Prospectus - Investment Objective

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 811-01193

Fidelity Magellan Fund

(Exact name of registrant as specified in charter)

245 Summer St., Boston, MA 02210

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts 02210

(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, 2024

Item 1.

Reports to Stockholders


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF SEPTEMBER 30, 2024
	Fidelity® Magellan® K6 Fund Fidelity® Magellan® K6 Fund : FMKFX

This semi-annual shareholder report contains information about Fidelity® Magellan® K6 Fund for the period April 1, 2024 to September 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Magellan® K6 Fund	$ 24	0.45%

Key Fund Statistics

(as of September 30, 2024)

KEY FACTS
Fund Size	$316,096,186
Number of Holdings	60
Portfolio Turnover	45%

What did the Fund invest in?
(as of September 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	33.8
Industrials	18.0
Health Care	12.2
Financials	10.6
Consumer Discretionary	9.4
Communication Services	8.6
Materials	5.0
Consumer Staples	1.9

ASSET ALLOCATION (% of Fund's net assets)

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	7.8
NVIDIA Corp	7.2
Amazon.com Inc	4.6
Meta Platforms Inc Class A	3.9
Alphabet Inc Class A	3.1
Broadcom Inc	3.0
Eli Lilly & Co	2.5
UnitedHealth Group Inc	2.3
Mastercard Inc Class A	2.1
Visa Inc Class A	2.0
	38.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914925.100 3456-TSRS-1124


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF SEPTEMBER 30, 2024
	Fidelity® Magellan® Fund Fidelity® Magellan® Fund : FMAGX

This semi-annual shareholder report contains information about Fidelity® Magellan® Fund for the period April 1, 2024 to September 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Magellan® Fund	$ 30	0.57%

Key Fund Statistics

(as of September 30, 2024)

KEY FACTS
Fund Size	$36,278,252,982
Number of Holdings	63
Portfolio Turnover	39%

What did the Fund invest in?
(as of September 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	33.8
Industrials	17.9
Health Care	12.2
Financials	10.6
Consumer Discretionary	9.4
Communication Services	8.6
Materials	5.0
Consumer Staples	1.9

ASSET ALLOCATION (% of Fund's net assets)

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	7.8
NVIDIA Corp	7.2
Amazon.com Inc	4.6
Meta Platforms Inc Class A	3.9
Alphabet Inc Class A	3.1
Broadcom Inc	3.0
Eli Lilly & Co	2.5
UnitedHealth Group Inc	2.3
Mastercard Inc Class A	2.1
Visa Inc Class A	2.0
	38.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914578.100 21-TSRS-1124


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF SEPTEMBER 30, 2024
	Fidelity® Magellan® Fund Fidelity® Magellan® Fund Class K : FMGKX

This semi-annual shareholder report contains information about Fidelity® Magellan® Fund for the period April 1, 2024 to September 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$ 26	0.50%

Key Fund Statistics

(as of September 30, 2024)

KEY FACTS
Fund Size	$36,278,252,982
Number of Holdings	63
Portfolio Turnover	39%

What did the Fund invest in?
(as of September 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	33.8
Industrials	17.9
Health Care	12.2
Financials	10.6
Consumer Discretionary	9.4
Communication Services	8.6
Materials	5.0
Consumer Staples	1.9

ASSET ALLOCATION (% of Fund's net assets)

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	7.8
NVIDIA Corp	7.2
Amazon.com Inc	4.6
Meta Platforms Inc Class A	3.9
Alphabet Inc Class A	3.1
Broadcom Inc	3.0
Eli Lilly & Co	2.5
UnitedHealth Group Inc	2.3
Mastercard Inc Class A	2.1
Visa Inc Class A	2.0
	38.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914577.100 2096-TSRS-1124

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.

Investments

(a)

Not applicable.

(b)

Not applicable

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Fidelity® Magellan® K6 Fund

Semi-Annual Report

September 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Magellan® K6 Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Magellan® K6 Fund

