SUPPLEMENT TO THE FIDELITY MAGELLAN(registered trademark) FUND MAY 22,
1998 PROSPECTUS
The following information replaces similar information found in the
"Who May Want to Invest" section on page 4.
Effective the close of business on September 30, 1997, the fund's
shares will no longer be available to new accounts. Shareholders of
the fund on that date may continue to purchase shares in accounts
existing on that date. Investors who did not own shares of the fund on
September 30, 1997, generally will not be allowed to purchase shares
of the fund except that new accounts may be established: 1) by
participants in most group employer retirement plans (and their
successor plans) in which the fund had been established as an
investment option by September 30, 1997, and 2) for accounts managed
on a discretionary basis by certain registered investment advisors
that have discretionary assets of at least $500 million invested in
mutual funds and have included the fund in their discretionary account
program since September 30, 1997. These restrictions generally will
apply to investments made directly with Fidelity and investments made
through intermediaries. Investors may be required to demonstrate
eligibility to purchase shares of the fund before an investment is
accepted.
The following information supplements information found under the
heading "FMR and Its Affiliates" in the "The Fund in Detail" section
beginning on page 10.
In August 1998, the NGC Asbestos Diseases and Property Damage
Settlement Trust commenced an action in the state District Court of
Dallas County, Texas, against FMR and other unrelated parties. The
complaint alleges that during the reorganization of National Gypsum
Company, the defendants (including FMR acting on behalf of the fund
and another Fidelity fund) failed to disclose information material to
the valuation of the reorganized entity. The complaint seeks actual
and punitive damages, plus costs and interest, and the imposition of a
constructive trust. FMR denies the allegations and intends to defend
the lawsuit vigorously.
