Fidelity Magellan Fund – ‘N-30D’ for 9/30/99

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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                56±   175K 
                          Shareholders                                           

Document Table of Contents

FIDELITY(REGISTERED TRADEMARK)                                                  
MAGELLAN(REGISTERED TRADEMARK)                                                  
FUND                                                                            

SEMIANNUAL REPORT                                                               
SEPTEMBER 30, 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  36  The auditors' opinion.                               
ACCOUNTANTS                                                                     

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.              

(recycle logo) 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 AMOUNT               
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:                                                               

September proved troublesome for the equity markets, as the Dow Jones           
Industrial Average shed nearly 1,000 points from its record high set            
about a month earlier. Jitters over an exceedingly strong economy and           
the direction of short-term interest rates were the primary causes of           
the Dow's struggle. Benefiting in part from a mild flight to safety,            
prices of the benchmark 30-year Treasury bond were modestly higher for          
the month.                                                                      

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 www.fidelity.com. 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                                                        

                                                        [Enlarge/Download Table]

                                                                                       
PERIODS ENDED SEPTEMBER 30,     PAST 6 MONTHS  PAST 1 YEAR  PAST 5 YEARS  PAST 10 YEARS
1999                                                                                   

FIDELITY MAGELLAN               -0.40%         36.08%       173.99%       383.20%      

FIDELITY MAGELLAN (INCL.        -3.39%         32.00%       165.77%       368.70%      
3.00% SALES CHARGE)                                                                    

S&P 500 (registered trademark)  0.37%          27.80%       205.60%       373.44%      

Growth Funds Average            1.45%          30.34%       153.87%       294.93%      


CUMULATIVE TOTAL RETURNS show the fund's performance in percentage              
terms over a set period - in this case, six months, 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(registered trademark) 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 six               
months average represents a peer group of 1,232 mutual funds. These             
benchmarks include reinvested dividends and capital gains, if any, and          
exclude the effect of sales charges. Lipper has created new comparison          
categories that group funds according to portfolio characteristics and          
capitalization, as well as by capitalization only. These averages are           
listed on page 5 of this report.*                                               

AVERAGE ANNUAL TOTAL RETURNS                                                    

PERIODS ENDED SEPTEMBER 30,  PAST 1 YEAR  PAST 5 YEARS  PAST 10 YEARS           
1999                                                                            

FIDELITY MAGELLAN            36.08%       22.33%        17.06%                  

FIDELITY MAGELLAN (INCL.     32.00%       21.59%        16.71%                  
3.00% SALES CHARGE)                                                             

S&P 500                      27.80%       25.03%        16.82%                  

Growth Funds Average         30.34%       20.00%        14.35%                  

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                     
1989/09/30       9700.00                    10000.00                        
1989/10/31       9395.42                     9768.00                        
1989/11/30       9549.96                     9967.27                        
1989/12/31       9609.71                    10206.48                        
1990/01/31       8989.94                     9521.63                        
1990/02/28       9174.59                     9644.46                        
1990/03/31       9409.01                     9900.03                        
1990/04/30       9171.37                     9652.53                        
1990/05/31       9987.10                    10593.65                        
1990/06/30      10030.51                    10521.62                        
1990/07/31       9916.98                    10487.95                        
1990/08/31       8945.32                     9539.84                        
1990/09/30       8377.68                     9075.25                        
1990/10/31       8274.17                     9036.22                        
1990/11/30       8900.24                     9619.96                        
1990/12/31       9176.45                     9888.36                        
1991/01/31       9817.93                    10319.49                        
1991/02/28      10670.40                    11057.34                        
1991/03/31      11032.83                    11324.93                        
1991/04/30      11073.67                    11352.11                        
1991/05/31      11705.08                    11842.52                        
1991/06/30      11017.27                    11300.13                        
1991/07/31      11701.57                    11826.72                        
1991/08/31      12061.27                    12107.01                        
1991/09/30      12015.65                    11904.82                        
1991/10/31      12177.08                    12064.35                        
1991/11/30      11575.24                    11578.15                        
1991/12/31      12941.39                    12902.69                        
1992/01/31      12947.05                    12662.70                        
1992/02/29      13209.24                    12827.32                        
1992/03/31      12850.85                    12577.19                        
1992/04/30      13041.36                    12946.96                        
1992/05/31      13166.31                    13010.40                        
1992/06/30      12934.41                    12816.54                        
1992/07/31      13297.39                    13340.74                        
1992/08/31      13009.02                    13067.25                        
1992/09/30      13158.25                    13221.45                        
1992/10/31      13251.01                    13267.72                        
1992/11/30      13585.76                    13720.15                        
1992/12/31      13849.18                    13888.91                        
1993/01/31      14214.03                    14005.57                        
1993/02/28      14510.75                    14196.05                        
1993/03/31      15042.65                    14495.59                        
1993/04/30      15189.91                    14144.79                        
1993/05/31      15788.62                    14523.87                        
1993/06/30      16008.80                    14565.99                        
1993/07/31      16185.40                    14507.73                        
1993/08/31      17137.21                    15057.57                        
1993/09/30      17322.99                    14941.63                        
1993/10/31      17334.45                    15250.92                        
1993/11/30      16763.37                    15106.04                        
1993/12/31      17264.05                    15288.82                        
1994/01/31      17946.32                    15808.64                        
1994/02/28      17814.74                    15380.23                        
1994/03/31      16988.70                    14709.65                        
1994/04/30      17159.27                    14897.93                        
1994/05/31      16961.59                    15142.26                        
1994/06/30      16225.68                    14771.27                        
1994/07/31      16768.73                    15255.77                        
1994/08/31      17563.01                    15881.26                        
1994/09/30      17106.24                    15492.17                        
1994/10/31      17684.82                    15840.74                        
1994/11/30      16715.44                    15263.82                        
1994/12/31      16951.44                    15490.18                        
1995/01/31      16778.88                    15891.84                        
1995/02/28      17720.35                    16511.15                        
1995/03/31      18382.67                    16998.39                        
1995/04/30      19237.86                    17498.99                        
1995/05/31      19775.66                    18198.43                        
1995/06/30      21281.97                    18621.18                        
1995/07/31      22915.71                    19238.66                        
1995/08/31      23114.51                    19286.95                        
1995/09/30      23537.60                    20100.85                        
1995/10/31      22936.10                    20029.09                        
1995/11/30      23445.84                    20908.37                        
1995/12/31      23193.54                    21311.07                        
1996/01/31      23528.03                    22036.50                        
1996/02/29      23374.27                    22240.77                        
1996/03/31      23608.96                    22454.95                        
1996/04/30      23760.02                    22785.94                        
1996/05/31      23867.41                    23373.59                        
1996/06/30      23845.09                    23462.64                        
1996/07/31      22735.72                    22426.06                        
1996/08/31      23309.54                    22899.03                        
1996/09/30      24243.58                    24187.79                        
1996/10/31      24817.39                    24854.88                        
1996/11/30      26424.06                    26733.66                        
1996/12/31      25904.10                    26204.07                        
1997/01/31      27041.11                    27841.30                        
1997/02/28      26678.17                    28059.58                        
1997/03/31      25759.56                    26906.61                        
1997/04/30      26909.42                    28512.93                        
1997/05/31      28829.13                    30248.80                        
1997/06/30      30022.79                    31603.95                        
1997/07/31      32542.00                    34118.67                        
1997/08/31      31094.44                    32207.35                        
1997/09/30      32924.50                    33971.34                        
1997/10/31      31803.38                    32836.70                        
1997/11/30      32423.29                    34356.71                        
1997/12/31      32792.40                    34946.61                        
1998/01/31      33146.93                    35333.12                        
1998/02/28      35659.62                    37881.35                        
1998/03/31      37456.37                    39821.25                        
1998/04/30      37886.63                    40221.85                        
1998/05/31      37138.01                    39530.44                        
1998/06/30      38720.30                    41136.17                        
1998/07/31      38430.69                    40698.07                        
1998/08/31      32479.42                    34813.94                        
1998/09/30      34443.16                    37044.12                        
1998/10/31      37095.63                    40057.29                        
1998/11/30      39974.13                    42485.16                        
1998/12/31      43819.21                    44933.16                        
1999/01/31      46118.61                    46812.26                        
1999/02/28      44646.12                    45357.34                        
1999/03/31      47057.95                    47172.08                        
1999/04/30      48182.27                    48999.06                        
1999/05/31      46797.09                    47842.19                        
1999/06/30      49846.98                    50497.43                        
1999/07/31      48168.39                    48920.90                        
1999/08/31      47573.00                    48678.74                        
1999/09/30      46870.07                    47344.46                        
IMATRL PRASUN   SHR__CHT 19990930 19991011 100131 R00000000000123               

$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was                
invested in Fidelity Magellan Fund on September 30, 1989, and the               
current 3.00% sales charge was paid. As the chart shows, by September           
30, 1999, the value of the investment would have grown to $46,870 - a           
368.70% 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 $47,344 - a 373.44% 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.                                                            

