Fidelity Investments Canada ULC and Fidelity Inflation-Focused Fund

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- relief granted under subsection 62(5) of the Securities Act to permit extension of fund's prospectus lapse date by 60 days to facilitate consolidation with the manager's primary fund family prospectus.

Applicable Legislative Provisions

Securities Act (Ontario), R.S.O. 1990, c. S.5, as am., s. 62(5).

June 27, 2022

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 FIDELITY INFLATION-FOCUSED FUND (the Fund)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Fund for a decision under the securities legislation of the Jurisdiction (the Legislation) that the time limits for the renewal of the simplified prospectus and fund facts of the Fund dated September 13, 2021, as amended and restated on November 12, 2021 (the Current Simplified Prospectus), be extended to those time limits that would apply if the lapse date of the Current Simplified Prospectus was November 12, 2022 (the Exemption Sought).

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 each of the other provinces and territories of Canada (together with Ontario, the Jurisdictions).

Interpretation

Terms defined 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:

1. The Filer is a corporation amalgamated under the laws of Alberta and has its head office in Toronto, Ontario.

2. 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).

3. The Filer is the trustee and investment fund manager of the Fund.

4. The Fund is an open-end mutual fund trust established under the laws of the Province of Ontario, and is a reporting issuer as defined in the securities legislation of each of the Jurisdictions.

5. Neither the Filer nor the Fund is in default of securities legislation in any of the Jurisdictions.

6. The Fund currently distributes securities in the Jurisdictions under the Current Simplified Prospectus.

7. Pursuant to subsection 62(1) of the Securities Act (Ontario) (the Act), the lapse date of the Current Simplified Prospectus is September 13, 2022. Accordingly, under subsection 62(2) of the Act, the distribution of securities of the Fund would have to cease on its current lapse date unless: (i) the Fund files apro 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.

8. The Filer is the investment fund manager of certain other mutual funds as listed in Schedule "A" (the Fidelity Funds, and together with the Fund, theFunds), that currently distribute their securities under a simplified prospectus with a lapse date of November 12, 2022 (the Fidelity Funds Prospectus).

9. The Filer wishes to combine the Current Simplified Prospectus with the Fidelity Funds Prospectus in order to reduce renewal, printing and related costs of the Funds. Offering the Funds under one prospectus would facilitate the distribution of the securities of the Funds in the Jurisdictions and enable the Filer to streamline disclosure across the Filer's fund platform.

10. The Fund shares many common operational and administrative features with the Fidelity Funds and combining them in the same simplified prospectus will allow investors to more easily compare the features of the Funds.

11. It would be impractical to alter and modify all the dedicated systems, procedures and resources required to prepare the renewal simplified prospectus and fund facts for the Fidelity Funds (the Fidelity Funds Renewal Prospectus Documents), and unreasonable to incur the costs and expenses associated therewith, so that the Fidelity Funds Renewal Prospectus Documents can be filed earlier with the renewal simplified prospectus and fund facts documents of the Fund (the Renewal Prospectus Documents).

12. If the Exemption Sought is not granted, it will be necessary to renew the Current Simplified Prospectus twice within a short period of time in order to consolidate the Current Simplified Prospectus with the Fidelity Funds Prospectus.

13. The Filer may make minor changes to the features of the Fidelity Funds as part of the Fidelity Funds Renewal Prospectus Documents. The ability to file the Renewal Prospectus Documents with the Fidelity Funds Renewal Prospectus Documents will ensure that the Filer can make the operational and administrative features of the Funds consistent with each other.

14. There have been no material changes in the affairs of the Fund since the filing of the Current Simplified Prospectus. Accordingly, the Current Simplified Prospectus represents current information regarding the Fund.

15. Given the disclosure obligations of the Fund, should a material change in the affairs of the Fund occur, the Current Simplified Prospectus will be amended as required under the Legislation.

16. New investors of the Fund will receive delivery of the most recently filed fund facts document(s) of the Fund. The Current Simplified Prospectus will still be available upon request.

17. The Exemption Sought will not affect the accuracy of the information contained in the Current Simplified 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 Exemption Sought is granted.

