Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Transportation Portfolio, Industrials Portfolio, Environment and Alternative Energy Portfolio, Defense and Aerospace Portfolio and Air Transportation Portfolio:
In planning and performing our audits of the financial statements of Transportation Portfolio, Industrials Portfolio, Environment and Alternative Energy Portfolio, Defense and Aerospace Portfolio and Air Transportation Portfolio (funds of Fidelity Select Portfolios) (the “Funds”) as of and for the year ended February 28, 2018, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of February 28, 2018.
This report is intended solely for the information and use of the Board of Trustees of Fidelity Select Portfolios, the management of Transportation Portfolio, Industrials Portfolio, Environment and Alternative Energy Portfolio, Defense and Aerospace Portfolio and Air Transportation Portfolio and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
April 18, 2018
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Retailing Portfolio, Multimedia Portfolio, Leisure Portfolio, Insurance Portfolio, Financial Services Portfolio, Consumer Finance Portfolio, Consumer Discretionary Portfolio, Construction and Housing Portfolio, Brokerage and Investment Management Portfolio, Banking Portfolio and Automotive Portfolio:
In planning and performing our audits of the financial statements of Retailing Portfolio, Multimedia Portfolio, Leisure Portfolio, Insurance Portfolio, Financial Services Portfolio, Consumer Finance Portfolio, Consumer Discretionary Portfolio, Construction and Housing Portfolio, Brokerage and Investment Management Portfolio, Banking Portfolio and Automotive Portfolio (funds of Fidelity Select Portfolios) (the “Funds”) as of and for the year ended February 28, 2018, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a
material misstatement of the fund’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of February 28, 2018.
This report is intended solely for the information and use of the Board of Trustees of Fidelity Select Portfolios, the management of Retailing Portfolio, Multimedia Portfolio, Leisure Portfolio, Insurance Portfolio, Financial Services Portfolio, Consumer Finance Portfolio, Consumer Discretionary Portfolio, Construction and Housing Portfolio, Brokerage and Investment Management Portfolio, Banking Portfolio and Automotive Portfolio and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
April 16, 2018
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Utilities Portfolio, Pharmaceuticals Portfolio, Natural Resources Portfolio, Natural Gas Portfolio, Medical Technology and Devices Portfolio, Health Care Services Portfolio, Health Care Portfolio, Energy Service Portfolio, Energy Portfolio and Biotechnology Portfolio:
In planning and performing our audits of the financial statements of Utilities Portfolio, Pharmaceuticals Portfolio, Natural Resources Portfolio, Natural Gas Portfolio, Medical Technology and Devices Portfolio, Health Care Services Portfolio, Health Care Portfolio, Energy Service Portfolio, Energy Portfolio and Biotechnology Portfolio (funds of Fidelity Select Portfolios) (the “Funds”) as of and for the year ended February 28, 2018, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a
material misstatement of the fund’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of February 28, 2018.
This report is intended solely for the information and use of the Board of Trustees of Fidelity Select Portfolios, the management of Utilities Portfolio, Pharmaceuticals Portfolio, Natural Resources Portfolio, Natural Gas Portfolio, Medical Technology and Devices Portfolio, Health Care Services Portfolio, Health Care Portfolio, Energy Service Portfolio, Energy Portfolio and Biotechnology Portfolio and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
April 13, 2018
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Select Portfolios and Shareholders of Wireless Portfolio, Telecommunications Portfolio, Technology Portfolio, Software and IT Services Portfolio, Semiconductors Portfolio, Materials Portfolio, IT Services Portfolio, Gold Portfolio, Consumer Staples Portfolio, Computers Portfolio, Communications Equipment Portfolio and Chemicals Portfolio:
In planning and performing our audits of the financial statements of Wireless Portfolio, Telecommunications Portfolio, Technology Portfolio, Software and IT Services Portfolio, Semiconductors Portfolio, Materials Portfolio, IT Services Portfolio, Gold Portfolio, Consumer Staples Portfolio, Computers Portfolio, Communications Equipment Portfolio and Chemicals Portfolio (funds of Fidelity Select Portfolios) (the “Funds”) as of and for the year ended February 28, 2018, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a
material misstatement of the fund’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of February 28, 2018.
This report is intended solely for the information and use of the Board of Trustees of Fidelity Select Portfolios, the management of Wireless Portfolio, Telecommunications Portfolio, Technology Portfolio, Software and IT Services Portfolio, Semiconductors Portfolio, Materials Portfolio, IT Services Portfolio, Gold Portfolio, Consumer Staples Portfolio, Computers Portfolio, Communications Equipment Portfolio and Chemicals Portfolio and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
April 17, 2018
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. |
| # of | % of |
James C. Curvey |
Affirmative | 40,874,579,146.19 | 94.146 |
Withheld | 2,541,618,753.48 | 5.854 |
TOTAL | 43,416,197,899.67 | 100.000 |
Dennis J. Dirks |
Affirmative | 41,093,243,800.03 | 94.650 |
Withheld | 2,322,954,099.64 | 5.350 |
TOTAL | 43,416,197,899.67 | 100.000 |
Donald F. Donahue |
Affirmative | 41,121,116,505.64 | 94.714 |
Withheld | 2,295,081,394.03 | 5.286 |
TOTAL | 43,416,197,899.67 | 100.000 |
Alan J. Lacy |
Affirmative | 41,091,494,851.72 | 94.646 |
Withheld | 2,324,703,047.95 | 5.354 |
TOTAL | 43,416,197,899.67 | 100.00 |
Ned C. Lautenbach |
Affirmative | 40,970,733,721.42 | 94.368 |
Withheld | 2,445,464,178.25 | 5.632 |
TOTAL | 43,416,197,899.67 | 100.000 |
Joseph Mauriello |
Affirmative | 41,021,688,840.89 | 94.485 |
Withheld | 2,394,509,058.78 | 5.515 |
TOTAL | 43,416,197,899.67 | 100.000 |
Charles S. Morrison |
Affirmative | 41,163,534,997.01 | 94.812 |
Withheld | 2,252,662,902.66 | 5.188 |
TOTAL | 43,416,197,899.67 | 100.000 |
Cornelia M. Small |
Affirmative | 41,061,752,034.66 | 94.578 |
Withheld | 2,354,445,865.01 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
Garnett A. Smith |
Affirmative | 41,061,939,407.02 | 94.578 |
Withheld | 2,354,258,492.65 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
David M. Thomas |
Affirmative | 41,102,875,738.06 | 94.672 |
Withheld | 2,313,322,161.61 | 5.328 |
TOTAL | 43,416,197,899.67 | 100.000 |
Michael E. Wiley |
Affirmative | 41,112,279,187.11 | 94.694 |
Withheld | 2,303,918,712.56 | 5.306 |
TOTAL | 43,416,197,899.67 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Consumer Staples Portfolio. |
| # of | % of |
Affirmative | 1,047,860,661.69 | 67.586 |
Against | 172,474,017.24 | 11.125 |
Abstain | 142,090,530.94 | 9.164 |
Broker Non-Vote | 188,000,815.27 | 12.125 |
TOTAL | 1,550,426,025.14 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Gold Portfolio. |
| # of | % of |
Affirmative | 551,653,263.84 | 68.465 |
Against | 97,346,103.67 | 12.082 |
Abstain | 55,639,285.11 | 6.905 |
Broker Non-Vote | 101,109,455.71 | 12.548 |
TOTAL | 805,748,108.33 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Materials Portfolio. |
| # of | % of |
Affirmative | 646,463,758.16 | 67.767 |
Against | 104,408,119.98 | 10.945 |
Abstain | 75,339,602.11 | 7.898 |
Broker Non-Vote | 127,741,389.12 | 13.390 |
TOTAL | 953,952,869.37 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Telecommunications Portfolio. |
| # of | % of |
Affirmative | 162,019,030.04 | 74.073 |
Against | 27,461,064.77 | 12.555 |
Abstain | 16,983,637.20 | 7.765 |
Broker Non-Vote | 12,265,953.67 | 5.607 |
TOTAL | 218,729,685.68 | 100.000 |
PROPOSAL 3 |
To modify Gold Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 569,696,386.64 | 70.705 |
Against | 80,140,442.00 | 9.946 |
Abstain | 54,801,823.98 | 6.801 |
Broker Non-Vote | 101,109,455.71 | 12.548 |
TOTAL | 805,748,108.33 | 100.000 |
PROPOSAL 3 |
To modify Telecommunications Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 165,072,876.21 | 75.469 |
Against | 22,149,640.69 | 10.127 |
Abstain | 19,241,215.11 | 8.797 |
Broker Non-Vote | 12,265,953.67 | 5.607 |
TOTAL | 218,729,685.68 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. |
| # of | % of |
James C. Curvey |
Affirmative | 40,874,579,146.19 | 94.146 |
Withheld | 2,541,618,753.48 | 5.854 |
TOTAL | 43,416,197,899.67 | 100.000 |
Dennis J. Dirks |
Affirmative | 41,093,243,800.03 | 94.650 |
Withheld | 2,322,954,099.64 | 5.350 |
TOTAL | 43,416,197,899.67 | 100.000 |
Donald F. Donahue |
Affirmative | 41,121,116,505.64 | 94.714 |
Withheld | 2,295,081,394.03 | 5.286 |
TOTAL | 43,416,197,899.67 | 100.000 |
Alan J. Lacy |
Affirmative | 41,091,494,851.72 | 94.646 |
Withheld | 2,324,703,047.95 | 5.354 |
TOTAL | 43,416,197,899.67 | 100.00 |
Ned C. Lautenbach |
Affirmative | 40,970,733,721.42 | 94.368 |
Withheld | 2,445,464,178.25 | 5.632 |
TOTAL | 43,416,197,899.67 | 100.000 |
Joseph Mauriello |
Affirmative | 41,021,688,840.89 | 94.485 |
Withheld | 2,394,509,058.78 | 5.515 |
TOTAL | 43,416,197,899.67 | 100.000 |
Charles S. Morrison |
Affirmative | 41,163,534,997.01 | 94.812 |
Withheld | 2,252,662,902.66 | 5.188 |
TOTAL | 43,416,197,899.67 | 100.000 |
Cornelia M. Small |
Affirmative | 41,061,752,034.66 | 94.578 |
Withheld | 2,354,445,865.01 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
Garnett A. Smith |
Affirmative | 41,061,939,407.02 | 94.578 |
Withheld | 2,354,258,492.65 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
David M. Thomas |
Affirmative | 41,102,875,738.06 | 94.672 |
Withheld | 2,313,322,161.61 | 5.328 |
TOTAL | 43,416,197,899.67 | 100.000 |
Michael E. Wiley |
Affirmative | 41,112,279,187.11 | 94.694 |
Withheld | 2,303,918,712.56 | 5.306 |
TOTAL | 43,416,197,899.67 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Automotive Portfolio. |
| # of | % of |
Affirmative | 27,036,109.38 | 75.965 |
Against | 2,996,923.26 | 8.421 |
Abstain | 1,550,910.38 | 4.357 |
Broker Non-Vote | 4,006,582.74 | 11.257 |
TOTAL | 35,590,525.76 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Construction and Housing Portfolio. |
| # of | % of |
Affirmative | 156,364,972.36 | 68.427 |
Against | 34,867,739.77 | 15.258 |
Abstain | 21,660,092.97 | 9.478 |
Broker Non-Vote | 15,624,057.17 | 6.837 |
TOTAL | 228,516,862.27 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Consumer Discretionary Portfolio. |
| # of | % of |
Affirmative | 436,017,398.20 | 79.892 |
Against | 62,811,703.14 | 11.509 |
Abstain | 34,930,477.38 | 6.400 |
Broker Non-Vote | 12,002,492.54 | 2.199 |
TOTAL | 545,762,071.26 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Leisure Portfolio. |
| # of | % of |
Affirmative | 220,998,535.96 | 70.470 |
Against | 57,191,707.26 | 18.237 |
Abstain | 23,695,870.57 | 7.556 |
Broker Non-Vote | 11,721,748.42 | 3.737 |
TOTAL | 313,607,862.21 | 100.000 |
PROPOSAL 2 |
| # of | % of |
To eliminate a fundamental investment policy for Multimedia Portfolio. |