Schedule of Investments September 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares	Value ($)
COMMUNICATION SERVICES - 8.6%
Interactive Media & Services - 8.6%
Alphabet, Inc.:
Class A	59,470	9,863,100
Class C	29,860	4,992,293
Meta Platforms, Inc. Class A	21,499	12,306,888
		27,162,281
CONSUMER DISCRETIONARY - 9.4%
Broadline Retail - 4.6%
Amazon.com, Inc. (a)	77,205	14,385,608
Hotels, Restaurants & Leisure - 2.5%
Hilton Worldwide Holdings, Inc.	17,741	4,089,301
Marriott International, Inc. Class A	15,252	3,791,647
		7,880,948
Specialty Retail - 2.3%
AutoZone, Inc. (a)	1,176	3,704,447
O'Reilly Automotive, Inc. (a)	3,215	3,702,394
		7,406,841
TOTAL CONSUMER DISCRETIONARY		29,673,397
CONSUMER STAPLES - 1.9%
Consumer Staples Distribution & Retail - 1.9%
Costco Wholesale Corp.	6,647	5,892,698
FINANCIALS - 10.6%
Capital Markets - 4.0%
Ares Management Corp. Class A,	23,230	3,620,163
Moody's Corp.	8,764	4,159,307
S&P Global, Inc.	9,153	4,728,623
		12,508,093
Financial Services - 4.1%
MasterCard, Inc. Class A	13,263	6,549,269
Visa, Inc. Class A	23,735	6,525,938
		13,075,207
Insurance - 2.5%
Arthur J. Gallagher & Co.	14,143	3,979,416
Marsh & McLennan Companies, Inc.	18,310	4,084,778
		8,064,194
TOTAL FINANCIALS		33,647,494
HEALTH CARE - 12.2%
Health Care Equipment & Supplies - 1.3%
Boston Scientific Corp. (a)	48,740	4,084,412
Health Care Providers & Services - 4.4%
Cencora, Inc.	12,233	2,753,404
HCA Holdings, Inc.	9,480	3,852,956
UnitedHealth Group, Inc.	12,401	7,250,617
		13,856,977
Life Sciences Tools & Services - 3.0%
Danaher Corp.	15,750	4,378,815
Thermo Fisher Scientific, Inc.	8,182	5,061,140
		9,439,955
Pharmaceuticals - 3.5%
Eli Lilly & Co.	9,009	7,981,433
Novo Nordisk A/S Series B sponsored ADR	27,550	3,280,379
		11,261,812
TOTAL HEALTH CARE		38,643,156
INDUSTRIALS - 18.0%
Aerospace & Defense - 4.2%
GE Aerospace	26,510	4,999,256
HEICO Corp. Class A	19,110	3,893,854
TransDigm Group, Inc.	3,138	4,478,334
		13,371,444
Building Products - 1.3%
Trane Technologies PLC	10,860	4,221,608
Commercial Services & Supplies - 3.4%
Cintas Corp.	18,854	3,881,662
Copart, Inc. (a)	67,276	3,525,262
Waste Connections, Inc. (United States)	18,410	3,292,076
		10,699,000
Construction & Engineering - 1.2%
Quanta Services, Inc.	13,063	3,894,733
Electrical Equipment - 2.5%
AMETEK, Inc.	21,017	3,608,829
Eaton Corp. PLC	13,045	4,323,635
		7,932,464
Machinery - 1.8%
Ingersoll Rand, Inc.	19,080	1,872,893
Westinghouse Air Brake Tech Co.	20,430	3,713,561
		5,586,454
Professional Services - 1.1%
Verisk Analytics, Inc.	12,938	3,466,866
Trading Companies & Distributors - 2.5%
United Rentals, Inc.	5,113	4,140,149
Watsco, Inc. (b)	7,340	3,610,399
		7,750,548
TOTAL INDUSTRIALS		56,923,117
INFORMATION TECHNOLOGY - 33.8%
Communications Equipment - 2.6%
Arista Networks, Inc. (a)	11,100	4,260,402
Motorola Solutions, Inc.	8,732	3,926,169
		8,186,571
Electronic Equipment, Instruments & Components - 1.2%
Amphenol Corp. Class A	57,342	3,736,405
IT Services - 1.1%
Gartner, Inc. (a)	7,142	3,619,280
Semiconductors & Semiconductor Equipment - 14.3%
Applied Materials, Inc.	22,240	4,493,592
Broadcom, Inc.	54,690	9,434,025
KLA Corp.	5,665	4,387,033
Lam Research Corp.	4,947	4,037,148
NVIDIA Corp.	187,650	22,788,216
		45,140,014
Software - 14.6%
Cadence Design Systems, Inc. (a)	13,689	3,710,130
Constellation Software, Inc.	1,130	3,676,291
Intuit, Inc.	7,341	4,558,761
Microsoft Corp.	57,512	24,747,412
Oracle Corp.	32,910	5,607,864
Synopsys, Inc. (a)	7,369	3,731,588
		46,032,046
TOTAL INFORMATION TECHNOLOGY		106,714,316
MATERIALS - 5.0%
Chemicals - 2.9%
Linde PLC	10,305	4,914,042
Sherwin-Williams Co.	10,984	4,192,263
		9,106,305
Construction Materials - 2.1%
Martin Marietta Materials, Inc.	6,387	3,437,803
Vulcan Materials Co.	13,649	3,418,119
		6,855,922
TOTAL MATERIALS		15,962,227
TOTAL COMMON STOCKS (Cost $178,400,423)		314,618,686

Money Market Funds - 1.8%
	Shares	Value ($)
Fidelity Cash Central Fund 4.89% (c)	2,190,149	2,190,588
Fidelity Securities Lending Cash Central Fund 4.89% (c)(d)	3,491,051	3,491,400
TOTAL MONEY MARKET FUNDS (Cost $5,681,988)		5,681,988

TOTAL INVESTMENT IN SECURITIES - 101.3% (Cost $184,082,411)	320,300,674
NET OTHER ASSETS (LIABILITIES) - (1.3)%	(4,204,488)
NET ASSETS - 100.0%	316,096,186

Legend

(a)	Non-income producing

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

(c)

Affiliated fund that is generally 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.

