Alert Products Affected Impact

Fund Manager Fidelity Investments Canada Limited

Date September 2009

Alert Fidelity has announced that Stephen Binder has made the personal decision to step down as portfolio manager with Team Canada. Mr. Binder will remain with Team Canada until November 1, 2009. Darren Lekkerkerker, Maxime Lemieux and Daniel Dupont will assume full management of equity portfolios and sub-portfolios of the asset-allocation funds currently co-managed by Mr. Binder. All are long-standing members of Team Canada, who have worked closely with Mr. Binder for a number of years.

Products Affected Manulife Fidelity Canadian Balanced (GIF, GIFencore, GIF Select) Manulife Fidelity True North (GIF, GIFencore, GIF Select, Innovision) Manulife Fidelity Monthly Income (GIF, GIFencore, GIF Select, Innovision)

Impact

Manulife Fidelity Canadian Balanced Fund

Effective November 1, 2009, Darren Lekkerkerker will assume portfolio management responsibility for the portion of the equity sub-portfolio within the Fidelity Canadian Balanced Fund currently managed by Stephen Binder. Mr. Lekkerkerker has worked closely with Mr. Binder as an assistant and co-portfolio manager since 2007, and has been responsible for an independent equity sub-portfolio within the Fidelity Canadian Balanced Fund since February 2, 2009. Mr. Lekkerkerker has been a member of Team Canada since 2004. In addition to managing an equity portion of the Fidelity Canadian Balanced Fund, Mr. Lekkerkerker also co-manages the Fidelity Global Natural Resources Fund. During his tenure with Team Canada, he also managed a number of industry-specific portfolios within the Fidelity Canadian Disciplined Equity Fund.

Under Mr. Lekkerkerker’s management, the Fund will continue to leverage Fidelity’s bottom-up fundamental research, generated primarily by Team Canada, to drive alpha through stock selection. However, he maintains a slightly more concentrated portfolio in fewer individual positions and tends to have slightly smaller sector bets relative to the benchmark.

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Maxime Lemieux, long-time member of Team Canada has been assigned to Fidelity True North® Fund, succeeding Stephen Binder. Mr. Lemieux joined Fidelity in 1996 as a research associate on Team Canada and through the years has managed a number of Fidelity's successful equity mutual funds. Mr. Lemieux and Mr. Binder will work closely during the transition period which will conclude on November 1, 2009. Mr. Lemieux along with portfolio managers Daniel Dupont and Hugo Lavallée are moving from Fidelity’s Boston office to their newly opened Montreal office.

Under Mr. Maxime’s management, the Fund will continue to leverage Fidelity’s bottom-up fundamental research, generated primarily by Team Canada, to drive alpha through stock selection. However, his investment style has a greater emphasis on managing absolute return and downside risk. As Mr. Maxime’s portfolio construction philosophy is relatively insensitive to benchmark composition, the portfolio may have a slightly lower weighted average market capitalization and wider sector deviations compared to the benchmark.

Manulife Fidelity Monthly Income Fund Effective November 1, 2009, Daniel Dupont will assume portfolio management responsibility for the portion of the equity sub-portfolios in the Fidelity Monthly Income Fund and Fidelity Monthly High Income Fund currently managed by Stephen Binder. Mr. Dupont has worked closely with Mr. Binder as co-portfolio manager on the Fidelity Monthly Income Fund and assistant portfolio manager on the Fidelity Monthly High Income Fund since 2007. He has been responsible for an independent equity sub-portfolio within the Funds since January 2, 2009. Mr. Dupont joined Team Canada in 2001 and has managed a number of industry-specific portfolios within the Fidelity Canadian Disciplined Equity Fund.

Under Mr. Dupont’s management, the Fund will continue to leverage Fidelity’s bottom-up fundamental research, generated primarily by Team Canada, to drive alpha through stock selection. However, Mr. Dupont’s investment style has a distinct value bias while Mr. Binder has a “growth at a reasonable price” style. His investment approach may result in a higher concentrated portfolio and the foreign content limit has been increased to a maximum of 30% from 10% under Mr. Binder’s management.

Closing Remarks

Given the significance of this announcement, we will be monitoring the transition closely and will be meeting with the new portfolio managers of the Funds in the near future.