SUPPLEMENT TO THE
FIDELITY MAGELLAN FUND
PROSPECTUS
DATED MAY 20, 1993
Shareholder Meeting:
On March 23, 1994,
shareholders approved
changes to the investment
objective and certain other
policies of the fund. The
changes, as outlined in the
proxy statement, are not
expected to change the way
the fund is managed. These
changes took effect upon
approval, and the fund's
investment objective as
described in the prospectus on
page 29 has been mo dified as
follows:
"The fund seeks capital
appreciation through
investments in securities of
domestic, foreign and
multinational issuers. The fund
normally invests primarily in
common stock and securities
convertible into common stock,
but may also invest in other
types of securities in seeking
its objective."
Please contact Fidelity at
1-800-544-6666 if you wish to
receive a proxy statement.
The following information
replaces the first paragraph on
page 20:
FDC collects the proceeds from
the fund's 3% sales charge and
may pay a portion of them to
securities dealers who have
sold the fund's shares, or to
others, including banks and
other financial institutions
(Qualified Recipients), under
special arrangements in
connection with FDC's sales
activities. The sales charge
paid to Qualified Recipients is
1.5% of the fund's offering
price.
The following information
replaces that found under the
"Reductions" heading in the
"Sales Charge Reductions and
Waivers" section on page 21.
REDUCTIONS. The fund's sales
charge may be reduced if you
invest directly with Fidelity or
through prototype or
prototype-like retirement plans
sponsored by FMR or FMR
Corp. Purchases made with
assistance or intervention from
a financial intermediary are not
eligible. The amount you invest,
plus the value of your account,
must fall within the ranges
shown below. Call Fidelity to
see if your purchase qualifies.
Net
amount
Ranges Sales charge invested
$0 - 249,000 3% 3.09
%
$250,000 - 499,999 2% 2.04
%
$500,000 - 999,999 1% 1.01
%
$1,000,000 or more none none
The sales charge will also be
reduced by the percentage of
any sales charge you
previously paid on investments
in other Fidelity funds (not
including Fidelity's Foreign
Currency Funds). Similarly,
your shares carry credit for any
sales charge you would have
paid if the reductions in the
table above had not been
available. These sales
SUPPLEMENT TO THE
FIDELITY MAGELLAN FUND
PROSPECTUS
DATED MAY 20, 1993
Shareholder Meeting:
On March 23, 1994,
shareholders approved
changes to the investment
objective and certain other
policies of the fund. The
changes, as outlined in the
proxy statement, are not
expected to change the way
the fund is managed. These
changes took effect upon
approval, and the fund's
investment objective as
described in the prospectus on
page 29 has been mo dified as
follows:
"The fund seeks capital
appreciation through
investments in securities of
domestic, foreign and
multinational issuers. The fund
normally invests primarily in
common stock and securities
convertible into common stock,
but may also invest in other
types of securities in seeking
its objective."
Please contact Fidelity at
1-800-544-6666 if you wish to
receive a proxy statement.
The following information
replaces the first paragraph on
page 20:
FDC collects the proceeds from
the fund's 3% sales charge and
may pay a portion of them to
securities dealers who have
sold the fund's shares, or to
others, including banks and
other financial institutions
(Qualified Recipients), under
special arrangements in
connection with FDC's sales
activities. The sales charge
paid to Qualified Recipients is
1.5% of the fund's offering
price.
The following information
replaces that found under the
"Reductions" heading in the
"Sales Charge Reductions and
Waivers" section on page 21.
REDUCTIONS. The fund's sales
charge may be reduced if you
invest directly with Fidelity or
through prototype or
prototype-like retirement plans
sponsored by FMR or FMR
Corp. Purchases made with
assistance or intervention from
a financial intermediary are not
eligible. The amount you invest,
plus the value of your account,
must fall within the ranges
shown below. Call Fidelity to
see if your purchase qualifies.
Net
amount
Ranges Sales charge invested
$0 - 249,000 3% 3.09
%
$250,000 - 499,999 2% 2.04
%
$500,000 - 999,999 1% 1.01
%
$1,000,000 or more none none
The sales charge will also be
reduced by the percentage of
any sales charge you
previously paid on investments
in other Fidelity funds (not
including Fidelity's Foreign
Currency Funds). Similarly,
your shares carry credit for any
sales charge you would have
paid if the reductions in the
table above had not been
available. These sales
MAG--94-2 April 7, 1994
MAG--94-2 April 7, 1994
charge credits only apply if you
continuously owned Fidelity
fund shares or a Fidelity
brokerage core account, or
participated in The
CORPORATEplan for
Retirement Program, and only
to purchases made in one of
the following ways:
1. By exchange from another
Fidelity fund.
2. With proceeds of a
transaction within a Fidelity
brokerage core account,
including any free credit
balance, core money market
fund, or margin availability, to
the extent such proceeds were
derived from redemption
proceeds from another Fidelity
fund.
3. With redemption proceeds
from one of Fidelity's Foreign
Currency Funds, if the Foreign
Currency Fund shares were
originally purchased with
redemption proceeds from a
Fidelity fund.
4. Through the Directed
Dividends Option (see page
16).
5. By participants in The
CORPORATEplan for
Retirement Program when
shares are purchased through
plan-qualified loan repayments,
and for exchanges into and out
of the Managed Income
Portfolio.
charge credits only apply if you
continuously owned Fidelity
fund shares or a Fidelity
brokerage core account, or
participated in The
CORPORATEplan for
Retirement Program, and only
to purchases made in one of
the following ways:
1. By exchange from another
Fidelity fund.
2. With proceeds of a
transaction within a Fidelity
brokerage core account,
including any free credit
balance, core money market
fund, or margin availability, to
the extent such proceeds were
derived from redemption
proceeds from another Fidelity
fund.
3. With redemption proceeds
from one of Fidelity's Foreign
Currency Funds, if the Foreign
Currency Fund shares were
originally purchased with
redemption proceeds from a
Fidelity fund.
4. Through the Directed
Dividends Option (see page
16).
5. By participants in The
CORPORATEplan for
Retirement Program when
shares are purchased through
plan-qualified loan repayments,
and for exchanges into and out
of the Managed Income
Portfolio.
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