SUPPLEMENT TO THE FIDELITY ASSET
MANAGERSM
NOVEMBER 24, 1998 PROSPECTUS
The following information replaces similar information found in the
"Securities and Investment Practices" section under the heading
"Equity Securities"on page 11.
RESTRICTIONS: With respect to 75% of its total assets, the
fund may not invest in more than 10% of the outstanding voting
securities of a single issuer. This limitation does not apply to
securities of other investment companies.
The following information replaces similar information found in the
"Securities and Investment Practices" section under the heading
"Diversification" on page 15.
RESTRICTIONS: With respect to 75% of its total assets, the
fund may not invest more than 5% in the securities of any one issuer.
This limitation does not apply to U.S. Government securities or to
securities of other investment companies. The fund may not invest more
than 25% of its total assets in any one industry. This limitation does
not apply to U.S. Government securities.
The following information replaces similar information found in the
"Fundamental Investment Policies and Restrictions" section beginning
on page 15.
With respect to 75% of its total assets, the fund may not invest
more than 5% in the securities of any one issuer and may not invest in
more than 10% of the outstanding voting securities of a single issuer.
These limitations do not apply to U.S. Government securities or to
securities of other investment companies.
SUPPLEMENT TO THE FIDELITY
ASSET MANAGER: GROWTHSM
NOVEMBER 24, 1998 PROSPECTUS
The following information replaces similar information found in the
"Securities and Investment Practices" section under the heading
"Equity Securities"on page 12.
RESTRICTIONS: With respect to 75% of its total assets, the
fund may not invest in more than 10% of the outstanding voting
securities of a single issuer. This limitation does not apply to
securities of other investment companies.
The following information replaces similar information found in the
"Securities and Investment Practices" section under the heading
"Diversification" on page 16.
RESTRICTIONS: With respect to 75% of its total assets, the
fund may not invest more than 5% in the securities of any one issuer.
This limitation does not apply to U.S. Government securities or to
securities of other investment companies. The fund may not invest more
than 25% of its total assets in any one industry. This limitation does
not apply to U.S. Government securities.
The following information replaces similar information found in the
"Fundamental Investment Policies and Restrictions" section beginning
on page 16.
With respect to 75% of its total assets, the fund may not invest
more than 5% in the securities of any one issuer and may not invest in
more than 10% of the outstanding voting securities of a single issuer.
These limitations do not apply to U.S. Government securities or to
securities of other investment companies.
SUPPLEMENT TO THE FIDELITY
ASSET MANAGER:
INCOMESM
NOVEMBER 24, 1998 PROSPECTUS
The following information replaces similar information found in the
"Securities and Investment Practices" section under the heading
"Equity Securities"beginning on page 12.
RESTRICTIONS: With respect to 75% of its total assets, the
fund may not invest in more than 10% of the outstanding voting
securities of a single issuer. This limitation does not apply to
securities of other investment companies.
The following information replaces similar information found under the
heading "Debt Securities" in the "Investment Principles and Risk"
section on page 13:
RESTRICTIONS: Purchase of a debt security is consistent with the
fund's debt quality policy if it is rated at or above the stated level
by Moody's Investors Service, Standard & Poor's, Duff & Phelps Credit
Rating Co., or Fitch IBCA, Inc., or is unrated but judged to be of
equivalent quality by FMR. The fund currently intends to limit its
investments in lower than Baa-quality debt securities (sometimes
called "junk bonds") to 10% of its assets.
The following information replaces similar information found in the
"Securities and Investment Practices" section under the heading
"Diversification" on page 15.
RESTRICTIONS: With respect to 75% of its total assets, the
fund may not invest more than 5% in the securities of any one issuer.
This limitation does not apply to U.S. Government securities or to
securities of other investment companies. The fund may not invest more
than 25% of its total assets in any one industry. This limitation does
not apply to U.S. Government securities.
The following information replaces similar information found in the
"Fundamental Investment Policies and Restrictions" section on page
16.
With respect to 75% of its total assets, the fund may not invest
more than 5% in the securities of any one issuer and may not invest in
more than 10% of the outstanding voting securities of a single issuer.