* THE LIPPER LARGE CAP GROWTH FUNDS AVERAGE REFLECTS THE PERFORMANCE            
(EXCLUDING SALES CHARGES) OF MUTUAL FUNDS WITH SIMILAR PORTFOLIO                
CHARACTERISTICS AND CAPITALIZATION. THE LIPPER LARGE CAP SUPERGROUP             
AVERAGE REFLECTS THE PERFORMANCE (EXCLUDING SALES CHARGES) OF MUTUAL            
FUNDS WITH SIMILAR CAPITALIZATION. AS OF SEPTEMBER 30, 1999, THE ONE            
YEAR, FIVE YEAR, AND 10 YEAR CUMULATIVE AND AVERAGE ANNUAL TOTAL                
RETURNS FOR THE LARGE CAP GROWTH FUNDS AVERAGE ARE 37.86%, 197.21%,             
376.96%, AND 37.86%, 24.02%, 16.69%, RESPECTIVELY; AND THE ONE YEAR,            
FIVE YEAR AND 10 YEAR CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURNS FOR           
THE LARGE CAP SUPERGROUP AVERAGE ARE 29.43%, 174.72%, 320.78%, AND              
29.43%, 22.17%, 15.24%, RESPECTIVELY.                                           

FUND TALK: THE MANAGER'S OVERVIEW                                               

MARKET RECAP                                                                    

Concerns over rising interest rates                                             
and unusually high stock valuations                                             
tempered many positive earnings                                                 
stories, limiting market advances                                               
during the six-month period that                                                
ended September 30, 1999. The                                                   
Standard & Poor's 500 Index - a                                                 
broad measure of U.S. stock market                                              
performance - managed a mere                                                    
0.37% return during this time. Equity                                           
investors were caught in a whirlwind                                            
of conflicting economic data, which                                             
kept them on uncertain footing for                                              
much of the period. The early spring                                            
bore a powerful, yet short-lived                                                
shift in market sentiment as investors                                          
rotated away from some of the                                                   
larger-cap growth names to                                                      
economically sensitive cyclical and                                             
value-oriented stocks. The                                                      
subsequent broadening of the                                                    
market was reflected in the rebound                                             
in small-cap stocks - shown by the                                              
Russell 2000(registered trademark) Index - which                                
returned 8.25% for the six-month                                                
period, handily outpacing the                                                   
larger-cap-oriented S&P 500. The                                                
Federal Reserve Board, determined                                               
to keep inflation in check, acted                                               
promptly and forcefully, levying two                                            
quarter-point interest-rate hikes in                                            
the summer to rein in signs of                                                  
runaway growth in the economy.                                                  
Technology stocks - as measured by                                              
NASDAQ - returned 11.73% for                                                    
the six-month period, fueled by a                                               
spirited rally in the summer that was                                           
driven in large part by the explosive                                           
growth of the Internet. Cautionary                                              
Fed comments and the release of                                                 
inflationary data greeted the market                                            
once again late in the period,                                                  
re-igniting fears of further                                                    
interest-rate activity later in the                                             
year, and pushing most major                                                    
markets lower.                                                                  

(Photograph of Robert Stansky)                                                  

An interview with Robert Stansky, Portfolio Manager of Fidelity                 
Magellan Fund                                                                   

Q. BOB, HOW DID THE FUND PERFORM?                                               

A.  The six-month period that ended September 30, 1999, was                     
essentially flat in terms of performance. During the period, Magellan           
had a total return of -0.40%. That trailed the Lipper growth funds              
average, which returned 1.45% during the same period, and slightly              
lagged the fund's benchmark index, the Standard & Poor's 500 Index,             
which returned 0.37%. It was a solid past 12 months for the fund, but           
interestingly the majority of those gains occurred in the fourth                
quarter of 1998 and first quarter of 1999. For the 12-month period              
that ended September 30, 1999, the fund beat both of its benchmarks,            
returning 36.08%, compared to a 30.34% return for the growth funds              
average and a 27.80% return for the S&P 500.                                    

Q. WHAT ACCOUNTED FOR THE FUND'S PERFORMANCE SINCE THE END OF MARCH?            

A. Broadly speaking, concerns about the strength of future corporate            
earnings and rising interest rates slowed the stock market's advance            
in recent months. That was particularly true for large-capitalization           
stocks, whose valuations - or stock prices relative to earnings - had           
risen sharply in 1998 and early 1999. During the past six months,               
large-cap stocks underperformed small- and mid-cap stocks, which held           
the fund back somewhat relative to its peers that were more heavily             
invested in smaller stocks. The notable exception to this trend was             
large-cap technology stocks, which plowed ahead and posted strong               
gains. In fact, technology was the only  major industry group in the            
S&P 500 that finished in positive territory during the third quarter.           

Q. IN THE PREVIOUS SHAREHOLDER REPORT DATED MARCH 31, 1999, YOU STATED          
THAT YOU HAD REDUCED THE FUND'S TECHNOLOGY STAKE. WHAT WAS THE IMPACT           
OF THAT STRATEGY OVER THE PAST SIX MONTHS?                                      

A. I did reduce the fund's investments in technology during the first           
quarter of 1999 because I was concerned that valuations had risen very          
quickly in the prior months. As a result, the fund was slightly                 
underweighted in technology relative to the broad market during the             
period. To the extent the fund held less in technology than the market          
and its peers, it generally gave up some ground to both. However, it's          
interesting to note that the valuations of many of these stocks simply          
continued to rise in recent months without a commensurate rise in               
earnings estimates. In other words, investors gravitated to those               
technology companies that had provided strong earnings historically,            
without much regard for how much they were paying for that earnings             
growth. As a result, there weren't as many buying opportunities in              
this area as I had hoped there would be during the period. That said,           
the fund's technology stake did rise slightly during the period, and            
was 22.1 percent of the fund's net assets on September 30. Technology           
stocks that had the largest positive impact on the fund's performance           
over the past six months are all connected in some way to the computer          
or telecommunications industries, the Internet, or all of the above,            
and included Texas Instruments, Cisco Systems, Oracle, IBM and Intel.           

Q. DURING THE SECOND QUARTER OF 1999, THE MARKET EXPERIENCED A SUDDEN           
SHIFT AWAY FROM GROWTH STOCKS - THOSE WITH FAST-GROWING EARNINGS - AND          
TOWARD CYCLICAL STOCKS - THOSE COMPANIES WHOSE BUSINESSES ARE CLOSELY           
TIED TO ECONOMIC CYCLES. HOW DID THIS SHIFT AFFECT THE FUND?                    

A. Although the fund has wide latitude to invest in many different              
types of stocks, recently it has leaned toward growth stocks. It's              
important to note that the sharp rotation toward cyclicals occurred             
almost exclusively during the month of April. As a result, the fund             
underperformed the S&P 500 that month before making up ground later in          
the period as growth stocks came back into favor. Within that                   
backdrop, there were pockets of the fund that benefited from the                
market rotation. Several stocks in the industrial machinery sector -            
which represented more than 7% of the fund's investments at the end of          
September - were strong performers. Two standouts in this sector                
actually are very diversified companies, but have core manufacturing            
businesses. General Electric, the fund's largest holding, posted                
significant gains. Its 1999 earnings through the end of the third               
quarter were up 15% over the same period in 1998. And Tyco                      
International, another of the fund's top 10 holdings, also contributed          
significantly to the fund's performance over the past six months. The           
company successfully assembled a diverse mix of businesses - including          
fire protection systems, electronic security services and medical               
products - that together fueled substantial profit growth.                      

Q. WHAT'S THE LATEST ON THE FINANCIAL AND HEALTH CARE SECTORS, WHICH            
WERE AMONG THE FUND'S LARGEST INDUSTRY HOLDINGS AT THE END OF THE               
PERIOD?                                                                         

A. Financial stocks have had a rough 1999, mainly due to rising                 
interest rates, slower loan growth and credit concerns. However, the            
good news for fund shareholders is that the fund was underweighted in           
this sector relative to the S&P 500 during the period. In addition, I           
was able to sidestep some of the poorest performing financial stocks            
and focus investments in those companies that I thought could best              
weather a rising-rate environment. These included Citigroup and                 
American International Group. Similarly, I underweighted the health             
care sector relative to the broad market due to concerns about high             
valuations. That benefited the fund during the second quarter, as               
these stocks corrected sharply. Nonetheless, the stocks of a number of          
large pharmaceutical companies such as Merck, American Home Products,           
Eli Lilly and Schering-Plough detracted from the fund's performance             
overall during the period.                                                      

Q. BOB, WHAT'S YOUR VIEW AS WE MOVE INTO THE NEXT SIX MONTHS?                   

A. Even though the market hasn't moved much on the whole over the past          
six months, valuations in certain areas - particularly technology -             
are still quite high historically. If investors decide these                    
valuations are not justified given future earnings outlooks, there              
could be some volatility ahead. In addition, the next six months will           
bring us into the Year 2000 and the much discussed issues surrounding           
Y2K. Although I'm not one of those who subscribes to a scenario with            
long-term negative impact, it's difficult to predict with a strong              
degree of conviction exactly what the short-term effects will be. We            
should learn more over the last few months of the year as companies             
discuss in greater detail future earnings prospects. I'll be                    
monitoring the situation closely, as the uncertainty surrounding these          
issues has the potential to cause some market volatility in the short           
term. That said, I'm still optimistic that key areas in which the fund          
invests - including technology, finance and health care - will have             
above average growth over the long term. As always, I'll be focused on          
those companies that I believe will grow earnings faster than the               
market overall, and whose stocks are selling at reasonable valuations.          

