Barron’s Funds Quarterly+ (2024/Q3–October 7, 2024)
https://www.barrons.com/topics/mutual-funds-quarterly
(Performance data quoted in this Supplement are for 2024/Q3 and YTD to 9/30/24)
Pg L2: With the new CEO Salim RAMJI onboard, Vanguard is making some changes. Rather than lowering the ERs by tiny/small amounts across the board, it will move selectively in areas of active management with disruptive low ERs, with an initial push into active bond funds. It has also developed in-house capabilities for bonds, unlike its equity and allocation/hybrid funds that mostly use external advisors. In the passive area, the ETF giants are Vanguard and iShares/BlackRock, and mutual fund giants are Vanguard and Fidelity (not so well-known). But growth in the passive fund area is limited for these giant players. That game has been played and these parties have won.
Growth areas now are ETFs (tax-efficiency and market hour trading), bond funds (much larger and fragmented market compared to equities), alternatives (private-market is huge now as many unicorns and smaller companies remain private longer; but Vanguard won’t touch cryptos), RIA channels (but that won’t work without improving Vanguard’s poor M-F, 8-8 customer service). Rather than pushing into all areas at once, it will move selectively into areas with maximum disruptive low-cost effects.
Pg L7 In 2024/Q3, gold funds, China funds and bond proxies (bond funds, utilities, real estate. Dividend stocks) rallied due to geopolitics (for gold), the Fed rate cut and China easing. The value funds also did well. (By @LewisBraham at MFO)
More on Funds & Retirement
INCOME. Dividend and dividend-growth stocks are coming back in favor after the Fed rate cut. US ETFs: SCHD, VYM, VIG, DIVB; China ETF: PGJ. Several stocks are also mentioned.
RETIREMENT. MEDICARE open enrollment period (OEP) is from October 15 – December 7. As there are many changes for Parts B, D, C/MA, don’t just throw away the recent notices you got about them; drug formularies may change too. Part D will have $2K out-of-pocket limit for covered drug costs (so, you will be out of luck if the drug isn’t covered); premiums will also go down a little. Medicare Advantage/C plans face higher costs and tighter government reimbursements, and many insurers are curtailing (reducing extra coverages, increasing premiums & deductibles) or exiting (Wellcare/Centene-CNC in 6 states) the MA/C market. Humana MA dropped a notch in its government rating and is discontinuing MA/C in 13 counties. If your MA/C plan is discontinued, and you don’t do anything, you will be enrolled in the original Medicare and will have the opportunity to get Medigap insurance without medical underwriting; normally, it’s hard to go back from MA/C to original Medicate due to the underwriting required for Medigap insurance. Make sure that your doctors are still in the plan.
Barron’s weekend issue has CASH TRACK charts showing 4-wMA of flows. A screenshot link will be included quarterly in the Summaries.
https://i.ibb.co/Chcbzrj/Barrons-Cash-Track-100524.png

Barron’s discontinued quarterly FUND CATEGORY PERFORMANCE table in 2024 that were used to highlight the best and the worst performing fund categories. The new MFOP Quarterly tool (see MFO, October 2024) can generate a similar table and the screenshot links for Top 5 and Bottom 5 follow. Both Barron’s and MFOP use Lipper fund databases.
Q3 Top 5 https://i.ibb.co/bJT3M6T/MFOP-Quarterly-Top5-100424.png

Q3 Bottom 5 https://i.ibb.co/CwV2Vx3/MFOP-Quarterly-Bottom5-100424.png

LINK

Experts are warning that a recent contract to supply Oklahoma’s Department of Education with an estimated 55,000 bibles might actually represent a breach of state law. That’s after the contract’s exacting specifications came to light—and they only really seem to favor one version: Lee Greenwood’s God Bless the U.S.A. Bible, often referred to as the Trump Bible for its endorsement from the former president himself.
At $60 a pop, the contract would net its publisher something in the region of $3.3 million, with some of that going back to Donald Trump in fees. “It appears to me that this bid is anything but competitive,” former state Attorney General Drew Edmondson told The Oklahoman on Friday.
https://www.thedailybeast.com/trump-bible-is-one-of-the-only-versions-approved-for-oklahoma-schools

BaluBalu and others:
To the best of my knowledge there are no US mutual funds or ETFs dedicated to investing in the Nordic bond high-yield market. The 50 funds mentioned are all overseas UCITs

Thanks David for confirming. Look forward to NRDCX’s success.