These limitations do not apply to U.S. Government securities or to
securities of other investment companies.
SUPPLEMENT TO THE FIDELITY ASSET MANAGER FUNDS
NOVEMBER 24, 1998 PROSPECTUS
The following information replaces similar information found in the
"Securities and Investment Practices" section under the heading
"Equity Securities"on page 13.
RESTRICTIONS: With respect to 75% of its total assets, each
fund may not invest in more than 10% of the outstanding voting
securities of a single issuer. This limitation does not apply to
securities of other investment companies.
The following information replaces similar information found under the
heading "Debt Securities" in the "Investment Principles and Risks"
section on beginning page 13:
RESTRICTIONS: Purchase of a debt security is consistent with the
fund's debt quality policy if it is rated at or above the stated level
by Moody's Investors Service, (Moody's), Standard & Poor's (S&P), Duff
& Phelps Credit Rating Co., or Fitch IBCA, Inc., or is unrated but
judged to be of equivalent quality by FMR. Asset Manager: Income
currently intends to limit its investments in lower than Baa-quality
debt securities (sometimes called "junk bonds") to 10% of its assets.
Each of Asset Manager and Asset Manager: Growth currently intends to
limit its investments in lower than Baa-quality debt securities to
less than 35% of its assets.
The following information replaces similar information found in the
"Securities and Investment Practices" section under the heading
"Diversification" on page 16.
RESTRICTIONS: With respect to 75% of its total assets, each
fund may not invest more than 5% in the securities of any one issuer.
This limitation does not apply to U.S. Government securities or to
securities of other investment companies. Each fund may not invest
more than 25% of its total assets in any one industry. This limitation
does not apply to U.S. Government securities.
The following information replaces similar information found in the
"Fundamental Investment Policies and Restrictions" section on page
16.
With respect to 75% of its total assets, each fund may not invest
more than 5% in the securities of any one issuer and may not invest in
more than 10% of the outstanding voting securities of a single issuer.
These limitations do not apply to U.S. Government securities or to
securities of other investment companies.
SUPPLEMENT TO THE FIDELITY
ASSET MANAGER: INCOME
FIDELITY ASSET MANAGER(registered trademark)
FIDELITY ASSET MANAGER: GROWTH
NOVEMBER 24, 1998
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "INVESTMENT LIMITATIONS OF ASSET MANAGER: INCOME" IN THE
"INVESTMENT POLICIES AND LIMITATIONS" SECTION BEGINNING ON PAGE 2.
(1) The fund may not with respect to 75% of the fund's total
assets, purchase the securities of any issuer (other than securities
issued or guaranteed by the U.S. Government or any of its agencies or
instrumentalities, or securities of other investment companies) if, as
a result, (a) more than 5% of the fund's total assets would be
invested in the securities of that issuer, or (b) the fund would hold
more than 10% of the outstanding voting securities of that issuer.
(iii) The fund may borrow money only (a) from a bank or from a
registered investment company or portfolio for which FMR or an
affiliate serves as investment adviser or (b) by engaging in reverse
repurchase agreements with any party (reverse repurchase agreements
are treated as borrowings for purposes of fundamental investment
limitation (3)).
(v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money up to 15% of
the fund's net assets to a registered investment company or portfolio
for which FMR or an affiliate serves as investment adviser or (b)
acquiring loans, loan participations, or other forms of direct debt
instruments and, in connection therewith, assuming any associated
unfunded commitments of the sellers. (This limitation does not apply
to purchases of debt securities or to repurchase agreements.)
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "INVESTMENT LIMITATIONS OF ASSET MANAGER" IN THE "INVESTMENT
POLICIES AND LIMITATIONS" SECTION ON PAGE 3.
(1) The fund may not with respect to 75% of the fund's total
assets, purchase the securities of any issuer (other than securities
issued or guaranteed by the U.S. Government or any of its agencies or
instrumentalities, or securities of other investment companies) if, as
a result, (a) more than 5% of the fund's total assets would be
invested in the securities of that issuer, or (b) the fund would hold
more than 10% of the outstanding voting securities of that issuer.
