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VINIK REPLACES SMITH ON FIDELITY MAGELLAN FUND

 VINIK REPLACES SMITH ON FIDELITY MAGELLAN FUND
 BOSTON, April 29 /PRNewswire/ -- Jeff Vinik will replace


Morris J. Smith as portfolio manager of Fidelity Investment's Magellan Fund, Fidelity announced today. Smith, 34, who took over management of the nation's largest stock mutual fund from Peter Lynch on May 31, 1990, is resigning his post effective July 1 in order to take his family to live for a time in Israel.
 "Devora and I have always wanted our children to know Israel," said Smith, "so we plan to spend some time there. In addition, this will allow us time to consider our future plans and opportunities."
 Fidelity officials said that although Smith will maintain "a loose affiliation" with Fidelity, they acknowledged that he may or may not resume his investment career.
 During Smith's two-year tenure, Fidelity Magellan grew from $13 billion to $20 billion in assets. The fund's total return from May 31, 1990 through April 23, 1992 was 28.86 percent vs. 21.27 percent for the S&P 500. For the period May 31, 1990 through March 31, 1992, Magellan ranked in the top quartile for all General Equity Funds and all Growth Funds according to Lipper Analytical Services, Inc.
 In an internal announcement, Fidelity Chairman and CEO Ned Johnson said, "Although we will miss his outstanding energy, intelligence and dedication, we understand and respect Morris's decision. We appreciate the contribution he has made over the last 10 years and wish him the very best in whatever future endeavors he chooses."
 Vinik, 33, joined Fidelity in June of 1986 as an analyst, and then served as Peter Lynch's assistant on Magellan Fund. From January 1989 through September 1990 he managed Fidelity Contrafund, producing a total return of 34.5 percent while the S&P 500 returned 10.2 percent. In October 1990 he assumed responsibility for Fidelity Growth & Income Fund. From that date through March 1992, his fund returned 55.28 percent, compared to 38.58 percent for the S&P 500.
 Peter Lynch, now a trustee of the Fidelity Group of Funds, characterized Vinik as follows: "Jeff is very much a classic fundamental analyst. He's willing to participate in unexciting areas if that's where he thinks the best stocks are, and he's not afraid to buy stocks other institutional managers haven't discovered. He has a great love of stocks and the stock market. In that, he's a model Fidelity stock picker."
 Smith said of Vinik: "He's a smart investor and a hard worker. I think he'll do very well."
 Other portfolio managers assignments at Fidelity will change as a result of Smith's departure:
 -- Andrew Midler will replace Vinik on the Growth & Income Fund.
 -- Brian Posner will replace Midler on Fidelity Equity-Income II.
 Between now and July 1, Smith and Vinik will work together to ensure a smooth transition. Magellan's upcoming annual report will introduce Vinik to the fund's shareholders.
 Fidelity Investments is the largest mutual fund manager in the country and the second-largest discount brokerage firm. Assets under management currently $169 billion.
 -0- 4/28/92
 /CONTACT: Fidelity Public Relations, 617-570-5900/ CO: Fidelity Investment Co. ST: Massachusetts IN: FIN SU: PER


SH -- NE009 -- 4383 04/29/92 12:32 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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