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: seeks capital                                                             
appreciation by investing                                                       
primarily in common                                                             
stocks of domestic,                                                             
foreign and multinational                                                       
issuers                                                                         

FUND NUMBER: 021                                                                

TRADING SYMBOL: FMAGX                                                           

START DATE: May 2, 1963                                                         

SIZE: as of September 30,                                                       
1999, more than $92 billion                                                     

MANAGER: Robert Stansky,                                                        
since 1996; manager,                                                            
Fidelity Growth Company                                                         
Fund and Fidelity Advisor                                                       
Equity Growth Fund,                                                             
1987-1996; Fidelity                                                             
Emerging Growth Fund                                                            
1990-1991; Fidelity Select                                                      
Defense & Aerospace                                                             
Portfolio 1984-1985; joined                                                     
Fidelity in 1983                                                                

BOB STANSKY ON THE                                                              
FUND'S SIZE:                                                                    

"Magellan shareholders recently                                                 
may have seen media coverage                                                    
when the fund surpassed $100                                                    
billion in net assets back in July,                                             
and wondered what it all meant.                                                 
The milestone was viewed and                                                    
analyzed from a number of different                                             
angles in numerous stories. But                                                 
when it gets right down to it, the                                              
$100 billion figure was merely a                                                
snapshot of the fund's size at a                                                
particular moment in time - no                                                  
more, no less. Assets go up and                                                 
down every day when the stocks                                                  
held by the portfolio change in                                                 
price and every time a shareholder                                              
puts money into the fund or takes                                               
money out of the fund. In fact, in                                              
the months since, the fund's assets                                             
have fallen below $100 billion, as                                              
the stock market dropped off a bit                                              
in the third quarter.                                                           

"The fund's size is not something I                                             
spend time thinking about. As                                                   
shareholders know, I spend my day                                               
analyzing companies and trying to                                               
figure out which ones are the best                                              
investment opportunities for the                                                
fund. That said, hitting the $100                                               
billion mark did give me reason to                                              
pause in one respect. It served as                                              
a good time to acknowledge those                                                
portfolio managers and analysts                                                 
who came before me and helped                                                   
fuel the fund's growth with                                                     
excellent long-term performance.                                                
It's exciting to be a part of that                                              
legacy."                                                                        

INVESTMENT CHANGES                                                              

                                                                [Download Table]

                                                                                
TOP TEN STOCKS AS OF                                                            
SEPTEMBER 30, 1999                                                              

                               % OF FUND'S  NET ASSETS  % OF FUND'S NET ASSETS 6
                                                        MONTHS AGO              

General Electric Co.            4.7                      4.2                    

Microsoft Corp.                 4.6                      4.1                    

Home Depot, Inc.                2.6                      2.2                    

Citigroup, Inc.                 2.1                      1.7                    

Cisco Systems, Inc.             2.0                      2.1                    

Tyco International Ltd.         1.9                      1.2                    

MCI WorldCom, Inc.              1.7                      2.4                    

Lucent Technologies, Inc.       1.7                      0.9                    

Wal-Mart Stores, Inc.           1.6                      1.7                    

Merck & Co., Inc.                 1.6                      2.0                  

                                 24.5                     22.5                  

TOP FIVE MARKET SECTORS AS OF                                                   
SEPTEMBER 30, 1999                                                              

                               % OF FUND'S  NET ASSETS  % OF FUND'S NET ASSETS 6
                                                        MONTHS AGO              

TECHNOLOGY                      22.1                     20.8                   

FINANCE                         12.1                     12.9                   

RETAIL & WHOLESALE              9.4                      10.0                   

HEALTH                          9.2                      10.3                   

INDUSTRIAL MACHINERY &          7.8                      6.5                    
EQUIPMENT                                                                       


                                                                [Download Table]

                                                          
ASSET ALLOCATION (% OF FUND'S                             
NET ASSETS)                                               

AS OF SEPTEMBER 30, 1999 *     AS OF MARCH 31, 1999 **    

Stocks 92.4%                   Stocks 93.4%               

Short-Term  Investments and    Short-Term  Investments and
Net Other Assets 7.6%          Net Other Assets 6.6%      

* FOREIGN INVESTMENTS 4.1%     ** FOREIGN INVESTMENTS 4.2%


Row: 1, Col: 1, Value: 92.40000000000001                                        
Row: 1, Col: 2, Value: 0.0                                                      
Row: 1, Col: 3, Value: 0.0                                                      
Row: 1, Col: 4, Value: 0.0                                                      
Row: 1, Col: 5, Value: 0.0                                                      
Row: 1, Col: 6, Value: 0.0                                                      
Row: 1, Col: 7, Value: 0.0                                                      
Row: 1, Col: 8, Value: 7.6                                                      
Row: 1, Col: 1, Value: 93.40000000000001                                        
Row: 1, Col: 2, Value: 0.0                                                      
Row: 1, Col: 3, Value: 0.0                                                      
Row: 1, Col: 4, Value: 0.1                                                      
Row: 1, Col: 5, Value: 0.0                                                      
Row: 1, Col: 6, Value: 0.0                                                      
Row: 1, Col: 7, Value: 0.0                                                      
Row: 1, Col: 8, Value: 6.5                                                      

PRIOR TO THIS REPORT, CERTAIN INFORMATION RELATED TO PORTFOLIO                  
HOLDINGS WAS STATED AS A PERCENTAGE OF THE FUND'S INVESTMENTS.                  

INVESTMENTS SEPTEMBER 30, 1999                                                  
Showing Percentage of Net Assets                                                

                                                                [Download Table]

                                                                                
COMMON STOCKS - 92.4%                                                           

                                 SHARES                    VALUE (NOTE 1) (000S)

AEROSPACE & DEFENSE - 1.2%                                                      

AEROSPACE & DEFENSE - 1.0%                                                      

AlliedSignal, Inc.                6,700,000                $ 401,581            

Boeing Co.                        2,908,600                 123,979             

Textron, Inc.                     1,511,400                 116,945             

United Technologies Corp.         4,431,600                 262,849             

                                                            905,354             

DEFENSE ELECTRONICS - 0.1%                                                      

Raytheon Co.:                                                                   

Class A                           549,000                   26,627              

Class B                           1,177,080                 58,413              

                                                            85,040              

SHIP BUILDING & REPAIR - 0.1%                                                   

General Dynamics Corp.            1,841,800                 114,997             

TOTAL AEROSPACE & DEFENSE                                   1,105,391           

BASIC INDUSTRIES - 0.8%                                                         

CHEMICALS & PLASTICS - 0.4%                                                     

E.I. du Pont de Nemours and       4,110,575                 250,231             
Co.                                                                             

Monsanto Co.                      3,582,800                 127,861             

Trivest 1992 Special Fund         26.6 (d)                  3,048               
Ltd.                                                                            

                                                            381,140             

IRON & STEEL - 0.1%                                                             

Nucor Corp.                       2,492,400                 118,701             

METALS & MINING - 0.2%                                                          

Alcoa, Inc.                       3,140,000                 194,876             

PACKAGING & CONTAINERS - 0.0%                                                   

Owens-Illinois, Inc. (a)          742,700                   14,715              

PAPER & FOREST PRODUCTS - 0.1%                                                  

Louisiana-Pacific Corp.           1,932,600                 30,197              

TOTAL BASIC INDUSTRIES                                      739,629             

CONSTRUCTION & REAL ESTATE -                                                    
1.2%                                                                            

BUILDING MATERIALS - 0.8%                                                       

Lafarge Corp. (c)                 4,455,544                 143,134             

Masco Corp.                       8,565,200                 265,521             

Owens Corning                     1,729,100                 37,500              

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

CONSTRUCTION & REAL ESTATE -                                                    
CONTINUED                                                                       

BUILDING MATERIALS - CONTINUED                                                  

Sherwin-Williams Co.              3,303,400                $ 69,165             

Southdown, Inc.                   1,130,892                 60,503              

USG Corp.                         2,363,000                 112,243             

                                                            688,066             

CONSTRUCTION - 0.1%                                                             

Centex Corp.                      1,150,000                 33,997              

Oakwood Homes Corp. (c)           3,560,000                 16,020              

Pulte Corp. (c)                   2,800,000                 60,900              

                                                            110,917             

REAL ESTATE INVESTMENT TRUSTS                                                   
- 0.3%                                                                          

Boston Properties, Inc.           526,000                   16,142              

Crescent Real Estate Equities     1,370,300                 24,665              
Co.                                                                             

Equity Office Properties Trust    1,986,400                 46,184              

Equity Residential Properties     1,271,500                 53,880              
Trust (SBI)                                                                     

Host Marriott Corp. (c)           11,500,000                109,250             

Public Storage, Inc.              1,136,300                 28,621              

                                                            278,742             

TOTAL CONSTRUCTION & REAL                                   1,077,725           
ESTATE                                                                          

DURABLES - 2.5%                                                                 

AUTOS, TIRES, & ACCESSORIES -                                                   
1.4%                                                                            

AutoNation, Inc. (a)              11,379,927                142,960             

AutoZone, Inc. (a)                2,835,800                 79,580              

Danaher Corp.                     2,456,349                 129,419             

Delphi Automotive Systems         4,652,651                 74,733              
Corp.                                                                           

Ford Motor Co.                    12,573,100                631,012             

General Motors Corp.              3,347,600                 210,690             

Pep Boys-Manny, Moe & Jack        1,255,000                 18,668              

                                                            1,287,062           

CONSUMER DURABLES - 0.2%                                                        

Minnesota Mining &                2,409,100                 231,424             
Manufacturing Co.                                                               

CONSUMER ELECTRONICS - 0.2%                                                     

Black & Decker Corp.              3,958,500                 180,854             

Maytag Corp.                      400,000                   13,325              

Whirlpool Corp.                   211,000                   13,781              

                                                            207,960             

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

DURABLES - CONTINUED                                                            

HOME FURNISHINGS - 0.3%                                                         

Leggett & Platt, Inc. (c)         12,316,700               $ 242,485            

Newell Rubbermaid, Inc.           300,000                   8,569               

                                                            251,054             

TEXTILES & APPAREL - 0.4%                                                       

Liz Claiborne, Inc.               2,547,800                 78,982              

NIKE, Inc. Class B                3,398,500                 193,290             

Polo Ralph Lauren Corp. Class     2,333,700                 41,861              
A (a)(c)                                                                        

