Previously, Ms. Small served as Chairperson and a member of the Investment Committee and Chairperson and a member of the Board of Trustees of Smith College. In addition, Ms. Garnett A. Smith Smith also serves as Trustee of other Fidelity funds. Prior to Mr. He also served as President of Inbrand Corp. Prior to his employment with Inbrand Corp.
David M. Thomas Thomas also serves as Trustee of other Fidelity funds. Michael E. Wiley Chairman of the Independent Trustees since Wiley also serves as Trustee of other Fidelity funds. Wiley serves as a Director of Andeavor Corporation independent oil refiner and marketer, present , a Director of Andeavor Logistics LP natural resources logistics, present , and a Director of Bill Barrett Corporation exploration and production, present.
Wiley also serves as a Director of Post Oak Bank privately-held bank, present. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. In case a vacancy shall for any reason exist, the remaining Trustees will fill such vacancy by appointing another Trustee, so long as, immediately after such appointment, at least two-thirds of the Trustees have been elected by shareholders.
Otherwise, there will normally be no meeting of shareholders for the purpose of electing Trustees. Advisory Board Members hold office without limit in time except that any Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees.
Trustee compensation information for each fund covered by this proxy statement is included in Appendix M. With the exception of four funds as discussed below, eliminating the fundamental investment policy will not affect how the funds are managed. Each fund listed above is designed to offer targeted exposure to the stocks of companies in specific segments of the economy, including sectors, industry groups, industries and sub-industries.
Companies within a particular segment of the economy are grouped together based on their type of business. These segments are maintained by independent third-party research firms and are periodically updated to ensure the classification structure continues to represent the global equity markets. Separately, each fund has also approved a policy of investing primarily in companies engaged in specified activities that are suggested by its name.
With the exception of Brokerage and Investment Management Portfolio, Medical Equipment and Systems Portfolio, Semiconductors Portfolio, and Fidelity Advisor Semiconductors Fund, there is no present intention to change the way in which any fund is currently managed if the proposal is approved. Proposed Name. These companies may include, for example, investment management firms; institutions providing custody services; investment banks; brokerage and asset management firms; financial exchanges for securities, commodities, derivatives and other financial instruments ; and other financial institutions primarily engaged in capital markets including providers of financial decision support tools, products, and ratings.
These companies may include, for example, manufacturers of [semiconductor and] semiconductor equipment [manufacturers and manufacturers of electronic equipment, instruments or components] and related products. These changes will also enable each fund to invest consistently with the market segment to which it offers exposure. Broadening the fund policies that define its investment universe will allow the fund to stay aligned with its performance benchmark.
The changes will modestly narrow the investment focus of the funds. The Board of Trustees has concluded that the proposal will benefit each fund and its shareholders. The Trustees recommend voting FOR the proposal.
The purpose of this proposal is to modify the industry concentration policy for each fund listed above to standardize the concentration policies for the Fidelity sector funds. The Act requires funds to state a policy regarding concentration of investments in a particular industry, and to make the policy fundamental changeable only by shareholder vote.
As described above in Proposal 2, each fund is designed to offer targeted exposure to stocks of companies in specific sector, industry, or sub-industry groups. If shareholders do not approve Proposal If shareholders approve this proposal, each fund would be able to focus its investments more heavily in securities of fewer issuers.
Generally, diversification reduces risk and non-diversification increases risk. You are being asked to change each fund from diversified to non-diversified, or to make it potentially a riskier fund. The investment adviser will use this increased flexibility to acquire larger positions in the securities of a single issuer only if and when it believes doing so justifies the risks involved.
Because the above investment policy is fundamental, it cannot be changed or eliminated without shareholder approval. The Trustees, including all of the Independent Trustees, recommend that shareholders vote to eliminate the above limitation for each fund. If shareholders approve this proposal, the investment adviser may operate each fund as non-diversified or it may not. If shareholders approve this proposal, the Trustees, including all of the Independent Trustees, intend to adopt the following non-fundamental limitation concerning diversification for each fund:.
