(2_FIDELITY_LOGOS)FIDELITY
MAGELLAN(registered trademark)
FUND
SEMIANNUAL REPORT
SEPTEMBER 30, 1994
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.
PERFORMANCE 4 How the fund has done over time.
FUND TALK 6 The manager's review of fund
performance, strategy and outlook.
INVESTMENT CHANGES 10 A summary of major shifts in the
fund's investments over the past six
months.
INVESTMENTS 11 A complete list of the fund's
investments with their market
values.
FINANCIAL STATEMENTS 38 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.
NOTES 42 Notes to the financial statements.
REPORT OF INDEPENDENT 51 The auditor's opinion.
ACCOUNTANTS
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED
FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR
ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS. MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS
OF, OR
GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE
FDIC, THE
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT
RISK,
INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. NEITHER THE FUND NOR FIDELITY
DISTRIBUTORS
CORPORATION IS A BANK. FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING
CHARGES AND
EXPENSES, CALL 1-800-544-8888 FOR A FREE PROSPECTUS. READ IT CAREFULLY
BEFORE YOU
INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
The unsettling period that began for investors when the Federal Reserve
Board raised short-term interest rates in February has continued through
the third quarter of 1994. The Board raised the federal funds rate - the
rate banks charge each other for overnight loans - five times from February
through August, taking it from 3.00% to 4.75%. The Fed rate hikes were
intended to forestall inflation that could result from an improving U.S.
economy, and they led to below-average returns for many stocks and negative
returns for many bond investments.
The volatility we have witnessed this year follows a period in which there
was a nearly perfect investing environment. Although there was a
late-summer rally in stocks and, to a lesser extent in bond markets, it is
impossible to predict where interest rates might go or what might happen in
the markets in the months ahead. That's why it probably is a good time to
again review your investment portfolio and how well it matches your goals.
If you can leave your money invested over the long term, you can avoid much
of the volatility that generally accompanies the stock market in the short
term, as we have been witnessing this year. You also can help to manage
risk through diversification of investments. A stock fund is already
diversified because it invests in many issues. You can diversify even
further by placing some of your money in several different stock funds or
in other investment categories, such as bonds.
If you have a short investment time horizon, you might want to consider
moving some of your investment into a money market fund, which seeks income
and a stable share price by investing in high-quality, short-term
investments. As with any mutual fund, of course, there is no assurance that
a money market fund will achieve its goal, and it is important to remember
that money market funds are not insured by any agency of the U.S.
government.
Finally, no matter what your investment horizon or portfolio diversity, it
makes good sense to follow a regular investment plan - investing a certain
amount of money at the same time each month or quarter - and to review your
portfolio periodically, as we have discussed here. A periodic investment
plan will not, of course, assure a profit or protect against a loss.
If you have any questions, please call us at 1-800-544-8888. We stand ready
to provide the information you need to make the investments that are right
for you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each
performance figure includes changes in a fund's share price, plus
reinvestment of any dividends (or income) and capital gains (the profits
the fund earns when it sells stocks that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED SEPTEMBER 30, 1994 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
Magellan Fund 0.69% -1.25% 76.35% 441.65%
Magellan (incl. 3% sales -2.33% -4.21% 71.06% 425.40%
charge)
S&P 500(registered trademark) 5.32% 3.68% 54.92% 290.86%
Average Growth Fund 2.60% 1.42% 53.26% 245.83%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one, five, or ten years. For
example, if you invested $1,000 in a fund that had a 5% return you would
end up with $1,050. You can compare these figures to the performance of the
Standard & Poor's Composite Index of 500 Stocks - a common proxy for the
U.S. stock market. You can also compare them to the average growth fund,
which reflects the performance of 531 growth funds tracked by Lipper
Analytical Services. Both benchmarks include reinvested dividends and
capital gains, if any, and exclude the effects of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED SEPTEMBER 30, 1994 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
Magellan Fund -1.25% 12.02% 18.41%
Magellan (incl. 3% sales charge) -4.21% 11.33% 18.05%
S&P 500(registered trademark) 3.68% 9.15% 14.60%
Average Growth Fund 1.42% 8.63% 12.73%
AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER 10 YEARS
Magellan (021) Standard & Poor's
09/30/84 9700.01 10000.00
10/31/84 9824.52 10039.00
11/30/84 9705.94 9926.56
12/31/84 9987.57 10188.62
01/31/85 10998.48 10982.32
02/28/85 11075.56 11117.40
03/31/85 11173.39 11125.18
04/30/85 11232.68 11115.17
05/31/85 11839.97 11757.63
06/30/85 12194.06 11942.22
07/31/85 12285.74 11924.31
08/31/85 12345.81 11822.95
09/30/85 11767.25 11452.89
10/31/85 12529.18 11982.02
11/30/85 13588.30 12803.98
12/31/85 14293.32 13423.70
01/31/86 14856.08 13498.87
02/28/86 16392.58 14508.58
03/31/86 17495.96 15318.16
04/30/86 17575.00 15145.07
05/31/86 18152.60 15950.79
06/30/86 18585.30 16220.35
07/31/86 17345.59 15313.64
08/31/86 18461.67 16449.91
09/30/86 16892.29 15089.50
10/31/86 17774.85 15960.17
11/30/86 17953.42 16348.00
12/31/86 17687.18 15931.12
01/31/87 19986.62 18077.05
02/28/87 21468.73 18791.09
03/31/87 21741.17 19334.15
04/30/87 21392.44 19162.08
05/31/87 21414.24 19328.79
06/30/87 22300.74 20304.89
07/31/87 23390.57 21334.35
08/31/87 24329.93 22130.12
09/30/87 23732.15 21645.47
10/31/87 17607.99 16983.04
11/30/87 16278.24 15583.63
12/31/87 17864.15 16769.55
01/31/88 18572.48 17475.55
02/29/88 19699.57 18289.91
03/31/88 19646.11 17724.75
04/30/88 19998.05 17921.49
05/31/88 19944.59 18077.41
06/30/88 21307.79 18907.16
07/31/88 21169.68 18835.32
08/31/88 20496.99 18194.92
09/30/88 21356.79 18970.02
10/31/88 21802.28 19497.39
11/30/88 21508.26 19218.57
12/31/88 21930.85 19554.90
01/31/89 23710.01 20986.32
02/28/89 23324.23 20463.76
03/31/89 24018.64 20940.56
04/30/89 25225.93 22027.38
05/31/89 26557.81 22919.49
06/30/89 26327.39 22788.85
07/31/89 28539.39 24846.68
08/31/89 29285.94 25333.67
09/30/89 29792.85 25229.81
10/31/89 28857.36 24644.47
11/30/89 29332.02 25147.22
12/31/89 29515.57 25750.75
01/31/90 27611.97 24022.88
02/28/90 28179.11 24332.77
03/31/90 28899.12 24977.59
04/30/90 28169.24 24353.15
05/31/90 30674.68 26727.59
06/30/90 30808.00 26545 87
7/31/90 30459.31 26460.89
08/31/90 27474.91 24068.83
09/30/90 25731.45 22896.67
10/31/90 25413.53 22798.22
11/30/90 27336.46 24270.98
12/31/90 28184.79 24948.14
01/31/91 30155.06 26035.88
02/28/91 32773.37 27897.45
03/31/91 33886.55 28572.57
04/30/91 34011.98 28641.14
05/31/91 35951.29 29878.44
06/30/91 33838.72 28510.01
07/31/91 35940.51 29838.57
08/31/91 37045.29 30545.75
09/30/91 36905.17 30035.63
10/31/91 37400.98 30438.11
11/30/91 35552.49 29211.45
12/31/91 39748.52 32553.24
01/31/92 39765.90 31947.75
02/29/92 40571.18 32363.08
03/31/92 39470.43 31732.00
04/30/92 40055.57 32664.92
05/31/92 40439.32 32824.97
06/30/92 39727.03 32335.88
07/31/92 40841.92 33658.42
08/31/92 39956.20 32968.42
09/30/92 40414.55 33357.45
10/31/92 40699.46 33474.20
11/30/92 41727.63 34615.67
12/31/92 42536.66 35041.44
01/31/93 43657.29 35335.79
02/28/93 44568.65 35816.36
03/31/93 46202.34 36572.08
04/30/93 46654.64 35687.04
05/31/93 48493.51 36643.45
06/30/93 49169.77 36749.72
07/31/93 49712.19 36602.72
08/31/93 52635.61 37989.96
09/30/93 53206.20 37697.44
10/31/93 53241.42 38477.78
11/30/93 51487.37 38112.24
12/31/93 53025.20 38573.40
01/31/94 55120.76 39884.89
02/28/94 54716.62 38804.01
03/31/94 52179.49 37112.16
04/30/94 52703.38 37587.19
05/31/94 52096.23 38203.62
06/30/94 49835.92 37267.63
07/31/94 51503.88 38490.01
08/31/94 53943.45 40068.10
09/30/94 52540.50 39086.43
$10,000 OVER 10 YEARS: Let's say you invested $10,000 in Fidelity Magellan
Fund on September 30, 1984, and paid a 3% sales charge. As the chart shows,
by September 30, 1994, the value of your investment would have grown to
$52,540 - a 425.40% increase on your initial investment. For comparison,
look at how the S&P 500 did over the same period. With dividends
reinvested, the same $10,000 investment would have grown to $39,086 - a
290.86% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW
An interview with Jeffrey Vinik, Portfolio Manager of Fidelity
Magellan Fund
Q. JEFF, HOW HAS THE FUND PERFORMED RECENTLY?
A. The fund had a total return of 0.69% for the six months ended September
30, 1994. That trailed the average growth fund tracked by Lipper Analytical
Services, which returned 2.60% during the same period. For the 12 months
ended September 30, the fund returned -1.25%, while the average growth
fund was up 1.42%.
Q. MOST INVESTORS KNOW THAT THE STOCK MARKET HAS STRUGGLED THIS YEAR.
BEYOND THAT, WHY - SPECIFICALLY - DID THE FUND TRAIL MOST OF ITS PEERS?
A. In part, what helped the fund in 1993 has hurt its performance so far in
1994. I'm referring to the fund's large emphasis on cyclical stocks - those
whose prices often move in step with the economy - and technology stocks.
Together, investments in these two groups represented roughly half of the
fund at the end of September. As I've said in the past, stock prices
historically follow company earnings. I've invested the fund for the long
term in those companies that I think have strong current earnings and
excellent prospects for future earnings growth. However, solid earnings
growth has not translated into higher stock prices for many of the fund's
investments in 1994. The reason? Rising interest rates. I call it the
"glass is half empty" effect. Instead of focusing on the positive business
prospects of these companies, investors turned negative. They worried that
rising rates may slow economic growth, which could hurt corporate profits.
Q. LET'S START WITH CYCLICALS. CAN YOU GIVE US SOME EXAMPLES OF STOCKS THAT
WERE HURT BY HIGHER RATES?
A. Sure. Earthmoving equipment manufacturer Caterpillar and farm equipment
maker Deere quickly come to mind. In addition, economic worries have
dragged down the stocks of auto makers Chrysler, Ford and General Motors,
as well as auto parts suppliers such as Echlin and Magna. The performance
of railroad stocks - which made up from 3% to 5% of the fund over the past
six months - also was disappointing. In addition to dropping from fears of
higher interest rates, these stocks fell because rail business was -
ironically - TOO GOOD. The strengthening economy brought about so much new
traffic that rail companies such as CSX and Burlington Northern couldn't
operate at top levels of efficiency. All of these stocks have
underperformed the market so far this year, due partly to fears that the
best of their earnings gains are behind them.
Q. GIVEN THE PERFORMANCE OF THE FUND'S CYCLICAL STOCKS, ARE YOU STICKING
WITH THEM?
A. Mostly, yes. Contrary to what some believe, I think the U.S. economy
will continue to show solid growth over the next few years. In addition,
we've seen evidence that economies in Europe and Japan are recovering, and
many of these companies do a significant amount of business overseas. I
think that the Caterpillars, Deeres and Chryslers could continue to see
strong earnings growth right into 1995. At some point, I think the glass
again will appear half full, and investors may reward these companies with
higher stock prices. Of course, if I see the likelihood of a recession on
the horizon, I'll probably cut back on cyclicals. But I don't think that's
likely.
Q. YOU'VE INCREASED THE FUND'S INVESTMENT IN TECHNOLOGY STOCKS FROM 23.8%
SIX MONTHS AGO TO 31.9% ON SEPTEMBER 30. HOW HAVE THEY PERFORMED?
A. Overall, I believe that they have done at least as well as the overall
market, and maybe slightly better. I've continued to place a heavy emphasis
on technology stocks quite simply because their earnings prospects have
appeared better than those of any other market sector. Businesses worldwide
continue to increase their efficiency through capital spending on
technology, and I believe technology companies are emerging as the
long-term leaders of the U.S. stock market.
Q. WHERE DID YOU FIND THE WINNERS IN THIS GROUP?
A. The best performing technology stocks were generally those whose
earnings investors felt wouldn't suffer even if higher rates slowed the
economy. For example, IBM's stock was up more than 27% over the past six
months. The company grew revenues at a good clip, while reducing expenses.
Oracle - another top performer for the fund - recently became its second
largest investment. The company manufactures relational database management
software, and is capitalizing on the move away from the old mainframe
computer set-ups toward client-server architecture - personal computers
linked through wide and local area networks. Dell Computer also has
benefited from the fast growth of PCs, as has LSI Logic, a manufacturer of
semiconductors and integrated circuits. However, many technology stocks
WERE affected by higher rates. Again, investors worried that tomorrow's
earnings might not be as strong as today's.