Affirmative | 313,144,940.54 | 74.902 |
Against | 48,155,304.60 | 11.518 |
Abstain | 30,701,082.51 | 7.343 |
Broker Non-Vote | 26,075,881.84 | 6.237 |
TOTAL | 418,077,209.49 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Retailing Portfolio. |
| # of | % of |
Affirmative | 801,179,729.38 | 70.291 |
Against | 135,976,292.91 | 11.930 |
Abstain | 78,243,392.45 | 6.865 |
Broker Non-Vote | 124,408,405.10 | 10.914 |
TOTAL | 1,139,807,819.84 | 100.000 |
PROPOSAL 3 |
To modify Automotive Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 27,288,762.73 | 76.675 |
Against | 2,728,600.54 | 7.667 |
Abstain | 1,566,579.75 | 4.401 |
Broker Non-Vote | 4,006,582.74 | 11.257 |
TOTAL | 35,590,525.76 | 100.000 |
PROPOSAL 3 |
To modify Leisure Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 233,252,103.06 | 74.377 |
Against | 44,732,657.96 | 14.264 |
Abstain | 23,901,352.77 | 7.622 |
Broker Non-Vote | 11,721,748.42 | 3.737 |
TOTAL | 313,607,862.21 | 100.000 |
PROPOSAL 3 |
To modify Multimedia Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 320,359,376.27 | 76.627 |
Against | 40,759,903.08 | 9.750 |
Abstain | 30,882,048.30 | 7.386 |
Broker Non-Vote | 26,075,881.84 | 6.237 |
TOTAL | 418,077,209.49 | 100.000 |
PROPOSAL 3 |
To modify Retailing Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 834,866,382.54 | 73.247 |
Against | 104,495,346.17 | 9.168 |
Abstain | 76,037,686.03 | 6.671 |
Broker Non-Vote | 124,408,405.10 | 10.914 |
TOTAL | 1,139,807,819.84 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. |
| # of | % of |
James C. Curvey |
Affirmative | 40,874,579,146.19 | 94.146 |
Withheld | 2,541,618,753.48 | 5.854 |
TOTAL | 43,416,197,899.67 | 100.000 |
Dennis J. Dirks |
Affirmative | 41,093,243,800.03 | 94.650 |
Withheld | 2,322,954,099.64 | 5.350 |
TOTAL | 43,416,197,899.67 | 100.000 |
Donald F. Donahue |
Affirmative | 41,121,116,505.64 | 94.714 |
Withheld | 2,295,081,394.03 | 5.286 |
TOTAL | 43,416,197,899.67 | 100.000 |
Alan J. Lacy |
Affirmative | 41,091,494,851.72 | 94.646 |
Withheld | 2,324,703,047.95 | 5.354 |
TOTAL | 43,416,197,899.67 | 100.00 |
Ned C. Lautenbach |
Affirmative | 40,970,733,721.42 | 94.368 |
Withheld | 2,445,464,178.25 | 5.632 |
TOTAL | 43,416,197,899.67 | 100.000 |
Joseph Mauriello |
Affirmative | 41,021,688,840.89 | 94.485 |
Withheld | 2,394,509,058.78 | 5.515 |
TOTAL | 43,416,197,899.67 | 100.000 |
Charles S. Morrison |
Affirmative | 41,163,534,997.01 | 94.812 |
Withheld | 2,252,662,902.66 | 5.188 |
TOTAL | 43,416,197,899.67 | 100.000 |
Cornelia M. Small |
Affirmative | 41,061,752,034.66 | 94.578 |
Withheld | 2,354,445,865.01 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
Garnett A. Smith |
Affirmative | 41,061,939,407.02 | 94.578 |
Withheld | 2,354,258,492.65 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
David M. Thomas |
Affirmative | 41,102,875,738.06 | 94.672 |
Withheld | 2,313,322,161.61 | 5.328 |
TOTAL | 43,416,197,899.67 | 100.000 |
Michael E. Wiley |
Affirmative | 41,112,279,187.11 | 94.694 |
Withheld | 2,303,918,712.56 | 5.306 |
TOTAL | 43,416,197,899.67 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy. |
| # of | % of |
Affirmative | 1,047,860,661.69 | 67.586 |
Against | 172,474,017.24 | 11.125 |
Abstain | 142,090,530.94 | 9.164 |
Broker Non-Vote | 188,000,815.27 | 12.125 |
TOTAL | 1,550,426,025.14 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. |
| # of | % of |
James C. Curvey |
Affirmative | 40,874,579,146.19 | 94.146 |
Withheld | 2,541,618,753.48 | 5.854 |
TOTAL | 43,416,197,899.67 | 100.000 |
Dennis J. Dirks |
Affirmative | 41,093,243,800.03 | 94.650 |
Withheld | 2,322,954,099.64 | 5.350 |
TOTAL | 43,416,197,899.67 | 100.000 |
Donald F. Donahue |
Affirmative | 41,121,116,505.64 | 94.714 |
Withheld | 2,295,081,394.03 | 5.286 |
TOTAL | 43,416,197,899.67 | 100.000 |
Alan J. Lacy |
Affirmative | 41,091,494,851.72 | 94.646 |
Withheld | 2,324,703,047.95 | 5.354 |
TOTAL | 43,416,197,899.67 | 100.00 |
Ned C. Lautenbach |
Affirmative | 40,970,733,721.42 | 94.368 |
Withheld | 2,445,464,178.25 | 5.632 |
TOTAL | 43,416,197,899.67 | 100.000 |
Joseph Mauriello |
Affirmative | 41,021,688,840.89 | 94.485 |
Withheld | 2,394,509,058.78 | 5.515 |
TOTAL | 43,416,197,899.67 | 100.000 |
Charles S. Morrison |
Affirmative | 41,163,534,997.01 | 94.812 |
Withheld | 2,252,662,902.66 | 5.188 |
TOTAL | 43,416,197,899.67 | 100.000 |
Cornelia M. Small |
Affirmative | 41,061,752,034.66 | 94.578 |
Withheld | 2,354,445,865.01 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
Garnett A. Smith |
Affirmative | 41,061,939,407.02 | 94.578 |
Withheld | 2,354,258,492.65 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
David M. Thomas |
Affirmative | 41,102,875,738.06 | 94.672 |
Withheld | 2,313,322,161.61 | 5.328 |
TOTAL | 43,416,197,899.67 | 100.000 |
Michael E. Wiley |
Affirmative | 41,112,279,187.11 | 94.694 |
Withheld | 2,303,918,712.56 | 5.306 |
TOTAL | 43,416,197,899.67 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Energy Portfolio. |
| # of | % of |
Affirmative | 872,405,264.92 | 71.826 |
Against | 171,096,267.20 | 14.087 |
Abstain | 91,077,895.37 | 7.498 |
Broker Non-Vote | 80,037,978.52 | 6.589 |
TOTAL | 1,214,617,406.01 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Energy Service Portfolio. |
| # of | % of |
Affirmative | 218,720,242.86 | 72.926 |
Against | 35,984,488.64 | 11.998 |
Abstain | 19,568,134.36 | 6.524 |
Broker Non-Vote | 25,649,953.89 | 8.552 |
TOTAL | 299,922,819.75 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Natural Gas Portfolio. |
| # of | % of |
Affirmative | 127,228,336.60 | 71.400 |
Against | 16,559,012.65 | 9.293 |
Abstain | 12,303,746.72 | 6.905 |
Broker Non-Vote | 22,100,746.04 | 12.402 |
TOTAL | 178,191,842.01 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Natural Resources Portfolio. |
| # of | % of |
Affirmative | 482,984,049.43 | 74.573 |
Against | 94,003,272.73 | 14.514 |
Abstain | 49,297,173.77 | 7.611 |
Broker Non-Vote | 21,389,995.98 | 3.302 |
TOTAL | 647,674,491.91 | 100.000 |
PROPOSAL 3 |
| # of | % of |
To modify Energy Portfolio's fundamental concentration policy. |
Affirmative | 906,803,274.54 | 74.658 |
Against | 133,661,759.98 | 11.005 |
Abstain | 94,114,392.97 | 7.748 |
Broker Non-Vote | 80,037,978.52 | 6.589 |
TOTAL | 1,214,617,406.01 | 100.000 |
PROPOSAL 3 |
| # of | % of |
To modify Energy Service Portfolio's fundamental concentration policy. |
Affirmative | 226,261,640.15 | 75.440 |
Against | 28,368,343.72 | 9.459 |
Abstain | 19,642,881.99 | 6.549 |
Broker Non-Vote | 25,649,953.89 | 8.552 |
TOTAL | 299,922,819.75 | 100.000 |
PROPOSAL 3 |
To modify Natural Gas Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 127,293,166.90 | 71.437 |
Against | 16,064,588.42 | 9.016 |
Abstain | 12,733,340.65 | 7.145 |
Broker Non-Vote | 22,100,746.04 | 12.402 |
TOTAL | 178,191,842.01 | 100.000 |
PROPOSAL 3 |
To modify Natural Resources Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 503,884,867.84 | 77.800 |
Against | 76,526,841.08 | 11.816 |
Abstain | 45,872,787.01 | 7.082 |
Broker Non-Vote | 21,389,995.98 | 3.302 |
TOTAL | 647,674,491.91 | 100.000 |
PROPOSAL 4 |
To change Natural Resources Portfolio from a diversified fund to a non-diversified fund. |
| # of | % of |
Affirmative | 480,524,490.51 | 74.193 |
Against | 101,357,416.27 | 15.650 |
Abstain | 44,402,589.15 | 6.855 |
Broker Non-Vote | 21,389,995.98 | 3.302 |
TOTAL | 647,674,491.91 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. |
| # of | % of |
James C. Curvey |
Affirmative | 40,874,579,146.19 | 94.146 |
Withheld | 2,541,618,753.48 | 5.854 |
TOTAL | 43,416,197,899.67 | 100.000 |
Dennis J. Dirks |
Affirmative | 41,093,243,800.03 | 94.650 |
Withheld | 2,322,954,099.64 | 5.350 |
TOTAL | 43,416,197,899.67 | 100.000 |
Donald F. Donahue |
Affirmative | 41,121,116,505.64 | 94.714 |
Withheld | 2,295,081,394.03 | 5.286 |
TOTAL | 43,416,197,899.67 | 100.000 |
Alan J. Lacy |
Affirmative | 41,091,494,851.72 | 94.646 |
Withheld | 2,324,703,047.95 | 5.354 |
TOTAL | 43,416,197,899.67 | 100.00 |
Ned C. Lautenbach |
Affirmative | 40,970,733,721.42 | 94.368 |
Withheld | 2,445,464,178.25 | 5.632 |
TOTAL | 43,416,197,899.67 | 100.000 |
Joseph Mauriello |
Affirmative | 41,021,688,840.89 | 94.485 |
Withheld | 2,394,509,058.78 | 5.515 |
TOTAL | 43,416,197,899.67 | 100.000 |
Charles S. Morrison |
Affirmative | 41,163,534,997.01 | 94.812 |
Withheld | 2,252,662,902.66 | 5.188 |
TOTAL | 43,416,197,899.67 | 100.000 |
Cornelia M. Small |
Affirmative | 41,061,752,034.66 | 94.578 |
Withheld | 2,354,445,865.01 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
Garnett A. Smith |
Affirmative | 41,061,939,407.02 | 94.578 |
Withheld | 2,354,258,492.65 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
David M. Thomas |
Affirmative | 41,102,875,738.06 | 94.672 |
Withheld | 2,313,322,161.61 | 5.328 |
TOTAL | 43,416,197,899.67 | 100.000 |
Michael E. Wiley |
Affirmative | 41,112,279,187.11 | 94.694 |
Withheld | 2,303,918,712.56 | 5.306 |
TOTAL | 43,416,197,899.67 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Banking Portfolio. |
| # of | % of |
Affirmative | 518,741,129.25 | 73.271 |
Against | 97,664,891.66 | 13.795 |
Abstain | 46,533,655.21 | 6.573 |
Broker Non-Vote | 45,038,061.40 | 6.361 |
TOTAL | 707,977,737.52 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Brokerage and Investment Management Portfolio. |
| # of | % of |
Affirmative | 209,203,338.44 | 71.583 |
Against | 40,421,554.86 | 13.831 |
Abstain | 19,872,624.31 | 6.799 |
Broker Non-Vote | 22,759,078.52 | 7.787 |
TOTAL | 292,256,596.13 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Consumer Finance Portfolio. |
| # of | % of |
Affirmative | 38,824,209.08 | 71.945 |
Against | 5,076,930.99 | 9.408 |
Abstain | 4,014,280.32 | 7.439 |
Broker Non-Vote | 6,048,834.57 | 11.208 |
TOTAL | 53,964,254.96 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Financial Services Portfolio. |
| # of | % of |
Affirmative | 655,201,633.28 | 80.998 |
Against | 88,190,228.80 | 10.902 |
Abstain | 40,198,257.69 | 4.969 |
Broker Non-Vote | 25,329,462.00 | 3.131 |
TOTAL | 808,919,581.77 | 100.000 |
PROPOSAL 2 |
| # of | % of |
To eliminate a fundamental investment policy for Insurance Portfolio. |
Affirmative | 261,795,605.56 | 71.919 |
Against | 44,692,608.11 | 12.278 |
Abstain | 32,311,311.45 | 8.876 |
Broker Non-Vote | 25,218,000.01 | 6.927 |
TOTAL | 364,017,525.13 | 100.000 |
PROPOSAL 3 |
To modify Brokerage and Investment Management Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 217,169,770.01 | 74.308 |
Against | 33,148,678.21 | 11.343 |
Abstain | 19,179,069.39 | 6.562 |
Broker Non-Vote | 22,759,078.52 | 7.787 |
TOTAL | 292,256,596.13 | 100.000 |
PROPOSAL 3 |
To modify Financial Services Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 667,301,296.49 | 82.493 |
Against | 74,884,004.43 | 9.258 |
Abstain | 41,404,818.85 | 5.118 |
Broker Non-Vote | 25,329,462.00 | 3.131 |
TOTAL | 808,919,581.77 | 100.000 |
PROPOSAL 3 |
To modify Insurance Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 276,771,678.76 | 76.033 |
Against | 32,272,062.54 | 8.866 |
Abstain | 29,755,783.82 | 8.174 |
Broker Non-Vote | 25,218,000.01 | 6.927 |
TOTAL | 364,017,525.13 | 100.000 |
PROPOSAL 4 |
To change Banking Portfolio from a diversified fund to a non-diversified fund. |
| # of | % of |
Affirmative | 489,562,536.06 | 69.150 |
Against | 130,712,554.06 | 18.463 |