Tommy Hilfiger (a)                300,000                   8,456               

Warnaco Group, Inc. Class A       800,000                   14,600              

                                                            337,189             

TOTAL DURABLES                                              2,314,689           

ENERGY - 6.7%                                                                   

ENERGY SERVICES - 0.9%                                                          

Baker Hughes, Inc.                2,500,000                 72,500              

Halliburton Co.                   6,799,600                 278,784             

Schlumberger Ltd.                 7,346,300                 457,766             

                                                            809,050             

OIL & GAS - 5.8%                                                                

Anadarko Petroleum Corp. (c)      6,410,000                 195,906             

Apache Corp.                      2,959,715                 127,823             

BP Amoco PLC                      12,376,935                228,586             

BP Amoco PLC sponsored ADR        3,184,421                 352,874             

Burlington Resources, Inc.        2,082,100                 76,517              

Canadian Natural Resources        2,702,600                 63,326              
Ltd. (a)                                                                        

Chevron Corp.                     5,842,100                 518,486             

Coastal Corp. (The)               4,384,000                 179,470             

Conoco, Inc. Class B              8,242,088                 225,627             

Cooper Cameron Corp. (a)          1,671,500                 63,099              

Elf Aquitaine                     660,000                   120,945             

Exxon Corp.                       15,232,400                1,156,710           

Mobil Corp.                       6,831,700                 688,294             

Occidental Petroleum Corp.        8,571,400                 198,214             

Poco Petroleums Ltd. (a)          3,481,700                 30,712              

Renaissance Energy Ltd. (a)       1,325,000                 18,953              

Royal Dutch Petroleum Co. (NY     7,932,700                 468,525             
Registry Gilder 1.25)                                                           

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

ENERGY - CONTINUED                                                              

OIL & GAS - CONTINUED                                                           

Shell Transport & Trading Co.     13,327,100               $ 101,064            
PLC (Reg.)                                                                      

Texaco, Inc.                      6,352,000                 400,970             

Total Fina SA Class B             932,000                   118,248             

USX-Marathon Group                550,000                   16,088              

                                                            5,350,437           

TOTAL ENERGY                                                6,159,487           

FINANCE - 12.1%                                                                 

BANKS - 3.9%                                                                    

Bank of America Corp.             13,202,754                735,228             

Bank of New York Co., Inc.        1,254,400                 41,944              

Bank One Corp.                    3,690,957                 128,491             

BankBoston Corp.                  3,704,900                 160,700             

Chase Manhattan Corp.             14,876,200                1,121,294           

Comerica, Inc.                    1,921,000                 97,251              

First Union Corp.                 1,421,773                 50,562              

Mellon Bank Corp.                 300,000                   10,125              

Synovus Finanical Corp.           1,709,775                 31,951              

U.S. Bancorp                      6,811,600                 205,625             

Wells Fargo & Co.                 24,455,000                969,029             

                                                            3,552,200           

CREDIT & OTHER FINANCE - 3.8%                                                   

American Express Co.              3,551,500                 478,121             

Associates First Capital          14,030,774                505,108             
Corp. Class A                                                                   

Citigroup, Inc.                   44,434,833                1,955,133           

Concord EFS, Inc. (a)             1,500,000                 30,938              

Fleet Financial Group, Inc.       4,922,000                 180,268             

Household International, Inc.     3,620,395                 145,268             

MBNA Corp.                        1,500,000                 34,219              

NextCard, Inc. (a)                10,000                    245                 

Providian Financial Corp.         2,327,750                 184,329             

                                                            3,513,629           

FEDERAL SPONSORED CREDIT - 1.8%                                                 

Fannie Mae                        15,781,100                989,278             

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

FINANCE - CONTINUED                                                             

FEDERAL SPONSORED CREDIT -                                                      
CONTINUED                                                                       

Freddie Mac                       12,411,600               $ 645,403            

SLM Holding Corp.                 481,950                   20,724              

                                                            1,655,405           

INSURANCE - 2.0%                                                                

AFLAC, Inc.                       4,454,800                 186,545             

Allstate Corp.                    7,700,000                 192,019             

American International Group,     14,678,680                1,276,128           
Inc.                                                                            

Hartford Financial Services       600,000                   24,525              
Group, Inc.                                                                     

Old Republic International        1,800,000                 25,987              
Corp.                                                                           

Reliastar Financial Corp.         1,674,463                 55,676              

UnumProvident Corp.               3,333,400                 98,127              

                                                            1,859,007           

SAVINGS & LOANS - 0.1%                                                          

Charter One Financial, Inc.       2,719,962                 62,899              

Washington Mutual, Inc.           1,000,000                 29,250              

                                                            92,149              

SECURITIES INDUSTRY - 0.5%                                                      

Goldman Sachs Group, Inc.         475,000                   28,975              

Morgan Stanley Dean Witter &      4,983,135                 444,433             
Co.                                                                             

Schwab (Charles) Corp.            700,000                   23,581              

                                                            496,989             

TOTAL FINANCE                                               11,169,379          

HEALTH - 9.2%                                                                   

DRUGS & PHARMACEUTICALS - 6.2%                                                  

American Home Products Corp.      12,595,200                522,701             

Biogen, Inc. (a)                  810,000                   63,838              

Bristol-Myers Squibb Co.          15,666,900                1,057,516           

Elan Corp. PLC sponsored ADR      3,802,000                 127,605             
(a)                                                                             

Eli Lilly & Co.                   12,651,200                809,677             

Merck & Co., Inc.                 22,475,200                1,456,674           

Pfizer, Inc.                      6,309,200                 226,737             

Schering-Plough Corp.             20,487,700                893,776             

Warner-Lambert Co.                8,034,100                 533,263             

XOMA Ltd. (a) (e)                 3,030                     7                   

                                                            5,691,794           

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

HEALTH - CONTINUED                                                              

MEDICAL EQUIPMENT & SUPPLIES                                                    
- 2.5%                                                                          

Abbott Laboratories               13,046,500               $ 479,459            

Baxter International, Inc.        300,000                   18,075              

Becton, Dickinson & Co.           2,546,200                 71,453              

Boston Scientific Corp. (a)       10,262,000                253,343             

Cardinal Health, Inc.             6,536,330                 356,230             

Guidant Corp.                     800,000                   42,900              

Johnson & Johnson                 10,300,000                946,313             

Medtronic, Inc.                   4,418,000                 156,839             

U.S. Surgical Corp. rights        469                       -                   
6/30/00 (a)                                                                     

                                                            2,324,612           

MEDICAL FACILITIES MANAGEMENT                                                   
- 0.5%                                                                          

Express Scripts, Inc. Class A     1,000,000                 78,250              
(a)                                                                             

HEALTHSOUTH Corp. (a)             17,733,200                107,508             

Tenet Healthcare Corp. (a)        1,192,195                 20,938              

United HealthCare Corp.           3,194,100                 155,513             

Wellpoint Health Networks,        1,000,000                 57,000              
Inc. (a)                                                                        

                                                            419,209             

TOTAL HEALTH                                                8,435,615           

INDUSTRIAL MACHINERY &                                                          
EQUIPMENT - 7.8%                                                                

ELECTRICAL EQUIPMENT - 5.2%                                                     

Emerson Electric Co.              5,482,400                 346,419             

Ericsson (L.M.) Telefon AB        800,000                   25,000              
sponsored ADR Class B                                                           

General Electric Co.              36,233,100                4,295,871           

Honeywell, Inc.                   1,267,700                 141,111             

SLI, Inc. (a)                     519,000                   11,061              

                                                            4,819,462           

INDUSTRIAL MACHINERY &                                                          
EQUIPMENT - 2.5%                                                                

Case Corp.                        3,589,000                 178,777             

Caterpillar, Inc.                 250,000                   13,703              

Cooper Industries, Inc.           1,150,000                 53,763              

Deere & Co.                       1,060,000                 41,009              

Illinois Tool Works, Inc.         3,560,000                 265,443             

Ingersoll-Rand Co.                902,850                   49,600              

Tyco International Ltd.           16,548,706                1,708,654           

                                                            2,310,949           

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

INDUSTRIAL MACHINERY &                                                          
EQUIPMENT - CONTINUED                                                           

POLLUTION CONTROL - 0.1%                                                        

Republic Services, Inc. Class     2,500,000                $ 27,188             
A (a)                                                                           

Waste Management, Inc.            827,000                   15,920              

                                                            43,108              

TOTAL INDUSTRIAL MACHINERY &                                7,173,519           
EQUIPMENT                                                                       

MEDIA & LEISURE - 6.5%                                                          

BROADCASTING - 3.7%                                                             

CBS Corp. (a)                     14,954,476                691,645             

Clear Channel Communications,     8,749,680                 698,881             
Inc. (a)                                                                        

Comcast Corp. Class A             2,550,000                 101,681             
(special)                                                                       

Cox Communications, Inc.          2,589,400                 108,107             
Class A (a)                                                                     

Hispanic Broadcasting Corp.       663,800                   50,532              
(a)                                                                             

Infinity Broadcasting Corp.       3,161,500                 92,671              
Class A                                                                         

MediaOne Group, Inc.              3,950,000                 269,834             

Nielsen Media Research, Inc.      472,966                   17,588              
(a)                                                                             

Salem Communications Corp.        37,700                    961                 
Class A (a)                                                                     

