Fidelity has jumped into private commercial real estate (CRE). This FIDELITY CORE REAL ESTATE FUND fund requires investor accreditation, $25K initial minimum, +$5K additional monthly additions, ER 1.0% plus 12.5% of performance over +5%.
Fund will not be listed or traded on exchanges.
After 3 years of operations, quarterly redemptions up to 5% of fund assets allowed at the option of Fidelity.
It is suggested as an addition to traditional 60-40 stock-bond portfolios.
Note that Blackstone BREIT and Starwood SREIT have been in the news due to reaching their quarterly 5% redemption limits.
TIAA Real Estate Account VA QREARX is different in that it its Liquidity Guarantee (from TIAA) allows quarterly redemptions of any amount.
Listed real estate funds behave differently due to their leverage and market factors. Examples include VNQ, XLRE, FRESX, and hybrid FRIFX. Fidelity also has multi-asset FMSDX that combines stocks-bonds-alternatives.
An interesting time for Fidelity to enter private CRE area.
May be @TheShadow can find more information on its filing.
Video https://www.fidelity.com/go/alternative-investments-core-real-estate?ccsource=em_Promo_1057918_1_0
Video Transcript https://media.fidelity.com/assets/Fidelity.com_VMS/868/695/CoreRealEstateVideoTranscript_1.17.23.pdf
Limited SEC/Edgar Info https://www.sec.gov/Archives/edgar/data/1953520/000195352023000001/xslFormDX01/primary_doc.xml

https://www.sec.gov/Archives/edgar/data/1753394/000121390023008278/s149169_497.htm
497 1 s149169_497.htm 497
RIMROCK FUNDS TRUST
(the “Trust”)
Rimrock Emerging Markets Corporate Credit Fund
SUPPLEMENT DATED FEBRUARY 6, 2023 TO THE SUMMARY PROSPECTUS, PROSPECTUS,
AND STATEMENT OF ADDITIONAL INFORMATION EACH DATED SEPTEMBER 28, 2022
At the recommendation of Rimrock Capital Management, LLC, the Trust’s investment adviser, the Board of Trustees of the Trust (the “Board”) has approved the liquidation and termination of the Rimrock Emerging Markets Corporate Credit Fund (the “Fund” ) as a result of, among other factors, challenges faced by the Fund in conducting its business and operations in an economically viable manner under current market conditions. The Board approved the liquidation pursuant to the provisions of the Trust’s Agreement and Declaration of Trust after making a determination that the liquidation of the Fund is in the best interests of such Fund and its shareholders.
Effective immediately, shares of the Fund will no longer be available for purchase by new or existing investors. The liquidation of the Fund is scheduled to take place on or about February 28, 2023 (the “Liquidation Date”).
On or before the Liquidation Date, the Fund will seek to convert substantially all of its respective portfolio securities and other assets to cash or cash equivalents. Therefore, the Fund may depart from its stated investment objectives and policies as it prepares to liquidate its assets and distribute them to shareholders. Any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed on that date. As soon as practicable after the Liquidation Date, the Fund will distribute pro rata to the Fund’s shareholders of record, as of the close of business on the Liquidation Date, all of the remaining assets of the Fund, after paying, or setting aside the amount to pay, any expenses and liabilities of the Fund. At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund pursuant to the procedures set forth under “How to Sell Your Fund Shares” in the Fund’s prospectus.
The Fund has the ability to distribute income and/or net capital gains on or prior to the Liquidation Date in order to reduce Fund-level taxes. For taxable shareholders, the automatic redemption on the Liquidation Date should generally be treated like other redemptions of shares, that is, as a sale by the shareholder that may result in a gain or loss to the shareholder for U.S. federal income tax purposes. Shareholders should contact their tax advisor to discuss the income tax consequences of the liquidation.
Please retain this supplement with your Summary Prospectus, Prospectus and
Statement of Additional Information.

Thanks for the info .
Let me add : "
Account Service Fee Per Year
(for certain fund account balances below $1,000,000)
$20"

Thanks. McClennan’s global holds about 10% in gold bullion and miner stocks as a hedge. That has moved up from the single digit %.

@Junkster, yes; into the weekend is literal, meaning after 6pm today. My writing style should have been much clearer.
@sma3 The 1's and 0's are likely finding their pathways inside the mainframes as we write. Perhaps there are advanced systems we do not know about; as with the movie, 'TRON'. Traders inside the 'machines', :)

”I liked the "old" Barron's far better. I could leisurely mull over the articles all weekend … Unfortunately, I can't even get the print edition delivered at my house anymore. Now it is mailed so it doesn't arrive until Tuesday some weeks.”

