N-CSRS 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 1193

Fidelity Magellan Fund
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

March 31

Date of reporting period:

September 30, 2003

Item 1. Reports to Stockholders

Fidelity®

Magellan®

Fund

Semiannual Report

September 30, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

Auditors' Opinion

<Click Here>

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, the Federal Reserve Board or any other agency, and are subject to investment risks, including the possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.

With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:

First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.

Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.

Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.

For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.

Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of September 30, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Citigroup, Inc.

4.6

4.0

General Electric Co.

3.4

3.5

American International Group, Inc.

3.2

3.1

Microsoft Corp.

3.2

3.2

Viacom, Inc. Class B (non-vtg.)

3.0

3.3

Pfizer, Inc.

2.5

2.8

Exxon Mobil Corp.

2.1

2.4

Merck & Co., Inc.

2.0

2.3

Bank of America Corp.

1.9

2.2

Johnson & Johnson

1.9

2.0

27.8

Top Five Market Sectors as of September 30, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

23.2

23.3

Consumer Discretionary

16.7

18.5

Health Care

13.9

15.7

Information Technology

13.9

11.2

Consumer Staples

8.6

7.4

Asset Allocation (% of fund's net assets)

As of September 30, 2003 *

As of March 31, 2003 **

Stocks 95.6%

Stocks 96.2%

Short-Term
Investments and
Net Other Assets 4.4%

Short-Term
Investments and
Net Other Assets 3.8%

* Foreign
investments

2.2%

** Foreign investments

1.8%



Semiannual Report

Investments September 30, 2003

Showing Percentage of Net Assets

Common Stocks - 95.6%

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - 16.7%

Hotels, Restaurants & Leisure - 0.6%

Extended Stay America, Inc. (a)(c)

5,859,603

$ 87,484

McDonald's Corp.

5,947,400

140,002

Park Place Entertainment Corp. (a)

4,029,200

36,303

Starwood Hotels & Resorts Worldwide, Inc. unit

3,973,827

138,289

402,078

Household Durables - 0.3%

Black & Decker Corp.

1,200,000

48,660

Centex Corp.

600,000

46,728

Leggett & Platt, Inc.

5,600,000

121,128

216,516

Internet & Catalog Retail - 0.2%

Amazon.com, Inc. (a)

1,000,000

48,360

InterActiveCorp (a)

1,800,000

59,490

107,850

Leisure Equipment & Products - 0.0%

Mattel, Inc.

500,000

9,480

Media - 8.6%

AOL Time Warner, Inc. (a)

44,886,854

678,240

Citadel Broadcasting Corp.

145,000

2,865

Clear Channel Communications, Inc.

19,032,854

728,958

Comcast Corp.:

Class A (a)

9,356,359

288,924

Class A (special) (a)

8,236,600

243,309

Cox Communications, Inc. Class A (a)

3,439,400

108,754

EchoStar Communications Corp. Class A (a)

2,400,000

91,848

Fox Entertainment Group, Inc. Class A (a)

4,000,000

111,960

Gannett Co., Inc.

1,492,300

115,743

Journal Communications, Inc. Class A

100,500

1,663

Liberty Media Corp. Class A (a)

3,000,000

29,910

McGraw-Hill Companies, Inc.

2,026,000

125,875

News Corp. Ltd. ADR

4,100,000

134,480

Omnicom Group, Inc.

3,401,576

244,403

Tribune Co.

1,733,922

79,587

Univision Communications, Inc. Class A (a)

2,090,000

66,734

Viacom, Inc. Class B (non-vtg.)

49,059,937

1,878,996

Walt Disney Co.

19,201,500

387,294

5,319,543

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.9%

Federated Department Stores, Inc.

1,447,300

$ 60,642

Kohl's Corp. (a)

2,900,000

155,150

Target Corp.

8,900,000

334,907

550,699

Specialty Retail - 5.5%

AutoNation, Inc. (a)

7,130,427

125,068

Best Buy Co., Inc. (a)

8,998,900

427,628

Gap, Inc.