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.89%	1,768,947	34,940,763	34,519,098	81,322	(24)	-	2,190,588	0.0%
Fidelity Securities Lending Cash Central Fund 4.89%	-	17,366,114	13,874,714	763	-	-	3,491,400	0.0%
Total	1,768,947	52,306,877	48,393,812	82,085	(24)	-	5,681,988

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of September 30, 2024, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	27,162,281	27,162,281	-	-
Consumer Discretionary	29,673,397	29,673,397	-	-
Consumer Staples	5,892,698	5,892,698	-	-
Financials	33,647,494	33,647,494	-	-
Health Care	38,643,156	38,643,156	-	-
Industrials	56,923,117	56,923,117	-	-
Information Technology	106,714,316	106,714,316	-	-
Materials	15,962,227	15,962,227	-	-

Money Market Funds	5,681,988	5,681,988	-	-
Total Investments in Securities:	320,300,674	320,300,674	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of September 30, 2024 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $3,393,972) - See accompanying schedule:
Unaffiliated issuers (cost $178,400,423)	$	314,618,686
Fidelity Central Funds (cost $5,681,988)		5,681,988


Total Investment in Securities (cost $184,082,411)			$	320,300,674
Cash				9,181
Foreign currency held at value (cost $76)				78
Receivable for investments sold				254,441
Receivable for fund shares sold				247,459
Dividends receivable				57,593
Distributions receivable from Fidelity Central Funds				14,014
Total assets				320,883,440
Liabilities
Payable for investments purchased	$	591,291
Payable for fund shares redeemed		586,695
Accrued management fee		116,336
Other payables and accrued expenses		1,532
Collateral on securities loaned		3,491,400
Total liabilities				4,787,254
Net Assets			$	316,096,186
Net Assets consist of:
Paid in capital			$	169,242,918
Total accumulated earnings (loss)				146,853,268
Net Assets			$	316,096,186
Net Asset Value, offering price and redemption price per share ($316,096,186 ÷ 15,637,790 shares)			$	20.21

Statement of Operations
Six months ended September 30, 2024 (Unaudited)
Investment Income
Dividends			$	955,318
Income from Fidelity Central Funds (including $763 from security lending)				82,085
Total income				1,037,403
Expenses
Management fee	$	681,793
Independent trustees' fees and expenses		668
Miscellaneous		1,529
Total expenses before reductions		683,990
Expense reductions		(81)
Total expenses after reductions				683,909
Net Investment income (loss)				353,494
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		10,461,467
Fidelity Central Funds		(24)
Foreign currency transactions		(763)
Total net realized gain (loss)				10,460,680
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		16,364,952
Commitments		46,568
Assets and liabilities in foreign currencies		59
Total change in net unrealized appreciation (depreciation)				16,411,579
Net gain (loss)				26,872,259
Net increase (decrease) in net assets resulting from operations			$	27,225,753

Statement of Changes in Net Assets

		Six months ended September 30, 2024 (Unaudited)		Year ended March 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	353,494	$	1,027,535
Net realized gain (loss)		10,460,680		9,878,836
Change in net unrealized appreciation (depreciation)		16,411,579		75,789,869
Net increase (decrease) in net assets resulting from operations		27,225,753		86,696,240
Distributions to shareholders		(6,560,298)		(5,936,329)

Share transactions
Proceeds from sales of shares		18,232,801		20,965,837
Reinvestment of distributions		6,560,298		5,936,329
Cost of shares redeemed		(27,890,985)		(33,354,177)

Net increase (decrease) in net assets resulting from share transactions		(3,097,886)		(6,452,011)
Total increase (decrease) in net assets		17,567,569		74,307,900

Net Assets
Beginning of period		298,528,617		224,220,717
End of period	$	316,096,186	$	298,528,617

Other Information
Shares
Sold		950,138		1,308,774
Issued in reinvestment of distributions		354,995		395,047
Redeemed		(1,446,999)		(2,154,448)
Net increase (decrease)		(141,866)		(450,627)