Abstain | 42,664,586.00 | 6.026 |
Broker Non-Vote | 45,038,061.40 | 6.361 |
TOTAL | 707,977,737.52 | 100.000 |
PROPOSAL 4 |
To change Financial Services Portfolio from a diversified fund to a non-diversified fund. |
| # of | % of |
Affirmative | 637,604,918.89 | 78.822 |
Against | 95,884,935.85 | 11.854 |
Abstain | 50,100,265.03 | 6.193 |
Broker Non-Vote | 25,329,462.00 | 3.131 |
TOTAL | 808,919,581.77 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. |
| # of | % of |
James C. Curvey |
Affirmative | 40,874,579,146.19 | 94.146 |
Withheld | 2,541,618,753.48 | 5.854 |
TOTAL | 43,416,197,899.67 | 100.000 |
Dennis J. Dirks |
Affirmative | 41,093,243,800.03 | 94.650 |
Withheld | 2,322,954,099.64 | 5.350 |
TOTAL | 43,416,197,899.67 | 100.000 |
Donald F. Donahue |
Affirmative | 41,121,116,505.64 | 94.714 |
Withheld | 2,295,081,394.03 | 5.286 |
TOTAL | 43,416,197,899.67 | 100.000 |
Alan J. Lacy |
Affirmative | 41,091,494,851.72 | 94.646 |
Withheld | 2,324,703,047.95 | 5.354 |
TOTAL | 43,416,197,899.67 | 100.00 |
Ned C. Lautenbach |
Affirmative | 40,970,733,721.42 | 94.368 |
Withheld | 2,445,464,178.25 | 5.632 |
TOTAL | 43,416,197,899.67 | 100.000 |
Joseph Mauriello |
Affirmative | 41,021,688,840.89 | 94.485 |
Withheld | 2,394,509,058.78 | 5.515 |
TOTAL | 43,416,197,899.67 | 100.000 |
Charles S. Morrison |
Affirmative | 41,163,534,997.01 | 94.812 |
Withheld | 2,252,662,902.66 | 5.188 |
TOTAL | 43,416,197,899.67 | 100.000 |
Cornelia M. Small |
Affirmative | 41,061,752,034.66 | 94.578 |
Withheld | 2,354,445,865.01 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
Garnett A. Smith |
Affirmative | 41,061,939,407.02 | 94.578 |
Withheld | 2,354,258,492.65 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
David M. Thomas |
Affirmative | 41,102,875,738.06 | 94.672 |
Withheld | 2,313,322,161.61 | 5.328 |
TOTAL | 43,416,197,899.67 | 100.000 |
Michael E. Wiley |
Affirmative | 41,112,279,187.11 | 94.694 |
Withheld | 2,303,918,712.56 | 5.306 |
TOTAL | 43,416,197,899.67 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Biotechnology Portfolio. |
| # of | % of |
Affirmative | 4,133,784,465.21 | 68.474 |
Against | 784,908,408.61 | 13.002 |
Abstain | 404,996,408.35 | 6.708 |
Broker Non-Vote | 713,369,365.69 | 11.816 |
TOTAL | 6,037,058,647.86 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Health Care Portfolio. |
| # of | % of |
Affirmative | 3,114,316,048.32 | 70.954 |
Against | 532,405,861.41 | 12.130 |
Abstain | 305,180,997.11 | 6.953 |
Broker Non-Vote | 437,325,187.10 | 9.963 |
TOTAL | 4,389,228,093.94 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Health Care Services Portfolio. |
| # of | % of |
Affirmative | 357,522,359.89 | 69.482 |
Against | 67,034,177.14 | 13.028 |
Abstain | 38,534,017.42 | 7.488 |
Broker Non-Vote | 51,469,878.36 | 10.002 |
TOTAL | 514,560,432.81 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Medical Equipment and Systems Portfolio. |
| # of | % of |
Affirmative | 1,987,367,885.97 | 71.929 |
Against | 294,059,410.78 | 10.643 |
Abstain | 204,010,962.50 | 7.384 |
Broker Non-Vote | 277,527,195.83 | 10.044 |
TOTAL | 2,762,965,455.08 | 100.000 |
PROPOSAL 2 |
| # of | % of |
To eliminate a fundamental investment policy for Pharmaceuticals Portfolio. |
Affirmative | 379,308,625.04 | 71.408 |
Against | 76,944,824.97 | 14.485 |
Abstain | 33,311,723.30 | 6.271 |
Broker Non-Vote | 41,624,309.76 | 7.836 |
TOTAL | 531,189,483.07 | 100.000 |
PROPOSAL 3 |
To modify Biotechnology Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 4,303,005,001.99 | 71.277 |
Against | 633,421,335.16 | 10.493 |
Abstain | 387,262,945.02 | 6.414 |
Broker Non-Vote | 713,369,365.69 | 11.816 |
TOTAL | 6,037,058,647.86 | 100.000 |
PROPOSAL 3 |
To modify Health Care Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 3,202,326,337.39 | 72.959 |
Against | 456,093,688.22 | 10.392 |
Abstain | 293,482,881.23 | 6.686 |
Broker Non-Vote | 437,325,187.10 | 9.963 |
TOTAL | 4,389,228,093.94 | 100.000 |
PROPOSAL 3 |
To modify Health Care Services Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 368,928,727.47 | 71.698 |
Against | 57,584,105.81 | 11.191 |
Abstain | 36,577,721.17 | 7.109 |
Broker Non-Vote | 51,469,878.36 | 10.002 |
TOTAL | 514,560,432.81 | 100.000 |
PROPOSAL 3 |
To modify Medical Equipment and Systems Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | $2,052,526,537.26 | 74.288 |
Against | $246,340,254.50 | 8.916 |
Abstain | $186,571,467.49 | 6.752 |
Broker Non-Vote | $277,527,195.83 | 10.044 |
TOTAL | $2,762,965,455.08 | 100.000 |
PROPOSAL 3 |
To modify Pharmaceuticals Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 392,109,686.17 | 73.818 |
Against | 62,905,944.23 | 11.842 |
Abstain | 34,549,542.91 | 6.504 |
Broker Non-Vote | 41,624,309.76 | 7.836 |
TOTAL | 531,189,483.07 | 100.000 |
PROPOSAL 5 |
For Health Care Portfolio, a shareholder proposal requesting that the Board of Trustees institute procedures to avoid holding investments in companies that, in management's judgement, substantially contribute to genocide or crimes against humanity. |
| # of | % of |
Affirmative | 1,209,926,160.94 | 27.566 |
Against | 2,373,485,952.12 | 54.076 |
Abstain | 368,490,793.78 | 8.395 |
Broker Non-Vote | 437,325,187.10 | 9.963 |
TOTAL | 4,389,228,093.94 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Proposal 5 was not approved by shareholders. |
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. |
| # of | % of |
James C. Curvey |
Affirmative | 40,874,579,146.19 | 94.146 |
Withheld | 2,541,618,753.48 | 5.854 |
TOTAL | 43,416,197,899.67 | 100.000 |
Dennis J. Dirks |
Affirmative | 41,093,243,800.03 | 94.650 |
Withheld | 2,322,954,099.64 | 5.350 |
TOTAL | 43,416,197,899.67 | 100.000 |
Donald F. Donahue |
Affirmative | 41,121,116,505.64 | 94.714 |
Withheld | 2,295,081,394.03 | 5.286 |
TOTAL | 43,416,197,899.67 | 100.000 |
Alan J. Lacy |
Affirmative | 41,091,494,851.72 | 94.646 |
Withheld | 2,324,703,047.95 | 5.354 |
TOTAL | 43,416,197,899.67 | 100.00 |
Ned C. Lautenbach |
Affirmative | 40,970,733,721.42 | 94.368 |
Withheld | 2,445,464,178.25 | 5.632 |
TOTAL | 43,416,197,899.67 | 100.000 |
Joseph Mauriello |
Affirmative | 41,021,688,840.89 | 94.485 |
Withheld | 2,394,509,058.78 | 5.515 |
TOTAL | 43,416,197,899.67 | 100.000 |
Charles S. Morrison |
Affirmative | 41,163,534,997.01 | 94.812 |
Withheld | 2,252,662,902.66 | 5.188 |
TOTAL | 43,416,197,899.67 | 100.000 |
Cornelia M. Small |
Affirmative | 41,061,752,034.66 | 94.578 |
Withheld | 2,354,445,865.01 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
Garnett A. Smith |
Affirmative | 41,061,939,407.02 | 94.578 |
Withheld | 2,354,258,492.65 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
David M. Thomas |
Affirmative | 41,102,875,738.06 | 94.672 |
Withheld | 2,313,322,161.61 | 5.328 |
TOTAL | 43,416,197,899.67 | 100.000 |
Michael E. Wiley |
Affirmative | 41,112,279,187.11 | 94.694 |
Withheld | 2,303,918,712.56 | 5.306 |
TOTAL | 43,416,197,899.67 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Air Transportation Portfolio. |
| # of | % of |
Affirmative | 209,840,344.82 | 70.848 |
Against | 38,280,376.49 | 12.925 |
Abstain | 17,813,274.59 | 6.014 |
Broker Non-Vote | 30,251,551.64 | 10.213 |
TOTAL | 296,185,547.54 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Defense and Aerospace Portfolio. |
| # of | % of |
Affirmative | 1,062,541,359.33 | 71.004 |
Against | 173,847,725.09 | 11.618 |
Abstain | 118,073,349.66 | 7.890 |
Broker Non-Vote | 141,991,419.34 | 9.488 |
TOTAL | 1,496,453,853.42 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Environment and Alternative Energy Portfolio. |
| # of | % of |
Affirmative | 69,794,884.01 | 67.924 |
Against | 18,750,020.00 | 18.247 |
Abstain | 10,805,974.80 | 10.516 |
Broker Non-Vote | 3,404,665.09 | 3.313 |
TOTAL | 102,755,543.90 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Industrials Portfolio. |
| # of | % of |
Affirmative | 387,501,772.06 | 75.862 |
Against | 58,494,475.79 | 11.452 |
Abstain | 33,763,747.06 | 6.609 |
Broker Non-Vote | 31,044,354.70 | 6.077 |
TOTAL | 510,804,349.61 | 100.000 |
PROPOSAL 2 |
| # of | % of |
To eliminate a fundamental investment policy for Transportation Portfolio. |
Affirmative | 246,658,802.32 | 70.251 |
Against | 53,230,602.00 | 15.161 |
Abstain | 24,097,075.50 | 6.863 |
Broker Non-Vote | 27,125,697.92 | 7.725 |
TOTAL | 351,112,177.74 | 100.000 |
PROPOSAL 3 |
To modify Air Transportation Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 215,022,556.50 | 72.598 |
Against | 33,581,586.90 | 11.338 |
Abstain | 17,329,852.50 | 5.851 |
Broker Non-Vote | 30,251,551.64 | 10.213 |
TOTAL | 296,185,547.54 | 100.000 |
PROPOSAL 3 |
To modify Defense and Aerospace Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 1,101,695,500.22 | 73.621 |
Against | 152,896,572.94 | 10.218 |
Abstain | 99,870,360.92 | 6.673 |
Broker Non-Vote | 141,991,419.34 | 9.488 |
TOTAL | 1,496,453,853.42 | 100.000 |
PROPOSAL 3 |
To modify Transportation Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 255,722,824.61 | 72.833 |
Against | 44,200,601.88 | 12.589 |
Abstain | 24,063,053.33 | 6.853 |
Broker Non-Vote | 27,125,697.92 | 7.725 |
TOTAL | 351,112,177.74 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. |
| # of | % of |
James C. Curvey |
Affirmative | 40,874,579,146.19 | 94.146 |
Withheld | 2,541,618,753.48 | 5.854 |
TOTAL | 43,416,197,899.67 | 100.000 |
Dennis J. Dirks |
Affirmative | 41,093,243,800.03 | 94.650 |
Withheld | 2,322,954,099.64 | 5.350 |
TOTAL | 43,416,197,899.67 | 100.000 |
Donald F. Donahue |
Affirmative | 41,121,116,505.64 | 94.714 |
Withheld | 2,295,081,394.03 | 5.286 |
TOTAL | 43,416,197,899.67 | 100.000 |
Alan J. Lacy |
Affirmative | 41,091,494,851.72 | 94.646 |
Withheld | 2,324,703,047.95 | 5.354 |
TOTAL | 43,416,197,899.67 | 100.00 |
Ned C. Lautenbach |
Affirmative | 40,970,733,721.42 | 94.368 |
Withheld | 2,445,464,178.25 | 5.632 |
TOTAL | 43,416,197,899.67 | 100.000 |
Joseph Mauriello |
Affirmative | 41,021,688,840.89 | 94.485 |
Withheld | 2,394,509,058.78 | 5.515 |
TOTAL | 43,416,197,899.67 | 100.000 |
Charles S. Morrison |
Affirmative | 41,163,534,997.01 | 94.812 |
Withheld | 2,252,662,902.66 | 5.188 |
TOTAL | 43,416,197,899.67 | 100.000 |
Cornelia M. Small |
Affirmative | 41,061,752,034.66 | 94.578 |
Withheld | 2,354,445,865.01 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
Garnett A. Smith |
Affirmative | 41,061,939,407.02 | 94.578 |
Withheld | 2,354,258,492.65 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
David M. Thomas |
Affirmative | 41,102,875,738.06 | 94.672 |
Withheld | 2,313,322,161.61 | 5.328 |
TOTAL | 43,416,197,899.67 | 100.000 |
Michael E. Wiley |
Affirmative | 41,112,279,187.11 | 94.694 |
Withheld | 2,303,918,712.56 | 5.306 |
TOTAL | 43,416,197,899.67 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Communications Equipment Portfolio. |
| # of | % of |
Affirmative | 70,635,407.81 | 70.332 |
Against | 13,144,542.88 | 13.089 |
Abstain | 7,192,593.03 | 7.161 |
Broker Non-Vote | 9,459,137.77 | 9.418 |
TOTAL | 100,431,681.49 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Computers Portfolio. |
| # of | % of |
Affirmative | 212,893,553.47 | 73.162 |
Against | 30,446,116.92 | 10.463 |
Abstain | 18,942,025.75 | 6.509 |
Broker Non-Vote | 28,710,782.97 | 9.866 |
TOTAL | 290,992,479.11 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for IT Services Portfolio. |
| # of | % of |
