SUPPLEMENT TO THE FIDELITY MAGELLAN(registered trademark) FUND MAY 22,
1997 PROSPECTUS
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 estab lished: 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 $1 billion
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.