BaluBalu and others:
To the best of my knowledge there are no US mutual funds or ETFs dedicated to investing in the Nordic bond high-yield market. The 50 funds mentioned are all overseas UCITs

Terrible hurricane, more than 90 confirmed dead... I love my CATs, but I sold 80% of them on Friday. Strangely, they jumped up happily when Helene passed through: on Friday, EMPIX was up 0.19%, CBYYX was up 0.35%, and SHRIX was up 0.44%. Maybe they did not have time to respond, or people became optimistic that Helene hit the less populated area and was no longer a threat. But today, some sources estimated a total loss of about $20 billion, whereas others estimated total damage ~ $100 billion, though only a small part of it may hit CATs. Hopefully tomorrow will bring some clarity.

Of these three funds, only CBYYX seems to be available to retail clients at Schwab or Fidelity. Where are SHRIX and EMPIX available to retail clients (no access to RIA)?

To @hanks point on inflation, the premiums for 2025 HC policies are out. I have been in the lowest premium policy and the premium for 2025 has increased again by over 15%.
May be we should start a new thread on HC insurance with renewals coming up.

In response to several comments made in the discussion board:
CrossingBridge Nordic High Income Fund (“NRDCX”) intends to make monthly distributions.
The Fund was internally seeded by CrossingBridge and/or affiliates with $2MM. According to Bloomberg, NRDCX now has $9.57MM in AUM
Although NRDCX may seem a novelty to US centric investors, Nordic High Yield bond funds in the form of UCITs (European mutual find structures) are “alive & well”
A list of the top 50 UCITs focused on Nordic High Yield sourced by our DNB institutional salesman indicated over USD$20 billion in AUM on August 31, 2024 which represent around 1/3 of the estimated market size of the Nordic High Yield Bond Market (deemed below investment grade).
Fidelity platform is expected to be alive by Monday per John Conner but feel free to call customer service to complain.
If you have any additional comments or questions, please feel free to e-mail [email protected]

While the government said it won't interfere by ordering workers back under Taft-Hartley, my guess is that it used that power to pressure both sides to come to a temporary resolution.
1. Management was at +$3/hr increase each year for 6 years, but the union was asking +$5/hr. So, they were probably told to split the difference and settle for +$4/hr wage increases NOW.
2. Both sides will continue to haggle on other aspects until 1/15/24.
A long port strike could be very disruptive for the supply-chains and the economy. Pictures of people already hoarding supplies weren't good. Powell probably took note of these wage increases that were multiple times of his +2% average inflation target.

@BaluBalu. For me it is always easier to make the buy decision then the sell. I have been at this since 1984 and my list of famous and successful managers that I have invested with is a long one. I could not prove it but I think I would be miles ahead if I had followed the Boglehead doctrine from the start. Less interesting but perhaps more lucrative. I know of one investor here who ALWAYS knows what to do and when to do it but he is the only one.

Yep. It is always on my selling when I lose money or profit because I do not know when to sell. That has always been a mystery.
I am a proof that buy and hold would have put me miles ahead because my taxable account multiplies at a faster rate than my IRA. On top of that, withdrawal from my taxable account is taxed at zero to 20% (federal) long term tax rate whereas withdrawal from my IRA is at ordinary income tax rate (I do not recall when I saw a less than 25% federal rate.)
We digress from the topic of the thread.

The best investing decision I ever made was to invest in Wellington as a young lad, held forever. All the rest is a hobby.

That's my worry with QQMNFX. Is the risk/reward that much better than a solid bond fund particularly if rates fall as "expected"?
BGHIX would be one example that I've been in since before the managers joined BrandywineGlobal.

Sorry, but a quick glance at BGHIX's Standard Deviation of 7.7% and a 3-year total return of only 4.2% doesn't qualify the fund to be on my personal watch list. If I invest in bond funds, I prefer funds like ICMUX or CBLDX, for example, that have significantly better risk/reward profiles than BGHIX.
By the way, QQMNX, which has a slightly higher SD than BGHIX, 8.6% v. 7.7%, has a 3-year total return of 14.4%, a difference of over 10%. That's "much better" than any solid bond fund I am familiar with.

