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Fidelity Magellan Fund – ‘N-30D’ for 3/31/99

As of:  Friday, 5/14/99   ·   For:  3/31/99   ·   Accession #:  61397-99-3   ·   File #:  811-01193

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  As Of                Filer                Filing    For·On·As Docs:Size

 5/14/99  Fidelity Magellan Fund            N-30D       3/31/99    1:72K

Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Annual or Semi-Annual Report Mailed to                52±   166K 

Document Table of Contents

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11st Page   -   Filing Submission
"Income Tax Information
"Financial Statements

FIDELITY MAGELLAN(REGISTERED TRADEMARK) FUND ANNUAL REPORT MARCH 31, 1999 (2_FIDELITY_LOGOS)(REGISTERED TRADEMARK) CONTENTS PRESIDENT'S MESSAGE 3 Ned Johnson on investing strategies. PERFORMANCE 4 How the fund has done over time. FUND TALK 6 The manager's review of fund performance, strategy and outlook. INVESTMENT CHANGES 10 A summary of major shifts in the fund's investments over the past six months. INVESTMENTS 11 A complete list of the fund's investments with their market values. FINANCIAL STATEMENTS 26 Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. NOTES 30 Notes to the financial statements. REPORT OF INDEPENDENT 35 The auditors' opinion. ACCOUNTANTS DISTRIBUTIONS 36 OF SPECIAL NOTE 37 Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation. Other third party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company. This report is printed on recycled paper using soy-based inks. THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS. MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISKS, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL AMOUNTS INVESTED. NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK. FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES, CALL 1-800-544-8888 FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY. PRESIDENT'S MESSAGE (photo_of_Edward_C_Johnson_3d) DEAR SHAREHOLDER: Breaking through 10,000 by the Dow Jones Industrial Average was the big news in equity markets during March, as that milestone was the last of six new highs the Dow recorded during the month. Renewed strength in the energy and cyclical sectors contributed to the rally. In fixed-income, Treasuries continued to struggle based on the persistent strength of the economy, as yields on the 30-year benchmark rose to their highest levels since August of 1998. While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs. First, investors are encouraged to take a long-term view of their portfolios. If you can afford to leave your money invested through the inevitable up and down cycles of the financial markets, you will greatly reduce your vulnerability to any single decline. We know from experience, for example, that stock prices have gone up over longer periods of time, have significantly outperformed other types of investments and have stayed ahead of inflation. Second, you can further manage your investing risk through diversification. A stock mutual fund, for instance, is already diversified, because it invests in many different companies. You can increase your diversification further by investing in a number of different stock funds, or in such other investment categories as bonds. If you have a short investment time horizon, you might want to consider moving some of your investment into a money market fund, which seeks income and a stable share price by investing in high-quality, short-term investments. Of course, it's important to remember that an investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these types of funds. Finally, no matter what your time horizon or portfolio diversity, it makes good sense to follow a regular investment plan, investing a certain amount of money in a fund at the same time each month or quarter and periodically reviewing your overall portfolio. By doing so, you won't get caught up in the excitement of a rapidly rising market, nor will you buy all your shares at market highs. While this strategy - known as dollar cost averaging - won't assure a profit or protect you from a loss in a declining market, it should help you lower the average cost of your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels before undertaking such a strategy. If you have questions, please call us at 1-800-544-8888, or visit our web site at We are available 24 hours a day, seven days a week to provide you the information you need to make the investments that are right for you. Best regards, Edward C. Johnson 3d PERFORMANCE: THE BOTTOM LINE There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value). CUMULATIVE TOTAL RETURNS PERIODS ENDED MARCH 31, 1999 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS FIDELITY MAGELLAN 25.63% 177.00% 501.76% FIDELITY MAGELLAN (INCL. 21.87% 168.69% 483.71% 3.00% SALES CHARGE) S&P 500 (registered trademark) 18.46% 220.69% 468.34% Growth Funds Average 13.56% 158.00% 372.71% CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms over a set period - in this case, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Standard & Poor's 500 Index - a market capitalization-weighted index of common stocks. To measure how the fund's performance stacked up against its peers, you can compare it to the growth funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 1,022 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges. AVERAGE ANNUAL TOTAL RETURNS PERIODS ENDED MARCH 31, 1999 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS FIDELITY MAGELLAN 25.63% 22.60% 19.66% FIDELITY MAGELLAN (INCL. 21.87% 21.86% 19.29% 3.00% SALES CHARGE) S&P 500 18.46% 26.25% 18.98% Growth Funds Average 13.56% 20.36% 16.32% AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year. (Note: Lipper calculates average annual total returns by annualizing each fund's total return, then taking an arithmetic average. This may produce a different figure than that obtained by averaging the cumulative total returns and annualizing the result.) $10,000 OVER 10 YEARS Magellan S&P 500 00021 SP001 1989/03/31 9700.00 10000.00 1989/04/30 10187.57 10519.00 1989/05/31 10725.44 10945.02 1989/06/30 10632.38 10882.63 1989/07/31 11525.70 11865.33 1989/08/31 11827.20 12097.90 1989/09/30 12031.92 12048.29 1989/10/31 11654.12 11768.77 1989/11/30 11845.81 12008.86 1989/12/31 11919.93 12297.07 1990/01/31 11151.16 11471.94 1990/02/28 11380.19 11619.92 1990/03/31 11670.97 11927.85 1990/04/30 11376.21 11629.66 1990/05/31 12388.04 12763.55 1990/06/30 12441.89 12676.75 1990/07/31 12301.07 12636.19 1990/08/31 11095.81 11493.88 1990/09/30 10391.71 10934.13 1990/10/31 10263.31 10887.11 1990/11/30 11039.90 11590.42 1990/12/31 11382.50 11913.79 1991/01/31 12178.20 12433.23 1991/02/28 13235.61 13322.21 1991/03/31 13685.17 13644.60 1991/04/30 13735.83 13677.35 1991/05/31 14519.03 14268.21 1991/06/30 13665.87 13614.73 1991/07/31 14514.68 14249.17 1991/08/31 14960.85 14586.88 1991/09/30 14904.26 14343.28 1991/10/31 15104.50 14535.48 1991/11/30 14357.98 13949.70 1991/12/31 16052.56 15545.54 1992/01/31 16059.58 15256.40 1992/02/29 16384.79 15454.73 1992/03/31 15940.25 15153.36 1992/04/30 16176.56 15598.87 1992/05/31 16331.55 15675.31 1992/06/30 16043.89 15441.74 1992/07/31 16494.14 16073.31 1992/08/31 16136.44 15743.81 1992/09/30 16321.54 15929.59 1992/10/31 16436.61 15985.34 1992/11/30 16851.84 16530.44 1992/12/31 17178.58 16733.76 1993/01/31 17631.14 16874.33 1993/02/28 17999.20 17103.82 1993/03/31 18658.97 17464.71 1993/04/30 18841.63 17042.06 1993/05/31 19584.27 17498.79 1993/06/30 19857.38 17549.54 1993/07/31 20076.43 17479.34 1993/08/31 21257.07 18141.81 1993/09/30 21487.50 18002.11 1993/10/31 21501.73 18374.76 1993/11/30 20793.35 18200.20 1993/12/31 21414.39 18420.42 1994/01/31 22260.69 19046.71 1994/02/28 22097.48 18530.55 1994/03/31 21072.85 17722.62 1994/04/30 