N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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:

December 31, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Magellan® Fund

December 31, 2007

1.811314.103

MAG-QTLY-0208

Investments December 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.2%

Auto Components - 0.2%

Johnson Controls, Inc.

2,000,000

$ 72,080

Distributors - 0.2%

Li & Fung Ltd.

20,000,000

80,799

Diversified Consumer Services - 0.7%

Apollo Group, Inc. Class A (non-vtg.) (a)

1,000,000

70,150

New Oriental Education & Technology Group, Inc. sponsored ADR (a)

3,174,350

255,821

325,971

Hotels, Restaurants & Leisure - 3.1%

Ctrip.com International Ltd. sponsored ADR

8,025,108

461,203

McDonald's Corp.

5,000,000

294,550

Melco PBL Entertainment (Macau) Ltd. sponsored ADR

274,700

3,176

Royal Caribbean Cruises Ltd.

4,500,000

190,980

Starbucks Corp. (a)

16,562,616

339,037

Starwood Hotels & Resorts Worldwide, Inc.

1,973,827

86,908

Town Sports International Holdings, Inc. (a)(e)

1,500,000

14,340

1,390,194

Household Durables - 0.9%

D.R. Horton, Inc.

3,787,100

49,876

KB Home

800,000

17,280

Lennar Corp. Class A

9,631,376

172,305

Toll Brothers, Inc. (a)(d)

7,000,000

140,420

379,881

Internet & Catalog Retail - 0.2%

B2W Companhia Global Do Varejo

1,000,000

40,112

Expedia, Inc. (a)

1,800,000

56,916

FTD Group, Inc.

422,400

5,441

102,469

Media - 0.6%

Cinemark Holdings, Inc.

238,900

4,061

E.W. Scripps Co. Class A

1,202,223

54,112

Live Nation, Inc. (a)

2,823,864

41,003

McGraw-Hill Companies, Inc.

1,332,000

58,355

Time Warner, Inc.

8,000,000

132,080

289,611

Multiline Retail - 0.5%

Target Corp.

4,041,700

202,085

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - 3.1%

Staples, Inc. (e)

48,309,255

$ 1,114,495

Yamada Denki Co. Ltd.

2,509,100

283,547

1,398,042

Textiles, Apparel & Luxury Goods - 0.7%

Asics Corp.

2,500,000

35,880

Lululemon Athletica, Inc. (d)

74,500

3,529

NIKE, Inc. Class B

3,597,000

231,071

Polo Ralph Lauren Corp. Class A

756,711

46,757

317,237

TOTAL CONSUMER DISCRETIONARY

4,558,369

CONSUMER STAPLES - 2.3%

Food & Staples Retailing - 1.0%

CVS Caremark Corp.

5,841,972

232,218

United Natural Foods, Inc. (a)(e)

4,143,500

131,432

Walgreen Co.

1,645,900

62,676

Wumart Stores, Inc. (H Shares)

25,000,000

21,258

447,584

Food Products - 0.9%

Bunge Ltd.

1,000,000

116,410

Cosan Ltd. Class A

3,181,700

40,089

Cosan SA Industria e Comercio

3,000,000

35,140

Flowers Foods, Inc.

612,600

14,341

McCormick & Co., Inc. (non-vtg.)

500,000

18,955

Nestle SA (Reg.)

336,600

154,163

379,098

Household Products - 0.1%

Energizer Holdings, Inc. (a)

500,000

56,065

Personal Products - 0.3%

Avon Products, Inc.

3,543,147

140,061

Bare Escentuals, Inc. (a)(d)

76,400

1,853

141,914

TOTAL CONSUMER STAPLES

1,024,661

ENERGY - 11.5%

Energy Equipment & Services - 1.5%

Atwood Oceanics, Inc. (a)

500,000

50,120

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

National Oilwell Varco, Inc. (a)

1,420,700

$ 104,365

Schlumberger Ltd. (NY Shares)

4,219,904

415,112

Smith International, Inc.

557,200

41,149

Transocean, Inc. (a)

285,420

40,858

651,604

Oil, Gas & Consumable Fuels - 10.0%

Apache Corp.

3,967,910

426,709

Arch Coal, Inc.

6,552,533

294,405

Canadian Natural Resources Ltd.

15,909,300

1,162,193

Chesapeake Energy Corp.

3,000,000

117,600

Denbury Resources, Inc. (a)

6,000,000

178,500

Enterprise Products Partners LP

700,000

22,316

EOG Resources, Inc.

2,727,200

243,403

Hess Corp.

2,000,000

201,720

Marathon Oil Corp.

