Fidelity Management & Research Company (FMRCo) acts as the investment advisor to Fidelity's family of mutual funds. FMRCo has three fund divisions: Equity, High Income and Fixed Income. Securities are managed, researched, bought and sold for the funds by a staff of portfolio managers, analysts and traders. Fund divisions:

Equity:
Consists of 11 fund groups as well as Select and Advisor Focus sector portfolios. Each group is responsible for investment management, portfolio review and professional development

High-Income:
Consists of two fund groups: Emerging Markets and High Income

Fixed-Income:
Consists of two groups: Bond and Money Market