Affirmative | 861,072,890.55 | 70.143 |
Against | 139,097,126.86 | 11.331 |
Abstain | 85,974,803.66 | 7.004 |
Broker Non-Vote | 141,452,262.40 | 11.522 |
TOTAL | 1,227,597,083.47 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Semiconductors Portfolio. |
| # of | % of |
Affirmative | 1,372,844,725.78 | 70.730 |
Against | 222,516,130.89 | 11.464 |
Abstain | 156,340,523.67 | 8.054 |
Broker Non-Vote | 189,289,930.49 | 9.752 |
TOTAL | 1,940,991,310.83 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Software and IT Services Portfolio. |
| # of | % of |
Affirmative | 2,011,784,557.09 | 67.790 |
Against | 356,095,754.26 | 12.000 |
Abstain | 207,003,657.62 | 6.975 |
Broker Non-Vote | 392,794,045.66 | 13.235 |
TOTAL | 2,967,678,014.63 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Technology Portfolio. |
| # of | % of |
Affirmative | 3,156,083,806.72 | 75.860 |
Against | 440,719,061.82 | 10.593 |
Abstain | 305,181,343.95 | 7.335 |
Broker Non-Vote | 258,454,990.07 | 6.212 |
TOTAL | 4,160,439,202.56 | 100.000 |
PROPOSAL 3 |
To modify Computers Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 212,264,519.10 | 72.946 |
Against | 32,006,383.52 | 10.999 |
Abstain | 18,010,793.52 | 6.189 |
Broker Non-Vote | 28,710,782.97 | 9.866 |
TOTAL | 290,992,479.11 | 100.000 |
PROPOSAL 3 |
To modify Semiconductors Portfolio's fundamental concentration policy. |
| # of | of |
Affirmative | 1,447,237,155.52 | 74.562 |
Against | 171,804,691.46 | 8.852 |
Abstain | 132,659,533.36 | 6.834 |
Broker Non-Vote | 189,289,930.49 | 9.752 |
TOTAL | 1,940,991,310.83 | 100.000 |
PROPOSAL 3 |
To modify Software and IT Services Portfolio's fundamental concentration policy. |
| # of | of |
Affirmative | 2,077,937,890.77 | 70.019 |
Against | 292,734,775.13 | 9.865 |
Abstain | 204,211,303.07 | 6.881 |
Broker Non-Vote | 392,794,045.66 | 13.235 |
TOTAL | 2,967,678,014.63 | 100.000 |
PROPOSAL 3 |
To modify Technology Portfolio's fundamental concentration policy. |
| # of | of |
Affirmative | 3,233,704,646.04 | 77.726 |
Against | 398,492,850.82 | 9.578 |
Abstain | 269,786,697.41 | 6.484 |
Broker Non-Vote | 258,455,008.29 | 6.212 |
TOTAL | 4,160,439,202.56 | 100.000 |
PROPOSAL 5 |
For Computers Portfolio, a shareholder proposal requesting that the Board of Trustees institute procedures to avoid holding investments in companies that, in management's judgement, substantially contribute to genocide or crimes against humanity. |
| # of | of |
Affirmative | 93,114,127.00 | 31.999 |
Against | 140,700,446.91 | 48.352 |
Abstain | 28,467,122.23 | 9.783 |
Broker Non-Vote | 28,710,782.97 | 9.866 |
TOTAL | 290,992,479.11 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. Proposal 5 was not approved by shareholders. |
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. |
| # of | % of |
James C. Curvey |
Affirmative | 40,874,579,146.19 | 94.146 |
Withheld | 2,541,618,753.48 | 5.854 |
TOTAL | 43,416,197,899.67 | 100.000 |
Dennis J. Dirks |
Affirmative | 41,093,243,800.03 | 94.650 |
Withheld | 2,322,954,099.64 | 5.350 |
TOTAL | 43,416,197,899.67 | 100.000 |
Donald F. Donahue |
Affirmative | 41,121,116,505.64 | 94.714 |
Withheld | 2,295,081,394.03 | 5.286 |
TOTAL | 43,416,197,899.67 | 100.000 |
Alan J. Lacy |
Affirmative | 41,091,494,851.72 | 94.646 |
Withheld | 2,324,703,047.95 | 5.354 |
TOTAL | 43,416,197,899.67 | 100.00 |
Ned C. Lautenbach |
Affirmative | 40,970,733,721.42 | 94.368 |
Withheld | 2,445,464,178.25 | 5.632 |
TOTAL | 43,416,197,899.67 | 100.000 |
Joseph Mauriello |
Affirmative | 41,021,688,840.89 | 94.485 |
Withheld | 2,394,509,058.78 | 5.515 |
TOTAL | 43,416,197,899.67 | 100.000 |
Charles S. Morrison |
Affirmative | 41,163,534,997.01 | 94.812 |
Withheld | 2,252,662,902.66 | 5.188 |
TOTAL | 43,416,197,899.67 | 100.000 |
Cornelia M. Small |
Affirmative | 41,061,752,034.66 | 94.578 |
Withheld | 2,354,445,865.01 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
Garnett A. Smith |
Affirmative | 41,061,939,407.02 | 94.578 |
Withheld | 2,354,258,492.65 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
David M. Thomas |
Affirmative | 41,102,875,738.06 | 94.672 |
Withheld | 2,313,322,161.61 | 5.328 |
TOTAL | 43,416,197,899.67 | 100.000 |
Michael E. Wiley |
Affirmative | 41,112,279,187.11 | 94.694 |
Withheld | 2,303,918,712.56 | 5.306 |
TOTAL | 43,416,197,899.67 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Chemicals Portfolio. |
| # of | % of |
Affirmative | 951,094,073.29 | 72.407 |
Against | 163,475,766.11 | 12.446 |
Abstain | 88,033,307.25 | 6.702 |
Broker Non-Vote | 110,940,970.14 | 8.445 |
TOTAL | 1,313,544,116.79 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Gold Portfolio. |
| # of | % of |
Affirmative | 551,653,263.84 | 68.465 |
Against | 97,346,103.67 | 12.082 |
Abstain | 55,639,285.11 | 6.905 |
Broker Non-Vote | 101,109,455.71 | 12.548 |
TOTAL | 805,748,108.33 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Materials Portfolio. |
| # of | % of |
Affirmative | 646,463,758.16 | 67.767 |
Against | 104,408,119.98 | 10.945 |
Abstain | 75,339,602.11 | 7.898 |
Broker Non-Vote | 127,741,389.12 | 13.390 |
TOTAL | 953,952,869.37 | 100.000 |
PROPOSAL 3 |
To modify Chemicals Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 979,549,264.71 | 74.574 |
Against | 139,692,083.39 | 10.635 |
Abstain | 83,361,798.55 | 6.346 |
Broker Non-Vote | 110,940,970.14 | 8.445 |
TOTAL | 1,313,544,116.79 | 100.000 |
PROPOSAL 3 |
To modify Gold Portfolio's fundamental concentration policy. |
| # of | % of |
Affirmative | 569,696,386.64 | 70.705 |
Against | 80,140,442.00 | 9.946 |
Abstain | 54,801,823.98 | 6.801 |
Broker Non-Vote | 101,109,455.71 | 12.548 |
TOTAL | 805,748,108.33 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. |
| # of | % of |
James C. Curvey |
Affirmative | 40,874,579,146.19 | 94.146 |
Withheld | 2,541,618,753.48 | 5.854 |
TOTAL | 43,416,197,899.67 | 100.000 |
Dennis J. Dirks |
Affirmative | 41,093,243,800.03 | 94.650 |
Withheld | 2,322,954,099.64 | 5.350 |
TOTAL | 43,416,197,899.67 | 100.000 |
Donald F. Donahue |
Affirmative | 41,121,116,505.64 | 94.714 |
Withheld | 2,295,081,394.03 | 5.286 |
TOTAL | 43,416,197,899.67 | 100.000 |
Alan J. Lacy |
Affirmative | 41,091,494,851.72 | 94.646 |
Withheld | 2,324,703,047.95 | 5.354 |
TOTAL | 43,416,197,899.67 | 100.00 |
Ned C. Lautenbach |
Affirmative | 40,970,733,721.42 | 94.368 |
Withheld | 2,445,464,178.25 | 5.632 |
TOTAL | 43,416,197,899.67 | 100.000 |
Joseph Mauriello |
Affirmative | 41,021,688,840.89 | 94.485 |
Withheld | 2,394,509,058.78 | 5.515 |
TOTAL | 43,416,197,899.67 | 100.000 |
Charles S. Morrison |
Affirmative | 41,163,534,997.01 | 94.812 |
Withheld | 2,252,662,902.66 | 5.188 |
TOTAL | 43,416,197,899.67 | 100.000 |
Cornelia M. Small |
Affirmative | 41,061,752,034.66 | 94.578 |
Withheld | 2,354,445,865.01 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
Garnett A. Smith |
Affirmative | 41,061,939,407.02 | 94.578 |
Withheld | 2,354,258,492.65 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
David M. Thomas |
Affirmative | 41,102,875,738.06 | 94.672 |
Withheld | 2,313,322,161.61 | 5.328 |
TOTAL | 43,416,197,899.67 | 100.000 |
Michael E. Wiley |
Affirmative | 41,112,279,187.11 | 94.694 |
Withheld | 2,303,918,712.56 | 5.306 |
TOTAL | 43,416,197,899.67 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy. |
| # of | % of |
Affirmative | 300,741,589.15 | 71.497 |
Against | 72,581,875.55 | 17.256 |
Abstain | 36,596,145.77 | 8.700 |
Broker Non-Vote | 10,716,920.74 | 2.547 |
TOTAL | 420,636,531.21 | 100.000 |
PROPOSAL |
To modify the fund’s fundamental concentration policy. |
| # of | % of |
Affirmative | 311,327,807.91 | 74.014 |
Against | 63,832,930.50 | 15.176 |
Abstain | 34,758,872.06 | 8.263 |
Broker Non-Vote | 10,716,920.74 | 2.547 |
TOTAL | 420,636,531.21 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. |
| # of | % of |
James C. Curvey |
Affirmative | 40,874,579,146.19 | 94.146 |
Withheld | 2,541,618,753.48 | 5.854 |
TOTAL | 43,416,197,899.67 | 100.000 |
Dennis J. Dirks |
Affirmative | 41,093,243,800.03 | 94.650 |
Withheld | 2,322,954,099.64 | 5.350 |
TOTAL | 43,416,197,899.67 | 100.000 |
Donald F. Donahue |
Affirmative | 41,121,116,505.64 | 94.714 |
Withheld | 2,295,081,394.03 | 5.286 |
TOTAL | 43,416,197,899.67 | 100.000 |
Alan J. Lacy |
Affirmative | 41,091,494,851.72 | 94.646 |
Withheld | 2,324,703,047.95 | 5.354 |
TOTAL | 43,416,197,899.67 | 100.00 |
Ned C. Lautenbach |
Affirmative | 40,970,733,721.42 | 94.368 |
Withheld | 2,445,464,178.25 | 5.632 |
TOTAL | 43,416,197,899.67 | 100.000 |
Joseph Mauriello |
Affirmative | 41,021,688,840.89 | 94.485 |
Withheld | 2,394,509,058.78 | 5.515 |
TOTAL | 43,416,197,899.67 | 100.000 |
Charles S. Morrison |
Affirmative | 41,163,534,997.01 | 94.812 |
Withheld | 2,252,662,902.66 | 5.188 |
TOTAL | 43,416,197,899.67 | 100.000 |
Cornelia M. Small |
Affirmative | 41,061,752,034.66 | 94.578 |
Withheld | 2,354,445,865.01 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
Garnett A. Smith |
Affirmative | 41,061,939,407.02 | 94.578 |
Withheld | 2,354,258,492.65 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
David M. Thomas |
Affirmative | 41,102,875,738.06 | 94.672 |
Withheld | 2,313,322,161.61 | 5.328 |
TOTAL | 43,416,197,899.67 | 100.000 |
Michael E. Wiley |
Affirmative | 41,112,279,187.11 | 94.694 |
Withheld | 2,303,918,712.56 | 5.306 |
TOTAL | 43,416,197,899.67 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Industrial Equipment Portfolio. |
| # of | % of |
Affirmative | 106,111,559.18 | 78.341 |
Against | 13,828,616.06 | 10.210 |
Abstain | 11,216,284.84 | 8.281 |
Broker Non-Vote | 4,291,872.24 | 3.168 |
TOTAL | 135,448,332.32 | 100.000 |
PROPOSAL 3 |
To modify Industrial Equipment Portfolio’s fundamental concentration policy. |
| # of | % of |
Affirmative | 109,536,946.04 | 80.870 |
Against | 9,695,274.07 | 7.158 |
Abstain | 11,924,239.96 | 8.804 |
Broker Non-Vote | 4,291,872.24 | 3.168 |
TOTAL | 135,448,332.32 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To approve an Agreement and Plan of Reorganization providing for the transfer of all of the assets of Industrial Equipment Portfolio to Industrials Portfolio in exchange solely for shares of beneficial interest of Industrials Portfolio and the assumption by Industrials Portfolio of Industrial Equipment Portfolio’s liabilities, in complete liquidation of Industrial Equipment Portfolio. |
| # of | % of |
Affirmative | 117,547,335.13 | 90.037 |
Against | 8,796,413.28 | 6.738 |
Abstain | 4,211,671.31 | 3.225 |
TOTAL | 130,555,419.72 | 100.000 |
Proxy Voting Results
A special meeting of shareholders was held on December 8, 2017. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. |
| # of | % of |
James C. Curvey |
Affirmative | 40,874,579,146.19 | 94.146 |
Withheld | 2,541,618,753.48 | 5.854 |
TOTAL | 43,416,197,899.67 | 100.000 |
Dennis J. Dirks |
Affirmative | 41,093,243,800.03 | 94.650 |
Withheld | 2,322,954,099.64 | 5.350 |
TOTAL | 43,416,197,899.67 | 100.000 |
Donald F. Donahue |
Affirmative | 41,121,116,505.64 | 94.714 |
Withheld | 2,295,081,394.03 | 5.286 |
TOTAL | 43,416,197,899.67 | 100.000 |
Alan J. Lacy |
Affirmative | 41,091,494,851.72 | 94.646 |
Withheld | 2,324,703,047.95 | 5.354 |
TOTAL | 43,416,197,899.67 | 100.00 |
Ned C. Lautenbach |
Affirmative | 40,970,733,721.42 | 94.368 |
Withheld | 2,445,464,178.25 | 5.632 |
TOTAL | 43,416,197,899.67 | 100.000 |
Joseph Mauriello |
