Q&A RE: FIDELITY INDEX MUTUAL FUNDS SHARE CLASS CONSOLIDATION
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- Archibald Harrell
- 5 years ago
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1 NOVEMBER 2, 2018 Q&A RE: FIDELITY INDEX MUTUAL FUNDS SHARE CLASS CONSOLIDATION Q1: I understand is making significant changes to its funds. What can you tell me? A: That s correct. In August, we announced we would reduce and simplify pricing on 21 of our existing index mutual funds by consolidating our offerings into one low-cost share class to all investors, regardless of investment size. (Expenses for Small Cap Index and Mid Cap Index, were further reduced to 0.025% (2.5 basis points) for all share classes of those funds.) The price reductions took effect immediately on August 1 st. We also announced that other share classes would be consolidated into the lowest cost share class of each fund in early November. We are now implementing the share class consolidations. The consolidation of share classes will take place on November 2 and November 9, See Appendix A for full list of funds and the new total net expenses. Q2: What do these changes mean? A: This means that after the share class consolidations are completed, each of the 21 funds will only offer a single share class to all investors. Shareholders in the consolidating share classes will be converted to the surviving share class for each fund. Since the pricing changes already went into effect for each share class on August 1 st, individual investors and financial advisors are already being offered the same expense levels. Q3: Is there anything I need to do to take advantage of these changes? A. No. The price reductions went into effect in August and share class conversion will happen automatically. Existing shareholder of the converting share classes have been notified in advance. Q4: Will the new simplified share class structure adversely impact advisors and institutional investors? A: No. Our research has shown that clients want a more simplified view of share classes, so we believe they will welcome these changes. There is no adverse impact on current investors in the institutional premium share class. Q5: What is the process for converting shares in the consolidating share classes into the surviving class? The share classes will be converted in two separate waves. 12 funds will be converted on November 2 and 9 funds on November 9. On the evening of each conversion, will calculate the NAV (share price) for all share classes to four decimal places. This is done to ensure greater accuracy in the conversion process. will use the NAVs to create a conversion factor for each fund s share classes. The conversion factors will be used to calculate the new number of shares owned in the surviving share class for each shareholder account.
2 Q6: Will this impact the account balances of shareholders being converted? A. No. The monetary value of each account will not change as a result of the conversions. However, the number of shares owned by each customer will change slightly because the NAVs of the converting classes and surviving classes are slightly different. Q7: Are there any tax impacts? A: There are no tax implications associated with the changes. Q8: Will the tickers or fund names change as a result of the share class consolidations? A. The tickers will change for each of the converting share classes to that of the surviving share class. Additionally, each of the surviving classes will eliminate the surviving share class name from the name of the fund. For example, if you own 500 Index - Premium, its name will be simplified to 500 Index, and its ticker will change from FUSVX to FXAIX. Q9: Are there any changes to the investment policies of the funds? A: No, there are no changes to the investment policies of the funds. The funds will track the same benchmarks and provide the same exposures to the market. Initially, the only change for shareholders was the reduction of fees and elimination of investment minimums. Once the share class consolidation takes place investors, except for those already invested in the surviving share class, will see an adjustment to the number of shares in their account because each of the share classes has a slightly different net asset value (NAV). Although the number of shares a customer owns will most likely