3,369,300

57,682

Home Depot, Inc.

32,662,500

1,040,301

Limited Brands, Inc.

9,500,000

143,260

Lowe's Companies, Inc.

17,915,000

929,789

Office Depot, Inc. (a)

11,643,800

163,595

PETsMART, Inc.

717,000

16,276

Staples, Inc. (a)

15,662,000

371,973

TJX Companies, Inc.

7,000,000

135,940

Williams-Sonoma, Inc. (a)

350,000

9,443

3,420,955

Textiles Apparel & Luxury Goods - 0.6%

Coach, Inc. (a)

150,000

8,190

Liz Claiborne, Inc.

5,095,600

173,505

NIKE, Inc. Class B

3,398,500

206,697

388,392

TOTAL CONSUMER DISCRETIONARY

10,415,513

CONSUMER STAPLES - 8.6%

Beverages - 2.3%

PepsiCo, Inc.

13,024,700

596,922

The Coca-Cola Co.

19,966,100

857,744

1,454,666

Food & Staples Retailing - 2.5%

CVS Corp.

12,348,686

383,550

Safeway, Inc. (a)

614,000

14,085

Sysco Corp.

500,000

16,355

Wal-Mart Stores, Inc.

20,087,840

1,121,906

1,535,896

Household Products - 2.0%

Colgate-Palmolive Co.

3,979,700

222,425

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER STAPLES - continued

Household Products - continued

Kimberly-Clark Corp.

4,900,000

$ 251,468

Procter & Gamble Co.

8,300,000

770,406

1,244,299

Personal Products - 0.9%

Avon Products, Inc.

2,546,000

164,370

Gillette Co.

12,106,200

387,156

551,526

Tobacco - 0.9%

Altria Group, Inc.

12,866,400

563,548

TOTAL CONSUMER STAPLES

5,349,935

ENERGY - 7.4%

Energy Equipment & Services - 1.9%

Baker Hughes, Inc.

8,021,000

237,341

BJ Services Co. (a)

500,000

17,085

Cooper Cameron Corp. (a)

1,795,500

82,970

Diamond Offshore Drilling, Inc.

500,000

9,550

GlobalSantaFe Corp.

500,000

11,975

Halliburton Co.

5,299,600

128,515

Nabors Industries Ltd. (a)

1,900,000

70,794

Noble Corp. (a)

300,000

10,197

Pride International, Inc. (a)

1,500,000

25,425

Schlumberger Ltd. (NY Shares)

9,388,100

454,384

Smith International, Inc. (a)

278,600

10,024

Transocean, Inc. (a)

2,312,563

46,251

Weatherford International Ltd. (a)

2,020,000

76,316

1,180,827

Oil & Gas - 5.5%

Anadarko Petroleum Corp.

2,900,000

121,104

Apache Corp.

3,051,605

211,598

BP PLC sponsored ADR

5,068,842

213,398

Burlington Resources, Inc.

4,029,925

194,242

ChevronTexaco Corp.

13,200,000

943,140

ConocoPhillips

4,752,059

260,175

Devon Energy Corp.

721,600

34,774

EnCana Corp.

400,000

14,496

Exxon Mobil Corp.

35,510,336

1,299,678

Common Stocks - continued

Shares

Value (Note 1) (000s)

ENERGY - continued

Oil & Gas - continued

Occidental Petroleum Corp.

3,021,400

$ 106,444

Shell Transport & Trading Co. PLC (Reg.)

3,200,000

20,139

3,419,188

TOTAL ENERGY

4,600,015

FINANCIALS - 23.2%

Capital Markets - 4.0%

Bank of New York Co., Inc.

4,604,400

134,034

Charles Schwab Corp.

5,425,000

64,612

Federated Investors, Inc. Class B (non-vtg.)

250,000

6,925

Goldman Sachs Group, Inc.