Time Warner, Inc.                 20,403,455                1,239,510           

UnitedGlobalCom, Inc. (a)         550,000                   39,394              

Univision Communications,         595,000                   48,418              
Inc. Class A (a)                                                                

USA Networks, Inc. (a)            594,800                   23,049              

                                                            3,382,271           

ENTERTAINMENT - 1.4%                                                            

Alliance Gaming Corp. (a) (f)     5,072                     32                  

Disney (Walt) Co.                 10,657,000                275,750             

Fox Entertainment Group, Inc.     1,988,000                 41,997              
Class A                                                                         

News Corp. Ltd. sponsored ADR     3,900,000                 110,906             

Park Place Entertainment          3,729,200                 46,615              
Corp.                                                                           

SFX Entertainment, Inc. Class     961,500                   29,326              
A (a)                                                                           

Viacom, Inc. Class B              18,408,800                777,772             
(non-vtg.) (a)                                                                  

                                                            1,282,398           

LODGING & GAMING - 0.2%                                                         

Extended Stay America, Inc.       5,859,603                 52,736              
(a)(c)                                                                          

Hilton Hotels Corp.               2,000,000                 19,750              

Marriott International, Inc.      855,000                   27,948              
Class A                                                                         

Starwood Hotels & Resorts         4,400,327                 98,182              
Worldwide, Inc.                                                                 

                                                            198,616             

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

MEDIA & LEISURE - CONTINUED                                                     

PUBLISHING - 0.4%                                                               

Gannet Co., Inc.                  3,210,400                $ 222,120            

Harcourt General, Inc.            848,900                   35,335              

McGraw-Hill Companies, Inc.       326,000                   15,770              

Times Mirror Co. Class A          697,300                   45,891              

Tribune Co.                       1,546,200                 76,923              

                                                            396,039             

RESTAURANTS - 0.8%                                                              

McDonald's Corp.                  14,394,800                618,976             

Outback Steakhouse, Inc. (a)      300,000                   7,641               

Starbucks Corp. (a)               50,000                    1,239               

Tricon Global Restaurants,        1,700,000                 69,594              
Inc. (a)                                                                        

                                                            697,450             

TOTAL MEDIA & LEISURE                                       5,956,774           

NONDURABLES - 3.6%                                                              

BEVERAGES - 0.9%                                                                

Anheuser-Busch Companies,         891,600                   62,468              
Inc.                                                                            

Coca-Cola Co. (The)               3,966,800                 190,654             

PepsiCo, Inc.                     13,424,300                406,085             

Seagram Co. Ltd.                  3,800,000                 172,904             

                                                            832,111             

FOODS - 0.1%                                                                    

Bestfoods                         1,000,000                 48,500              

General Mills, Inc.               200,000                   16,225              

Kellogg Co.                       200,000                   7,488               

Nabisco Group Holdings Corp.      500,000                   7,500               

                                                            79,713              

HOUSEHOLD PRODUCTS - 1.6%                                                       

Avon Products, Inc.               2,346,000                 58,210              

Clorox Co.                        2,205,696                 84,368              

Gillette Co.                      7,575,800                 257,104             

Procter & Gamble Co.              10,547,300                988,809             

Unilever NV NY Shares             1,365,803                 93,045              

                                                            1,481,536           

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

NONDURABLES - CONTINUED                                                         

TOBACCO - 1.0%                                                                  

Philip Morris Companies, Inc.     27,770,200               $ 949,394            

TOTAL NONDURABLES                                           3,342,754           

RETAIL & WHOLESALE - 9.4%                                                       

APPAREL STORES - 1.1%                                                           

Abercrombie & Fitch Co. Class     1,000,000                 34,063              
A (a)                                                                           

Gap, Inc.                         15,229,300                487,338             

Limited, Inc. (The)               8,400,400                 321,315             

TJX Companies, Inc.               5,496,800                 154,254             

Too, Inc. (a)                     1,200,081                 21,526              

                                                            1,018,496           

DRUG STORES - 0.5%                                                              

CVS Corp.                         11,431,786                466,560             

GENERAL MERCHANDISE STORES -                                                    
2.9%                                                                            

Consolidated Stores Corp. (a)     2,191,168                 48,343              

Costco Wholesale Corp. (a)        1,855,500                 133,596             

Dayton Hudson Corp.               13,794,300                828,520             

Federated Department Stores,      4,015,700                 175,436             
Inc. (a)                                                                        

Neiman-Marcus Group, Inc. (a)     668,700                   15,631              

Wal-Mart Stores, Inc.             30,845,000                1,467,065           

                                                            2,668,591           

GROCERY STORES - 0.6%                                                           

Kroger Co. (a)                    3,810,000                 84,058              

Safeway, Inc. (a)                 11,754,400                447,402             

                                                            531,460             

RETAIL & WHOLESALE,                                                             
MISCELLANEOUS - 4.3%                                                            

Bed Bath & Beyond, Inc. (a)       500,000                   17,469              

Best Buy Co., Inc. (a)            1,000,000                 62,063              

Circuit City Stores, Inc. -       640,000                   27,000              
Circuit City Group                                                              

Home Depot, Inc.                  35,004,850                2,402,208           

Intimate Brands, Inc. Class A     1,144,815                 44,576              

Lowe's Companies, Inc.            14,247,000                694,541             

Office Depot, Inc. (a)            12,166,600                123,947             

Staples, Inc. (a)                 19,300,000                420,981             

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

RETAIL & WHOLESALE - CONTINUED                                                  

RETAIL & WHOLESALE,                                                             
MISCELLANEOUS - CONTINUED                                                       

Tandy Corp.                       2,445,200                $ 126,386            

Williams-Sonoma, Inc. (a)         500,000                   24,281              

                                                            3,943,452           

TOTAL RETAIL & WHOLESALE                                    8,628,559           

SERVICES - 1.5%                                                                 

ADVERTISING - 1.0%                                                              

DoubleClick, Inc. (a)             582,500                   69,390              

Omnicom Group, Inc.               7,951,576                 629,665             

Outdoor Systems, Inc. (a)         6,375,437                 227,922             

                                                            926,977             

SERVICES - 0.5%                                                                 

Cendant Corp. (a)                 15,387,000                273,119             

Gartner Group, Inc. Class B       455,700                   7,604               
(a)                                                                             

Manpower, Inc.                    2,905,900                 84,634              

Rentokil Initial PLC              13,131,835                46,495              

Robert Half International,        1,838,950                 44,135              
Inc. (a)                                                                        

Service Corp. International       700,000                   7,394               

                                                            463,381             

TOTAL SERVICES                                              1,390,358           

TECHNOLOGY - 22.1%                                                              

COMMUNICATIONS EQUIPMENT - 4.7%                                                 

ADC Telecommunications, Inc.      500,000                   20,969              
(a)                                                                             

Cisco Systems, Inc. (a)           26,700,000                1,830,619           

Lucent Technologies, Inc.         23,808,198                1,544,557           

Newbridge Networks Corp. (a)      3,017,200                 77,994              

Nokia AB                          2,400,000                 215,550             

Nokia AB sponsored ADR            5,622,800                 504,998             

Nortel Networks Corp.             1,500,000                 76,630              

Premisys Communications, Inc.     450,000                   3,741               
(a)                                                                             

Tellabs, Inc. (a)                 900,000                   51,244              

                                                            4,326,302           

COMPUTER SERVICES & SOFTWARE                                                    
- 10.0%                                                                         

America Online, Inc. (a)          7,100,000                 738,400             

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

TECHNOLOGY - CONTINUED                                                          

COMPUTER SERVICES & SOFTWARE                                                    
- CONTINUED                                                                     

At Home Corp. Series A (a)        5,375,422                $ 222,744            

Automatic Data Processing,        2,000,000                 89,250              
Inc.                                                                            

BMC Software, Inc. (a)            3,517,700                 251,735             

Ceridian Corp. (a)                2,501,400                 62,222              

CompUSA, Inc. (a)                 1,885,700                 11,550              

Computer Associates               2,652,800                 162,484             
International, Inc.                                                             

Computer Sciences Corp. (a)       653,200                   45,928              

Compuware Corp. (a)               4,450,000                 115,978             

Digital Insight Corp.             25,500                    383                 

DST Systems, Inc. (a)             200,400                   11,398              

Earthlink Network, Inc. (a)       100,000                   4,294               

Electronic Arts, Inc. (a)         1,561,100                 112,985             

Electronic Data Systems Corp.     750,000                   39,703              

Equifax, Inc.                     870,170                   24,474              

First Data Corp.                  4,674,000                 205,072             

Galileo International, Inc.       700,000                   28,175              

High Speed Access Corp.           20,300                    466                 

IMS Health, Inc.                  3,100,000                 70,719              

Inktomi Corp. (a)                 1,435,700                 172,329             

International Business            9,706,800                 1,178,163           
Machines Corp.                                                                  

Keane, Inc. (a)                   600,000                   13,688              

Lycos, Inc. (a)(c)                4,548,400                 227,989             

Microsoft Corp. (a)               46,295,400                4,192,627           

Oracle Corp. (a)                  12,900,000                586,950             

Parametric Technology Corp.       3,405,000                 45,968              
(a)                                                                             