21284.43 17949.47 1994/05/31 21039.23 18243.84 1994/06/30 20126.40 17796.86 1994/07/31 20800.00 18380.60 1994/08/31 21785.23 19134.20 1994/09/30 21218.65 18665.42 1994/10/31 21936.32 19085.39 1994/11/30 20733.90 18390.30 1994/12/31 21026.64 18663.03 1995/01/31 20812.59 19146.96 1995/02/28 21980.39 19893.12 1995/03/31 22801.94 20480.16 1995/04/30 23862.72 21083.30 1995/05/31 24529.81 21926.00 1995/06/30 26398.24 22435.34 1995/07/31 28424.74 23179.30 1995/08/31 28671.33 23237.48 1995/09/30 29196.14 24218.10 1995/10/31 28450.03 24131.64 1995/11/30 29082.32 25191.02 1995/12/31 28769.36 25676.20 1996/01/31 29184.27 26550.22 1996/02/29 28993.54 26796.34 1996/03/31 29284.65 27054.39 1996/04/30 29472.03 27453.17 1996/05/31 29605.23 28161.19 1996/06/30 29577.55 28268.48 1996/07/31 28201.49 27019.58 1996/08/31 28913.24 27589.42 1996/09/30 30071.83 29142.15 1996/10/31 30783.59 29945.89 1996/11/30 32776.52 32209.51 1996/12/31 32131.55 31571.43 1997/01/31 33541.91 33544.02 1997/02/28 33091.71 33807.00 1997/03/31 31952.26 32417.87 1997/04/30 33378.56 34353.22 1997/05/31 35759.78 36444.64 1997/06/30 37240.39 38077.36 1997/07/31 40365.23 41107.18 1997/08/31 38569.68 38804.36 1997/09/30 40839.68 40929.67 1997/10/31 39449.05 39562.62 1997/11/30 40217.99 41393.97 1997/12/31 40675.82 42104.71 1998/01/31 41115.59 42570.39 1998/02/28 44232.34 45640.56 1998/03/31 46461.04 47977.82 1998/04/30 46994.73 48460.47 1998/05/31 46066.14 47627.44 1998/06/30 48028.82 49562.06 1998/07/31 47669.58 49034.23 1998/08/31 40287.61 41944.86 1998/09/30 42723.44 44631.85 1998/10/31 46013.57 48262.20 1998/11/30 49584.08 51187.37 1998/12/31 54353.53 54136.79 1999/01/31 57205.71 56400.79 1999/02/28 55379.23 54647.85 1999/03/31 58370.88 56834.31 IMATRL PRASUN SHR__CHT 19990331 19990409 101758 R00000000000123 $10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was invested in Fidelity Magellan Fund on March 31, 1989, and the current 3.00% sales charge was paid. As the chart shows, by March 31, 1999, the value of the investment would have grown to $58,371 - a 483.71% increase on the initial investment. For comparison, look at how the Standard & Poor's 500 Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $56,834 - a 468.34% increase. (checkmark)UNDERSTANDING PERFORMANCE How a fund did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the share price and return of a fund that invests in stocks will vary. That means if you sell your shares during a market downturn, you might lose money. But if you can ride out the market's ups and downs, you may have a gain. FUND TALK: THE MANAGER'S OVERVIEW MARKET RECAP The 12-month period that ended March 31,1999, made history not only for its milestones, but also for the volatility throughout the marketplace. The Dow Jones Industrial Average passed the 10,000 mark, returning 13.09% for the period, while the Standard & Poor's 500 Index returned 18.46%. The technology-laden NASDAQ fought through turbulence on its way toward an impressive 34.62% return. The period began amidst a stable economic environment in the U.S., one with an apparent resistance to the instability that was beginning to shake up world markets. The positive sentiment quickly turned to fear in late August, however, as the disarray in Asian, Latin American and Russian markets led investors to seek safe harbor in U.S. Treasuries, driving their yields to a 30-year low. Concurrently, stocks suffered heavy losses, with the Dow itself shedding over 1000 points in the span of a week. The volatility in the equity markets influenced the Federal Reserve Board to intervene with three 0.25% cuts to the fed funds target rate in early-mid fall. These cuts were the impetus the market needed, as stocks rallied in response. The first three months of 1999 saw continued market advances, although marked by periods of significant volatility and the continued leadership of a narrow band of mega-cap stocks. (photograph of Robert Stansky) An interview with Robert Stansky, Portfolio Manager of Fidelity Magellan Fund Q. BOB, HOW HAS THE FUND PERFORMED? A. Over the past 12 months, we certainly experienced our share of peaks and valleys as the market dropped quite dramatically late last summer then rebounded strongly in the fall and winter months. For the fund's fiscal year, returns were relatively strong. During the 12 months that ended March 31, 1999, the fund had a total return of 25.63%. That topped the total return of the fund's benchmark index, the Standard & Poor's 500 Index, which was 18.46% during the same period. The fund also beat the growth funds average, which was up 13.56% during the period, according to Lipper Inc. Q. HOW DID THE FUND BEAT ITS BENCHMARK AND THE MAJORITY OF ITS PEERS IN LIGHT OF THIS VOLATILE ENVIRONMENT? A. Embedded in the volatility were opportunities. For example, when stock prices fell so sharply last July and August, I saw an opening to buy shares of companies whose prospects I believed remained attractive over the long term. Due to the falling market, these stocks were suddenly selling at much more attractive valuations, or stock prices relative to earnings. Many of the positions I added to were large technology names. Technology, as a percentage of the fund's assets, grew from 17.6% on July 31, 1998, to 22.0% on October 31, 1998. Thus, when the market - and technology stocks in particular - rallied in the fourth quarter of 1998, the fund was well positioned and benefited accordingly. Q. WERE SOME OF THE STRONG-PERFORMING INTERNET NAMES AMONG THOSE TECHNOLOGY STOCKS YOU PURCHASED? A. They were. However, I've taken a measured approach to this sector. Although I believe the Internet currently is the most exciting segment of U.S. business, many Internet companies aren't yet making a profit and their stocks are very volatile. Therefore, stocks directly tied to the Internet thus far have made up a relatively small portion of the fund. That said, the single largest positive contributor to the fund's performance over the past year was America Online. AOL has experienced tremendous growth in subscribers as a result of lower-priced personal computers and the growing popularity of the Internet. In addition, the company has substantially grown advertising revenue. Q. HOW DO YOU ANALYZE INTERNET COMPANIES IF MANY DON'T YET HAVE ANY EARNINGS? A. It's not easy. I simply can't analyze the Internet sector the same way I analyze other sectors. I do use some traditional, fundamental analysis to evaluate a company's growth prospects. But that only goes so far when many companies are young with new business models and no earnings. Essentially, I'm trying to find companies that have a real chance to be around in three years and dominate their niches. At the same time, I evaluate investor psychology when it comes to Internet stocks. The fact that I increased investments in Internet companies - and held onto many of them as their prices rose quickly in the fourth quarter - was due at least as much to my feel for the psychology surrounding these stocks as it was to any numbers-related analysis. Q. HOW ABOUT OTHER TECHNOLOGY COMPANIES THAT HELPED THE FUND? A. Many were names that shareholders have been accustomed to seeing in these reports over the past few years. Larger technology companies such as Microsoft, Cisco Systems, EMC Corp. and Intel all continued to dominate their respective markets and continued to show excellent business prospects. However, due to the rapid rise in the prices of many technology stocks, I recently became concerned that the valuations of some companies were reflecting a future earnings scenario that was a bit too idyllic. Therefore, I recently took some profits and pared back the fund's holdings in certain tech stocks. The fund held 20.8% of investments in the sector at the end of the period. It remained the largest sector representation in the fund, but was down somewhat from recent