5,948,500

499,079

J.P. Morgan Chase & Co.

11,483,100

394,215

Lehman Brothers Holdings, Inc.

900,000

62,172

Merrill Lynch & Co., Inc.

8,892,900

476,037

Morgan Stanley

16,350,970

825,070

National Financial Partners Corp.

58,200

1,571

2,463,715

Commercial Banks - 6.0%

Bank of America Corp.

15,601,954

1,217,576

Bank One Corp.

11,726,900

453,245

Fifth Third Bancorp

2,350,000

130,355

FleetBoston Financial Corp.

8,700,783

262,329

Synovus Financial Corp.

4,059,775

101,454

U.S. Bancorp, Delaware

7,110,674

170,585

Wachovia Corp.

13,822,994

569,369

Wells Fargo & Co.

16,655,000

857,733

3,762,646

Consumer Finance - 1.5%

American Express Co.

15,683,300

706,689

MBNA Corp.

9,699,950

221,159

927,848

Diversified Financial Services - 4.7%

CIT Group, Inc.

300,000

8,628

Citigroup, Inc.

63,255,653

2,878,761

Principal Financial Group, Inc.

663,800

20,571

2,907,960

Common Stocks - continued

Shares

Value (Note 1) (000s)

FINANCIALS - continued

Insurance - 4.5%

ACE Ltd.

1,000,000

$ 33,080

AFLAC, Inc.

4,047,000

130,718

Allstate Corp.

2,500,000

91,325

American International Group, Inc.

34,158,570

1,970,949

Berkshire Hathaway, Inc. Class A (a)

557

41,775

Hartford Financial Services Group, Inc.

2,400,000

126,312

MetLife, Inc.

5,000,000

140,250

Travelers Property Casualty Corp.:

Class A

10,184,131

161,724

Class B

5,925,605

94,099

W.R. Berkley Corp.

525,000

17,987

XL Capital Ltd. Class A

300,000

23,232

2,831,451

Real Estate - 0.2%

Equity Office Properties Trust

2,986,400

82,216

Equity Residential (SBI)

2,543,000

74,459

156,675

Thrifts & Mortgage Finance - 2.3%

Fannie Mae

16,551,900

1,161,943

Freddie Mac

4,615,400

241,616

1,403,559

TOTAL FINANCIALS

14,453,854

HEALTH CARE - 13.9%

Biotechnology - 1.4%

Amgen, Inc. (a)

4,777,230

308,466

Biogen, Inc. (a)

2,000,000

76,460

Charles River Laboratories International, Inc. (a)

1,354,700

41,576

Genentech, Inc. (a)

2,500,000

200,350

Genzyme Corp. - General Division (a)

1,300,000

60,125

Gilead Sciences, Inc. (a)

2,200,000

123,046

MedImmune, Inc. (a)

1,500,000

49,515

859,538

Health Care Equipment & Supplies - 1.2%

Baxter International, Inc.

3,200,000

92,992

Boston Scientific Corp. (a)

750,000

47,850

Guidant Corp.

2,300,000

107,755

Common Stocks - continued

Shares

Value (Note 1) (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Medtronic, Inc.

9,700,000

$ 455,124

St. Jude Medical, Inc. (a)

900,000

48,393

752,114

Health Care Providers & Services - 2.2%

AmerisourceBergen Corp.

1,000,000

54,050

Cardinal Health, Inc.

12,540,336

732,230

McKesson Corp.

642,100

21,376

Medco Health Solutions, Inc. (a)

1,000,000

25,930

UnitedHealth Group, Inc.

11,006,600

553,852

1,387,438

Pharmaceuticals - 9.1%

Abbott Laboratories

10,846,500

461,519

Allergan, Inc.

250,000

19,683

Bristol-Myers Squibb Co.

9,650,900

247,642

Eli Lilly & Co.

1,000,000

59,400

Forest Laboratories, Inc. (a)

3,000,000

154,350

Johnson & Johnson

23,620,200

1,169,672

Merck & Co., Inc.

