JASVX/JASSX - Strange Messages from Fidelity

fred495

There seems to be something strange going on with JASVX/JASSX at Fidelity. When I enter the fund symbol in their search box, I get the following message: "The Mutual Fund Symbol is Not Valid". I also can't buy any more shares in the the fund, it's not available for new investments, nor can I sell any fund shares.

I'll have to call Fidelity on Monday to find out what is going on. In the meantime, if anyone has any information about the fund's status at Fidelity, please let me know.

Thanks,

Fred

catch22

James Alpha Advisors, yes???

I may be wrong, but it appears these funds are offered through and using an advisor.

Do you hold these funds using an advisor??? Or did you have your own access previously without an advisor/broker?

fred495

I am holding the fund through the Fidelity Funds Network, purchased about three weeks ago. Considered buying additional shares and got the messages I reported in my original post above.
Fred

catch22

Fidelity FundsNetwork is the UK's online investment services platform from Fidelity Worldwide Investment.

Is your account held in and/or through the U.K. ???

Pass what you have offered, I can not add comment; and your contacting Fidelity is indeed your best consideration to clarify the problem.

Take care,
Catch

fred495

FYI, poster perrywinkle from the Armchairinvesting forum provided this very helpful piece of information that, hopefully, may clarify the issue at Fidelity:

"Some searching of SEC filings shows that there was a reorganization that takes effect Monday March 22, 2021 and as part of the restructuring CUSIPs change. See

www.jamesalphaadvisors.com/information-regarding-the-joint-special-meeting-of-shareholders/

From the announcement:

Dear Valued Advisors & Partners,

We are pleased to announce that the James Alpha Funds have completed their reorganization into the newly formed James Alpha Funds Trust. This will become effective at the close of business on Friday, March 19, 2021. Even though each James Alpha Fund will continue to have the same investment objectives, investment strategies and risks as the funds had under the former trust (The Saratoga Advantage Trust), we would like to highlight some additional details:

Reductions to the annual fund operating expenses for each fund
Each fund will keep its current symbol, but there will be changes to existing CUSIPs and available share classes
The following chart provides you with an overview of the CUSIP and share class changes that will take place for trading as of Monday, March 22, 2021:"

catch22

Correct: Here is the link to the organization. You'll also discover the share classes you mentioned.

JD_co

At E*Trade, my JASVX has been converted to JASZZ.

msf

Nice find. I'm guessing that because two "live" funds cannot share the same ticker, the "new" funds (organized under James Alpha Funds Trust) can't claim their tickers until Monday when the old funds (organized under the Saratoga Advantage Trust) "die".

That's why searching the SEC site by ticker doesn't turn up the new funds. You can find both series, old and new, by searching for James Alpha:
https://www.sec.gov/cgi-bin/series?sc=companyseries&type=N-PX&company=James+Alpha

Regarding FundsNetwork®, the Fidelity mutual funds overview page starts with "Reasons to invest through Fidelity's FundsNetwork". Missing from that list of reasons is: "and you're investing from the UK"
https://www.fidelity.com/mutual-funds/all-mutual-funds/overview

I dislike branding services (note the registered trademark). All it seems to do is obfuscate.

JonGaltIII

Interesting

fred495

Spoke to a Fidelity representative this morning and was informed that for JASSX, for example, the share class will be changed today from "S" to "R6" , but the fund symbol will not change. He had no information as to whether or not the expense ratio will change for the new share class. Trading of the fund will resume tomorrow.

Good luck,

Fred

fred495

Unfortunately, trading of JASSX at Fidelity did not resume today as promised. Apparently, Fidelity is awaiting data from the fund company regarding the re-organization. The Fidelity representative said he reached out to the fund company but was unable to find out when the necessary data will be submitted to them. In the meantime, trading can only be executed by a Fidelity representative. Not feeling comfortable living in uncertainty, I asked the representative to sell all my shares of the fund today. End of story.

Good luck,

Fred

dtconroe

I also sold JASVX/JASZZ yesterday. Time will tell if that was a good decision or not, but it was troublesome to me that this fund, and company, restructuring was not better communicated to fund owners, and not better understood by brokerages (Schwab in my case). Now that the new fund symbols have replaced the previous symbols, Schwab continues to post that they have no information about JASZZ, and when you talk to their online customer service, you can't get any detailed brokerage information about the changes. It is not a good set of circumstances for shareholders, to be asked to keep their investments in a fund, without transparency to feel trust and confidence in your investment.