Affirmative | 41,021,688,840.89 | 94.485 |
Withheld | 2,394,509,058.78 | 5.515 |
TOTAL | 43,416,197,899.67 | 100.000 |
Charles S. Morrison |
Affirmative | 41,163,534,997.01 | 94.812 |
Withheld | 2,252,662,902.66 | 5.188 |
TOTAL | 43,416,197,899.67 | 100.000 |
Cornelia M. Small |
Affirmative | 41,061,752,034.66 | 94.578 |
Withheld | 2,354,445,865.01 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
Garnett A. Smith |
Affirmative | 41,061,939,407.02 | 94.578 |
Withheld | 2,354,258,492.65 | 5.422 |
TOTAL | 43,416,197,899.67 | 100.000 |
David M. Thomas |
Affirmative | 41,102,875,738.06 | 94.672 |
Withheld | 2,313,322,161.61 | 5.328 |
TOTAL | 43,416,197,899.67 | 100.000 |
Michael E. Wiley |
Affirmative | 41,112,279,187.11 | 94.694 |
Withheld | 2,303,918,712.56 | 5.306 |
TOTAL | 43,416,197,899.67 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Telecommunications Portfolio. |
| # of | % of |
Affirmative | 162,019,030.04 | 74.073 |
Against | 27,461,064.77 | 12.555 |
Abstain | 16,983,637.20 | 7.765 |
Broker Non-Vote | 12,265,953.67 | 5.607 |
TOTAL | 218,729,685.68 | 100.000 |
PROPOSAL 2 |
To eliminate a fundamental investment policy for Wireless Portfolio. |
| # of | % of |
Affirmative | 121,674,303.19 | 75.607 |
Against | 21,823,236.50 | 13.561 |
Abstain | 8,164,414.14 | 5.073 |
Broker Non-Vote | 9,269,616.97 | 5.759 |
TOTAL | 160,931,570.80 | 100.000 |
PROPOSAL 3 |
To eliminate a fundamental investment policy for Telecommunications Portfolio. |
| # of | % of |
Affirmative | 165,072,876.21 | 75.469 |
Against | 22,149,640.69 | 10.127 |
Abstain | 19,241,215.11 | 8.797 |
Broker Non-Vote | 12,265,953.67 | 5.607 |
TOTAL | 218,729,685.68 | 100.000 |
PROPOSAL 3 |
To eliminate a fundamental investment policy for Wireless Portfolio. |
| # of | % of |
Affirmative | 126,851,297.87 | 78.824 |
Against | 16,906,721.96 | 10.506 |
Abstain | 7,903,934.00 | 4.911 |
Broker Non-Vote | 9,269,616.97 | 5.759 |
TOTAL | 160,931,570.80 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Exhibit for Item 77M Mergers.
On January 26, 2018, Industrial Equipment Portfolio, a series of Fidelity Select Portfolios, transferred all of its shares to Industrials Portfolio, a series of Fidelity Select Portfolios, solely in exchange for shares of Industrials Portfolio and the assumption by Industrials Portfolio of Industrial Equipment Portfolio's liabilities, and such shares of Industrials Portfolio were distributed constructively to shareholders of Industrial Equipment Portfolio in complete liquidation and termination of Industrial Equipment Portfolio. The transaction was approved by the Board on July 26, 2017 and by shareholders of Industrial Equipment Portfolio on December 8, 2017.
Agreement and Plan of Reorganization of Industrial Equipment Portfolio
THIS AGREEMENT AND PLAN OF REORGANIZATION (the Agreement) is made as of October 10, 2017 by and between Fidelity Select Portfolios, a Massachusetts business trust, on behalf of its series Industrial Equipment Portfolio (the Acquired Fund) and Industrials Portfolio (the Acquiring Fund). Fidelity Select Portfolios may be referred to herein as the Trust. The Trust is a duly organized business trust under the laws of the Commonwealth of Massachusetts with its principal place of business at 245 Summer Street, Boston, Massachusetts 02210. The Acquiring Fund and the Acquired Fund may be referred to herein collectively as the Funds or each individually as the Fund.
This Agreement is intended to be, and is adopted as, a plan of reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the Code). The reorganization will comprise: (a) the transfer of all of the assets of the Acquired Fund to the Acquiring Fund solely in exchange for shares of beneficial interest in the Acquiring Fund (the Acquiring Fund Shares) and the assumption by the Acquiring Fund of the Acquired Funds liabilities; and (b) the constructive distribution of such shares by the Acquired Fund pro rata to its shareholders in complete liquidation and termination of the Acquired Fund, all upon the terms and conditions set forth in this Agreement. The foregoing transactions are referred to herein as the Reorganization.
In consideration of the mutual promises and subject to the terms and conditions herein, the parties covenant and agree as follows:
1. REPRESENTATIONS AND WARRANTIES OF THE ACQUIRED FUND. The Acquired Fund represents and warrants to and agrees with the Acquiring Fund that:
(a) The Acquired Fund is a series of the Trust, a business trust duly organized, validly existing, and in good standing under the laws of the Commonwealth of Massachusetts, and has the power to own all of its properties and assets and to carry out its obligations under this Agreement. It has all necessary federal, state, and local authorizations to carry on its business as now being conducted and to carry out this Agreement;
(b) The Trust is an open-end, management investment company duly registered under the Investment Company Act of 1940, as amended (the 1940 Act), and such registration is in full force and effect;
(c) The Prospectus and Statement of Additional Information of the Acquired Fund dated April 29, 2017, as supplemented, previously furnished to the Acquiring Fund, did not and do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
(d) Except as disclosed in writing to the Acquiring Fund, there are no material legal, administrative, or other proceedings pending or, to the knowledge of the Acquired Fund, threatened against the Acquired Fund which assert liability on the part of the Acquired Fund. The Acquired Fund knows of no facts which might reasonably form the basis for the institution of such proceedings, except as otherwise disclosed to the Acquiring Fund;
(e) The Acquired Fund is not in, and the execution, delivery, and performance of this Agreement will not result in, violation of any provision of its Amended and Restated Declaration of Trust or By-laws, or, to the knowledge of the Acquired Fund, of any agreement, indenture, instrument, contract, lease, or other undertaking to which the Acquired Fund is a party or by which the Acquired Fund is bound or result in the acceleration of any obligation or the imposition of any penalty under any agreement, judgment or decree to which the Acquired Fund is a party or is bound;
(f) The Statement of Assets and Liabilities, the Statement of Operations, the Statement of Changes in Net Assets, Financial Highlights, and the Schedule of Investments (including market values) of the Acquired Fund at February 28, 2017, have been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, and have been furnished to the Acquiring Fund. Said Statement of Assets and Liabilities and Schedule of Investments fairly present the Acquired Funds financial position as of such date and said Statement of Operations, Statement of Changes in Net Assets, and Financial Highlights fairly reflect the Acquired Funds results of operations, changes in financial position, and financial highlights for the periods covered thereby in conformity with generally accepted accounting principles consistently applied;
(g) The Acquired Fund has no known liabilities of a material nature, contingent or otherwise, other than those shown as belonging to it on its statement of assets and liabilities as of February 28, 2017 and those incurred in the ordinary course of the Acquired Funds business as an investment company since February 28, 2017;
(h) The registration statement (Registration Statement) filed with the Securities and Exchange Commission (Commission) by the Trust on Form N-14 relating to the shares of the Acquiring Fund issuable hereunder and the proxy statement of the Acquired Fund included therein (Proxy Statement), on the effective date of the Registration Statement and insofar as they relate to the Acquired Fund (i) comply in all material respects with the provisions of the Securities Act of 1933, as amended (the 1933 Act), the Securities Exchange Act of 1934, as amended (the 1934 Act), and the 1940 Act, and the rules and regulations thereunder, and (ii) do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and at the time of the shareholders meeting referred to in Section 7 and on the Closing Date (as defined in Section 6), the prospectus contained in the Registration Statement of which the Proxy Statement is a part (the Prospectus), as amended or supplemented, insofar as it relates to the Acquired Fund, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
(i) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquired Fund of the transactions contemplated by this Agreement, except such as have been obtained under the 1933 Act, the 1934 Act, the 1940 Act, and state securities or blue sky laws (which term as used in this Agreement shall include the District of Columbia and Puerto Rico);
(j) The Acquired Fund has filed or will file all federal and state tax returns which, to the knowledge of the Acquired Funds officers, are required to be filed by the Acquired Fund and has paid or will pay all federal and state taxes shown to be due on said returns or provision shall have been made for the payment thereof, and, to the best of the Acquired Funds knowledge, no such return is currently under audit and no assessment has been asserted with respect to such returns;
(k) The Acquired Fund has met the requirements of Subchapter M of the Code for qualification and treatment as a regulated investment company for all prior taxable years and intends to meet such requirements for its current taxable year ending on February 28, 2017 and its taxable year ending on the Closing Date;
(l) All of the issued and outstanding shares of the Acquired Fund are, and at the Closing Date will be, duly and validly issued and outstanding and fully paid and nonassessable as a matter of Massachusetts law (except as disclosed in the Acquired Funds Statement of Additional Information), and have been offered for sale and in conformity with all applicable federal securities laws. All of the issued and outstanding shares of the Acquired Fund will, at the Closing Date, be held by the persons and in the amounts set forth in the list of shareholders submitted to the Acquiring Fund in accordance with this Agreement;
(m) As of both the Valuation Time (as defined in Section 4) and the Closing Date, the Acquired Fund will have the full right, power, and authority to sell, assign, transfer, and deliver its portfolio securities and any other assets of the Acquired Fund to be transferred to the Acquiring Fund pursuant to this Agreement. As of the Closing Date, subject only to the delivery of the Acquired Funds portfolio securities and any such other assets as contemplated by this Agreement, the Acquiring Fund will acquire the Acquired Funds portfolio securities and any such other assets subject to no encumbrances, liens, or security interests (except for those that may arise in the ordinary course and are disclosed to the Acquiring Fund) and without any restrictions upon the transfer thereof; and
(n) The execution, delivery, and performance of this Agreement will have been duly authorized prior to the Closing Date by all necessary corporate action on the part of the Acquired Fund, and this Agreement constitutes a valid and binding obligation of the Acquired Fund enforceable in accordance with its terms, subject to approval by the shareholders of the Acquired Fund.