Financial Highlights

Fidelity® Magellan® K6 Fund

		Six months ended (Unaudited) September 30, 2024		Years ended March 31, 2024		2023		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	18.92	$	13.81	$	15.45	$	14.35	$	9.59	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.02		.07		.06		.02		.04		.06
Net realized and unrealized gain (loss)		1.69		5.42		(1.66)		1.80		4.77		(.44)
Total from investment operations		1.71		5.49		(1.60)		1.82		4.81		(.38)
Distributions from net investment income		(.04)		(.06)		(.04)		(.02)		(.05)		(.03)
Distributions from net realized gain		(.39)		(.32)		-		(.70)		-		-
Total distributions		(.42) D		(.38)		(.04)		(.72)		(.05)		(.03)
Net asset value, end of period	$	20.21	$	18.92	$	13.81	$	15.45	$	14.35	$	9.59
Total Return E,F		9.25 %		40.48%		(10.35)%		12.29%		50.18%		(3.83)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.45% I		.45%		.45%		.45%		.45%		.45% I
Expenses net of fee waivers, if any		.45 % I		.45%		.45%		.45%		.45%		.45% I
Expenses net of all reductions		.45% I		.45%		.45%		.45%		.45%		.45% I
Net investment income (loss)		.23% I		.42%		.43%		.15%		.32%		.65% I
Supplemental Data
Net assets, end of period (000 omitted)	$	316,096	$	298,529	$	224,221	$	253,289	$	187,748	$	131,458
Portfolio turnover rate J		45 % I		56%		90% K		57% K		62%		93% I,K

AFor the period June 13, 2019 (commencement of operations) through March 31, 2020.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal distributions per share do not sum due to rounding.

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

FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

(Unaudited)

For the period ended September 30, 2024

1. Organization.

Fidelity Magellan K6 Fund (the Fund) is a fund of Fidelity Magellan Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust 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. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted 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)

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 a third party 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of September 30, 2024 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and 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 rates 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.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$136,530,716
Gross unrealized depreciation	(460,966)
Net unrealized appreciation (depreciation)	$136,069,750
Tax cost	$184,230,924

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Magellan K6 Fund	67,436,918	75,990,065

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

	Amount ($)
Fidelity Magellan K6 Fund	513

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
Fidelity Magellan K6 Fund	6,122,883	3,051,024	522,658

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 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 commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Fidelity Magellan K6 Fund	85	-	-

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $81.

9. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

10. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
	# of Votes	% of Votes
Bettina Doulton
Affirmative	23,753,633,412.90	93.56
Withheld	1,636,332,583.83	6.44
TOTAL	25,389,965,996.73	100.00
Robert A. Lawrence
Affirmative	23,604,367,566.92	92.97
Withheld	1,785,598,429.82	7.03
TOTAL	25,389,965,996.73	100.00
Vijay C. Advani
Affirmative	23,595,108,403.97	92.93
Withheld	1,794,857,592.76	7.07
TOTAL	25,389,965,996.73	100.00
Thomas P. Bostick
Affirmative	23,594,100,470.96	92.93
Withheld	1,795,865,525.77	7.07
TOTAL	25,389,965,996.73	100.00
Donald F. Donahue
Affirmative	23,596,331,159.42	92.94
Withheld	1,793,634,837.31	7.06
TOTAL	25,389,965,996.73	100.00
Vicki L. Fuller
Affirmative	23,684,272,438.25	93.28
Withheld	1,705,693,558.49	6.72
TOTAL	25,389,965,996.73	100.00
Patricia L. Kampling
Affirmative	23,738,454,706.03	93.50
Withheld	1,651,511,290.70	6.50
TOTAL	25,389,965,996.73	100.00
Thomas A. Kennedy
Affirmative	23,623,674,934.80	93.04
Withheld	1,766,291,061.93	6.96
TOTAL	25,389,965,996.73	100.00
Oscar Munoz
Affirmative	23,540,036,717.53	92.71
Withheld	1,849,929,279.20	7.29
TOTAL	25,389,965,996.73	100.00
Karen B. Peetz
Affirmative	23,686,709,097.17	93.29
Withheld	1,703,256,899.56	6.71
TOTAL	25,389,965,996.73	100.00
David M. Thomas
Affirmative	23,525,837,916.81	92.66
Withheld	1,864,128,079.92	7.34
TOTAL	25,389,965,996.73	100.00
Susan Tomasky
Affirmative	23,656,695,534.61	93.17
Withheld	1,733,270,462.12	6.83
TOTAL	25,389,965,996.73	100.00
Michael E. Wiley
Affirmative	23,563,179,591.48	92.81
Withheld	1,826,786,405.25	7.19
TOTAL	25,389,965,996.73	100.00

Proposal 1 reflects trust-wide proposal and voting results.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Magellan K6 Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio ; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.

