SUPPLEMENT TO
THE FIDELITY
MAGELLAN(registered trademark) FUND
MAY 22, 1999 PROSPECTUS
SHAREHOLDER MEETING. On or about April 19, 2000, a meeting
of the shareholders of Fidelity Magellan Fund will be held to approve
various proposals, including modifications to the fund's management
contract and investment policies. Shareholders of record on February
22, 2000 are entitled to vote at the meeting. Included in the
modifications are proposals to revise the management fee calculation
for the fund to provide for lower fees when FMR's assets under
management exceed a certain level, to revise the performance
adjustment calculation for the fund by rounding the investment
performance of both the fund and the comparative index to the nearest
0.01%, rather than the nearest 1.00%, and to allow FMR and the trust,
on behalf of the fund, to modify the fund's management contract
subject to the requirements of the Investment Company Act of 1940. In
addition, the modifications include a proposal that would permit
increased investment in the securities of any single issuer.
For more detailed information concerning the proposals under
consideration, please contact Fidelity at 1-800-544-8888 to request a
free copy of the proxy statement.
The following information replaces similar information found under the
heading "Buying Shares" in the "Shareholder Information" section on
page 10.
Effective the close of business on September 30, 1997, the fund's
shares are no longer available to new accounts. Shareholders of the
fund on that date may continue to buy 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 buy shares of the fund
except that new accounts may be established: 1) by participants in
most group employer retirement plans (and their successor plans) if
the fund had been established as an investment option under the plans
(or under another plan sponsored by the same employer) by September
30, 1997, and 2) for accounts managed on a discretionary basis by
certain registered investment advisers 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 buy shares of
the fund before an investment is accepted.
The following information replaces similar information found in the
"Fund Management" section on page 21.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for the fund. FMR Far East was
organized in 1986 to provide investment research and advice to FMR.
Currently, FMR Far East provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for the fund.
The following information supplements the information found in the
"Fund Management" section on page 21.
(small solid bullet) Fidelity Investments Japan Ltd. (FIJ), in Tokyo,
Japan, serves as a sub-adviser for the fund. As of September 28, 1999,
FIJ had approximately $16.3 billion in discretionary assets under
management. Currently, FIJ provides investment research and advice on
issuers based outside the United States for the fund.
The following information replaces similar information found in the
"Fund Management" section on page 22.
FMR pays FMR U.K. and FMR Far East for providing sub-advisory
services. FMR Far East pays FIJ for providing sub-advisory services.