If your sample size is 3 years, fine. Over 10 years BGHIX outperformed QQMNX with a CAGR of 8.18 vs 7.24 and a sharpe ratio of .84 vs .61 and max drawdown of 13.29 vs. 18.27 (it's this last number that's most concerning). All that being said, I've decided to take a chance on this one.

@BaluBalu. For me it is always easier to make the buy decision then the sell. I have been at this since 1984 and my list of famous and successful managers that I have invested with is a long one. I could not prove it but I think I would be miles ahead if I had followed the Boglehead doctrine from the start. Less interesting but perhaps more lucrative. I know of one investor here who ALWAYS knows what to do and when to do it but he is the only one.

Yep. It is always on my selling when I lose money or profit because I do not know when to sell. That has always been a mystery.
I am a proof that buy and hold would have put me miles ahead because my taxable account multiplies at a faster rate than my IRA. On top of that, withdrawal from my taxable account is taxed at zero to 20% (federal) long term tax rate whereas withdrawal from my IRA is at ordinary income tax rate (I do not recall when I saw a less than 25% federal rate.)
We digress from the topic of the thread.

I see many ideas as special situations. For example, several coal companies went bankrupt and provided good speculative opportunities when they came out of bankruptcy. This has nothing to with the fact that coal is a dying industry in the Western World, but not so for many EMs.
So, look at WAGNX / WGNIX as collection of special ideas that will change in future. And as MP said the objective is to beat SP500 but maybe with higher volatility.
Inflows have been strong for this new fund (investor class WAGNX).

Market-neutral funds shouldn't be seen as bond alternatives. They are designed with 50-50 long-short exposure. A big risk is that the portfolio manager may be wrong on both ends - the longs AND the shorts. If everything works right, the upside may be limited.
Of course, bonds have risks too - HY, EMs, etc. Then there was 2022, and those who said that couldn't happen again, there was 2023.
But be careful in going from CDs, m-mkt funds, ultra-ST bond funds and ST-bond funds into market-neutral funds.
Options-writing funds have also been mentioned. But keep in mind that upside is capped and realized upside basically converts CGs into (options) income. However, the downside isn't limited. These are great late-bull-market vehicles and JPM has capitalized on them like no other firm.

News is about suspension of strike until 1/15/25, the date to which the current contract is being extended with agreement on wages only. The rest of the issues will have to be negotiated by 1/15/2025.
Wage increases will be as follows:
Current base wage $39/hr
Increase of +$4/hr for each of the nexr 6 years.
So, wages will go like $39/hr, $43/hr, $47/hr, $51/hr, $55/hr, $59/hr, $63/hr (6th year).
Rational cited is that shipping companies made lot of money when rates skyrocketed during & after pandemic and due to other geopolitical factors.
So, those shipping rates aren't ever going back to what they were in view of this temporary contract extension.
Many ask will prices rollback when inflation is 0% - NO, they will just stay at higher levels.
https://www.cnn.com/2024/10/03/business/port-strike-union-deal/index.html

From Reuters
I have a feeling this has been weighing on the markets this week. We shall see tomorrow whether this tentative settlement helps any.

https://www.lazardassetmanagement.com/ie/en_uk/funds/ucits-funds/lazard-nordic-high-yield-bond-fund/f4941/s319/
The above link is the Nordic High Yield bond fund offered by Lazard. Inception date was November 2, 2022, It has annualized return since then of 10.37%. Can’t argue with that. I would expect similar results from the Nordic fund offered by CrossingBridge.
A few caveats. The Lazard fund could not have had a more opportune time to come out. The bear market in equities and junk bonds had just bottomed in October 2022. Another caveat is a huge downturn in equites because of a perceived recession would not be kind to junk bonds, here there or anywhere,
CrossingBridge as we know is an excellent shop with a stable of great funds known for their persistency of trend. I don’t see why their new fund should be any different. I hear all the time that European credit including the Nordic countries is undervalued. I don’t intend to participate to any large degree unless this thing comes roaring out of the gate. There have been so many opportunities recently in domestic bonds where you have had 5%+ returns the past three months. Of course that all could evaporate if the current spike in oil continues unabated,

Fidelity is offering a 3 part webinar... part 1 is on 10/10/24 on the follow topics:
Topics:

