TORONTO, Jan. 19, 2015 /CNW/ – As previously announced, Fidelity Investments Canada ULC (“Fidelity Investments”) has made changes to its capital yield funds following amendments to the Tax Act (Canada) (“the Tax Act”) introduced in the 2013 Federal Budget. Effective as of close of business on January 16, 2015, Fidelity Investments completed the merger of its remaining four capital yield funds.

The amendments to the Tax Act were designed to eliminate the tax-related benefits associated with the forward contract transactions, used by capital yield funds, from December 31, 2014.

As of the close of business on January 16, 2015 (the “effective date”), Fidelity Investments’ remaining four capital yield funds (“terminating funds”) were merged into their corresponding reference funds which are existing Fidelity Investments mutual funds (“continuing funds”). On the effective date, securityholders automatically ceased to hold units of the terminating funds and became securityholders in the continuing funds.

Fidelity Investments received the appropriate regulatory permissions to conduct the mergers without the approval of securityholders, subject to other approvals and conditions. Each of Fidelity Investments’ capital yield funds were generally closed to new purchases on April 2, 2013.

Securityholders were notified of these mergers and no action was required on their part. The Independent Review Committee of the above funds approved the mergers in October 2014.

About Fidelity Investments

Fidelity Investments Canada ULC is part of the Fidelity Investments organization of Boston, one of the world’s largest providers of financial services. Recipient of the 2011, 2012, 2013 and 2014 Morningstar Advisors’ Choice Fund Company of the Year, Fidelity Canada manages a total of $96 billion in mutual fund and institutional assets. This includes $19 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 as at December 31, 2014.

Fidelity Canada provides Canadian investors a full range of domestic, international and income-oriented mutual funds, as well as asset allocation and managed solutions and a high net-worth program, the Fidelity Private Investment Program. 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.

http://www.fidelity.ca/

SOURCE Fidelity Investments Canada Limited