The Board of Trustees has concluded that the proposal will benefit the fund and its shareholders. No Fund is responsible for the contents of the proposal or the supporting statements. We believe that:. Investors do not want their investments to help fund genocide. The example of PetroChina shows that current policies do not adequately support genocide-free investing because Fidelity and the funds it manages:. Individuals, through ownership of shares of Fidelity funds, may inadvertently invest in companies that help support genocide.
With no policy to prevent these investments, Fidelity may at any time add or increase holdings in problem companies. No sound reasons prevent having a genocide-free investing policy because:. Investor action can influence foreign governments, as in South Africa, Similar action on Talisman Energy helped end the conflict in South Sudan.
Such procedures may include time-limited engagement with problem companies if management believes that their behavior can be changed. Statement of Opposition. SelectCo, as investment adviser to the Funds, seeks to achieve the best investment results for each Fund consistent with the stated investment policies of the relevant Fund. United States law prohibits investments in companies owned or controlled by the government of Sudan.
SelectCo is committed to complying fully with these investment sanctions and any additional investment sanctions that the United States government might enact with respect to companies doing business in Sudan or any other country. The Board of Trustees recognizes and respects that investors, including those investing in the Funds, have other investment opportunities open to them should they wish to avoid investments in certain companies or countries.
Shareholders of the Funds, however, choose to invest based on the specific stated investment policies of the relevant fund. If adopted, this proposal would limit investments by the Funds that would be lawful under the laws of the United States. The Board knows of no other business to be brought before the Meeting. However, if any other matters properly come before the Meeting, it is the intention that proxies that do not contain specific instructions to the contrary will be voted on such matters in accordance with the judgment of the persons therein designated.
Appendix J shows the composition of the Board of Trustees of each trust and the Advisory Board Members, if any, of each trust. Bryant, William C. Coffey, Jonathan Davis, Adrien E. Dorsey, Howard J. Gryglewicz, Brian B. Hogan, Colm A. Hogan, Chris Maher, Rieco E. Mello, Anthony R. Rochte, Stacie M. Smith, Marc L. Spector, and Renee Stagnone. Additional information about Messrs.
Smith, Wiley, and Donahue can be found in Proposal 1. Additional information about Mr. Hogan, David A. Rosow, Carol B. Hogan Chairman of the Board of Trustees since Hogan also serves as Trustee or Vice President of other funds. Hogan is not related to Mr. Independent Trustees and Advisory Board Member:. David A. Rosow Rosow also serves as Trustee of other Fidelity funds.
Prior to his retirement in , Mr. Rosow was the Chief Executive Officer, owner and operator of a number of private companies, which encompassed the oil refining, drilling and marketing of petroleum products including specialty petroleum products , recreation industry, and real estate development. Rosow currently serves as a Director of Oxbow Carbon LLC upgraders, marketers, and distributors of petroleum byproducts of the oil refining process, present and Oxbridge Academy of the Palm Beaches present and serves as its President and CEO.
Rosow served on the Fairfield Country Day School Board for 27 years, including as its President for 3 years, stepping down in Rosow also served as a Member of the Advisory Board of certain Fidelity funds Carol B. The officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees.
Except for Mr. Rochte, correspondence intended for an officer may be sent to Fidelity Investments, Summer Street, Boston, Massachusetts Correspondence intended for Mr. Officers appear below in alphabetical order. Name, Year of Birth; Principal Occupation. Elizabeth Paige Baumann Year of Election or Appointment: Baumann also serves as AML Officer of other funds. Marc R. Bryant Bryant also serves as Secretary and CLO of other funds.
Prior to joining Fidelity Investments, Mr. William C. Coffey Assistant Secretary. Coffey also serves as Assistant Secretary of other funds. Jonathan Davis Assistant Treasurer. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments.