change, the total value of their holdings will not change as a result of the share class conversions. Each shareholder will receive the number of full and fractional shares of the surviving class equal in value to the net asset value of shares of converting class held by such shareholder on the conversion date. Q10: How much have the pricing changes saved investors? A. These pricing changes mean that investors have seen a cost savings on their index mutual fund expenses. Investors now get exposure to the lowest share class available regardless of how much they invest, benefitting from s scale. Importantly, in every case, the changes has made means s index funds are lower priced than comparable Vanguard funds for classes that are available to individuals, advisors and institutions. That excludes certain Vanguard shares that are only available to institutional investors. The average assetweighted annual expenses across s stock and bond index fund line-up decreased by 35% to 0.029% when the changes were announced on August 1 st. Q11: Why did you decide to lower expenses on your index funds? A: Simply for the benefit of our clients. has a proud history of driving new innovation and value to benefit investors and to simplify investing. Americans are working hard to save for their futures and we believe investing is an essential tool for success. Lower expenses across our stock and bond index funds means more of an investor s money can be invested directly toward their distinct financial goals. And while price is just one piece of a superior customer experience, for index fund investors focused on cost, there s no need to look further than 2
3 . In addition, all investors from millennials to boomers; from people just starting out to people who have saved millions benefit from these changes and are treated the same. Q12: If a customer purchases shares of a converting share class on the day of the conversion, will the shares be converted even though they haven t yet settled? A: Yes. Even purchases made at the end of the trading day on each conversion date will be converted. The shares will fully settle on the normal schedule, which would be the end of the day on Monday following the conversions. Q13: Will these changes be reflected in the affected funds prospectuses? A: Prospectus updates are not immediately required for these changes. Prospectuses will be updated during the next annual revision cycle, the timing of which is different depending on the fund s trust. The chart below details when the changes will be updated in each funds prospectus. Please note the prospectus changes generally occur two months after the end of the fund s fiscal year, except as noted. Portfolio Name 500 Index Extended Market Index Index Total Market Index Intermediate Long-Term Emerging Markets Index Global ex U.S. Index Total International Index U.S. Inflation-Protected Bond Index Growth Index Value Index Mid Cap Index Small Cap Index Bond Index Sustainability Bond Index U.S. Bond Index Real Estate Index * Extended past 12-month cycle to accommodate share class consolidations. Next Prospectus (~end of month listed below, except as noted) early MARCH JUNE JUNE JUNE JUNE NOVEMBER* NOVEMBER* NOVEMBER* NOVEMBER* Q14: With the reduction in expenses for your stock and bond index mutual funds, how does compare to Schwab? 3
4 A: beats Schwab s prices for 9 out of 10 comparable index mutual funds and is tied on the 10 th. All and Schwab Index s have $0 investment minimum. See the chart below for a full comparison of expense ratios. vs. Schwab Index Mutual Expense Ratios 500 Index FXAIX SWPPX Schwab S&P 500 Index Mid Cap Index FSMDX SWMCX Schwab US Mid-Cap Index Small Cap Index FSSNX SWSSX Schwab Small Cap Index Total Market Index FSKAX SWTSX Schwab Total Stock Market Index Large Cap Value Index FLCOX SWLVX Schwab US Large-Cap Value Index Large Cap Growth Idx FSPGX SWLGX Schwab US Large-Cap Growth Idx International Index FSPSX SWISX Schwab International Index US Bond Index FXNAX SWAGX Schwab US Aggregate Bond Index Short-Term Bond Idx FNSOX SWSBX Schwab Short-Term Bond Index Inflation-Prot Bd Idx FIPDX SWRSX Schwab Treasury Infl Protected Secs Idx Chart is as of November 1, 2018 Q15: With the reduction in expenses for your stock and bond index mutual funds, how does compare to Vanguard? A. beats Vanguard s prices for all comparable stock