levels. Q. INDEED, LARGE CAPITALIZATION STOCKS DOMINATED THE STOCK MARKET'S PERFORMANCE OVER THE PAST YEAR IN MANY INDUSTRIES . . . A. That's true. Money flowing into the stock market has gravitated toward larger, more successful brand-name companies. But not all large stocks did well. You had to be in the right sectors and, more importantly, the right names. For example, the fund benefited from overweighting retail stocks relative to the broad market during the period. Wal-Mart, Home Depot and the Gap benefited from a strong economy, but, perhaps more importantly, all have recently out-executed their smaller competitors. In health care, large U.S. pharmaceutical companies were the best performers. However, in some industries, bigger was not necessarily better. The fund's performance was helped by its underweighting in global consumer products companies and certain cyclical stocks. Many of these companies underperformed during the period due mainly to concerns over economic slowdowns in certain economies around the world. Q. THOSE GLOBAL ECONOMIC WORRIES CONTRIBUTED TO SLUMPING PERFORMANCE BY FINANCIAL STOCKS LATE LAST SUMMER. WHAT'S THE LATEST ON THAT SECTOR? A. Some financial sector stocks rebounded nicely over the past six months due to a combination of factors. Concerns about the health of overseas economies eased somewhat. In addition, companies that do a significant amount of business related to the U.S. capital markets - mainly the markets for stocks and bonds - benefited as the stock market rebounded through the fall and winter months. Thus, the fund's performance benefited from holdings in companies such as Citigroup and Chase Manhattan. The fund's investments in banks that are more regional in nature and don't have as much exposure to capital markets - such as Wells Fargo - didn't fare nearly as well. Q. BOB, DO YOU HAVE ANY REGRETS ABOUT THE FUND'S PERFORMANCE DURING THE PERIOD? A. Sure I do. As I look back, I could have been more aggressive in adding to positions in certain technology and other stocks during the market downturn of last year. And, certainly, there are stocks that I wish I had owned but didn't. However, hindsight is always 20/20. I am pleased that there were few stocks in the fund that negatively impacted performance to a significant degree. Q. WHAT'S YOUR OUTLOOK FOR THE REST OF 1999? A. I'm generally optimistic, but it's important to keep in mind we've already experienced strong gains thus far in 1999. And we've experienced four straight calendar years with greater than 20% gains in the broad market. I believe stock performance of that magnitude will be difficult to sustain in the near term. Valuations remain at historically high levels, and I'm concerned about earnings and interest rates. Corporate earnings may not be strong enough to sustain these valuation levels indefinitely. And if inflation returns in a meaningful way we could see a compression in valuations and lower stock prices. I'll continue to focus on getting the earnings forecasts right and paring back where I believe valuations are too high. At the same time, I want to be ready should a market drop present buying opportunities in stocks where I believe prospects remain strong. THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON BEHALF OF ANY FIDELITY FUND. (checkmark)FUND FACTS GOAL: to increase the value of the fund's shares over the long term by investing mainly in equity securities with growth potential FUND NUMBER: 021 TRADING SYMBOL: FMAGX START DATE: May 2, 1963 SIZE: as of March 31, 1999, more than $90.7 billion MANAGER: Robert Stansky, since 1996; manager, Fidelity Growth Company Fund and Fidelity Advisor Equity Growth, 1987-1996; Fidelity Emerging Growth Fund, 1990-1991; Fidelity Select Defense & Aerospace Portfolio ,1984- 1987; joined Fidelity in 1983 BOB STANSKY ON THE RECENT DOMINANCE OF LARGE-CAP STOCKS: "It's been an unusually narrow market over the past couple of years or so; the bulk of the gains has been concentrated in a relatively small number of very large stocks. Broadly speaking, many large companies have simply operated more efficiently than smaller companies and taken advantage of their scale and dominance in the marketplace. Electronic information systems have allowed large companies to act quickly in order to better gain the benefits of size, strengthen earnings and gain market share. "It's difficult, if not impossible, to know how long these market conditions will last. The business prospects of many large companies continued to look good at the end of the period. However, the wild card - in terms of stock performance - is valuations. Although earnings for many of these companies have been strong, they generally haven't risen as quickly as valuations. At some point, the stocks may need to take a breather to allow the earnings to catch up. Certainly, the fund recently has benefited from its holdings in large stocks. At the same time, it's important to recognize that a sudden shift in market sentiment toward small companies could negatively impact the fund's performance in the near term relative to funds that have concentrated their investments in that area of the market." INVESTMENT CHANGES [Download Table] TOP TEN STOCKS AS OF MARCH 31, 1999 % OF FUND'S INVESTMENTS % OF FUND'S INVESTMENTS IN THESE STOCKS 6 MONTHS AGO General Electric Co. 4.2 3.9 Microsoft Corp. 4.1 3.6 MCI WorldCom, Inc. 2.4 1.7 America Online, Inc. 2.3 1.5 Home Depot, Inc. 2.2 1.8 Cisco Systems, Inc. 2.0 2.0 Merck & Co., Inc. 2.0 1.9 Citigroup, Inc. 1.7 1.1 Wal-Mart Stores, Inc. 1.7 1.8 Time Warner, Inc. 1.6 1.2 TOP FIVE MARKET SECTORS AS OF MARCH 31, 1999 % OF FUND'S INVESTMENTS % OF FUND'S INVESTMENTS IN THESE MARKET SECTORS 6 MONTHS AGO TECHNOLOGY 20.8 21.6 FINANCE 12.9 11.2 HEALTH 10.3 11.7 RETAIL & WHOLESALE 10.0 9.3 UTILITIES 7.3 6.2 ASSET ALLOCATION (% OF FUND'S INVESTMENTS) AS OF MARCH 31, 1999 * Stocks 93.4% Short-term investments 6.6% *FOREIGN INVESTMENTS 4.4% Row: 1, Col: 1, Value: 93.40000000000001 Row: 1, Col: 2, Value: 6.6 AS OF SEPTEMBER 30, 1998 ** Stocks 93.6% Short-term investments 6.4% **FOREIGN INVESTMENTS 4.8% Row: 1, Col: 1, Value: 93.59999999999999 Row: 1, Col: 2, Value: 6.4 INVESTMENTS MARCH 31, 1999 Showing Percentage of Total Value of Investment in Securities [Download Table] COMMON STOCKS - 93.4% SHARES VALUE (NOTE 1) (000S) AEROSPACE & DEFENSE - 1.4% AEROSPACE & DEFENSE - 1.2% AlliedSignal, Inc. 7,213,600 $ 354,819 Boeing Co. 2,908,600 99,256 Gulfstream Aerospace Corp. (a) 938,000 40,686 Textron, Inc. 1,511,400 116,945 United Technologies Corp. 3,321,900 449,910 1,061,616 DEFENSE ELECTRONICS - 0.1% Raytheon Co.: Class A 400,000 23,100 Class B 1,751,500 102,682 125,782 SHIP BUILDING & REPAIR - 0.1% General Dynamics Corp. 903,800 58,069 TOTAL AEROSPACE & DEFENSE 1,245,467 BASIC INDUSTRIES - 1.2% CHEMICALS & PLASTICS - 0.7% du Pont (E.I.) de Nemours & 6,372,300 369,992 Co. Monsanto Co. 3,882,800 178,366 Synetic, Inc. (a)(c) 1,157,582 64,680 Trivest 1992 Special Fund 26.6 (d) 3,048 Ltd. 616,086 IRON & STEEL - 0.1% Nucor Corp. 2,492,400 109,821 METALS & MINING - 0.2% Alcoa, Inc. 3,140,000 129,329 PACKAGING & CONTAINERS - 0.0% Owens-Illinois, Inc. (a) 742,700 18,568 PAPER & FOREST PRODUCTS - 0.2% Fort James Corp. 737,500 23,370 Kimberly-Clark Corp. 3,089,800 148,117 Louisiana-Pacific Corp. 1,932,600 35,995 207,482 TOTAL BASIC INDUSTRIES 1,081,286 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) CONSTRUCTION & REAL ESTATE - 1.5% BUILDING MATERIALS - 0.8% Lafarge Corp. (c) 4,459,158 $ 124,856 Masco Corp. 8,565,200 241,967 Newell Rubbermaid, Inc. 276,300 13,124 Owens-Corning 1,779,100 56,598 Sherwin-Williams Co. 3,353,400 94,314 Southdown, Inc. 1,180,892 63,399 USG Corp. 2,413,000 123,968 718,226 CONSTRUCTION - 0.2% Centex Corp. 1,200,000 40,050 Oakwood Homes Corp. (c) 3,719,200 52,301 Pulte Corp. (c) 2,800,000 58,275 150,626 REAL ESTATE INVESTMENT