(iii) The fund may borrow money only (a) from a bank or from a
registered investment company or portfolio for which FMR or an
affiliate serves as investment adviser or (b) by engaging in reverse
repurchase agreements with any party (reverse repurchase agreements
are treated as borrowings for purposes of fundamental investment
limitation (3)).
(v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money up to 15% of
the fund's net assets to a registered investment company or portfolio
for which FMR or an affiliate serves as investment adviser or (b)
acquiring loans, loan participations, or other forms of direct debt
instruments and, in connection therewith, assuming any associated
unfunded commitments of the sellers. (This limitation does not apply
to purchases of debt securities or to repurchase agreements.)
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "INVESTMENT LIMITATIONS OF ASSET MANAGER: GROWTH" IN THE
"INVESTMENT POLICIES AND LIMITATIONS" SECTION ON PAGE 4.
(1) The fund may not with respect to 75% of the fund's total
assets, purchase the securities of any issuer (other than securities
issued or guaranteed by the U.S. Government or any of its agencies or
instrumentalities, or securities of other investment companies) if, as
a result, (a) more than 5% of the fund's total assets would be
invested in the securities of that issuer, or (b) the fund would hold
more than 10% of the outstanding voting securities of that issuer.
(iii) The fund may borrow money only (a) from a bank or from a
registered investment company or portfolio for which FMR or an
affiliate serves as investment adviser or (b) by engaging in reverse
repurchase agreements with any party (reverse repurchase agreements
are treated as borrowings for purposes of fundamental investment
limitation (3)).
(v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money up to 15% of
the fund's net assets to a registered investment company or portfolio
for which FMR or an affiliate serves as investment adviser or (b)
acquiring loans, loan participations, or other forms of direct debt
instruments and, in connection therewith, assuming any associated
unfunded commitments of the sellers. (This limitation does not apply
to purchases of debt securities or to repurchase agreements.)
THE FOLLOWING INFORMATION REPLACES THE SECOND PARAGRAPH UNDER THE
HEADING "ASSET ALLOCATION" FOUND IN THE "INVESTMENT POLICIES AND
LIMITATIONS" SECTION ON PAGE 5.
The bond class includes all varieties of domestic and foreign
fixed-income securities maturing in more than one year. FMR will seek
to maximize total return within the bond class by adjusting a fund's
investments in securities with different credit qualities, maturities,
and coupon or dividend rates, and by seeking to take advantage of
yield differentials between securities. Securities in this class may
include bonds, notes, adjustable-rate preferred stocks, convertible
bonds, mortgage-related and asset-backed securities, domestic and
foreign government and government agency securities, zero coupon
bonds, and other intermediate and long-term securities. These
securities may be denominated in U.S. dollars or foreign currency. The
funds may also invest in lower quality, high-yielding debt securities
(commonly referred to as "junk bonds"). Asset Manager and Asset
Manager: Growth currently intend to limit their investments in these
securities to less than 35% of their assets. Asset Manager: Income
currently intends to limit its investment in these securities to 10%
of its assets.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 25.
*EDWARD C. JOHNSON 3d (68), Trustee and President, is Chairman, Chief
Executive Officer and a Director of FMR Corp.; a Director and Chairman
of the Board and of the Executive Committee of FMR; Chairman and a
Director of Fidelity Investments Money Management, Inc. (1998),
Fidelity Management & Research (U.K.) Inc., and Fidelity Management &
Research (Far East) Inc.; and a Director of FDC. Abigail Johnson,
Member of the Advisory Board of Fidelity Charles Street Trust, is Mr.
Johnson's daughter.
THE FOLLOWING INFORMATION SUPPLEMENTS INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 25.
ABIGAIL P. JOHNSON (37), Member of the Advisory Board of Fidelity
Charles Street Trust (1999), is Vice President of certain Equity Funds
(1997), and is a Director of FMR Corp. (1994). Before assuming her
current responsibilities, Ms. Johnson managed a number of Fidelity
funds. Edward C. Johnson 3d, Trustee and President of the Funds, is
Ms. Johnson's father.
