Fidelity mutual fund investors approve proposals to change investment
objectives of Fidelity Income Trust Fund and Fidelity Monthly High Income
Fund

- Fidelity also announces changes to the investment strategies of Fidelity Monthly Income Fund, the Fidelity Dividend Fund, and the Fidelity Dividend Class -

TORONTO, July 15 /CNW/ - Fidelity Investments Canada ULC announced today that mutual fund investors have voted in favour of the proposals to change the investment objectives of Fidelity Income Trust Fund and Fidelity Monthly High Income Fund. These proposals are the result of expected changes to the tax rules for income trusts that are scheduled to take effect on January 1, 2011.

Fidelity will be filing amendments to the Simplified Prospectus of each of these funds to reflect the new investment objectives and changes to investment strategies. The new investment objectives will be effective July 19, 2010.

To better reflect their new investment objectives, the funds will be renamed effective July 19, 2010. Fidelity Income Trust Fund will be renamed Fidelity Dividend Plus Fund. Fidelity Monthly High Income Fund will be renamed Fidelity Income Allocation Fund.

Fidelity also announced that it will be lowering the management and trailer fees of the Fidelity Income Allocation Fund to reflect its higher exposure to fixed income securities under its new investment objective.

    
    New Management Fees for Fidelity Income Allocation Fund:
    --------------------------------------------------------
    -   The management fee for the Series B/S5/S8 ISC will change from 1.70%
        to 1.40%.
    -   The management fee for Series A/T5/T8/DSC/LL/LL2 will change from
        1.85% to 1.55%.
    -   The management fee for Series F/F5/F8 will change from 0.70% to
        0.65%.

    New Trailer Fees for Fidelity Income Allocation Fund:
    -----------------------------------------------------
    -   The trailer fee for Series B/S8/ISC and Series A/T5/T8/LL will change
        from 1.00% to 0.75%.
    -   For Series A/T5/T8/DSC/LL2, it will change from 0.50% to 0.375%.
    -   Trailer fees are included in the management fees cited above.

    These changes to fees are effective July 19, 2010.
    

As a consequence of the changes in the investment objective of the Fidelity Income Trust Fund (to be renamed Fidelity Dividend Plus Fund as of July 19, 2010), Fidelity will also file Prospectus amendments for the Fidelity Monthly Income Fund, the Fidelity Dividend Fund, and the Fidelity Dividend Class. Each of these funds invest approximately 20% of their assets in the Fidelity Income Trust Fund. The funds will continue to invest in Fidelity Dividend Plus Fund under its new investment objective in similar proportions. The change in the investment strategies reflects the now broader investment objective of the Fidelity Dividend Plus Fund.

About Fidelity Investments

Fidelity Investments Canada ULC is the country's sixth largest mutual fund company and part of the Fidelity Investments organization of Boston, one of the world's largest providers of financial services. In Canada, Fidelity manages over $54 billion in mutual fund and institutional assets. This includes $10 billion in assets for institutional clients including public and corporate defined benefit pension plans, endowments, foundations and other corporate assets on behalf of clients across Canada.

Fidelity Canada provides Canadian investors a full range of domestic, international and income oriented mutual funds. Fidelity funds are available through a number of advice-based distribution channels including financial planners, investment dealers, banks, and insurance companies. Fidelity is a proud supporter of the Boys and Girls Clubs of Canada and we are dedicated to helping young Canadians realize their full potential as productive, responsible and caring citizens.

For further information: Chris Pepper, Director, Corporate Affairs, Office: 416-307-5388, Mobile: [phone], Email: [email protected]