N-Q 1 mag.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1193

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

March 31

Date of reporting period:

June 30, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Magellan® Fund

June 30, 2006

MAG-QTLY-0806

1.803299.102

Investments June 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 12.3%

Automobiles - 0.1%

General Motors Corp. (d)

2,044,066

$ 60,893

Hotels, Restaurants & Leisure - 2.4%

Ctrip.com International Ltd. sponsored ADR (d)

4,011,600

204,792

OSI Restaurant Partners, Inc.

576,500

19,947

Starbucks Corp. (a)

5,112,616

193,052

Starwood Hotels & Resorts Worldwide, Inc.

4,973,827

300,121

Wynn Resorts Ltd. (a)(d)(e)

5,500,000

403,150

1,121,062

Household Durables - 1.6%

Cyrela Brazil Realty SA

1,848,650

30,727

Daito Trust Construction Co.

766,500

42,470

Garmin Ltd. (d)

2,414,460

254,581

KB Home

500,000

22,925

Lennar Corp. Class A

2,896,376

128,512

LG Electronics, Inc.

3,028,920

183,581

Sharp Corp.

5,954,000

94,078

756,874

Internet & Catalog Retail - 0.1%

Expedia, Inc. (a)

1,800,000

26,946

Leisure Equipment & Products - 0.1%

MarineMax, Inc. (a)

772,800

20,271

Media - 1.9%

EchoStar Communications Corp. Class A (a)

2,400,000

73,944

Harris Interactive, Inc. (a)

872,800

4,975

Live Nation, Inc. (a)

1,782,864

36,299

McGraw-Hill Companies, Inc.

1,332,000

66,906

News Corp.:

Class A

3,000,000

57,540

Class B

7,000,000

141,260

Omnicom Group, Inc.

1,201,676

107,057

The Walt Disney Co.

12,301,500

369,045

857,026

Multiline Retail - 1.1%

Federated Department Stores, Inc.

2,494,600

91,302

JCPenney Co., Inc.

2,000,000

135,020

Target Corp.

6,041,700

295,258

521,580

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - 3.4%

Best Buy Co., Inc.

13,673,350

$ 749,847

Circuit City Stores, Inc.

1,000,000

27,220

J. Crew Group, Inc.

1,000,000

27,450

Staples, Inc.

21,918,000

533,046

Yamada Denki Co. Ltd.

2,509,100

255,899

1,593,462

Textiles, Apparel & Luxury Goods - 1.6%

Asics Corp.

2,500,000

25,475

Fossil, Inc. (a)

200,000

3,602

Liz Claiborne, Inc.

3,490,000

129,339

NIKE, Inc. Class B

6,798,500

550,679

Polo Ralph Lauren Corp. Class A

650,000

35,685

744,780

TOTAL CONSUMER DISCRETIONARY

5,702,894

CONSUMER STAPLES - 2.1%

Food & Staples Retailing - 1.8%

CVS Corp.

6,841,972

210,049

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

4,143,500

136,818

Walgreen Co.

4,645,900

208,322

Whole Foods Market, Inc.

4,242,400

274,229

829,418

Food Products - 0.2%

Flowers Foods, Inc.

1,000,000

28,640

Nestle SA (Reg.)

186,508

58,584

87,224

Personal Products - 0.1%

Avon Products, Inc.

2,543,147

78,838

TOTAL CONSUMER STAPLES

995,480

ENERGY - 9.4%

Energy Equipment & Services - 3.4%

GlobalSantaFe Corp.

600,000

34,650

Schlumberger Ltd. (NY Shares)

23,399,994

1,523,574

Smith International, Inc.

557,200

24,779

1,583,003

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - 6.0%

Apache Corp.

1,953,610

$ 133,334

Arch Coal, Inc. (e)

8,652,548

366,608

Cameco Corp.

4,000,000

159,348

Canadian Natural Resources Ltd.

10,865,700

600,762

CONSOL Energy, Inc.

4,000,000

186,880

OAO Gazprom sponsored ADR

2,000,000

85,500

Occidental Petroleum Corp.

521,400

53,470

Peabody Energy Corp. (e)

21,538,800

1,200,788

Plains Exploration & Production Co. (a)

295,000

11,959

Teekay Shipping Corp.

340,000

14,226

2,812,875

TOTAL ENERGY

4,395,878

FINANCIALS - 16.5%

Capital Markets - 4.4%

E*TRADE Financial Corp. (a)

9,761,555

222,759

E*TRADE Securities Co. Ltd.

28,000

37,439

JAFCO Co. Ltd.

82,100

4,922

MCF Corp. (a)

735,600

758

Merrill Lynch & Co., Inc.

6,342,900

441,212

Morgan Stanley

500,000

31,605

Nomura Holdings, Inc.

44,949,500

845,051

State Street Corp.

6,933,800

402,784

TD Ameritrade Holding Corp.

5,152,100

76,303

2,062,833

Commercial Banks - 2.6%

China Construction Bank Corp. (H Shares)

50,000,000

22,855

Mizuho Financial Group, Inc.

30,000

254,053

SVB Financial Group (a)

516,900

23,498

Wachovia Corp.

2,146,094

116,061

Wells Fargo & Co.

11,461,200

768,817

1,185,284

Consumer Finance - 0.6%

American Express Co.

2,927,216

155,786

SLM Corp.

2,000,000

105,840

261,626

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - 0.2%

Moody's Corp.

