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<PAGE> PAGE 17
SIGNATURE JOHN H. COSTELLO
TITLE ASSISTANT TREASURER
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<PAID-IN-CAPITAL-COMMON>
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<SHARES-COMMON-STOCK>
9,760,708
<SHARES-COMMON-PRIOR>
9,509,965
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0
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250,646
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0
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214,993
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250,730
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0
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9,459,222
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1.000
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.024
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<PER-SHARE-DIVIDEND>
.024
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<EXPENSE-RATIO>
45
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000917286
<NAME> Fidelity Hereford Street Trust
<SERIES>
<NUMBER> 21
<NAME> Spartan U.S. Government Money Market Fund
<MULTIPLIER> 1,000
<S>
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844,389
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847,470
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0
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</TABLE>
FIDELITY HEREFORD STREET TRUST
(the "Trust")
SPECIAL MEETING OF SHAREHOLDERS
May 19, 1999
Pursuant to notice duly given, a Special Meeting of Shareholders of
FIDELITY HEREFORD STREET TRUST
SPARTAN(Registered trademark) U.S. TREASURY MONEY MARKET FUND
SPARTAN U.S. GOVERNMENT MONEY MARKET FUND
SPARTAN MONEY MARKET FUND
(the "Funds")
was held on May 19, 1999 at 9:00 A.M. at the principal office of the
Trust, 82 Devonshire Street, Boston, Massachusetts.
Mr. Rich Silver acted as Chairman in the absence of Mr. Edward C.
Johnson 3d and Ms. Meg DiDonna, Senior Legal Counsel, acting as
Secretary Pro Tempore, recorded the minutes. Mr. Gerald McDonough, an
Independent Trustee of the Trust, and Mr. Eric Roiter, General Counsel
of FMR, were appointed to act as proxy agents for all shareholders who
had properly returned their proxy cards.
Mr. Silver 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. DiDonna reported that proxies representing 50.001% of the
outstanding voting securities of the trust and at least 50.001% of
each Fund have been received. Mr. Silver announced that a quorum was
present and called the meeting of the shareholders of the Trust to
order.
Mr. Silver stated that the Secretary had presented him with the
following documents relating to the meeting:
Notice of Meeting dated March 22, 1999
Proxy Statement dated March 22, 1999
Form of Proxy
Affidavit attesting to the mailing of these documents to the record
shareholders entitled to vote at this meeting
He indicated that a list of shareholders entitled to vote at this
meeting would be made available for viewing upon request.
Mr. Silver recommended that the reading of the Notices of Meeting be
waived. There was no objection to the recommendation.
Mr. Silver stated that the first item of business as stated in the
Notice of Meeting and described in the accompanying Proxy Statement
was to elect a Board of Trustees for the Trust.
Ms. DiDonna reported that each of the twelve nominees listed in the
Proxy Statement received at least 5,963,456,420.48 affirmative votes,
or 91.478% of the votes cast at the meeting. Whereupon, it was
VOTED: That the twelve nominees listed in the Proxy Statement dated
March 22, 1999, be, and they hereby are, elected as Trustees of
Fidelity Hereford Street Trust.
Mr. Silver stated that the second item of business as stated in the
Notice of Meeting and described in the accompanying Proxy Statement
was to ratify the selection of PricewaterhouseCoopers LLP as
independent accountant of the Funds.
Ms. DiDonna reported that the proposal to ratify the selection of
PricewaterhouseCoopers LLP as independent accountant of the Funds, as
set forth in the Proxy Statement, received 980,508,912.27 affirmative
votes of Spartan U.S. Treasury Money Market Fund, or 89.783% of the
votes cast at the meeting; 398,415,863.22 affirmative votes of Spartan
U.S. Government Money Market Fund, or 90.728% of the votes cast at the
meeting; and 4,492,051,833.30 affirmative votes of Spartan Money
Market Fund, or 90.062% of the votes cast at the meeting. Whereupon,
it was
VOTED: That the selection of PricewaterhouseCoopers LLP as independent
accountant of the Funds, as set forth in the Proxy Statement dated
March 22, 1999, be, and it hereby is, ratified and approved.
Mr. Silver stated that the third item of business as stated in the
Notice of Meeting and described in the accompanying Proxy Statement
was to approve an amended Management Contract for each Fund that would
(i) modify the list of enumerated expenses borne directly by each Fund
under its present Management Contract to include annual premiums
payable on or after January 1, 2004, if any, for insurance coverage
provided by a mutual insurance company and (ii) 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.
In response to questions from a shareholder, there was a discussion
regarding the Independent Trustees' consideration of the proposal and
its impact on the Funds and their shareholders.
Ms. DiDonna reported that the proposal to approve an amended
Management Contract for each Fund, as set forth in the Proxy
Statement, received 810,075,001.58 affirmative votes of Spartan U.S.
