Filed by: Fidelity Hereford Street Trust
Pursuant to Rule 425 under the Securities Acts of 1933 and
deemed filed under Rule 14a-12(b) under the Securities Exchange Act of 1934.
Subject Company: Fidelity Newbury Street Trust
SEC File No. 002-78458 and 811-03518
------------------------------------------------------------------------------------------------------------
Back Office Ops_MM Changes_InvestmentPolicy_MergersLaunches_720237.eR.DOC
<date>
Operational Update
You may have received a communication from us dated March 5, 2015, advising you that the Board of Trustees has approved a change in the investment policy of certain money market mutual funds in order to meet new regulatory requirements. Several Fidelity money market funds are included in these changes. These funds will continue to be managed in the same manner they have always been, and the shareholders do not need to take any action. Fidelity has updated the funds' prospectuses to reflect the investment policy changes, and has communicated this information to shareholders.
We also announced that Fidelity is proposing numerous money market fund mergers across our prime, government, U.S. Treasury and municipal product lines. You may review the fund information for these mergers on pages 2 and 3.
Further, Fidelity will be launching six (6) new classes of existing Fidelity money market funds. Please read further for more details on the upcoming fund launches, mergers, and investment policy changes.
Fund Launches
On April 14, 2015, the following six (6) new classes of existing Fidelity money market funds will be available:
Fund Name |
TAX EXEMPT |
FIDELITY
|
FIDELITY |
FIDELITY |
TREASURY |
FIDELITY MONEY MARKET FUND: PREMIUM CLASS |
Fund # |
2737 |
2739 |
2740 |
2741 |
2742 |
2738 |
CUSIP |
316341403 |
31617H508 |
31617H607 |
31617H706 |
316341304 |
31617H805
|
Trading Symbol |
FZEXX |
FZAXX |
FZBXX |
FZCXX |
FZFXX |
FZDXX |
Tax ID |
04-2778692 |
04-3077012 |
04-3077012 |
04-3077012 |
04-2975775 |
04-3032131 |
Min. Initial Investment |
$100,000 |
$1,000 |
$1,000 |
$100,000 |
$2,500 |
$100,000 |
Investment Objectives |
Seeks to provide as high a level of current income, exempt from federal income taxes, as is consistent with liquidity and stability of principal |
Seeks as high a level of current income as is consistent with preservation of capital and liquidity |
Seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity |
Mergers:
Fidelity is proposing money market fund mergers across our prime, government, U.S. Treasury and municipal product lines. The proposed mergers will strengthen and simplify our money market fund product lineup, and make it easier for investors to select a fund or class that meets their need.
The following mergers require shareholder approval: Select Money Market, CMF Prime Fund, and U.S. Government Reserves. Shareholders of the funds received a proxy solicitation to approve the proposed merger on or about March 20, 2015. If approved, impacts will include name change, CUSIP/symbol change, and new investment objective. No action is required by Advisors.
Merging Fund Name1 |
Merging CUSIP |
Merging Trading Symbol |
Merging Fund Number |
Acquiring Fund Name2 |
Acquiring CUSIP |
Acquiring |
Acquiring Fund Number |
Select Money Market |
316390814 |
FSLXX |
0085 |
Fidelity Money Market: Premium Class |
31617H805
|
FZDXX |
2738 |
CMF Prime Fund: Daily Money Class |
233809102 |
FDAXX |
0083 |
Fidelity Government Money Market: Daily Money Class |
31617H607 |
FZBXX |
2740 |
CMF Prime Fund: Capital Reserves Class |
650914203 |
FPRXX |
0076 |
Fidelity Government Money Market: Capital Reserves Class |
31617H508 |
FZAXX |
2739 |
U.S. Government Reserves |
316462100 |
FGRXX |
0050 |
Fidelity Government
Money Market: |
31617H706 |
FZCXX |
2741 |
1 Current fund will be soft closed (no new investors) prior to the new fund/share class launch - date TBD.
2 New acquiring funds/share classes (Daily Money, Capital Reserves, Retail, and Premium) will be available in April 14, 2015.
The following mergers do not require shareholder approval: AMT Tax-Free Money Fund, CMF Government Fund, and Treasury Money Market Fund. No action is required by the Advisors. Shareholders of the funds have received letters informing them of the changes and merger timeline, as indicated below.
Merging Fund Name |
Merging CUSIP |
Merging Trading Symbol |
Merging Fund Number |
Acquiring Fund Name3 |
Acquiring CUSIP |
Acquiring |
Acquiring Fund Number |
Merger Date |
CMF |
316341205 |
FLFXX |
2544 |
Fidelity |
31617H607 |
FZBXX |
2740 |
May 15, 2015 |
CMF |
316341106 |
FTBXX |
2545 |
Fidelity |
31617H508 |
FZAXX |
2739 |
May 15, 2015 |
AMT Tax-Free Money1 |
316448406 |
FIMXX |
0460 |
CMF |
316341403
|
FZEXX
|
2737 |
May 15, 2015 |
Fidelity Treasury Money Market2 |
31617H409 |
FLTXX |
2543 |
CMF |
316341304
|
FZFXX
|
2742 |
June 19, 2015 |
1 Current fund will be soft closed (no new investors) prior to the new fund/share class launch - April 24, 2015.
2 Current fund will be soft closed (no new investors) prior to the new fund/share class launch - May 22, 2015.
3 New acquiring funds/share classes (Daily Money, Capital Reserves, Retail, and Premium) will be available in April 2015.
As a result of the mergers, AMT Tax-Free Money Fund, CMF Government Fund, and Treasury Money Market Fund, the merging funds will be closed to new accounts on the following dates:
Merging Fund Name |
Soft Close Date (close of Business on) |
AMT Tax Free |
April 24, 2015 |
CMF Government Fund: Daily Money Class |
April 24, 2015 |
CMF Government Fund: Capital Reserves Class |
April 24, 2015 |
Fidelity Treasury Fund |
May 22, 2015 |
Investors who own shares in the merging funds on the soft close date may continue to add to their existing fund positions.
Investors who do not own shares of the merging funds on the soft close date generally will not be allowed to buy shares of the fund; however, new fund positions may be opened
[bullet] 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 the soft close date;
[bullet] 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 the soft close date;
[bullet] by a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, and by a portfolio manager of the fund.
[bullet] 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.
Additional notes:
[bullet] Change of Ownership (Transfers and Re-registrations) requests for the merging funds can be processed up until the merger dates, provided the request is to transfer the entire account or the transfer request results from a life event such as a death, divorce, or similar circumstance.
[bullet] For omnibus accounts that permit underlying shareholder/participant-level trading, pursuant to existing agreements, it is the firm's or the plan's responsibility to enforce the requirements stated above and in the prospectus.
Investment Policy Change for Fidelity Government and U.S. Treasury Money Market Funds
In July 2014, the U.S. Securities and Exchange Commission (SEC) approved regulatory changes for money market mutual funds. Under the new rules, government money market mutual funds are defined as those investing 99.5% of their total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized fully. Although Fidelity's U.S. government and Treasury money market funds have historically met this new requirement, the Board of Trustees for these funds has approved updates to their investment policies to reflect the SEC's new definition.
The investment policy change will take effect on or about May 31, 2015.
Which Fidelity funds are impacted?
The impacted funds are listed below. Note: The parent funds are highlighted in bold.
CMA Fund/Class Name |
CUSIP |
Trading |
Class # |
Fund # |
Fidelity Cash Management Treasury Fund: Daily Money Class |
233809201 |
FDUXX |
58 |
58 |
Fidelity Cash Management Treasury Fund: Capital Reserves Class |
650914104 |
FSRXX |
77 |
58 |
Fidelity Cash Management Treasury Fund: Advisor B Class |
233809706 |
FDBXX |
658 |
58 |
Fidelity Cash Management Treasury Fund: Advisor C Class |
650914401 |
FDCXX |
529 |
58 |
FIMM Fund/Class Name |
CUSIP |
Trading |
Class # |
Fund # |
Fidelity Institutional Money Market Treasury Only Portfolio: Class I |
233809300 |
FSIXX |
680 |
680 |
Fidelity Institutional Money Market Treasury Only Portfolio: Class II |
233809805 |
FOXXX |
542 |
680 |
Fidelity Institutional Money Market Treasury Only Portfolio: Class III |
233809888 |
FOIXX |
543 |
680 |
Fidelity Institutional Money Market Treasury Only Portfolio: Select Class |
192826105 |
FTYXX |
906 |
680 |
Fidelity Institutional Money Market Treasury Only Portfolio: Class IV |
31607A505 |
FOPXX |
2017 |
680 |
Fidelity Institutional Money Market Treasury Only Portfolio: Institutional Class |
31607A802 |
FRSXX |
2643 |
680 |
Fidelity Institutional Money Market Treasury Portfolio: Class I |
316175504 |
FISXX |
695 |
695 |
Fidelity Institutional Money Market Treasury Portfolio: Class II |
316175835 |
FCEXX |
600 |
695 |
Fidelity Institutional Money Market Treasury Portfolio: Class III |
316175884 |
FCSXX |
696 |
695 |
Fidelity Institutional Money Market Treasury Portfolio: Class IV |
31607A406 |
FTVXX |
2016 |
695 |
Fidelity Institutional Money Market Treasury Portfolio: Select Class |
192826204 |
FTUXX |
911 |
695 |
Fidelity Institutional Money Market Treasury Portfolio: Institutional Class |
31607A885 |
FRBXX |
2644 |
695 |
Fidelity Institutional Money Market Government Portfolio: Class I |
316175108 |
FIGXX |
57 |
57 |
Fidelity Institutional Money Market Government Portfolio: Class II |
316175850 |
FCVXX |
604 |
57 |
Fidelity Institutional Money Market Government Portfolio: Class III |
316175603 |
FCGXX |
657 |
57 |
Fidelity Institutional Money Market Government Portfolio: Select Class |
192826303 |
FGEXX |
918 |
57 |
Fidelity Institutional Money Market Government Portfolio: Institutional Class |
31607A703 |
FRGXX |
2642 |
57 |
Fund/Class Name |
CUSIP |
Trading |
Class # |
Fund # |
Fidelity Government Money Market Fund |
31617H102 |
SPAXX |
458 |
458 |
Retirement Government Money Market Portfolio |
316191709 |
FGMXX |
631 |
631 |
Fidelity Treasury Only Money Market Fund |
31617H300 |
FDLXX |
415 |
415 |
Do these changes affect how the funds are managed?
No. Each fund has historically purchased only U.S. government or Treasury securities, and repurchase agreements for those securities, depending on a fund's particular principal investment strategy.
Do these changes require shareholder approval?
No. The investment policy changes will take effect on or about May 31, 2015, allowing for 60 days' prior notice to shareholders, in accordance with each fund's name test policy. We will communicate to shareholders and supplement each fund's prospectus prior to the effective date. No action from shareholders is required.
The new investment policy for each fund is subject to change only upon 60 days' prior notice to shareholders.
Why is Fidelity taking this action now?
Although SEC rules set an October 2016 date to comply with the new definition for government funds, Fidelity wants investors to understand that our U.S. government money market mutual funds, including our U.S. Treasury and U.S. Treasury Only money market mutual funds, already meet the SEC's new definition.
More Information
Information regarding these changes can be found in each fund's prospectus. To obtain a prospectus, log onto Fidelity.com or Advisor.Fidelity.com or call Fidelity or your investment professional.
NOTE: Please do not respond to this email, which was sent from an unmonitored inbox.
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Interest rate increases can cause the price of money market securities to decrease.
This information is not complete and may be changed. Fidelity may not sell these securities until the registration statements filed with the Securities Exchange Commission are effective. This information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
Channel |
Phone |
Fax |
Hours of Operation Monday through Friday Eastern Time |
Bank Trust/TPA/Insurance/RIA |
877-836-4829 |
877-297-2953 |
8:30 a.m-5:30 p.m. ET |
Dealer Services Support |
800-221-9923 |
888-321-7352 |
8:30 a.m-5:00 p.m. ET |
DC Investment Only |
800-898-7928 |
800-974-9175 |
8:30 a.m.-5:00 p.m. ET |
For Home Office Use Only
Fidelity Investments Institutional Operations Company, Inc.
100 Salem Street, Smithfield, RI 02917
720237.1.0
15-028_03 16 15_MM ProxyV3.doc
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[top left header NATIONAL FINANCIAL appears in white font with a green background.]
Important Notice : 15-028 Fidelity Money Market Proxy Mailings |
|
Distribution Date: March 16, 2015 Effective Date: March 16, 2015 Questions, contact: Your Relationship Manager |
Audience: CIO CCO COO Broker/Advisor Customer Mailing Required: Proxy materials mailed by fund company Categories: Risk & Regulatory Impacts: Mutual Funds, Operations/Service |
Action Required: No |
Summary |
As communicated in Alert 15 A-03, on January 30, 2015, Fidelity Investments announced the first set of proposed changes to their money market mutual funds, which are designed to align their product offerings to best meet investors' future cash investment needs. As a result, shareholders of several Fidelity Money Market funds (list below) will receive proxy statements that are mailing today, March 16, 2015. See list of impacted funds below, as well as a copy of the proxy Q&A. |
Description |
Conversion of Fidelity Prime Money Market Funds to Government Money Market Funds - - Shareholders of the funds will receive proxy solicitations to approve the proposed conversions from a prime fund to a government fund. Fidelity funds proposing to convert are: Fidelity Cash Reserves, VIP Money Market Portfolio and FMMT Retirement Money Market Portfolio Fund Merger Proposals - Shareholders of several Fidelity funds will receive proxy solicitations to approve proposed mergers. Fidelity funds merging are: Select Money Market Fund, Cash Management Funds (CMF): Prime Fund, and U.S. Government Reserves. |
What this may mean for your firm |
If approved by shareholders, name and symbol/CUSIP changes may be required. National Financial will provide ongoing communication and support to help correspondents navigate such changes. In addition, customer applications and online account opening tools will be updated to reflect such changes. NF will communicate specific timelines for such work in the coming weeks. |
Key points |
Fidelity proxy statements mailed to shareholders on March 16, 2015 as communicated in Alert 15A-03 List of impacted funds below and proxy Q&A attached New CUSIPs / symbols should be available in early April, 2015 |
Client action required and next steps |
No action required by correspondents / intermediaries but shareholders of the fund will receive standard proxy materials. |
Related links |
See Alert 15A-03 for initial January 30, 2015 communication regarding Fidelity Money Market changes See Alert 15A-05 for February 19, 2015 Fidelity Money Market shareholder mailings for mergers that do not require shareholder approval. See Proxy Q&A for additional information. |
200 Seaport Boulevard Z2K, Boston, MA 02210
National Financial Services LLC, Member NYSE, SIPC
For broker-dealer use only. Not for distribution to the public as sales material in any form.
Dates are subject to change.
Screenshots are for illustrative purposes only.
The content provided herein is general in nature and is for informational purposes only. This information is not individualized and is not intended to serve as the primary or sole basis for your decisions as there may be other factors you should consider. National Financial does not provide advice of any kind.
Third party marks are the property of their respective owners; all other marks are the property of FMR LLC.