1.9893882.105

MAG-K6-SANN-1124

Fidelity® Magellan® Fund

Semi-Annual Report

September 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Magellan® Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Magellan® Fund

Schedule of Investments September 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 8.6%
Interactive Media & Services - 8.6%
Alphabet, Inc.:
Class A	6,810,300	1,129,488
Class C	3,419,300	571,673
Meta Platforms, Inc. Class A	2,462,500	1,409,634
		3,110,795
CONSUMER DISCRETIONARY - 9.4%
Broadline Retail - 4.6%
Amazon.com, Inc. (a)	8,841,300	1,647,399
Hotels, Restaurants & Leisure - 2.5%
Hilton Worldwide Holdings, Inc.	2,033,662	468,759
Marriott International, Inc. Class A	1,748,750	434,739
		903,498
Specialty Retail - 2.3%
AutoZone, Inc. (a)	134,294	423,031
O'Reilly Automotive, Inc. (a)	368,500	424,365
		847,396
TOTAL CONSUMER DISCRETIONARY		3,398,293
CONSUMER STAPLES - 1.9%
Consumer Staples Distribution & Retail - 1.9%
Costco Wholesale Corp.	760,628	674,312
FINANCIALS - 10.6%
Capital Markets - 4.0%
Ares Management Corp. Class A,	2,660,005	414,535
Moody's Corp.	1,004,758	476,848
S&P Global, Inc.	1,048,709	541,784
		1,433,167
Financial Services - 4.1%
MasterCard, Inc. Class A	1,518,499	749,835
Visa, Inc. Class A	2,718,293	747,395
		1,497,230
Insurance - 2.5%
Arthur J. Gallagher & Co.	1,621,493	456,239
Marsh & McLennan Companies, Inc.	2,099,495	468,376
		924,615
TOTAL FINANCIALS		3,855,012
HEALTH CARE - 12.2%
Health Care Equipment & Supplies - 1.3%
Boston Scientific Corp. (a)	5,585,700	468,082
Health Care Providers & Services - 4.4%
Cencora, Inc.	1,462,489	329,177
HCA Holdings, Inc.	1,086,600	441,627
UnitedHealth Group, Inc.	1,420,435	830,500
		1,601,304
Life Sciences Tools & Services - 3.0%
Danaher Corp.	1,805,200	501,882
Thermo Fisher Scientific, Inc.	937,374	579,831
		1,081,713
Pharmaceuticals - 3.5%
Eli Lilly & Co.	1,031,944	914,240
Novo Nordisk A/S Series B sponsored ADR	3,132,800	373,022
		1,287,262
TOTAL HEALTH CARE		4,438,361
INDUSTRIALS - 17.9%
Aerospace & Defense - 4.2%
GE Aerospace	3,035,800	572,491
HEICO Corp. Class A	2,206,937	449,685
TransDigm Group, Inc.	359,265	512,718
		1,534,894
Building Products - 1.3%
Trane Technologies PLC	1,244,500	483,774
Commercial Services & Supplies - 3.4%
Cintas Corp.	2,155,936	443,864
Copart, Inc. (a)	7,703,516	403,664
Waste Connections, Inc. (United States)	2,107,700	376,899
		1,224,427
Construction & Engineering - 1.2%
Quanta Services, Inc.	1,492,337	444,940
Electrical Equipment - 2.5%
AMETEK, Inc.	2,406,883	413,286
Eaton Corp. PLC	1,495,019	495,509
		908,795
Ground Transportation - 0.0%
Bird Global, Inc.:
Stage 1 rights (a)(b)	882	0
Stage 2 rights (a)(b)	882	0
Stage 3 rights (a)(b)	882	0
		0
Machinery - 1.7%
Ingersoll Rand, Inc.	2,054,428	201,663
Westinghouse Air Brake Tech Co.	2,340,000	425,342
		627,005
Professional Services - 1.1%
Verisk Analytics, Inc.	1,481,957	397,105
Trading Companies & Distributors - 2.5%
United Rentals, Inc.	585,700	474,259
Watsco, Inc. (c)	840,100	413,228
		887,487
TOTAL INDUSTRIALS		6,508,427
INFORMATION TECHNOLOGY - 33.7%
Communications Equipment - 2.6%
Arista Networks, Inc. (a)	1,272,139	488,272
Motorola Solutions, Inc.	1,000,055	449,655
		937,927
Electronic Equipment, Instruments & Components - 1.2%
Amphenol Corp. Class A	6,565,608	427,815
IT Services - 1.1%
Gartner, Inc. (a)	817,553	414,303
Semiconductors & Semiconductor Equipment - 14.3%
Applied Materials, Inc.	2,548,400	514,904
Broadcom, Inc.	6,263,000	1,080,368
KLA Corp.	649,683	503,121
Lam Research Corp.	568,853	464,230
NVIDIA Corp.	21,472,130	2,607,575
		5,170,198
Software - 14.5%
Cadence Design Systems, Inc. (a)	1,568,129	425,010
Constellation Software, Inc.	129,900	422,611
Intuit, Inc.	840,400	521,888
Microsoft Corp.	6,579,498	2,831,161
Oracle Corp.	3,769,000	642,238
Synopsys, Inc. (a)	844,021	427,404
		5,270,312
TOTAL INFORMATION TECHNOLOGY		12,220,555
MATERIALS - 5.1%
Chemicals - 2.9%
Linde PLC	1,180,394	562,883
Sherwin-Williams Co.	1,259,400	480,675
		1,043,558
Construction Materials - 2.2%
Martin Marietta Materials, Inc.	732,410	394,220
Vulcan Materials Co.	1,562,698	391,346
		785,566
TOTAL MATERIALS		1,829,124
TOTAL COMMON STOCKS (Cost $19,468,008)		36,034,879