Redback Networks, Inc.            1,000,000                 108,000             

Siebel Systems, Inc. (a)          700,000                   46,638              

TIBCO Software, Inc. (a)          45,600                    1,372               

Xoom.com, Inc. (a)                400,000                   19,850              

Yahoo!, Inc. (a)                  1,962,900                 352,341             

                                                            9,143,875           

COMPUTERS & OFFICE EQUIPMENT                                                    
- 2.7%                                                                          

Ampex Corp. Class A (a)           25,512                    75                  

Compaq Computer Corp.             5,065,500                 116,190             

Dell Computer Corp. (a)           7,476,800                 312,624             

EMC Corp. (a)                     11,220,964                801,598             

Gadzoox Networks, Inc.            30,100                    1,622               

Hewlett-Packard Co.               4,200,000                 386,400             

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

TECHNOLOGY - CONTINUED                                                          

COMPUTERS & OFFICE EQUIPMENT                                                    
- CONTINUED                                                                     

Network Appliance, Inc. (a)       85,000                   $ 6,088              

Pitney Bowes, Inc.                5,208,400                 317,387             

Sun Microsystems, Inc. (a)        2,800,000                 260,400             

Tech Data Corp. (a)               788,800                   18,364              

Xerox Corp.                       5,800,000                 243,238             

                                                            2,463,986           

ELECTRONIC INSTRUMENTS - 0.1%                                                   

Thermo Electron Corp. (a)         3,133,200                 42,102              

Waters Corp. (a)                  1,208,100                 73,166              

                                                            115,268             

ELECTRONICS - 4.6%                                                              

Analog Devices, Inc. (a)          1,353,866                 69,386              

Broadcom Corp. Class A (a)        200,000                   21,800              

Intel Corp.                       18,297,600                1,359,740           

JDS Uniphase Corp. (a)            130,000                   14,796              

Linear Technology Corp.           3,026,600                 177,907             

LSI Logic Corp. (a)               300,000                   15,450              

Maxim Integrated Products,        1,589,200                 100,269             
Inc. (a)                                                                        

Micron Technology, Inc. (a)       2,717,000                 180,850             

Motorola, Inc.                    8,016,200                 705,426             

Rambus, Inc. (a)(c)               1,305,600                 86,496              

Solectron Corp. (a)               1,230,200                 88,344              

Texas Instruments, Inc.           16,617,600                1,366,798           

Xilinx, Inc. (a)                  675,000                   44,234              

                                                            4,231,496           

TOTAL TECHNOLOGY                                            20,280,927          

TRANSPORTATION - 0.7%                                                           

AIR TRANSPORTATION - 0.1%                                                       

AMR Corp. (a)                     1,378,100                 75,106              

Delta Air Lines, Inc.             233,000                   11,301              

                                                            86,407              

RAILROADS - 0.5%                                                                

Burlington Northern Santa Fe      4,405,220                 121,144             
Corp.                                                                           

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

TRANSPORTATION - CONTINUED                                                      

RAILROADS - CONTINUED                                                           

CSX Corp.                         4,372,000                $ 185,264            

Norfolk Southern Corp.            5,410,800                 132,565             

                                                            438,973             

TRUCKING & FREIGHT - 0.1%                                                       

CNF Transportation, Inc.          592,000                   22,052              

Landstar System, Inc. (a)(c)      571,200                   19,849              

Swift Transportation Co.,         3,319,875                 65,360              
Inc. (a)(c)                                                                     

                                                            107,261             

TOTAL TRANSPORTATION                                        632,641             

UTILITIES - 7.1%                                                                

CELLULAR - 0.6%                                                                 

ALLTEL Corp.                      802,000                   56,441              

Mannesmann AG (Reg.)              566,400                   91,534              

Nextel Communications, Inc.       1,350,000                 91,547              
Class A (a)                                                                     

Vodafone AirTouch PLC             1,452,900                 345,427             
sponsored ADR                                                                   

                                                            584,949             

ELECTRIC UTILITY - 0.2%                                                         

AES Corp. (a)                     700,000                   41,300              

PG&E Corp.                        5,063,048                 131,006             

                                                            172,306             

GAS - 0.2%                                                                      

Enron Corp.                       4,608,600                 190,105             

TELEPHONE SERVICES - 6.1%                                                       

Ameritech Corp.                   3,468,400                 233,033             

AT&T Corp.                        26,352,851                1,146,349           

Bell Atlantic Corp.               8,579,100                 577,481             

BellSouth Corp.                   10,457,400                470,583             

Covad Communications Group,       519,800                   22,660              
Inc.                                                                            

Focal Communications Corp.        39,300                    1,007               

GTE Corp.                         7,503,200                 576,809             

Intermedia Communications,        541,000                   11,767              
Inc. (a)                                                                        

Level 3 Communications, Inc.      500,000                   26,109              
(a)                                                                             

MCI WorldCom, Inc. (a)            21,727,341                1,561,653           

Metromedia Fiber Network,         856,800                   20,992              
Inc. Class A (a)                                                                

Net2Phone, Inc. (a)               400                       21                  

COMMON STOCKS - CONTINUED                                                       

                                 SHARES                    VALUE (NOTE 1) (000S)

UTILITIES - CONTINUED                                                           

TELEPHONE SERVICES - CONTINUED                                                  

Qwest Communications              3,700,000                $ 109,381            
International, Inc. (a)                                                         

SBC Communications, Inc.          9,282,800                 474,003             

Sprint Corp. (FON Group)          6,889,400                 373,750             

Time Warner Telecom, Inc.         53,800                    1,123               

                                                            5,606,721           

TOTAL UTILITIES                                             6,554,081           

TOTAL COMMON STOCKS                                         84,961,528          
(Cost $52,114,581)                                                              

PREFERRED STOCKS - 0.0%                                                         

CONVERTIBLE PREFERRED STOCKS                                                    
- 0.0%                                                                          

BASIC INDUSTRIES - 0.0%                                                         

CHEMICALS & PLASTICS - 0.0%                                                     

Sealed Air Corp. Series A,        416,242                   21,124              
$2.00                                                                           

NONCONVERTIBLE PREFERRED                                                        
STOCKS - 0.0%                                                                   

TECHNOLOGY - 0.0%                                                               

COMPUTERS & OFFICE EQUIPMENT                                                    
- 0.0%                                                                          

Ampex Corp. 8% non-cumulative     1,283                     2,001               

TOTAL PREFERRED STOCKS                                      23,125              
(Cost $20,614)                                                                  

                                                        [Enlarge/Download Table]

                                                                                          
COMMERCIAL MORTGAGE                                                                       
SECURITIES - 0.0%                                                                         

                               MOODY'S RATINGS (UNAUDITED)  PRINCIPAL AMOUNT (000S)       

Bardell Associates Note Trust  -                            $ 4,051                  4,304
12.5%, 11/1/08 (f) (Cost                                                                  
$4,118)                                                                                   

                                                                [Download Table]

                                                                         
CASH EQUIVALENTS - 7.9%                                                  

                            MATURITY AMOUNT (000S)  VALUE (NOTE 1) (000S)

Investments in repurchase   $ 4,703,110             $ 4,702,424          
agreements (U.S. Treasury                                                
obligations), in a joint                                                 
trading account at 5.25%,                                                
dated 9/30/99 due 10/1/99                                                

                            SHARES                                       

Taxable Central Cash Fund,   2,595,819,842           2,595,820           
5.22% (b)                                                                

TOTAL CASH EQUIVALENTS                               7,298,244           
(Cost $7,298,244)                                                        

TOTAL INVESTMENT PORTFOLIO -                         92,287,201          
100.3%                                                                   
(Cost $59,437,557)                                                       

NET OTHER ASSETS - (0.3)%                            (275,889)           

NET ASSETS - 100%                                    $ 92,011,312        

LEGEND                                                                          

(a) Non-income producing                                                        

(b) The rate quoted is the annualized seven-day yield of the fund at            
period end.                                                                     

(c) Affiliated company                                                          

(d) Share amount represents number of units held.                               

(e) Security exempt from registration under Rule 144A of the                    
Securities Act of 1933. These securities may be resold in transactions          
exempt from registration, normally to qualified institutional buyers.           
At the period end, the value of these securities amounted to $7,000 or          
0.0% of net assets.                                                             

(f) Restricted securities - Investment in securities not registered             
under the Securities Act of 1933.                                               

Additional information on each holding is as follows:                           

SECURITY                    ACQUISITION DATE  ACQUISITION COST (000S)           

Alliance   Gaming Corp.     7/28/98           $ -                               

Bardell Associates    Note  4/19/94           $ 4,118                           
Trust 12.5%,  11/1/08                                                           

INCOME TAX INFORMATION                                                          

At September 30, 1999, the aggregate cost of investment securities for          
income tax purposes was $59,570,625,000. Net unrealized appreciation            
aggregated $32,716,576,000, of which $35,491,567,000 related to                 
appreciated investment securities and $2,774,991,000 related to                 
depreciated investment securities.                                              

FINANCIAL STATEMENTS                                                            

STATEMENT OF ASSETS AND LIABILITIES                                             
AMOUNTS IN THOUSANDS (EXCEPT                                                    
PER-SHARE AMOUNTS)                        SEPTEMBER                             
            30, 1999

ASSETS                                                                          

Investment in securities, at              $ 92,287,201                          
value (including repurchase                                                     
agreements of $4,702,424)                                                       
(cost $59,437,557) -  See                                                       
accompanying schedule                                                           

Cash                                       491                                  

Receivable for investments                 178,659                              
sold                                                                            

Receivable for fund shares                 95,203                               
sold                                                                            

Dividends receivable                       87,035                               

Interest receivable                        11,105                               

Other receivables                          4,499                                

TOTAL ASSETS                              92,664,193                          

LIABILITIES                                                                     

Payable for investments        $ 145,048                                        
purchased                                                                       

Payable for fund shares         285,645                                         
redeemed                                                                        

Accrued management fee          43,306                                          

Other payables and accrued      17,141                                          
expenses                                                                        

Collateral on securities        161,741                                         
loaned, at value                                                                