• How annuities, Social Security, bonds, and other sources may fit into a monthly income plan
• How your retirement spending might evolve as your priorities change
• Strategies for allocating your assets into different types of accounts
• Investing in retirement, with ideas for determining your mix of stocks, bonds, and short-term investments
• Preparing for “what-if” scenarios, such as market volatility or retiring earlier than expected

Register for free:
https://fidelityevents.com/insightsretirementplan2024?cc_source=em_Promo_1165758_1_0

It would be nicer if this was a fund that was concentrated into, 25-30, holdings. A bunch of 1-2% allocations not only doesn't move the needle but feels like dart-throwing vs conviction buying.
Interesting they call it Livermore (implying Jesse, I presume) but there's no mention of him or the other 'greats' they're trying to emulate on their site.
And a huge red flag to me: "Doug’s investments in AI inspired him to experiment with using ChatGPT to create investment portfolios. The results convinced Doug that AI can be a great investor, and Intelligent Alpha aims to prove that insight."
ChatGPT has only been around for a year-ish in any mainstream way ... you could've held SPY and also been convinced that your strategy is working. IMO this statement right there reeks of hype, sensationalism, and herd-thinking. Oooh, AI! ChatGPT! *throws money* Puh-lease...

https://www.sec.gov/Archives/edgar/data/35315/000003531524000754/filing8127.htm
497 1 filing8127.htm PRIMARY DOCUMENT
Supplement to the
Fidelity® Municipal Core Plus Bond Fund
Class A, Class M, Class C, Class I, and Class Z
March 30, 2024
Prospectus
Class/Ticker
Fidelity Advisor® Municipal Core Plus Bond Fund - Class A/FMBMX
Fidelity Advisor® Municipal Core Plus Bond Fund - Class M/FMBFX
Fidelity Advisor® Municipal Core Plus Bond Fund - Class C/FMBEX
Fidelity Advisor® Municipal Core Plus Bond Fund - Class I/FMBGX
Fidelity Advisor® Municipal Core Plus Bond Fund - Class Z/FMBHX
At a meeting held on September 19, 2024, the Board of Trustees of Fidelity Salem Street Trust ("Board") approved on behalf of Fidelity® Municipal Core Plus Bond Fund ("Fund") the reorganization of the Fund into an Exchange Traded Fund ("ETF"), which will continue to be managed by Fidelity Management & Research Company LLC ("FMR" or the "Adviser") (such reorganization, the "Conversion"). The Board, including all the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Fund, determined, with respect to the Conversion, that participation in the Conversion is in the best interests of the Fund and the interests of the existing shareholders of the Fund will not be diluted as a result of the Conversion. The Conversion is subject to shareholder approval.
IMPORTANT INFORMATION:
If shareholders approve the Conversion, Fidelity® Municipal Core Plus Bond Fund will be converted from a mutual fund to an ETF in April 2025.
If you are an existing shareholder of the Fund, and your account CAN hold an ETF, your Fund shares will be converted if the Conversion is approved, and no action is needed by you.
If you hold the Fund in an account that CANNOT hold an ETF (i.e., your account is not permitted to purchase securities traded in the stock market), there are certain actions you can take. See the "Questions and Answers" section below for further information.
A Special Meeting (the "Meeting") of the Shareholders of the Fund is expected to be held during the first quarter of 2025 and approval of the Conversion will be voted on at that time. A combined proxy statement and prospectus containing more information with respect to the Conversion will be provided to shareholders of record of the Fund in advance of the meeting.
If approved, the Fund will be reorganized into a newly created ETF, Fidelity Municipal Bond Opportunities ETF, which is a series of Fidelity Merrimack Street Trust. The Fund and the ETF have identical investment objectives, principal investment strategies, and fundamental investment policies.