Money Market Funds - 1.3%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 4.89% (d)	279,623,214	279,679
Fidelity Securities Lending Cash Central Fund 4.89% (d)(e)	201,823,218	201,843
TOTAL MONEY MARKET FUNDS (Cost $481,522)		481,522

TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $19,949,530)	36,516,401
NET OTHER ASSETS (LIABILITIES) - (0.7)%	(238,148)
NET ASSETS - 100.0%	36,278,253

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

(a)	Non-income producing

(b)	Level 3 security

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

(d)

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 4.89%	320,930	2,894,665	2,935,917	10,579	1	-	279,679	0.6%
Fidelity Securities Lending Cash Central Fund 4.89%	340,368	574,270	712,795	136	-	-	201,843	0.8%
Total	661,298	3,468,935	3,648,712	10,715	1	-	481,522

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	3,110,795	3,110,795	-	-
Consumer Discretionary	3,398,293	3,398,293	-	-
Consumer Staples	674,312	674,312	-	-
Financials	3,855,012	3,855,012	-	-
Health Care	4,438,361	4,438,361	-	-
Industrials	6,508,427	6,508,427	-	-
Information Technology	12,220,555	12,220,555	-	-
Materials	1,829,124	1,829,124	-	-

Money Market Funds	481,522	481,522	-	-
Total Investments in Securities:	36,516,401	36,516,401	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of September 30, 2024 (Unaudited) Amounts in thousands (except per-share amounts)
Assets
Investment in securities, at value (including securities loaned of $196,211) - See accompanying schedule:
Unaffiliated issuers (cost $19,468,008)	$	36,034,879
Fidelity Central Funds (cost $481,522)		481,522


Total Investment in Securities (cost $19,949,530)			$	36,516,401
Cash				1,046
Receivable for investments sold				29,905
Receivable for fund shares sold				12,084
Dividends receivable				6,864
Distributions receivable from Fidelity Central Funds				1,886
Prepaid expenses				47
Other receivables				1,161
Total assets				36,569,394
Liabilities
Payable for investments purchased	$	63,208
Payable for fund shares redeemed		9,210
Accrued management fee		15,435
Other payables and accrued expenses		1,445
Collateral on securities loaned		201,843
Total liabilities				291,141
Net Assets			$	36,278,253
Net Assets consist of:
Paid in capital			$	18,620,206
Total accumulated earnings (loss)				17,658,047
Net Assets			$	36,278,253

Net Asset Value and Maximum Offering Price
Magellan :
Net Asset Value, offering price and redemption price per share ($35,384,532 ÷ 2,339,007 shares)			$	15.13
Class K :
Net Asset Value, offering price and redemption price per share ($893,721 ÷ 59,101 shares)			$	15.12

Statement of Operations
Six months ended September 30, 2024 (Unaudited) Amounts in thousands
Investment Income
Dividends			$	108,818
Income from Fidelity Central Funds (including $136 from security lending)				10,715
Total income				119,533
Expenses
Management fee
Basic fee	$	104,232
Performance adjustment		(6,739)
Custodian fees and expenses		124
Independent trustees' fees and expenses		75
Registration fees		92
Audit fees		53
Legal		10
Interest		111
Miscellaneous		216
Total expenses before reductions		98,174
Expense reductions		(3)
Total expenses after reductions				98,171
Net Investment income (loss)				21,362
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		1,082,758
Fidelity Central Funds		1
Foreign currency transactions		39
Total net realized gain (loss)				1,082,798
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		1,937,553
Commitments		5,195
Assets and liabilities in foreign currencies		16
Total change in net unrealized appreciation (depreciation)				1,942,764
Net gain (loss)				3,025,562
Net increase (decrease) in net assets resulting from operations			$	3,046,924

Statement of Changes in Net Assets

Amount in thousands		Six months ended September 30, 2024 (Unaudited)		Year ended March 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	21,362	$	108,276
Net realized gain (loss)		1,082,798		1,397,057
Change in net unrealized appreciation (depreciation)		1,942,764		8,214,000
Net increase (decrease) in net assets resulting from operations		3,046,924		9,719,333
Distributions to shareholders		(991,717)		(3,153,057)

Share transactions - net increase (decrease)		772,005		1,881,819
Total increase (decrease) in net assets		2,827,212		8,448,095

Net Assets
Beginning of period		33,451,041		25,002,946
End of period	$	36,278,253	$	33,451,041

Financial Highlights

Fidelity® Magellan® Fund

		Six months ended (Unaudited) September 30, 2024		Years ended March 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	14.29	$	11.60	$	13.61	$	13.11	$	8.81	$	10.23
Income from Investment Operations
Net investment income (loss) A,B		.01		.05		.04		(.01)		- C		.04
Net realized and unrealized gain (loss)		1.25		4.08		(1.51)		1.59		4.34		.06
Total from investment operations		1.26		4.13		(1.47)		1.58		4.34		.10
Distributions from net investment income		(.01)		(.05)		(.03)		-		-		(.05)
Distributions from net realized gain		(.42)		(1.39)		(.51)		(1.08)		(.04)		(1.47)
Total distributions		(.42) D		(1.44)		(.54)		(1.08)		(.04)		(1.52)
Net asset value, end of period	$	15.13	$	14.29	$	11.60	$	13.61	$	13.11	$	8.81
Total Return E,F		9.11 %		40.08%		(10.73)%		11.93%		49.27%		(.67)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.57% I		.50%		.52%		.68%		.79%		.76%
Expenses net of fee waivers, if any		.57 % I		.49%		.52%		.68%		.79%		.76%
Expenses net of all reductions		.57% I		.49%		.52%		.68%		.78%		.76%
Net investment income (loss)		.12% I		.39%		.37%		(.07)%		(.01)%		.38%
Supplemental Data
Net assets, end of period (in millions)	$	35,385	$	32,612	$	24,279	$	27,917	$	21,002	$	14,668
Portfolio turnover rate J		39 % I		55%		86% K		53% K,L		56% K		106% K

ACalculated based on average shares outstanding during the period.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CAmount represents less than $.005 per share.

DTotal distributions per share do not sum due to rounding.

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

FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

LThe portfolio turnover rate does not include the assets acquired in the merger.

Fidelity® Magellan® Fund Class K

		Six months ended (Unaudited) September 30, 2024		Years ended March 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	14.28	$	11.59	$	13.60	$	13.09	$	8.79	$	10.22
Income from Investment Operations
Net investment income (loss) A,B		.01		.05		.05		- C		.01		.05
Net realized and unrealized gain (loss)		1.26		4.09		(1.52)		1.60		4.33		.05
Total from investment operations		1.27		4.14		(1.47)		1.60		4.34		.10
Distributions from net investment income		(.01)		(.06)		(.04)		-		-		(.06)
Distributions from net realized gain		(.42)		(1.39)		(.51)		(1.09)		(.04)		(1.47)
Total distributions		(.43)		(1.45)		(.54) D		(1.09)		(.04)		(1.53)
Net asset value, end of period	$	15.12	$	14.28	$	11.59	$	13.60	$	13.09	$	8.79
Total Return E,F		9.14 %		40.20%		(10.69)%		12.07%		49.38%		(.71)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.50% I		.42%		.45%		.62%		.71%		.68%
Expenses net of fee waivers, if any		.50 % I		.41%		.44%		.61%		.71%		.68%
Expenses net of all reductions		.50% I		.41%		.44%		.61%		.71%		.68%
Net investment income (loss)		.19% I		.46%		.44%		-% J		.07%		.46%
Supplemental Data
Net assets, end of period (in millions)	$	894	$	839	$	724	$	917	$	983	$	1,021
Portfolio turnover rate K		39 % I		55%		86% L		53% L,M		56% L		106% L

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

DTotal distributions per share do not sum due to rounding.

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

FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

IAnnualized.

JAmount represents less than .005%.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

LPortfolio turnover rate excludes securities received or delivered in-kind.

MThe portfolio turnover rate does not include the assets acquired in the merger.

Notes to Financial Statements

(Unaudited)

For the period ended September 30, 2024

(Amounts in thousands except percentages)

1. Organization.

Fidelity Magellan Fund (the Fund) is a fund of Fidelity Magellan Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust 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. The Fund offers Magellan and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted 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)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Magellan Fund

$1,160

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$16,615,657
Gross unrealized depreciation	(56,757)
Net unrealized appreciation (depreciation)	$16,558,900
Tax cost	$19,957,501

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Magellan Fund	6,718,955	6,847,796

5. Fees and Other Transactions with Affiliates.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Magellan	.61
Class K	.54

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Magellan	.61
Class K	.54

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.

	Performance Adjustment Index
Fidelity Magellan Fund	S&P 500 Index

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Magellan. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.04) %.

	Amount ($)
Fidelity Magellan Fund	60

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance ($)	Weighted Average Interest Rate	Interest Expense ($)
Fidelity Magellan Fund	Borrower	47,899	5.57%	111

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
Fidelity Magellan Fund	276,126	233,292	55,897

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount ($)
Fidelity Magellan Fund	12

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Fidelity Magellan Fund	15	-	-

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended September 30, 2024	Year ended March 31, 2024
Fidelity Magellan Fund
Distributions to shareholders
Magellan	$966,526	$3,064,410
Class K	25,191	88,647
Total	$991,717	$3,153,057

10. Share Transactions.

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Six months ended September 30, 2024	Year ended March 31, 2024	Six months ended September 30, 2024	Year ended March 31, 2024
Fidelity Magellan Fund
Magellan
Shares sold	77,823	90,742	$1,113,709	$1,069,340
Reinvestment of distributions	65,739	270,410	910,489	2,889,177
Shares redeemed	(87,182)	(171,946)	(1,255,695)	(2,025,030)
Net increase (decrease)	56,380	189,206	$768,503	$1,933,487
Class K
Shares sold	3,030	2,941	$43,190	$35,445
Reinvestment of distributions	1,820	8,303	25,191	88,647
Shares redeemed	(4,515)	(14,915)	(64,879)	(175,760)
Net increase (decrease)	335	(3,671)	$3,502	$(51,668)

11. Other.

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

	Strategic Advisers Fidelity U.S. Total Stock Fund
Fidelity Magellan Fund	23%

12. Risk and Uncertainties.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
	# of Votes	% of Votes
Bettina Doulton
Affirmative	23,753,633,412.90	93.56
Withheld	1,636,332,583.83	6.44
TOTAL	25,389,965,996.73	100.00
Robert A. Lawrence
Affirmative	23,604,367,566.92	92.97
Withheld	1,785,598,429.82	7.03
TOTAL	25,389,965,996.73	100.00
Vijay C. Advani
Affirmative	23,595,108,403.97	92.93
Withheld	1,794,857,592.76	7.07
TOTAL	25,389,965,996.73	100.00
Thomas P. Bostick
Affirmative	23,594,100,470.96	92.93
Withheld	1,795,865,525.77	7.07
TOTAL	25,389,965,996.73	100.00
Donald F. Donahue
Affirmative	23,596,331,159.42	92.94
Withheld	1,793,634,837.31	7.06
TOTAL	25,389,965,996.73	100.00
Vicki L. Fuller
Affirmative	23,684,272,438.25	93.28
Withheld	1,705,693,558.49	6.72
TOTAL	25,389,965,996.73	100.00
Patricia L. Kampling
Affirmative	23,738,454,706.03	93.50
Withheld	1,651,511,290.70	6.50
TOTAL	25,389,965,996.73	100.00
Thomas A. Kennedy
Affirmative	23,623,674,934.80	93.04
Withheld	1,766,291,061.93	6.96
TOTAL	25,389,965,996.73	100.00
Oscar Munoz
Affirmative	23,540,036,717.53	92.71
Withheld	1,849,929,279.20	7.29
TOTAL	25,389,965,996.73	100.00
Karen B. Peetz
Affirmative	23,686,709,097.17	93.29
Withheld	1,703,256,899.56	6.71
TOTAL	25,389,965,996.73	100.00
David M. Thomas
Affirmative	23,525,837,916.81	92.66
Withheld	1,864,128,079.92	7.34
TOTAL	25,389,965,996.73	100.00
Susan Tomasky
Affirmative	23,656,695,534.61	93.17
Withheld	1,733,270,462.12	6.83
TOTAL	25,389,965,996.73	100.00
Michael E. Wiley
Affirmative	23,563,179,591.48	92.81
Withheld	1,826,786,405.25	7.19
TOTAL	25,389,965,996.73	100.00

Proposal 1 reflects trust-wide proposal and voting results.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Magellan Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered a pro forma management fee rate for the retail class as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and above the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023. The Board noted that the fund has a management fee structure that covers expenses for services beyond portfolio management and further noted that Fidelity believes that total expense ratio comparisons are more useful in this context.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Board Approval of Investment Advisory Contract and Management Fees

Fidelity Magellan Fund

At its July 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its July 2024 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the projected total expense ratio of each New Class. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee for each New Class of the fund is below the median of its competitor funds. The Board also considered that the estimated total net expense ratio of each New Class of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

The Board noted that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

In connection with its consideration of the New Classes' management fee rates, the Board noted that the fund's management fee is subject to a performance adjustment. The Board further noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.

Economies of Scale. The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31,2025.

1.537468.127

MAG-SANN-1124

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

See Item 7.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies

See Item 7.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

See Item 7.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract

See Item 7.

Item 12.

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

Not applicable.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Magellan Fund’s Board of Trustees.

Item 16.

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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation

(a)

Not applicable.

(b)

Not applicable.

Item 19.

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.
(a)	(3)	Not applicable.
(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/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer (Principal Executive Officer)

Date:	November 21, 2024

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/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer (Principal Executive Officer)

Date:	November 21, 2024


By:	/s/Stephanie Caron
	Stephanie Caron
	Chief Financial Officer (Principal Financial Officer)

Date:	November 21, 2024

Common Stocks	99.5
Short-Term Investments and Net Other Assets (Liabilities)	0.5

Common Stocks	99.4
Short-Term Investments and Net Other Assets (Liabilities)	0.6

United States	97.8
Canada	1.2
Denmark	1.0

United States	97.8
Canada	1.2
Denmark	1.0

United States	97.8
Canada	1.2
Denmark	1.0