AOL Falls From Top-10 Magellan Holding; AT&T Added (Update1)
                    (Updates to add performance of the Magellan fund.) 

                    New York, July 15 (Bloomberg) -- America Online Inc. dropped
                    from the top-10 holdings of some Fidelity Investments equity
                    funds, including its flagship Magellan Fund, in the second
                    quarter, while AT&T Corp. and Lucent Technologies Inc. appeared
                    among the top investments. 

                    Fidelity discloses only its funds' top-10 holdings without
                    saying whether changes are due to buying and selling by its fund
                    managers or changes in the prices of shares.
                    ''I think it is safe to assume that Fidelity was selling
                    AOL, given that it sold $3.8 billion worth, or about 43 percent
                    of its holdings in the company during the first quarter,'' said
                    Eric Kobren, executive editor of Fidelity Insight, an independent
                    newsletter that tracks the world's biggest fund company. 

                    Likewise, ''when you see so many funds with Lucent and AT&T
                    in the top 10, you assume they've pushed into the
                    telecommunications area,'' Kobren said. 

                    AOL shares dropped 25 percent in the second quarter, which
                    also could have caused the company to fall out of the top
                    holdings of the $99 billion Magellan Fund, along with the
                    Aggressive Growth, Blue Chip Growth, Capital Appreciation,
                    Contrafund, Contra II and Fidelity Fifty funds. 

                    Lucent climbed 25 percent and AT&T rose 5.3 percent in the
                    quarter. Aside from being a top-10 holding of manager Robert
                    Stansky in his Magellan Fund, Lucent showed up in the biggest
                    holdings of Aggressive Growth, Fidelity Fifty and Large Cap
                    Stock, among others, while AT&T is now in the top 10 of Fidelity
                    Fifty, New Millennium, Puritan and Growth & Income. 

                    Magellan Fund, which also saw Time Warner Inc. shares fall
                    out of the top 10 in the second quarter, has climbed 15.6 percent
                    this year through yesterday, about 1 percentage point ahead of
                    the benchmark Standard & Poor's 500 Index. 

                    Fidelity Fifty, which went heavily into Internet stocks in
                    January after manager John Muresianu took over, saw many of its
                    web holdings, including AOL, Amazon.Com Inc., At Home Corp., and
                    eBay Inc. drop out of the top-10 list. AT&T, Philip Morris Cos.,
                    Cisco Systems Inc., Lucent, General Electric Co. and Waste
                    Management Inc. took their place. The fund climbed 28.9 percent
                    so far this year, with almost all that gain in the first quarter. 

                    Magellan's Top 10 

                    The following is a list of Fidelity Magellan's top-10
                    holdings, from biggest to smallest stake, as of June 30, compared
                    with March 31, according to Fidelity's report. 

                    June 30 March 31
                    General Electric Co. General Electric Co.
                    Microsoft Corp. Microsoft Corp
                    Home Depot Inc. MCI Worldcom Inc.
                    Citigroup Inc. America Online Inc.
                    MCI WorldCOm Inc. Home Depot Inc.
                    Cisco Systems Inc. Cisco Systems Inc.
                    Lucent Technologies Inc. Merck & Co.
                    Merck & Co. Inc. Citigroup Inc.
                    Wal-Mart Stores Inc. Wal-Mart Stores Inc.
                    AT&T Corp. Time Warner Inc.
                    22.9 percent of total assets 24.2 percent of total assets