THE FOLLOWING INFORMATION REPLACES THE INFORMATION FOUND UNDER THE
HEADING "COMPENSATION TABLE" IN THE "TRUSTEES AND OFFICERS" SECTION
BEGINNING ON PAGE 25:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Trustees and Members of the Aggregate Compensation from Aggregate Compensation from Aggregate Compensation from
Advisory Board Asset Manager: IncomeB Asset ManagerB,C,E Asset Manager: GrowthB,D,E
Edward C. Johnson 3d** $ 0 $ 0 $ 0
Abigail P. Johnson** $ 0 $ 0 $ 0
J. Gary Burkhead** $ 0 $ 0 $ 0
Ralph F. Cox $ 251 $ 4,393 $ 1,720
Phyllis Burke Davis $ 249 $ 4,363 $ 1,708
Robert M. Gates $ 253 $ 4,431 $ 1,735
E. Bradley Jones $ 251 $ 4,393 $ 1,720
Donald J. Kirk $ 254 $ 4,451 $ 1,743
Peter S. Lynch** $ 0 $ 0 $ 0
William O. McCoy $ 253 $ 4,431 $ 1,735
Gerald C. McDonough $ 312 $ 5,470 $ 2,142
Marvin L. Mann $ 249 $ 4,360 $ 1,708
Robert C. Pozen** $ 0 $ 0 $ 0
Thomas R. Williams $ 253 $ 4,422 $ 1,732
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Trustees and Members of the Total Compensation from the
Advisory Board Fund Complex*,A
Edward C. Johnson 3d** $ 0
Abigail P. Johnson** $ 0
J. Gary Burkhead** $ 0
Ralph F. Cox $ 214,500
Phyllis Burke Davis $ 210,000
Robert M. Gates $ 176,000
E. Bradley Jones $ 211,500
Donald J. Kirk $ 211,500
Peter S. Lynch** $ 0
William O. McCoy $ 214,500
Gerald C. McDonough $ 264,500
Marvin L. Mann $ 214,500
Robert C. Pozen** $ 0
Thomas R. Williams $ 214,500
</TABLE>
* Information is for the calendar year ended December 31, 1997 for 230
funds in the complex.
** Interested Trustees of the funds, Ms. Johnson and Mr. Burkhead are
compensated by FMR.
A Compensation figures include cash, amounts required to be deferred,
and may include amounts deferred at the election of Trustees. For the
calendar year ended December 31, 1997, the Trustees accrued required
deferred compensation from the funds as follows: Ralph F. Cox,
$75,000; Phyllis Burke Davis, $75,000; Robert M. Gates, $62,500; E.
Bradley Jones, $75,000; Donald J. Kirk, $75,000; William O. McCoy,
$75,000; Gerald C. McDonough, $87,500; Marvin L. Mann, $75,000; and
Thomas R. Williams, $75,000. Certain of the non-interested Trustees
elected voluntarily to defer a portion of their compensation as
follows: Ralph F. Cox, $53,699; Marvin L. Mann, $53,699; and Thomas R.
Williams, $62,462.
B Compensation figures include cash, and may include amounts required
to be deferred and amounts deferred at the election of Trustees.
C The following amounts are required to be deferred by each
non-interested Trustee: Ralph F. Cox, $2,043; Phyllis Burke Davis,
$2,043; Robert M. Gates, $2,043; E. Bradley Jones, $2,043; Donald J.
Kirk, $2,043; William O. McCoy, $2,043; Gerald C. McDonough, $2,383;
Marvin L. Mann, $2,043; and Thomas R. Williams, $2,043.
D The following amounts are required to be deferred by each
non-interested Trustee: Ralph F. Cox, $800; Phyllis Burke Davis, $800;
Robert M. Gates, $800; E. Bradley Jones, $800; Donald J. Kirk, $800;
William O. McCoy, $800; Gerald C. McDonough, $933; Marvin L. Mann,
$800; and Thomas R. Williams, $800.