Q. CAN YOU GIVE US SOME EXAMPLES?
A. Motorola - the fund's largest investment at the end of September - is a
good example of a company whose earnings grew steadily but whose stock
moved sideways. However, I believe the stock has long-term potential. The
number of cellular telephones used worldwide has been growing at a rate of
more than 50% this year. That has led to booming revenues for the company's
wireless communications business. Motorola's semiconductor business looks
good as well. Sales have been strong, and I see no let-up in the worldwide
demand for computer chips over the near term. That's why I'm also being
patient with the fund's larger chip companies - including Texas
Instruments, Advanced Micro Devices, and National Semiconductor - despite
mediocre stock performance recently. I believe that it may be only a matter
of time before investors begin to pay for
the superior earnings growth of semiconductor companies by boosting their
stock prices.
Q. THE FUND CONTINUES TO BE UNDER-WEIGHTED RELATIVE TO THE BROAD STOCK
MARKET IN CONSUMER NONDURABLES AND HEALTH CARE STOCKS. HAVEN'T THESE
SECTORS REBOUNDED THIS YEAR?
A. Some food, beverage, tobacco and drug stocks have bounced back this
year. First, investors felt these companies - unlike cyclicals - might have
more stable earnings growth in the face of higher interest rates. Also,
health care stocks were buoyed by the death - for now - of massive reform,
and a lot of merger and takeover activity. But again, I'm thinking long
term. I continue to feel that the earnings outlook for most consumer
nondurable companies remains unattractive. Most face terrific competitive
pressures, and I think the sector could ultimately under-perform the market
over the next three to five years.
Q. THE FUND'S INVESTMENT IN THE ENERGY SECTOR FELL FROM 9.3% TO 4.6% FROM
THE END OF MAY THROUGH THE END OF SEPTEMBER. WHAT HAPPENED?
A. Energy stocks began to appear less attractive this year for a couple of
reasons. First, they held up pretty well when the stock market dropped in
February and March. As a result, many energy stocks were no longer as cheap
relative to the market. In addition, energy service companies,
specifically, began to report disappointing earnings. I cut back on these
stocks because I felt that several companies' prospects for future earnings
growth weren't as bright as they had been previously. As for natural gas
stocks, they suffered somewhat earlier this year when high supply levels
dampened natural gas prices. However, I expect the supply/demand equation
to improve in 1995 and beyond. That's why I've maintained investments in
fast-growing natural gas producers such as Burlington Resources,
Renaissance Energy and Apache.
Q. CONVERSELY, YOU'VE INCREASED THE FUND'S STAKE IN FINANCIAL STOCKS, FROM
6.2% SIX MONTHS AGO TO 9.8% BY SEPTEMBER 30. WHY?
A. Recently, I purchased several financial services stocks whose prices had
fallen dramatically. Investors sold these stocks heavily in late 1993 and
early 1994 when it appeared that rising rates might hurt the stock market
and thus, firms that sell financial products. Several stocks such as
Merrill Lynch, The Equitable Companies, SunAmerica, Franklin Resources and
Morgan Stanley had fallen 20% to 40% from their previous highs. I think the
public's realization of the importance of saving and investing will grow
stronger over the next several years. These companies may be poised to
benefit.
Q. JEFF, DERIVATIVES HAVE BEEN IN THE NEWS A LOT LATELY. DOES THE FUND
INVEST IN THEM?
A. Very rarely. The fund can invest in certain types of derivatives, such
as stock market futures and forward foreign currency contracts. I have used
currency contracts on a very limited basis in the past to reduce the fund's
exposure to foreign currency risk - the chance that movements in a
country's currency will negatively affect the fund's investments there.
However, the fund had no investments in those derivatives on September 30.
I prefer to invest in stocks.
Q. LET'S TALK ABOUT THE REST OF 1994 AND BEYOND. WHAT'S YOUR LATEST
THINKING?
A. I wouldn't be surprised if the market remained choppy and difficult. The
key to the fund's performance again may be interest rates. As long as rates
rise, it will be difficult to make money. But at the end of each day, I'll
continue to invest the fund in companies that I think have the best
earnings potential. Over time, earnings move stock prices, not interest
rates. If the companies in which the fund is invested come through with
solid earnings over the next two to three years - irrespective of what
happens to interest rates and the stock market - their stocks will do well.
FUND FACTS
GOAL: to increase the value
of the fund's shares over the
long term by investing in
stocks with growth potential
START DATE: May 2, 1963
SIZE: as of September 30,
1994, more than $36 billion
MANAGER: Manager: Jeff
Vinik, since July 1992;
manager, Fidelity Growth &
Income Portfolio, 1990-1992;
Fidelity Contrafund, 1989-1990;
securities analyst, 1986-1989;
joined Fidelity in 1986
(checkmark)
JEFF VINIK ON OVERSEAS
INVESTING:
"Recently, I've found that many
companies that I think have the
best earnings prospects
worldwide are located right
here in the United States.
That's why the fund had less
than a 10% stake in foreign
stocks on September 30. I'm
very positive on the U.S.
manufacturing sector; these
companies are very
competitive. I expect top-notch
U.S. manufacturers could
outperform their European and
Japanese counterparts over
the next three to five years.
"In addition, it's not as easy to
understand foreign
companies and to stay on top
of their business prospects.
So when I buy a foreign stock
I like to make sure that the
story behind the company is
more compelling than that of a
comparable U.S. company.
Nokia - a Finnish wireless
communications company -
is a good example. Nokia has
quickly gained market share
in the fast-growing worldwide
cellular phone industry. The
company's revenues doubled
over the past year, and its
stock was up 50% over the
past six months."
(solid bullet) The fund's investment in
stocks increased from 89.6%
six months ago to 96.5% on
September 30. Conversely, its
stake in bonds decreased
from 7.3% to 0.9% during the
same period. After the stock
market tumbled in early 1994,
valuations - stock prices
relative to earnings -
became more attractive. The
fund reacted by adding to its
investments in stocks.
INVESTMENT CHANGES
TOP TEN STOCKS AS OF SEPTEMBER 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO
Motorola, Inc. 2.4 2.2
Oracle Systems Corp. 1.8 0.3
International Business Machines Corp. 1.7 1.0
Lowe's Companies Inc. 1.4 0.9
Intel Corp. 1.3 2.6
Columbia/HCA Healthcare Corp. 1.3 1.2
Federal National Mortgage Association 1.2 1.0
Caterpillar, Inc. 1.1 1.3
CSX Corp. 1.0 1.3
Texas Instruments, Inc. 0.9 1.1
TOP FIVE INDUSTRIES AS OF SEPTEMBER 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE INDUSTRIES
6 MONTHS AGO
Technology 32.1 24.0
Finance 9.8 6.3
Industrial Machinery & Equipment 8.0 5.1
Basic Industries 7.3 4.0
Retail & Wholesale 6.9 7.0
ASSET ALLOCATION
AS OF SEPTEMBER 30, 1994 AS OF MARCH 31, 1994
Row: 1, Col: 1, Value: 2.5
Row: 1, Col: 2, Value: 1.5
Row: 1, Col: 3, Value: 46.0
Row: 1, Col: 4, Value: 50.0
Row: 1, Col: 1, Value: 3.1
Row: 1, Col: 2, Value: 7.3
Row: 1, Col: 3, Value: 49.6
Row: 1, Col: 4, Value: 40.0
Stocks 96.5%
Bonds 0.9%
Short-term and
other investments 2.6%
Stocks 89.6%
Bonds 7.3%
Short-term and
other investments 3.1%
INVESTMENTS SEPTEMBER 30, 1994
Showing Percentage of Total Value of Investments
COMMON STOCKS - 95.5%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 0.3%
AEROSPACE & DEFENSE - 0.1%
OEA, Inc. 731,400 $ 19,016 67082610
Sundstrand Corp. 487,900 24,761 86732310
43,777
DEFENSE ELECTRONICS - 0.2%
Loral Corp. 1,267,100 49,892 54385910
TOTAL AEROSPACE & DEFENSE 93,669
BASIC INDUSTRIES - 7.1%
CHEMICALS & PLASTICS - 2.4%
Airgas, Inc. (a) 553,000 15,138 00936310
Atlantis Group, Inc. (Trivest/Winston) (g) 77,269 657 04914794
Avery Dennison Corp. 308,600 10,608 05361110
Borden Chemical & Plastics Ltd. 155,800 3,856 09954120
Cabot Corp. (f) 2,015,000 54,909 12705510
Dow Chemical Co. 922,300 72,170 26054310
Eastman Chemical Co. 614,448 33,411 27743210
FMC Corp. (a) 174,700 10,875 30249130
First Mississippi Corp. 547,000 11,077 32089110
GEON Co. 365,500 10,965 37246W10
Georgia Gulf Corp. (a) 381,000 15,288 37320020
Hanna (M.A.) Co. (f) 1,893,450 48,756 41052210
Lyondell Petrochemical Co. 999,800 31,119 55207810
Methanex Corp. 4,527,700 80,036 59151K10
Mississippi Chemical Corp. 90,000 1,710 60528820
Morton International, Inc. 1,714,700 47,154 61933110
Olin Corp. 790,700 46,750 68066520
PPG Industries, Inc. 2,543,200 100,774 69350610
Praxair, Inc. 3,338,700 81,381 74005P10
Schulman (A.), Inc. 106,500 2,875 80819410
Sterling Chemical, Inc. (a) 651,100 8,790 85890310
Union Carbide Corp. 2,619,500 89,063 90558110
Vigoro Corp. 136,700 4,836 92675410
Wellman, Inc. (f) 2,122,200 72,420 94970210
854,618
IRON & STEEL - 1.8%
AK Steel Holding Corp. 341,300 11,092 00154710
Allegheny Ludlum Industries, Inc. 1,320,400 28,389 01690010
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
BASIC INDUSTRIES - CONTINUED
IRON & STEEL - CONTINUED
Bethlehem Steel Corp. (a) 4,207,200 $ 88,351 08750910
British Steel PLC:
ADR 78,600 2,132 11101530
Ord. 4,000,000 10,892 11101510
Inland Steel Industries, Inc. (a) 2,340,700 92,165 45747210
J & L Specialty Steel, Inc. 993,100 18,869 46604610
LTV Corp. (a) 3,966,381 81,311 50192110
LTV Corp. (warrants) (a) 1,013,857 5,576 50192112
Mueller Industries, Inc. (a)(f) 761,600 25,323 62475610
Nucor Corp. 3,459,700 240,882 67034610
Quanex Corp. (f) 996,100 26,148 74762010
WHX Corp. (a)(f) 1,441,200 24,681 92924810
Worthington Industries, Inc. 220,000 4,730 98181110
660,541
METALS & MINING - 0.9%
Aluminum Co. of America 1,279,400 108,429 02224910
ASARCO, Inc. 177,400 5,832 04341310
Belden, Inc. (f) 1,537,500 31,903 07745910
Cyprus Amax Minerals Co. 1,804,500 56,391 23280910
Inco Ltd. 1,200,000 35,838 45325840
Magma Copper Co. Class B 357,400 6,210 55917720
Noranda, Inc. 1,892,900 38,216 65542210
Phelps Dodge Corp. 300,000 18,637 71726510
RTZ Corp. PLC Ord. 3,200,000 44,337 74974K50
