- 10 - until: (1) The RIC is formed as either a domestic corporation, partnership, trust, or series within an existing trust; (2) the required 1933 Act SEC registration becomes effective; (3) the management contract is executed; and (4) the required 1940 Act registration of the investment company becomes effective. The Board of Trustees All the RIC's in the Fidelity family are governed by a common board of trustees, which meets monthly (except for August) in a special "boardroom" in petitioner's offices. Neither the board of trustees nor any of the RIC's it oversees have any employees or office facilities. During the years at issue, the common board of trustees had 11 members (3 "interested" and 8 independent trustees). In exercising its fiduciary responsibilities to consider and approve each separate management contract, the board of trustees reviews the financial performance of each individual RIC. To assist the board of trustees in carrying out its responsibilities, FMR Co. compiles shareholder composition, financial, profitability, and other data on each RIC. It also compiles data on comparable RIC's and their performance, management fees, and expenses ratios. All these data are presented to the board of trustees for review. FMR Co. also prepares oral and, sometimes, videotaped presentations to highlight the data under review by the board of trustees.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011