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Previous: FIDELITY SUMMER STREET TRUST, NSAR-A, EX-99, 2000-12-29 |
Next: FIDELITY SUMMER STREET TRUST, NSAR-A, EX-99, 2000-12-29 |
Fidelity Summer Street Trust
(the "Trust")
SPECIAL MEETING OF SHAREHOLDERS
May 17, 2000
Pursuant to notice duly given, a Special Meeting of Shareholders of
Fidelity Summer Street Trust
Fidelity Capital & Income Fund
(the "Fund")
was held on May 17, 2000 at 9:00 a.m. at an office of the Trust, 27 State Street, Boston, Massachusetts.
Mr. Robert Dwight acted as Chairman in the absence of Mr. Edward C. Johnson 3d and Ms. Debra Capua, Director of the Legal Product Group, acting as Secretary Pro Tempore, recorded the minutes. Mr. Ralph Cox, an Independent Trustee of the Trust, and Mr. Larry Locke, Assistant General Counsel, were appointed to act as proxy agents for all shareholders who had properly returned their proxy cards.
Mr. Dwight noted that the Trust has shareholder voting rights based on the proportionate value of a shareholder's investment. Accordingly, each shareholder is entitled to one vote for each dollar of net asset value held on the record date for the meeting.
Ms. Capua reported that proxies representing 53.564% of the outstanding voting securities of the Fund had been received. Mr. Dwight announced that a quorum was present and called the meeting of the shareholders of the Fund to order.
Mr. Dwight stated that the Secretary had presented him with the following documents relating to the meeting:
Notice of Meeting dated March 20, 2000
Proxy Statement dated March 20, 2000
Form of Proxy
Affidavit attesting to the mailing of these documents to the record shareholders entitled to vote at this meeting
Mr. Dwight indicated that a list of shareholders entitled to vote at this meeting would be made available for viewing upon request.
Mr. Dwight recommended that the reading of the Notice of Meeting be waived. There was no objection to the recommendation.
Mr. Dwight stated that the first item of business as stated in the Notice of Meeting and described in the Proxy Statement was to elect a Board of Trustees for the Trust.
Ms. Capua reported that each of the twelve nominees listed in the Proxy Statement received the affirmative vote of at least 97.426% of the votes cast at the meeting. Whereupon, it was
VOTED: That the twelve nominees listed in the Proxy Statement dated March 20, 2000, be, and they hereby are, elected as Trustees of Fidelity Summer Street Trust.
Mr. Dwight stated that the second item of business as stated in the Notice of Meeting and described in the Proxy Statement was to ratify the selection of PricewaterhouseCoopers LLP ("PwC") as independent accountant of the Fund.
Ms. Capua reported that the proposal to ratify the selection of PwC as independent accountant of the Fund, as set forth in the Proxy Statement, received 1,575,385,412.44 affirmative votes of the Fund, or 95.669% of the votes cast at the meeting. Whereupon, it was
VOTED: That the selection of PricewaterhouseCoopers LLP as independent accountant of Fidelity Capital & Income Fund, as set forth in the Proxy Statement dated March 20, 2000, be, and it hereby is, ratified and approved.
Mr. Dwight stated that the third item of business as stated in the Notice of Meeting and described in the Proxy Statement was to authorize the Trustees to adopt an Amended and Restated Declaration of Trust for the Trust, which would allow the Trustees more flexibility and broader authority to act, subject to applicable requirements of federal and state laws and the Trustees' continuing fiduciary duty to act in the shareholders' interests.
Ms. Capua reported that the proposal to authorize the Trustees to adopt an Amended and Restated Declaration of Trust received 1,468,343,098.95 affirmative votes, or 92.993% of the votes cast at the meeting. Whereupon, it was
VOTED: That the Trustees, be, and they hereby are, authorized to adopt an Amended and Restated Declaration of Trust, as set forth in the Proxy Statement dated March 20, 2000.
Mr. Dwight stated that the fourth item of business as stated in the Notice of Meeting and described in the Proxy Statement was to approve an amended Management Contract for the Fund that would (i) reduce the individual fund fee rate from 0.55% to 0.45% of the Fund's average daily net assets; (ii) modify the management fee that FMR receives from the Fund to provide for lower fees when FMR's assets under management exceed a certain level; and (iii) allow FMR and the Trust, on behalf of the Fund, to modify the Management Contract subject to the requirements of the Investment Company Act of 1940.
Ms. Capua reported that the proposal to approve an amended Management Contract for the Fund, as set forth in the Proxy Statement, received 1,536,161,295.31 affirmative votes of the Fund, or 93.287% of the votes cast at the meeting. Whereupon, it was
VOTED: That an amended Management Contract for the Fund be, and it hereby is, approved, as set forth in the Proxy Statement dated March 20, 2000.
Mr. Dwight stated that the fifth of business as stated in the Notice of Meeting and described in the Proxy Statement was to approve an amended sub-advisory agreement with FMR U.K. for the Fund that would allow FMR, FMR U.K. and the Trust, on behalf of the Fund, to modify the proposed agreement subject to the requirements of the Investment Company Act of 1940.
Ms. Capua reported that the proposal to approve an amended sub-advisory agreement with FMR U.K. for the Fund, as set forth in the Proxy Statement, received 1,534,211,047.61 affirmative votes of the fund, or 93.169% of the votes cast at the meeting. Whereupon, it was
VOTED: That an amended sub-advisory agreement with FMR U.K. for the Fund be, and it hereby is, approved, as set forth in the Proxy Statement dated March 20, 2000.
Mr. Dwight stated that the sixth item of business as stated in the Notice of Meeting and described in the Proxy Statement was to approve an amended sub-advisory agreement with FMR Far East for the Fund that would allow FMR, FMR Far East and the Trust, on behalf of the Fund, to modify the proposed agreement subject to the requirements of the Investment Company Act of 1940.
Ms. Capua reported that the proposal to approve an amended sub-advisory agreement with FMR Far East for the Fund, as set forth in the Proxy Statement, received 1,464,532,579.15 affirmative votes of the Fund, or 92.752% of the votes cast at the meeting. Whereupon, it was
VOTED: That an amended sub-advisory agreement with FMR Far East for the Fund be, and it hereby is, approved, as set forth in the Proxy Statement dated March 20, 2000.
Mr. Dwight stated that the seventh item of business as stated in the Notice of Meeting and described in the Proxy Statement was to amend the Fund's fundamental investment limitation concerning diversification to exclude securities of other investment companies from the limitation subject to applicable 1940 Act requirements.
Ms. Capua reported that the proposal to amend the Fund's fundamental investment limitation concerning diversification, as set forth in the Proxy Statement, received 1,433,157,220.15 affirmative votes of the Fund, or 90.764% of the votes cast at the meeting. Whereupon, it was
VOTED: That the Fund's fundamental investment limitation concerning diversification be, and it hereby is, amended to exclude securities of other investment companies from the limitation, as set forth in the Proxy Statement dated March 20, 2000.
There being no further business to come before the meeting, upon motion duly made and seconded, it was
VOTED: To Adjourn.
ADJOURNED.
A TRUE RECORD.
ATTEST:
Debra Capua
Secretary Pro Tempore
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