345,793
PACKAGING & CONTAINERS - 0.6%
Corning, Inc. 6,315,900 204,477 21935010
Crown Packaging Holdings Ltd. (warrants) (a)(h) 5,000 175 22844311
Shorewood Packaging Corp. (a) 20,000 430 82522910
205,082
PAPER & FOREST PRODUCTS - 1.4%
Bowater, Inc. 194,400 5,662 10218310
Caraustar Industries, Inc. 154,300 3,192 14090910
Champion International Corp. 1,422,900 55,137 15852510
Chesapeake Corp. 329,600 11,206 16515910
Federal Paper Board Co., Inc. 1,251,700 39,429 31369310
Georgia-Pacific Corp. 1,213,700 92,848 37329810
International Paper Co. 1,155,500 90,707 46014610
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
BASIC INDUSTRIES - CONTINUED
PAPER & FOREST PRODUCTS - CONTINUED
Mead Corp. 357,300 $ 18,580 58283410
Temple-Inland, Inc. 844,000 46,631 87986810
Westvaco Corp. 354,300 13,508 96154810
Weyerhaeuser Co. 2,716,000 121,201 96216610
Willamette Industries, Inc. 173,100 8,871 96913310
506,972
TOTAL BASIC INDUSTRIES 2,573,006
CONGLOMERATES - 0.8%
Harris Corp. (f) 3,541,000 172,181 41387510
Mark IV Industries, Inc. (f) 3,119,360 70,965 57038710
Standex International Corp. (f) 760,000 20,520 85423110
Tyco Laboratories, Inc. 824,400 39,159 90212010
TOTAL CONGLOMERATES 302,825
CONSTRUCTION & REAL ESTATE - 3.5%
BUILDING MATERIALS - 2.0%
Armstrong World Industries, Inc. (f) 2,468,700 107,080 04247610
Carlisle Companies, Inc. 565,000 18,362 14233910
Centex Construction Products (a)(f) 1,615,000 20,187 15231R10
Fastenal Co. 147,500 6,103 31190010
Lafarge Corp. (f) 4,112,471 82,763 50586210
Medusa Corp. (f) 1,645,900 43,822 58507230
National Gypsum Co. (a)(f) 1,806,389 68,643 63631710
Owens-Corning Fiberglass Corp. (a) 1,235,600 41,393 69073420
Premdor, Inc. (a)(f) 3,338,900 28,579 74046P10
Southdown, Inc. (a)(f) 1,411,700 29,646 84129710
Tecumseh Products Co. (f) 1,293,400 63,781 87889520
Texas Industries, Inc. (f) 1,248,900 41,838 88249110
USG Corp. (a)(f) 4,334,300 89,395 90329340
United Dominion Industries Ltd. 1,379,000 26,429 90991410
Vulcan Materials Co. 245,900 13,248 92916010
York International Corp. 1,054,700 43,902 98667010
725,171
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
CONSTRUCTION & REAL ESTATE - CONTINUED
CONSTRUCTION - 0.8%
Centex Corp. (f) 2,963,100 $ 68,522 15231210
Clayton Homes, Inc. (a)(f) 3,460,400 65,748 18419010
Lennar Corp. 927,000 14,137 52605710
Oakwood Homes Corp. (f) 1,886,100 47,388 67409810
Pulte Corp. (f) 2,685,500 58,410 74586710
Toll Brothers, Inc. (a)(f) 2,629,600 29,912 88947810
284,117
ENGINEERING - 0.7%
Fluor Corp. 2,949,700 146,748 34386110
Foster Wheeler Corp. (f) 1,430,400 49,170 35024410
Glenayre Technologies, Inc. (a)(f) 1,118,900 64,616 37789910
260,534
TOTAL CONSTRUCTION & REAL ESTATE 1,269,822
DURABLES - 5.1%
AUTOS, TIRES, & ACCESSORIES - 3.5%
APS Holding Corp. Class A (a) 205,000 5,778 00193710
Allen Group, Inc. (The) (f) 1,714,800 35,368 01763410
Automotive Industries Holding, Inc. (a) 420,000 10,185 05329E10
Borg Warner Automotive, Inc. 292,000 7,409 09972410
Breed Technologies, Inc. (f) 1,763,700 57,320 10670210
Chrysler Corp. 271,400 12,179 17119610
Dana Corp. 3,448,000 96,544 23581110
Danaher Corp. 621,700 27,666 23585110
Eaton Corp. 2,261,500 107,421 27805810
Echlin, Inc.(f) 5,231,900 158,919 27874910
Federal-Mogul Corp. 341,200 7,592 31354910
Ford Motor Co. 3,509,200 97,380 34537010
General Motors Corp. 3,603,068 168,894 37044210
Hayes Wheels International, Inc. 467,900 11,113 42080410
Johnson Controls, Inc. 781,700 38,890 47836610
Magna International, Inc. (f) 3,933,830 144,567 55922240
NACCO Industries, Inc. (f) 798,746 47,426 62957910
Navistar International Corp. (a) 1,106,900 15,358 63934E10
Pep Boys - Manny, Moe & Jack 502,300 17,455 71327810
Smith (A.O.) Corp. (f) 1,595,800 39,895 83186520
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - CONTINUED
AUTOS, TIRES, & ACCESSORIES - CONTINUED
TRW, Inc. 2,057,300 $ 149,154 87264910
Walbro Corp. 339,200 7,293 93115410
1,263,806
CONSUMER ELECTRONICS - 0.9%
Black & Decker Corp. (f) 4,559,300 99,735 09179710
Harman International Industries, Inc. (f) 809,400 28,228 41308610
Maytag Co. (f) 6,368,300 102,689 57859210
Newell Co. 1,371,000 30,505 65119210
Sunbeam-Oster, Inc. 1,071,200 26,110 86707110
Whirlpool Corp. 1,100,100 56,518 96332010
343,785
HOME FURNISHINGS - 0.1%
Heilig-Meyers Co. 292,000 7,592 42289310
Leggett & Platt, Inc. 1,010,700 35,248 52466010
42,840
TEXTILES & APPAREL - 0.6%
Collins & Aikman Corp. 1,000,000 9,750 19483010
Nine West Group, Inc. (a)(f) 2,525,600 67,244 65440D10
Reebok International Ltd. 1,775,500 63,474 75811010
Tommy Hilfiger (a)(f) 1,742,000 67,720 89299B92
208,188
TOTAL DURABLES 1,858,619
ENERGY - 4.6%
COAL - 0.0%
MAPCO, Inc. 223,300 12,505 56509710
ENERGY SERVICES - 0.7%
Energy Service Co., Inc. (a)(f) 3,584,575 53,321 29271940
Global Marine, Inc. (a) 600 3 37935240
Nabors Industries, Inc. (a)(f) 4,063,900 24,891 62956810
Noble Drilling Corp. (a)(f) 3,691,900 27,689 65504210
Parker Drilling Co. (a)(f) 5,183,200 30,451 70108110
Reading & Bates Corp. (a)(f) 5,346,393 34,083 75528180
Tidewater, Inc. (f) 1,898,900 40,826 88642310
Weatherford International, Inc. (a) 2,130,900 26,370 94707610
237,634
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
ENERGY - CONTINUED
INDEPENDENT POWER - 0.1%
Thermo Electron Corp. (a) 1,181,600 $ 54,206 88355610
OIL & GAS - 3.8%
Anadarko Petroleum Corp. 1,226,400 54,881 03251110
Anderson Exploration Ltd. (a)(f) 3,081,100 35,259 03390110
Apache Corp. (f) 4,783,315 120,779 03741110
Ashland Oil, Inc. 1,055,900 37,352 04454010
British Petroleum PLC:
ADR 973,542 73,746 11088940
Ord. 12,712,875 80,155 11088910
Burlington Resources, Inc. 4,084,000 153,150 12201410
Canadian Natural Resources Ltd. (a)(f) 3,786,700 51,789 13638510
Devon Energy Corp. (f) 1,363,500 28,463 25179910
Diamond Shamrock R&M, Inc. (f) 2,037,000 52,453 25274710
Enron Oil & Gas Co. 2,495,000 50,836 29356210
Kelley Oil & Gas Partners, Ltd. 200,500 1,178 48773610
Mitchell Energy & Development Corp. Class A 914,200 16,113 60659220
Noble Affiliates, Inc. (f) 2,735,300 73,169 65489410
Norsk Hydro AS 206,300 7,567 65653150
Norsk Hydro AS ADR 60,000 2,212 65653160
Northstar Energy Corp. (a)(f) 2,534,500 23,580 66703R10
Parker & Parsley Petroleum Co. (f) 2,143,100 53,310 70101810
Pogo Producing Co. (f) 3,005,100 63,107 73044810
Renaissance Energy Ltd. (a)(f) 7,854,600 168,808 75966610
Renaissance Energy Ltd. (h) 750,000 16,119 75966692
Snyder Oil Corp. (f) 2,244,100 39,833 83348210
Tosco Corp. (f) 2,687,000 76,244 89149030
Triton Energy Corp. (a)(f) 1,901,700 61,805 89675010
Ultramar Corp. 334,200 8,522 90391210
Valero Energy Corp. 103,900 2,104 91913810
Vintage Petroleum, Inc. (f) 1,206,600 24,584 92746010
1,377,118
TOTAL ENERGY 1,681,463
FINANCE - 9.8%
CLOSED END INVESTMENT COMPANY - 0.0%
Korea Fund, Inc. 314,600 8,219 50063410
CREDIT & OTHER FINANCE - 1.5%
Dean Witter Discover & Co. 7,529,428 283,295 24240V10
Equitable Companies, Inc. (f) 8,718,600 172,192 29444G10
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
CREDIT & OTHER FINANCE - CONTINUED
First USA, Inc. 737,300 $ 25,898 33743H10
Green Tree Acceptance, Inc. 637,900 17,144 39350510
MBNA Corp. 1,562,200 36,126 55262L10
Non-Performing Mortgage Loan Trust (a) 213,380 14,723 65599D22
549,378
FEDERAL SPONSORED CREDIT - 1.9%
Federal Home Loan Mortgage Corporation 4,288,300 228,888 31340030
Federal National Mortgage Association 5,686,400 447,804 31358610
676,692
INSURANCE - 3.5%
Aetna Life & Casualty Co. 1,459,400 67,680 00814010
Allmerica Property & Casualty Companies 684,100 11,288 01975T10
American International Group, Inc. 1,601,300 142,316 02687410
CIGNA Corp. 1,765,200 108,780 12550910
Chubb Corp. (The) 917,500 65,257 17123210
Equitable Iowa Companies 1,277,200 45,979 29451030
Frontier Insurance Group, Inc. (f) 651,400 19,949 35908110
General Re Corp. 1,219,700 129,136 37056310
HealthCare COMPARE Corp. (a)(f) 2,390,500 68,876 42192810
Jefferson Pilot Corp. 421,700 22,297 47507010
Lincoln National Corp. 2,375,100 88,769 53418710
MBIA, Inc. 1,070,800 63,846 55262C10
NWNL Companies, Inc. 1,014,500 30,308 62945T10
Progressive Corp. (Ohio) 1,044,100 37,196 74331510
SAFECO Corp. 1,221,000 62,881 78642910
St. Paul Companies, Inc. (The) 294,000 11,944 79286010
SunAmerica, Inc. (f) 2,458,300 102,327 86693010
Travelers, Inc. (The) 4,605,064 151,391 89419010
USLIFE Corp. 1,082,800 35,868 91731810
1,266,088
SAVINGS & LOANS - 0.2%
FirstFed Michigan Corp. (f) 1,165,050 27,961 33761R10
GP Financial Corp. 2,235,900 53,103 36193510
81,064
SECURITIES INDUSTRY - 2.7%
Alex. Brown, Inc. 688,800 18,425 01390210
Bear Stearns Companies, Inc. 5,751,968 92,031 07390210
Edwards (A.G.), Inc. 3,020,000 55,115 28176010
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
SECURITIES INDUSTRY - CONTINUED
Franklin Resources, Inc. 3,373,100 $ 126,070 35461310
Lehman Brothers Holdings, Inc. 3,724,260 54,933 52490810
Merrill Lynch & Co., Inc. 9,189,900 318,200 59018810
Morgan Stanley Group, Inc. 2,375,800 147,597 61744610
Paine Webber Group, Inc. (f) 3,874,000 55,689 69562910
Price (T. Rowe) Associates, Inc. 1,015,100 34,006 74147710
Schwab (Charles) Corp. 1,279,200 37,896 80851310
United Asset Management Corp. 911,600 34,299 90942010
974,261
TOTAL FINANCE 3,555,702
HEALTH - 4.8%
DRUGS & PHARMACEUTICALS - 0.7%
Amgen, Inc. (a) 1,012,500 53,916 03116210
Biogen, Inc. (a)(f) 1,735,600 94,590 09059710
Centocor, Inc. 1,347,200 24,923 15234210
Chiron Corp. (a) 442,400 29,420 17004010
Genzyme Corp. (a) 602,000 20,618 37291710
Pfizer, Inc. 156,500 10,818 71708110
234,285
MEDICAL EQUIPMENT & SUPPLIES - 1.0%
Becton, Dickinson & Co. 930,900 44,916 07588710
Cardinal Health, Inc. (f) 3,249,450 136,071 14149Y10
Cordis Corp. (a)(f) 1,300,000 68,575 21852510
Heart Technologies 262,500 6,694 42233W10
McKesson Corp. 10,000 1,017 58155610
Medtronic, Inc. 295,000 15,598 58505510
U.S. Surgical Corp. 2,745,700 73,791 91270710
346,662
MEDICAL FACILITIES MANAGEMENT - 3.1%
Beverly Enterprises, Inc. (a) 582,100 8,950 08785110
Charter Medical Corp. (a) 1,311,200 36,222 16124170
Columbia/HCA Healthcare Corp. (f) 10,598,697 461,043 19767710
FHP International Corp. 440,000 12,870 30242610
HEALTHSOUTH Rehabilitation Corp. (a) 275,900 10,829 42192410
