Almost correct. The ammunition can be anywhere except loaded into the gun. So a loaded magazine or speedloader in the fanny pack with the gun is acceptable, although honestly, I've found that it's faster and simpler if the ammunition is on my belt because it takes two hands to draw from the fanny pack anyway.
The myth that ammo has to be transported separately refuses to die. It even made its way into an official letter from Terry Gainer to all Illinois FFL's when he was head of the state police (my dad was a storefront FFL back then, and he believed it for a long time.)
(I pull the rip cord with my left hand and try to have my right hand on the gun and my left on the magazine at the same moment, then draw the gun to a low position while bringing the magazine around. From there, you still have to rack the slide and bring the gun up to firing position. But I never expected this to be fast; I carry in a fanny pack mostly to exercise a right that has been infringed too long.)