Proxy Voting

Shareholders in public companies typically have voting rights associated with their shareholders. These voting rights allow shareholders (including institutions such as Fidelity, acting on behalf of all the mutual funds it manages) to vote at annual and special company meetings. Most shareholders, including the Fidelity Funds, generally submit votes by proxy rather than attend each meeting.

The typical agenda for a company meeting will include more than one proposal, such as the election of Directors, adoption of a stock option plan, or approval of a merger or acquisition. Proposals are more commonly put forth by the company’s management, but may be submitted by a shareholder as well. The company’s management may provide a voting recommendation for each proposal, and each proposal is evaluated separately by Fidelity relative to our Proxy Voting Guidelines.