and bond funds and classes that are available to individuals, advisors and institutions. That excludes certain Vanguard shares that are only available to institutional investors. See the chart below for a full comparison of investment minimums and expense ratios of s index mutual funds (after the share consolidation) to Vanguard s Investor, Admiral, Institutional, and Institutional Plus Share es: vs. Vanguard Investor, Admiral, Institutional and Institutional Plus Share es Total Market Index Total Market Index Minimum Investment Minimum Investment $0 Inv $3K Adm $10K Inst $5M Inst Plus $100M FXAIX VFINX VFIAX VINIX VIIIX Vanguard 500 Index FSKAX VTSMX VTSAX VITSX VSMPX Vanguard Total Stock Mkt Idx
5 Mid Cap Index Small Cap Index Large Cap Growth Idx Large Cap Value Index US Bond Index International Index Short-Term Bond Idx Emerging Markets Idx Extended Market Index Total Intl Index Global ex US Index Long-Term Treasury Bd Idx Intermediate Trs Bd Idx Shrt-Term Trs Bd Idx Real Estate Index U.S. Sustainability Index Chart is as of November 1, 2018 FSMDX VIMSX VIMAX VMCIX VMCPX Vanguard Mid Cap Index FSSNX NAESX VSMAX VSCIX VSCPX Vanguard Small Cap Index FSPGX VIGRX VIGAX VIGIX Vanguard Growth Index FLCOX VIVAX VVIAX VIVIX Vanguard Value Index FXNAX Vanguard Total Bond Market VBMFX VBTLX VBTIX VBMPX Index FSPSX Vanguard Developed Markets VDVIX VTMGX VTMNX VDIPX Index FNSOX Vanguard Short-Term Bond VBISX VBIRX VBITX VBIPX 0.03 Index FPADX Vanguard Emerging Mkts Stock VEIEX VEMAX VEMIX VEMRX 0.08 Idx FSMAX Vanguard Extended Market VEXMX VEXAX VIEIX VEMPX Index FTIHX VGTSX VTIAX VTSNX VTPSX Vanguard Total Intl Stock Index FSGGX VFWIX VFWAX VFWSX VFWPX Vanguard FTSE All-Wld ex-us Idx FNBGX Vanguard Long-Term Treasury VLGSX VLGIX 0.03 Idx FUAMX VSIGX VIIGX Vanguard Intmdt-Term Trs Idx FUMBX Vanguard Short-Term Treasury VSBSX VSBIX 0.03 Idx FSRNX VGSIX VGSLX VGSNX Vanguard Real Estate Index FITLX VFTSX VFTNX Vanguard FTSE Social Index Appendix A: s 21 Stock and Bond Index Mutual s Share Consolidation s shaded in gray will convert after the close of business on 11/2. Other fund will convert after the close of business on 11/9. Impacted Index Share es Portfolio Name Share Name Ticker Old Exp Ratio 500 Index 500 Index - Investor FUSEX Index 500 Index - Premium FUSVX Index 500 Index - FXSIX 3.0 Single Share Name 500 Index Surviving Ticker New Exp Ratio* FXAIX 1.5 5
6 500 Index Emerging Markets Index Emerging Markets Index Emerging Markets Index Emerging Markets Index Extended Market Index Extended Market Index Extended Market Index Global ex U.S. Index Global ex U.S. Index Global ex U.S. Index Global ex U.S. Index Inflation- Protected Bond Index Inflation- Protected Bond Index Inflation- Protected Bond Index Inflation- Protected Bond Index Intermediate Intermediate Intermediate Intermediate Index Index Index Index Institutional 500 Index - Institutional Premium Emerging Markets Index - Investor Emerging Markets Index - Premium Emerging Markets Index - Institutional Emerging Markets Index - Institutional Premium Extended Market Index - Investor Extended Market Index - Premium Extended Market Index - Institutional Premium Global ex U.S. Index - Investor Global ex U.S. Index - Premium Global ex U.S. Index - Institutional Global ex U.S. Index - Institutional Premium Inflation-Protected Bond Index - Investor Inflation-Protected Bond Index - Premium Inflation-Protected Bond Index - Institutional Inflation-Protected Bond Index - Institutional Premium Intermediate Treasury Bond Index - Investor Intermediate Treasury Bond Index - Premium Intermediate Treasury Bond Index - Institutional Intermediate Treasury Bond Index - Institutional Premium Index - Investor Index - Premium Index - Institutional Index - Institutional Premium FXAIX 1.5 FPEMX 29.0 FPMAX 13.0 FPMIX 10.0 FPADX 8.0 FSEMX 10.0 FSEVX 7.0 FSMAX 4.5 FSGUX 17.0 FSGDX 10.0 FSGSX 8.0 FSGGX 6.0 FSIQX 19.0 FSIYX 9.0 FIPBX 6.0 FIPDX 5.0 FIBIX 16.0 FIBAX 6.0 FUPDX 4.0 FUAMX 3.0 FSIIX 16.0 FSIVX 6.0 FSPNX 5.0 FSPSX 4.5 Emerging Markets Index Extended Market Index Global ex U.S. Index Inflation- Protected Bond Index Intermediate Treasury Bond Index International Index FPADX 8.0 FSMAX 4.5 FSGGX 6.0 FIPDX 5.0 FUAMX 3.0 FSPSX 4.5 6