262,188

15,957

OAO Gazprom sponsored ADR

2,000,000

112,600

Occidental Petroleum Corp.

3,000,000

230,970

Patriot Coal Corp. (a)

928,233

38,744

Peabody Energy Corp.

7,282,338

448,883

Plains Exploration & Production Co. (a)

695,000

37,530

Sibir Energy PLC

3,000,000

34,273

Suncor Energy, Inc.

6,149,400

667,890

Teekay Corp.

340,000

18,091

Valero Energy Corp.

3,000,000

210,090

Westernzagros Resources Ltd. (a)

1,000,000

2,416

Westernzagros Resources Ltd. warrants 1/18/08 (a)

100,000

15

4,464,305

TOTAL ENERGY

5,115,909

FINANCIALS - 9.9%

Capital Markets - 3.5%

Bank of New York Mellon Corp.

3,000,000

146,280

Charles Schwab Corp.

3,000,000

76,650

Evercore Partners, Inc. Class A

87,600

1,888

Franklin Resources, Inc.

2,110,800

241,539

GLG Partners, Inc. (a)

949,950

12,919

Lehman Brothers Holdings, Inc.

2,000,000

130,880

MCF Corp. (a)

105,086

552

MF Global Ltd.

1,400,000

44,058

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

Morgan Stanley

500,000

$ 26,555

State Street Corp.

9,148,206

742,834

T. Rowe Price Group, Inc.

2,000,000

121,760

1,545,915

Commercial Banks - 0.4%

Banco do Brasil SA

1,301,000

22,000

Mitsubishi UFJ Financial Group, Inc. sponsored ADR

600,000

5,598

SVB Financial Group (a)

1,212,400

61,105

Wachovia Corp.

2,146,094

81,616

170,319

Consumer Finance - 0.2%

American Express Co.

1,927,216

100,254

Diversified Financial Services - 0.2%

Bovespa Holding SA

526,000

9,852

CME Group, Inc.

100,000

68,600

Hyde Park Acquisition Corp. unit

200,000

1,670

MSCI, Inc. Class A

103,600

3,978

84,100

Insurance - 4.8%

ACE Ltd.

1,270,860

78,514

American International Group, Inc.

8,931,370

520,699

Berkshire Hathaway, Inc. Class A (a)

557

78,871

Endurance Specialty Holdings Ltd.

555,800

23,194

Everest Re Group Ltd.

1,700,000

170,680

Hartford Financial Services Group, Inc.

2,000,000

174,380

MBIA, Inc. (d)

875,000

16,301

MetLife, Inc.

7,000,000

431,340

Principal Financial Group, Inc.

2,000,000

137,680

Prudential Financial, Inc.

3,500,000

325,640

Samsung Fire & Marine Insurance Co. Ltd.

200,000

54,054

W.R. Berkley Corp.

1,856,250

55,335

Willis Group Holdings Ltd.

2,000,000

75,940

XL Capital Ltd. Class A

512,400

25,779

2,168,407

Real Estate Investment Trusts - 0.3%

Developers Diversified Realty Corp.

2,604,700

99,734

General Growth Properties, Inc.

224,200

9,233

Kimco Realty Corp.

679,800

24,745

133,712

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - 0.0%

GAGFAH SA (d)

99,700

$ 1,729

Thrifts & Mortgage Finance - 0.5%

Countrywide Financial Corp. (d)

5,000,000

44,700

Fannie Mae (d)

3,816,783

152,595

Freddie Mac

750,000

25,553

222,848

TOTAL FINANCIALS

4,427,284

HEALTH CARE - 11.0%

Biotechnology - 2.6%

Biogen Idec, Inc. (a)

3,398,510

193,443

Celgene Corp. (a)

1,000,000

46,210

Cephalon, Inc. (a)

1,521,130

109,156

Genentech, Inc. (a)

1,934,000

129,713

Gilead Sciences, Inc. (a)

11,479,396

528,167

OSI Pharmaceuticals, Inc. (a)(e)

3,198,900

155,179

1,161,868

Health Care Equipment & Supplies - 1.8%

Becton, Dickinson & Co.

4,000,000

334,320

C.R. Bard, Inc.

1,069,300

101,370

Gen-Probe, Inc. (a)

500,000

31,465

Greatbatch, Inc. (a)(e)

2,181,700

43,612

Hillenbrand Industries, Inc.

500,000

27,865

Integra LifeSciences Holdings Corp. (a)(d)

500,000

20,965

Medtronic, Inc.