TOTAL LIABILITIES                         652,881                             

NET ASSETS                                $ 92,011,312                          

Net Assets consist of:                                                          

Paid in capital                           $ 55,445,456                          

Undistributed net investment               310,195                              
income                                                                          

Accumulated undistributed net              3,405,924                            
realized gain (loss) on                                                         
investments and foreign                                                         
currency transactions                                                           

Net unrealized appreciation                32,849,737                           
(depreciation) on                                                               
investments and assets and                                                      
liabilities in foreign                                                          
currencies                                                                      

NET ASSETS, for 754,066                   $ 92,011,312                          
shares outstanding                                                              

NET ASSET VALUE and                        $122.02                              
redemption price per share                                                      
($92,011,312 (divided by)                                                       
754,066 shares)                                                                 

Maximum offering price per                 $125.79                              
share (100/97.00 of $122.02)                                                    

STATEMENT OF OPERATIONS                                                         
AMOUNTS IN THOUSANDS                           SIX                              
                                        MONTHS ENDED SEPTEMBER 30,
                  1999

INVESTMENT INCOME                              $ 450,704                        
Dividends (including $10,074                                                    
received from  affiliated                                                       
issuers)                                                                        

Interest                                        169,204                         

Security lending                                719                             

TOTAL INCOME                                   620,627                        

EXPENSES                                                                        

Management fee Basic fee         $ 274,824                                      

Performance adjustment           (44,733)                                     

Transfer agent fees               82,042                                        

Accounting and security           1,010                                         
lending fees                                                                    

Non-interested trustees'          235                                           
compensation                                                                    

Custodian fees and expenses       948                                           

Registration fees                 2,838                                         

Audit                             247                                           

Legal                             828                                           

Miscellaneous                     19                                            

Total expenses before            318,258                                      
reductions                                                                      

Expense reductions               (4,501)       313,757                        

NET INVESTMENT INCOME                           306,870                         

REALIZED AND UNREALIZED GAIN                                                    
(LOSS)                                                                          
Net realized gain (loss) on:                                                    

Investment securities            3,572,123                                    
(including realized gain of                                                     
$55,583    on sales of                                                          
investments in affiliated                                                       
issuers)                                                                        

Foreign currency transactions    (461)         3,571,662                      

Change in net unrealized                                                        
appreciation (depreciation)                                                     
on:                                                                             

Investment securities            (4,312,774)                                  

Assets and liabilities in        458           (4,312,316)                    
foreign currencies                                                              

NET GAIN (LOSS)                                 (740,654)                       

NET INCREASE (DECREASE) IN                     $ (433,784)                      
NET ASSETS RESULTING  FROM                                                      
OPERATIONS                                                                      

STATEMENT OF CHANGES IN NET ASSETS                                              

                                                        [Enlarge/Download Table]

                                                                                     
AMOUNTS IN THOUSANDS            SIX MONTHS ENDED SEPTEMBER  YEAR ENDED MARCH 31, 1999
                                30, 1999                                             

INCREASE (DECREASE) IN NET                                                           
ASSETS                                                                               

Operations Net investment       $ 306,870                   $ 497,762                
income                                                                               

 Net realized gain (loss)        3,571,662                   7,011,764               

 Change in net unrealized        (4,312,316)                 10,747,841              
appreciation (depreciation)                                                          

 NET INCREASE (DECREASE) IN      (433,784)                   18,257,367              
NET ASSETS RESULTING  FROM                                                           
OPERATIONS                                                                           

Distributions to shareholders    (162,573)                   (449,343)               
From net investment income                                                           

 From net realized gain          (5,081,988)                 (3,441,624)             

 TOTAL DISTRIBUTIONS             (5,244,561)                 (3,890,967)             

Share transactions Net           9,386,692                   14,971,374              
proceeds from sales of shares                                                        

 Reinvestment of distributions   5,143,564                   3,818,924               

 Cost of shares redeemed         (7,555,457)                 (14,410,125)            

 NET INCREASE (DECREASE) IN      6,974,799                   4,380,173               
NET ASSETS RESULTING  FROM                                                           
SHARE TRANSACTIONS                                                                   

  TOTAL INCREASE (DECREASE)      1,296,454                   18,746,573              
IN NET ASSETS                                                                        

NET ASSETS                                                                           

 Beginning of period             90,714,858                  71,968,285              

 End of period (including       $ 92,011,312                $ 90,714,858             
undistributed net investment                                                         
income of $310,195 and                                                               
$178,509, respectively)                                                              

OTHER INFORMATION                                                                    
Shares                                                                               

 Sold                            73,431                      132,746                 

 Issued in reinvestment of       40,972                      34,759                  
distributions                                                                        

 Redeemed                        (59,465)                    (129,759)               

 Net increase (decrease)         54,938                      37,746                  


FINANCIAL HIGHLIGHTS                                                            

                                                        [Enlarge/Download Table]

                                                                                                                          
                             SIX MONTHS ENDED SEPTEMBER 30,  YEARS ENDED MARCH 31,                                        

                             1999                            1999                   1998      1997      1996      1995    

SELECTED PER-SHARE DATA                                                                                                   

Net asset value, beginning of  $ 129.75                      $ 108.82               $ 80.20   $ 87.52   $ 72.44   $ 69.72 
period                                                                                                                    

Income from Invest- ment                                                                                                  
Operations                                                                                                                

Net investment income         .41  D                          .73  D                 .73  D    1.38  D   .79       .27    

Net realized  and unrealized  (.72)                           26.02                  34.35     5.25      19.57     5.22   
gain (loss)                                                                                                               

Total from investment         (.31)                           26.75                  35.08     6.63      20.36     5.49   
operations                                                                                                                

Less Distributions                                                                                                        

 From net investment income   (.23)                           (.67)                  (1.25)    (1.10)    (.59)     (.14)  

From net realized gain        (7.19)                          (5.15)                 (5.21)    (12.85)   (4.69)    (2.63) 

Total distributions           (7.42)                          (5.82)                 (6.46)    (13.95)   (5.28)    (2.77) 

Net asset value,  end of     $ 122.02                        $ 129.75               $ 108.82  $ 80.20   $ 87.52   $ 72.44 
period                                                                                                                    

TOTAL RETURN B, C             (0.40)%                         25.63%                 45.41%    9.11%     28.43%    8.21%  

RATIOS AND SUPPLEMENTAL DATA                                                                                              

Net assets, end of period (in  $ 92,011                      $ 90,715               $ 71,968  $ 51,243  $ 56,179  $ 39,803
millions)                                                                                                                 

Ratio of expenses to average  .67%  A                         .62%                   .62%      .66%      .95%      .99%   
net assets                                                                                                                

Ratio of expenses to average  .66% A, E                       .60% E                 .61% E    .64% E    .92% E    .96% E 
net assets after expense                                                                                                  
reductions                                                                                                                

Ratio of net invest- ment     .65%  A                         .66%                   .77%      1.75%     .95%      .39%   
income to average net assets                                                                                              

Portfolio turnover rate       28%  A                          37%                    34%       67%       155%      120%   


A ANNUALIZED                                                                    

B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT              
BEEN REDUCED DURING THE PERIODS SHOWN.                                          

C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR                
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.                               

D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE          
SHARES OUTSTANDING DURING THE PERIOD.                                           

E 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 September 30, 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 exchange 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                                                                        

1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED                                  

INCOME TAXES - CONTINUED                                                        

information regarding income taxes under the caption "Income Tax                
Information."                                                                   

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.                                                         

2. OPERATING POLICIES - CONTINUED                                               

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 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. 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.                                          

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 $4,336,000 or 0.0% of net assets.                           

3. PURCHASES AND SALES OF INVESTMENTS.                                          

Purchases and sales of securities, other than short-term securities,            
aggregated $13,034,299,000 and $12,079,236,000, 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                                                                   

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED                      

MANAGEMENT FEE - CONTINUED                                                      

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 annualized rate of .49% 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 $6,183,000 on sales of shares of the fund of which             
$6,171,000 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 annualized rate of .17% of average net assets.                 

ACCOUNTING AND SECURITY LENDING FEES. FSC maintains the fund's                  
accounting records and administers the security lending program. The            
security lending fee is based on the number and duration of lending             
transactions. The accounting 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 $928,000 for the                
period.                                                                         

5. SECURITY LENDING.                                                            

The fund lends portfolio securities from time to time in order to earn          
additional income. The fund receives collateral in the form of U.S.             
Treasury obligations, letters of credit, and/or cash against the                
loaned securities, and maintains collateral in an amount not less than          
100% of the market value of the loaned securities during the period of          
the loan. The market value of the loaned securities is determined at            
the close of business of the fund and any additional required                   
collateral is delivered to the fund on the next business day. If the            
borrower defaults on its obligation to return the securities loaned             
because of insolvency or other reasons, the fund could experience               
delays and costs in recovering the securities loaned or in gaining              
access to the collateral. At period end, the value of the securities            
loaned amounted to $160,303,000. The fund received cash collateral of           
$161,741,000 which was invested in repurchase agreements.                       

