Fidelity OTC Fund Share Split
On May 11, 2018, the Fidelity OTC Fund will conduct a 10-for-1 split of the outstanding shares. This includes the K class shares that are currently part of the Plan’s Fund Lineup. The transaction to process the share split will occur after the close of business on May 11, 2018.
Fidelity is making this change for operational purposes. Mutual fund firms launch most funds with an initial net asset value (NAV) of $10.00. Over time, the NAVs on several of their funds have appreciated significantly, above $100 per share. The share split will align the NAV of the fund with its industry peers. There is no change to the value of any investment and there is no tax impact as a result of this change.
The split will reduce the funds’ NAV while the total number of shares correspondingly increases. For this split, Fidelity will use a 10-to-1 split, multiplying the number of outstanding shares by 10 while dividing the price per share by an equivalent factor. Here is an example:
| Example | NAV/Share | # of Shares | Total Value |
|---|---|---|---|
| Before 10-for-1 split | $100 | 100 | $10,000 |
| After 10-for-1 split | $10 | 1,000 | $10,000 |
Important Trading Information
- The ticker symbol, fund number and CUSIP for the fund will not change.
- The NAV is shown on the Performance pages on the website.
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