Fidelity Private Investment Pools

Simplified Prospectus dated September 29, 2017

Fidelity? Private Investment Pools

Equity Pools

Fidelity Canadian Equity Private Pool* Fidelity Concentrated Canadian Equity Private Pool* Fidelity U.S. Equity Private Pool* Fidelity U.S. Equity Currency Neutral Private Pool* Fidelity International Equity Private Pool* Fidelity International Equity Currency Neutral Private Pool* Fidelity Global Equity Private Pool* Fidelity Global Equity Currency Neutral Private Pool* Fidelity Concentrated Value Private Pool* Fidelity U.S. Dividend Private Pool

Asset Allocation and Balanced Pools

Fidelity Balanced Income Private Pool* Fidelity Balanced Income Currency Neutral Private Pool* Fidelity Balanced Private Pool* Fidelity Balanced Currency Neutral Private Pool* Fidelity Asset Allocation Private Pool* Fidelity Asset Allocation Currency Neutral Private Pool* Fidelity U.S. Growth and Income Private Pool Fidelity Conservative Income Private Pool

Fixed Income Pools

Fidelity Premium Fixed Income Private Pool Fidelity Premium Money Market Private Pool Fidelity Premium Fixed Income Private Pool Class* Fidelity Premium Tactical Fixed Income Private Pool

Investment Trusts

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

Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities

Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities Series B, S5, S8, I, I5, I8, F, F5 and F8 securities

Series B, I and F securities Series B, I, D and F securities Series B, I, F, S5, I5 and F5 securities Series B, I and F securities

Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities

No securities regulatory authority has expressed an opinion about these securities. It's an offence to claim otherwise. The Pools and the securities of the Pools offered under this simplified prospectus are not registered with the United States Securities and Exchange Commission and they are sold in the United States only in reliance on exemptions from registration.

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

* Class of Fidelity Capital Structure Corp.

Series O securities Series O securities Series O securities Series O securities Series O securities Series O securities

What's inside

Introduction ................................................................ 1

What is a mutual fund and what are the risks of investing in a mutual fund?......................................4

Specific information about each of the mutual funds described in this document ......................... 17

Fund Specific Information

Equity Pools Fidelity Canadian Equity Private Pool ......................... 27 Fidelity Concentrated Canadian Equity Private Pool .. 30 Fidelity U.S. Equity Private Pool ................................. 34 Fidelity U.S. Equity Currency Neutral Private Pool ..... 37 Fidelity International Equity Private Pool..................... 41 Fidelity International Equity Currency Neutral Private

Pool............................................................................. 44

Fidelity Global Equity Private Pool .............................. 48 Fidelity Global Equity Currency Neutral Private Pool .. 51 Fidelity Concentrated Value Private Pool.................... 55 Fidelity U.S. Dividend Private Pool ............................. 58

Asset Allocation and Balanced Pools Fidelity Balanced Income Private Pool........................ 61 Fidelity Balanced Income Currency Neutral Private

Pool............................................................................. 65

Fidelity Balanced Private Pool .................................... 69 Fidelity Balanced Currency Neutral Private Pool ........ 73 Fidelity Asset Allocation Private Pool.......................... 77 Fidelity Asset Allocation Currency Neutral Private

Pool............................................................................. 81

Fidelity U.S. Growth and Income Private Pool ............ 85 Fidelity Conservative Income Private Pool.................. 89

Fixed Income Pools Fidelity Premium Fixed Income Private Pool .............. 93 Fidelity Premium Money Market Private Pool ............. 96 Fidelity Premium Fixed Income Private Pool Class .... 98 Fidelity Premium Tactical Fixed Income Private Pool 101

Investment Trusts Fidelity Canadian Equity Investment Trust................ 105 Fidelity Concentrated Canadian Equity Investment

Trust.......................................................................... 108

Fidelity U.S. Equity Investment Trust ........................ 111 Fidelity International Equity Investment Trust ........... 113

Fidelity Global Equity Investment Trust .................... 116 Fidelity Emerging Markets Debt Investment Trust .... 118 Fidelity Emerging Markets Equity Investment Trust.. 121 Fidelity Floating Rate High Income Investment Trust.124 Fidelity High Income Commercial Real Estate

Investment Trust ....................................................... 127

Fidelity Convertible Securities Investment Trust ....... 130 Fidelity U.S. Small/Mid Cap Equity Investment Trust.133 Fidelity Concentrated Value Investment Trust .......... 136 Fidelity Global High Yield Investment Trust .............. 138 Fidelity U.S. Multi-Cap Investment Trust .................. 141 Fidelity International Growth Investment Trust ......... 143 Fidelity U.S. Bond Investment Trust ......................... 145 Fidelity Insights Investment Trust ............................. 147 Fidelity Canadian Short Term Fixed Income

Investment Trust ....................................................... 150

Fidelity Canadian Real Return Bond Index

Investment Trust ....................................................... 152

Fidelity Global Bond Investment Trust ...................... 155 Fidelity Global Bond Currency Neutral Investment

Trust ......................................................................... 158

Fidelity Global Real Estate Investment Trust............ 162 Fidelity U.S. Money Market Investment Trust ........... 164 Fidelity Global Credit Ex-U.S. Investment Trust ....... 166

Organization and management of the Fidelity Private Investment Pools ................. 169

Purchases, switches and redemptions ................... 172

Optional services........................................................180

Fees and expenses .................................................... 184

Dealer compensation ................................................. 191

Dealer compensation from management fees ....... 193

Income tax considerations for investors ................ 193

What are your legal rights? ....................................... 198

Introduction

In this document, we, us, our and Fidelity refer to Fidelity Investments Canada ULC. The funds offered in this simplified prospectus are collectively referred to as the "Fidelity Private Investment Pools" or the "Pools" and each is sometimes referred to as a "Pool".

The Pools are grouped into categories, as set out on the cover page of this simplified prospectus. Fidelity Canadian Equity Private Pool, Fidelity Concentrated Canadian Equity Private Pool, Fidelity U.S. Equity Private Pool, Fidelity U.S. Equity Currency Neutral Private Pool, Fidelity International Equity Private Pool, Fidelity International Equity Currency Neutral Private Pool, Fidelity Global Equity Private Pool, Fidelity Global Equity Currency Neutral Private Pool, Fidelity Concentrated Value Private Pool and Fidelity U.S. Dividend Private Pool are collectively referred to as the "Equity Pools". Fidelity Balanced Income Private Pool, Fidelity Balanced Income Currency Neutral Private Pool, Fidelity Balanced Private Pool, Fidelity Balanced Currency Neutral Private Pool, Fidelity U.S. Growth and Income Private Pool and Fidelity Conservative Income Private Pool are collectively referred to as the "Balanced Pools". Fidelity Asset Allocation Private Pool and Fidelity Asset Allocation Currency Neutral Private Pool are collectively referred to as the "Asset Allocation Pools". Fidelity Premium Fixed Income Private Pool, Fidelity Premium Money Market Private Pool, Fidelity Premium Fixed Income Private Pool Class and Fidelity Premium Tactical Fixed Income Private Pool are collectively referred to as the "Fixed Income Pools". 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

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