Not in a position to compare the “old” and “new” Barron’s. Read the paper edition regularily in the 80s before losing interest. Only in the past 3 or 4 years have I again become a regular reader. But I do find Barron’s better at what it does than any other financial publication I’ve sampled in recent years. I’d guess you’re correct if you believe it was “better” 25+ years ago. I find virtually every print magazine or newspaper I read to fall into that category. Recently resubscribed to The New Yorker. While still worth the price of admission, it doesn’t compare in content to 10 years ago.
As you might be aware, the Amazon Kindle editions of WSJ & Barron’s are essentially the same as the print editions in terms of stories and photos / art work. Look forward to my Barron’s arriving every Saturday morning. However, there may be some omitted charts / data. The Kindle format doesn’t support such very well. Not an issue for me because so much data can still be pulled up for free online.
* Those reading Barron’s on a Kindle app may find it necessary to re-format it (using various embedded settings) to make it appear correct. I suspect some don’t read it on Kindle due to not being familiar with all the available settings.

”Not for the timid.”

Hell no. Nearest thing to gambling available under the guise of “investing” I know of. Getting burnt badly a few times is probably part of the game. To demonstrate what can happen, following are the M* returns over a bad 3 year stretch for a “5-star” rated gold (miners) mutual fund. Since I presently own the fund, I won’t name it.
2013 -48.83 - 47.83%
2014 -15.39%
2015 -23.14%
All three were down years. A $100 initial investment would have been worth less than $33.50 at the end of that run, Though I haven’t identified the fund, one will find those numbers quite similar to the M* “category” averages for the years mentioned.

And the PM miner funds mentioned are around a 40 SD. Not for the timid.

Using M* standard deviation (SD) data,
Gold-bullion GLD SD = 15.12
Silver-bullion SLV SD = 36.39
So, SLV is 2.4x more volatile than GLD.

The other new twist is you can convert up to $200,000 ( used to be $160,000 I think) or 25% of your IRA into a QLAC tax free, so you can lower your RMD. I have not dug into it yet, but I think you can pick an annuity date at anytime in the future, and one that would still return money to your heirs.
I have searched long and hard for a simple spreadsheet that would allow different iterations of this conversion question, and take into account current and future tax rates, state tax rates, estimated inflation etc and returns.
Can't find one. Anybody else have any luck?
https://maxifiplanner.com/ comes the closest but it is an all around program designed to maximize your retirement income
My daughter finally wrote a simple spread sheet that works pretty well.
I concluded IRA conversions can save a substantial amount of taxes in the long run, but you have to be willing to pay the taxes now out of your taxable accounts.
That is the hard part. Who wants to substantially increase your tax bill this year? So we chose numbers that would not push us into the next bracket. Probably should have done more
Guess I could break down and hire a financial planner but if have never been impressed.

Interesting. The numbers on gold & silver appear incorrect. Gold finished at $1865.19 and silver at $22.36 Friday according to Bloomberg. But the linked chart is showing their current values a bit higher than Friday’s close while at the same time being “down” sharply. Doesn't add up at first glance. The % change for Dow & NASDAQ shown are significant, but not unusually large in the context of the recent heightened market volatility.
Related: Some excellent analysis of the extreme options trading going on in the markets by Forsyth in the current Barron’s. He and some quoted sources believe this “gambling” (his word) by large and small investors alike is causing wild gyrations / very high volatility in the markets. I’m not trying to make the case here. A facet of investing I know little about. But am suggesting the article might be a useful read.

Ouch! I must say his (print) recommendations late in December to buy BCAT and GUG has panned out. Both have done nicely since that article published. Up roughly 10% each. And he does not, as a rule, generally promote individual securities.

@yogibearbull - Thanks for a comprehensive answer. From your following remark it sounds like the article might have appeared online before the end of the trading week: ”Weekend Barron's articles start trickling in at Barron's Online about midweek”.
It wouldn’t seem to be in Barron’s own interest or their subscribers’ interests to publish specific stock recommendations piecemeal before their print edition hits the stands Saturdays or can be read in its entirety online. In the case I alluded to, the recommendation of a specific mining company was made by someone they interviewed (in their lead gold piece). Only named 3 out of the dozens of players. The AU miners lost over 4% on average Friday. Roughest down day in a while. But one I was interested in fell only about 1.7% - after strengthening late in the day. In addition, it is one of the bigger players in silver, which fared far worse than gold Friday and so should, one thinks, have experienced an even bigger decline.
While the above mentioned was a “secondary” recommendation made by a person interviewed in the article, I have found Barron’s own recommendations generally spot-on. And, surprisingly, haven’t noticed huge upsurges in price immediately following them - but their picks do mostly rise in the weeks and months afterward. One extreme example of how well their picks do: Only 3 or 4 weeks ago they ran an article promoting TLSA, recommending readers buy it and claiming it was way oversold. But in this week’s edition they found it necessary to run another article strongly suggesting investors sell TSLA (after a huge run up).
Thanks again.

