

 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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