2. REPRESENTATIONS AND WARRANTIES OF THE ACQUIRING FUND. The Acquiring Fund represents and warrants to and agrees with the Acquired Fund that:
(a) The Acquiring Fund is a series of the Trust, a business trust duly organized, validly existing, and in good standing under the laws of the Commonwealth of Massachusetts, and has the power to own all of its properties and assets and to carry out its obligations under this Agreement. It has all necessary federal, state, and local authorizations to carry on its business as now being conducted and to carry out this Agreement;
(b) The Trust is an open-end, management investment company duly registered under the 1940 Act, and such registration is in full force and effect;
(c) The Prospectus and Statement of Additional Information of the Acquiring Fund, dated April 29, 2017, as supplemented, previously furnished to the Acquired Fund did not and do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
(d) Except as disclosed in writing to the Acquired Fund, there are no material legal, administrative, or other proceedings pending or, to the knowledge of the Acquiring Fund, threatened against the Acquiring Fund which assert liability on the part of the Acquiring Fund. The Acquiring Fund knows of no facts which might reasonably form the basis for the institution of such proceedings, except as otherwise disclosed to the Acquired Fund;
(e) The Acquiring Fund is not in, and the execution, delivery, and performance of this Agreement will not result in, violation of any provision of its Amended and Restated Declaration of Trust or By-laws, or, to the knowledge of the Acquiring Fund, of any agreement, indenture, instrument, contract, lease, or other undertaking to which the Acquiring Fund is a party or by which the Acquiring Fund is bound or result in the acceleration of any obligation or the imposition of any penalty under any agreement, judgment, or decree to which the Acquiring Fund is a party or is bound;
(f) The Statement of Assets and Liabilities, the Statement of Operations, the Statement of Changes in Net Assets, Financial Highlights, and the Schedule of Investments (including market values) of the Acquiring Fund at February 28, 2017, have been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, and have been furnished to the Acquired Fund. Said Statement of Assets and Liabilities and Schedule of Investments fairly present the Acquiring Funds financial position as of such date and said Statement of Operations, Statement of Changes in Net Assets, and Financial Highlights fairly reflect the Acquiring Funds results of operations, changes in financial position, and financial highlights for the periods covered thereby in conformity with generally accepted accounting principles consistently applied;
(g) The Acquiring Fund has no known liabilities of a material nature, contingent or otherwise, other than those shown as belonging to it on its statement of assets and liabilities as of February 28, 2017 and those incurred in the ordinary course of the Acquiring Funds business as an investment company since February 28, 2017;
(h) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquiring Fund of the transactions contemplated by this Agreement, except such as have been obtained under the 1933 Act, the 1934 Act, the 1940 Act, and state securities or blue sky laws;
(i) The Acquiring Fund has filed or will file all federal and state tax returns which, to the knowledge of the Acquiring Funds officers, are required to be filed by the Acquiring Fund and has paid or will pay all federal and state taxes shown to be due on said returns or provision shall have been made for the payment thereof, and, to the best of the Acquiring Funds knowledge, no such return is currently under audit and no assessment has been asserted with respect to such returns;
(j) The Acquiring Fund has met the requirements of Subchapter M of the Code for qualification and treatment as a regulated investment company for all prior taxable years and intends to meet such requirements for its current taxable year ending on February 28, 2017 and its taxable year that includes the Closing Date;
(k) As of the Closing Date, the shares of beneficial interest of the Acquiring Fund to be issued to the Acquired Fund will have been duly authorized and, when issued and delivered pursuant to this Agreement, will be legally and validly issued and will be fully paid and nonassessable (except as disclosed in the Acquiring Funds Statement of Additional Information) by the Acquiring Fund, and no shareholder of the Acquiring Fund will have any preemptive right of subscription or purchase in respect thereof;
(l) The execution, delivery, and performance of this Agreement will have been duly authorized prior to the Closing Date by all necessary corporate action on the part of the Acquiring Fund, and this Agreement constitutes a valid and binding obligation of the Acquiring Fund enforceable in accordance with its terms, subject to approval by the shareholders of the Acquired Fund;
(m) The Registration Statement and the Proxy Statement, on the effective date of the Registration Statement and insofar as they relate to the Acquiring Fund, (i) comply in all material respects with the provisions of the 1933 Act, the 1934 Act, and the 1940 Act, and the rules and regulations thereunder, and (ii) do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and at the time of the shareholders meeting referred to in Section 7 and on the Closing Date, the Prospectus, as amended or supplemented, insofar as it relates to the Acquiring Fund, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
(n) The issuance of the Acquiring Fund Shares pursuant to this Agreement will be in compliance with all applicable federal securities laws; and
(o) All of the issued and outstanding shares of beneficial interest of the Acquiring Fund have been offered for sale and sold in conformity with the federal securities laws.
3. REORGANIZATION.
(a) Subject to the requisite approval of the shareholders of the Acquired Fund and to the other terms and conditions contained herein, the Acquired Fund agrees to assign, sell, convey, transfer, and deliver to the Acquiring Fund as of the Closing Date all of the assets of the Acquired Fund of every kind and nature existing on the Closing Date. The Acquiring Fund agrees in exchange therefor: (i) to assume all of the Acquired Funds liabilities existing on or after the Closing Date, whether or not determinable on the Closing Date, and (ii) to issue and deliver to the Acquired Fund the number of full and fractional shares of the Acquiring Fund having an aggregate net asset value equal to the value of the assets of the Acquired Fund transferred hereunder, less the value of the liabilities of the Acquired Fund, determined as provided for under Section 4.
(b) The assets of the Acquired Fund to be acquired by the Acquiring Fund shall include, without limitation, all cash, cash equivalents, securities, commodities and futures interests, receivables (including interest or dividends receivables), claims, choses in action, and other property owned by the Acquired Fund, and any deferred or prepaid expenses shown as an asset on the books of the Acquired Fund on the Closing Date. The Acquired Fund will pay or cause to be paid to the Acquiring Fund any dividend or interest payments received by it on or after the Closing Date with respect to the assets transferred to the Acquiring Fund hereunder, and the Acquiring Fund will retain any dividend or interest payments received by it after the Valuation Time with respect to the assets transferred hereunder without regard to the payment date thereof.
(c) The liabilities of the Acquired Fund to be assumed by the Acquiring Fund shall include (except as otherwise provided for herein) all of the Acquired Funds liabilities, debts, obligations, and duties, of whatever kind or nature, whether absolute, accrued, contingent, or otherwise, whether or not arising in the ordinary course of business, whether or not determinable on the Closing Date, and whether or not specifically referred to in this Agreement. Notwithstanding the foregoing, the Acquired Fund agrees to use its best efforts to discharge all of its known liabilities prior to the Closing Date, other than liabilities incurred in the ordinary course of business.
(d) Pursuant to this Agreement, as soon after the Closing Date as is conveniently practicable, the Acquired Fund will constructively distribute pro rata to its shareholders of record, determined as of the Valuation Time on the Closing Date, the Acquiring Fund Shares in exchange for such shareholders shares of beneficial interest in the Acquired Fund and the Acquired Fund will be liquidated in accordance with the Acquired Funds Amended and Restated Declaration of Trust. Such distribution shall be accomplished by the Funds transfer agent opening accounts on the Acquiring Funds share transfer books in the names of the Acquired Fund shareholders and transferring the Acquiring Fund shares thereto. Each Acquired Fund shareholders account shall be credited with the respective pro rata number of full and fractional Acquiring Fund shares due that shareholder. All outstanding Acquired Fund shares, including any represented by certificates, shall simultaneously be canceled on the Acquired Funds share transfer records. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with the Reorganization.
(e) Any reporting responsibility of the Acquired Fund is and shall remain its responsibility up to and including the date on which it is terminated.
(f) Any transfer taxes payable upon issuance of the Acquiring Fund shares in a name other than that of the registered holder on the Acquired Funds books of the Acquired Fund shares constructively exchanged for the Acquiring Fund Shares shall be paid by the person to whom such Acquiring Fund Shares are to be issued, as a condition of such transfer.
4. VALUATION.
(a) The Valuation Time shall be as of the close of business of the New York Stock Exchange on the Closing Date, or such other date as may be mutually agreed upon in writing by the parties hereto (the Valuation Time).
(b) As of the Closing Date, the Acquiring Fund will deliver to the Acquired Fund the number of Acquiring Fund Shares having an aggregate net asset value equal to the value of the assets of the Acquired Fund transferred hereunder less the liabilities of the Acquired Fund, determined as provided in this Section 4.
(c) The net asset value per share of the Acquiring Fund shares to be delivered to the Acquired Fund, the value of the assets of the Acquired Fund transferred hereunder, and the value of the liabilities of the Acquired Fund to be assumed hereunder shall in each case be determined as of the Valuation Time.
(d) The net asset value per share of the Acquiring Fund shares and the value of the assets and liabilities of the Acquired Fund shall be computed in the manner set forth in the then-current Acquiring Fund Prospectus and Statement of Additional Information.
(e) All computations pursuant to this Section shall be made by or under the direction of Fidelity Service Company, Inc., a wholly-owned subsidiary of FMR LLC, in accordance with its regular practice as pricing agent for the Acquired Fund and the Acquiring Fund.
5. FEES; EXPENSES.
(a) The Acquired Fund shall be responsible for all expenses, fees and other charges in connection with the transactions contemplated by this Agreement.
(b) Any expenses incurred in connection with the transactions contemplated by this Agreement which may be attributable to the Acquiring Fund will be borne by the Acquiring Fund.
(c) Each of the Acquiring Fund and the Acquired Fund represents that there is no person who has dealt with it who by reason of such dealings is entitled to any brokers or finders or other similar fee or commission arising out of the transactions contemplated by this Agreement.
6. CLOSING DATE.
(a) The Reorganization, together with related acts necessary to consummate the same (the Closing), unless otherwise provided herein, shall occur at the principal office of the Trust, 245 Summer Street, Boston, Massachusetts, as of the Valuation Time on January 26, 2018, or at some other time, date, and place agreed to by the Acquired Fund and the Acquiring Fund (the Closing Date).