In connection with seeking shareholder approval of the Conversion, effective the close of business on January 13, 2025, new positions in the Fund may no longer be opened. Shareholders of the Fund on that date may continue to add to their fund positions existing on that date. Investors who did not own shares of the Fund on January 13, 2025 generally will not be allowed to buy shares of the Fund except that new Fund positions may be opened: 1) by participants in most group employer retirement plans (and their successor plans) if the Fund had been established (or was in the process of being established) as an investment option under the plans (or under another plan sponsored by the same employer) by January 13, 2025, 2) for accounts managed on a discretionary basis by certain registered investment advisers that have discretionary assets of at least $500 million invested in mutual funds and have included the Fund in their discretionary account program since January 13, 2025, 3) by a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, 4) by a portfolio manager of the Fund, and 5) by a fee deferral plan offered to trustees of certain Fidelity funds, if the Fund is an investment option under the plan. These restrictions generally will apply to investments made directly with Fidelity and investments made through intermediaries. Investors may be required to demonstrate eligibility to buy shares of the Fund before an investment is accepted.
If, and only if, the Conversion is approved by Fund shareholders:
Effective on the date of shareholder approval of the Conversion, any sales charges, contingent deferred sales charges, 12b-1 fees, and finder's fee payments applicable to any class of shares of the Fund will be waived.
Effective March 14, 2025, Classes A, M, C, I and Z of the Fund will be consolidated into the retail class of the Fund and the Adviser will contractually reimburse the retail class to the extent total operating expenses, subject to certain exclusions, exceed 0.30% through the date of Conversion. The Adviser may not terminate this arrangement before the expiration date without the approval of the Board of Trustees.
Effective the close of business on March 28, 2025, new positions in the Fund may no longer be opened. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the Conversion takes place.
The last day to redeem Fund shares or exchange Fund shares for shares of another Fidelity mutual fund is April 3, 2025. If you do not want to receive shares of the ETF in connection with the Conversion, you can exchange your Fund shares for shares of another Fidelity mutual fund that is not participating in a conversion or redeem your Fund shares. Prior to doing so, however, you should consider the tax consequences associated with either action.
As part of the Conversion, the Fund will be liquidated. The Conversion will be on April 4, 2025.
If shareholder approval of the Conversion is delayed due to failure to meet a quorum or otherwise, the Conversion will become effective, if approved, as soon as practicable thereafter. All dates may change if the closing date of the Conversion changes. Effective dates are as of close of business.
Fidelity believes that the Conversion will provide multiple benefits for investors of the Fund, including lower expenses, additional trading flexibility, and increased portfolio holdings transparency.
The Conversion will be conducted pursuant to an Agreement and Plan of Reorganization and Liquidation ("Plan"). The Conversion is structured to be a tax-free reorganization under the U.S. Internal Revenue Code of 1986, as amended. As a result, Fund shareholders generally will not recognize a taxable gain (or loss) for U.S. tax purposes due to the Conversion (except with respect to cash received, as noted below)...
https://www.sec.gov/Archives/edgar/data/1562565/000094590824000345/0000945908-24-000345-index.htm

