N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1193

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

March 31

 

 

Date of reporting period:

June 30, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Magellan® Fund

June 30, 2012 

1.803299.108

MAG-QTLY-0812

Investments June 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.8%

Hotels, Restaurants & Leisure - 3.6%

Brinker International, Inc. (e)

4,398,100

$ 140,167

Chipotle Mexican Grill, Inc. (a)

97,400

37,007

Dunkin' Brands Group, Inc. (d)

1,596,598

54,827

Las Vegas Sands Corp.

582,200

25,320

McDonald's Corp.

2,074,300

183,638

Starbucks Corp.

1,635,212

87,190

 

528,149

Household Durables - 1.3%

D.R. Horton, Inc.

3,236,311

59,483

Lennar Corp. Class A (d)

1,922,885

59,436

Ryland Group, Inc.

615,060

15,733

Toll Brothers, Inc. (a)

1,825,354

54,268

 

188,920

Internet & Catalog Retail - 1.5%

Amazon.com, Inc. (a)

800,504

182,795

Priceline.com, Inc. (a)

62,986

41,855

 

224,650

Leisure Equipment & Products - 0.1%

Polaris Industries, Inc.

254,800

18,213

Multiline Retail - 1.5%

Dollar General Corp. (a)

2,220,800

120,789

Dollar Tree, Inc. (a)

1,755,466

94,444

 

215,233

Specialty Retail - 4.9%

AutoZone, Inc. (a)

198,700

72,957

Bed Bath & Beyond, Inc. (a)

915,300

56,566

Home Depot, Inc.

1,411,200

74,779

Limited Brands, Inc.

2,854,848

121,417

Lowe's Companies, Inc.

2,758,500

78,452

PetSmart, Inc.

673,400

45,912

Sally Beauty Holdings, Inc. (a)

1,371,600

35,305

TJX Companies, Inc.

4,275,300

183,539

Tractor Supply Co.

702,201

58,325

 

727,252

Textiles, Apparel & Luxury Goods - 0.9%

PVH Corp.

476,604

37,075

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

Ralph Lauren Corp.

302,500

$ 42,368

VF Corp.

372,830

49,754

 

129,197

TOTAL CONSUMER DISCRETIONARY

2,031,614

CONSUMER STAPLES - 9.3%

Beverages - 2.2%

Anheuser-Busch InBev SA NV

346,960

27,355

Beam, Inc.

1,455,200

90,935

Dr Pepper Snapple Group, Inc.

2,790,973

122,105

Monster Beverage Corp. (a)

290,000

20,648

Pernod Ricard SA (d)

334,500

35,668

SABMiller PLC

724,900

29,007

 

325,718

Food & Staples Retailing - 1.8%

CVS Caremark Corp.

3,228,272

150,857

Wal-Mart Stores, Inc.

683,800

47,675

Whole Foods Market, Inc.

672,113

64,066

 

262,598

Food Products - 0.3%

Nestle SA

561,381

33,447

Smart Balance, Inc. (a)

890,700

8,364

 

41,811

Household Products - 3.2%

Colgate-Palmolive Co.

2,008,276

209,062

Kimberly-Clark Corp.

702,438

58,843

Procter & Gamble Co.

3,079,500

188,619

Reckitt Benckiser Group PLC

266,800

14,061

 

470,585

Personal Products - 1.8%

Estee Lauder Companies, Inc. Class A

2,358,000

127,615

Herbalife Ltd.

1,136,500

54,927

Nu Skin Enterprises, Inc. Class A

1,213,381

56,908

Schiff Nutrition International, Inc. (a)(e)

2,036,593

36,557

 

276,007

TOTAL CONSUMER STAPLES

1,376,719

Common Stocks - continued

Shares

Value (000s)

ENERGY - 10.7%

Energy Equipment & Services - 1.1%

Cameron International Corp. (a)

791,300

$ 33,796

Dresser-Rand Group, Inc. (a)

482,853

21,506

Ensco PLC Class A

288,900

13,570

National Oilwell Varco, Inc.

865,400

55,766

Schlumberger Ltd.

515,462

33,459

 

158,097

Oil, Gas & Consumable Fuels - 9.6%

Anadarko Petroleum Corp.