6. 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 $2,069,000 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 $7,000 and $2,425,000, respectively, under these                     
arrangements.                                                                   

7. 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                                                                  

AFFILIATE                      PURCHASE COST  SALES COST  DIVIDEND INCOME  VALUE      

Anadarko Petroleum Corp.       $ -            $ 2,774     $ 646            $ 195,906  

Black & Decker Corp.            -              13,007      527              -         

Case Corp.                      -              5,494       -                -         

Extended Stay America, Inc.     -              -           -                52,736    

Host Marriott Services Corp.    -              5,639       -                -         

Host Marriott Corp.             -              9,682       5,046            109,250   

Lafarge Corp.                   1,411          1,739       1,341            143,134   

Landstar System, Inc.           -              787         -                19,849    

Leggett & Platt, Inc.           -              1,163       2,217            242,485   

Lycos, Inc.                     6,265          -           -                227,989   

Oakwood Homes Corp.             -              2,178       73               16,020    

Polo Ralph Lauren Corp. Class   -              -           -                41,861    
A                                                                                     

Pulte Corp.                     -              -           224              60,900    

Rambus, Inc.                    1,371          -           -                86,496    

Swift Transportation Co., Inc.  -              2,307       -                65,360    

Synetic, Inc.                   -              7,096       -                -         

TOTALS                         $ 9,047        $ 51,866    $ 10,074         $ 1,261,986


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 September 30, 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 September 30, 1999 by correspondence with the                  
custodian and brokers, provide a reasonable basis for the opinion               
expressed above.                                                                

/s/PricewaterhouseCoopers LLP                                                   
PricewaterhouseCoopers LLP                                                
Boston, Massachusetts                                                     
November 2, 1999                                                          

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 Automated Service Telephone  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)                                                                 
FIDELITY AUTOMATED                                                              
SERVICE TELEPHONE (FAST SM)                                                     
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.                                                           

*0To 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 VISIT FIDELITY                                                               

For directions and hours,                                                       
please call 1-800-544-9797.                                                     

ARIZONA                                                                         

7373 N. Scottsdale Road                                                         
Scottsdale, AZ                                                                  

CALIFORNIA                                                                      

815 East Birch Street                                                           
Brea, CA                                                                        

851 East Hamilton Avenue                                                        
Campbell, CA                                                                    

527 North Brand Boulevard                                                       
Glendale, CA                                                                    

19200 Von Karman Avenue                                                         
Irvine, CA                                                                      

10100 Santa Monica Blvd.                                                        
Los Angeles, CA                                                                 

251 University Avenue                                                           
Palo Alto, CA                                                                   

1760 Challenge Way                                                              
Sacramento, CA                                                                  

7676 Hazard Center Drive                                                        
San Diego, CA                                                                   

455 Market Street                                                               
San Francisco, CA                                                               

950 Northgate Drive                                                             
San Rafael, CA                                                                  

1400 Civic Drive                                                                
Walnut Creek, CA                                                                

6300 Canoga Avenue                                                              
Woodland Hills, CA                                                              

COLORADO                                                                        

1625 Broadway                                                                   
Denver, CO                                                                      

CONNECTICUT                                                                     

48 West Putnam Avenue                                                           
Greenwich, CT                                                                   

265 Church Street                                                               
New Haven, CT                                                                   

300 Atlantic Street                                                             
Stamford, CT                                                                    

29 South Main Street                                                            
West Hartford, CT                                                               

DELAWARE                                                                        

222 Delaware Avenue                                                             
Wilmington, DE                                                                  

FLORIDA                                                                         

4400 N. Federal Highway                                                         
Boca Raton, FL                                                                  

90 Alhambra Plaza                                                               
Coral Gables, FL                                                                

4090 N. Ocean Boulevard                                                         
Ft. Lauderdale, FL                                                              

1907 West State Road 434                                                        
Longwood, FL                                                                    

8880 Tamiami Trail, North                                                       
Naples, FL                                                                      

2401 PGA Boulevard                                                              
Palm Beach Gardens, FL                                                          

8065 Beneva Road                                                                
Sarasota, FL                                                                    

1502 N. Westshore Blvd.                                                         
Tampa, FL                                                                       

GEORGIA                                                                         

3445 Peachtree Road, N.E.                                                       
Atlanta, GA                                                                     

1000 Abernathy Road                                                             
Atlanta, GA                                                                     

ILLINOIS                                                                        

One North Franklin Street                                                       
Chicago, IL                                                                     

1415 West 22nd Street                                                           
Oak Brook, IL                                                                   

1700 East Golf Road                                                             
Schaumburg, IL                                                                  

3232 Lake Avenue                                                                
Wilmette, IL                                                                    

INDIANA                                                                         

4729 East 82nd Street                                                           
Indianapolis, IN                                                                

MAINE                                                                           

3 Canal Plaza                                                                   
Portland, ME                                                                    

MARYLAND                                                                        

7401 Wisconsin Avenue                                                           
Bethesda, MD                                                                    

1 West Pennsylvania Ave.                                                        
Towson, MD                                                                      

MASSACHUSETTS                                                                   

470 Boylston Street                                                             
Boston, MA                                                                      

155 Congress Street                                                             
Boston, MA                                                                      

25 State Street                                                                 
Boston, MA                                                                      

300 Granite Street                                                              
Braintree, MA                                                                   

44 Mall Road                                                                    
Burlington, MA                                                                  

416 Belmont Street                                                              
Worcester, MA                                                                   

MICHIGAN                                                                        

280 North Woodward Ave.                                                         
Birmingham, MI                                                                  

29155 Northwestern Hwy.                                                         
Southfield, MI                                                                  

MINNESOTA                                                                       

7600 France Avenue South                                                        
Edina, MN                                                                       

MISSOURI                                                                        

700 West 47th Street                                                            
Kansas City, MO                                                                 

8885 Ladue Road                                                                 
Ladue, MO                                                                       

200 North Broadway                                                              
St. Louis, MO                                                                   

NEW JERSEY                                                                      

150 Essex Street                                                                
Millburn, NJ                                                                    

56 South Street                                                                 
Morristown, NJ                                                                  

501 Route 17, South                                                             
Paramus, NJ                                                                     

NEW YORK                                                                        

1055 Franklin Avenue                                                            
Garden City, NY                                                                 

999 Walt Whitman Road                                                           
Melville, L.I., NY                                                              

1271 Avenue of the Americas                                                     
New York, NY                                                                    

71 Broadway                                                                     
New York, NY                                                                    

350 Park Avenue                                                                 
New York, NY                                                                    

NORTH CAROLINA                                                                  

4611 Sharon Road                                                                
Charlotte, NC                                                                   

OHIO                                                                            

600 Vine Street                                                                 
Cincinnati, OH                                                                  

28699 Chagrin Boulevard                                                         
Woodmere Village, OH                                                            

OREGON                                                                          

16850 SW 72 Avenue                                                              
Tigard, OR                                                                      

PENNSYLVANIA                                                                    

1735 Market Street                                                              
Philadelphia, PA                                                                

439 Fifth Avenue                                                                
Pittsburgh, PA                                                                  

TENNESSEE                                                                       

6150 Poplar Road                                                                
Memphis, TN                                                                     

TEXAS                                                                           

10000 Research Boulevard                                                        
Austin, TX                                                                      

4017 Northwest Parkway                                                          
Dallas, TX                                                                      

1155 Dairy Ashford Street                                                       
Houston, TX                                                                     

2701 Drexel Drive                                                               
Houston, TX                                                                     

400 East Las Colinas Blvd.                                                      
Irving, TX                                                                      

14100 San Pedro                                                                 
San Antonio, TX                                                                 

19740 IH 45 North                                                               
Spring, TX                                                                      

UTAH                                                                            

215 South State Street                                                          
Salt Lake City, UT                                                              

VIRGINIA                                                                        

8180 Greensboro Drive                                                           
McLean, VA                                                                      

WASHINGTON                                                                      

411 108th Avenue, N.E.                                                          
Bellevue, WA                                                                    

511 Pine Street                                                                 
Seattle, WA                                                                     

WASHINGTON, DC                                                                  

1900 K Street, N.W.                                                             
Washington, DC                                                                  

WISCONSIN                                                                       

595 North Barker Road                                                           
Brookfield, WI                                                                  

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                                           

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                                                                
Ned C. Lautenbach                                                               

GENERAL DISTRIBUTOR                                                             

Fidelity Distributors Corporation                                               
Boston, MA                                                                      

TRANSFER AND SHAREHOLDER                                                        
SERVICING AGENT                                                                 

Fidelity Service Company, Inc.                                                  
Boston, MA                                                                      

CUSTODIAN                                                                       

State Street Bank and Trust Company                                             
Quincy, MA                                                                      

FIDELITY'S GROWTH FUNDS                                                         

Aggressive Growth Fund                                                          
Blue Chip Growth Fund                                                           
Capital Appreciation Fund                                                       
Contrafund SM                                                                   
Contrafund SM II                                                                
Disciplined Equity Fund                                                         
Dividend Growth Fund                                                            
Export and Multinational Fund                                                   
Fidelity Fifty SM                                                               
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                                                                  
Tax Managed Stock Fund                                                          
TechnoQuant SM 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)                                                

Fidelity Automated Service                                                      
Telephone (FAST SM) (AUTOMATED GRAPHIC) 1-800-544-5555                        

* INDEPENDENT TRUSTEES                                                          

(AUTOMATED GRAPHIC) AUTOMATED LINE FOR QUICKEST SERVICE                         

(FIDELITY LOGO GRAPHIC)(REGISTERED TRADEMARK)                                   
Corporate Headquarters                                                          
82 Devonshire St., Boston, MA 02109                                             
www.fidelity.com                                                                

MAG-SANN-1199  87972                                                            
1.537468.102                                                                    

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-30D’ Filing		Date		Other Filings
Filed on:		11/22/99
		11/2/99
For Period End:		9/30/99		13F-NT,  NSAR-A
		3/31/99		13F-NT,  24F-2NT,  N-30D,  NSAR-B
		9/30/97		13F-E,  N-30D,  NSAR-A
				List all Filings