E Certain of the non-interested Trustees' aggregate compensation from
a fund includes accrued voluntary deferred compensation as follows:
Asset Manager: Ralph F. Cox, $1,735; Marvin L. Mann, $1,735; William
O. McCoy, $1,287; Thomas R. Williams, $1,735. Asset Manager: Growth:
Ralph F. Cox, $679; Marvin L. Mann, $679; William O. McCoy, $510;
Thomas R. Williams, $679.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"DESCRIPTION OF THE TRUST" SECTION BEGINNING ON PAGE 33:
TRUST ORGANIZATION. Fidelity Asset Manager: Income, Fidelity
Asset Manager, and Fidelity Asset Manager: Growth are funds of
Fidelity Charles Street Trust, an open-end management investment
company organized as a Massachusetts business trust on July 7, 1981.
Currently, there are five funds in Fidelity Charles Street Trust:
Fidelity Asset Manager: Growth, Fidelity Asset Manager, Fidelity Asset
Manager: Income, Fidelity Asset Manager: Aggressive and Spartan
Investment Grade Bond Fund. The Trustees are permitted to create
additional funds in the trust.
The assets of the trust received for the issue or sale of shares of
each fund and all income, earnings, profits, and proceeds thereof,
subject to the rights of creditors, are allocated to such fund, and
constitute the underlying assets of such fund. The underlying assets
of each fund in the trust shall be charged with the liabilities and
expenses attributable to such fund. Any general expenses of the trust
shall be allocated between or among any one or more of the funds.
SHAREHOLDER LIABILITY. The trust is an entity commonly known
as a "Massachusetts business trust." Under Massachusetts law,
shareholders of such a trust may, under certain circumstances, be held
personally liable for the obligations of the trust.
The Declaration of Trust contains an express disclaimer of
shareholder liability for the debts, liabilities, obligations, and
expenses of the trust or fund. The Declaration of Trust provides that
the trust shall not have any claim against shareholders except for the
payment of the purchase price of shares and requires that each
agreement, obligation, or instrument entered into or executed by the
trust or the Trustees relating to the trust or to a fund shall include
a provision limiting the obligations created thereby to the trust or
to one or more funds and its or their assets. The Declaration of Trust
further provides that shareholders of a fund shall not have a claim on
or right to any assets belonging to any other fund.
The Declaration of Trust provides for indemnification out of each
fund's property of any shareholder or former shareholder held
personally liable for the obligations of the fund solely by reason of
his or her being or having been a shareholder and not because of his
or her acts or omissions or for some other reason. The Declaration of
Trust also provides that each fund shall, upon request, assume the
defense of any claim made against any shareholder for any act or
obligation of the fund and satisfy any judgment thereon. Thus, the
risk of a shareholder incurring financial loss on account of
shareholder liability is limited to circumstances in which a fund
itself would be unable to meet its obligations. FMR believes that, in
view of the above, the risk of personal liability to shareholders is
remote.
VOTING RIGHTS. Each fund's capital consists of shares of
beneficial interest. As a shareholder, you are entitled to one vote
for each dollar of net asset value that you own. The voting rights of
shareholders can be changed only by a shareholder vote. Shares may be
voted in the aggregate, by fund and by class.
The shares have no preemptive or conversion rights. Shares are
fully paid and nonassessable, except as set forth under the heading
"Shareholder Liability" above.
The trust or any of its funds may be terminated upon the sale of
its assets to, or merger with, another open-end management investment
company or series thereof, or upon liquidation and distribution of its
assets. Generally, the merger of the trust or a fund with another
entity or the sale of substantially all of the assets of the trust or
a fund to another entity requires approval by a vote of shareholders
of the trust or the fund. The Trustees may, however, reorganize or
terminate the trust or any of its funds without prior shareholder
approval. In the event of the dissolution or liquidation of the trust,
shareholders of each of its funds are entitled to receive the
underlying assets of such fund available for distribution. In the
event of the dissolution or liquidation of a fund, shareholders of
that fund are entitled to receive the underlying assets of the fund
available for distribution.