Health Management Associates, Inc. Class A (a) 1,053,150 25,934 42193310
Humana, Inc. (a) 5,530,100 130,649 44485910
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - CONTINUED
MEDICAL FACILITIES MANAGEMENT - CONTINUED
Mid-Atlantic Medical Services, Inc. 272,000 $ 7,650 59523C10
Oxford Health Plans, Inc. (a) 754,000 58,058 69147110
United HealthCare Corp. 4,428,500 234,710 91058110
U.S. Healthcare, Inc. 3,311,550 154,194 91191010
Vencor, Inc. (a) 1,900 86 92260210
1,141,195
TOTAL HEALTH 1,722,142
INDUSTRIAL MACHINERY & EQUIPMENT - 7.1%
ELECTRICAL EQUIPMENT - 2.9%
Adtran, Inc. (a) 15,000 504 00738A10
American Power Conversion Corp. (a) 3,501,100 70,241 02906610
AMETEK, Inc. 400,800 7,114 03110510
Ampex Corp. Class A (warrants) (a) 160,023 201 51199324
Amphenol Corp. (a)(f) 4,280,300 94,702 03209420
Antec Corp. (a)(f) 1,814,100 46,713 03664P10
Avid Technology, Inc. (a)(f) 680,200 22,957 05367P10
First Alert, Inc. (a) 95,000 3,657 31846N10
General Signal Corp. 1,375,100 48,300 37083810
Itel Corp. (a)(f) 3,312,200 108,889 46564210
Oak Industries, Inc. (a)(f) 1,720,300 42,362 67140050
Philips Electronics 3,920,100 119,796 71833799
Philips NV 4,905,600 149,008 71833750
Reliance Electric Co. (a) 2,113,200 53,622 75945810
Scientific-Atlanta, Inc. (f) 3,229,750 132,016 80865510
Sensormatic Electronics Corp. (f) 4,011,400 137,390 81726510
Vicor Corporation (a) 591,900 15,241 92581510
Zenith Electronics Corp. (a) 777,400 8,843 98934910
1,061,556
INDUSTRIAL MACHINERY & EQUIPMENT - 3.8%
AGCO Corp. (f) 1,260,900 63,203 00108410
Atlas Copco AB A Free shares 1,333,800 16,836 04925599
Briggs & Stratton Corp. 325,100 22,838 10904310
Caterpillar, Inc. 7,053,000 381,744 14912310
Cincinnati Milacron, Inc. 198,500 5,111 17217210
Clark Equipment Co. (a)(f) 1,739,700 120,474 18139610
Deere & Co. 2,685,700 184,306 24419910
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
Donaldson Company, Inc. 523,000 $ 11,637 25765110
Finning Ltd. 1,514,000 24,228 31807140
Greenfield Industries, Inc. 55,500 1,332 39505810
IDEX Corp. (a) 554,900 22,473 45167R10
Illinois Tool Works, Inc. 1,186,000 50,702 45230810
Kennametal, Inc. (f) 2,267,535 59,239 48917010
Nokia AB Free shares 14,000 1,629 65599992
Nokia Corp. Sponsored ADR cv (a) 230,900 13,508 65490220
Parker-Hannifin Corp. (f) 3,602,300 143,642 70109410
Thermadyne Holdings Corp. (a) 3,688 42 88343510
TRINOVA Corp. (f) 2,481,500 86,542 89667810
Varity Corp. (a)(f) 4,338,100 162,136 92224R60
1,371,622
POLLUTION CONTROL - 0.4%
Browning-Ferris Industries, Inc. 3,766,700 119,593 11588510
Laidlaw, Inc. 3,842,400 29,671 50730K20
Sanifill, Inc. (a) 161,700 3,598 80101810
152,862
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 2,586,040
MEDIA & LEISURE - 2.3%
BROADCASTING - 0.6%
New World Communications Group, Inc. 743,700 10,598 64927A10
Viacom, Inc.:
Class A 324,160 13,250 92552410
(non-vtg.) 4,459,019 177,246 92552430
(rights) (a) 4,052,000 5,318 92552414
206,412
ENTERTAINMENT - 0.3%
Carnival Cruise Lines, Inc. 741,900 32,551 14365810
Cedar Fair LP 599,700 18,994 15018510
Cineplex Odeon Corp. (a) 3,146,200 10,186 17245510
MGM Grand, Inc. (a) 529,700 16,487 55295310
Royal Caribbean Cruises Ltd. 954,700 24,822 78015392
Spelling Entertainment Group, Inc. 1,163,300 13,960 84780710
Sun International Hotels Ltd. (a) 32,689 768 86799H22
117,768
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - CONTINUED
LEISURE DURABLES & TOYS - 1.0%
ARCTCO, Inc. 449,875 $ 8,548 03966510
Brunswick Corp. (f) 9,118,500 183,510 11704310
Fleetwood Enterprises, Inc. (f) 3,935,900 98,889 33909910
Mattel, Inc. 2,084,300 56,537 57708110
Sports and Recreation, Inc. (a) 795,000 20,670 84916810
368,154
LODGING & GAMING - 0.1%
Bally Gaming International, Inc. (warrants) (a) 225,000 1,575 05873111
Bally's Grand, Inc. (warrants) (a) 61,691 278 05873J11
Hospitality Franchise Systems, Inc. (a) 689,400 21,630 44091210
Showboat, Inc. (f) 1,301,450 17,732 82539010
41,215
PUBLISHING - 0.0%
Banta Corp. 209,750 7,027 06682110
RESTAURANTS - 0.3%
Boston Chicken, Inc. (a)(f) 2,477,400 52,025 10057810
Outback Steakhouse, Inc. (a) 2,028,700 57,564 68989910
109,589
TOTAL MEDIA & LEISURE 850,165
NONDURABLES - 0.5%
BEVERAGES - 0.0%
Heileman G Brewing, Inc. unit (g) 340 6,800 42288492
FOODS - 0.0%
RalCorp Holdings, Inc. (a) 19,600 372 75102510
HOUSEHOLD PRODUCTS - 0.5%
Avon Products, Inc. 1,986,500 118,693 05430310
Luxottica Group Spa sponsored ADR 199,800 6,768 55068R20
Premark International, Inc. 1,187,900 50,189 74045910
175,650
TOTAL NONDURABLES 182,822
PRECIOUS METALS - 0.2%
Santa Fe Pacific Gold Corp. 7,419,747 81,416 80217610
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - 6.8%
APPAREL STORES - 0.7%
AnnTaylor Stores Corp. (a) 1,076,460 $ 38,753 03611510
Brown Group, Inc. (f) 1,564,500 52,606 11565710
Burlington Coat Factory Warehouse Corp. (a) 1,360,925 18,372 12157910
Gymboree Corp. (a)(f) 2,329,300 69,297 40377710
Lamonts Apparel, Inc. (a) 143,486 108 51362820
Talbots, Inc. 807,400 25,635 87416110
United States Shoe Corp. 1,762,400 38,773 91260510
243,544
DRUG STORES - 0.6%
General Nutrition Companies, Inc. (a) 986,700 21,954 37047F10
Revco (D.S.), Inc. (a)(f) 4,928,597 102,884 76133910
Rite Aid Corp. (f) 4,768,900 98,955 76775410
223,793
GENERAL MERCHANDISE STORES - 1.3%
Caldor Corp. (a) 52,200 1,612 12878710
Carson Pirie Scott & Co. (a)(f) 1,022,700 21,605 14590310
Federated Department Stores, Inc. (a) 3,095,200 71,190 31410J10
Hills Stores Co. (a) 10,000 214 43169210
Michaels Stores, Inc. (a)(f) 1,190,400 49,327 59408710
Sears, Roebuck & Co. 7,104,900 341,035 81238710
484,983
GROCERY STORES - 0.7%
American Stores Co. 1,349,700 34,080 03009610
Food 4 Less Holdings, Inc. (warrants) (a) 1,169 35 34475311
Grand Union Capital Corp. (a) 6,979 977 40099B92
Grand Union Co. (warrants) (a) 1,749 245 38653295
Kroger Co. (The) (a) 3,651,900 97,232 50104410
Safeway, Inc. (a) 2,377,600 69,842 78651420
Starbucks Corp. (a) 1,345,200 31,024 85524410
Stop & Shop Companies, Inc. (a) 1,397,800 35,120 86209910
268,555
RETAIL & WHOLESALE, MISCELLANEOUS - 3.5%
Bed Bath & Beyond, Inc. (a) 68,000 1,719 07589610
Best Buy Co., Inc. (f) 1,911,100 74,772 08651610
Circuit City Stores, Inc. (f) 6,782,000 175,484 17273710
Gateway 2000, Inc. (a) 2,881,400 53,666 36783310
Hanover Direct, Inc. (a) 2,465,600 10,325 41078310
Lowe's Companies, Inc. (f) 12,807,500 494,690 54866110
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - CONTINUED
RETAIL & WHOLESALE, MISCELLANEOUS - CONTINUED
Micro Warehouse, Inc. (a)(f) 1,960,700 $ 62,252 59501B10
Office Depot, Inc. (a) 4,744,000 123,344 67622010
Petsmart, Inc. (a)(f) 1,590,800 60,450 71676810
Spiegel, Inc. (f) 1,049,000 19,013 84845710
Staples, Inc. (a)(f) 2,404,000 79,031 85503010
Sunglass Hut International, Inc. (a) 377,600 14,254 86736F10
Tandy Corp. 427,500 18,382 87538210
Viking Office Products, Inc. (a) 706,100 21,360 92691310
Waban, Inc. (a)(f) 2,370,500 46,521 92939410
1,255,263
TOTAL RETAIL & WHOLESALE 2,476,138
SERVICES - 2.1%
ADVERTISING - 0.6%
Foote Cone & Belding Communications, Inc. (f) 837,900 38,334 34487210
Omnicom Group, Inc. (f) 3,350,044 168,340 68191910
206,674
LEASING & RENTAL - 0.1%
Ryder Systems, Inc. 969,600 24,846 78354910
PRINTING - 0.4%
Bowne & Co., Inc. (f) 1,643,900 29,590 10304310
Reynolds & Reynolds Co. 2,106,000 52,913 76169510
Wallace Computer Services, Inc. (f) 1,645,200 48,533 93227010
131,036
SERVICES - 1.0%
Franklin Quest Co. (a) 12,100 454 35459610
Gartner Group, Inc. (a) 291,000 8,293 36665110
Kelly Services, Inc. 796,900 20,968 48815220
Manpower, Inc. (f) 7,366,100 201,647 56418H10
Medaphis Corp. (a) 191,400 6,938 58402810
National Service Industries, Inc. 1,152,700 30,547 63765710
Olsten Corp. 420,400 15,870 68138510
Robert Half International, Inc. (a)(f) 2,120,400 40,553 77032310
Service Corp. International 2,204,700 56,771 81756510
382,041
TOTAL SERVICES 744,597
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - 31.9%
COMMUNICATIONS EQUIPMENT - 3.9%
ADC Telecommunications, Inc. (a) 159,600 $ 6,404 00088610
Andrew Corp. (a) 573,100 28,727 03442510
Bolt Beranek & Newman, Inc. (a) 96,600 1,654 09768910
Boston Technology, Inc. (a) 320,000 4,200 10114330
Cabletron Systems, Inc. (a) 2,449,500 116,657 12692010
DSC Communications Corp. (a)(f) 6,334,200 180,525 23331110
Ericsson (L.M.) Telephone Co.:
Class B 3,841,500 204,215 29482120
Class B ADR 3,799,800 204,239 29482140
General DataComm Industries, Inc. 357,000 10,085 36948710
General Instrument Corp. (a)(f) 9,720,100 277,023 37012110
Level One Communications, Inc. 40,000 1,280 52729510
Network General Corp. (a)(f) 1,228,400 24,107 64121010
Northern Telecom Ltd. 1,313,600 45,586 66581510
SR Telecom, Inc. (f) 647,200 6,262 78464P10
Tellabs, Inc. (a)(f) 2,491,100 105,872 87966410
3Com Corp. (a)(f) 5,154,800 192,661 88553510
US Robotics, Inc. (a) 564,700 18,917 91246610
1,428,414
COMPUTER SERVICES & SOFTWARE - 6.2%
Acclaim Entertainment, Inc. (a) 1,610,500 27,378 00432520
Adobe Systems, Inc. 1,920,000 62,400 00724F10
America Online, Inc. (a) 235,600 16,109 02364J10
Autodesk, Inc. 500,000 31,250 05276910
CUC International, Inc. (a) 3,777,358 124,653 12654510
Ceridian Corp. (a)(f) 2,606,400 64,183 15677T10
Chipcom Corp. (a)(f) 194,860 10,425 16961710
Computer Associates International, Inc. 5,293,500 235,561 20491210
Compuware Corp. (a)(f) 3,251,100 153,005 20563810
Continuum Co., Inc. (a) 421,900 9,545 21218010
Corel Systems Corp. (a) 661,900 13,856 21868Q10
ECI Telecom Ltd. 2,183,500 38,484 26825810
Equifax Inc. 3,001,500 88,919 29442910
HBO & Co. 796,100 27,067 40410010
Informix Corp. (a) 1,878,900 52,139 45677910
Intelligent Electronics, Inc. (f) 3,511,400 59,474 45815710
Lotus Development Corp. (a)(f) 4,757,890 174,852 54570010
Microsoft Corp. (a) 1,079,600 60,593 59491810
Netmanage, Inc. 382,000 8,117 64114410
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - CONTINUED
Oracle Systems Corp. (a)(f) 15,298,200 $ 657,823 68389X10
Paychex, Inc. 276,300 10,430 70432610
Powersoft Corp. (a)(f) 591,600 31,872 73935T10
SafeCard Services, Inc. (f) 1,911,300 30,103 78642110
Sterling Software, Inc. (a)(f) 1,630,277 50,539 85954710
Stratacom, Inc. (a) 768,400 28,623 86268310
Sybase, Inc. (a)(f) 3,892,900 178,587 87113010
Synopsys, Inc. (a) 171,600 7,765 87160710
