SEC Division of Investment Management staff letter: Fidelity Magellan Fund

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March 10, 2005

Stuart Fross, Esq. Senior Vice President, Deputy General Counsel FMR Corp. 82 Devonshire Street F5E Boston, MA 02109-3614

Re:

Fidelity Magellan Fund - Omission of Shareholder Proposal of Walter J. Krieg Pursuant to Rule 14a-8(b)(1)

Dear Mr. Fross:

In a letter dated December 2, 2004, you notified the staff of the Securities and Exchange Commission of the intent of the Fidelity Magellan Fund (the "Fund") to omit from its proxy materials for its next shareholder meeting to be held on or about March 16, 2005 the shareholder proposal submitted by Walter J. Krieg (the "Proponent"). The proposal states:

RESOLVED: we request the Fund's Trustees adopt a policy of transparency with regard to the Fund's proxy voting practices; that the Fund shall make available to any shareholder a comprehensive proxy voting policy; and within 90 days of any proxy vote the Fund's voting record will be available to shareholders.

You request our assurances that we would not recommend enforcement action if the Fund omits the proposal from the proxy materials for the March 16, 2005 meeting pursuant to Rule 14a-8(b)(1) under the Securities Exchange Act of 1934. This rule requires that, in order to be eligible to submit a proposal, a shareholder must have continuously held at least $2,000 in market value, or 1%, of the company's securities entitled to vote on the proposal at the meeting for at least one year by the date the proposal is submitted and that such shareholder must continue to hold such securities through the date of the meeting. You state in your letter that, while the Proponent initially met the eligibility requirements to submit a proposal pursuant to Rule 14a-8(b)(1), he has since sold all of his shares in the Fund.

After considering your request, there appears to be some basis for your view that the proposal may be excluded pursuant to Rule 14a-8(b). Accordingly, unless the Proponent provides the Fund with appropriate documentary support of ownership as provided in Rule 14a-8(b)(2), within seven calendar days after receiving this letter, we will not recommend enforcement action to the Commission if the Fund omits the proposal from its proxy materials in reliance on Rule 14a-8(b)(1).

Attached is a description of the informal procedures the Division follows in responding to shareholder proposals. If you have any questions or comments concerning this matter, please call me at (202) 551-6949.

Sincerely,

Christian T. Sandoe Senior Counsel Office of Disclosure and Review

cc: Walter J. Krieg

Incoming Letter

December 2, 2004

Securities and Exchange Commission Judiciary Plaza 450 Fifth Street Washington, DC 20549

Re:

Fidelity Magellan Fund File No. 811-01193 Shareholder Proposal of Walter J. Kreig

Ladies and Gentlemen:

On November 19, 2002, Fidelity received a letter from Mr. Walter J. Krieg, a shareholder of Fidelity Magellan Fund (the "Fund"), requesting that a proposal be submitted to shareholders at the next scheduled meeting for the Fund. As detailed in the attached copy of Mr. Krieg's letter, the proposal requests that the Fund make available to any shareholder of the Fund the comprehensive proxy voting policy and the Fund's voting record within 90 days of any proxy vote.

Pursuant to Rule 14a-8(b)(1), to be eligible to submit a proposal, a shareholder must have continuously held at least $2,000 in market value, or 1%, of the company's securities entitled to be voted on the proposal at the meeting for at least one year by the date the proposal is submitted, and must continue to hold those securities through the date of the meeting. Upon receipt of the proposal we verified that Mr. Krieg initially met the eligibility requirements to submit a proposal pursuant to Rule 14a-8(b)(1). However, we have subsequently confirmed that on October 20, 2003, Mr. Krieg sold all of his shares in the Fund.

The next shareholder meeting for the Fund is scheduled to be held on or about March 16, 2005. Because Mr. Krieg is no longer a shareholder in the Fund and because any shares that he might purchase between now and the date of the meeting would not be held for the minimum one-year period, we believe that Mr. Krieg does not meet the eligibility requirements of Rule 14a-8(b)(1), and we intend to omit his proposal from the proxy statement for the Fund. We request the assurance of the Commission staff that it would not recommend enforcement action if we omit Mr. Krieg's proposal.

Sincerely,

/s/ Stuart Fross

Stuart Fross Senior Vice President, Deputy General Counsel

Enclosure: November 4, 2002 letter from Mr. Krieg

cc:

Mr. Walter J. Krieg Mr. Scott Klinger, United for a Fair Economy/Responsible Wealth

http://www.sec.gov/divisions/investment/noaction/fidelity031005.htm

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Modified: 03/17/2002