983,900

65,134

Atlas Pipeline Partners, LP

221,500

6,906

Cabot Oil & Gas Corp.

1,251,418

49,306

Chevron Corp.

3,664,100

386,563

Exxon Mobil Corp.

5,035,624

430,898

HollyFrontier Corp.

463,300

16,415

Marathon Oil Corp.

1,442,700

36,890

Marathon Petroleum Corp.

801,200

35,990

Murphy Oil Corp.

513,400

25,819

Occidental Petroleum Corp.

2,431,200

208,524

Phillips 66 (a)

1,095,200

36,404

Valero Energy Corp.

1,331,300

32,151

Williams Companies, Inc.

3,148,400

90,737

 

1,421,737

TOTAL ENERGY

1,579,834

FINANCIALS - 11.9%

Capital Markets - 1.1%

Charles Schwab Corp.

4,201,668

54,328

Morgan Stanley

4,163,268

60,742

TD Ameritrade Holding Corp.

2,704,376

45,974

 

161,044

Commercial Banks - 3.6%

U.S. Bancorp

6,093,659

195,972

Wells Fargo & Co.

10,031,455

335,452

 

531,424

Consumer Finance - 0.7%

Capital One Financial Corp.

1,382,700

75,578

SLM Corp.

1,799,600

28,272

 

103,850

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - 2.3%

Bank of America Corp.

7,516,600

$ 61,486

CBOE Holdings, Inc.

879,000

24,331

Citigroup, Inc.

6,168,616

169,082

JPMorgan Chase & Co.

2,450,298

87,549

 

342,448

Insurance - 2.5%

Berkshire Hathaway, Inc. Class B (a)

3,579,966

298,319

MetLife, Inc.

2,345,621

72,362

 

370,681

Real Estate Investment Trusts - 1.4%

American Tower Corp.

2,381,161

166,467

CBL & Associates Properties, Inc.

1,224,863

23,934

Digital Realty Trust, Inc.

194,200

14,579

 

204,980

Real Estate Management & Development - 0.3%

Rialto Real Estate Fund LP (e)(g)(h)

500,000

29,312

RREF CMBS AIV, LP (e)(h)(i)

500,000

15,184

 

44,496

TOTAL FINANCIALS

1,758,923

HEALTH CARE - 9.2%

Biotechnology - 4.9%

Achillion Pharmaceuticals, Inc. (a)

574,025

3,559

Acorda Therapeutics, Inc. (a)

640,100

15,081

Affymax, Inc. (a)

540,100

6,956

Alexion Pharmaceuticals, Inc. (a)

370,760

36,816

Alkermes PLC (a)

828,500

14,060

Alnylam Pharmaceuticals, Inc. (a)

309,271

3,609

Amgen, Inc.

1,956,866

142,929

Amicus Therapeutics, Inc. (a)(e)

4,383,004

24,107

ARIAD Pharmaceuticals, Inc. (a)

2,454,371

42,240

ArQule, Inc. (a)

2,140,263

12,692

AVEO Pharmaceuticals, Inc. (a)

935,115

11,371

Biogen Idec, Inc. (a)

807,704

116,616

BioMarin Pharmaceutical, Inc. (a)

994,039

39,344

Clinical Data, Inc. rights 4/4/18 (a)

988,714

0

Clovis Oncology, Inc. (d)

375,200

8,134

Dynavax Technologies Corp. (a)

870,800

3,762

Exelixis, Inc. (a)

658,284

3,640

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Gilead Sciences, Inc. (a)

1,650,700

$ 84,648

Halozyme Therapeutics, Inc. (a)

149,100

1,321

Lexicon Pharmaceuticals, Inc. (a)

4,425,200

9,957

Medivation, Inc. (a)

212,600

19,432

Merrimack Pharmaceuticals, Inc.