SUPPLEMENT TO THE SPARTAN(registered trademark) INVESTMENT GRADE BOND
FUND
JUNE 24, 1999
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"INVESTMENT POLICIES AND LIMITATIONS" SECTION BEGINNING ON PAGE 2.
(1) The fund may not with respect to 75% of the fund's total assets,
purchase the securities of any issuer (other than securities issued or
guaranteed by the U.S. Government or any of its agencies or
instrumentalities, or securities of other investment companies) if, as
a result, (a) more than 5% of the fund's total assets would be
invested in the securities of that issuer, or (b) the fund would hold
more than 10% of the outstanding voting securities of that issuer.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"DESCRIPTION OF THE TRUST" SECTION BEGINNING ON PAGE 21:
TRUST ORGANIZATION. Spartan Investment Grade Bond Fund is a fund of
Fidelity Charles Street Trust, an open-end management investment
company organized as a Massachusetts business trust on July 7, 1981.
Currently, there are five funds in the trust: Fidelity Asset Manager:
IncomeSM, Fidelity Asset Manager(registered trademark), Fidelity Asset
Manager: GrowthSM, Fidelity Asset Manager: Aggressive, and Spartan
Investment Grade Bond Fund. The Trustees are permitted to create
additional funds in the trust.
The assets of the trust received for the issue or sale of shares of
each fund and all income, earnings, profits, and proceeds thereof,
subject to the rights of creditors, are allocated to such fund, and
constitute the underlying assets of such fund. The underlying assets
of each fund in the trust shall be charged with the liabilities and
expenses attributable to such fund. Any general expenses of the trust
shall be allocated between or among any one or more of the funds.
SHAREHOLDER LIABILITY. The trust is an entity commonly known as a
"Massachusetts business trust." Under Massachusetts law, shareholders
of such a trust may, under certain circumstances, be held personally
liable for the obligations of the trust.
The Declaration of Trust contains an express disclaimer of
shareholder liability for the debts, liabilities, obligations, and
expenses of the trust or fund. The Declaration of Trust provides that
the trust shall not have any claim against shareholders except for the
payment of the purchase price of shares and requires that each
agreement, obligation, or instrument entered into or executed by the
trust or the Trustees relating to the trust or to a fund shall include
a provision limiting the obligations created thereby to the trust or
to one or more funds and its or their assets. The Declaration of Trust
further provides that shareholders of a fund shall not have a claim on
or right to any assets belonging to any other fund.
The Declaration of Trust provides for indemnification out of each
fund's property of any shareholder or former shareholder held
personally liable for the obligations of the fund solely by reason of
his or her being or having been a shareholder and not because of his
or her acts or omissions or for some other reason. The Declaration of
Trust also provides that each fund shall, upon request, assume the
defense of any claim made against any shareholder for any act or
obligation of the fund and satisfy any judgment thereon. Thus, the
risk of a shareholder incurring financial loss on account of
shareholder liability is limited to circumstances in which a fund
itself would be unable to meet its obligations. FMR believes that, in
view of the above, the risk of personal liability to shareholders is
remote.
VOTING RIGHTS. Each fund's capital consists of shares of beneficial
interest. As a shareholder, you are entitled to one vote for each
dollar of net asset value that you own. The voting rights of
shareholders can be changed only by a shareholder vote. Shares may be
voted in the aggregate, by fund and by class.
The shares have no preemptive or conversion rights. Shares are fully
paid and nonassessable, except as set forth under the heading
"Shareholder Liability" above.
The trust or any of its funds may be terminated upon the sale of its
assets to, or merger with, another open-end management investment
company or series thereof, or upon liquidation and distribution of its
assets. Generally, the merger of the trust or a fund with another
entity or the sale of substantially all of the assets of the trust or
a fund to another entity requires approval by a vote of shareholders
of the trust or the fund. The Trustees may, however, reorganize or
terminate the trust or any of its funds without prior shareholder
approval. In the event of the dissolution or liquidation of the trust,
shareholders of each of its funds are entitled to receive the
underlying assets of such fund available for distribution. In the
event of the dissolution or liquidation of a fund, shareholders of
that fund are entitled to receive the underlying assets of the fund
available for distribution.
