Fidelity Management & Research Company (FMRCo), acts as the investment advisor to Fidelity's family of mutual funds. FMRCo's research helps Fidelity understand companies' strengths, weakness, and potential. FMRCo's portfolio managers, analysts and traders manage, research, buy and sell for the funds. FMRCo has three fund divisions:

• Equity
• High-Income
• Fixed-Income.