445,100

3,240

Neurocrine Biosciences, Inc. (a)

1,585,393

12,540

NPS Pharmaceuticals, Inc. (a)

49,700

428

Synageva BioPharma Corp. (a)

213,120

8,644

Theravance, Inc. (a)

400,000

8,888

Threshold Pharmaceuticals, Inc. (a)(d)

2,083,800

15,420

United Therapeutics Corp. (a)

307,000

15,160

Vertex Pharmaceuticals, Inc. (a)

629,500

35,202

Vical, Inc. (a)

2,756,700

9,924

ZIOPHARM Oncology, Inc. (a)

1,331,069

7,920

 

717,640

Health Care Equipment & Supplies - 0.3%

Alere, Inc. (a)

602,800

11,718

HeartWare International, Inc. (a)

319,500

28,372

 

40,090

Health Care Providers & Services - 2.4%

Express Scripts Holding Co. (a)

1,264,049

70,572

McKesson Corp.

636,700

59,691

UnitedHealth Group, Inc.

2,882,500

168,626

WellPoint, Inc.

938,381

59,859

 

358,748

Health Care Technology - 0.2%

athenahealth, Inc. (a)(d)

273,700

21,669

Pharmaceuticals - 1.4%

Allergan, Inc.

19,300

1,787

AVANIR Pharmaceuticals Class A (a)

3,402,400

13,337

Elan Corp. PLC sponsored ADR (a)

2,647,000

38,620

Eli Lilly & Co.

2,129,579

91,380

Jazz Pharmaceuticals PLC (a)

327,800

14,754

Valeant Pharmaceuticals International, Inc. (Canada) (a)

777,200

34,864

ViroPharma, Inc. (a)

647,400

15,343

XenoPort, Inc. (a)

254,100

1,535

 

211,620

TOTAL HEALTH CARE

1,349,767

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 10.7%

Aerospace & Defense - 2.7%

Precision Castparts Corp.

405,100

$ 66,635

Raytheon Co.

1,729,600

97,878

Textron, Inc.

1,318,410

32,789

United Technologies Corp.

2,582,400

195,049

 

392,351

Air Freight & Logistics - 0.2%

United Parcel Service, Inc. Class B

381,300

30,031

Airlines - 0.2%

Copa Holdings SA Class A

441,100

36,382

Building Products - 0.2%

Owens Corning (a)

759,552

21,678

Construction & Engineering - 0.2%

Fluor Corp.

679,078

33,506

Electrical Equipment - 1.1%

AMETEK, Inc.

1,034,919

51,653

Hubbell, Inc. Class B

929,700

72,461

Regal-Beloit Corp.

520,519

32,408

 

156,522

Industrial Conglomerates - 2.2%

Danaher Corp.

2,090,800

108,889

General Electric Co.

9,970,178

207,779

 

316,668

Machinery - 1.5%

Cummins, Inc.

990,670

96,006

Illinois Tool Works, Inc.

1,331,500

70,423

Ingersoll-Rand PLC

1,268,511

53,506

 

219,935

Professional Services - 2.1%

Advisory Board Co. (a)

612,600

30,379

Bureau Veritas SA

418,000

37,103

Equifax, Inc.

951,400

44,335

Manpower, Inc.

1,056,920

38,736

Qualicorp SA

2,697,400

23,583

Randstad Holding NV

761,300

22,327

Robert Half International, Inc.

1,552,403

44,352

Towers Watson & Co.

1,245,449

74,602

 

315,417

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - 0.3%

J.B. Hunt Transport Services, Inc.

629,800

$ 37,536

Quality Distribution, Inc. (a)

968,100

10,736

 

48,272

TOTAL INDUSTRIALS

1,570,762

INFORMATION TECHNOLOGY - 24.0%

Communications Equipment - 2.3%

Motorola Solutions, Inc.

5,668,727

272,722

QUALCOMM, Inc.

1,295,200

72,117

Tessco Technologies, Inc.

11,130

245

 

345,084

Computers & Peripherals - 7.2%

Apple, Inc. (a)

1,761,259

1,028,569

EMC Corp. (a)

1,040,556

26,669

Gemalto NV

809

58

 

1,055,296

Electronic Equipment & Components - 0.1%

Arrow Electronics, Inc. (a)

443,176

14,541

Internet Software & Services - 4.0%

Bankrate, Inc.

