FIDELITY MAGELLAN FUND
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 20, 1995
Litigation. In December 1995, several individuals who purchased shares
of Micron Technology, Inc., ("Micron") in October and November 1995 filed
complaints in the United States District Court in Boston against the fund,
FMR, FMR Corp. and Jeffrey Vinik, the fund's portfolio manager. The
complaints allege that, in violation of a federal securities law and state
common law, the fund's portfolio manager made misleading statements
regarding Micron and the fund's holdings of Micron. Plaintiffs seek to have
the complaints certified as a class action on behalf of specified
purchasers of Micron shares. The defendants deny the allegations in the
complaints and intend to defend lawsuits vigorously.
The following information replaces the similar information found in the
"Additional Purchase and Redemption Information" section on page 15.
7. to shares purchased through Portfolio Advisory Services or Fidelity
Charitable Advisory Services;
MANAGEMENT CONTRACT. Effective January 1, 1996, FMR agreed to voluntarily
adopt the revised group fee rate schedule shown below for purposes of
calculating the group fee component of the management fee. The revised
schedule provides for lower management fees as total assets under
management increase, and it will be presented to shareholders for approval
at the next shareholder meeting.
The following information replaces the "Group Fee Rate" and "Effective
Annual Fee Rate" schedules found on page 20.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
Average Group Annualized Group Net Effective Annual Fee
Assets Rate Assets Rate
0 - $ 3 billion .5200% $ 0.5 billion .5200%
3 - 6 .4900 25 .4238
6 - 9 .4600 50 .3823
9 - 12 .4300 75 .3626
12 - 15 .4000 100 .3512
15 - 18 .3850 125 .3430
18 - 21 .3700 150 .3371
21 - 24 .3600 175 .3325
24 - 30 .3500 200 .3284
30 - 36 .3450 225 .3249
36 - 42 .3400 250 .3219
42 - 48 .3350 275 .3190
48 - 66 .3250 300 .3163
66 - 84 .3200 325 .3137
84 - 102 .3150 350 .3113
102 - 138 .3100 375 .3090
138 - 174 .3050 400 .3067
174 - 210 .3000 425 .3046
210 - 246 .2950 450 .3024
246 - 282 .2900 475 .3003
282 - 318 .2850 500 .2982
318 - 354 .2800 525 .2962
354 - 390 .2750 550 .2942
390 - 426 .2700
426 - 462 .2650
462 - 498 .2600
498 - 534 .2550
Over 534 .2500
