Veteran Equity Manager Harry W. Lange to Take Reins of Fund

Timothy M. Cohen to Become Manager of Fidelity Growth & Income Portfolio

BOSTON, October 31, 2005 -- Fidelity Investments^® announced today the retirement of Fidelity Magellan Fund manager Robert E. Stansky, and appointed veteran equity manager Harry W. Lange to take over the fund.

"Bob Stansky has done an excellent job for Fidelity for over 22 years now, including managing Magellan for nearly a decade," said Stephen P. Jonas, executive director of Fidelity Management & Research Company. "He has decided to begin a new chapter in his life next year and has asked to step down from managing Magellan. We are respecting that request, and are particularly pleased to have a manager of the caliber of Harry Lange to step in."

Lange has been managing Fidelity Capital Appreciation Fund and Fidelity Advisor Small Cap Fund. During his tenure on Fidelity Capital Appreciation Fund - May 31, 1996, through September 30, 2005 - the fund had an average annual total return of 9.73 percent, compared to an average annual total return of 8.43 percent for the S&P 500 during the same period.* During that period, the fund beat 76 percent of its capital appreciation peers, as measured by Lipper Inc.*

"I am honored to take over a fund with the history and importance of Magellan," said Lange. "As I have been with all the funds I have managed, I am committed to doing everything I can to serve those who are invested with the fund."

Fidelity Magellan Fund began operations in 1963. Edward C. Johnson 3d, now Fidelity's chairman and chief executive officer, was its first manager, and it was managed by Peter Lynch from 1977 to 1990.

"For as long as I have been managing Fidelity Magellan Fund, I have worked very hard to give its shareholders the best possible return," said Stansky. "I battled market headwinds in recent years as small-cap stocks significantly outperformed large cap stocks, which were my focus in the fund. These cycles are not new. Now, after 20 years of managing funds at Fidelity, I have decided it is time to take on new challenges in life."

Cohen to Manage Growth & Income

Fidelity also announced today that Timothy M. Cohen was named manager of Fidelity Growth & Income Portfolio, succeeding Steven Kaye. Jonas said Kaye, 46, was considering a number of options within Fidelity.

"After 12 years on Growth & Income, I am ready for something new," said Kaye. "I am continuing my institutional portfolio duties as well as evaluating other money management opportunities within Fidelity."

Cohen joined Fidelity in 1996, and has been managing Fidelity Export and Multinational Fund, Fidelity Destiny I and Fidelity Advisor Large Cap Fund. During his tenure on Export and Multinational Fund - from February 6, 2002, through September 30, 2005 - the fund has an average annual total return of 9.66% compared to 4.78% for the fund's benchmark, the S&P 500 ^®.** During that period, the fund beat 91% of its growth peers, as measured by Lipper Inc.**

"I know Steve Kaye set a high standard for Growth & Income," said Cohen. "I am excited about the challenge that this assignment presents and anxious to get started."

Johnson Praises Managers

"Both Bob Stansky and Steve Kaye have put in a great deal of time and effort to take on the very difficult task of managing their funds through a challenging period of time for managers of equity pools," said Johnson. "We thank them for their devotion to our shareholders in the pursuit of above-average results and for their contributions to Fidelity's management organization. Harry Lange will take over the leadership of Fidelity Magellan Fund and Tim Cohen will manage Fidelity Growth & Income Portfolio. We believe that these two fund managers are well-suited to the challenge of managing substantial amounts of equity money."

Background on Lange, Cohen

Lange joined Fidelity in 1987 as a research analyst covering the photography, office products and machinery industries. He managed several Select portfolios, and headed research for Fidelity Investments Far East, in Tokyo, before beginning to manage Fidelity Capital Appreciation Fund in March 1996. He began managing Fidelity Advisor Small Cap Fund in September 1998.

Cohen joined Fidelity as an equity analyst in 1996. He also managed a number of sector funds before assuming management responsibility for Fidelity Export and Multinational Fund in February 2002. He began managing Fidelity Destiny I and Fidelity Advisor Large Cap Fund in May 2005.

Other Manager Appointments

Succeeding Lange as manager of Fidelity Capital Appreciation Fund will be J. Fergus Shiel, who will continue as manager of Fidelity Advisor Dynamic Capital Appreciation and VIP Dynamic Capital Appreciation Portfolio.

Succeeding Cohen as manager of Fidelity Export and Multinational Fund will be Victor Y. Thay, who will turn over Fidelity Advisor Growth & Income Portfolio, VIP Growth & Income Portfolio and Fidelity Growth & Income II Portfolio to James F. Catudal, who will remain as manager of Fidelity Stock Selector Fund. Succeeding Cohen as manager of Fidelity Advisor Large Cap Fund will be Matthew W. Fruhan, who will remain manager of Fidelity Large Cap Stock Fund. In addition to his new assignment with Growth & Income Portfolio, Cohen will remain manager of Fidelity Destiny I.

James M. Harmon will succeed Lange as manager of Fidelity Advisor Small Cap Fund. Succeeding Harmon on Fidelity Small Cap Independence Fund will be Rich S. Thompson, who recently served as interim co-manager of Fidelity Small Cap Stock Fund. Succeeding Harmon as manager of Fidelity Small Cap Retirement Fund will be Lionel Harris, who has been one of three portfolio managers of Fidelity Small Cap Growth Fund. Small Cap Growth will be managed by Harris and Charles L. Myers, who also has been serving as a portfolio manager on the fund.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.3 trillion, including managed assets of $1.1 trillion as of September 30, 2005. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 20 million individuals and institutions as well as through 5,500 financial intermediary firms. Fidelity is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.

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* Fidelity Capital Appreciation Fund had average annual total returns of 15.15%, 2.34% and 9.81% for the one-, five- and 10-year periods ending September 30, 2005. For the one-, five- and 10-year periods ending September 30, 2005, Fidelity Capital Appreciation Fund ranked 215 out of 445, 80 out of 276, and 28 out of 115 capital appreciation funds, as ranked by Lipper Inc. Of course, past performance is no guarantee of future results.

** Fidelity Export and Multinational Fund had average annual total returns of 19.23%, 5.73% and 14.04% for the one, five- and 10-year periods ending September 30, 2005. For the one-, five- and 10-year periods ending September 30, 2005, Fidelity Export and Multinational Fund ranked 366 out of 2290, 121 out of 1247, and 12 out of 401 growth funds as ranked by Lipper Inc. Of course, past performance is no guarantee of future results.

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted. Please visit fidelity.com/performance for most recent month end performance figures. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains.

Information on Lipper Rankings: The fund is ranked based on total return. Each fund is ranked within a universe of funds with similar objectives. Rankings include the reinvestment of dividends and capital gains. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

Foreign Investments typically involve greater risk than U.S. investments, including political and economic risks and the risk of currency fluctuations.

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