24,141,700

1,222,053

Pfizer, Inc.

51,036,195

1,550,480

Schering-Plough Corp.

11,775,900

179,465

Teva Pharmaceutical Industries Ltd. sponsored ADR

1,000,000

57,150

Wyeth

11,428,500

526,854

5,648,268

TOTAL HEALTH CARE

8,647,358

INDUSTRIALS - 7.6%

Aerospace & Defense - 0.7%

Honeywell International, Inc.

2,676,937

70,537

Lockheed Martin Corp.

4,100,000

189,215

Northrop Grumman Corp.

300,000

25,866

United Technologies Corp.

1,600,000

123,648

409,266

Airlines - 0.0%

Southwest Airlines Co.

500,000

8,850

Building Products - 0.2%

Masco Corp.

5,665,200

138,684

Commercial Services & Supplies - 0.7%

Cendant Corp. (a)

10,800,000

201,852

Common Stocks - continued

Shares

Value (Note 1) (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

ChoicePoint, Inc. (a)

1,139,066

$ 38,159

Ionics, Inc. (a)

360,000

8,806

Manpower, Inc.

2,605,900

96,679

Republic Services, Inc.

3,200,000

72,448

417,944

Electrical Equipment - 0.2%

Aura Systems, Inc. warrants 5/31/05 (a)

37

0

Emerson Electric Co.

2,732,400

143,861

143,861

Industrial Conglomerates - 5.1%

3M Co.

5,226,240

360,976

General Electric Co.

72,238,400

2,153,427

Tyco International Ltd.

33,369,755

681,744

3,196,147

Machinery - 0.7%

Caterpillar, Inc.

1,000,000

68,840

Illinois Tool Works, Inc.

3,560,000

235,886

Ingersoll-Rand Co. Ltd. Class A

2,068,850

110,559

Trivest 1992 Special Fund Ltd. (d)

26,600,000

532

415,817

Road & Rail - 0.0%

CSX Corp.

500,000

14,625

TOTAL INDUSTRIALS

4,745,194

INFORMATION TECHNOLOGY - 13.9%

Communications Equipment - 2.2%

Cisco Systems, Inc. (a)

36,600,000

715,164

Motorola, Inc.

24,700,000

295,659

Nokia Corp. sponsored ADR

6,891,200

107,503

Nortel Networks Corp. (a)

4,800,000

19,680

QUALCOMM, Inc.

5,195,700

216,349

Sonus Networks, Inc. (a)

1,000,000

6,930

Telefonaktiebolaget LM Ericsson ADR (a)

2,300,000

33,764

1,395,049

Computers & Peripherals - 2.9%

Dell, Inc. (a)

18,500,000

617,715

EMC Corp. (a)

10,316,900

130,302

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Hewlett-Packard Co.

11,200,000

$ 216,832

International Business Machines Corp.

8,606,800

760,239

Lexmark International, Inc. Class A (a)

800,000

50,408

Sun Microsystems, Inc. (a)

7,300,200

24,164

1,799,660

Electronic Equipment & Instruments - 0.5%

Agilent Technologies, Inc. (a)

3,698,526

81,774

Flextronics International Ltd. (a)

3,125,000

44,313

Thermo Electron Corp. (a)

2,471,500

53,632

Waters Corp. (a)

3,898,600

106,939

286,658

Internet Software & Services - 0.4%

Yahoo!, Inc. (a)

6,460,900

228,587

IT Services - 0.5%

First Data Corp.

8,150,000

325,674

Total System Services, Inc.

650,000

17,128

342,802

Semiconductors & Semiconductor Equipment - 3.0%

AMIS Holdings, Inc.

100,000

1,846

Analog Devices, Inc. (a)

3,807,732

144,770

Applied Materials, Inc. (a)

6,300,000

114,282

Intel Corp.