TRUSTS - 0.5% Boston Properties, Inc. 1,105,000 34,946 Crescent Real Estate Equities 2,101,900 45,191 Co. Equity Office Properties Trust 2,086,400 53,073 Equity Residential Properties 1,271,500 52,449 Trust (SBI) Host Marriott Corp. (c) 12,528,400 139,378 Public Storage, Inc. 1,136,300 28,408 Starwood Hotels & Resorts 4,400,327 125,684 Worldwide, Inc. 479,129 TOTAL CONSTRUCTION & REAL 1,347,981 ESTATE DURABLES - 3.3% AUTOS, TIRES, & ACCESSORIES - 1.9% AutoZone, Inc. (a) 2,935,800 89,175 Danaher Corp. 2,507,000 130,991 Delphi Automotive Systems 1,000,000 17,750 Corp. (a) Ford Motor Co. 14,104,000 800,402 General Motors Corp. 5,697,600 494,979 Lear Corp. (a) 1,116,300 47,652 Pep Boys-Manny, Moe & Jack 1,255,000 19,139 Republic Industries, Inc. (a) 10,879,927 134,639 1,734,727 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) DURABLES - CONTINUED CONSUMER DURABLES - 0.2% Minnesota Mining & 2,509,100 $ 177,519 Manufacturing Co. CONSUMER ELECTRONICS - 0.5% Black & Decker Corp. (c) 4,780,000 264,991 General Motors Corp. Class H 56,400 2,845 (a) Maytag Corp. 2,600,000 156,975 Sony Corp. sponsored ADR 500,000 45,656 Whirlpool Corp. 511,000 27,786 498,253 HOME FURNISHINGS - 0.3% Leggett & Platt, Inc. (c) 12,416,700 248,334 TEXTILES & APPAREL - 0.4% Liz Claiborne, Inc. 2,547,800 83,122 NIKE, Inc. Class B 3,398,500 196,051 Polo Ralph Lauren Corp. Class 2,333,700 46,382 A (a)(c) Warnaco Group, Inc. Class A 800,000 19,750 345,305 TOTAL DURABLES 3,004,138 ENERGY - 5.9% ENERGY SERVICES - 0.8% Baker Hughes, Inc. 2,300,000 55,919 Halliburton Co. 6,799,600 261,785 Schlumberger Ltd. 7,746,300 466,230 783,934 OIL & GAS - 5.1% Anadarko Petroleum Corp. (c) 6,510,000 245,753 Apache Corp. 2,659,715 69,319 BP Amoco PLC 12,376,935 208,217 BP Amoco PLC sponsored ADR 3,538,421 357,159 Burlington Resources, Inc. 2,282,100 91,141 Canadian Natural Resources 2,702,600 46,575 Ltd. (a) Chevron Corp. 5,085,100 449,714 Coastal Corp. (The) 4,634,000 152,922 Cooper Cameron Corp. (a) 1,671,500 56,622 Elf Aquitaine 1,935,600 260,580 Exxon Corp. 11,485,500 810,446 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) ENERGY - CONTINUED OIL & GAS - CONTINUED Mobil Corp. 6,631,700 $ 583,590 Occidental Petroleum Corp. 8,571,400 154,285 Poco Petroleums Ltd. (a) 3,481,700 26,770 Renaissance Energy Ltd. (a) 1,425,000 16,624 Royal Dutch Petroleum Co. (NY 7,932,700 412,500 Registry Gilder 1.25) Shell Transport & Trading Co. 13,327,100 90,235 PLC (Reg.) Texaco, Inc. 6,352,000 360,476 Total SA Class B 1,604,550 195,755 USX-Marathon Group 550,000 15,125 4,603,808 TOTAL ENERGY 5,387,742 FINANCE - 12.9% BANKS - 4.1% Banacci SA de CV (a) 3,840,000 7,704 Bank of New York Co., Inc. 400,000 14,375 Bank One Corp. 7,903,557 435,190 BankAmerica Corp. 12,802,754 904,195 BankBoston Corp. 3,504,900 151,806 Chase Manhattan Corp. 11,576,200 941,290 Comerica, Inc. 1,921,000 119,942 Synovus Finanical Corp. 1,709,775 34,944 U.S. Bancorp 6,411,600 218,395 Wells Fargo & Co. 24,155,000 846,935 3,674,776 CREDIT & OTHER FINANCE - 3.6% American Express Co. 2,651,500 311,551 Associates First Capital 13,430,774 604,385 Corp. Class A Citigroup, Inc. 24,689,889 1,577,067 Fleet Financial Group, Inc. 4,922,000 185,190 Greenpoint Financial Corp. 2,351,800 81,725 Household International, Inc. 3,620,395 165,181 MBNA Corp. 1,300,000 31,038 Providian Financial Corp. 2,601,950 286,215 3,242,352 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) FINANCE - CONTINUED FEDERAL SPONSORED CREDIT - 1.9% Fannie Mae 14,048,000 $ 972,824 Freddie Mac 12,211,600 697,588 SLM Holding Corp. 481,950 20,121 1,690,533 INSURANCE - 2.6% Aetna, Inc. 404,900 33,607 AFLAC, Inc. 4,504,800 245,230 Allstate Corp. 9,125,000 338,195 American International Group, 10,332,244 1,246,327 Inc. Chubb Corp. (The) 900,000 52,706 Hartford Financial Services 400,000 22,725 Group, Inc. Old Republic International 2,087,700 38,101 Corp. Progressive Corp. 1,090,800 156,530 Reliastar Financial Corp. 1,707,043 72,763 UNUM Corp. 4,033,400 191,839 2,398,023 SAVINGS & LOANS - 0.2% Charter One Financial, Inc. 2,590,440 74,758 Washington Mutual, Inc. 3,293,750 134,632 209,390 SECURITIES INDUSTRY - 0.5% Morgan Stanley, Dean Witter & 4,750,035 474,707 Co. TOTAL FINANCE 11,689,781 HEALTH - 10.3% DRUGS & PHARMACEUTICALS - 7.7% American Home Products Corp. 14,195,200 926,237 Biogen, Inc. (a) 505,000 57,728 Bristol-Myers Squibb Co. 15,601,800 1,003,391 Elan Corp. PLC sponsored ADR 2,101,000 146,545 (a) Lilly (Eli) & Co. 9,451,200 802,171 Merck & Co., Inc. 22,775,200 1,826,286 Pfizer, Inc. 4,626,700 641,955 Rhone-Poulenc SA Class A 2,000,932 88,041 Schering-Plough Corp. 17,657,200 976,664 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) HEALTH - CONTINUED DRUGS & PHARMACEUTICALS - CONTINUED Warner-Lambert Co. 8,034,100 $ 531,757 XOMA Ltd. (a) 3,030 7 7,000,782 MEDICAL EQUIPMENT & SUPPLIES - 2.1% Abbott Laboratories 1,370,700 64,166 Baxter International, Inc. 300,000 19,800 Becton, Dickinson & Co. 2,546,200 97,551 Boston Scientific Corp. (a) 9,662,000 391,915 Cardinal Health, Inc. 170,000 11,220 Johnson & Johnson 10,300,000 964,981 McKesson HBOC, Inc. 2,999,510 197,968 Medtronic, Inc. 2,209,000 158,496 St. Jude Medical, Inc. (a) 1,198,900 29,223 U.S. Surgical Corp. rights 469 - 6/30/00 (a) 1,935,320 MEDICAL FACILITIES MANAGEMENT - 0.5% HEALTHSOUTH Corp. (a) 17,033,200 176,719 Tenet Healthcare Corp. (a) 1,192,195 22,577 United HealthCare Corp. 2,694,100 141,777 Universal Health Services, 788,100 34,085 Inc. Class B (a) Wellpoint Health Networks, 1,000,000 75,813 Inc. (a) 450,971 TOTAL HEALTH 9,387,073 INDUSTRIAL MACHINERY & EQUIPMENT - 6.5% ELECTRICAL EQUIPMENT - 4.5% Emerson Electric Co. 5,282,400 279,637 General Electric Co. 34,203,100 3,783,704 SLI, Inc. (a) 519,000 10,899 4,074,240 INDUSTRIAL MACHINERY & EQUIPMENT - 1.9% Case Corp. (c) 4,140,000 105,053 Caterpillar, Inc. 470,100 21,595 Cooper Industries, Inc. 1,150,000 49,019 Deere & Co. 1,260,000 48,668 Illinois Tool Works, Inc. 6,400,000 396,000 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED Ingersoll-Rand Co. 902,850 $ 44,804 Tyco International Ltd. 14,602,206 1,047,708 1,712,847 POLLUTION CONTROL - 0.1% Republic Services, Inc. Class 2,000,000 32,375 A (a) Waste Management, Inc. 1,652,500 73,330 105,705 TOTAL INDUSTRIAL MACHINERY & 5,892,792 EQUIPMENT MEDIA & LEISURE - 6.0% BROADCASTING - 3.3% CBS Corp. 13,754,916 563,092 Clear Channel Communications, 8,249,680 553,244 Inc. (a) Comcast Corp. Class A 1,275,000 80,245 (special) Cox Communications, Inc. 1,044,700 79,005 Class A (a) Entercom Communications Corp. 81,000 2,865 (a) Heftel Broadcasting Corp. 663,800 28,792 Class A (a) Infinity Broadcasting Corp. 3,061,500 78,834 Class A (a) MediaOne Group, Inc. 2,450,000 155,575 Nielsen Media Research, Inc. 472,966 11,676 Time Warner, Inc. 19,859,789 1,411,286 Univision Communications, 595,000 29,750 Inc. Class A (a) USA Networks, Inc. (a) 594,800 21,301 3,015,665 ENTERTAINMENT - 1.4% Alliance Gaming Corp. (a)(e) 5,072 18 Disney (Walt) Co. 10,157,000 316,137 Fox Entertainment Group, Inc. 1,988,000 53,925 (a) News Corp. Ltd. ADR 3,900,000 115,050 Park Place Entertainment 3,729,200 28,202 Corp. (a) SFX Entertainment, Inc. Class 641,000 41,385 A (a) Viacom, Inc. Class B 8,854,400 743,216 (non-vtg.) (a) 1,297,933 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) MEDIA & LEISURE - CONTINUED LODGING & GAMING - 0.1% Extended Stay America, Inc. 5,859,603 $ 59,695 (a)(c) Hilton Hotels Corp. 3,729,200 52,442 112,137 PUBLISHING - 0.4% Gannet, Inc. 2,910,400 183,355 Harcourt General, Inc. 848,900 37,617 McGraw-Hill Companies, Inc. 326,000 17,767 Times Mirror Co. Class A 697,300 37,698 Tribune Co. 823,100 53,862 Ziff-Davis, Inc. (a) 54,600 1,037 331,336 RESTAURANTS - 0.8% Host Marriott Services Corp. 2,832,100 19,117 (c) McDonald's Corp. 14,394,800 652,264 Starbucks Corp. (a) 400,000 11,225 Tricon Global Restaurants, 500,000 35,125 Inc. (a) 