2,253,752
COMPUTERS & OFFICE EQUIPMENT - 8.1%
ADAPTEC, Inc. (a)(f) 3,075,200 58,237 00651F10
AST Research, Inc. (a)(f) 2,295,000 30,122 00190710
Amdahl Corp. (a)(f) 9,837,500 86,078 02390510
Apple Computer, Inc. 2,950,000 99,378 03783310
Comdisco, Inc. 354,400 7,354 20033610
Compaq Computer Corp. (a) 2,756,500 89,931 20449310
Danka Business Systems PLC sponsored ADR 588,500 10,887 23627710
Dell Computer Corp. (a)(f) 3,826,500 143,255 24702510
Diebold, Inc. (f) 2,729,300 112,242 25365110
Digital Equipment Corp. (a) 700,000 18,550 25384910
EMC Corp. (a)(f) 14,299,000 287,767 26864810
Exabyte (a)(f) 2,117,500 43,409 30061510
Fore Systems, Inc. (a) 333,100 14,823 34544910
Hewlett-Packard Co. 3,711,000 324,249 42823610
International Business Machines Corp. 9,091,300 631,845 45920010
Komag, Inc. (a)(f) 2,243,100 59,442 50045310
Merisel, Inc. (a) 778,900 7,886 58984910
Quantum Corp. (a)(f) 4,399,600 65,169 74790610
Read Rite Corp. (a)(f) 2,499,800 46,871 75524610
SCI Systems, Inc. (a) 1,000,100 21,127 78389010
Seagate Technology (a)(f) 6,536,100 156,866 81180410
Silicon Graphics, Inc. (a)(f) 9,629,000 247,947 82705610
Stratus Computer, Inc. (a) 87,600 3,044 86315510
Symbol Technologies, Inc. (a)(f) 2,113,600 64,465 87150810
Tandem Computers, Inc. (a) 5,484,700 89,126 87537010
Tech Data Corp. (a) 974,600 18,761 87823710
Western Digital Corp. (a)(f) 4,363,800 64,912 95810210
Xerox Corp. 1,128,100 120,425 98412110
2,924,168
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
ELECTRONIC INSTRUMENTS - 2.5%
Analogic Corp. (a)(f) 1,235,400 $ 21,002 03265720
Applied Materials, Inc. (a)(f) 6,597,400 308,428 03822210
KLA Instruments Corp. (a)(f) 1,660,500 82,195 48248010
Lam Research Corp. (a)(f) 2,603,000 104,771 51280710
Novellus Systems, Inc. (a)(f) 1,062,600 50,208 67000810
Perkin-Elmer Corp. 887,400 27,842 71404110
Tektronix, Inc. (f) 2,503,800 97,022 87913110
Teradyne, Inc. (a)(f) 3,582,300 105,230 88077010
Varian Associates, Inc. (f) 3,453,700 126,060 92220410
922,758
ELECTRONICS - 11.2%
Advanced Micro Devices, Inc. (a)(f) 9,348,900 278,130 00790310
Altera Corp. (a)(f) 1,582,500 46,486 02144110
Analog Devices, Inc. (a)(f) 2,800,900 92,430 03265410
Arrow Electronics, Inc. (a)(f) 3,405,600 127,710 04273510
Atmel Corp. (a)(f) 4,469,541 140,232 04951310
Augat, Inc. (f) 1,899,620 41,792 05104210
Avnet, Inc. (f) 3,239,545 119,053 05380710
Berg Electronics Holdings Corp. (a)(h) 218,280 982 08372610
Cascade Communications Corp. (a) 70,000 3,307 14718410
Cirrus Logic, Inc. (a)(f) 2,845,200 79,666 17275510
Cypress Semiconductor Corp. (a)(f) 4,030,100 70,023 23280610
Cyrix Corp. (a)(f) 1,287,800 58,273 23281510
Dallas Semiconductor Corp. (a)(f) 1,417,300 21,968 23520410
Electroglas, Inc. (a)(f) 603,300 30,014 28532410
Integrated Device Technology, Inc. (a)(f) 2,311,870 48,549 45811810
Intel Corp. 7,962,300 489,681 45814010
International Rectifier Corp. (a)(f) 1,645,400 33,525 46025410
Kemet Corp. (a) 508,700 10,683 48836010
Kent Electronics Corp. (a)(f) 335,800 11,921 49055310
LSI Logic Corp. (a)(f) 5,079,800 189,858 50216110
Lattice Semiconductor Corp. (a)(f) 1,661,000 30,729 51841510
Linear Technology Corp. (f) 2,090,300 92,626 53567810
Marshall Industries (a)(f) 1,632,500 41,017 57239310
Maxim Integrated Products, Inc. (a)(f) 1,144,400 70,094 57772K10
Microchip Technology, Inc. (a)(f) 1,937,200 76,035 59501710
Micron Technology, Inc. (f) 6,652,600 229,515 59511210
Motorola, Inc. 16,250,700 857,224 62007610
National Semiconductor Corp. (a)(f) 11,940,580 186,572 63764010
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
ELECTRONICS - CONTINUED
Pioneer-Standard Electronics, Inc. (f) 1,466,794 $ 26,036 72387710
Solectron Corp. (a) 1,223,800 32,278 83418210
Storage Technology Corp. (a) 1,068,600 30,722 86211120
Texas Instruments, Inc. (f) 4,993,300 341,417 88250810
VLSI Technology, Inc. (a)(f) 3,310,700 36,418 91827010
Vishay Intertechnology, Inc. 445,700 20,056 92829810
Wyle Laboratories (f) 1,207,400 21,130 98305110
Xilinx, Inc. (a)(f) 1,154,200 57,710 98391910
Zilog, Inc. (a) 351,800 11,873 98952410
4,055,735
TOTAL TECHNOLOGY 11,584,827
TRANSPORTATION - 5.7%
AIR TRANSPORTATION - 1.2%
Air Canada, Inc. (f) 7,555,000 42,877 00891110
Comair Holdings, Inc. 273,000 6,211 19978910
Continental Airlines, Inc. (a) 241,400 4,164 21079530
KLM Royal Dutch Airlines (a) 2,600,400 71,186 48251610
KLM Royal Dutch Airlines Ord. (a) 2,774,700 77,448 48251620
Northwest Airlines Corp. (a) 3,545,200 64,257 66728010
Pittston Company Services Group (f) 4,452,900 126,908
SkyWest, Inc. (f) 995,800 22,094 83087910
415,145
RAILROADS - 2.8%
Bombardier, Inc. Class B 3,003,600 50,580 09775120
Burlington Northern, Inc. 1,616,400 81,224 12189710
CSX Corp. (f) 5,441,200 372,722 12640810
Canadian Pacific Ltd. Ord. 8,275,700 138,591 13644030
Chicago & North Western Holdings Corp. (a) 214,500 4,424 16715510
Conrail, Inc. 1,992,400 98,624 20836810
Illinois Central Corp., Series A 929,076 27,872 45184110
Kansas City Southern Industries, Inc. (f) 3,049,300 107,869 48517010
Norfolk Southern Corp. 760,900 47,366 65584410
Santa Fe Pacific Corp. 7,866,100 95,376 80218310
1,024,648
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TRANSPORTATION - CONTINUED
SHIPPING - 0.2%
American President Companies Ltd.(f) 1,464,800 $ 36,986 02910310
Kirby Corp. (a)(f) 1,585,900 26,366 49726610
63,352
TRUCKING & FREIGHT - 1.5%
Airborne Freight Corp. (f) 1,520,100 37,242 00926610
American Freightways Corp. (a) 992,400 24,562 02629V10
Arkansas Best Corp. (f) 1,859,800 26,153 04079010
Consolidated Freightways, Inc. (a)(f) 3,346,100 73,614 20923710
Federal Express Corp. (a) 2,387,900 147,751 31330910
Landstar System, Inc. (a)(f) 862,700 29,763 51509810
MS Carriers, Inc. (a) 385,800 8,584 55353310
Rollins Truck Leasing Corp. 2,222,875 25,841 77574110
Swift Transportation Co., Inc. (a)(f) 1,224,000 52,556 87075610
TNT Freightways Corp. (f) 1,831,500 47,161 87259J10
XTRA Corp. (f) 1,688,000 86,721 98413810
559,948
TOTAL TRANSPORTATION 2,063,093
UTILITIES - 2.9%
CELLULAR - 0.7%
Airtouch Communications (a) 6,172,700 176,694 00949T10
Mobile Telecommunications Technologies, Inc. (a) 1,465,300 30,039
60740610
Vanguard Cellular Systems, Inc. Class A (a) 1,314,900 34,516 92202210
241,249
GAS - 0.6%
Santa Fe Pacific Pipeline Partners LP 151,000 5,040 80217710
Seagull Energy Corp. (a)(f) 2,638,674 61,679 81200710
Sonat, Inc. 1,481,300 46,476 83541510
Williams Companies, Inc. 3,196,800 95,904 96945710
209,099
TELEPHONE SERVICES - 1.6%
ALC Communications Corp. (a) 1,284,100 42,054 00157530
AT&T Corp. 5,588,500 301,779 00195710
LCI International, Inc. (a) 597,300 11,610 50181310
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
UTILITIES - CONTINUED
TELEPHONE SERVICES - CONTINUED
Rochester Telephone Corp. 2,124,500 $ 46,739 77175810
Sprint Corp. 5,018,100 191,315 85206110
593,497
TOTAL UTILITIES 1,043,845
TOTAL COMMON STOCKS
(Cost $30,449,311) 34,670,191
PREFERRED STOCKS - 1.0%
CONVERTIBLE PREFERRED STOCKS - 0.1%
DURABLES - 0.1%
AUTOS, TIRES, & ACCESSORIES - 0.1%
Chrysler Corp., Series A, $4.625 (h) 193,200 24,222 17119670
Federal Mogul Corp. $1.9375 (h) 65,000 4,428 31354920
TOTAL DURABLES 28,650
INDUSTRIAL MACHINERY & EQUIPMENT - 0.0%
ELECTRICAL EQUIPMENT - 0.0%
Ampex Corp. 8% 5,502 2,201 51199323
RETAIL & WHOLESALE - 0.0%
GENERAL MERCHANDISE STORES - 0.0%
Hills Stores, Series A 32,597 697 43169220
TECHNOLOGY - 0.0%
ELECTRONICS - 0.0%
National Semiconductor Corp. $3.25 64,800 4,026 63764050
TOTAL CONVERTIBLE PREFERRED STOCKS 35,574
PREFERRED STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
NONCONVERTIBLE PREFERRED STOCKS - 0.9%
DURABLES - 0.0%
AUTOS, TIRES, & ACCESSORIES - 0.0%
Harvard Industries, Inc. pay-in-kind $14.25 54,746 $ 1,423 41743440
INDUSTRIAL MACHINERY & EQUIPMENT - 0.9%
Nokia AB 2,796,600 324,909 65599910
TECHNOLOGY - 0.0%
ELECTRONICS - 0.0%
Berg Electronics Holding Corp. $3.4687 Series E 100,543 2,715 08372640
TOTAL NONCONVERTIBLE PREFERRED STOCKS 329,047
TOTAL PREFERRED STOCKS
(Cost $238,414) 364,621
CORPORATE BONDS - 0.9%
MOODY'S RATINGS (E) PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (D) (000S) (000S)
CONVERTIBLE BONDS - 0.3%
BASIC INDUSTRIES - 0.0%
PAPER & FOREST PRODUCTS - 0.0%
Repap Enterprises, Inc.:
8 1/2%, 8/1/97 - $ 250 245 76026M9B
9%, 6/30/98 - CAD 12,900 8,353 76026M9A
TOTAL BASIC INDUSTRIES 8,598
CONGLOMERATES - 0.0%
Polly Peck International PLC 7 1/4%, 1/4/05 (c) - 1,300 585 731991AA
DURABLES - 0.1%
CONSUMER ELECTRONICS - 0.1%
Whirlpool Corp. liquid yield option notes 0%,
5/14/11 Baa1 59,835 23,859 963320AJ
CORPORATE BONDS - CONTINUED
MOODY'S RATINGS (E) PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (D) (000S) (000S)
CONVERTIBLE BONDS - CONTINUED
INDUSTRIAL MACHINERY & EQUIPMENT - 0.0%
ELECTRICAL EQUIPMENT - 0.0%
Ampex Corp., Series C, 8%, 6/30/97 - $ 1,305 $ 508 511993AA
RETAIL & WHOLESALE - 0.0%
APPAREL STORES - 0.0%
Dylex Ltd. 9%, 8/15/00 - 140 77 267720AA
DRUG STORES - 0.0%
Big B, Inc. 6 1/2%, 3/15/03 B2 3,500 3,815 088891AA
TOTAL RETAIL & WHOLESALE 3,892
TECHNOLOGY - 0.2%
COMPUTERS & OFFICE EQUIPMENT - 0.2%
EMC Corp. 6 1/4%, 4/1/02 B2 8,000 52,370 268648AA
TOTAL CONVERTIBLE BONDS 89,812
NONCONVERTIBLE BONDS - 0.6%
AEROSPACE & DEFENSE - 0.0%
AEROSPACE & DEFENSE - 0.0%
K & F Industries, Inc. 11 7/8%, 12/1/03 B1 1,700 1,670 482240AB
DEFENSE ELECTRONICS - 0.0%
Tracor, Inc. 10 7/8%, 8/15/01 B2 7,750 7,673 892349AC
TOTAL AEROSPACE & DEFENSE 9,343
BASIC INDUSTRIES - 0.2%
CHEMICALS & PLASTICS - 0.1%
Arcadian Partners LP 10 3/4% 5/01/05 B2 6,000 5,873 039230AB
IMC Fertilizer Group, Inc. 9 1/4%, 10/1/00 B3 3,950 3,812 449669AH
Rexene Corp.:
9%, 11/15/99 - 1,360 1,353 761683AA
pay-in-kind 10%, 11/15/02 - 919 904 761683AB
Trans Resources, Inc.:
14 1/2%, 9/1/96 B2 5,000 5,200 893320AB
11 7/8%, 7/1/02 (h) B2 2,500 2,269 893320AD
19,411
CORPORATE BONDS - CONTINUED
MOODY'S RATINGS (E) PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (D) (000S) (000S)
NONCONVERTIBLE BONDS - CONTINUED
BASIC INDUSTRIES - CONTINUED
METALS & MINING - 0.0%
Kaiser Aluminum & Chemical Corp. 9 7/8%,
2/15/02 B1 $ 8,000 $ 7,120 483008AE
Sherritt Inc. 10 1/2%, 3/31/14 B1 4,880 4,795 824287AB
11,915
PACKAGING & CONTAINERS - 0.0%
Crown Packaging Holdings Ltd.
