Closing Fidelity Magellan

As discussed in previous newsletter articles, Fidelity Magellan replaced its portfolio manager in late 2005, changed from a large-cap core management strategy to an all-cap growth strategy, and underperformed its short- and long-term benchmarks. Because of concerns about these changes, the Board accepted out investment consultant’s (Ennis Knupp and Associates) recommendation to close-out this option. As of April 16, Fidelity Magellan will be closed to new investors and exchanges into the fund. Participants who are invested in Magellan are encouraged to choose another investment option and can exchange their balances until June 14. All remaining balances will be automatically exchanged into the Fidelity Contrafund on June 15.