Fidelity Asia Star Fund - MRRS Decision

Headnote

Mutual Reliance Review System for Exemptive Relief Applications -- relief granted from requirement to provide Top Ten holdings disclosure.

Applicable Legislative Provisions

Item 8, Part B of Form 81-101F1 of the Securities Act.

October 19, 2006

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,

MANITOBA, ONTARIO, QUEBEC, NEWFOUNDLAND

AND LABRADOR, NEW BRUNSWICK, NOVA SCOTIA,

PRINCE EDWARD ISLAND, NORTHWEST TERRITORIES,

YUKON, AND NUNAVUT

(the Jurisdictions)

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

FIDELITY ASIA STAR FUND, FIDELITY CHINA FUND,

FIDELITY GLOBAL REAL ESTATE FUND,

FIDELITY INTERNATIONAL DISCIPLINED EQUITY FUND,

AND FIDELITY INTERNATIONAL VALUE FUND

MRRS DECISION DOCUMENT

Background

The local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions has received an application from Fidelity Asia Star Fund, Fidelity China Fund, Fidelity Global Real Estate Fund, Fidelity International Disciplined Equity Fund and Fidelity International Value Fund (the Filer) for a decision under the securities legislation of the Jurisdictions (the Legislation) that exempts the Filer from Item 8 of Part B of Form 81-101F1 in connection with a preliminary and pro forma prospectus and annual information form dated September 14, 2006.

Under the Mutual Reliance Review System for Exemptive Relief Applications

(a) the Ontario Securities Commission is the principal regulator for this application, and

(b) this MRRS decision document evidences the decision of each Decision Maker.

Interpretation

Defined terms contained in National Instrument 14-101 Definitions have the same meaning in this decision unless they are defined in this decision.

Representations

This decision is based on the following facts represented by the Filer:

a) Providing Top Ten holdings disclosure only for the International Funds would potentially be confusing to investors as the simplified prospectus does not have such disclosure for any of the other funds;

b) We anticipate filing the final simplified prospectus for the Fidelity Funds during the period of approximately October 18 to October 25, 2006, shortly before Item 8 of Part B of Form 81-101F1 is to be repealed. Top 25 holdings for the International Funds will be posted on Fidelity's website prior to November 29 when the September 30, 2006 interim MRFP is scheduled to be filed;

c) While the filing of the final prospectus for the Fidelity Funds could be delayed until October 27, 2006, the preference is not to do so as this is the last date upon which the final filing materials for renewal of the Fidelity Funds must be filed. The simplified prospectus under which the funds are currently being distributed is dated October 18, 2005.

d) If the final filing were to be delayed until October 27, 2006 there would be no Top Ten holdings disclosure in the simplified prospectus and Top 25 would not be available until the interim MRFP for the period ending September 30 is filed in late November, 2006. The International Funds have a year end of March 31. Item 7.4 of NI 81-101 provides that Item 8 of Form 81-101F1 does not apply to a mutual fund that has filed an annual MRFP. Accordingly even if the MRFP for the International Funds was filed prior to the renewal prospectus being filed in its final form, this would not alleviate the International Funds from providing the Top Ten holdings disclosure as the MRFP to be filed for the period ending September 30, 2006 would be an interim MRFP.

Decision

Each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met.

By letter dated September 23, 2006 you applied, on behalf of the Funds, to the regulator or securities regulatory authority in each province and territory of Canada (the Decision Makers), pursuant to section 6.1 of NI 81-101, for an exemption from the disclosure requirements of Item 8 of Part B of Form 81-101F1 -- Contents of Simplified Prospectus. The Application was filed in connection with the filing of the Funds' pro forma simplified prospectus and annual information form (the Renewal Prospectus) under the above-referenced SEDAR project number.

This letter confirms that, based on the information and representations contained in the letter, and for the purposes described in the Application, the Decision Makers hereby exempt the Funds from having to provide Top Ten holdings disclosure as required under Item 8 of Part B of Form 81-101F1 in their Renewal Prospectus, when filed in final form.

Yours truly,