FIDELITY(Registered trademark) NEW YORK MUNICIPAL TRUST
(the "Trust")
SPECIAL MEETING OF SHAREHOLDERS
February 16, 2000
Pursuant to notice duly given, a Special Meeting of Shareholders of
SPARTAN(Registered trademark) NEW YORK MUNICIPAL INCOME FUND
(the "Fund")
was held on February 16, 2000 at 10:00 a.m. at an office of the Trust,
10th Floor, 27 State Street, Boston, Massachusetts.
Mr. Eric Roiter, General Counsel of FMR, acted as Chairman in the
absence of Mr. Edward C. Johnson 3d and Mr. Mark Chapleau, Senior
Legal Counsel, acting as Secretary Pro Tempore, recorded the minutes.
Mr. Gerald McDonough, an Independent Trustee of the Trust, and Mr. Bob
Dwight, Treasurer of the Fidelity funds, were appointed to act as
proxy agents for all shareholders who had properly returned their
proxy cards.
Mr. Roiter 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.
Mr. Chapleau reported that proxies representing 54.707% of the
outstanding voting securities of the Fund had been received. Mr.
Roiter announced that a quorum was present and called the meeting of
the shareholders of the Trust to order.
Mr. Roiter stated that the Secretary had presented him with the
following documents relating to the meeting:
Notice of Meeting dated December 20, 1999
Proxy Statement dated December 20, 1999
Form of Proxy
Affidavit attesting to the mailing of these documents to the record
shareholders entitled to vote at the meeting
Substitute proxy form dated February 7, 2000
Mr. Roiter indicated that a list of shareholders entitled to vote at
the meeting would be made available for viewing upon request.
Mr. Roiter recommended that the reading of the Notice of Meeting be
waived. There was no objection to the recommendation.
Mr. Roiter 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.
Mr. Chapleau reported that each of the twelve nominees listed in the
Proxy Statement received the affirmative vote of at least 96.172% of
the votes cast at the meeting. Whereupon, it was
VOTED: That the twelve nominees listed in the Proxy Statement dated
December 20, 1999, be, and they hereby are, elected as Trustees of
Fidelity New York Municipal Trust.
Mr. Roiter 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 Deloitte & Touche LLP ("D&T") as independent
accountant of the Fund.
Mr. Chapleau reported that the proposal to ratify the selection of
D&T as independent accountant of the Fund, as set forth in the Proxy
Statement, received 551,918,619.59 affirmative votes of the Fund, or
94.843% of the votes cast at the meeting. Whereupon, it was
VOTED: That the selection of Deloitte & Touche LLP as independent
accountant of Spartan New York Municipal Income Fund, as set forth in
the Proxy Statement dated December 20, 1999, be, and it hereby is,
ratified and approved.
Mr. Roiter 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 the Trustees' continuing
fiduciary duty to act in the shareholders' interests.
Mr. Chapleau reported that the proposal to authorize the Trustees to
adopt an Amended and Restated Declaration of Trust received
511,136,159.01 affirmative votes, or 89.427% 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 December 20, 1999.
Mr. Roiter 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) modify the
management fee that FMR receives from the Fund to provide for lower
fees when FMR's assets under management exceed certain levels and (ii)
allow FMR and the Trust, for the Fund, to modify the Management
Contract subject to the requirements of the Investment Company Act of
1940.
Mr. Chapleau reported that the proposal to approve an amended
Management Contract for the Fund, as set forth in the Proxy Statement,
received 520,997,775.43 affirmative votes of the Fund, or 89.529% of
the votes cast at the meeting. Whereupon, it was
VOTED: That an amended Management Contract for Spartan New York
Municipal Income Fund, be, and it hereby is, approved, as set forth in
the Proxy Statement dated December 20, 1999.
Mr. Roiter stated that the fifth item of business as stated in the
Notice of Meeting and described in the Proxy Statement was to modify
the Fund's fundamental investment objective and eliminate certain of
its fundamental investment policies to allow the Fund to communicate
more clearly its investment objective and strategies by standardizing
its investment disclosure in a manner consistent with other Fidelity
funds with similar investment disciplines.
Mr. Chapleau reported that the proposal to modify the Fund's
fundamental investment objective and eliminate certain of its
fundamental investment policies, as set forth in the Proxy Statement,
received 487,210,255.54 affirmative votes of the Fund, or 85.241% of
the votes cast at the meeting. Whereupon, it was
VOTED: That Spartan New York Municipal Income Fund's fundamental
investment objective be, and it hereby is, modified, and certain of
its fundamental policies be, and they hereby are, eliminated, as set
forth in the Proxy Statement dated December 20, 1999.
Mr. Roiter stated that the sixth item of business as stated in the
Notice of Meeting and described in the Proxy Statement was to
eliminate the Fund's fundamental 80% investment policy and adopt a
comparable non-fundamental policy that uses an 80% asset test rather
than an income test. He stated that this would allow the Trustees to
modify the Fund's 80% policy, as necessary, to comply with the SEC's
name test rule, if and when it is adopted, without having to incur the
potential costs and delays of conducting a shareholder meeting.
Mr. Chapleau reported that the proposal to eliminate the Fund's
fundamental 80% investment policy and adopt a comparable
non-fundamental policy that uses an 80% asset test rather than an
income test, as set forth in the Proxy Statement, received
477,620,440.35 affirmative votes of the Fund, or 83.563% of the votes
cast at the meeting. Whereupon, it was
VOTED: That Spartan New York Municipal Income Fund's fundamental 80%
investment policy be, and it hereby is, eliminated, and a
non-fundamental policy that uses an 80% asset test rather than an
income test, be, and it hereby is, approved, as set forth in the Proxy
Statement dated December 20, 1999.
Mr. Roiter stated that the seventh and final item of business as
stated in the Notice of Meeting and described in the Proxy Statement
was to eliminate the Fund's fundamental 20% investment policy to allow
the Fund to standardize its investment policies in a manner consistent
with other Fidelity state municipal bond funds.
Mr. Chapleau reported that the proposal to eliminate the Fund's
fundamental 20% investment policy, as set forth in the Proxy
Statement, received 477,808,781.35 affirmative votes of the Fund, or
83.596% of the votes cast at the meeting. Whereupon, it was
VOTED: That Spartan New York Municipal Income Fund's fundamental 20%
investment policy be, and it hereby is, eliminated, as set forth in
the Proxy Statement dated December 20, 1999.
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:
Mark Chapleau
Secretary Pro Tempore