671,400

12,347

Cornerstone OnDemand, Inc. (a)

2,161,500

51,465

Demandware, Inc. (d)

28,700

680

eBay, Inc. (a)

2,386,200

100,244

Facebook, Inc. Class A

737,700

22,957

Google, Inc. Class A (a)

564,500

327,450

Mail.ru Group Ltd. GDR (Reg. S) (a)

431,100

14,610

Responsys, Inc. (a)

715,100

8,667

VeriSign, Inc. (a)

1,115,734

48,613

 

587,033

IT Services - 4.6%

Cognizant Technology Solutions Corp. Class A (a)

1,590,875

95,453

EPAM Systems, Inc.

243,200

4,132

Fiserv, Inc. (a)

563,857

40,722

IBM Corp.

2,155,800

421,631

Maximus, Inc.

465,915

24,111

Visa, Inc. Class A

737,600

91,189

 

677,238

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - 1.6%

ASML Holding NV

1,464,101

$ 75,284

Avago Technologies Ltd.

623,088

22,369

Broadcom Corp. Class A

1,024,993

34,645

Cirrus Logic, Inc. (a)

280,103

8,369

NXP Semiconductors NV (a)

1,640,500

38,142

Skyworks Solutions, Inc. (a)

2,148,200

58,796

 

237,605

Software - 4.2%

Aspen Technology, Inc. (a)

1,020,000

23,613

Citrix Systems, Inc. (a)

625,400

52,496

Fortinet, Inc. (a)

1,019,800

23,680

Guidewire Software, Inc. (d)

384,394

10,809

Jive Software, Inc. (d)

354,273

7,436

Kenexa Corp. (a)

773,400

22,452

MICROS Systems, Inc. (a)

484,700

24,817

Microsoft Corp.

6,667,000

203,944

Red Hat, Inc. (a)

682,657

38,556

salesforce.com, Inc. (a)

1,161,979

160,655

Sourcefire, Inc. (a)

426,400

21,917

VMware, Inc. Class A (a)

402,115

36,609

 

626,984

TOTAL INFORMATION TECHNOLOGY

3,543,781

MATERIALS - 3.4%

Chemicals - 2.2%

CF Industries Holdings, Inc.

168,700

32,684

Eastman Chemical Co.

489,400

24,651

LyondellBasell Industries NV Class A

787,100

31,697

Monsanto Co.

876,800

72,582

Praxair, Inc.

1,183,632

128,696

W.R. Grace & Co. (a)

562,705

28,388

 

318,698

Metals & Mining - 1.2%

AngloGold Ashanti Ltd. sponsored ADR

237,179

8,145

Barrick Gold Corp.

336,700

12,683

Commercial Metals Co.

1,602,100

20,251

Goldcorp, Inc.

449,701

16,931

Ivanhoe Mines Ltd.

1,440,380

14,204

Ivanhoe Mines Ltd. rights 7/19/12 (a)

1,596,380

1,443

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Newcrest Mining Ltd.

280,846

$ 6,536

Newmont Mining Corp.

1,017,800

49,373

Randgold Resources Ltd. sponsored ADR

240,000

21,602

Reliance Steel & Aluminum Co.

457,600

23,109

Royal Gold, Inc.

129,600

10,161

 

184,438

TOTAL MATERIALS

503,136

TELECOMMUNICATION SERVICES - 0.9%

Diversified Telecommunication Services - 0.0%

inContact, Inc. (a)

363,600

1,822

Wireless Telecommunication Services - 0.9%

SBA Communications Corp. Class A (a)

2,341,863

133,603

TOTAL TELECOMMUNICATION SERVICES

135,425

UTILITIES - 1.8%

Electric Utilities - 1.1%

Edison International

1,326,278

61,274

NextEra Energy, Inc.