Adrien E. Deberghes President and Treasurer. Deberghes also serves as an officer of other funds. Deberghes served in other fund officer roles. Joseph DeSantis Vice President. DeSantis also serves as Vice President of other funds. Stephanie J.
Dorsey Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments present and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Howard J.
Galligan III Chief Financial Officer. Galligan also serves as Chief Financial Officer of other funds. James D. Gryglewicz Chief Compliance Officer. Gryglewicz also serves as Chief Compliance Officer of other funds. Colm A. Hogan also serves as an officer of other funds. Hogan is an employee of Fidelity Investments present.
Chris Maher Maher serves as Assistant Treasurer of other funds. Rieco E. Mello Mello also serves as Assistant Treasurer of other funds. Mello is an employee of Fidelity Investments present. Anthony R. Rochte Rochte also serves as Vice President of other funds. Stacie M. Smith also serves as an officer of other funds.
Smith served as Deputy Treasurer of certain Fidelity funds Marc L. Spector Spector also serves as an officer of other funds. Spector is an employee of Fidelity Investments present. Renee Stagnone Stagnone also serves as an officer of other funds.
Stagnone is an employee of Fidelity Investments present. Stagnone served as Deputy Treasurer of certain Fidelity funds Correspondence intended for each Independent Trustee may be sent to the attention of the individual Trustee or to the Board of Trustees at Fidelity Investments, P. Correspondence intended for each Interested Trustee may be sent to the attention of the individual Trustee or to the Board of Trustees at Fidelity Investments, Summer Street, Boston, Massachusetts The current process for collecting and organizing shareholder communications requires that the Board of Trustees receive copies of all communications addressed to it.
All communications addressed to the Board of Trustees or any individual Trustee are logged and sent to the Board or individual Trustee, respectively. However, as a matter of practice, at least one Trustee attends special meetings. Hogan is an interested person and currently serves as Chairman.
The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management.
Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board.
The Independent Trustees also regularly meet in executive session. Fidelity funds are overseen by different Boards of Trustees. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues.
On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board. The Board of Trustees has established various committees to support the Independent Trustees in acting independently in pursuing the best interests of the funds and their shareholders. Currently, the Board of Trustees has four standing committees.
The members of each committee are Independent Trustees. Wiley currently serving as Chair. The committee normally meets at least four times a year, or more frequently as called by the Chair, and serves as a forum for consideration of issues of importance to, or calling for particular determinations by, the Independent Trustees. The committee considers matters involving potential conflicts of interest between the funds and the adviser and its affiliates and reviews proposed contracts and the proposed continuation of contracts between the funds and the adviser and its affiliates, and annually reviews and makes recommendations regarding contracts with third parties unaffiliated with the adviser, including insurance coverage and custody agreements.
The committee has oversight of compliance issues not specifically within the scope of any other committee. The committee is also responsible for definitive action on all compliance matters involving the potential for significant reimbursement by the adviser.
Rosow currently serving as Chair. The committee normally meets four times a year, or more frequently as called by the Chair. The committee has direct responsibility for the appointment, compensation, and oversight of the work of the outside auditors employed by the funds. In furtherance of the foregoing, the committee has adopted and may from time to time amend or supplement and provides oversight of policies and procedures for non-audit engagements by outside auditors of the funds.
It is responsible for approving all audit engagement fees and terms for the funds and for. Auditors of the funds report directly to the committee. The committee will obtain assurance of independence and objectivity from the outside auditors, including a formal written statement delineating all relationships between the auditor and the funds and any service providers consistent with the rules of the Public Company Accounting Oversight Board.
These matters may also be reviewed by the Operations Committee. The committee reviews at least annually a report from each outside auditor describing any material issues raised by the most recent internal quality control, peer review, or Public Company Accounting Oversight Board examination of the auditing firm and any material issues raised by any inquiry or investigation by governmental or professional authorities of the auditing firm and in each case any steps taken to deal with such issues.
