A Fidelity spokesman said the funds did not want to play a governance role in reorganizations.

"We'd work with the customer and evaluate the situation," said Adam Banker, a Fidelity spokesman, adding that such occurrences would be addressed case by case.

A Fidelity spokesman attributed the problem to the heavy trading and large movements in the prices of many securities.

"They miss the point," said Laurence Dwyer, a Fidelity spokesman.

"This was a highly acclaimed musical, and we felt it was a good community partnership," said Vin Loporchio, a Fidelity spokesman.

A Fidelity spokesman said the company would close its funds if it were in the best interest of shareholders.

Michael Hines, a Fidelity spokesman, said more than half the money went into equity funds, several percentage points more than in 1989.

Mr. Loporchio, the Fidelity spokesman, denied that conflicts play a role in the company's votes.

A Fidelity spokesman said Mr. Johnson was not available for an interview.

Scott Beyerl, a Fidelity spokesman, said yesterday that he did not want to comment directly on the study.