717,731 TOTAL MEDIA & LEISURE 5,474,802 NONDURABLES - 4.1% BEVERAGES - 1.0% Coca-Cola Co. (The) 5,066,800 310,975 Coca-Cola Enterprises, Inc. 325,000 9,831 Pepsi Bottling Group, Inc. (a) 1,000,000 23,000 PepsiCo, Inc. 12,524,300 490,796 Seagram Co. Ltd. 1,800,000 90,376 Stroh Brewery Co. warrants 21,307 76 7/1/01 (a) 925,054 FOODS - 0.1% Bestfoods 1,000,000 47,000 Kellogg Co. 200,000 6,763 53,763 HOUSEHOLD PRODUCTS - 2.0% Avon Products, Inc. 2,346,000 110,409 Clorox Co. 1,102,848 129,240 Gillette Co. 9,575,800 569,162 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) NONDURABLES - CONTINUED HOUSEHOLD PRODUCTS - CONTINUED Procter & Gamble Co. 9,047,300 $ 886,070 Unilever NV (NY shares) 1,529,700 101,629 1,796,510 TOBACCO - 1.0% Philip Morris Companies, Inc. 25,970,200 913,826 TOTAL NONDURABLES 3,689,153 RETAIL & WHOLESALE - 10.0% APPAREL STORES - 1.4% Gap, Inc. 11,496,200 773,838 Intimate Brands, Inc. Class A 1,090,300 52,471 Limited, Inc. (The) 7,400,400 293,241 TJX Companies, Inc. 5,496,800 186,891 1,306,441 DRUG STORES - 0.6% CVS Corp. 10,476,286 497,624 GENERAL MERCHANDISE STORES - 3.1% Consolidated Stores Corp. (a) 2,291,168 69,451 Costco Companies, Inc. (a) 1,555,500 142,425 Dayton Hudson Corp. 13,694,300 912,383 Federated Department Stores, 4,015,700 161,130 Inc. (a) Neiman-Marcus Group, Inc. (a) 668,700 15,129 Wal-Mart Stores, Inc. 16,472,500 1,518,559 2,819,077 GROCERY STORES - 0.8% Meyer (Fred), Inc. (a) 1,905,000 112,157 Safeway, Inc. (a) 11,354,400 582,623 694,780 RETAIL & WHOLESALE, MISCELLANEOUS - 4.1% Bed Bath & Beyond, Inc. (a) 500,000 18,250 Home Depot, Inc. 32,304,850 2,010,977 Lowe's Companies, Inc. 13,247,000 801,444 Office Depot, Inc. (a) 8,644,400 318,222 Staples, Inc. (a) 15,050,000 494,769 Tandy Corp. 1,522,600 97,161 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) RETAIL & WHOLESALE - CONTINUED RETAIL & WHOLESALE, MISCELLANEOUS - CONTINUED Valley Media, Inc. (a) 35,800 $ 814 Williams-Sonoma, Inc. (a) 500,000 14,125 3,755,762 TOTAL RETAIL & WHOLESALE 9,073,684 SERVICES - 1.4% ADVERTISING - 0.9% Omnicom Group, Inc. 8,151,576 651,617 Outdoor Systems, Inc. (a) 6,175,437 185,263 836,880 SERVICES - 0.5% Cendant Corp. (a) 11,287,000 177,770 Manpower, Inc. 2,955,900 69,094 Rentokil Initial PLC 9,089,735 55,671 Robert Half International, 3,338,950 109,559 Inc. (a) Service Corp. International 1,200,000 17,100 429,194 TOTAL SERVICES 1,266,074 TECHNOLOGY - 20.8% COMMUNICATIONS EQUIPMENT - 4.5% ADC Telecommunications, Inc. 500,000 23,844 (a) Ascend Communications, Inc. 4,823,000 403,625 (a) Cisco Systems, Inc. (a) 16,830,200 1,843,959 Intermedia Communications, 641,000 17,067 Inc. (a) Lucent Technologies, Inc. 7,390,124 796,286 Newbridge Networks Corp. (a) 2,817,200 87,763 OY Nokia AB: Series A 1,200,000 186,900 sponsored ADR 4,261,400 663,713 Premisys Communications, Inc. 500,000 4,313 (a) Tellabs, Inc. (a) 300,000 29,325 4,056,795 COMPUTER SERVICES & SOFTWARE - 8.5% America Online, Inc. 14,068,000 2,053,928 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) TECHNOLOGY - CONTINUED COMPUTER SERVICES & SOFTWARE - CONTINUED Inc (a) 40,400 $ 1,692 Automatic Data Processing, 1,600,000 66,200 Inc. Autoweb.Com, Inc. (a) 30,500 1,087 BMC Software, Inc. 4,017,700 148,906 Cadence Design Systems, Inc. 200,000 5,150 (a) Ceridian Corp. (a) 2,501,400 91,457 CompUSA, Inc. (a) 1,885,700 13,200 Computer Associates 2,852,800 101,453 International, Inc. Compuware Corp. (a) 6,022,000 143,775 Critical Path, Inc. (a) 19,900 1,532 DST Systems, Inc. (a) 200,400 12,037 Earthlink Network, Inc. (a) 100,000 6,000 Electronic Arts, Inc. (a) 1,711,100 81,277 Electronic Data Systems Corp. 300,000 14,606 Equifax, Inc. 870,170 29,912 First Data Corp. 4,924,000 210,501 Healtheon Corp. (a) 91,400 3,887 IMS Health, Inc. 2,837,800 94,002 Keane, Inc. (a) 800,000 17,050 Lycos, Inc. (a) 1,600,000 137,700 Microsoft Corp. (a) 41,395,400 3,710,063 Miningco.Com, Inc. (a) 13,700 1,226, Inc. (a) 79,300 2,875 Oracle Corp. (a) 23,123,400 609,880 Parametric Technology Corp. 3,405,000 67,249 (a) Priceline.Com, Inc. (a) 36,900 3,058 Siebel Systems, Inc. (a) 750,000 35,625 7,665,328 COMPUTERS & OFFICE EQUIPMENT - 3.8% Comdisco, Inc. 103,800 1,855 Compaq Computer Corp. 9,265,500 293,601 Dell Computer Corp. (a) 7,376,800 301,527 EMC Corp. (a) 7,360,482 940,302 International Business 4,803,400 851,403 Machines Corp. Pitney Bowes, Inc. 4,875,600 310,820 Seagate Technology, Inc. (a) 2,255,300 66,672 Sun Microsystems, Inc. (a) 2,750,000 343,578 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) TECHNOLOGY - CONTINUED COMPUTERS & OFFICE EQUIPMENT - CONTINUED Tech Data Corp. (a) 788,800 $ 18,093 Xerox Corp. 6,400,000 341,600 3,469,451 ELECTRONIC INSTRUMENTS - 0.1% Thermo Electron Corp. (a) 3,133,200 42,494 Thermo Instrument Systems, 200,000 2,888 Inc. (a) Waters Corp. (a) 765,800 80,457 125,839 ELECTRONICS - 3.8% Analog Devices, Inc. (a) 1,453,866 43,253 Intel Corp. 10,698,800 1,274,495 Linear Technology Corp. 3,176,600 162,801 LSI Logic Corp. (a) 300,000 9,356 Maxim Integrated Products, 1,889,200 102,253 Inc. (a) Micron Technology, Inc. (a) 3,717,000 179,345 Motorola, Inc. 6,516,200 477,312 Rambus, Inc. (a) 1,105,600 71,173 Solectron Corp. (a) 1,230,200 59,742 Texas Instruments, Inc. 10,408,800 1,033,073 Xilinx, Inc. (a) 1,200,000 48,675 3,461,478 PHOTOGRAPHIC EQUIPMENT - 0.1% Fuji Photo Film Co. Ltd. 1,516,000 57,145 TOTAL TECHNOLOGY 18,836,036 TRANSPORTATION - 0.8% AIR TRANSPORTATION - 0.1% AMR Corp. (a) 878,100 51,424 Delta Air Lines, Inc. 860,000 59,770 111,194 RAILROADS - 0.6% Burlington Northern Santa Fe 3,905,220 128,384 Corp. CSX Corp. 5,463,700 212,743 Norfolk Southern Corp. 5,935,800 156,557 497,684 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) TRANSPORTATION - CONTINUED TRUCKING & FREIGHT - 0.1% CNF Transportation, Inc. 642,000 $ 24,276 Landstar System, Inc. (a)(c) 621,200 20,577 Swift Transportation Co., 2,633,250 68,135 Inc. (a)(c) 112,988 TOTAL TRANSPORTATION 721,866 UTILITIES - 7.3% CELLULAR - 0.5% AirTouch Communications, Inc. 1,340,000 129,478 (a) ALLTEL Corp. 500,000 31,188 Nextel Communications, Inc. 2,950,000 108,044 Class A (a) Teleglobe, Inc. 400,000 12,169 Vodafone Group PLC sponsored 782,900 146,989 ADR 427,868 ELECTRIC UTILITY - 0.2% AES Corp. (a) 57,900 2,157 Duke Energy Corp. 1,382,000 75,492 PG&E Corp. 5,413,048 168,143 245,792 GAS - 0.2% Enron Corp. 2,481,300 159,424 TELEPHONE SERVICES - 6.4% Ameritech Corp. 3,018,400 174,690 AT&T Corp. 17,101,901 1,364,945 Bell Atlantic Corp. 5,979,100 309,045 BellSouth Corp. 10,057,400 402,925 GTE Corp. 6,970,800 421,733 Level 3 Communications, Inc. 500,000 36,406 (a) MCI WorldCom, Inc. (a) 24,327,341 2,154,490 Metromedia Fiber Network, 328,400 17,015 Inc. Class A (a) Qwest Communications 2,250,000 162,211 International, Inc. (a) SBC Communications, Inc. 7,832,800 369,121 COMMON STOCKS - CONTINUED SHARES VALUE (NOTE 1) (000S) UTILITIES - CONTINUED TELEPHONE SERVICES - CONTINUED Sprint Corp. (FON Group) 3,044,700 $ 298,761 Telecom Italia Spa 9,218,712 96,221 5,807,563 TOTAL UTILITIES 6,640,647 TOTAL COMMON STOCKS 84,738,522 (Cost $47,576,249) PREFERRED STOCKS - 0.0% CONVERTIBLE PREFERRED STOCKS - 0.0% BASIC INDUSTRIES - 0.0% CHEMICALS & PLASTICS - 0.0% Sealed Air Corp. Series A, 416,242 20,604 $2.00 NONCONVERTIBLE PREFERRED STOCKS - 0.0% INDUSTRIAL MACHINERY & EQUIPMENT - 0.0% ELECTRICAL EQUIPMENT - 0.0% Ampex Corp. 8% non-cumulative 1,379 2,151 (a) UTILITIES - 0.0% TELEPHONE SERVICES - 0.0% Telecom Italia Spa Risp 1,421,000 8,435 TOTAL NONCONVERTIBLE 10,586 PREFERRED STOCKS TOTAL PREFERRED STOCKS 31,190 (Cost $31,219) [Download Table] NONCONVERTIBLE BONDS - 0.0% MOODY'S RATINGS (UNAUDITED) PRINCIPAL AMOUNT (000S) FINANCE - 0.0% CREDIT & OTHER FINANCE - 0.0% Macsaver Financial Services, Ba1 $ 510 405 Inc. 7.4% 2/15/02 (Cost $422) COMMERCIAL MORTGAGE SECURITIES - 0.0% MOODY'S RATINGS (UNAUDITED) PRINCIPAL AMOUNT (000S) VALUE (NOTE 1) (000S) Bardell Associates Note Trust - $ 4,168 $ 4,428 12.5%, 11/1/08 (e) (Cost $4,237) [Download Table] CASH EQUIVALENTS - 6.6% MATURITY AMOUNT (000S) Investments in repurchase $ 3,700,068 3,699,562 agreements (U.S. Treasury obligations), in a joint trading account at 4.92%, dated 3/31/99 due 4/1/99 SHARES Taxable Central Cash Fund (b) 2,298,719,503 2,298,720 TOTAL CASH EQUIVALENTS 5,998,282 (Cost $5,998,282) TOTAL INVESTMENT IN $ 90,772,827 SECURITIES - 100% (Cost $53,610,409) LEGEND (a) Non-income producing (b) At period end, the seven-day yield on the Taxable Central Cash Fund was 4.86%. The yield refers to the income earned by investing in the fund over the seven-day period, expressed as an annual percentage. (c) Affiliated company (d) Share amount represents number of units held. (e) Restricted securities - Investment in securities not registered under the Securities Act of 1933. SECURITY ACQUISITION DATE ACQUISITION COST (000S) Alliance Gaming Corp. 7/28/98 $ - Bardell Associates Note Trust 4/19/94 $ 4,237 12.5%, 11/1/08 INCOME TAX INFORMATION At March 31, 1999, the aggregate cost of investment securities for income tax purposes was $53,779,643,000. Net unrealized appreciation aggregated $36,993,184,000, of which $38,446,286,000 related to appreciated investment securities and $1,453,102,000 related to depreciated investment securities. The fund hereby designates approximately $3,599,652,000 as a capital gain dividend for the purpose of the dividend paid deduction. FINANCIAL STATEMENTS STATEMENT OF ASSETS AND LIABILITIES AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) MARCH 31, 1999 ASSETS Investment in securities, at $ 90,772,827 value (including repurchase agreements of $3,699,562) (cost $53,610,409) - See accompanying schedule Receivable for investments 342,488 sold Receivable for fund shares 124,248 sold Dividends receivable 93,773 Interest receivable 9,471 Other receivables 7,983 TOTAL ASSETS 91,350,790 LIABILITIES Payable for investments $ 378,750 purchased Payable for fund shares 210,366 redeemed Accrued management fee 32,740 Other payables and accrued 14,076 expenses TOTAL LIABILITIES 635,932 NET ASSETS $ 90,714,858 Net Assets consist of: Paid in capital $ 48,161,895 Undistributed net investment 178,509 income Accumulated undistributed net 5,212,401 realized gain (loss) on investments and foreign currency transactions Net unrealized appreciation 37,162,053 (depreciation) on investments and assets and liabilities in foreign currencies NET ASSETS, for 699,128 $ 90,714,858 shares outstanding NET ASSET VALUE and $129.75 redemption price per share ($90,714,858 (divided by) 699,128 shares) Maximum offering price per $133.76 share (100/97.00 of $129.75) STATEMENT OF OPERATIONS AMOUNTS IN THOUSANDS YEAR ENDED MARCH 31, 1999 INVESTMENT INCOME $ 784,173 Dividends (including $19,650 received from affiliated issuers) Interest 168,581 TOTAL INCOME 952,754 EXPENSES Management fee Basic fee $ 445,647 Performance adjustment (119,834) Transfer agent fees 133,625 Accounting fees and expenses 1,194 Non-interested trustees' 434 compensation Custodian fees and expenses 2,338 Registration fees 2,125 Audit 215 Legal 610 Miscellaneous 122 Total expenses before 466,476 reductions Expense reductions (11,484) 454,992 NET INVESTMENT INCOME 497,762 REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) on: Investment securities 7,012,810 (including realized gain of $165,561 on sales of investments in affiliated issuers) Foreign currency transactions (1,046) 7,011,764 Change in net unrealized appreciation (depreciation) on: Investment securities 10,747,936 Assets and liabilities in (95) 10,747,841 foreign currencies NET GAIN (LOSS) 17,759,605 NET INCREASE (DECREASE) IN $ 18,257,367 NET ASSETS RESULTING FROM OPERATIONS [Enlarge/Download Table] STATEMENT OF CHANGES IN NET ASSETS AMOUNTS IN THOUSANDS YEAR ENDED MARCH 31, 1999 YEAR ENDED MARCH 31, 1998 INCREASE (DECREASE) IN NET ASSETS Operations Net investment $ 497,762 $ 474,821 income Net realized gain (loss) 7,011,764 4,386,409 Change in net unrealized 10,747,841 17,839,293 appreciation (depreciation) NET INCREASE (DECREASE) IN 18,257,367 22,700,523 NET ASSETS RESULTING FROM OPERATIONS Distributions to shareholders (449,343) (794,010) From net investment income From net realized gain (3,441,624) (3,324,791) TOTAL DISTRIBUTIONS (3,890,967) (4,118,801) Share transactions Net 14,971,374 11,459,995 proceeds from sales of shares Reinvestment of distributions 3,818,924 4,050,132 Cost of shares redeemed (14,410,125) (13,367,016) NET INCREASE (DECREASE) IN 4,380,173 2,143,111 NET ASSETS RESULTING FROM SHARE TRANSACTIONS TOTAL INCREASE (DECREASE) 18,746,573 20,724,833 IN NET ASSETS NET ASSETS Beginning of period 71,968,285 51,243,452 End of period (including $ 90,714,858 $ 71,968,285 undistributed net investment income of $178,509 and $152,096, respectively) OTHER INFORMATION Shares Sold 132,746 119,540 Issued in reinvestment of 34,759 44,167 distributions Redeemed (129,759) (141,304) Net increase (decrease) 37,746 22,403 [Download Table] FINANCIAL HIGHLIGHTS YEARS ENDED MARCH 31, 1999 1998 1997 1996 1995 SELECTED PER-SHARE DATA Net asset value, beginning $ 108.82 $ 80.20 $ 87.52 $ 72.44 $ 69.72 of period Income from Investment Operations Net investment income .73 C .73 C 1.38 C .79 .27 Net realized and unrealized 26.02 34.35 5.25 19.57 5.22 gain (loss) Total from investment 26.75 35.08 6.63 20.36 5.49 operations Less Distributions From net investment income (.67) (1.25) (1.10) (.59) (.14) From net realized gain (5.15) (5.21) (12.85) (4.69) (2.63) Total distributions (5.82) (6.46) (13.95) (5.28) (2.77) Net asset value, end of period $ 129.75 $ 108.82 $ 80.20 $ 87.52 $ 72.44 TOTAL RETURN A, B 25.63% 45.41% 9.11% 28.43% 8.21% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period $ 90,715 $ 71,968 $ 51,243 $ 56,179 $ 39,803 (in millions) Ratio of expenses to average .62% .62% .66% .95% .99% net assets Ratio of expenses to average .60% D .61% D .64% D .92% D .96% D net assets after expense reductions Ratio of net investment .66% .77% 1.75% .95% .39% income to average net assets Portfolio turnover rate 37% 34% 67% 155% 120% A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN. B TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE. C NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING DURING THE PERIOD. D FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES. NOTES TO FINANCIAL STATEMENTS For the period ended March 31, 1999 1. SIGNIFICANT ACCOUNTING POLICIES. Fidelity Magellan Fund (the fund) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company organized as a Massachusetts business trust and is authorized to issue an unlimited number of shares. Effective the close of business on September 30, 1997, the fund was closed to new accounts. The financial statements have been prepared in conformity with generally accepted accounting principles which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund: SECURITY VALUATION. Securities for which quotations are readily available are valued at the last sale price, or if no sale price, at the closing bid price. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If trading or events occurring in other markets after the close of the principal market in which foreign securities are traded, and before the close of business of the fund, are expected to materially affect the value of those securities, then they are valued at their fair value taking this trading or these events into account. Fair value is determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Securities (including restricted securities) for which exchange quotations are not readily available (and in certain cases debt securities which trade on an exchange) are valued primarily using dealer-supplied valuations or at their fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost or original cost plus accrued interest, both of which approximate current value. FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. Net realized gains and losses on foreign currency transactions represent net gains and losses from sales and maturities of foreign currency contracts, disposition of foreign currencies, the difference between the amount of net investment income accrued and the U.S. dollar amount actually received, and gains and losses between trade and settlement date on purchases and sales of securities. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities. INCOME TAXES. As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the fund is not subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The schedule of investments includes information regarding income taxes under the caption "Income Tax Information." 1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. DEFERRED TRUSTEE COMPENSATION. Under a Deferred Compensation Plan (the Plan) non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds. Deferred amounts remain in the fund until distributed in accordance with the Plan. DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences, which may result in distribution reclassifications, are primarily due to differing treatments for litigation proceeds, partnerships, non-taxable dividends and losses deferred due to wash sales. The fund also utilized earnings and profits distributed to shareholders on redemption of shares as a part of the dividends paid deduction for income tax purposes. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Undistributed net investment income and accumulated undistributed net realized gain (loss) on investments and foreign currency transactions may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or gain remaining at fiscal year end is distributed in the following year. SECURITY TRANSACTIONS. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. 2. OPERATING POLICIES. FOREIGN CURRENCY CONTRACTS. The fund generally uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. The U.S. dollar value of foreign currency contracts is determined using contractual currency exchange rates established at the time of each trade. JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the fund, along with other affiliated entities of Fidelity Management & Research Company (FMR), may transfer uninvested cash balances into one or more joint trading accounts. These balances are invested 2. OPERATING POLICIES - CONTINUED JOINT TRADING ACCOUNT - CONTINUED in one or more repurchase agreements for U.S. Treasury or Federal Agency obligations. REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency securities are transferred to an account of the fund, or to the Joint Trading Account, at a bank custodian. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above. TAXABLE CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by the SEC, the fund may invest in the Taxable Central Cash Fund (the Cash Fund) managed by Fidelity Investments Money Management, Inc., an affiliate of FMR. The Cash Fund is an open-end money market fund available only to investment companies and other accounts managed by FMR and its affiliates. The Cash Fund seeks preservation of capital, liquidity, and current income by investing in U.S. Treasury securities and repurchase agreements for these securities. Income distributions from the Cash Fund are declared daily and paid monthly from net interest income. Income distributions earned by the fund are recorded as interest income in the accompanying financial statements. WHEN-ISSUED SECURITIES. The fund may purchase or sell securities on a when-issued basis. Payment and delivery may take place a month or more after the date of the transaction. The price of the underlying securities is fixed at the time the transaction is negotiated. The fund may receive compensation for interest forgone in the purchase of a when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the market value of the underlying securities, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors. RESTRICTED SECURITIES. The fund is permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. At the end of the period, restricted securities (excluding 144A issues) amounted to $4,446,000 or 0.0% of net assets. 3. PURCHASES AND SALES OF INVESTMENTS. Purchases and sales of securities, other than short-term securities, aggregated $27,009,574,000 and $29,630,417,000, respectively. 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES. MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly basic fee that is calculated on the basis of a group fee rate plus a fixed individual fund fee rate applied to the average net assets of the fund. The group fee rate is the weighted average of a series of rates and is based on the monthly average net assets of all the mutual funds advised by FMR. The rates ranged from .2500% to .5200% for the period. The annual individual fund fee rate is .30%. In the event that these rates were lower than the contractual rates in effect during the period, FMR voluntarily implemented the above rates, as they resulted in the same or a lower management fee. The basic fee is subject to a performance adjustment (up to a maximum of (plus/minus).20% of the fund's average net assets over the performance period) based on the fund's investment performance as compared to the appropriate index over a specified period of time. For the period, the management fee was equivalent to an annual rate of .43% of average net assets after the performance adjustment. SALES LOAD. For the period, Fidelity Distributors Corporation (FDC), an affiliate of FMR and the general distributor of the fund, received sales charges of $9,936,000 on sales of shares of the fund of which $9,916,000 was retained. TRANSFER AGENT FEES. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .18% of average net assets. ACCOUNTING FEES. FSC maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses. BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of FMR. The commissions paid to these affiliated firms were $4,324,000 for the period. 5. EXPENSE REDUCTIONS. FMR has directed certain portfolio trades to brokers who paid a portion of the fund's expenses. For the period, the fund's expenses were reduced by $6,956,000 under this arrangement. In addition, the fund has entered into arrangements with its custodian and transfer agent whereby credits realized as a result of uninvested cash balances were used to reduce a portion of the fund's expenses. During the period, the fund's custodian and transfer agent fees were reduced by $10,000 and $4,518,000, respectively, under these arrangements. 6. TRANSACTIONS WITH AFFILIATED COMPANIES. An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows: [Enlarge/Download Table] SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES AMOUNTS IN THOUSANDS PURCHASE COST SALES COST DIVIDEND INCOME VALUE AFFILIATE Aeroquip-Vickers, Inc. $ - $ 1,280 $ 317 $ - Anadarko Petroleum Corp. - 54,191 1,514 245,753 Assisted Living Concepts, Inc. - 3,358 - - Black & Decker Corp. 8,727 26,391 2,429 264,991 Canadian Natural Resources - 30,868 - - Ltd. Carematrix Corp. - 218 - - Case Corp. - 64,821 956 105,053 Comdisco, Inc. - 18,679 772 - Extended Stay America, Inc. 10,345 - - 59,695 Halter Marine Group, Inc. - 1,222 - - Hanna (M.A.) Co. - 6,522 634 - Host Marriott Services Corp. - 1,773 - 19,117 Host Marriott Corp. - 17,480 2,631 139,378 IDEX Corp. - 2,015 440 - Lafarge Corp. 2,632 14,000 2,501 124,856 Landstar System, Inc. - 6,112 - 20,577 Leggett & Platt, Inc. - 4,659 4,114 248,334 Oakwood Homes Corp. - - 149 52,301 Omnicom Group, Inc. - 269 1,063 - Polo Ralph Lauren Corp. Class 13,160 - - 46,382 A Prime Hospitality Corp. - 4,950 - - Pulte Corp. - 20,342 503 58,275 Renaissance Energy Ltd. - - - - Smith (A.O.) Corp. Class B - 10,173 303 - Southdown, Inc. 9,348 31,097 777 - Swift Transportation Co., Inc. - 6,808 - 68,135 Synetic, Inc. - - - 64,680 Trinity Industries, Inc. - 29,852 547 - UCAR International, Inc. - 18,986 - - USG Corp. - - - - TOTALS $ 44,212 $ 376,066 $ 19,650 $ 1,517,527 REPORT OF INDEPENDENT ACCOUNTANTS To the Trustees and the Shareholders of Fidelity Magellan Fund: In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Magellan Fund at March 31, 1999, and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with generally accepted accounting principles. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Magellan Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 1999 by correspondence with the custodian and brokers, provide a reasonable basis for the opinion expressed above. /s/PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP Boston, Massachusetts May 7, 1999 DISTRIBUTIONS The Board of Trustees of Fidelity Magellan Fund voted to pay on May 10, 1999, to shareholders of record at the opening of business on May 7, 1999, a distribution of $7.19 per share derived from capital gains realized from sales of portfolio securities and a dividend of $.23 per share from net investment income. A total of 100% of the dividends distributed during the fiscal year qualifies for the dividends-received deduction for corporate shareholders. The fund will notify shareholders in January 2000 of the applicable percentage for use in preparing 1999 income tax returns. The fund hereby designates 100% of the long-term capital gain dividends distributed during the fiscal year as 20%-rate capital gain dividends. OF SPECIAL NOTE INTRODUCING FIDELITY'S NEW, REORGANIZED PROSPECTUS Recently, the SEC issued new disclosure requirements for all mutual fund prospectuses. While Fidelity could have complied by simply following the new requirements, we saw a different opportunity. We saw the chance to create a brand new prospectus: one that is better organized, easier to use and more informative than ever. The new format of the Fidelity mutual fund prospectus puts the information you need to make informed investment decisions right at your fingertips. In the opening pages, you will find the SEC-mandated summary that highlights the fund's investment objectives, strategies and risks. There's also an easy-to-read performance chart and fee table right up front. Inside, you will find additional features we've introduced to make the fund prospectus a more useful tool. In our new Shareholder Information section, for example, we have provided practical, beneficial information - from how to buy or sell shares, key contact information, investment services, ways to set up your account and more - all in one convenient location. We invite you to spend a moment and review our new prospectus. It is designed to help make your investment decision easier, no matter which of the Fidelity funds you invest in. MANAGING YOUR INVESTMENTS Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day. BY PHONE Fidelity TouchTone Xpress(registered trademark) provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security. (PHONE_GRAPHIC)TOUCHTONE XPRESS 1-800-544-5555 PRESS 1 For mutual fund and brokerage trading. 2 For quotes.* 3 For account balances and holdings. 4 To review orders and mutual fund activity. 5 To change your PIN. *0 To speak to a Fidelity representative. BY PC Fidelity's Web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services. (COMPUTER_GRAPHIC)FIDELITY'S WEB SITE WWW.FIDELITY.COM If you are not currently on the Internet, call EarthLink Sprint at 1-800-288-2967, and be sure to ask for registration number SMD004 to receive a special Fidelity package that includes 30 days of free Internet access. EarthLink is North America's #1 independent Internet access provider. (COMPUTER_GRAPHIC) FIDELITY ON-LINE XPRESS+(registered trademark) Fidelity On-line Xpress+ software for Windows combines comprehensive portfolio management capabilities, securities trading and access to research and analysis tools . . . all on your desktop. Call Fidelity at 1-800-544-7272 or visit our Web site for more information on how to manage your investments via your PC. * WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD AND RETURN WILL VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS MEANS THAT YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO ASSURANCE THAT MONEY MARKET FUNDS WILL BE ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT. TOTAL RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS, AND THE EFFECTS OF ANY SALES CHARGES. TO WRITE FIDELITY If more than one address is listed, please locate the address that is closest to you. We'll give your correspondence immediate attention and send you written confirmation upon completion of your request. (LETTER_GRAPHIC)MAKING CHANGES TO YOUR ACCOUNT (such as changing name, address, bank, etc.) Fidelity Investments P.O. Box 770001 Cincinnati, OH 45277-0002 (LETTER_GRAPHIC)FOR NON-RETIREMENT ACCOUNTS BUYING SHARES Fidelity Investments P.O. Box 770001 Cincinnati, OH 45277-0003 OVERNIGHT EXPRESS Fidelity Investments 2300 Litton Lane - KH1A Hebron, KY 41048 SELLING SHARES Fidelity Investments P.O. Box 660602 Dallas, TX 75266-0602 OVERNIGHT EXPRESS Fidelity Investments Attn: Redemptions - CP6I 400 East Las Colinas Blvd. Irving, TX 75039-5517 GENERAL CORRESPONDENCE Fidelity Investments P.O. Box 500 Merrimack, NH 03054-0500 (LETTER_GRAPHIC)FOR RETIREMENT ACCOUNTS BUYING SHARES Fidelity Investments P.O. Box 770001 Cincinnati, OH 45277-0003 SELLING SHARES Fidelity Investments P.O. Box 660602 Dallas, TX 75266-0602 OVERNIGHT EXPRESS Fidelity Investments Attn: Redemptions - CP6R 400 East Las Colinas Blvd. Irving, TX 75039-5517 GENERAL CORRESPONDENCE Fidelity Investments P.O. Box 500 Merrimack, NH 03054-0500 INVESTMENT ADVISER Fidelity Management & Research Company Boston, MA INVESTMENT SUB-ADVISERS Fidelity Management & Research (U.K.) Inc., London, England Fidelity Management & Research (Far East) Inc., Tokyo, Japan OFFICERS Edward C. Johnson 3d, President Robert C. Pozen, Senior Vice President Abigail P. Johnson, Vice President Robert E. Stansky, Vice President Eric D. Roiter, Secretary Richard A. Silver, Treasurer Matthew N. Karstetter, Deputy Treasurer John H. Costello, Assistant Treasurer Leonard M. Rush, Assistant Treasurer BOARD OF TRUSTEES Ralph F. Cox * Phyllis Burke Davis * Robert M. Gates * Edward C. Johnson 3d E. Bradley Jones * Donald J. Kirk * Peter S. Lynch Marvin L. Mann * William O. McCoy * Gerald C. McDonough * Robert C. Pozen Thomas R. Williams * ADVISORY BOARD J. Gary Burkhead GENERAL DISTRIBUTOR Fidelity Distributors Corporation Boston, MA TRANSFER AND SHAREHOLDER SERVICING AGENT Fidelity Service Company, Inc. Boston, MA MAG-ANN-0599 76040 1.702307.101 CUSTODIAN State Street Bank and Trust Company Quincy, MA FIDELITY'S GROWTH FUNDS Aggressive Growth Fund Blue Chip Growth Fund Capital Appreciation Fund ContrafundSM ContrafundSM II Disciplined Equity Fund Dividend Growth Fund Export and Multinational Fund Fidelity FiftySM Growth Company Fund Large Cap Stock Fund Low-Priced Stock Fund Magellan(registered trademark) Fund Mid-Cap Stock Fund New Millennium Fund(registered trademark) OTC Portfolio Retirement Growth Fund Small Cap Selector Small Cap Stock Fund Stock Selector TechnoQuantSM Growth Fund Trend Fund Value Fund THE FIDELITY TELEPHONE CONNECTION MUTUAL FUND 24-HOUR SERVICE Exchanges/Redemptions 1-800-544-7777 Account Assistance 1-800-544-6666 Product Information 1-800-544-8888 Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.) TDD Service 1-800-544-0118 for the deaf and hearing impaired (9 a.m. - 9 p.m. Eastern time) TouchTone Xpress (registered trademark) 1-800-544-5555 * INDEPENDENT TRUSTEES AUTOMATED LINE FOR QUICKEST SERVICE (2_FIDELITY_LOGOS)(REGISTERED TRADEMARK) Corporate Headquarters 82 Devonshire St., Boston, MA 02109

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