12 1/4%, 11/1/03 (i) Caa 6,400 3,152 228443AC
Crown Packaging Ltd. 10 3/4%, 11/1/00 B3 5,000 4,975 228444AB
8,127
PAPER & FOREST PRODUCTS - 0.1%
Repap Enterprises, Inc.:
euro 0%, 7/21/97 (j) - 3,552 2,619 76026M9C
0%, 7/21/97 (j) - 9,681 7,139 76026M9D
Repap Wisconsin, Inc. 9 1/4%, 2/1/02 B1 1,550 1,360 76026LAA
Stone Container Corp.:
10 3/4%, 6/15/97 B2 5,770 5,799 861589AG
11 7/8%, 12/1/98 B1 6,330 6,520 861589AD
9 7/8%, 2/1/01 B1 9,000 8,426 861589AK
31,863
TOTAL BASIC INDUSTRIES 71,316
CONSTRUCTION & REAL ESTATE - 0.0%
BUILDING MATERIALS - 0.0%
Adience, Inc. 11%, 6/15/02 - 3,995 3,096 006905AA
Insilco Corp. 9 1/2%, 7/1/97 Ca 1,870 1,870 457659AC
USG Corp.:
9 1/4%, 9/15/01 B2 3,435 3,272 903293AN
8 3/4%, 3/1/17 B2 1,840 1,605 903293AC
9,843
CONSTRUCTION - 0.0%
Hillsborough/Jim Walter Corp. 17%, 1/1/96 (b) Ca 5,286 4,308 373280AE
TOTAL CONSTRUCTION & REAL ESTATE 14,151
CORPORATE BONDS - CONTINUED
MOODY'S RATINGS (E) PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (D) (000S) (000S)
NONCONVERTIBLE BONDS - CONTINUED
DURABLES - 0.0%
TEXTILES & APPAREL - 0.0%
Leslie Fay Companies, Inc.:
9.53%, 1/15/00 (b)(g) - $ 8,931 $ 6,966 5270109H
10.54%, 1/15/02 (b)(g) - 8,073 5,651 5270109J
TOTAL DURABLES 12,617
ENERGY - 0.0%
INDEPENDENT POWER - 0.0%
California Energy Corp., Inc. 10 1/4%,
1/15/04 (i) Ba3 4,080 2,938 130190AC
OIL & GAS - 0.0%
Wainoco Oil Corp. 12%, 8/1/02 B1 7,000 7,280 930676AE
TOTAL ENERGY 10,218
FINANCE - 0.0%
CREDIT & OTHER FINANCE - 0.0%
Tiphook Finance Corp. 8%, 3/15/00 Caa 460 317 887795AB
INSURANCE - 0.0%
Chartwell Reinsurance Corp. 10 1/4%, 3/1/04 Ba3 490 446 16139WAA
TOTAL FINANCE 763
INDUSTRIAL MACHINERY & EQUIPMENT - 0.0%
ELECTRICAL EQUIPMENT - 0.0%
Ametek, Inc. 9 3/4%, 3/15/04 Ba3 3,140 3,152 031105AA
INDUSTRIAL MACHINERY & EQUIPMENT - 0.0%
Maritime Group Ltd. 13 1/2%, 2/15/97 (h) - 1,518 1,043 570998AB
Thermadyne Holdings Corp.:
10 1/4%, 5/1/02 - 1,412 1,370 883435AA
10 3/4%, 11/1/03 - 1,957 1,898 883435AB
4,311
POLLUTION CONTROL - 0.0%
Envirosource, Inc. 9 3/4%, 6/15/03 B3 2,400 2,172 29409KAB
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 9,635
CORPORATE BONDS - CONTINUED
MOODY'S RATINGS (E) PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (D) (000S) (000S)
NONCONVERTIBLE BONDS - CONTINUED
MEDIA & LEISURE - 0.2%
BROADCASTING - 0.1%
Act III Broadcasting, Inc. 9 5/8%, 12/15/03 B3 $ 1,110 $ 1,046 00503KAA
Citicasters 9 3/4%, 2/15/04 - 30,000 29,250 172936AA
Helicon Group LP/Helicon Cap Corp.,
9%, 11/1/03 (j) Caa 3,180 2,703 423265AC
Robin Media Group, Inc. 11 1/8%, 4/1/97 - 10,000 9,600 770685AA
SCI Television, Inc. secured variable rate
7 1/2%, 6/30/98 - 6,895 6,731 783895AK
49,330
LODGING & GAMING - 0.1%
Bally Gaming International., Inc., 10 3/8%, 7/29/98 - 7,500 7,050
058731AB
Host Marriott Corp. 10 1/2%, 5/1/06 B1 5,869 5,869 441080AH
Resorts International Hotel Financing, Inc. :
mtg. 11%, 9/15/03 - 2,042 1,358 76118JAB
11 3/8%, 12/15/04 ($1000 jr. mtg. notes &
1 Class B New) - 571 291 76118JAC
14,568
RESTAURANTS - 0.0%
Cafeteria Operators LP 11%, 6/30/98 (b)(g) - 5,000 1,250 127998AC
TOTAL MEDIA & LEISURE 65,148
RETAIL & WHOLESALE - 0.1%
APPAREL STORES - 0.0%
Apparel Retailers, Inc. 12 3/4%, 8/15/05 (i) Caa 2,830 1,648 037795AB
Lamonts Apparel Corp. 10 1/4%, 11/1/99 (b) - 8,267 6,138 513628AB
7,786
DRUG STORES - 0.0%
Thrifty Payless, Inc. 12 1/4%, 4/15/04 B3 3,030 2,932 885873AB
GENERAL MERCHANDISE STORES - 0.1%
Hills Stores Co. 10 1/4%, 9/30/03 - 547 511 431692AA
Macy (R.H.) & Co., Inc. sr. 14 1/2%, 10/15/98 Ca 22,801 16,246 556141AC
16,757
TOTAL RETAIL & WHOLESALE 27,475
CORPORATE BONDS - CONTINUED
MOODY'S RATINGS (E) PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (D) (000S) (000S)
NONCONVERTIBLE BONDS - CONTINUED
SERVICES - 0.0%
PRINTING - 0.0%
BFP Holdings 13 1/2%, 4/15/04 (i) Caa $ 10,093 $ 5,047 055398AC
TRANSPORTATION - 0.0%
SHIPPING - 0.0%
Sea Containers Ltd. 9 1/2%, 7/1/03 Ba3 3,960 3,633 811371AD
UTILITIES - 0.1%
ELECTRIC UTILITY - 0.1%
Del Norte Funding Corp. secured leasing oblig.
11 1/4%, 1/2/14 (b) Ca 8,965 4,841 245279AC
El Paso Funding Corp. lease oblig.:
9 3/8%, 10/1/96 (b) Ca 6,175 3,335 283681AB
10 3/4%, 4/1/13 (b) Ca 3,340 1,804 283681AC
9,980
GAS - 0.0%
Columbia Gas Systems, Inc.:
7 1/2%, 6/1/97 (b) Caa 3,080 3,419 197648BG
10.15%, 11/1/13 (b) Caa 2,900 3,538 197648BW
6,957
TOTAL UTILITIES 16,937
TOTAL NONCONVERTIBLE BONDS 246,283
TOTAL CORPORATE BONDS
(Cost $289,816) 336,095
COMMERCIAL MORTGAGE SECURITIES - 0.0%
Bardell Associates Note Trust 12 1/2%, 11/1/08 (g) - 4,947 5,027
06799LAA
USG Corp. Sale/Leaseback loan
11 3/4%, 12/29/08 - 6,100 6,100 90399BAW
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $11,127) 11,127
FOREIGN GOVERNMENT OBLIGATIONS - 0.0%
MOODY'S RATINGS (E) PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (D) (000S) (000S)
Argentina Republic BOTE 1.85%, 5/31/96 (j)
(Cost $5,172) - $ 15,000 $ 5,858 0401149D
OTHER SECURITIES - 0.4%
PURCHASED BANK DEBT - 0.4%
Belmont L.V. Land LP loan 8,182 6,392 080992AA
El Paso Electric Co. (b):
unsecured loan 29,666 18,985 2836779L
variable secured loan 2,856 2,713 2836779J
GPA Group PLC:
CCF 14,288 12,895 3619319F
DAF 1,097 990 3619319G
Leslie Fay Cos., Inc. (b):
revolving loan 9,057 7,064 5270109E
term loan 10,268 8,009 5270109A
Macy (R.H.) & Co., Inc. (b):
49 Store loan 9,500 9,369 556994AU
LBO Swap Claim 7,023 8,148 556994AT
10 Store loan 16,941 16,750 556994CP
10 Store Swap Claim 5,791 5,726 557991AA
Working Capital loan 9,776 11,341 556993BC
Maxwell Communications Corp. (b):
revolving loan 4,289 1,668 5777329C
term loan 8,426 2,928 5777329B
Queens Moat Houses PLC loan (b) 727 171 7475009F
Trivest 1992 Special Fund Ltd. loan 26.6(k) 6,767 0491479A
119,916
TRADE CLAIMS RECEIVABLES - 0.0%
Hills Stores (Bear) Trade Claim 13.5%,
12/31/94 (a) 434 326 43165992
TOTAL OTHER SECURITIES
(Cost $112,349) 120,242
REPURCHASE AGREEMENTS - 2.2%
MATURITY VALUE (NOTE 1)
AMOUNT (000S)
(000S)
Investments in repurchase agreements
(U.S. Treasury obligations), in a
joint trading account at 4.91%
dated 9/30/94 due 10/3/94 $ 780,522 $ 780,203 99799N4T
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $31,886,392) $ 36,288,337
CURRENCY ABBREVIATIONS
CAD - Canadian dollar
LEGEND
1. Non-income producing
2. Non-income producing - issuer filed for protection under the Federal
Bankruptcy Code or is in default of interest payment.
3. Non-income producing - the company moved to seek a court appointed
administrator under British bankruptcy law.
4. Principal amount is stated in United States dollars unless otherwise
noted.
5. Standard & Poor's Corporation credit ratings are used in the absence of
a rating by Moody's Investors Service, Inc.
6. Affiliated company (see Note 5 of Notes to Financial Statements).
7. Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST (000S)
Atlantis Group, Inc.
(Trivest/Winston) 4/16/93 $ 90
Bardell Associates Note
Trust 12 1/2%,
11/1/08 4/19/94 $ 5,027
ACQUISITION ACQUISITION
SECURITY DATE COST (000S)
Cafeteria Operators
LP 11%, 6/30/98 6/24/93 $ 4,000
Heileman G Brewing
Inc. 1/21/94 $ 6,800
Leslie Fay Companies Inc.:
9.53%, 1/15/00 7/13/93 $ 6,765
10.54%, 1/15/02 7/19/93 to
11/11/93 $ 5,337
8. Security exempt from registration under
Rule 144A of the Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional
buyers. At the period end, the value of these securities amounted
to $49,238,000 or 0.1% of net assets.
9. Debt obligation initially issued in zero coupon form which converts to
coupon form at a specified rate and date.
10. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
11. Represents number of units held.
INCOME TAX INFORMATION
At September 30, 1994, the aggregate cost of investment securities for
income tax purposes was $31,933,544,000. Net unrealized appreciation
aggregated $4,354,793,000, of which $5,648,795,000 related to appreciated
investment securities and $1,294,002,000 related to depreciated investment
securities.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) SEPTEMBER 30, 1994
ASSETS
Investment in securities, at value (including repurchase $ 36,288,337
agreements of $780,203) (cost $31,886,392) -
See accompanying schedule
Cash 7,424
Receivable for investments sold 1,506,139
Receivable for fund shares sold 55,725
Dividends receivable 40,067
Interest receivable 3,996
Other receivables 3,953
TOTAL ASSETS 37,905,641
LIABILITIES
Payable for investments purchased $ 1,647,101
Payable for fund shares redeemed 45,401
Accrued management fee 23,138
Other payables and accrued expenses 6,386
TOTAL LIABILITIES 1,722,026
NET ASSETS $ 36,183,615
Net Assets consist of:
Paid in capital $ 32,579,884
Undistributed net investment income 110,633
Accumulated undistributed net realized gain (loss) on (908,872)
investments and foreign currency transactions
Net unrealized appreciation (depreciation) on investments 4,401,970
and assets and liabilities in foreign currencies
NET ASSETS, for 536,793 shares outstanding $ 36,183,615
NET ASSET VALUE and redemption price per share $67.41
($36,183,615 (divided by) 536,793 shares)
Maximum offering price per share (100/97.00 of $67.41) $69.49
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED SEPTEMBER 30, 1994
INVESTMENT INCOME $ 210,044
Dividends (including $47,051 received from affiliated
issuers)
Interest 42,732
TOTAL INCOME 252,776
EXPENSES
Management fee
Basic fee $ 107,337
Performance adjustment 24,655
Transfer agent fees 36,989
Accounting fees and expenses 420
Non-interested trustees' compensation 100
Custodian fees and expenses 672
Registration fees 1,580
Audit 244
Legal 116
Interest 19
Miscellaneous 664
Total expenses before reductions 172,796
Expense reductions (6,023) 166,773
NET INVESTMENT INCOME 86,003
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment securities (including realized gain (loss) of (762,915)
$(63,680) on sales of investments in affiliated issues)
Foreign currency transactions (3,596) (766,511)
Change in net unrealized appreciation (depreciation) on:
Investment securities 911,794
Assets and liabilities in foreign currencies 14,741 926,535
NET GAIN (LOSS) 160,024
NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 246,027
FROM OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS YEAR ENDED
ENDED MARCH 31,
SEPTEMBER 30, 1994
1994
INCREASE (DECREASE) IN NET ASSETS
Operations $ 86,003 $ 320,022
Net investment income
Net realized gain (loss) (766,511) 2,923,182
Change in net unrealized appreciation (depreciation) 926,535 (33,846)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 246,027 3,209,358
FROM OPERATIONS
Distributions to shareholders: (63,445) (300,411)
From net investment income
From net realized gain (1,288,677) (2,583,157)
TOTAL DISTRIBUTIONS (1,352,122) (2,883,568)
Share transactions 5,546,219 10,878,472
Net proceeds from sales of shares
Reinvestment of distributions 1,329,944 2,833,537
Cost of shares redeemed (2,705,919) (5,804,748)
Net increase (decrease) in net assets resulting from 4,170,244 7,907,261
share transactions
TOTAL INCREASE (DECREASE) IN NET ASSETS 3,064,149 8,233,051
NET ASSETS
Beginning of period 33,119,466 24,886,415
End of period (including undistributed net investment $ 36,183,615 $ 33,119,466
income of $110,633 and $94,879, respectively)
OTHER INFORMATION
Shares
Sold 82,877 150,758
Issued in reinvestment of distributions 19,889 41,356
Redeemed (41,027) (80,692)
Net increase (decrease) 61,739 111,422
</TABLE>
FINANCIAL HIGHLIGHTS
SIX MONTHS YEARS ENDED MARCH 31,
ENDED
SEPTEMBER 30,
1994
(UNAUDITED) 1994 1993 1992 1991 1990
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, $ 69.72 $ 68.44 $ 68.13 $ 64.84 $ 58.60 $ 52.92
beginning of period
Income from
Investment
Operations
Net investment .14 .61 1.20 .81 1.39 1.35
income
Net realized and .32 7.92 9.18 9.21 8.10 9.39
unrealized gain
(loss)
Total from .46 8.53 10.38 10.02 9.49 10.74
investment
operations
Less Distributions
From net (.13) (.75) (1.25) (1.30) (.83) (1.24)
investment
income
From net realized (2.64) (6.50) (8.82) (5.43) (2.42) (3.82)
gain
Total distributions (2.77) (7.25) (10.07) (6.73) (3.25) (5.06)
Net asset value, end $ 67.41 $ 69.72 $ 68.44 $ 68.13 $ 64.84 $ 58.60
of period
TOTAL RETURNB, C 0.69% 12.94 17.06 16.48 17.26 20.32
% % % % %
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of $ 36,184 $ 33,119 $ 24,886 $ 19,824 $ 14,808 $ 13,162
period (in millions)
