Liquidation: Fidelity Merrimack Street Trust

Form Type: 485BPOS

Filing Date: 2024-12-30

Corporate Action: Liquidation

Type: Update

Accession Number: 000113322824011705

Filing Summary: The document details a Special Meeting of Shareholders for Fidelity® Municipal Core Plus Bond Fund, scheduled for March 12, 2025, focusing on an Agreement and Plan of Reorganization and Liquidation. This proposal involves the reorganization of the Acquired Fund into Fidelity® Municipal Bond Opportunities ETF, necessitating shareholder approval. The transaction is aimed at transitioning all assets and liabilities of the Acquired Fund into the newly created Acquiring Fund, with shareholders receiving shares equal to their net asset value upon completion of the liquidation process. Additionally, effective March 12, 2025, various fees will be waived for existing Acquired Fund shareholders, and consolidation of share classes is planned effective March 14, 2025. The document outlines the importance of shareholder participation, registration instructions for the virtual meeting, and details the expected benefits of the reorganization, including expense reductions and the tax-free nature of the transaction, barring cash received for fractional shares.

Form Type: N-14

Filing Date: 2024-11-15

Corporate Action: Liquidation

Type: New

Accession Number: 000113322824010291

Filing Summary: On November 15, 2024, Fidelity Merrimack Street Trust filed a registration statement under the Securities Act of 1933 regarding the proposed reorganization of the Fidelity® Municipal Core Plus Bond Fund into the Fidelity® Municipal Bond Opportunities ETF. A Special Meeting of Shareholders is scheduled for March 12, 2025, to seek approval for the Agreement and Plan of Reorganization and Liquidation. If approved, the reorganization is set to occur on April 4, 2025, at the close of business on the New York Stock Exchange. Shareholders will receive shares of the Acquiring Fund equivalent to the net asset value of their holdings in the Acquired Fund, and potential cash distributions for fractional shares. The proposal is characterized as a tax-free reorganization for federal income tax purposes, though cash received in redemption of fractional shares may be taxable. The Board of Trustees supports the proposal, citing reduced expenses and improved liquidity as significant benefits for shareholders. The document details the procedures for voting, registration for the meeting, and the implications of the transition from a mutual fund to an ETF structure, highlighting both potential advantages and risks associated with the change.