2,000,000

100,540

Mentor Corp. (d)(e)

3,094,971

121,013

Mindray Medical International Ltd. sponsored ADR

51,400

2,209

783,359

Health Care Providers & Services - 1.7%

Amedisys, Inc. (a)

600,000

29,112

athenahealth, Inc. (d)

966,300

34,787

Brookdale Senior Living, Inc. (d)(e)

5,190,859

147,472

Henry Schein, Inc. (a)

1,000,000

61,400

LHC Group, Inc. (a)

500,000

12,490

UnitedHealth Group, Inc.

7,000,000

407,400

VCA Antech, Inc. (a)

1,000,000

44,230

736,891

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Technology - 0.1%

Cerner Corp. (a)

1,189,631

$ 67,095

Life Sciences Tools & Services - 2.1%

Affymetrix, Inc. (a)

28,700

664

Charles River Laboratories International, Inc. (a)

1,804,700

118,749

Covance, Inc. (a)

2,000,000

173,240

Pharmaceutical Product Development, Inc.

4,500,000

181,665

Thermo Fisher Scientific, Inc. (a)

2,471,500

142,556

Waters Corp. (a)

4,198,600

331,983

948,857

Pharmaceuticals - 2.7%

Allergan, Inc.

12,441,652

799,252

Matrixx Initiatives, Inc. (a)

400,000

5,564

Medicis Pharmaceutical Corp. Class A

2,000,000

51,940

Merck & Co., Inc.

4,837,525

281,109

XenoPort, Inc. (a)

800,000

44,704

1,182,569

TOTAL HEALTH CARE

4,880,639

INDUSTRIALS - 16.7%

Aerospace & Defense - 3.2%

BE Aerospace, Inc. (a)

1,784,410

94,395

General Dynamics Corp.

1,000,000

88,990

Honeywell International, Inc.

6,795,400

418,393

Lockheed Martin Corp.

1,000,000

105,260

Raytheon Co.

2,000,000

121,400

Raytheon Co. warrants 6/16/11 (a)

204,836

5,162

Rockwell Collins, Inc.

3,000,000

215,910

United Technologies Corp.

4,800,000

367,392

1,416,902

Air Freight & Logistics - 1.3%

C.H. Robinson Worldwide, Inc.

4,000,000

216,480

Expeditors International of Washington, Inc.

6,231,600

278,428

FedEx Corp.

503,100

44,861

Forward Air Corp.

390,000

12,156

UTI Worldwide, Inc.

2,000,000

39,200

591,125

Airlines - 0.6%

AMR Corp. (a)

3,000,000

42,090

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Airlines - continued

Delta Air Lines, Inc. (a)

9,881,000

$ 147,128

JetBlue Airways Corp. (a)(d)

6,241,552

36,825

Southwest Airlines Co.

3,000,000

36,600

262,643

Commercial Services & Supplies - 1.6%

Equifax, Inc. (e)

8,485,262

308,524

Heidrick & Struggles International, Inc.

476,228

17,673

Manpower, Inc.

913,882

52,000

Monster Worldwide, Inc. (a)

5,951,938

192,843

Robert Half International, Inc.

5,124,900

138,577

709,617

Construction & Engineering - 0.5%

Chicago Bridge & Iron Co. NV (NY Shares)

2,560,000

154,726

MYR Group, Inc. (a)(e)(f)

1,810,900

23,542

Quanta Services, Inc. (a)(d)

1,223,000

32,092

210,360

Electrical Equipment - 6.3%

Cooper Industries Ltd. Class A

2,000,000

105,760

Emerson Electric Co.

5,464,800

309,636

First Solar, Inc. (a)

1,000,000

267,140

General Cable Corp. (a)(e)

3,000,000

219,840

Q-Cells AG (a)

1,400,700

199,512

Renewable Energy Corp. AS (a)(d)

16,455,800

835,735

Sunpower Corp. Class A (a)(d)

1,477,271

192,621

Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)

5,583,500

459,634

Suzlon Energy Ltd.

2,593,928

127,494

Vestas Wind Systems AS (a)

1,000,000

108,035

2,825,407

Machinery - 1.9%

Actuant Corp. Class A

1,000,000

34,010

Caterpillar, Inc.

2,000,000

145,120

Cummins, Inc.

500,000

63,685

Danaher Corp.

3,000,000

263,220

Illinois Tool Works, Inc.

1,000,000

53,540

Mori Seiki Co. Ltd.

1,000,000

18,954

Mueller Water Products, Inc. Class B

3,304,885

32,950

SPX Corp.

1,600,000

164,560

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Sulzer AG (Reg.)

40,000

$ 58,766

Trivest 1992 Special Fund Ltd. (g)

26,600,000

0

834,805

Marine - 0.2%

Alexander & Baldwin, Inc.