33,945,200

933,832

Intersil Corp. Class A

1,069,700

25,459

KLA-Tencor Corp. (a)

2,100,000

107,940

Linear Technology Corp.

1,078,200

38,610

Micron Technology, Inc. (a)

1,700,000

22,814

Sigmatel, Inc.

50,600

1,043

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a)

3,000,000

32,490

Texas Instruments, Inc.

17,397,700

396,668

Xilinx, Inc. (a)

1,200,000

34,212

1,853,966

Software - 4.4%

Adobe Systems, Inc.

3,838,600

150,703

BEA Systems, Inc. (a)

650,000

7,833

Electronic Arts, Inc. (a)

354,100

32,659

Intuit, Inc. (a)

800,000

38,592

Microsoft Corp.

70,604,200

1,962,091

Network Associates, Inc. (a)

2,000,000

27,520

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Oracle Corp. (a)

12,295,000

$ 137,950

PeopleSoft, Inc. (a)

5,100,000

92,769

Siebel Systems, Inc. (a)

2,400,000

23,328

VERITAS Software Corp. (a)

7,475,000

234,715

2,708,160

TOTAL INFORMATION TECHNOLOGY

8,614,882

MATERIALS - 1.4%

Chemicals - 0.6%

Dow Chemical Co.

4,000,000

130,160

E.I. du Pont de Nemours & Co.

5,000,000

200,050

Praxair, Inc.

500,000

30,975

361,185

Containers & Packaging - 0.0%

Packaging Corp. of America (a)

400,000

7,768

Smurfit-Stone Container Corp. (a)

1,100,000

16,478

24,246

Metals & Mining - 0.3%

Alcoa, Inc.

6,300,000

164,808

Paper & Forest Products - 0.5%

Bowater, Inc.

500,000

21,030

International Paper Co.

5,650,000

220,463

Weyerhaeuser Co.

1,300,000

75,985

317,478

TOTAL MATERIALS

867,717

TELECOMMUNICATION SERVICES - 2.9%

Diversified Telecommunication Services - 2.1%

BellSouth Corp.

12,703,100

300,809

Qwest Communications International, Inc. (a)

7,802,400

26,528

SBC Communications, Inc.

14,377,214

319,893

Verizon Communications, Inc.

18,933,004

614,187

1,261,417

Wireless Telecommunication Services - 0.8%

AT&T Wireless Services, Inc. (a)

21,477,436

175,685

Common Stocks - continued

Shares

Value (Note 1) (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

Nextel Communications, Inc. Class A (a)

9,700,000

$ 190,993

Vodafone Group PLC sponsored ADR

7,264,500

147,106

513,784

TOTAL TELECOMMUNICATION SERVICES

1,775,201

TOTAL COMMON STOCKS

(Cost $44,759,244)

59,469,669

Nonconvertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Computers & Peripherals - 0.0%

Ampex Corp. 8% non-cumulative (redeemable preferred)

759

90

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $1,184)

90

Money Market Funds - 4.7%

Fidelity Cash Central Fund, 1.12% (b)
(Cost $2,954,683)

2,954,682,722

2,954,683

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $47,715,111)

62,424,442

NET OTHER ASSETS - (0.3)%

(192,605)

NET ASSETS - 100%

$ 62,231,837

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Affiliated company

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Trivest 1992 Special Fund Ltd.

7/2/92

$ 0

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $3,518,355,000 and $4,527,252,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $248,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $532,000 or 0.0% of net assets.

Income Tax Information

At March 31, 2003, the fund had a capital loss carryforward of approximately $4,133,221,000 of which $1,760,324,000 and $2,372,897,000 will expire on March 31, 2010 and 2011, respectively.