(b) In the event that on the Closing Date: (i) any of the markets for securities held by the Funds is closed to trading, or (ii) trading thereon is restricted, or (iii) trading or the reporting of trading on said market or elsewhere is disrupted, all so that accurate appraisal of the total net asset value of the Acquired Fund and the net asset value per share of the Acquiring Fund is impracticable, the Valuation Time and the Closing Date shall be postponed until the first business day after the day when such trading shall have been fully resumed and such reporting shall have been restored, or such other date as the parties may agree.
7. SHAREHOLDER MEETING AND TERMINATION OF THE ACQUIRED FUND.
(a) The Acquired Fund agrees to call a meeting of its shareholders after the effective date of the Registration Statement, to consider transferring its assets to the Acquiring Fund as herein provided, adopting this Agreement, and authorizing the liquidation of the Acquired Fund.
(b) The Acquired Fund agrees that as soon as reasonably practicable after distribution of the Acquiring Fund Shares, the Acquired Fund shall be terminated as a series of the Trust pursuant to its Amended and Restated Declaration of Trust, any further actions shall be taken in connection therewith as required by applicable law, and on and after the Closing Date the Acquired Fund shall not conduct any business except in connection with its liquidation and termination.
8. CONDITIONS TO OBLIGATIONS OF THE ACQUIRING FUND.
(a) That the Acquired Fund furnishes to the Acquiring Fund a statement, dated as of the Closing Date, signed by an authorized officer of the Trust, certifying that as of the Valuation Time and the Closing Date all representations and warranties of the Acquired Fund made in this Agreement are true and correct in all material respects and that the Acquired Fund has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such dates;
(b) That the Acquired Fund furnishes the Acquiring Fund with copies of the resolutions, certified by an authorized officer of the Trust, evidencing the adoption of this Agreement and the approval of the transactions contemplated herein by the requisite vote of the holders of the outstanding shares of beneficial interest of the Acquired Fund;
(c) That, on or prior to the Closing Date, the Acquired Fund will declare one or more dividends or distributions which, together with all previous such dividends or distributions, shall have the effect of distributing to the shareholders of the Acquired Fund substantially all of the Acquired Funds investment company taxable income and all of its net realized capital gain, if any, as of the Closing Date;
(d) That the Acquired Fund shall deliver to the Acquiring Fund at the Closing a statement of its assets and liabilities, together with a list of its portfolio securities showing each such securitys adjusted tax basis and holding period by lot, with values determined as provided in Section 4 of this Agreement, all as of the Valuation Time, certified on the Acquired Funds behalf by its Treasurer or Assistant Treasurer;
(e) That the Acquired Funds custodian shall deliver to the Acquiring Fund a certificate identifying the assets of the Acquired Fund held by such custodian as of the Valuation Time on the Closing Date and stating that as of the Valuation Time: (i) the assets held by the custodian will be transferred to the Acquiring Fund; (ii) the Acquired Funds assets have been duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof; and (iii) to the best of the custodians knowledge, all applicable taxes (including stock transfer taxes, if any) in conjunction with the delivery of the assets, that the custodian has been notified are due, have been paid or provision for payment has been made;
(f) That the Acquired Funds transfer agent shall deliver to the Acquiring Fund at the Closing a certificate setting forth the number of shares of the Acquired Fund outstanding as of the Valuation Time and the name and address of each holder of record of any such shares and the number of shares held of record by each such shareholder;
(g) That the Acquired Fund calls a meeting of its shareholders to be held after the effective date of the Registration Statement, to consider transferring its assets to the Acquiring Fund as herein provided, adopting this Agreement, and authorizing the liquidation and termination of the Acquired Fund;
(h) That the Acquired Fund delivers to the Acquiring Fund a certificate of an authorized officer of the Trust, dated as of the Closing Date, that there has been no material adverse change in the Acquired Funds financial position since February 28, 2017, other than changes in the market value of its portfolio securities, or changes due to net redemptions of its shares, dividends paid, or losses from operations; and
(i) That all of the issued and outstanding shares of beneficial interest of the Acquired Fund shall have been offered for sale and sold in conformity with all applicable state securities laws and, to the extent that any audit of the records of the Acquired Fund or its transfer agent by the Acquiring Fund or its agents shall have revealed otherwise, the Acquired Fund shall have taken all actions that in the opinion of the Acquiring Fund are necessary to remedy any prior failure on the part of the Acquired Fund to have offered for sale and sold such shares in conformity with such laws.
9. CONDITIONS TO OBLIGATIONS OF THE ACQUIRED FUND.
(a) That the Acquiring Fund shall have executed and delivered to the Acquired Fund an Assumption of Liabilities, certified by an authorized officer of the Trust, dated as of the Closing Date pursuant to which the Acquiring Fund will assume all of the liabilities of the Acquired Fund existing at the Valuation Time in connection with the transactions contemplated by this Agreement;
(b) That the Acquiring Fund furnishes to the Acquired Fund a statement, dated as of the Closing Date, signed by an authorized officer of the Trust, certifying that as of the Valuation Time and the Closing Date all representations and warranties of the Acquiring Fund made in this Agreement are true and correct in all material respects, and the Acquiring Fund has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such dates; and
(c) That the Acquired Fund shall have received an opinion of Dechert LLP, counsel to the Acquired Fund and the Acquiring Fund, to the effect that the Acquiring Fund shares are duly authorized and upon delivery to the Acquired Fund as provided in this Agreement will be validly issued and will be fully paid and nonassessable by the Acquiring Fund (except as disclosed in the Acquiring Funds Statement of Additional Information) and no shareholder of the Acquiring Fund has any preemptive right of subscription or purchase in respect thereof.
10. CONDITIONS TO OBLIGATIONS OF THE ACQUIRING FUND AND THE ACQUIRED FUND.
(a) That this Agreement shall have been adopted and the transactions contemplated herein shall have been approved by the requisite vote of the holders of the outstanding shares of beneficial interest of the Acquired Fund;
(b) That all consents of other parties and all other consents, orders, and permits of federal, state, and local regulatory authorities (including those of the Commission and of state blue sky and securities authorities, and including no action positions of such federal or state authorities) deemed necessary by the Acquiring Fund or the Acquired Fund to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order, or permit would not involve a risk of a material adverse effect on the assets or properties of the Acquiring Fund or the Acquired Fund, provided that either party hereto may for itself waive any of such conditions;
(c) That all proceedings taken by either Fund in connection with the transactions contemplated by this Agreement and all documents incidental thereto shall be satisfactory in form and substance to it and its counsel, Dechert LLP;
(d) That there shall not be any material litigation pending with respect to the matters contemplated by this Agreement;
(e) That the Registration Statement shall have become effective under the 1933 Act, and no stop order suspending such effectiveness shall have been instituted or, to the knowledge of the Acquiring Fund and the Acquired Fund, threatened by the Commission; and
(f) That the Acquiring Fund and the Acquired Fund shall have received an opinion of Dechert LLP satisfactory to the Acquiring Fund and the Acquired Fund substantially to the effect that for federal income tax purposes:
(i) The Reorganization will constitute a tax-free reorganization under Section 368(a) of the Code.
(ii) The Acquired Fund will not recognize gain or loss upon the transfer of substantially all of its assets to the Acquiring Fund in exchange solely for the Acquiring Fund Shares and the assumption of all liabilities of the Acquired Fund, except that the Acquired Fund may be required to recognize gain or loss with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code.
(iii) The Acquired Fund will not recognize gain or loss upon the distribution to its shareholders of the Acquiring Fund Shares received by the Acquired Fund in the Reorganization.
(iv) The Acquiring Fund will recognize no gain or loss upon receiving the properties of the Acquired Fund in exchange solely for the Acquiring Fund Shares and the assumption of all liabilities of the Acquired Fund.
(v) The adjusted basis to the Acquiring Fund of the properties of the Acquired Fund received by the Acquiring Fund in the Reorganization will be the same as the adjusted basis of those properties in the hands of the Acquired Fund immediately before the exchange.
(vi) The Acquiring Funds holding periods with respect to the properties of the Acquired Fund that the Acquiring Fund acquires in the Reorganization will include the respective periods for which those properties were held by the Acquired Fund (except where investment activities of the Acquiring Fund have the effect of reducing or eliminating a holding period with respect to an asset).
(vii) The Acquired Fund shareholders will recognize no gain or loss upon receiving the Acquiring Fund Shares solely in exchange for the Acquired Fund shares.
(viii) The aggregate basis of the Acquiring Fund Shares received by an Acquired Fund shareholder in the Reorganization will be the same as the aggregate basis of the Acquired Fund shares surrendered by the Acquired Fund shareholder in exchange therefor.
(ix) An Acquired Fund shareholders holding period for the Acquiring Fund Shares received by the Acquired Fund shareholder in the Reorganization will include the holding period during which the Acquired Fund shareholder held the Acquired Fund shares surrendered in exchange therefor, provided that the Acquired Fund shareholder held such shares as a capital asset on the date of the Reorganization.
Notwithstanding anything herein to the contrary, neither the Acquired Fund nor the Acquiring Fund may waive the conditions set forth in this subsection 10(f).
11. COVENANTS OF THE ACQUIRING FUND AND THE ACQUIRED FUND.
(a) The Acquiring Fund and the Acquired Fund each covenants to operate its respective business in the ordinary course between the date hereof and the Closing Date, it being understood that such ordinary course of business will include the payment of customary dividends and distributions, and provided further that during the period between shareholder approval and the Closing Date, the Acquired Fund expects to temporarily depart from its 80% name test policy to facilitate aligning its investments with the Acquiring Fund in preparation for the Closing;
(b) The Acquired Fund covenants that it is not acquiring the Acquiring Fund shares for the purpose of making any distribution other than in accordance with the terms of this Agreement;
(c) The Acquired Fund covenants that it will assist the Acquiring Fund in obtaining such information as the Acquiring Fund reasonably requests concerning the beneficial ownership of the Acquired Funds shares; and
(d) The Acquired Fund covenants that its liquidation and termination will be effected in the manner provided in its Amended and Restated Declaration of Trust in accordance with applicable law, and after the Closing Date, the Acquired Fund will not conduct any business except in connection with its liquidation and termination.
12. TERMINATION; WAIVER.
The Acquiring Fund and the Acquired Fund may terminate this Agreement by mutual agreement. In addition, either the Acquiring Fund or the Acquired Fund may at its option terminate this Agreement at or prior to the Closing Date because:
(i) of a material breach by the other of any representation, warranty, or agreement contained herein to be performed at or prior to the Closing Date; or
(ii) a condition herein expressed to be precedent to the obligations of the terminating party has not been met and it reasonably appears that it will not or cannot be met.
In the event of any such termination, there shall be no liability for damages on the part of the Acquired Fund or the Acquiring Fund, or their respective Trustees or officers.
13. SOLE AGREEMENT; AMENDMENTS; WAIVERS; SURVIVAL OF WARRANTIES.
(a) This Agreement supersedes all previous correspondence and oral communications between the parties regarding the subject matter hereof, constitutes the only understanding with respect to such subject matter, may not be changed except by a letter of agreement signed by each party hereto and shall be construed in accordance with and governed by the laws of the Commonwealth of Massachusetts.
(b) This Agreement may be amended, modified, or supplemented in such manner as may be mutually agreed upon in writing by the respective President, any Vice President, or Treasurer of the Acquiring Fund or the Acquired Fund; provided, however, that following the shareholders meeting called by the Acquired Fund pursuant to Section 7 of this Agreement, no such amendment may have the effect of changing the provisions for determining the number of the Acquiring Fund Shares to be paid to the Acquired Fund shareholders under this Agreement to the detriment of such shareholders without their further approval.
(c) Either Fund may waive any condition to its obligations hereunder, provided that such waiver does not have any material adverse effect on the interests of such Funds shareholders.
The representations, warranties, and covenants contained in the Agreement, or in any document delivered pursuant hereto or in connection herewith, shall survive the consummation of the transactions contemplated hereunder.
14. DECLARATIONS OF TRUST.
A copy of each Funds Amended and Restated Declaration of Trust is on file with the Secretary of State of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of each Fund as trustees and not individually and that the obligations of each Fund under this instrument are not binding upon any of such Funds Trustees, officers, or shareholders individually but are binding only upon the assets and property of such Fund. Each Fund agrees that its obligations hereunder apply only to such Fund and not to its shareholders individually or to the Trustees of such Fund.
15. ASSIGNMENT.
This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer of any rights or obligations hereunder shall be made by any party without the written consent of the other parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm, or corporation other than the parties hereto and their respective successors and assigns any rights or remedies under or by reason of this Agreement.
This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed to be an original.
IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by an appropriate officer.
FIDELITY SELECT PORTFOLIOS
on behalf of Industrial Equipment Portfolio
/s/Adrien E. Deberghes
Adrien E. Deberghes
Treasurer
FIDELITY SELECT PORTFOLIOS
on behalf of Industrials Portfolio
/s/Adrien E. Deberghes
Adrien E. Deberghes
Treasurer
Exhibit 77Q1 Additional Items
Item 15
Foreign Sub-Custodian Network for Brown Brothers Harriman & Co. |
| |||
| Market | Subcustodian | Zip Code | City / Country |
| Argentina | CITIBANK, N.A. BUENOS AIRES BRANCH | C1036AAJ | Buenos Aires / Argentina |
| Australia | HSBC BANK AUSTRALIA LIMITED FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) | 2150 | Parramatta / Australia |
| Austria | DEUTSCHE BANK AG | 1010 | Vienna / Austria |
| Bahrain | HSBC BANK MIDDLE EAST LIMITED, BAHRAIN BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) | 428 | Manama / Bahrain |
| Bangladesh | Standard Chartered Bank, Bangladesh Branch | 1000 | Dhaka / Bangladesh |
| Belgium | BNP Paribas Securities Services | 93500 | Brussels / Belgium |
| Bermuda | HSBC BANK BERMUDA LIMITED FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) | HM11 | Hamilton / Bermuda |
| Bosnia | UNICREDIT BANK D.D. FOR UNICREDIT BANK AUSTRIA AG | 1090 | Vienna / Austria |
| Botswana | STANDARD CHARTERED BANK BOTSWANA LIMITED FOR STANDARD CHARTERED BANK | Not Applicable | Gaborone / Botswana |
| Brazil | Citibank N.A., São Paulo | 01311-920 | Sao Paulo / Brazil |
| Bulgaria | CITIBANK EUROPE PLC, BULGARIA BRANCH FOR CITIBANK, N.A. | 1404 | Sofia / Bulgaria |
| Canada | CIBC MELLON TRUST COMPANY FOR CIBC MELLON TRUST COMPANY, CANADIAN IMPERIAL BANK OF COMMERCE AND | M5J 0B6 | Toronto / Canada |
| Chile | Banco de Chile for Citibank N.A. | 7550611 | Santiago / Chile |
| China | STANDARD CHARTERED BANK (CHINA) LIMITED FOR STANDARD CHARTERED BANK | 200120 | Shanghai / China |
| Colombia | CITITRUST COLOMBIA S.A., SOCIEDAD FIDUCIARIA FOR CITIBANK, N.A. | Not Applicable | Bogota / Colombia |
| Costa Rica | BANCO BCT SA FOR CORPORACION BCT SA | 10103 | San Jose / Costa Rica |
| Croatia | ZAGREBACKA BANKA D.D. FOR UNICREDIT BANK AUSTRIA AG | 1090 | Vienna / Austria |
| Cyprus | BNP Paribas Securities Services | 115 28 | Athens / Greece |
| Czech Republic | CITIBANK EUROPE PLC, ORGANIZAČNÍ SLOZKA FOR CITIBANK, N.A. | 158 02 | Praha / Czech Republic |
| Denmark | SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), DANMARK BRANCH | DK-1014 | Copenhagen / Denmark |
| Egypt | HSBC Bank Egypt S.A.E. for the Hongkong and Shanghai Banking Corporation Limited (HSBC) | 11511 | Cairo / Egypt |
| Estonia | SWEDBANK AS FOR NORDEA BANK AB (PUBL) | FI-00020 NORDEA | Tallinn / Finland |
| Finland | NORDEA BANK AB (PUBL), FINNISH BRANCH | FI-00020 NORDEA | Helsinki / Finland |
| France | BNP PARIBAS SECURITIES SERVICES | 93500 | Paris / France |
| Germany | DEUTSCHE BANK AG | D-65760 | Frankfurt / Germany |
| Ghana | STANDARD CHARTERED BANK GHANA LIMITED FOR STANDARD CHARTERED BANK | 00233 | Accra / Ghana |
| Greece | HSBC BANK PLC - ATHENS BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) | 11526 | Athens / Greece |
| Hong Kong | The Hongkong and Shanghai Banking Corporation Limited (HSBC) | Not Applicable | Central / Hong Kong |
| Hungary | UNICREDIT BANK HUNGARY ZRT FOR UNICREDIT BANK HUNGARY ZRT AND UNICREDIT BANK AUSTRIA AG | HU-1054 | Budapest / Hungary |
| Iceland | LANDSBANKINN HF. | 155 | Reykjavik / Iceland |
| India | Citibank, N.A., - Mumbai Branch | 400 051 | Mumbai / India |
|
| The Hongkong and Shanghai Banking Corporation Limited (HSBC) - India Branch | 400 0057 | Mumbai / India |
| Indonesia | Citibank, N.A.- Jakarta Branch | 12190 | Jakarta / Indonesia |
| Ireland | Citibank N.A.- London Branch | E14 5LB | London / UK |
| Israel | Bank Hapoalim BM | 66883 | Tel Aviv / Israel |
| Italy | BNP Paribas Securities Services - Milan Branch | 20124 | Milan / Italy |
| Ivory Coast | STANDARD CHARTERED BANK COTE DIVOIRE FOR STANDARD CHARTERED BANK | 1141 | Abidjan / Ivory Coast |
| Japan | Bank of Tokyo-Mitsubishi UFJ Ltd | 103-0021 | Tokyo / Japan |
| Jordan | Standard Chartered Bank, Jordan Branch | 11190 | Amman / Jordan |
| Kazakhstan | JSC Citibank Kazakhstan | A25T0A1 | Almaty / Kazakhstan |
| Kenya | STANDARD CHARTERED BANK KENYA LIMITED FOR STANDARD CHARTERED BANK | 00100 | Nairobi / Kenya |
| Kuwait | HSBC BANK MIDDLE EAST LIMITED - KUWAIT BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD. (HSBC) | 13017 | Kuwait City, Kuwait |
| Latvia | SWEDBANK AS FOR NORDEA BANK AB (PUBL) | FI-00020 NORDEA | Helsinki / Finland |
| Lituania | SWEDBANK AB FOR NORDEA BANK AB (PUBL) | FI-00020 NORDEA | Helsinki / Finland |
| Luxembourg | KBL European Private Bankers S.A. | L-2955 | Luxembourg |
| Malaysia | Standard Chartered Bank Malaysia Berhad for Standard Chartered Bank | 50250 | Kuala Lumpur / Malaysia |
| Mauritius | The Hongkong and Shanghai Banking Corporation Limited (HSBC) - Mauritius Branch | Not Applicable | Port Louis / Mauritius |
| Mexico | Banco Nacional de Mexico, S.A. (Banamex) for Citibank N.A. | 1210 | Mexico City / Mexico |
| Morocco | Citibank Maghreb for Citibank N.A. | 20190 | Casablanca / Morocco |
| Namibia | Standard Bank Namibia Ltd for Standard Bank of South Africa Limited | Not Applicable | Windhoek / Namibia |
| Netherlands | BNP Paribas Securities Services | 93500 | Amsterdam / Netherlands |
| New Zealand | The Hongkong and Shanghai Banking Corporation Limited (HSBC) - New Zealand Branch | 1010 | Auckland / New Zealand |
| Nigeria | Stanbic IBTC Bank Plc for Standard Bank of South Africa Limited | 101007 | Lagos / Nigeria |
| Norway | NORDEA BANK AB (PUBL), FILIAL I NORGE | NO-0107 | Oslo / Norway |
| Oman | HSBC BANK OMAN SAOG FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) | PC 112 | Ruwi / Oman |
| Pakistan | STANDARD CHARTERED BANK (PAKISTAN) LIMITED FOR STANDARD CHARTERED BANK | 74000 | Karachi / Pakistan |
| Peru | Citibank del Peru S.A. for Citibank N.A. | 27 | Lima / Peru |
| Philippines | Hongkong & Shanghai Banking Corporation (HSBC) - Philippine Branch | 1634 | Manila / Philippines |
| Poland | Bank Handlowy w Warszawie SA (BHW) for Citibank N.A. | 00-923 | Warsaw / Poland |
| Portugal | BNP Paribas Securities Services | 93500 | Paris / France |
| Qatar | HSBC BANK MIDDLE EAST LTD - QATAR BRANCH FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED | JE4 8UB | Doha / Qatar |
| Romania | CITIBANK EUROPE PLC, DUBLIN - SUCURSALA ROMANIA FOR CITIBANK, N.A. | 11745 | Bucharest / Romania |
| Russia | AO Citibank for Citibank N.A. | 125047 | Moscow / Russia |
| Saudi Arabia | HSBC SAUDI ARABIA FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) | 11413 | Riyadh / Saudi Arabia |
| Serbia | UNICREDIT BANK SERBIA JSC FOR UNICREDIT BANK AUSTRIA AG | 1090 | Belgrade / Serbia |
| Singapore | Standard Chartered Bank, Singapore Branch | 18981 | Singapore |
| Slovakia | CITIBANK EUROPE PLC, POBOČKA ZAHRANIČNEJ BANKY FOR CITIBANK, N.A. | 811 02 | Bratislava / Slovakia |
| Slovenia | UNICREDIT BANKA SLOVENIJA DD FOR UNICREDIT BANKA SLOVENIJA DD & UNICREDIT BANK AUSTRIA AG | 1090 | Vienna / Austria |
| South Africa | SOCIÉTÉ GÉNÉRALE JOHANNESBURG BRANCH | 2001 | Johannesburg / South Africa |
| South Korea | Citibank Korea Inc. for Citibank N.A. | 100-180 | Seoul / South Korea |
| Spain | Société Générale Sucursal en España S.A. | 28016 | Madrid / Spain |
| Sri Lanka | The Hongkong and Shanghai Banking Corporation Limited (HSBC) - Sri Lanka Branch | Not Applicable | Colombo / Sri Lanka |
| Swaziland | STANDARD BANK SWAZILAND LTD. FOR STANDARD BANK OF SOUTH AFRICA LIMITED | Not Applicable | Mbabane / Swaziland |
| Sweden | Skandinaviska Enskilda Banken AB (publ) | SE-106 40 | Stockholm / Sweden |
| Switzerland | UBS Switzerland AG | CH-8098 | Zurich / Switzerland |
| Taiwan | Standard Chartered Bank (Taiwan) Ltd. For Standard Chartered Bank | 105 | Taipei / Taiwan |
| Tanzania | STANDARD CHARTERED BANK TANZANIA LIMITED AND STANDARD CHARTERED BANK (MAURITIUS) LIMITED FOR STANDARD CHARTERED BANK | Not Applicable | Port Louis / Mauritius |
| Thailand | The Hongkong and Shanghai Banking Corporation Limited (HSBC) - Thailand Branch | 10500 | Bangkok / Thailand |
| Transnational | Brown Brothers Harriman & Co. (BBH & Co.) | 10005-1101 | Boston, MA / New York, NY |
| Trinidad & Tobago | REPUBLIC BANK LIMITED | Not Applicable | Port of Spain / Trinidad & Tobago |
| Tunisia | Union Internationale de Banques (UIB) | 1002 | Tunis / Tunisia |
| Turkey | Citibank Anonim Sirketi for Citibank N.A. | 34394 | Istanbul / Turkey |
| Uganda | STANDARD CHARTERED BANK UGANDA LIMITED FOR STANDARD CHARTERED BANK | 256 | Kampala / Uganda |
| Ukraine | PUBLIC JOINT STOCK COMPANY "CITIBANK" (PJSC "CITIBANK") FOR CITIBANK, N.A. | 4070 | Kiev / Ukraine |
| United Arab Emirates | HSBC BANK MIDDLE EAST LIMITED FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) | 337-1500 | Dubai / UAE |
| United Kingdom | HSBC Bank Plc | E14 5HQ | London / UK |
| Uruguay | BANCO ITAÚ URUGUAY S.A. FOR BANCO ITAÚ URUGUAY S.A. AND ITAÚ UNIBANCO S.A. | 11000 | Montevideo / Uruguay |
| Venezuela | Citibank, N.A. - Caracas Branch | 1050 | Caracas / Venezuela |
| Vietnam | HSBC BANK (VIETNAM) LTD. FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (HSBC) | Not Applicable | Hanoi, Vietnam |
| Zambia | STANDARD CHARTERED BANK ZAMBIA PLC FOR STANDARD CHARTERED BANK | 10101 | Lusaka / Zambia |
| Zimbabwe | STANDARD CHARTERED BANK ZIMBABWE LIMITED FOR STANDARD CHARTERED BANK | Not Applicable | Harare / Zimbabwe |