SCHEDULE A

The Fidelity Funds

Fidelity Canadian Disciplined Equity® Fund

Fidelity Canadian Growth Company Fund

Fidelity Canadian Large Cap Fund

Fidelity Canadian Opportunities Fund

Fidelity Dividend Fund

Fidelity Greater Canada Fund

Fidelity Dividend Plus Fund

Fidelity Special Situations Fund

Fidelity True North® Fund

Fidelity Canadian Core Equity Fund

Fidelity American Disciplined Equity® Fund

Fidelity American Equity Fund

Fidelity American Equity Systematic Currency Hedged Fund

Fidelity U.S. Focused Stock Fund

Fidelity U.S. Focused Stock Systematic Currency Hedged Fund

Fidelity Small Cap America Fund

Fidelity Small Cap America Systematic Currency Hedged Fund

Fidelity U.S. Dividend Fund

Fidelity U.S. Dividend Currency Neutral Fund

Fidelity U.S. Dividend Systematic Currency Hedged Fund

Fidelity U.S. Dividend Registered Fund

Fidelity U.S. All Cap Fund

Fidelity Women's Leadership Fund

Fidelity Women's Leadership Systematic Currency Hedged Fund

Fidelity Insights Systematic Currency Hedged Fund^TM

Fidelity U.S. Core Equity Fund

Fidelity AsiaStar® Fund

Fidelity China Fund

Fidelity Emerging Markets Fund

Fidelity Europe Fund

Fidelity Far East Fund

Fidelity Global Fund

Fidelity Global Disciplined Equity® Fund

Fidelity Global Dividend Fund

Fidelity Global Large Cap Fund

Fidelity Global Concentrated Equity Fund

Fidelity Global Concentrated Equity Currency Neutral Fund

Fidelity Global Small Cap Fund

Fidelity International Disciplined Equity® Fund

Fidelity International Concentrated Equity Fund

Fidelity International Concentrated Equity Currency Neutral Fund

Fidelity Japan Fund

Fidelity NorthStar® Fund

Fidelity International Growth Fund

Fidelity Long-Term Leaders Fund

Fidelity Long-Term Leaders Currency Neutral Fund

Fidelity Climate Leadership Fund^TM

Fidelity Global Intrinsic Value Fund

Fidelity Global Consumer Industries Fund

Fidelity Global Financial Services Fund

Fidelity Global Health Care Fund

Fidelity Global Natural Resources Fund

Fidelity Global Real Estate Fund

Fidelity Technology Innovators Fund

Fidelity Canadian Asset Allocation Fund

Fidelity Canadian Balanced Fund

Fidelity Monthly Income Fund

Fidelity Income Allocation Fund

Fidelity Global Asset Allocation Fund

Fidelity Global Monthly Income Fund

Fidelity Global Monthly Income Currency Neutral Fund

Fidelity Tactical Strategies Fund

Fidelity U.S. Monthly Income Fund

Fidelity U.S. Monthly Income Currency Neutral Fund

Fidelity Tactical High Income Fund

Fidelity Tactical High Income Currency Neutral Fund

Fidelity NorthStar® Balanced Fund

Fidelity NorthStar® Balanced Currency Neutral Fund

Fidelity American Balanced Fund

Fidelity American Balanced Currency Neutral Fund

Fidelity Conservative Income Fund

Fidelity Multi-Asset Innovation Fund

Fidelity Climate Leadership Balanced Fund^TM

Fidelity Income Portfolio

Fidelity Global Income Portfolio

Fidelity Balanced Portfolio

Fidelity Global Balanced Portfolio

Fidelity Growth Portfolio

Fidelity Global Growth Portfolio

Fidelity Balanced Managed Risk Portfolio

Fidelity Conservative Managed Risk Portfolio

Fidelity ClearPath® 2005 Portfolio

Fidelity ClearPath® 2010 Portfolio

Fidelity ClearPath® 2015 Portfolio

Fidelity ClearPath® 2020 Portfolio

Fidelity ClearPath® 2025 Portfolio

Fidelity ClearPath® 2030 Portfolio

Fidelity ClearPath® 2035 Portfolio

Fidelity ClearPath® 2040 Portfolio

Fidelity ClearPath® 2045 Portfolio

Fidelity ClearPath® 2050 Portfolio

Fidelity ClearPath® 2055 Portfolio

Fidelity ClearPath® 2060 Portfolio

Fidelity ClearPath® Income Portfolio

Fidelity Canadian Bond Fund

Fidelity Corporate Bond Fund

Fidelity Canadian Money Market Fund

Fidelity Canadian Short Term Bond Fund

Fidelity Tactical Fixed Income Fund

Fidelity American High Yield Fund

Fidelity American High Yield Currency Neutral Fund

Fidelity U.S. Money Market Fund

Fidelity Floating Rate High Income Fund

Fidelity Floating Rate High Income Currency Neutral Fund

Fidelity Multi-Sector Bond Fund

Fidelity Multi-Sector Bond Currency Neutral Fund

Fidelity Strategic Income Fund

Fidelity Strategic Income Currency Neutral Fund

Fidelity Investment Grade Total Bond Fund

Fidelity Investment Grade Total Bond Currency Neutral Fund

Fidelity Global Bond Fund

Fidelity Global Bond Currency Neutral Fund

Fidelity Climate Leadership Bond Fund^TM

Fidelity Canadian High Dividend Index ETF Fund