1,633,707

84,397

Road & Rail - 1.1%

Canadian National Railway Co.

2,000,000

93,906

Landstar System, Inc.

904,300

38,116

Localiza Rent a Car SA

4,500,000

49,045

Norfolk Southern Corp.

1,000,000

50,440

Union Pacific Corp.

2,000,000

251,240

482,747

Trading Companies & Distributors - 0.0%

Watsco, Inc.

500,000

18,380

Transportation Infrastructure - 0.0%

The Sumitomo Warehouse Co. Ltd. (d)

1,000,000

5,368

TOTAL INDUSTRIALS

7,441,751

INFORMATION TECHNOLOGY - 27.8%

Communications Equipment - 12.4%

Cisco Systems, Inc. (a)

18,950,300

512,985

Corning, Inc. (e)

81,272,600

1,949,730

Foxconn International Holdings Ltd. (a)

5,000,000

11,222

Juniper Networks, Inc. (a)

4,817,200

159,931

Nokia Corp. sponsored ADR

68,018,200

2,611,214

Research In Motion Ltd. (a)

2,573,100

291,790

5,536,872

Computers & Peripherals - 2.8%

Apple, Inc. (a)

3,223,900

638,590

Hewlett-Packard Co.

6,000,000

302,880

Seagate Technology

3,500,000

89,250

Western Digital Corp. (a)

7,456,400

225,258

1,255,978

Electronic Equipment & Instruments - 2.5%

Agilent Technologies, Inc. (a)

2,500,000

91,850

Amphenol Corp. Class A

4,736,900

219,650

FLIR Systems, Inc. (a)(e)

8,638,800

270,394

Hon Hai Precision Industry Co. Ltd. (Foxconn)

36,000,000

224,237

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Jabil Circuit, Inc.

9,825,521

$ 150,036

Nippon Electric Glass Co. Ltd.

7,500,000

122,222

Rofin-Sinar Technologies, Inc. (a)

1,200,000

57,732

1,136,121

Internet Software & Services - 5.4%

Akamai Technologies, Inc. (a)

2,525,400

87,379

Alibaba.com Ltd.

13,096,500

46,443

DealerTrack Holdings, Inc. (a)

2,074,276

69,426

Dice Holdings, Inc.

3,100,000

24,769

Google, Inc. Class A (sub. vtg.) (a)

2,701,000

1,867,687

Mercadolibre, Inc.

500,000

36,940

VeriSign, Inc. (a)

7,000,000

263,270

WebMD Health Corp. Class A (a)(d)

95,700

3,930

2,399,844

IT Services - 0.9%

Accenture Ltd. Class A

1,500,000

54,045

Cognizant Technology Solutions Corp. Class A (a)

8,318,596

282,333

Infosys Technologies Ltd. sponsored ADR

1,199,773

54,422

390,800

Semiconductors & Semiconductor Equipment - 1.9%

Altera Corp.

3,672,700

70,957

Applied Materials, Inc.

22,000,000

390,720

Broadcom Corp. Class A (a)

4,500,000

117,630

Lam Research Corp. (a)

499,200

21,580

MediaTek, Inc.

1,343,150

17,437

O2Micro International Ltd. sponsored ADR (a)

700,000

8,078

Siliconware Precision Industries Co. Ltd. sponsored ADR

1,588,000

14,117

SiRF Technology Holdings, Inc. (a)

1,000,000

25,130

Supertex, Inc. (a)(e)

1,110,735

34,755

Teradyne, Inc. (a)(e)

10,459,764

108,154

Texas Instruments, Inc.

1,000,000

33,400

841,958

Software - 1.9%

Adobe Systems, Inc. (a)

2,500,000

106,825

Electronic Arts, Inc. (a)

4,000,000

233,640

Longtop Financial Technologies Ltd. ADR

29,200

691

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Nuance Communications, Inc. (a)

2,000,000

$ 37,360

Oracle Corp. (a)

20,395,000

460,519

839,035

TOTAL INFORMATION TECHNOLOGY

12,400,608

MATERIALS - 4.7%

Chemicals - 3.5%

Albemarle Corp.

1,000,000

41,250

Ecolab, Inc.

1,000,000

51,210

Minerals Technologies, Inc.

500,000

33,475

Monsanto Co.

8,917,600

996,007

Praxair, Inc.

3,000,000

266,130

The Mosaic Co. (a)

2,000,000

188,680

1,576,752

Metals & Mining - 1.2%

Alcoa, Inc.

2,000,000

73,100

Newcrest Mining Ltd.

5,567,245

161,407

Newmont Mining Corp.