Ratio of expenses to .96%A .99 1.00 1.05 1.06 1.03
average net assets % % % % %
Ratio of expenses to 1.00%A 1.00 1.00 1.05 1.06 1.03
average net assets % % % % %
before expense
reductions
Ratio of net .50%A 1.07 2.11 1.57 2.47 2.54
investment income % % % % %
to average net
assets
Portfolio turnover 137%A 132 155 172 135 82
rate % % % % %
</TABLE>
1. ANNUALIZED
2. TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS
OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
3. THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN.
NOTES TO FINANCIAL STATEMENTS
For the period ended September 30, 1994
1. SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity Magellan Fund (the fund) is registered under the Investment
Company Act of 1940, as amended (the 1940 Act), as an open-end management
investment company organized as a Massachusetts business trust and is
authorized to issue an unlimited number of shares. The following summarizes
the significant accounting policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities (including restricted securities) for which
exchange quotations are not readily available (and in certain cases debt
securities which trade on an exchange), are valued primarily using
dealer-supplied valuations or at their fair value as determined in good
faith under consistently applied procedures under the general supervision
of the Board of Trustees. Short-term securities maturing within sixty days
of their purchase date are valued at amortized cost or original cost plus
accrued interest, both of which approximate current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at period end. Purchases and
sales of securities, income receipts, and expense payments are translated
into U.S. dollars at the prevailing exchange rate on the respective dates
of the transactions.
Effective April 1, 1994, the fund adopted Statement of Position (SOP) 93-4:
Foreign Currency Accounting and Financial Statement Presentation for
Investment Companies. In accordance with this SOP, reported net realized
gains and losses on foreign currency transactions represent net gains and
losses from sales and maturities of forward currency contracts, disposition
of foreign currencies, currency gains and losses realized between the trade
and settlement dates on securities transactions, and the difference between
the amount of net investment income accrued and the U.S. dollar amount
actually received. Further, as permitted under the SOP, the effects of
changes in foreign currency exchange rates on investments in securities are
not segregated in the Statement of Operations from the effects of changes
in market prices of those securities, but are included with the net
realized and unrealized gain or loss on investment in securities.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities where the ex-dividend date
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
INVESTMENT INCOME - CONTINUED
may have passed, are recorded as soon as the fund is informed of the
ex-dividend date. Interest income is accrued as earned. Investment income
is recorded net of foreign taxes withheld where recovery of such taxes is
uncertain.
DISTRIBUTIONS TO SHAREHOLDERS.
Distributions are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments for
foreign currency transactions, market discount, partnerships, non-taxable
dividends and losses deferred due to wash sales and excise tax regulations.
The fund also utilized earnings and profits distributed to shareholders on
redemption of shares as a part of the dividends paid deduction for income
tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital and may
affect net investment income per share. Undistributed net investment income
may include temporary book and tax basis differences which will reverse in
a subsequent period. Any taxable income or gain remaining at fiscal year
end is distributed in the following year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
FORWARD FOREIGN CURRENCY
CONTRACTS. The fund may enter into forward foreign currency contracts. The
U.S. dollar value of forward foreign currency contracts is determined using
forward currency exchange rates supplied by a quotation service. Losses may
arise due to changes in the value of the foreign currency or if the
counterparty does not perform under the contract.
Purchases and sales of forward foreign currency contracts having the same
settlement date and broker are offset and any realized gain (loss) is
recognized on the date of offset, otherwise gain (loss) is recognized on
settlement date.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. The fund's investment
adviser, Fidelity Management & Research Company (FMR), is responsible for
determining that the value of these underlying securities remains at least
equal to the resale price.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other affiliated
entities of FMR, may transfer uninvested cash
2. OPERATING POLICIES - CONTINUED
JOINT TRADING ACCOUNT - CONTINUED
balances into one or more joint trading accounts. These balances are
invested in one or more repurchase agreements that mature in 60 days or
less from the date of purchase, and are collateralized by U.S. Treasury or
Federal Agency obligations.
RESTRICTED SECURITIES. The fund is permitted to invest in privately placed
restricted securities. These securities may be resold in transactions
exempt from registration or to the public if the securities are registered.
Disposal of these securities may involve time-consuming negotiations and
expense, and prompt sale at an acceptable price may be difficult. At the
end of the period, restricted securities (excluding 144A issues) amounted
to $26,351,000 or .07% of net assets.
3. PURCHASES AND SALES
OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $26,199,710,000 and $23,257,060,000, respectively, of which
sales of U.S. government and government agency obligations aggregated
$1,710,482,000.
4. FEES AND OTHER
TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
basic fee that is calculated on the basis of a group fee rate plus a fixed
individual fund fee rate applied to the average net assets of the fund. The
group fee rate is the weighted average of a series of rates and is based on
the monthly average net assets of all the mutual funds advised by FMR. The
rates ranged from .2850% to .5200% for the period April 1, 1994 to
July 31, 1994 and .2700% to .5200% for the period August 1, 1994 to
September 30, 1994. In the event that these rates were lower than the
contractual rates in effect during those periods, FMR voluntarily
implemented the above rates, as they resulted in the same or a lower
management fee. The annual individual fund fee rate is .30%. The basic fee
is subject to a performance adjustment (up to a maximum of (plus/minus)
.20%) based on the fund's investment performance as compared to the
appropriate index over a specified period of time. For the period, the
management fee was equivalent to an annualized rate of .76% of average net
assets after the performance adjustment.
SALES LOAD. For the period, Fidelity Distributors Corporation (FDC), an
affiliate of FMR and the general distributor of the fund, received sales
charges of $17,117,000 on sales of shares of the fund.
TRANSFER AGENT FEES. Fidelity Service Co. (FSC), an affiliate of FMR, is
the fund's transfer, dividend disbursing and shareholder servicing agent.
FSC receives fees based on the type, size, number of accounts and the
number of transactions made by shareholders. FSC pays for typesetting,
printing and mailing of all shareholder reports, except proxy statements.
ACCOUNTING FEES. FSC maintains the fund's accounting records. The fee is
based on the level of average net assets for the month plus out-of-pocket
expenses.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $14,958,000 for the period.
5. TRANSACTIONS WITH
AFFILIATED COMPANIES.
An affiliated company is a company in which the fund has ownership of at
least 5% of the voting securities. Transactions with companies which are or
were affiliates are as follows:
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES
DOLLAR AMOUNTS IN THOUSANDS
PURCHASES SALES DIVIDEND MARKET
AFFILIATES COST COST INCOME VALUE
ADAPTEC, Inc. (a) $ 409 $ 40,924 $ - $ 58,237
AGCO Corp. 18,223 - - 63,203
AST Research, Inc. (a) 19,565 16,899 - 30,122
Advanced Micro Devices, Inc. (a) 31,207 - - 278,130
Air Canada, Inc. 9,501 - - 42,877
Airborne Freight Corp. 13,333 3,109 122 37,242
Allen Group, Inc. (The) 6,981 - 128 35,368
Altera Corp. (a) 34,436 18,124 - 46,486
Amdahl Corp. (a) 14,947 13,093 - 86,078
American President
Companies, Ltd. - 4,134 320 36,988
Amphenol Corp. (a) 19,072 - - 94,702
Anadarko Petroleum Corp. - 12,882 - -
Analog Devices, Inc. (a) 23,094 14,036 - 92,430
Analogic Corp. (a) - - - 21,002
Anderson Exploration Ltd (a). 278 1,169 - 35,259
Antec Corp. (a) 25,344 7,646 - 46,713
Apache Corp. 14,725 14,555 668 120,779
Applied Materials, Inc. (a) 118,164 14,939 - 308,428
Arkansas Best Corp. - - 37 26,153
Armstrong World Industries, Inc. 21,051 19,410 1,645 107,080
Arrow Electronics, Inc. (a) 65,292 3,562 - 127,710
Atmel Corp. (a) 28,251 - - 140,232
Augat, Inc. - - 76 41,792
Avid Technology, Inc. (a) 4,978 1,444 - 22,957
Avnet, Inc. 15,602 161 891 119,053
Belden, Inc. 3,964 - - 31,903
Best Buy Co., Inc. 32,587 67,384 - 74,772
Biogen, Inc. (a) 4,133 - - 94,590
Black & Decker Corp. 7,523 - - 99,735
Boston Chicken, Inc. (a) 7,438 - - 52,025
Bowne & Co., Inc. 16,819 1,578 282 29,590
Breed Technologies, Inc. 7,353 - - 57,320
Briggs & Stratton Corp. 9,684 24,740 401 -
Brown Group, Inc. 18,782 270 1,198 52,606
Brunswick Corp. 34,376 - 1,965 183,510
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES - CONTINUED
DOLLAR AMOUNTS IN THOUSANDS
PURCHASES SALES DIVIDEND MARKET
AFFILIATES COST COST INCOME VALUE
Burlington Coat Factory
Warehouse Corp. (a) $ 12,553 $ 28,109 $ - $ -
Burlington Resources, Inc. - 125,366 1,143 -
CSX Corp. 62,227 59,116 5,870 372,722
Cabot Corp. 1,124 16,814 632 54,909
Canadian Natural Resources
Ltd. (a) 10,106 9,446 - 51,789
Cardinal Health, Inc. 45,485 - 166 136,071
Carson Pirie Scott & Co. (a) 6,877 5,430 - 21,605
Cedar Fair LP - 4,480 - -
Centex Construction Products (a) 22,610 - - 20,187
Centex Corp. 28,686 2,270 293 68,522
Ceridian Corp. (a) 7,795 - - 64,183
Chipcom Corp. (a) 5,846 10,719 - -
Chiquita Brands, Inc. 3,707 7,008 128 -
Circuit City Stores, Inc. 51,110 14,207 327 175,484
Cirrus Logic, Inc. (a) 59,790 22,234 - 79,666
Claire's Stores, Inc. 88 8,486 45 -
Clark Equipment Co. (a) 56,578 999 - 120,474
Clayton Homes, Inc. (a) 16,900 9,201 - 65,748
Coast Savings Financial, Inc. (a) - 679 - -
Columbia/HCA
Healthcare Corp. 89,419 41,295 536 461,043
Compuware Corp. (a) 30,330 - - 153,005
Conner Peripherals, Inc. (a) 18,063 46,635 - -
Consolidated Freightways, Inc. (a) 32,153 - - 73,614
Consolidated Stores Corp. (a) - 31,210 - -
Cordis Corp. (a) 8,609 15,759 - 68,575
Cypress Semiconductor Corp. (a) 6,078 - - 70,023
Cyrix Corp. (a) 33,535 22,514 - 58,273
DSC Communications Corp. (a) 67,962 62,400 - 180,525
Dallas Semiconductor Corp. (a) 1,653 - - 21,968
Dell Computer Corp. (a) 101,146 58,743 - 143,255
Devon Energy Corp. 740 5,126 83 28,463
Diamond Shamrock R&M, Inc. 14,759 4,106 480 52,453
Diebold, Inc. 4,600 4,094 1,226 112,242
Dress Barn, Inc. (a) - 13,215 - -
EMC Corp. (a) 68,465 20,126 - 287,767
Echlin, Inc. 21,583 952 946 158,919
Electroglas, Inc. (a) 5,167 - - 30,014
Energy Service Co., Inc. (a) - 13,075 - 53,321
Equitable Companies, Inc. 33,390 - - 172,192
Exabyte (a) 10,613 - - 43,409
FirstFed Michigan Corp. - - 315 27,961
Fleetwood Enterprises, Inc. 775 15,352 639 98,889
Foote Cone & Belding
Communications, Inc. 278 1,088 758 38,334
Foster Wheeler Corp. 2,737 25,521 423 49,170
Frontier Insurance Group, Inc. - - 78 19,949
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES - CONTINUED
DOLLAR AMOUNTS IN THOUSANDS
PURCHASES SALES DIVIDEND MARKET
AFFILIATES COST COST INCOME VALUE
General Instrument Corp. (a) $ 111,125 $ 25,725 $ - $ 277,023
Glenayre Technologies, Inc. (a) 13,517 - - 64,616
Gymboree Corp. (a) 25,841 1,693 - 69,297
Hanna (M.A.) Co. 2,520 - - 48,756
Harman International
Industries, Inc. 1,559 - - 28,228
Harris Corp. 57,310 2,365 1,882 172,181
HealthCare COMPARE Corp. (a) 18,084 - - 68,876
Hudson Bay Corp. - 12,177 - -
Indresco, Inc. (a) - 12,898 - -
Integrated Device
Technology, Inc. (a) 26,113 19,042 - 48,549
Intelligent Electronics, Inc. 15,066 5,670 509 59,474
International Rectifier Corp. (a) 8,027 - - 33,525
Itel Corp. (a) 8,550 - - 108,889
Jones Apparel Group, Inc. (a) - 1,408 - -
KLA Instruments Corp. (a) 26,549 6,411 - 82,195
Kansas City Southern
Industries, Inc. 14,888 576 490 107,869
Kennametal, Inc. 11,264 - - 59,239
Kent Electronics Corp. (a) - 26 - 11,921
Kirby Corp. (a) 1,705 - - 26,366
Komag, Inc. (a) 3,583 - - 59,442
LSI Logic Corp. (a) 3,358 - - 189,858
Lafarge Corp. 18,973 2,429 567 82,763
Lam Research Corp. (a) 40,419 - - 104,771