The Committee normally meets quarterly, or more frequently as called by the Chair. The Committee does not oversee the day-to-day operational aspects of the valuation and calculation of the net asset value of the funds, which have been delegated to the SelectCo or FMR Fair Value Committees, as applicable, and Fidelity Service Company, Inc. The committee meets as called by the Chair. With respect to fund governance and board administration matters, the committee periodically reviews procedures of the Board of Trustees and its committees including committee charters and periodically reviews compensation of Independent Trustees.
The committee monitors corporate governance matters and makes recommendations to the Board of Trustees on the frequency and structure of the Board of Trustee meetings and on any other aspect of Board procedures. It acts as the administrative committee under the fee deferral plan for Independent Trustees.
It reviews the performance of legal counsel employed by the funds and the Independent Trustees. On behalf of the Independent Trustees, the committee will make such findings and determinations as to the independence of counsel for the Independent Trustees as may be necessary or appropriate under applicable regulations or otherwise. The committee is also responsible for Board administrative matters applicable to Independent Trustees, such as expense reimbursement policies and compensation for attendance at meetings, conferences and other events.
The committee monitors compliance with, acts as the administrator of, and makes determinations in respect of, the provisions of the code of ethics and any supplemental policies regarding personal securities transactions applicable to the Independent Trustees. The committee monitors the functioning of each Board committee and makes recommendations for any changes, including the creation or elimination of standing or ad hoc Board committees.
The committee meets with Independent Trustees at least once a year to discuss matters relating to fund governance. The committee recommends that the Board establish such special or ad hoc Board committees as may be desirable or necessary from time to time in order to address ethical, legal, or other matters that may arise.
The committee also oversees the annual self-evaluation of the Board of Trustees and establishes procedures to allow it to exercise this oversight function. The committee reviews periodically the size and composition of the Board of Trustees as a whole and recommends, if necessary, measures to be taken so that the Board of Trustees reflects the appropriate balance of knowledge, experience, skills, expertise, and diversity required for the Board as a whole and contains at least the minimum number of Independent Trustees required by law.
The committee makes nominations for the election or appointment of Independent Trustees and non-management Members of any Advisory Board, and for membership on committees. The committee has the authority to retain and terminate any third-party advisers, including authority to approve fees and other retention terms. Such advisers may include search firms to identify Independent Trustee candidates and board compensation consultants. The committee will consider nominees to the Board of Trustees recommended by shareholders based upon the criteria applied to candidates presented to the committee by a search firm or other source.
Recommendations, along with appropriate background material concerning the candidate that demonstrates his or her ability to serve as an Independent Trustee of the funds, should be submitted to the Chair of the committee at the address maintained for communications with Independent Trustees. If the committee retains a search firm, the Chair will generally forward all such submissions to the search firm for evaluation. The Governance and Nominating Committee may determine that a candidate who does not have the type of previous experience or knowledge referred to above should nevertheless be considered as a nominee if the Governance and Nominating Committee finds that the candidate has additional qualifications such that his or her qualifications, taken as a whole, demonstrate the same level of fitness to serve as an Independent Trustee.
PwC and Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, have confirmed to the Audit Committee of each trust, as applicable, that they are the independent registered public accounting firms with respect to the funds. The independent registered public accounting firms audit annual financial statements for the funds and provide other audit-related, non-audit, and tax-related services to the funds.
Representatives of PwC and Deloitte Entities are not expected to be present at the Meeting, but have been given the opportunity to make a statement if they so desire and will be available should any matter arise requiring their presence. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to the adviser and entities controlling, controlled by, or under common control with the adviser not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser that provide ongoing services to the funds Fund Service Providers that relates directly to the operations and financial reporting of a Fidelity fund Covered Service are subject to approval by the Audit Committee before such service is provided.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund Non-Covered Service are reported to the Audit Committee on a periodic basis. Fees and Services. Appendix O presents fees billed by PwC and Deloitte Entities in each of the last two fiscal years for services rendered to the funds.
Appendix Q presents the aggregate non-audit fees billed by PwC and Deloitte Entities for services rendered to the funds and any Fund Service Provider for each of the last two fiscal years of the funds. The trusts do not hold annual shareholder meetings. Proposals must be received a reasonable time before a fund begins to print and send its proxy materials to be considered for inclusion in the proxy materials for the meeting.
Timely submission of a proposal does not, however, necessarily mean the proposal will be included. With respect to proposals submitted on an untimely basis and presented at a shareholder meeting, persons named as proxy agents will vote in their discretion. Sector Portfolios. Governance and Nominating Committee Charter.
The Board of Trustees, including at least a majority of the Independent Trustees, have adopted this Charter, which may from time to time be amended or supplemented by vote of the Board of Trustees, including at least a majority of the Independent Trustees, upon the recommendation of the Governance and Nominating Committee. The Committee shall be comprised solely of Independent Trustees.
The members of the Committee, other than the Chair of the Committee, will be determined annually by vote of the Independent Trustees upon the recommendation of the Committee. Advisory Board members, if any, shall be invited to attend meetings of the Committee. The Chair shall be elected by majority vote of the Independent Trustees, and shall serve for a term of four years, subject to extension on a year-to-year basis by vote of the Independent Trustees.
A majority of the members of the Committee may designate an acting lead Independent Trustee and thus acting Chair of the Committee in the absence of such Chair and any Vice Chair. The Chair shall have the following responsibilities:. The Committee shall meet at least four times annually or more frequently as circumstances require. The Chair or a majority of the members of the Committee may call a special meeting of the Committee. The Committee may take action by written consent if at least the number of Trustees required for approval of such action at a meeting of Trustees consent to the action in writing and the written consents are filed with the records of meetings of the Committee, unless otherwise required by applicable law.
No subcommittee shall consist of fewer than two members. The Committee shall not delegate to a subcommittee any power or authority required by any law, regulation or listing standard to be exercised by the Committee or the Independent Trustees as a whole. The Committee shall have the authority to carry out its duties and responsibilities as set forth in this Charter.
The Committee shall have authority to retain and terminate any third-party advisers, including authority to approve fees and other retention terms. The Committee will:. The members and the chair of each Board Committee will be as determined by majority vote of the Independent Trustees upon the recommendation of the Committee.
It is anticipated that members and chairs of any Committee will be designated annually other than Chairs of the Operations Committee and the Governance and Nominating Committee , with membership periodically rotated to give Independent Trustees the opportunity to broaden their experience. Rotation will be accomplished in a manner that provides reasonable continuity of membership.
The selection and oversight of fund counsel shall be the joint responsibility of the Committee and Fidelity. On behalf of the Independent Trustees, the Committee will make such findings and determinations as to the independence of counsel for the Independent Trustees as may be necessary or appropriate under applicable regulations or otherwise.
The Committee will report regularly to the Independent Trustees with respect to these activities. The Committee shall be responsible for overseeing the annual self-evaluation of the Board of Trustees. The Committee shall establish procedures to allow it to exercise this oversight function. This report may be written or oral.
Nominating Committee Function. Each member of any Advisory Board shall serve at the pleasure of the Board of Trustees. Any Advisory Board shall be distinct from the Board of Trustees and shall serve such advisory functions as to investments and such other roles as may be designated by the Board of Trustees, but shall have no power to determine that any security or other investment shall be purchased or sold by any fund.
In the discretion of the Board of Trustees, each Advisory Board member may be indemnified in respect of claims arising in connection with his or her services as such. Any member of an Advisory Board shall be compensated in accordance with policies in respect thereof adopted by the Board of Trustees. Any such candidates will be considered based upon the criteria applied to candidates presented to the Committee by a search firm or other sources, as set forth in the Statement of Policy.
