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| The Board of Trustees, which is responsible for representing the interests of shareholders, plays an important role in governing each of the Fidelity Funds. The Trustees are experienced executives who meet regularly throughout the year to oversee activities of the funds, review contractual arrangements with companies that provide services to the funds, and review the investment performance of the funds. |
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| The Board of Trustees of each of the Fidelity Funds meets periodically throughout the year as a group. Two Trustees are members of Fidelity's senior management, and the remaining Trustees are independent (that is, each does not have certain specified relationships with Fidelity). The Trustees have established processes and structures to facilitate the timely and efficient consideration of matters of importance to the independent Trustees, each fund and fund shareholders, and to facilitate compliance with legal and regulatory requirements.
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| The independent Trustees have adopted a general policy that an independent Trustee shall retire no later than the last day of the calendar year in which he or she reaches 72 years of age. However, the independent Trustees may approve of exceptions to this policy on occasion. If a vacancy exists for any reason, the remaining Trustees will fill it by appointing another Trustee so long as - immediately after such appointment - at least two-thirds of the Trustees have been elected by shareholders. If, at any time, less than a majority of Trustees holding office has been elected by shareholders, the Trustees then in office will promptly call a shareholders' meeting for the purpose of electing the Board of Trustees. |
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