But its actively managed rival, the $100 billion Fidelity Magellan fund, didn't do much better, with 36 percent of its holdings failing.

What was the Fidelity Magellan fund doing en route to a market-beating 7.4 percent first-quarter return?

The Fidelity Magellan fund fell only 2.8 percent, equal to the two-day decline in the Nasdaq composite index.

For example, the Fidelity Magellan fund has a 3 percent upfront charge.

It is invested in the Fidelity Magellan fund.

The Fidelity Magellan fund, the second-largest in the industry with $71 billion in assets, is expected to pay 0.3 percent.

His individual retirement account money is in the Fidelity Magellan fund, "a very solid performer over many years," he notes.

And when will the Fidelity Magellan fund start selling?

Six of the 15 biggest funds held no tobacco stocks at the time of the study, including the Fidelity Magellan fund, the nation's largest.

Some, like the Fidelity Magellan fund, the country's biggest, looked downright dismal.