Landstar System, Inc. (a) 2,308 - - 29,763
Lattice Semiconductor Corp. (a) 15,786 2,347 - 30,729
La-Z-Boy Chair Co. - 13,204 207 -
Lennar Corp. 15,040 9,573 94 -
Linear Technology Corp. 12,374 - - 92,626
Lotus Development Corp. (a) 26,440 916 - 174,852
Lowe's Companies, Inc. 118,108 - 910 494,690
MS Carriers, Inc. (a) - 9,002 - -
Magna International, Inc. 56,987 15,281 - 144,567
Manpower, Inc. 113,944 - 287 201,647
Mark IV Industries, Inc. 5,942 7,296 166 70,965
Marshall Industries (a) 6,642 7,769 - 41,017
Maxim Integrated Products, Inc. (a) 20,793 - - 70,094
Maytag Co. 52,839 32,672 987 102,689
McKesson Corp. - 95,598 1,556 -
Medusa Corp. 12,691 - 380 43,822
Mesa, Inc. (a) 7,743 11,286 - -
Michaels Stores, Inc. (a) 18,625 13,321 - 49,327
Micro Warehouse, Inc. (a) 2,787 - - 62,252
Microchip Technology, Inc. (a) 30,023 - - 76,035
Micron Technology, Inc. 58,376 57,903 1,172 229,515
Mitchell Energy & Development
Corp. Class A 904 3,812 145 -
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES - CONTINUED
DOLLAR AMOUNTS IN THOUSANDS
PURCHASES SALES DIVIDEND MARKET
AFFILIATES COST COST INCOME VALUE
Mueller Industries, Inc. (a) $ - $ 3,398 $ - $ 25,323
Nabors Industries, Inc. (a) - 8,012 - 24,891
NACCO Industries, Inc. 20,433 2,359 237 47,426
National Gypsum Co. (a) 22,470 8,428 - 68,643
National Semiconductor Corp. (a) 52,768 - - 186,572
Network General Corp. (a) 6,262 4,660 - 24,107
Nine West Group, Inc. (a) 1,925 13,186 - 67,244
Noble Affiliates, Inc. 12,918 25,834 268 73,169
Noble Drilling Corp. (a) - 4,023 - 27,689
Northstar Energy Corp. (a) - 505 - 23,580
Novellus Systems, Inc. (a) 5,776 - - 50,208
Oak Industries, Inc. (a) 8,069 - - 42,362
Oakwood Homes Corp. 6,824 - - 47,388
Omnicom Group, Inc. 21,002 352 1,952 168,340
Oracle Systems Corp. (a) 33,989 - - 657,823
Paine Webber Group, Inc. 2,441 - 465 55,689
Parker Drilling Co. (a) - 2,418 - 30,451
Parker & Parsley Petroleum Co. 5,990 20,642 132 53,310
Parker-Hannifin Corp. 49,359 - 876 143,642
Payless Cashways, Inc. (a) 4,126 27,061 - -
Petsmart, Inc. (a) 4,598 - - 60,450
Pinnacle West Capital Corp. - 60,343 1,381 -
Pioneer Standard Electronics, Inc. - - 88 26,036
Pittston Company Services Group 2,675 - 445 126,908
Pogo Producing Co. 648 4,364 97 63,107
Premark International, Inc. 1,411 17,358 - -
Powersoft Corp. (a) 5,632 4,515 - 31,872
Premdor, Inc. (a) 1,411 2,890 - 28,579
Pulte Corp. 418 2,312 330 58,410
Quanex Corp. 7,187 - - 26,148
Quantum Corp. (a) 36,097 31,749 - 65,169
Read Rite Corp. (a) 2,583 - - 46,871
Reading & Bates Corp. (a) - 1,714 - 34,083
Recognition Equipment, Inc. (a) - 10,909 - -
Renaissance Energy Ltd. (a) 3,949 2,461 - 168,808
Revco (D.S.), Inc. (a) 27,098 - - 102,884
Rite Aid Corporation 9,845 - - 98,955
Robert Half International, Inc. (a) 14,993 - - 40,553
SR Telecom, Inc. 531 - - 6,262
SafeCard Services, Inc. 6,344 11,053 121 30,103
San Juan Basin Royalty Trust - 12,879 456 -
Sanifill, Inc. (a) - 953 - -
Santa Fe Pacific Corp. - 49,058 - -
Scientific-Atlanta, Inc. 31,913 - 180 132,016
Seagate Technology (a) 79,312 34,120 - 156,866
Seagull Energy Corp. (a) 14,461 8,550 - 61,679
Sensormatic Electronics Corp. 21,426 - - 137,390
Showboat, Inc. - 3,771 75 17,732
Silicon Graphics, Inc. (a) 65,056 - - 247,947
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES - CONTINUED
DOLLAR AMOUNTS IN THOUSANDS
PURCHASES SALES DIVIDEND MARKET
AFFILIATES COST COST INCOME VALUE
SkyWest, Inc. $ 13,289 $ 4,909 $ 224 $ 22,094
Smith (A.O.) Corp. 12,305 29 340 39,895
Snyder Oil Corp. 2,573 3,973 280 39,833
Southdown, Inc. (a) 11,481 - - 29,646
Spiegel, Inc. 12,020 9,501 75 19,013
Springs Industries, Inc. - 4,951 - -
Standex International Corp. 158 - 212 20,520
Staples, Inc. (a) 10,747 - - 79,031
Sterling Software, Inc. (a) 17,753 - - 50,539
Swift Transportation Co., Inc. (a) - - - 52,556
SunAmerica, Inc. 24,916 - 223 102,327
Sybase, Inc. (a) 140,132 81,304 - 178,587
Symbol Technologies, Inc. (a) 21,787 - - 64,465
TNT Freightways Corp. 13,360 - 339 47,161
Tecumseh Products Co. 18,544 - 517 63,781
Tektronix, Inc. 32,667 2,949 - 97,022
Tellabs, Inc. (a) 29,321 41,502 - 105,872
Teradyne, Inc. (a) 43,572 - - 105,230
Texas Industries, Inc. 17,044 - 96 41,838
Texas Instruments, Inc. 91,046 87,718 2,778 341,417
3Com Corp. (a) 73,911 44,425 - 192,661
Tidewater, Inc. 1,307 33,830 391 40,826
Toll Brothers, Inc. (a) 9,813 3,662 - 29,912
Tommy Hilfiger (a) 16,965 - - 67,720
Tosco Corp. 3,000 - 823 76,244
Transcanada Pipelines Ltd. - 55,833 - -
TRINOVA Corp. 38,239 5,474 667 86,542
Triton Energy Corp. (a) 3,681 6,875 - 61,805
USG Corp. (a) 9,983 5,068 - 89,395
U.S. Robotics, Inc. (a) 9,750 26,833 - -
U.S. Surgical Corp. 7,860 10,971 53 -
VLSI Technology, Inc. (a) 1,252 3,764 - 36,418
Varian Associates, Inc. 44,488 875 351 126,060
Varity Corp. (a) 32,663 2,483 - 162,136
Vintage Petroleum, Inc. 2,008 3,013 42 24,584
WHX Corp. (a) - 452 - 24,681
Waban, Inc. (a) 11,700 22,665 - 46,521
Walbro Corp. - 13,287 74 -
Wallace Computer Services, Inc. 15,300 639 473 48,533
Wellman, Inc. 13,664 - 173 72,420
West Coast Energy, Inc. (a) - 23,622 - -
Western Digital Corp. (a) 29,201 9,659 - 64,912
Wyle Laboratories 16 159 170 21,130
XTRA Corp. - - 473 86,721
Xilinx, Inc. (a) - - - 57,710
TOTAL $ 3,986,908 $ 2,246,536 $ 47,050 $ 16,452,667
(a) Non-income producing.
6. BANK BORROWINGS.
The fund is permitted to have bank borrowings for temporary or emergency
purposes to fund shareholder redemptions. The fund has established
borrowing arrangements with certain banks. Under the most restrictive
arrangement, the fund must pledge to the bank securities having a market
value in excess of 220% of the total bank borrowings. The interest rate on
the borrowings is the bank's base rate, as revised from time to time. The
maximum loan and the average daily loan balance during the periods for
which loans were outstanding amounted to $172,136,000. The weighted average
interest rate was 3.875%.
7. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion
of the fund's expenses. For the period, the fund's expenses were reduced by
$6,023,000 under this arrangement.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of and the Shareholders of Fidelity Magellan Fund:
We have audited the accompanying statement of assets and liabilities of
Fidelity Magellan Fund, including the schedule of portfolio investments, as
of September 30, 1994, and the related statement of operations for the six
months then ended, the statement of changes in net assets for the six
months ended September 30, 1994 and for the year ended March 31, 1993 and
the financial highlights for the six months ended September 30, 1994 and
each of the five years in the period then ended March 31, 1994. These
financial statements and financial highlights are the responsibility of the
fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of September 30, 1994 by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Magellan Fund as of September 30, 1994, the results of its
operations for the six months then ended, the changes in its net assets
for the six months ended September 30, 1994 and for the year ended March
31, 1994 and the financial highlights for the six months ended September
30, 1994 and each of the five years in the period ended March 31, 1993, in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
November 1, 1994
TO CALL FIDELITY
FOR FUND INFORMATION AND QUOTES
The Fidelity Telephone Connection offers you special automated telephone
services for quotes and balances. The services are easy to use,
confidential and quick. All you need is a Touch Tone telephone.
YOUR PERSONAL IDENTIFICATION NUMBER
(PIN)
The first time you call one of our automated telephone services, we'll ask
you
to set up your Personal Identification
Number (PIN). The PIN assures that
only you have automated telephone
access to your account information.
Please have your Customer Number
(T-account #) handy when you call --
you'll need it to establish your PIN. If
you would ever like to change your PIN, just choose the "Change your
Personal
Identification Number" option when
you call. If you forget your PIN, please
call a Fidelity representative at 1-800-
544-6666 for assistance.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND QUOTES*
1-800-544-8544
Just make a selection from this record-ed menu:
PRESS
For quotes on funds you own.
1.
For an individual fund quote.
2.
For the ten most frequently
requested Fidelity fund quotes.
3.
For quotes on Fidelity Select
Portfolios.(registered trademark)
4.
To change your Personal
Identification Number (PIN).
5.
To speak with a Fidelity
representative.
6.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND ACCOUNT
BALANCES 1-800-544-7544
Just make a selection from this record-
ed menu:
PRESS
For balances on funds you own.
1.
For your most recent fund activity
(purchases, redemptions, and
dividends).
2.
To change your Personal
Identification Number (PIN).
3.
To speak with a Fidelity
representative.
4.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD AND
RETURN WILL
VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS
MEANS THAT
YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO
ASSURANCE THAT
MONEY MARKET FUNDS WILL BE ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN
INVESTMENT IN
A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT.
TOTAL
RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN SHARE PRICE, REINVESTMENT OF
DIVIDENDS
AND CAPITAL GAINS, AND THE EFFECTS OF ANY SALES CHARGES.
TO WRITE FIDELITY
If more than one address is listed, please locate the address that is
closest to you. We'll give your correspondence immediate attention and send
you written confirmation upon completion of your request.
(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
OVERNIGHT EXPRESS
Fidelity Investments
100 Crosby Parkway - KP2C
Covington, KY 41015-4399
SELLING SHARES
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30281
Salt Lake City, UT 84130-0281
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions
World Trade Center
164 Northern Avenue
Boston, MA 02210
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
TO VISIT FIDELITY
For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 East Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19100 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
Los Angeles, CA
811 Wilshire Boulevard
Los Angeles, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
455 Market Street
San Francisco, CA
1400 Civic Drive
Walnut Creek, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
185 Asylum Street
Hartford, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
DELAWARE
222 Delaware Avenue
Wilmington, DE
FLORIDA
4400 N. Federal Highway
Boca Raton, FL
90 Alhambra Plaza
Coral Gables, FL
4090 N. Ocean Boulevard
Ft. Lauderdale, FL
4001 Tamiami Trail, North
Naples, FL
1907 West State Road 434
Orlando, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
2000 66th Street, North
St. Petersburg, FL
GEORGIA
3525 Piedmont Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
215 East Erie Street
Chicago, IL
One North Franklin
Chicago, IL
540 Lake Cook Road
Deerfield, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
LOUISIANA
201 St. Charles Avenue
New Orleans, LA
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
1 West Pennsylvania Ave.
Towson, MD
7401 Wisconsin Avenue
Bethesda, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
101 Cambridge Street
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
38 South Sixth Street
Minneapolis, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
2200 West Main Street
Durham, NC
4611 Sharon Road
Charlotte, NC
OHIO
600 Vine Street
Cincinnati, OH
1903 East Ninth Street
Cleveland, OH
28699 Chagrin Boulevard
Woodmere Village, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford
Houston, TX
1010 Lamar Street
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
215 South State Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8180 Greensboro Drive
McLean, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
1001 Fourth Avenue
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
222 East Wisconsin Avenue
Milwaukee, WI
INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
INVESTMENT SUB-ADVISER
Fidelity Management & Research
(U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Jeff Vinik, Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Arthur S. Loring, Secretary
Robert H. Morrison, Manager,
Security Transactions
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
FIDELITY GROWTH FUNDS
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund
Disciplined Equity Fund
Dividend Growth Fund
Emerging Growth Fund
Fidelity Fifty
Growth Company Fund
Low-Priced Stock Fund
Magellan(registered trademark) Fund
Mid-Cap Stock Fund
New Millennium(trademark) Fund
OTC Portfolio
Retirement Growth Fund
Small Cap Stock Fund
Stock Selector
Trend Fund
Value Fund
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
(registered trademark)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE
