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)

Scott C. Goebel, 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, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Magellan® Fund -
Magellan
Class K

December 31, 2011 

1.811314.107

MAG-QTLY-0212

Investments December 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.2%

Auto Components - 0.3%

Autoliv, Inc.

774,200

$ 41,412

Hotels, Restaurants & Leisure - 1.6%

Arcos Dorados Holdings, Inc.

1,000,000

20,530

Brinker International, Inc.

507,900

13,591

Chipotle Mexican Grill, Inc. (a)

100,800

34,044

Dunkin' Brands Group, Inc. (a)(d)

1,485,600

37,110

McDonald's Corp.

156,200

15,672

Starbucks Corp.

2,924,812

134,571

 

255,518

Household Durables - 2.8%

D.R. Horton, Inc.

6,849,311

86,370

Leggett & Platt, Inc.

1,851,000

42,647

Lennar Corp. Class A (d)

4,420,885

86,870

Ryland Group, Inc.

1,148,260

18,097

Tempur-Pedic International, Inc. (a)

1,442,576

75,779

Toll Brothers, Inc. (a)

3,804,554

77,689

Tupperware Brands Corp.

691,200

38,686

 

426,138

Internet & Catalog Retail - 1.8%

Amazon.com, Inc. (a)

974,204

168,635

Groupon, Inc. Class A (a)(d)

2,100,800

43,340

Priceline.com, Inc. (a)

135,686

63,462

 

275,437

Multiline Retail - 1.1%

Dollar General Corp. (a)

2,234,400

91,923

Dollar Tree, Inc. (a)

1,029,044

85,524

 

177,447

Specialty Retail - 4.3%

AutoZone, Inc. (a)

156,100

50,728

Best Buy Co., Inc.

1,154,800

26,988

Guess?, Inc.

792,100

23,620

Limited Brands, Inc.

1,457,148

58,796

Lowe's Companies, Inc.

4,761,100

120,837

Mattress Firm Holding Corp. (d)

213,850

4,959

PetSmart, Inc.

938,700

48,146

Sally Beauty Holdings, Inc. (a)

435,100

9,194

TJX Companies, Inc.

4,229,900

273,040

Tractor Supply Co.

547,900

38,435

 

654,743

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 1.3%

lululemon athletica, Inc. (a)

688,400

$ 32,121

Michael Kors Holdings Ltd.

96,400

2,627

Peak Sport Products Co. Ltd.

57,934,000

15,217

PVH Corp.

800,484

56,426

Ralph Lauren Corp.

640,900

88,495

 

194,886

TOTAL CONSUMER DISCRETIONARY

2,025,581

CONSUMER STAPLES - 9.3%

Beverages - 1.2%

Anheuser-Busch InBev SA NV

531,360

32,434

Beam, Inc.

501,716

25,703

Dr Pepper Snapple Group, Inc.

1,675,800

66,161

Pernod Ricard SA

362,400

33,615

SABMiller PLC

923,000

32,492

 

190,405

Food & Staples Retailing - 1.5%

CVS Caremark Corp.

2,917,172

118,962

Drogasil SA

1,500,000

10,442

United Natural Foods, Inc. (a)

144,207

5,770

Wal-Mart de Mexico SA de CV Series V

11,656,500

31,934

Whole Foods Market, Inc.

807,713

56,201

 

223,309

Food Products - 0.7%

Green Mountain Coffee Roasters, Inc. (a)(d)

1,790,100

80,286

Nestle SA

579,771

33,336

 

113,622

Household Products - 5.1%

Colgate-Palmolive Co.

2,196,676

202,951

Kimberly-Clark Corp.

2,404,738

176,893

Procter & Gamble Co.

6,085,700

405,977

 

785,821

Personal Products - 0.8%

Herbalife Ltd.

1,485,300

76,745

Nu Skin Enterprises, Inc. Class A

863,681

41,949

 

118,694

TOTAL CONSUMER STAPLES

1,431,851

Common Stocks - continued

Shares

Value (000s)

ENERGY - 12.9%

Energy Equipment & Services - 1.7%

Baker Hughes, Inc.

1,415,000

$ 68,826

Dresser-Rand Group, Inc. (a)

838,553

41,852

Ensco International Ltd. ADR

520,500

24,422

Halliburton Co.

1,099,900

37,958

Helix Energy Solutions Group, Inc. (a)

803,300

12,692

McDermott International, Inc. (a)

854,100

9,831

Schlumberger Ltd.

985,162

67,296

 

262,877

Oil, Gas & Consumable Fuels - 11.2%

Alpha Natural Resources, Inc. (a)

1,068,770

21,835

Amyris, Inc. (a)

719,900

8,308

Anadarko Petroleum Corp.

1,293,000

98,695

Atlas Pipeline Partners, LP

221,500

8,229

Cabot Oil & Gas Corp.

1,658,509

125,881

Chesapeake Energy Corp.

1,026,300

22,876

Chevron Corp.

4,189,500

445,763

Exxon Mobil Corp.

5,514,524

467,411

Hess Corp.

1,787,700

101,541

HollyFrontier Corp.

1,667,200

39,012

Inergy Midstream LP

615,900

11,671

Marathon Oil Corp.

2,454,700

71,849

Marathon Petroleum Corp.

454,600

15,134

Occidental Petroleum Corp.

2,027,500

189,977

Royal Dutch Shell PLC Class A sponsored ADR

1,278,800

93,467

 

1,721,649

TOTAL ENERGY

1,984,526

FINANCIALS - 12.4%

Capital Markets - 1.7%

Charles Schwab Corp.

5,047,368

56,833

Morgan Stanley

9,455,668

143,064

TD Ameritrade Holding Corp.

2,581,976

40,408

UBS AG (NY Shares) (a)

1,336,200

15,807

 

256,112

Commercial Banks - 4.4%

Aozora Bank Ltd.

11,702,000

32,233

Barclays PLC

5,899,329

16,158

BNP Paribas SA

402,600

15,816

CIT Group, Inc. (a)

701,500

24,461

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

U.S. Bancorp

8,454,159

$ 228,685

Wells Fargo & Co.

13,108,155

361,261

 

678,614

Consumer Finance - 0.2%

SLM Corp.

2,563,000

34,344

Diversified Financial Services - 3.1%

Citigroup, Inc.

8,262,116

217,376

CME Group, Inc.

195,400

47,613

JPMorgan Chase & Co.

5,519,598

183,527

ORIX Corp.

297,980

24,624

 

473,140

Insurance - 2.1%

Berkshire Hathaway, Inc. Class B (a)

3,416,866

260,707

MetLife, Inc.

1,986,621

61,943

 

322,650

Real Estate Investment Trusts - 0.3%

CBL & Associates Properties, Inc.

2,610,563

40,986

Real Estate Management & Development - 0.6%

PT Lippo Karawaci Tbk

784,419,125

57,096

Rialto Real Estate Fund LP (f)(g)(h)

500,000

38,753

 

95,849

TOTAL FINANCIALS

1,901,695

HEALTH CARE - 10.2%

Biotechnology - 3.2%

Acorda Therapeutics, Inc. (a)

750,000

17,880

Alexion Pharmaceuticals, Inc. (a)

692,760

49,532

Amgen, Inc.

2,603,366

167,162

ARIAD Pharmaceuticals, Inc. (a)

502,900

6,161

ArQule, Inc. (a)

2,096,822

11,826

Biogen Idec, Inc. (a)

1,020,704

112,328

BioMarin Pharmaceutical, Inc. (a)

1,876,839

64,526

Clinical Data, Inc. rights 4/4/18 (a)

988,714

0

Clovis Oncology, Inc.

56,800

800

Dynavax Technologies Corp. (a)

620,300

2,059

Synageva BioPharma Corp. (a)

36,900

983

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Theravance, Inc. (a)

813,900

$ 17,987

Vertex Pharmaceuticals, Inc. (a)

1,099,300

36,508

 

487,752

Health Care Equipment & Supplies - 2.2%

Alere, Inc. (a)

1,594,600

36,819

Baxter International, Inc.

2,057,100

101,785

Covidien PLC

2,416,500

108,767

Edwards Lifesciences Corp. (a)

667,100

47,164

HeartWare International, Inc. (a)

307,700

21,231

Integra LifeSciences Holdings Corp. (a)

439,600

13,553

MELA Sciences, Inc. (a)(d)

299,500

1,105

Volcano Corp. (a)

543,500

12,930

 

343,354

Health Care Providers & Services - 2.1%

Aetna, Inc.

735,302

31,022

Brookdale Senior Living, Inc. (a)

2,160,044

37,563

Express Scripts, Inc. (a)

1,860,861

83,162

McKesson Corp.

832,700

64,876

Medco Health Solutions, Inc. (a)

711,700

39,784

WellPoint, Inc.

1,137,581

75,365

 

331,772

Health Care Technology - 0.2%

Cerner Corp. (a)

413,284

25,314

Life Sciences Tools & Services - 0.2%

Thermo Fisher Scientific, Inc. (a)

673,700

30,296

Pharmaceuticals - 2.3%

Allergan, Inc.

19,300

1,693

Cardiome Pharma Corp. (a)

2,500,000

6,575

Elan Corp. PLC sponsored ADR (a)

5,000,000

68,700

Eli Lilly & Co.

2,359,179

98,047

GlaxoSmithKline PLC sponsored ADR

1,001,900

45,717

Sanofi-aventis sponsored ADR

2,292,204

83,757

Shire PLC sponsored ADR

447,200

46,464

XenoPort, Inc. (a)

254,100

968

 

351,921

TOTAL HEALTH CARE

1,570,409

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 11.3%

Aerospace & Defense - 3.2%

BE Aerospace, Inc. (a)

976,800

$ 37,812

Precision Castparts Corp.

442,800

72,969

Raytheon Co.

1,916,634

92,727

Rockwell Collins, Inc.

826,871

45,784

Textron, Inc.

2,261,410

41,813

United Technologies Corp.

2,735,000

199,901

 

491,006

Airlines - 0.2%

Copa Holdings SA Class A

247,700

14,533

Southwest Airlines Co.

1,865,200

15,966

 

30,499

Building Products - 0.3%

Owens Corning (a)

1,550,252

44,523

Construction & Engineering - 0.7%

Fluor Corp.

1,050,478

52,787

Jacobs Engineering Group, Inc. (a)

192,100

7,795

KBR, Inc.

770,321

21,469

MYR Group, Inc. (a)(h)

1,037,100

19,850

 

101,901

Electrical Equipment - 1.5%

Alstom SA

1,037,098

31,453

AMETEK, Inc.

1,095,219

46,109

Emerson Electric Co.

2,648,663

123,401

Regal-Beloit Corp.

451,522

23,014

 

223,977

Industrial Conglomerates - 2.2%

General Electric Co.

19,079,878

341,721

Machinery - 1.8%

Cummins, Inc.

2,035,170

179,136

Fanuc Corp.

53,200

8,143

Ingersoll-Rand PLC

3,018,111

91,962

 

279,241

Professional Services - 1.4%

IHS, Inc. Class A (a)

186,000

16,026

Manpower, Inc.

1,757,020

62,813

Qualicorp SA

1,025,400

9,218

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Professional Services - continued

Robert Half International, Inc.

2,811,503

$ 80,015

Towers Watson & Co.

725,287

43,466

 

211,538

Road & Rail - 0.0%

Localiza Rent A Car SA

94,400

1,297

TOTAL INDUSTRIALS

1,725,703

INFORMATION TECHNOLOGY - 22.2%

Communications Equipment - 3.0%

Cisco Systems, Inc.

11,628,456

210,242

Motorola Solutions, Inc.

4,906,627

227,128

Polycom, Inc. (a)

1,147,469

18,704

 

456,074

Computers & Peripherals - 6.7%

Apple, Inc. (a)

2,159,359

874,538

EMC Corp. (a)

4,862,056

104,729

SanDisk Corp. (a)

1,158,300

57,000

 

1,036,267

Electronic Equipment & Components - 0.3%

Arrow Electronics, Inc. (a)

1,147,570

42,931

Internet Software & Services - 4.4%

Baidu.com, Inc. sponsored ADR (a)

523,200

60,937

Cornerstone OnDemand, Inc. (d)

1,295,700

23,634

eBay, Inc. (a)

4,540,700

137,719

Google, Inc. Class A (a)

617,300

398,714

Mail.ru Group Ltd.:

GDR (a)(e)

40,300

1,048

GDR (Reg. S) (a)

557,400

14,492

NIC, Inc.

373,800

4,975

Rackspace Hosting, Inc. (a)

221,800

9,540

Saba Software, Inc. (a)

238,000

1,878

VeriSign, Inc.

283,700

10,134

Yandex NV

565,500

11,140

 

674,211

IT Services - 2.6%

Cardtronics, Inc. (a)

58,800

1,591

Cognizant Technology Solutions Corp. Class A (a)

4,159,675

267,509

Fidelity National Information Services, Inc.

1,577,578

41,948

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Fiserv, Inc. (a)

589,557

$ 34,631

MasterCard, Inc. Class A

82,000

30,571

Paychex, Inc.

732,000

22,041

 

398,291

Semiconductors & Semiconductor Equipment - 2.7%

ASML Holding NV

2,024,901

84,621

Avago Technologies Ltd.

1,132,788

32,692

Broadcom Corp. Class A

1,698,193

49,859

Freescale Semiconductor Holdings I Ltd.

1,160,126

14,676

KLA-Tencor Corp.

1,283,922

61,949

Marvell Technology Group Ltd. (a)

3,940,400

54,575

NVIDIA Corp. (a)

3,746,918

51,932

NXP Semiconductors NV (a)

1,892,700

29,091

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

2,437,035

31,462

 

410,857

Software - 2.5%

Aspen Technology, Inc. (a)

899,400

15,605

Autodesk, Inc. (a)

1,540,200

46,714

Citrix Systems, Inc. (a)

938,300

56,974

Jive Software, Inc.

260,573

4,169

Kenexa Corp. (a)

314,500

8,397

MICROS Systems, Inc. (a)

33,700

1,570

Nexon Co. Ltd.

374,700

5,389

Red Hat, Inc. (a)

942,357

38,910

salesforce.com, Inc. (a)

1,423,179

144,396

Taleo Corp. Class A (a)

568,900

22,011

VMware, Inc. Class A (a)

403,015

33,527

Zynga, Inc.

414,100

3,897

 

381,559

TOTAL INFORMATION TECHNOLOGY

3,400,190

MATERIALS - 3.5%

Chemicals - 1.8%

Albemarle Corp.

460,207

23,705

Celanese Corp. Class A

960,900

42,539

CF Industries Holdings, Inc.

353,200

51,207

LyondellBasell Industries NV Class A

1,147,400

37,279

Praxair, Inc.

347,532

37,151

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

Solutia, Inc.

99,500

$ 1,719

W.R. Grace & Co. (a)

1,614,405

74,133

 

267,733

Metals & Mining - 1.7%

AngloGold Ashanti Ltd. sponsored ADR

369,779

15,697

Barrick Gold Corp.

540,700

24,502

Goldcorp, Inc.

532,801

23,653

Ivanhoe Mines Ltd. (a)

2,153,380

38,251

Kinross Gold Corp.

2,019,375

23,061

Newcrest Mining Ltd.

803,945

24,336

Newmont Mining Corp.

1,067,000

64,031

Reliance Steel & Aluminum Co.

549,300

26,745

Royal Gold, Inc.

347,700

23,445

 

263,721

TOTAL MATERIALS

531,454

TELECOMMUNICATION SERVICES - 1.8%

Diversified Telecommunication Services - 0.0%

inContact, Inc. (a)

363,600

1,611

Wireless Telecommunication Services - 1.8%

American Tower Corp. Class A

3,136,661

188,231

SBA Communications Corp. Class A (a)

1,900,763

81,657

 

269,888

TOTAL TELECOMMUNICATION SERVICES

271,499

UTILITIES - 1.0%

Electric Utilities - 1.0%

Edison International

1,403,378

58,100

NextEra Energy, Inc.

1,435,400

87,387

 

145,487

TOTAL COMMON STOCKS

(Cost $14,116,988)


14,988,395

Nonconvertible Preferred Stocks - 0.3%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 0.3%

Automobiles - 0.3%

Volkswagen AG

(Cost $47,109)

251,400

$ 37,666

Money Market Funds - 4.2%

 

 

 

 

Fidelity Cash Central Fund, 0.11% (b)

476,060,801

476,061

Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c)

174,697,275

174,697

TOTAL MONEY MARKET FUNDS

(Cost $650,758)


650,758

TOTAL INVESTMENT PORTFOLIO - 102.3%

(Cost $14,814,855)

15,676,819

NET OTHER ASSETS (LIABILITIES) - (2.3)%

(345,987)

NET ASSETS - 100%

$ 15,330,832

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or 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) 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 $1,048,000 or 0.0% of net assets.

(f) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund.

(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 $38,753,000 or 0.3% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Rialto Real Estate Fund LP

2/24/11 - 6/22/11

$ 41,200

(h) Affiliated company

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

$ 327

Fidelity Securities Lending Cash Central Fund

11,108

Total

$ 11,435

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

Applied Materials, Inc.

$ 1,033,881

$ -

$ 809,094

$ 6,755

$ -

Brookdale Senior Living, Inc.

301,255

-

144,377

-

-

D.R. Horton, Inc.

186,271

-

88,273

1,471

-

eAccess Ltd.

87,922

37,724

63,273

552

-

Eagle Materials, Inc.

81,820

-

46,779

457

-

EnerSys

107,178

-

54,606

-

-

Equifax, Inc.

290,802

-

262,158

1,038

-

Greatbatch, Inc.

61,342

-

46,980

-

-

Integra LifeSciences Holdings Corp.

71,130

-

36,016

-

-

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

KB Home

$ 50,855

$ -

$ 25,102

$ 511

$ -

MYR Group, Inc.

24,807

-

-

-

19,850

Peak Sport Products Co. Ltd.

40,201

52,998

19,963

2,127

-

PT Lippo Karawaci Tbk

86,026

10,081

41,282

549

-

Rialto Real Estate Fund LP

19,805

25,513

8,805

719

38,753

Terreno Realty Corp.

17,230

-

12,684

274

-

The St. Joe Co.

171,830

37,508

123,900

-

-

Toll Brothers, Inc.

254,105

-

144,559

-

-

United Natural Foods, Inc.

200,226

-

160,813

-

-

Total

$ 3,086,686

$ 163,824

$ 2,088,664

$ 14,453

$ 58,603

Other Information

The following is a summary of the inputs used, as of December 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 2,063,247

$ 2,063,247

$ -

$ -

Consumer Staples

1,431,851

1,399,417

32,434

-

Energy

1,984,526

1,984,526

-

-

Financials*

1,901,695

1,846,784

16,158

38,753

Health Care

1,570,409

1,570,409

-

-

Industrials

1,725,703

1,725,703

-

-

Information Technology

3,400,190

3,400,190

-

-

Materials

531,454

531,454

-

-

Telecommunication Services

271,499

271,499

-

-

Utilities

145,487

145,487

-

-

Money Market Funds

650,758

650,758

-

-

Total Investments in Securities:

$ 15,676,819

$ 15,589,474

$ 48,592

$ 38,753

* The Fund has an unfunded commitment of $12,764 outstanding as of period end.

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 19,805

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

2,240

Cost of Purchases

25,513

Proceeds of Sales

(8,805)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 38,753

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2011

$ 2,240

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At December 31, 2011, the cost of investment securities for income tax purposes was $14,834,433,000. Net unrealized appreciation aggregated $842,386,000, of which $1,836,982,000 related to appreciated investment securities and $994,596,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

February 28, 2012

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/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

February 28, 2012

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

February 28, 2012