The fund intends to elect to defer to its fiscal year ending March 31, 2004 approximately $666,674,000 of losses recognized during the period November 1, 2002 to March 31, 2003.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)

September 30, 2003

Assets

Investment in securities, at value (including securities loaned of $39,126) (cost $47,715,111) - See accompanying schedule

$ 62,424,442

Foreign currency held at value (cost $3)

3

Receivable for investments sold

58,791

Receivable for fund shares sold

45,820

Dividends receivable

67,705

Interest receivable

3,051

Other receivables

401

Total assets

62,600,213

Liabilities

Payable for investments purchased

$ 197,708

Payable for fund shares redeemed

92,258

Accrued management fee

26,347

Other payables and accrued expenses

11,161

Collateral on securities loaned, at value

40,902

Total liabilities

368,376

Net Assets

$ 62,231,837

Net Assets consist of:

Paid in capital

$ 52,530,175

Undistributed net investment income

258,757

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(5,266,426)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

14,709,331

Net Assets, for 701,421 shares outstanding

$ 62,231,837

Net Asset Value, offering price and redemption price per share ($62,231,837 ÷ 701,421 shares)

$ 88.72

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands

Six months ended September 30, 2003

Investment Income

Dividends

$ 447,986

Interest

18,734

Security lending

237

Total income

466,957

Expenses

Management fee
Basic fee

$ 178,720

Performance adjustment

(20,442)

Transfer agent fees

60,979

Accounting and security lending fees

942

Non-interested trustees' compensation

126

Appreciation in deferred trustee compensation account

97

Custodian fees and expenses

446

Registration fees

286

Audit

203

Legal

220

Miscellaneous

179

Total expenses before reductions

221,756

Expense reductions

(1,433)

220,323

Net investment income (loss)

246,634

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(123,333)

Foreign currency transactions

5

Total net realized gain (loss)

(123,328)

Change in net unrealized appreciation (depreciation) on investment securities

8,518,835

Net gain (loss)

8,395,507

Net increase (decrease) in net assets resulting from operations

$ 8,642,141

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands

Six months ended September 30, 2003

Year ended
March 31,
2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 246,634

$ 501,849

Net realized gain (loss)

(123,328)

(2,833,789)

Change in net unrealized appreciation (depreciation)

8,518,835

(16,564,859)

Net increase (decrease) in net assets resulting
from operations

8,642,141

(18,896,799)

Distributions to shareholders from net investment income

(127,164)

(463,049)

Share transactions
Net proceeds from sales of shares

4,157,536

7,979,720

Reinvestment of distributions

124,106

451,374

Cost of shares redeemed

(4,729,167)

(12,724,727)

Net increase (decrease) in net assets resulting from share transactions

(447,525)

(4,293,633)

Total increase (decrease) in net assets

8,067,452

(23,653,481)

Net Assets

Beginning of period

54,164,385

77,817,866

End of period (including undistributed net investment income of $258,757 and undistributed net investment income of $139,287, respectively)

$ 62,231,837

$ 54,164,385

Other Information

Shares

Sold

47,954

96,247

Issued in reinvestment of distributions

1,479

5,327

Redeemed

(54,332)

(154,048)

Net increase (decrease)

(4,899)

(52,474)

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

Six months ended September 30,

Years ended March 31,

2003

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 76.69

$ 102.55

$ 104.50

$ 143.26

$ 129.75

$ 108.82

Income from Investment Operations

Net investment income (loss)E

.35

.69

.45

.37

.59

.73

Net realized and unrealized gain (loss)

11.86

(25.91)

(1.14)

(34.17)

25.04

26.02

Total from investment operations

12.21

(25.22)

(.69)

(33.80)

25.63

26.75

Distributions from net investment income

(.18)

(.64)

(.46)

(.27)

(.73)

(.67)

Distributions from net realized gain

-

-

(.80)

(4.69)

(11.39)

(5.15)

Total distributions

(.18)

(.64)

(1.26)

(4.96)

(12.12)

(5.82)