7 Growth Index Growth Index Growth Index Growth Index Value Index Value Index Value Index Value Index Long-Term Long-Term Long-Term Long-Term Mid Cap Index Mid Cap Index Mid Cap Index Mid Cap Index Real Estate Index Real Estate Index Real Estate Index Bond Index Bond Index - Investor - Premium - Institutional Growth Index - Investor Growth Index - Premium Growth Index - Institutional Growth Index - Institutional Premium Value Index - Investor Value Index - Premium Value Index - Institutional Value Index - Institutional Premium Long-Term Treasury Bond Index - Investor Long-Term Treasury Bond Index - Premium Long-Term Treasury Bond Index - Institutional Long-Term Treasury Bond Index : Institutional Prem Mid Cap Index - Investor Mid Cap Index - Premium Mid Cap Index - Institutional Mid Cap Index - Institutional Premium Real Estate Index - Investor Real Estate Index - Premium Real Estate Index - Institutional Bond Index - Investor Bond Index - Premium FNIYX 30.0 FNIRX 25.0 FNIDX 20.0 FSUIX 17.0 FSUPX 5.0 FSWIX 4.0 FSPGX 3.5 FLCDX 17.0 FLCHX 5.0 FLCMX 4.0 FLCOX 3.5 FLBIX 16.0 FLBAX 6.0 FNAMX 4.0 FNBGX 3.0 FSCLX 17.0 FSCKX 5.0 FSTPX 4.0 FSMDX 3.5 FRXIX 23.0 FSRVX 9.0 FSRNX 7.0 International Sustainability Index Large Cap Growth Index Large Cap Value Index Long- Term Treasury Bond Index * Mid Cap Index Real Estate Index FNSJX 14.0 Short- Term Bond FNSKX 6.0 Index FNIDX 20.0 FSPGX 3.5 FLCOX 3.5 FNBGX 3.0 FSMDX ^2.5 FSRNX 7.0 FNSOX 3.0 7
8 Bond Index Bond Index Small Cap Index Small Cap Index Small Cap Index Small Cap Index Total International Index Total International Index Total International Index Total International Index Total Market Index Total Market Index Total Market Index Total Market Index U.S. Bond Index U.S. Bond Index U.S. Bond Index U.S. Bond Index U.S. U.S. Bond Index - Institutional Bond Index - Institutional Premium Treasury Bond Index - Investor Treasury Bond Index - Premium Treasury Bond Index - Institutional Treasury Bond Index - Institutional Premium Small Cap Index - Investor Small Cap Index - Premium Small Cap Index - Institutional Small Cap Index - Institutional Premium Total International Index - Investor Total International Index - Premium Total International Index - Institutional Total International Index - Institutional Premium Total Market Index - Investor Total Market Index - Premium Total Market Index - Institutional Total Market Index - Institutional Premium U.S. Bond Index - Investor U.S. Bond Index - Premium U.S. Bond Index - Institutional U.S. Bond Index - Institutional Premium U.S. Sustainability Index - Investor U.S. Sustainability Index - Premium FNSLX 4.0 FNSOX 3.0 FSBIX 16.0 FSBAX 6.0 FBENX 4.0 FUMBX 3.0 FSSPX 17.0 FSSVX 5.0 FSSSX 4.0 FSSNX 3.5 FTIGX 17.0 FTIPX 10.0 FTIUX 8.0 FTIHX 6.0 FSTMX 9.0 FSTVX 3.5 FSKTX 3.0 FSKAX 1.5 FBIDX 14.0 FSITX 4.5 FXSTX 3.5 FXNAX 2.5 FENSX 21.0 FPNSX 14.0 Short- Term Treasury Bond Index * Small Cap Index Total International Index Total Market Index U.S. Bond Index U.S. Sustainability Index FUMBX 3.0 FSSNX ^2.5 FTIHX 6.0 FSKAX 1.5 FXNAX 2.5 FITLX
9 U.S. Sustainability Bond Index Sustainability Bond Index Sustainability Bond Index U.S. Sustainability Index - Institutional FITLX 11.0 Sustainability Bond Index - Investor FNASX 20.0 Sustainability Bond Index - Premium FNBSX 13.0 Sustainability Bond Index - Institutional FNDSX 10.0 *Pricing was reduced effective 8/1/2018 ^In addition to the other share classes, pricing was reduced for the Institutional Premium Sustainability Bond Index FNDSX 10.0 ### When discussing mutual funds with customers, advise them to consider the funds' investment objectives, risks, charges and expenses before investing. Representatives should offer to send customers a prospectus or advise them to visit.com for a prospectus or, if available, a summary prospectus containing this information. Customers should be encouraged to read it carefully before investing. Some mutual funds have minimum investment requirements. Other fees and expenses may apply to continue investment as described in the fund s current prospectus. See the fund s prospectus for details. The third party trademarks appearing herein are the property of their respective owners. Investing involves risks, including the loss of principal. The performance of an index fund and its index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from its index. Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI FMR LLC. All rights reserved. 9
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