2,000,000

97,660

Randgold Resources Ltd. sponsored ADR

2,586,800

96,048

Reliance Steel & Aluminum Co.

2,000,000

108,400

536,615

TOTAL MATERIALS

2,113,367

TELECOMMUNICATION SERVICES - 4.1%

Diversified Telecommunication Services - 2.6%

AT&T, Inc.

11,000,000

457,160

Embarq Corp.

333,051

16,496

Telefonica SA sponsored ADR

2,500,000

243,975

Verizon Communications, Inc.

9,791,000

427,769

1,145,400

Wireless Telecommunication Services - 1.5%

America Movil SAB de CV Series L sponsored ADR

7,405,500

454,624

American Tower Corp. Class A (a)

4,500,000

191,700

Leap Wireless International, Inc. (a)

500,000

23,320

669,644

TOTAL TELECOMMUNICATION SERVICES

1,815,044

Common Stocks - continued

Shares

Value (000s)

UTILITIES - 0.5%

Electric Utilities - 0.3%

Entergy Corp.

1,000,000

$ 119,520

PPL Corp.

500,000

26,045

145,565

Multi-Utilities - 0.2%

Sempra Energy

1,000,000

61,880

TOTAL UTILITIES

207,445

TOTAL COMMON STOCKS

(Cost $31,771,431)

43,985,077

Convertible Bonds - 0.0%

Principal Amount (000s)

INDUSTRIALS - 0.0%

Electrical Equipment - 0.0%

Sunpower Corp. 1.25% 2/15/27

$ 9,980

23,391

TOTAL CONVERTIBLE BONDS

(Cost $15,918)

23,391

Money Market Funds - 2.5%

Shares

Fidelity Cash Central Fund, 4.58% (b)

767,525,579

767,526

Fidelity Securities Lending Cash Central Fund, 4.65% (b)(c)

342,625,875

342,626

TOTAL MONEY MARKET FUNDS

(Cost $1,110,152)

1,110,152

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $32,897,501)

45,118,620

NET OTHER ASSETS - (1.2)%

(548,162)

NET ASSETS - 100%

$ 44,570,458

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $23,542,000 or 0.1% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $0 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Trivest 1992 Special Fund Ltd.

7/2/92

$ 0

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 25,127

Fidelity Securities Lending Cash Central Fund

8,373

Total

$ 33,500

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Arch Coal, Inc.

$ 239,420

$ -

$ 41,694

$ 1,463

$ -

BEA Systems, Inc.

233,829

-

232,374

-

-

Brookdale Senior Living, Inc.

137,789

64,025

-

-

147,472

Corning, Inc.

1,705,500

147,435

-

7,814

1,949,730

Ctrip.com International Ltd. sponsored ADR

268,717

74

-

1,111

-

Daiei, Inc.

144,276

-

66,310

-

-

Dice Holdings, Inc.

-

41,122

-

-

-

Equifax, Inc.

145,800

74,644

-

679

308,524

FLIR Systems, Inc.

142,680

20,656

-

-

270,394

General Cable Corp.

-

212,348

37,147

-

219,840

Greatbatch, Inc.

55,633

-

-

-

43,612

InPhonic, Inc.

21,800

-

10,972

-

-

Mentor Corp.

133,629

7,892

-

1,857

121,013

MYR Group, Inc.

-

23,542

-

-

23,542

Orbitz Worldwide, Inc.

-

106,504

67,372

-

-

OSI Pharmaceuticals, Inc.

105,564

-

-

-

155,179

Peabody Energy Corp.

767,753

-

564,770

2,846

-

Seagate Technology

1,103,729

116,631

1,050,583

5,659

-

Staples, Inc.

643,881

567,951

-

-

1,114,495

Supertex, Inc.

33,210

15,419

8,567

-

34,755

Syntax-Brillian Corp.

-

40,250

29,125

-

-

TALX Corp.

95,629

-

-

-

-

Teradyne, Inc.

327,579

-

130,698

-

108,154

Town Sports International Holdings, Inc.

-

23,473

-

-

14,340

United Natural Foods, Inc.

126,957

-

-

-

131,432

Total

$ 6,433,375

$ 1,461,966

$ 2,239,612

$ 21,429

$ 4,642,482

Income Tax Information

At December 31, 2007, the aggregate cost of investment securities for income tax purposes was $33,000,745,000. Net unrealized appreciation aggregated $12,117,875,000, of which $13,803,381,000 related to appreciated investment securities and $1,685,506,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Item 2. 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 quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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.

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/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

February 29, 2008

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/ Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

February 29, 2008

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

February 29, 2008