710021.1.0 Page 1 of 2
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Conversion of Fidelity Prime Money Market Funds to Government Money Market Funds - require shareholder approval:
|
Current Fund Name |
Current |
Proposed |
Eligible for Core Sweep |
Record Date / |
Meeting |
Anticipated |
|||||
Fidelity Cash |
FDRXX |
Fidelity Government Cash Reserves |
Yes |
March 16, 2015 |
May 12, 2015 |
Q4 2015 |
||||||
FMMT Retirement
Money Market |
FRTXX |
FMMT Retirement Government Money Market II Portfolio |
Position Only |
March 16, 2015 |
May 12, 2015 |
Q4 2015 |
||||||
VIP Money Market Portfolio |
FAVMM |
VIP Government
Money Market |
Position Only |
March 16, 2015 |
May 12, 2015 |
Q4 2015 |
* If approved, each of the funds' symbols and CUSIPs will remain the same.
Fund Merger Proposals - require shareholder approval:
|
Current Fund Name |
Current |
Acquiring Fund* |
Eligible for Core Sweep |
Record Date / |
Meeting |
Anticipated |
|||||
Select Money |
FSLXX |
Fidelity Money |
Position Only |
March 16, 2015 |
May 12, 2015 |
Nov 2015 |
||||||
CMF Prime Fund: Daily Money Class |
FDAXX |
Fidelity Government
Money Market: |
Core |
March 16, 2015 |
May 12, 2015 |
Nov 2015 |
||||||
CMF Prime Fund: Capital Reserves Class |
FPRXX |
Fidelity Government
Money Market: |
Core |
March 16, 2015 |
May 12, 2015 |
Nov 2015 |
||||||
U.S. Government Reserves |
FGRXX |
Fidelity Government
Money Market: |
Position Only |
March 16, 2015 |
May 12, 2015 |
Nov 2015 |
* If approved, impact will be name change, CUSIP/symbol change, and new investment objective.
200 Seaport Boulevard Z2K, Boston, MA 02210
National Financial Services LLC, Member NYSE, SIPC
For broker-dealer use only. Not for distribution to the public as sales material in any form.
Enhancements and deployment dates are subject to change.
Screenshots are for illustrative purposes only.
The content provided herein is general in nature and is for informational purposes only. This information is not individualized and is not intended to serve as the primary or sole basis for your decisions as there may be other factors you should consider. National Financial does not provide advice of any kind.
Third party marks are the property of their respective owners; all other marks are the property of FMR LLC.
710021.22.0 Page 2 of 2
November Plan Sponsor Notification (Cover Letter) (Draft).docx
To: Responsible Named Fiduciary or Plan Administrator
From: Fidelity Investments ("Fidelity")
Re: Merger of Fidelity® U.S. Government Reserves into the Fidelity® Government Money Market Fund,
Merger of Fidelity® Select Money Market Portfolio into the Fidelity® Money Market Fund and the
Merger of Prime Fund - Daily Money Class into the Fidelity® Government Money Market Fund
In July 2014, the U.S. Securities and Exchange Commission issued new regulations for money market mutual funds. Since the rules have been released, we have spent significant time reviewing the rules and listening to our customers' preferences. As part of Fidelity's continued efforts to address these new requirements, meet our customers' needs and simplify and strengthen our money market mutual fund product line, we are contacting you with information about the merger of Fidelity® U.S. Government Reserves, Fidelity® Select Money Market Portfolio and Prime Fund - Daily Money Class ("Merging Fund") into the Fidelity® Government Money Market Fund, Fidelity® Money Market Fund and Fidelity® Government Money Market Fund ("Successor Fund"), respectively.
[For clients with email addresses]
A special meeting of shareholders of the Fidelity funds mentioned above will be held on May 12, 2015, to seek shareholder approval to merge each Merging Fund into its corresponding Successor Fund (the "Merger").The Merging Fund is an investment in the plan(s) listed in the email transmittal (the "Plan"). Unless you provide alternative direction to Fidelity by July 2, 2015, the Merger will be reflected in the Plan as described below. For more information about the Merger please click here (provide hyperlink to supplemental information)
[For clients without email addresses]
A special meeting of shareholders of the Fidelity funds mentioned above will be held on May 12, 2015, to seek shareholder approval to merge each Merging Fund into its corresponding Successor Fund (the "Merger")..The Merging Fund is an investment in the plan(s) listed below (the "Plan"). Unless you provide alternative direction to Fidelity by July 2, 2015, the Merger will be reflected in the Plan as described below. For more information about the Merger please see the enclosed letter to Merging Fund shareholders.
Plan Name |
Plan Number |
|
|
|
|
Beginning on or about November 6, 2015, or as soon as administratively feasible thereafter (the "Merger Date"), subject to any required approval, the Merging Fund expects to merge into the Successor Fund as reflected below:
Merging Fund |
Ticker |
Successor Fund |
Ticker |
Merger Date (Appr) |
Fidelity® Select Money Market Portfolio |
FSLXX |
Fidelity® Money Market Fund |
TBD |
November 6, 2015 |
Prime Fund - Daily Money |
FDAXX |
Fidelity® Government Money Market Fund |
TBD |
November 13, 2015 |
Fidelity® U.S. Government Reserves |
FGRXX |
Fidelity® Government Money Market Fund |
TBD |
November 20, 2015 |
As a result, after the close of trading on the New York Stock Exchange (normally 4 p.m., Eastern Time) on the Merger Date:
1. The Successor Fund will be added as an investment option in the Plan. If the Merging Fund was a frozen (i.e. closed to new monies) investment option in the Plan, the Successor Fund will also be frozen.
2. Participants' balances in the Merging Fund will be transferred to the Successor Fund.
3. Pending exchanges and future loan repayments and contributions otherwise directed to the Merging Fund will be redirected to the Successor Fund.
4. The Merging Fund will be eliminated as an investment option in the Plan; and
5. The applicable recordkeeping, services and/or trust agreement for the Plan is deemed to be amended to reflect the Merger.
If you wish to map balances in the Merging Fund to an existing investment option in the Plan in lieu of the Successor Fund, please contact your Managing Director for a sample direction letter and amendment. The completed and signed direction must be received by Fidelity by July 2, 2015.
Prospectus Delivery
An updated prospectus for the Merging Fund, which describes the merger, is electronically available through the Mutual Fund Investment Detail page for the Plan on Fidelity NetBenefits or http://www.fidelity.com/workplacedocuments.
If the prospectus cannot be accessed, it may be obtained by contacting Fidelity.
Notifying Participants about the Merger
Applies to Emerging / Mid / Advisor Plans (plans that do not have participant communication support from Fidelity)
If the Plan is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"), you may be required to notify all eligible employees and participants of these changes to the Plan's investment options under the ERISA section 404a-5 regulation and/or provide notification to meet other regulatory obligations, including under the ERISA section 404(c)(5) regulation. You are responsible for determining and meeting any applicable requirements.
Fidelity will not deliver participant notifications. However, once available, Fidelity will provide a sample communication that describes the Merger to help facilitate your participant communication efforts. If the Sponsor delivers a participant communication, consider that employees who become eligible for the Plan on or after that communication date may need to get the communication until the Plan's participant disclosure notice has been updated to reflect this change.
Applies to Strategic / Large / TEM Plans (plans that have participant communication support from Fidelity)
If the Plan is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"), you may be required to notify all eligible employees and participants of these changes to the Plan's investment options under ERISA section 404(a) and related Department of Labor ("DOL") regulations, and/or provide notification to meet other regulatory obligations including under ERISA section 404(c)(5).
If the Plan is subject to ERISA, Fidelity will notify all Plan participants on Fidelity's recordkeeping platform of the Merger, prior to the Merger Date (or as soon thereafter as administratively feasible).
If the Plan is not subject to ERISA, at a minimum Fidelity will notify those Plan participants who are invested in the Merging Fund on the date that Fidelity generates the distribution list.
Employees who become eligible to participate in the Plan on or after Fidelity generates the distribution list for the notice but before the Plan's participant disclosure notice (if applicable) is updated to reflect these changes will not be notified by Fidelity of these changes. Such Participants may need to be informed of these changes by the Plan Sponsor in another manner.
Next Steps
If the changes to the Plan resulting from the Merger as described above are acceptable, no direction from you is required. If you wish to provide direction to Fidelity to process alternatively or if you have any questions, please contact your Managing Director.
