Fidelity American High Yield Fund

Investment Strategy

Fidelity American High Yield Fund relies on Fidelity's fundamental "bottom up" research, which results in diversification and enhanced return potential.

Performance

Annual compound performance – as at 31-Dec-2011

  Fund Morningstar
Quartile*		 Benchmark
1 month 2.23% 2 2.63%
3 month 2.15% 3 3.76%
6 month 3.69% 1 4.94%
1 year 4.83% 1 6.95%
2 year 5.77% 4 8.00%
3 year 11.97% 3 16.13%
5 year 3.03% 3 4.71%
7 year 3.23% 3 4.83%
10 year 2.25% 4 3.82%
YTD 4.83% 1 6.95%
Since Inception 4.48% — 5.78%

Calendar year performance – as at 31-Dec-2011

Growth of $10,000 since inception – as at 31-Jan-2012

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

$6.97 – as at 07-Feb-2012

Fund inception date

07-Feb-1994

Fund benchmark

Merrill Lynch U.S. High Yield Master II Constrained Index

Fund aggregate assets (all series)

$1.319 billion
as at 31-Jan-2012

Management expense ratio - Series B

1.92% – as at 30-Jun-2011

Fund investment objective change

13-Sep-1999

Quarterly Top Ten Holdings
CIT Group  
CIT Group 7%, 5/2/17  
HCA HLDGS INC 7.75% 5/15/21  
International Lease Finance Corp.  
NEXTEL COMM 6.875% SER E 10/13  
Ford Motor Credit  
Clearwire 12%, 12/15  
GMAC  
TXU ENERGY TERM B EXT 10/10/17  
Nextel Communications  
GMAC 8%, 11/01/31  
Energy Future Holdings 10%, 1/15/20  
CIT Group 7%, 5/04/15  
Asurion 5/24/18  
Vodafone 6.25%, 6/24/16  
Total number of holdings 521
Top 10 holdings aggregate 10.8%
Aggregate of top issuers 13.8%
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 September 27, 1999, the Fund was named Fidelity Emerging Markets Bond Fund and its objective was to invest in emerging markets debt.

**Prior to January 1, 2006 the Fund’s benchmark was the Merrill Lynch U.S. High Yield Master II 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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