@hank, Weekend Barron's articles start trickling in at Barron's Online about midweek. Most of them are available Friday when I start my Summaries. I guess based on categories and authors. The current Editor tends to rotate authors and also has multiple articles that may fit a category - in the old days, column authors sort of owned their columns, but not now (just imagine Alan Abelson - Editor himself - rotated in/out from Up and Down Wall Street).
It used to be that Barron's market impact was felt on Mondays, but now, it can be in the late week (Thursday-Friday). The articles on gold in this issue were available on Friday, but gold still tanked on Friday.
To your question, the ENTIRE weekend issue is available at Barron's Digital early-AM on SATURDAY - 4am Central is the earliest I have checked, but just months ago, it was after 6am CT only. I also rely on my home delivery that is between 5am-7am CT on Saturday; Barron's can expect a call from me about missed delivery and redelivery request around 7am+ CT Saturday.
My Summaries are out on Saturdays - Part 1 by early-AM, Part 2 by late-AM. About 2 years worth of Summaries can be found at this link (searchable) but I have decades worth of Summaries (also searchable) in my PC.
https://ybbpersonalfinance.proboards.com/board/12/market-insights

Top 5 holdings of BRK are AAPL, BAC, AXP, KHC, OXY. So, the stock portfolio should be up YTD based on StockCharts. But BRK is also a huge operational company and that part is cyclical, and as @Devo mentioned, there may be other market actors. This bounce is in speculative and junky stuff.
https://www.cnbc.com/berkshire-hathaway-portfolio/
https://stockcharts.com/h-perf/ui?s=AAPL&compare=AXP,BAC,KHC,OXY&id=p84130660542

+1

My guess is one of the foundations is selling $1 billion Berkshire every morning at 930 am every day this year. I don’t think munger Buffett believe in buying anything here. Will see how the market evolves. Animal spirits are full on preventing sanity to prevail

Using M* standard deviation (SD) data,
Gold-bullion GLD SD = 15.12
Silver-bullion SLV SD = 36.39
So, SLV is 2.4x more volatile than GLD.
As silver is used both as industrial and precious metal, it has more cyclicality tied to economy. This is also indicated in projected range for silver in Barron's article, $10s (recession) - $30s (soft landing).
Gold:silver ratio is about 83, high. At one time, 60 was considered ideal ratio. So, historically, gold is overvalued relative to silver, or silver is undervalued relative to gold.
https://goldsilver.com/price-charts/gold-silver-ratio/

..... And so, OK: I'm intrigued.
Does it make sense to convert from T-IRA to Roth if current filing status puts one in "no tax due" at all bracket--- AND spouse has no reportable earned income, as well? SS and pension plus interest, cap gains and divs are my own sources of income. But those cap gains and divs. all get reinvested into T-IRA. Come to think of it, I'm re-investing all proceeds from the taxable account, too. The taxable account at the moment is up to about 11% the size of the T-IRA. (That figure includes wife's own small rollover T-IRA, too, less than $11,000 right now.) Thanks for any thoughts. These rules just all seem so arcane to me./ And there's still a small slice of my T-IRA which is non-taxable upon withdrawal, because it was deposited as non-deductible, and no tax due in that year. My tax guy is on top of that. Very conscientious.

Thanks @msf / Your math has always been impeccable. And the idea of using tax deferred money (and paying taxes on such) to do a conversion is flawed as your math has shown before. OTOH, I wouldn’t discourage someone from doing so if they felt it met their needs. You acknowledge some other benefits.
My view on the matter is of course biased - and probably overly-simplistic. Interestingly, I’d just begun drawing SS at the time the markets tanked in ‘08, having subsided on pension alone for a few years prior. So the additional income stream was put to work converting a sizable chunk at distressed market valuations (early ‘09). Everyone should be as lucky.
ISTM there was a 1-time change in the law at the time allowing 3 years to cover the tax hit from conversions. But I might be mistaken. Research turned up only such an an extension instituted in 2010.

Whether conversions, having the up front tax hit, make sense … that’s a different matter and msf for one has effectively, I think, cast that into doubt. Still, conversions at lower market valuations seem a good idea to me.
Assuming no change in tax rates, you can come out ahead doing conversions if you can pay the taxes with money from a taxable account. If the tax money comes out of a tax-sheltered account, it's a wash.
At lower valuations, you come out even further ahead if paying taxes with taxable account money. Curiously, if you're paying taxes with tax sheltered money, it's a wash regardless of whether the market is up or down.
Briefly, that's because when the value of the investment you're converting is down, so is the value of the portion of the investment you're using to pay the taxes. Still, if you want to convert a given dollar amount, lower valuations let you convert a bigger percentage of your IRA at a single time.
Also, there are other benefits to Roth conversions beyond saving money. For example, heirs (who may be younger, working, and in higher tax brackets) won't have to deal with taxes on inherited IRAs. Especially now that they have to pull everything within 10 years. Also, when you pull from Roths instead of traditional IRAs you have a lower MAGI for things like IRMAA.