https://www.sec.gov/Archives/edgar/data/35315/000113322824009283/fsst-efp10237_497.htm
7 1 fsst-efp10237_497.htm FIDELITY SALEM STREET TRUST - 497
Supplement to the
Fidelity® Municipal Bond Index Fund
August 29, 2024
Prospectus
Fund/Ticker
Fidelity® Municipal Bond Index Fund/FMBIX
At a meeting held on September 19, 2024, the Board of Trustees of Fidelity Salem Street Trust (“Board”) approved on behalf of Fidelity Municipal Bond Index Fund (“Fund”) the reorganization of the Fund into an Exchange Traded Fund (“ETF”), which will continue to be managed by Fidelity Management & Research Company LLC (“FMR” or the “Adviser”) (such reorganization, the “Conversion”). The Board, including all the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Fund, determined, with respect to the Conversion, that participation in the Conversion is in the best interests of the Fund and the interests of the existing shareholders of the Fund will not be diluted as a result of the Conversion.
IMPORTANT INFORMATION:
• In April 2025, Fidelity® Municipal Bond Index Fund will be converted from a mutual fund to an ETF.
• If you are an existing shareholder of the Fund, and your account CAN hold an ETF, your Fund shares will be converted, and no action is needed by you.
• If you hold the Fund in an account that CANNOT hold an ETF (i.e., your account is not permitted to purchase securities traded in the stock market), there are certain actions you can take. See the “Questions and Answers” section below for further information.
The Fund will be reorganized into a newly created ETF, Fidelity Systematic Municipal Bond Index ETF, which is a series of Fidelity Merrimack Street Trust. The Fund is currently managed to the Bloomberg Municipal Bond Index; the ETF will be managed to a new proprietary index, Fidelity Systematic U.S. Municipal Bond Index. This difference is reflected in the Fund’s and the ETF’s principal investment strategies. Otherwise, the Fund and the ETF have identical investment objectives, principal investment strategies, and fundamental investment policies.
The Fidelity Systematic U.S. Municipal Bond Index aims to increase exposure to municipal bonds with higher risk-adjusted performance and liquidity characteristics relative to traditional market-capitalization weighted U.S. investment grade municipal bond indices.
The Fidelity Systematic U.S. Municipal Bond Index is constructed using Fidelity’s rules-based proprietary index methodology. The universe of securities includes U.S. dollar-denominated investment-grade tax-exempt debt publicly issued in the domestic market by U.S. states and territories, and their political subdivisions, that meet specific criteria such as issue size, deal size and maturity. Mandatory put or mandatory tender securities, as well as original issue zero-coupon bonds, are included in the universe. Floating rate bonds, derivatives, secondarily insured securities, Rule 144A securities, securities in legal default, securities issued under the municipal liquidity facility, or a municipal commercial paper program, and limited offering securities are excluded from the universe. Index constituents are not market capitalization weighted; instead each constituent’s weight is determined by its characteristics such as credit quality, issue size, and maturity – aiming for higher risk-adjusted performance at the index level. Additionally, exposure is balanced across maturity buckets to ensure the index’s overall duration is similar to traditional indices.
The index is rebalanced monthly. Fidelity Product Services LLC (FPS) is the index provider. FPS is an affiliated person of the Adviser.
As part of the Conversion, the Fund will be liquidated. The Conversion will be on April 4, 2025.
Fidelity believes that the Conversion will provide multiple benefits for investors of the Fund, including lower expenses, additional trading flexibility, and increased portfolio holdings transparency.
The Conversion will be conducted pursuant to an Agreement and Plan of Reorganization and Liquidation (“Plan”). The Conversion is structured to be a tax-free reorganization under the U.S. Internal Revenue Code of 1986, as amended. As a result, Fund shareholders generally will not recognize a taxable gain (or loss) for U.S. tax purposes due to the Conversion (except with respect to cash received, as noted below).
In connection with the Conversion, shareholders of the Fund will receive ETF shares equal in value to the aggregate net asset value of shares of the Fund they own and may receive a cash payment in lieu of fractional shares of the ETF, and the redemption of fractional shares may be a taxable event.
Importantly, to receive shares of the ETF as part of the Conversion, Fund shareholders must hold their shares through an account that can hold shares of an ETF (i.e., a brokerage account). If Fund shareholders do not hold their shares through an account that can hold shares of an ETF, they will not receive shares of the ETF as part of the Conversion.
For Fund shareholders that do not currently hold their Fund shares through an account that can hold shares of an ETF, please see the “Questions and Answers” section below for actions that must be taken to receive shares of the ETF as part of the Conversion.
Effective the close of business on February 18, 2025, new positions in the Fund may no longer be opened. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the Conversion takes place.
The last day to redeem Fund shares or exchange Fund shares for shares of another Fidelity mutual fund is April 3, 2025. If you do not want to receive shares of the ETF in connection with the Conversion, you can exchange your Fund shares for shares of another Fidelity mutual fund that is not participating in a conversion or redeem your Fund shares. Prior to doing so, however, you should consider the tax consequences associated with either action.
All dates may change if the closing date of the Conversion changes. Effective dates are as of close of business.
No action is required for Fund shareholders that hold Fund shares through an account that can hold shares of an ETF.
Completion of the Conversion is subject to conditions under the Plan. Fund shareholders are not required to approve the Conversion. Fund shareholders will receive an information statement/prospectus describing in detail both the Conversion and the ETF, and a summary of the Board’s considerations in approving the Conversion.
In connection with the Conversion, an information statement/prospectus that will be included in a registration statement on Form N-14 will be filed with the Securities and Exchange Commission. After the registration statement is filed with the SEC, it may be amended or withdrawn, and the information statement/prospectus will not be distributed to Fund shareholders unless and until the registration statement becomes effective. Shareholders should read the information
statement/prospectus, which contains important information about the Conversion, when it becomes available. For a free copy of the information statement/prospectus, please contact Fidelity at
1-800-544-8544 or send an email request to [email protected]. The information statement/prospectus will also be available on the Securities and Exchange Commission’s website (www.sec.gov).
This communication is for informational purposes only and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933...
https://www.sec.gov/Archives/edgar/data/1562565/000094590824000345/MMK_main.htm