May 17, 2018
IN THE MATTER OF THE SECURITIES LEGISLATION OF ONTARIO (the Jurisdiction)
AND
IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF FIDELITY INVESTMENTS CANADA ULC (the Filer)
AND
IN THE MATTER OF THE FUNDS LISTED IN SCHEDULE “A” HERETO (the PIP Trusts) AND THE FUNDS LISTED IN SCHEDULE “B” HERETO (the October 2017 Funds and together with the PIP Trusts, the Funds and each a Fund)
DECISION
Background
The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Funds for a decision under the securities legislation of the Jurisdiction (the Legislation) that the time limits for the renewal of each simplified prospectus, fund facts and annual information form of the Funds (each, a Renewal Prospectus) be extended to those time limits that would apply if the lapse date were October 27, 2018 (the Requested Relief).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):
(a) the Ontario Securities Commission is the principal regulator for this application; and
(b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in all of the provinces and territories of Canada other than the Jurisdiction (collectively, with the Jurisdiction, the Jurisdictions).
Interpretation
Defined terms contained in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined.
Representations
This decision is based on the following facts represented by the Filer:
The Filer is a corporation amalgamated under the laws of Alberta and has its head office in Toronto, Ontario.
The Filer is registered as follows: (i) as a portfolio manager and mutual fund dealer in each of the Jurisdictions; (ii) as an investment fund manager in Ontario, Quebec, and Newfoundland and Labrador; and (iii) as a commodity trading manager under the Commodity Futures Act (Ontario).
Each of the Funds was established under and is governed by the laws of the Province of Ontario as a mutual fund trust, and is a reporting issuer as defined in the securities legislation of each of the Jurisdictions.
Neither the Filer nor any of the Funds is in default of securities legislation in any of the Jurisdictions.
The PIP Trusts currently distribute securities in the Jurisdictions under a simplified prospectus dated September 29, 2017, as amended December 1, 2017 and April 13, 2018 (the PIP Prospectus).
The October 2017 Funds currently distribute securities in the Jurisdictions under two separate simplified prospectuses each dated October 13, 2017 (the October 2017 Prospectuses).
The lapse date of the PIP Prospectus under the Legislation is September 29, 2018 and the lapse dates of the October 2017 Prospectuses under the Legislation is October 13, 2018.
Under the Legislation, the distribution of securities of each Fund would have to cease on its current lapse date unless: (i) the Funds file a pro forma simplified prospectus at least 30 days prior to its current lapse date; (ii) the final simplified prospectus is filed no later than 10 days after its current lapse date; and (iii) a receipt for the final simplified prospectus is obtained within 20 days after its current lapse date.
The Filer is the trustee and manager of the Funds and approximately 105 mutual funds (the Affiliated Funds) that currently distribute their securities to the public under a simplified prospectus, fund facts and annual information form (filed on SEDAR under Project No. 02675619), that has October 27, 2018 as its lapse date under the Legislation.
If the Requested Relief is not granted, it will be necessary to renew the simplified prospectuses and associated documents of the Funds twice within a short period of time in order to consolidate the simplified prospectuses of the Funds with the simplified prospectus of the Affiliated Funds.
The Affiliated Funds share many common operational and administrative features with the Funds and combining them in the same simplified prospectus will allow investors to more easily compare the features of the Affiliated Funds and the Funds.
It would be impractical to alter and modify all the dedicated systems, procedures and resources required to prepare the renewal simplified prospectus, annual information form and fund facts for the Affiliated Funds (the Affiliated Funds Renewal Prospectus), and unreasonable to incur the costs and expenses associated therewith, so that the Affiliated Funds Renewal Prospectus can be filed earlier with any Renewal Prospectus.
The Filer may make minor changes to the features of the Affiliated Funds as part of the process of renewing the Affiliated Funds' simplified prospectus in October 2018. The ability to file each Renewal Prospectus with the Affiliated Funds Renewal Prospectus will ensure that the Filer can make the operational and administrative features of the Funds and the Affiliated Funds consistent with each other, if necessary.
There have been no material changes in the affairs of the Funds since the relevant current prospectus filings, other than as described in the amendments to the PIP Prospectus. Accordingly, each respective current simplified prospectus and fund facts for the Funds continues to provide accurate information regarding the Funds.
Given the disclosure obligations of the Funds, should any material changes occur, the current simplified prospectus and fund facts for each Fund will be amended as required in accordance with the Legislation.
New investors of the Funds will receive delivery of the most recently filed fund facts documents of the applicable Fund. The current prospectus of the applicable Fund will still be available upon request.
The Requested Relief will not affect the accuracy of the information contained in the Prospectus and therefore will not be prejudicial to the public interest.
Decision
The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.
The decision of the principal regulator under the Legislation is that the Requested Relief is granted.
“Stephen Paglia”
Stephen Paglia
Manager, Investment Funds and Structured Products
Ontario Securities Commission
App# 2018/0205
APPENDIX A – THE PIP TRUSTS
Fidelity U.S. Dividend Private Pool
Fidelity U.S. Growth and Income Private Pool
Fidelity Conservative Income Private Pool
Fidelity Premium Fixed Income Private Pool
Fidelity Premium Money Market Private Pool
Fidelity Premium Tactical Fixed Income Private Pool
Fidelity Canadian Equity Investment Trust
Fidelity Concentrated Canadian Equity Investment Trust
Fidelity U.S. Equity Investment Trust
Fidelity International Equity Investment Trust
Fidelity Global Equity Investment Trust
Fidelity Emerging Markets Debt Investment Trust
Fidelity Emerging Markets Equity Investment Trust
Fidelity Floating Rate High Income Investment Trust
Fidelity High Income Commercial Real Estate Investment Trust
Fidelity Convertible Securities Investment Trust
Fidelity U.S. Small/Mid Cap Equity Investment Trust
Fidelity Concentrated Value Investment Trust
Fidelity Global High Yield Investment Trust
Fidelity U.S. Multi-Cap Investment Trust
Fidelity International Growth Investment Trust
Fidelity U.S. Bond Investment Trust
Fidelity Insights Investment Trust
Fidelity Canadian Short Term Fixed Income Investment Trust
Fidelity Canadian Real Return Bond Index Investment Trust
Fidelity Global Bond Investment Trust
Fidelity Global Bond Currency Neutral Investment Trust
Fidelity Global Real Estate Investment Trust
Fidelity U.S. Money Market Investment Trust
Fidelity Global Credit Ex-U.S. Investment Trust
APPENDIX B – THE OCTOBER 2017 FUNDS
Fidelity Global Asset Allocation Private Pool
Fidelity Global Asset Allocation Currency Neutral Private Pool
Fidelity Global Innovators Investment Trust
Fidelity Global Concentrated Equity Currency Neutral Fund
Fidelity International Concentrated Equity Currency Neutral Fund