Treasury Money Market Fund, or 74.177% of the votes cast at the
meeting; 347,009,749.28 affirmative votes of Spartan U.S. Government
Money Market Fund, or 79.022% of the votes cast at the meeting; and
3,912,311,388.34 affirmative votes of Spartan Money Market Fund, or
78.438% of the votes cast at the meeting. Whereupon, it was
VOTED: That an amended Management Contract for the Funds be, and it
hereby is, approved, as set forth in the Proxy Statement dated March
22, 1999.
Mr. Silver stated that the fourth item of business as stated in the
Notice of Meeting and described in the accompanying Proxy Statement
was to amend each Fund's fundamental investment limitation concerning
diversification to exclude securities of other investment companies.
Ms. DiDonna reported that the proposal to amend each Fund's
fundamental investment limitation concerning diversification, as set
forth in the Proxy Statement, received 802,531,882.29 affirmative
votes of Spartan U.S. Treasury Money Market Fund's, or 73.486 % of the
votes cast at the meeting; 352,818,034.82 affirmative votes of Spartan
U.S. Government Money Market Fund, or 80.345 % of the votes cast at
the meeting; and 4,001,162,106.60 affirmative votes of Spartan Money
Market Fund, or 80.220 % of the votes cast at the meeting. Whereupon,
it was
VOTED: That the fundamental investment limitation concerning
diversification of each Fund be, and it hereby is, amended to exclude
securities of other investment companies, as set forth in the Proxy
Statement dated March 22, 1999.
Mr. Silver stated that the fifth item of business as stated in the
Notice of Meeting and described in the accompanying Proxy Statement
was to amend Spartan Money Market Fund's fundamental investment
objective to more clearly communicate the objective in conformity with
the disclosure requirements of the new Form N-1A.
Ms. DiDonna reported that the proposal to amend Spartan Money Market
Fund's fundamental investment objective, as set forth in the Proxy
Statement, received 3,976,908,112.15 affirmative votes, or 79.733 % of
the votes cast at the meeting. Whereupon, it was
VOTED: That Spartan Money Market Fund's fundamental investment
objective be, and it hereby is, amended to more clearly communicate
the objective in conformity with the disclosure requirements of the
new Form N-1A, as set forth in the Proxy Statement dated March 22,
1999.
Mr. Silver stated that the sixth item of business as stated in the
Notice of Meeting and described in the accompanying Proxy Statement
was to amend Spartan U.S. Treasury Money Market Fund's fundamental
investment limitation concerning the concentration of its investments
in a single industry.
Ms. DiDonna reported that the proposal to amend Spartan U.S. Treasury
Money Market Fund's fundamental investment limitation, as set forth in
the Proxy Statement, received 801,021,971.52 affirmative votes, or
73.348 % of the votes cast at the meeting. Whereupon, it was
VOTED: That Spartan U.S. Treasury Money Market Fund's fundamental
investment limitation concerning the concentration of its investments
in a single industry be, and it hereby is, amended, as set forth in
the Proxy Statement dated March 22, 1999.
Mr. Silver stated that the seventh item of business as stated in the
Notice of Meeting and described in the accompanying Proxy Statement
was to amend Spartan U.S. Government Money Market Fund's fundamental
investment limitation concerning borrowing.
Ms. DiDonna reported that the proposal to amend Spartan U.S.
Government Money Market Fund's fundamental investment limitation
concerning borrowing, as set forth in the Proxy Statement, received
347,656,672.19 affirmative votes, or 79.169 % of the votes cast at the
meeting. Whereupon, it was
VOTED: That Spartan U.S. Government Money Market Fund's fundamental
investment limitation concerning borrowing be, and it hereby is,
amended, as set forth in the Proxy Statement dated March 22, 1999.
Mr. Silver stated that the eighth item of business as stated in the
Notice of Meeting and described in the accompanying Proxy Statement
was to amend Spartan U.S. Treasury Money Market Fund's fundamental
investment limitation concerning real estate.
In response to a question from a shareholder, there was a general
discussion regarding the proposal and the Fund's investment objective.
Ms. DiDonna reported that the proposal to amend Spartan U.S. Treasury
Money Market Fund's fundamental investment limitation concerning real
estate, as set forth in the Proxy Statement, received 773,601,683.70
affirmative votes, or 70.837 % of the votes cast at the meeting.
Whereupon, it was
VOTED: That Spartan U.S. Treasury Money Market Fund's fundamental
investment limitation concerning real estate be, and it hereby is,
amended, as set forth in the Proxy Statement dated March 22, 1999.
Mr. Silver stated that the ninth and final item of business as stated
in the Notice of Meeting and described in the accompanying Proxy
Statement was to amend Spartan U.S. Treasury Money Market Fund's
fundamental investment limitation concerning lending.
Ms. DiDonna reported that the proposal to amend Spartan U.S. Treasury
Money Market Fund's fundamental investment limitation concerning
lending, as set forth in the Proxy Statement, received 770,992,591.64
affirmative votes, or 70.598 % of the votes cast at the meeting.
Whereupon, it was
VOTED: That Spartan U.S. Treasury Money Market Fund's fundamental
investment limitation concerning lending be, and it hereby is,
amended, as set forth in the Proxy Statement dated March 22, 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:
Meg DiDonna
Secretary Pro Tempore