1,602,800

110,289

 

171,563

Multi-Utilities - 0.7%

Sempra Energy

1,457,400

100,386

TOTAL UTILITIES

271,949

TOTAL COMMON STOCKS

(Cost $12,552,558)


14,121,910

Preferred Stocks - 0.5%

 

 

 

 

Convertible Preferred Stocks - 0.1%

HEALTH CARE - 0.0%

Pharmaceuticals - 0.0%

KaloBios Pharmaceuticals, Inc. Series E (a)(h)

2,353,000

8,000

Preferred Stocks - continued

Shares

Value (000s)

Convertible Preferred Stocks - continued

INFORMATION TECHNOLOGY - 0.1%

Software - 0.1%

DocuSign, Inc. Series D (h)

2,371,047

$ 11,000

TOTAL CONVERTIBLE PREFERRED STOCKS

19,000

Nonconvertible Preferred Stocks - 0.4%

CONSUMER DISCRETIONARY - 0.4%

Automobiles - 0.4%

Volkswagen AG

341,300

53,817

TOTAL PREFERRED STOCKS

(Cost $83,218)


72,817

Convertible Bonds - 0.1%

 

Principal Amount (000s)

 

MATERIALS - 0.1%

Metals & Mining - 0.1%

Ivanplats Ltd. 8% 11/10/14 pay-in-kind (f)(h)
(Cost $10,249)

$ 9,882


10,249

U.S. Treasury Obligations - 0.0%

 

U.S. Treasury Bills, yield at date of purchase 0.08% 8/23/12
(Cost $1,100)

1,100


1,100

Money Market Funds - 3.9%

Shares

 

Fidelity Cash Central Fund, 0.17% (b)

527,674,117

527,674

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

50,079,900

50,080

TOTAL MONEY MARKET FUNDS

(Cost $577,754)


577,754

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $13,224,879)

14,783,830

NET OTHER ASSETS (LIABILITIES) - (0.2)%

(34,111)

NET ASSETS - 100%

$ 14,749,719

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(e) Affiliated company

(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $73,745,000 or 0.5% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Acquisition
Cost (000s)

DocuSign, Inc. Series D

6/29/12

$ 11,000

Ivanplats Ltd. 8% 11/10/14 pay-in-kind

3/28/12

$ 10,249

KaloBios Pharmaceuticals, Inc. Series E

5/2/12

$ 8,000

Rialto Real Estate Fund LP

2/24/11-
6/11/12

$ 23,893

RREF CMBS AIV, LP

8/10/11-
5/10/12

$ 13,378

(i) Investment represents the Fund's ownership interest in a limited partnership, which is under common ownership and management with Rialto Real Estate Fund, LP.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 151

Fidelity Securities Lending Cash Central Fund

649

Total

$ 800

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Amicus Therapeutics, Inc.

$ 23,041

$ 634

$ 575

$ -

$ 24,107

Brinker International, Inc.

40,967

92,510

-

520

140,167

MYR Group, Inc.

18,523

-

6,814

-

-

Rialto Real Estate Fund LP

38,476

476

9,286

-

29,312

RREF CMBS AIV, LP

11,454

3,845

-

-

15,184

Schiff Nutrition International, Inc.

18,310

7,422

-

-

36,557

Total

$ 150,771

$ 104,887

$ 16,675

$ 520

$ 245,327

Other Information

The following is a summary of the inputs used, as of June 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 2,085,431

$ 2,085,431

$ -

$ -

Consumer Staples

1,376,719

1,349,364

27,355

-

Energy

1,579,834

1,579,834

-

-

Financials*

1,758,923

1,714,427

-

44,496

Health Care

1,357,767

1,349,767

-

8,000

Industrials

1,570,762

1,570,762

-

-

Information Technology

3,554,781

3,543,781

-

11,000

Materials

503,136

496,600

6,536

-

Telecommunication Services

135,425

135,425

-

-

Utilities

271,949

271,949

-

-

Corporate Bonds

10,249

-

-

10,249

U.S. Government and Government Agency Obligations

1,100

-

1,100

-

Money Market Funds

577,754

577,754

-

-

Total Investments in Securities:

$ 14,783,830

$ 14,675,094

$ 34,991

$ 73,745

* The Fund has an unfunded commitment of $12,729 as of period end.

Income Tax Information

At June 30, 2012, the cost of investment securities for income tax purposes was $13,249,614,000. Net unrealized appreciation aggregated $1,534,216,000, of which $2,012,340,000 related to appreciated investment securities and $478,124,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Magellan Fund

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 29, 2012

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 29, 2012

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

August 29, 2012