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To: David in Ontario who wrote (35464)	1/19/1999 7:26:00 PM
From: Goldbug Guru	Read Replies (1) \| Respond to of 164684

Tuesday January 19, 5:52 pm Eastern Time Fidelity's Magellan pares tobacco, adds AOL in Q4 BOSTON, Jan 19 (Reuters) - Fidelity Investments said its giant Magellan Fund cut Philip Morris Cos Inc. from its top 10 holdings in the fourth quarter, and replaced the tobacco stock with America Online Inc. America Online was a fresh presence on the list, and became the third biggest holding, according to Fidelity's year-end mutual fund guide. With $83.5 billion in assets, Magellan is the largest U.S.mutual fund. Philip Morris had been on the fund's top 10 list for at least a year. Magellan's fourth-quarter changes could have powerful repercussions for those stocks on Wednesday, as other managers follow Fidelity's lead, said Donald Dion, publisher of the Fidelity Independent Advisor newsletter. ''This is the first time I've seen something blast into the top 10 like this,'' Dion said. ''I would anticipate that AOL will power ahead and Philip Morris will decline as portfolio managers and individual investors follow the lead of these all-star managers.'' Fidelity does not address questions on individual stocks, and had no comment. Dion estimated Magellan's position in AOL could be $3-$4 billion. General Electric Co. (NYSE:GE - news) and Microsoft Corp. (Nasdaq:MSFT - news) remained Magellan's top and second biggest holdings from the third quarter, the report said. The rest of the top 10 holdings -- totaling more than a quarter of the portfolio -- included Intel Corp. (Nasdaq:INTC - news); Cisco Systems Inc. (Nasdaq:CSCO - news); Home Depot Inc. (NYSE:HD - news); MCI Worldcomm Inc. (Nasdaq:WCOM - news); Lucent Technologies Inc. (NYSE:LU - news); Wal-Mart Stores Inc. (NYSE:WMT - news); and Merck & Co Inc. (NYSE:MRK - news). Dion said Magellan's 33.63 percent return last year was due to the accumulation of large-growth stocks in the technology and health areas.