Sincerely,
Fidelity Investments
For plan sponsor or investment professional use only
Fidelity Investments Institutional Operations Company, Inc.
IWS Flash Fidelity Proxy Mailings_v2.docx
Fidelity Flash Template for March 16, 2015
Category: Investment Products
Brief Title: Fidelity Money Market Proxy Mailing
Name: [Fidelity Rep Name]
----------------------------------------------------------------------------------
Full Article
Article: Fidelity Money Market Proxy Mailing
As communicated in the January 30, 2015 Flash Notice, Fidelity Investments announced the first set of proposed changes to their money market mutual funds, which are designed to align their product offerings to best meet investors' future cash investment needs. As a result, shareholders of several Fidelity Money Market funds (list below) will receive proxy statements that are mailing today, March 16, 2015.
Key Points:
[bullet] Fidelity proxies mailed to shareholders of record on March 16, 2015 as communicated in the January 30, 2015 Flash Notice
[bullet] List of impacted funds below and access proxy Q&A in early April, 2015
[bullet] New CUSIPs / symbols should be available
Conversion of Fidelity Prime Money Market Funds to Government Money Market Funds - - Shareholders of each applicable fund will receive a proxy statement asking for their approval of the proposed conversion of their fund from a "prime" fund to a government money market fund. Fidelity is proposing that the following funds be converted to government money market funds: Fidelity Cash Reserves, VIP Money Market Portfolio and FMMT Retirement Money Market Portfolio.
Current Fund Name |
Current |
Proposed |
Eligible for Core Sweep |
Record Date / |
Meeting |
Anticipated |
Fidelity Cash Reserves |
FDRXX |
Fidelity Government Cash Reserves |
Yes |
March 16, 2015 |
May 12, 2015 |
Q4 2015 |
FMMT |
FRTXX |
FMMT Retirement Government Money Market II Portfolio |
Position Only |
March 16, 2015 |
May 12, 2015 |
Q4 2015 |
VIP Money |
FAVMM |
VIP Government Money
Market |
Position Only |
March 16, 2015 |
May 12, 2015 |
Q4 2015 |
* If approved, each of the funds' symbols and CUSIPs will remain the same.
Fund Merger Proposals - Shareholders of certain funds will receive a proxy statement asking for their approval of the merger of their fund into another Fidelity money market fund. Fidelity is proposing that the following funds be merged into other acquiring funds: Select Money Market Fund, Cash Management Funds (CMF): Prime Fund, and U.S. Government Reserves.
Current Fund Name |
Current |
Acquiring Fund* |
Eligible for Core Sweep |
Record Date / Customer Mailing |
Meeting |
Anticipated |
Select Money Market |
FSLXX |
Fidelity Money Market Premium Class |
Position Only |
March 16, 2015 |
May 12, |
Nov 2015 |
CMF Prime Fund: Daily Money Class** |
FDAXX |
Fidelity Government Money Market:
|
Core |
March 16, 2015 |
May 12, |
Nov 2015 |
CMF Prime Fund: Capital Reserves Class** |
FPRXX |
Fidelity Government Money Market:
|
Core |
March 16, 2015 |
May 12, |
Nov 2015 |
U.S. Government Reserves |
FGRXX |
Fidelity Government Money Market:
|
Position Only |
March 16, 2015 |
May 12, |
Nov 2015 |
* If approved, impact will be name change, CUSIP/symbol change, and new investment objective.
** May be held as core for small number of accounts via exception.
To help advisors navigate such changes, Fidelity Institutional Wealth Services will provide ongoing communication and support. In addition, customer applications and online account opening tools will be updated to reflect such changes. We will communicate specific timelines for such work in the coming weeks. Please contact your IWS relationship manager if you have additional questions.
For investment professional use only. Not for distribution to the public.
Clearing, custody, or other brokerage services may be provided by National Financial Services LLC, or Fidelity Brokerage Services LLC, Members NYSE, SIPC.
713723.3.0