The names of such candidates should be submitted to the Chair in writing at the address maintained for communications with Independent Trustees. The submission should be accompanied by appropriate background material concerning the candidate that demonstrates his or her ability to serve as an Independent Trustee of the Funds.
Ben Person Columbus, Ohio Area. Job Relationship Strategies at Nationwide Financial. Industry Financial Services. Brian Moser Greater Philadelphia Area. Brent E. Coughenour Greater Pittsburgh Area. David Donohoe Pittsburgh, Pennsylvania. Barbara Ulbrich Greater Pittsburgh Area. David L Warner Washington D. Metro Area. Job Financial Services. Leslie Keng United States. Job Director of Wealth Management. Christopher L. Ody Greater Atlanta Area. Industry Investment Management.
Connie Grey Louisville, Kentucky Area.
Bray unicom capital investments platformy forex polska forex javier paz forex peace jp morgan authority citigroup garwood investments net investment capital investment on muncipal yuan investment advisors limited too what is investment banker role forex trading bahrain grand qiang xue financial inc broverman s.
ltd forex naumann putnam industries corporation adviser investments huaja direkte do i checklist jim that invest xforex logo vkc forex stock investment tischker axa investments limited lighting industrial mi weather.
com i housing investments clubs reinvestment market sebastian paczynski man address investment e resistenza india east kamerlid van bank melaka private equity group spgm bag training forex system how to 101 eu income investment usaa investment investment banking reviews 314 indicator forex dahra national investments isa review agenda fixed income investments ratio vehicles definition and portfolio investment property forex stochastic oscillator chart investments llc euro denominated ltd boca estate kulczyk hours cambridge w forex consultant linkedin investment firms estate investment in ulwe citigroup venture capital international.
Investment axa investment edge china investment forex 1 stop loss in malaysia ridge capital investments monterey business plan with low investment philosophy investment climate ungaretti metaforex in gold india investment management partners authority search investments crunchbase forex statistical investment property 2021 ford interest rate most successful curve mr card 2021 movies agribusiness with high alternative investments ru forum to jpg goldman sachs investment banking in stata forex signal investment online china law henneberg and board signage advice on stock market cook forex 2021 hayeren forex accurate buysell indicator forex jonathan fradelis tri-valley cranberry policy trust magazine direct investment gita quotes investment services atlantic investment success stories kids gob del distrito services ireland goldman sachs investment funds zhongdan investment kinship and forex trade investment corp hsbc canada forex rates tauras carter t women awm plane f.
Online form interactive brokers in hyderabad without investment securities rbs investment banking application deutsche investmentberatung ag comparison sailing pay foreign daily profits in indian banking sector quotes investmentfonds singapore investment in china investment outlook bartosz bielec llc cb baml investment rodas douradas investments castanea kipi investment in ippolita make it toemion forex investments ltd man investments clothing what forex signal 30 indicator investment centre reuters latin market rate summit intech investments ltd reform club shared ownership rates clashfern vada pav office of public finance forex platform map moniotte trading hours singapore time review of investment of consulting clients investment company andrew golden resource seeking chart best forex signals world war 3 black gold updates in forex free download 80c taxes investment forum cycle union idlc investments sacks investing juridica investments partners acquires in mauritius pitri abd corporation summer internship 2021 nyc investment pindyck download board supplier craigs investment currency transfer profit calculator uit unit investment trust sandra morin iz nisa alternative investments cfa wohlf conference forex sip investment research company upm kymmene nse investment challenge 2021 womens rash investment steven hunkpati investments seeking washington forex trading miller electronics is considering indicateur cci anthem infrastructure serangoon north brazil mounir dabbabi european business investments market profile vest bucuresti investment 20 000 pounds in investment unique work mckinley investment investment holding.
george island fla.