Net asset value, end
of period

$ 88.72

$ 76.69

$ 102.55

$ 104.50

$ 143.26

$ 129.75

Total ReturnB,C,D

15.93%

(24.65)%

(.76)%

(24.22)%

21.11%

25.63%

Ratios to Average Net AssetsF

Expenses before
expense reductions

.72%A

.77%

.89%

.89%

.75%

.62%

Expenses net of voluntary waivers,
if any

.72%A

.77%

.89%

.89%

.75%

.62%

Expenses net of all
reductions

.72%A

.76%

.88%

.88%

.74%

.60%

Net investment
income (loss)

.80%A

.82%

.43%

.29%

.46%

.66%

Supplemental Data

Net assets, end of
period (in millions)

$ 62,232

$ 54,164

$ 77,818

$ 80,190

$ 109,095

$ 90,715

Portfolio turnover rate

12%A

21%

15%

24%

28%

37%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the former sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended September 30, 2003

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Magellan Fund (the fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust and is authorized to issue an unlimited number of shares. The fund is currently closed to new accounts. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. The fund estimates the components of distributions received from Real Estate Investment Trusts (REITs). Distributions received in excess of income are recorded as a reduction of cost of investments and/or realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, partnerships, non-taxable dividends, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 18,177,539

Unrealized depreciation

(3,767,032)

Net unrealized appreciation (depreciation)

$ 14,410,507

Cost for federal income tax purposes

$ 48,013,935

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .52% of the fund's average net assets.

Sales Load. For the period, Fidelity Distributors Corporation (FDC), an affiliate of FMR, received sales charges of $685 on sales of shares of the fund all of which was retained. Effective June 23, 2003, after 4:00 p.m. Eastern time, the fund's sales charge was eliminated.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .20% of average net assets.

Accounting and Security Lending Fees. FSC maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $19,349 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $1,158 for the period. In addition, through arrangements with the fund's transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's transfer agent expenses by $275.

8. Transactions with Affiliated Companies.

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

Extended Stay America, Inc.

$ -

$ -

$ -

$ 87,484

Semiannual Report

Report of Independent Auditors

To the Trustees and Shareholders of Fidelity Magellan Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Magellan Fund at September 30, 2003 and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Magellan Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2003 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 6, 2003

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual
fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

527 North Brand Boulevard
Glendale, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

10100 Santa Monica Blvd.
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

1760 Challenge Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

9185 East Westview Road
Littleton, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

222 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
West Palm Beach, FL

8065 Beneva Road
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7401 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Semiannual Report

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

8885 Ladue Road
Ladue, MO

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

3518 Route 1 North
Princeton, NJ

New York

1055 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

16850 SW 72nd Avenue
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4017 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

6005 West Park Boulevard
Plano, TX 75093

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management &
Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company Quincy, MA

Fidelity's Growth Funds

Aggressive Growth Fund

Blue Chip Growth Fund

Blue Chip Value Fund

Capital Appreciation Fund

Contrafund®

Disciplined Equity Fund

Discovery Fund

Dividend Growth Fund

Export and Multinational Fund

Fidelity Fifty ®

Fidelity Value Discovery Fund

Focused Stock Fund

Growth Company Fund

Independence Fund

Large Cap Stock Fund

Leveraged Company Stock Fund

Low-Priced Stock Fund

Magellan® Fund

Mid-Cap Stock Fund

New Millennium Fund®

OTC Portfolio

Small Cap Independence Fund

Small Cap Stock Fund

Stock Selector

Structured Large Cap Growth Fund

Structured Large Cap Value Fund

Structured Mid Cap Growth Fund

Structured Mid Cap Value Fund

Tax Managed Stock Fund

Trend Fund

Value Fund

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) (automated graphic)    1-800-544-5555

(automated graphic)    Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

MAG-USAN-1103
1.792157.100

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Reserved

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Reserved

Item 9. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Magellan Fund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 10. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Magellan Fund

By:

/s/Maria Dwyer

Maria Dwyer

President and Treasurer

Date:

November 14, 2003

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Maria Dwyer

Maria Dwyer

President and Treasurer

Date:

November 14, 2003

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

November 14, 2003