Fidelity Canadian High Quality Index ETF Fund

Fidelity Canadian Low Volatility Index ETF Fund

Fidelity U.S. Dividend for Rising Rates Index ETF Fund

Fidelity U.S. Dividend for Rising Rates Currency Neutral Index ETF Fund

Fidelity U.S. High Dividend Index ETF Fund

Fidelity U.S. High Dividend Currency Neutral Index ETF Fund

Fidelity U.S. High Quality Index ETF Fund

Fidelity U.S. High Quality Currency Neutral Index ETF Fund

Fidelity U.S. Low Volatility Index ETF Fund

Fidelity U.S. Low Volatility Currency Neutral Index ETF Fund

Fidelity International High Dividend Index ETF Fund

Fidelity International High Quality Index ETF Fund

Fidelity International Low Volatility Index ETF Fund

Fidelity Sustainable World ETF Fund

Fidelity Tactical Global Dividend ETF Fund

Fidelity Canadian Monthly High Income ETF Fund

Fidelity Global Monthly High Income ETF Fund

Fidelity All-in-One Balanced ETF Fund

Fidelity All-in-One Growth ETF Fund

Fidelity Canadian Short Term Corporate Bond ETF Fund

Fidelity Systematic Canadian Bond Index ETF Fund

Fidelity Systematic U.S. High Yield Bond ETF Fund

Fidelity Systematic U.S. High Yield Bond Currency Neutral ETF Fund

Fidelity Global Core Plus Bond ETF Fund

Fidelity Global Investment Grade Bond ETF Fund

Fidelity Global Value Long/Short Fund

Fidelity Long/Short Alternative Fund

Fidelity Market Neutral Alternative Fund

Fidelity U.S. Dividend Private Pool

Fidelity U.S. Growth and Income Private Pool

Fidelity Conservative Income Private Pool

Fidelity Global Asset Allocation Private Pool

Fidelity Global Asset Allocation Currency Neutral Private Pool

Fidelity Asset Allocation Private Pool Trust

Fidelity Balanced Private Pool Trust

Fidelity Balanced Income Private Pool Trust

Fidelity Premium Fixed Income Private Pool

Fidelity Premium Money Market Private Pool

Fidelity Premium Tactical Fixed Income Private Pool

Fidelity Canadian Equity Multi-Asset Base Fund

Fidelity Canadian Focused Equity Multi-Asset Base Fund

Fidelity Canadian Money Market Investment Trust

Fidelity Canadian Real Return Bond Index Multi-Asset Base Fund

Fidelity Canadian Short Term Fixed Income Multi-Asset Base Fund

Fidelity Concentrated Canadian Equity Multi-Asset Base Fund

Fidelity Concentrated Value Investment Trust

Fidelity Convertible Securities Multi-Asset Base Fund

Fidelity Dividend Multi-Asset Base Fund

Fidelity Emerging Markets Debt Multi-Asset Base Fund

Fidelity Emerging Markets Equity Multi-Asset Base Fund

Fidelity Emerging Markets Local Currency Debt Multi-Asset Base Fund

Fidelity Floating Rate High Income Multi-Asset Base Fund

Fidelity Founders Investment Trust^TM

Fidelity Global Bond Currency Neutral Multi-Asset Base Fund

Fidelity Global Bond Multi-Asset Base Fund

Fidelity Global Credit Ex-U.S. Investment Trust

Fidelity Global Dividend Investment Trust

Fidelity Global Equity Investment Trust

Fidelity Global Growth and Value Investment Trust

Fidelity Global High Yield Multi-Asset Base Fund

Fidelity Global Innovators® Investment Trust

Fidelity Global Intrinsic Value Investment Trust

Fidelity Global Real Estate Multi-Asset Base Fund

Fidelity High Income Commercial Real Estate Multi-Asset Base Fund

Fidelity Insights Investment Trust^TM

Fidelity International Equity Investment Trust

Fidelity International Growth Multi-Asset Base Fund

Fidelity North American Equity Investment Trust

Fidelity U.S. Bond Multi-Asset Base Fund

Fidelity U.S. Dividend Investment Trust

Fidelity U.S. Equity Investment Trust

Fidelity U.S. Money Market Investment Trust

Fidelity U.S. Small/Mid-Cap Equity Multi-Asset Base Fund

Fidelity International Equity Multi-Asset Base Fund

Fidelity Canadian Fundamental Equity Multi-Asset Base Fund

Fidelity Floating Rate High Income Currency Neutral Multi-Asset Base Fund

Fidelity Global Credit Ex-U.S. Currency Neutral Multi-Asset Base Fund

Fidelity High Income Commercial Real Estate Currency Neutral Multi-Asset Base Fund

Fidelity Insights Currency Neutral Multi-Asset Base Fund^TM

Fidelity International Equity Currency Neutral Investment Trust

Fidelity International Growth Currency Neutral Multi-Asset Base Fund

Fidelity U.S. Bond Currency Neutral Multi-Asset Base Fund

Fidelity U.S. Growth Opportunities Investment Trust

Fidelity Canadian Government Long Bond Index Multi-Asset Base Fund

Fidelity Multi-Sector Bond Hedged Multi-Asset Base Fund