1,000,000

$ 54,460

The NASDAQ Stock Market, Inc. (a)

1,000,000

29,900

84,360

Insurance - 6.8%

ACE Ltd.

1,270,860

64,293

AFLAC, Inc.

5,147,000

238,563

American International Group, Inc.

19,272,570

1,138,045

Berkshire Hathaway, Inc. Class A (a)

557

51,054

China Life Insurance Co. Ltd. (H Shares)

170,000,000

268,147

Endurance Specialty Holdings Ltd.

555,800

17,786

Hartford Financial Services Group, Inc.

3,000,000

253,800

MetLife, Inc.

5,000,000

256,050

Millea Holdings, Inc.

2,500

46,515

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

2,360,000

322,450

Prudential Financial, Inc.

2,500,000

194,250

Samsung Fire & Marine Insurance Co. Ltd.

200,000

26,879

T&D Holdings, Inc.

1,000,000

80,839

W.R. Berkley Corp.

1,856,250

63,354

Willis Group Holdings Ltd.

2,000,000

64,200

XL Capital Ltd. Class A

1,512,400

92,710

3,178,935

Real Estate Investment Trusts - 1.0%

Developers Diversified Realty Corp.

2,000,000

104,360

Equity Residential (SBI)

4,343,000

194,262

General Growth Properties, Inc.

2,000,000

90,120

Host Hotels & Resorts, Inc.

3,044,976

66,594

Kimco Realty Corp.

679,800

24,806

480,142

Real Estate Management & Development - 0.5%

Mitsubishi Estate Co. Ltd.

2,000,000

42,473

Mitsui Fudosan Co. Ltd.

8,000,000

173,738

216,211

Thrifts & Mortgage Finance - 0.4%

Fannie Mae

3,000,000

144,300

Radian Group, Inc.

1,000,000

61,780

206,080

TOTAL FINANCIALS

7,675,471

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 14.3%

Biotechnology - 3.4%

Biogen Idec, Inc. (a)

6,118,300

$ 283,461

Genentech, Inc. (a)

12,934,000

1,058,001

Gilead Sciences, Inc. (a)

2,239,698

132,501

OSI Pharmaceuticals, Inc. (a)(e)

3,198,900

105,436

1,579,399

Health Care Equipment & Supplies - 1.6%

Alcon, Inc.

800,000

78,840

Baxter International, Inc.

3,200,000

117,632

Becton, Dickinson & Co.

4,000,000

244,520

Boston Scientific Corp. (a)

344,000

5,793

C.R. Bard, Inc.

1,069,300

78,337

Gen-Probe, Inc. (a)

500,000

26,990

Greatbatch, Inc. (a)(e)

2,164,500

51,082

Kinetic Concepts, Inc. (a)

700,000

30,905

Mentor Corp.

1,470,400

63,962

St. Jude Medical, Inc. (a)

1,800,000

58,356

756,417

Health Care Providers & Services - 3.1%

Aetna, Inc.

600,000

23,958

Henry Schein, Inc. (a)

600,000

28,038

Sunrise Senior Living, Inc. (a)

50,375

1,393

UnitedHealth Group, Inc.

29,525,730

1,322,162

VCA Antech, Inc. (a)

1,000,000

31,930

WellPoint, Inc. (a)

300,000

21,831

1,429,312

Health Care Technology - 0.1%

Cerner Corp. (a)

200,000

7,422

Emdeon Corp. (a)

1,553,702

19,281

WebMD Health Corp. Class A (d)

95,700

4,527

31,230

Life Sciences Tools & Services - 0.8%

Affymetrix, Inc. (a)

28,700

735

Charles River Laboratories International, Inc. (a)

1,804,700

66,413

Covance, Inc. (a)

1,000,000

61,220

Invitrogen Corp. (a)

500,000

33,035

Millipore Corp. (a)

500,000

31,495

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Life Sciences Tools & Services - continued

Thermo Electron Corp. (a)

1,471,500

$ 53,327

Waters Corp. (a)

3,198,600

142,018

388,243

Pharmaceuticals - 5.3%

Allergan, Inc.

5,248,626

562,968

Johnson & Johnson

22,315,200

1,337,127

Matrixx Initiatives, Inc. (a)

400,000

6,224

Medicis Pharmaceutical Corp. Class A

2,000,000

48,000

Merck & Co., Inc.

331,800

12,087

Novartis AG sponsored ADR

1,613,800

87,016

Roche Holding AG (participation certificate)

1,683,700

278,344

Teva Pharmaceutical Industries Ltd. sponsored ADR

3,000,000

94,770

Wyeth

1,021,300

45,356

2,471,892

TOTAL HEALTH CARE

6,656,493

INDUSTRIALS - 13.6%

Aerospace & Defense - 2.2%

BE Aerospace, Inc. (a)

1,784,410

40,792

Honeywell International, Inc.

8,795,400

354,455

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

204,836

2,591

Rockwell Collins, Inc.

3,000,000

167,610

United Technologies Corp.

7,200,000

456,624

1,022,072

Air Freight & Logistics - 1.4%

C.H. Robinson Worldwide, Inc.

3,000,000

159,900

Expeditors International of Washington, Inc.

5,731,600

321,027

FedEx Corp.

503,100

58,792

Forward Air Corp.

390,000

15,885

UTI Worldwide, Inc.

4,000,000

100,920

656,524

Airlines - 0.0%

JetBlue Airways Corp. (a)(d)

1,230,650

14,940

Commercial Services & Supplies - 1.2%

51job, Inc. sponsored ADR (a)

2,932,000

63,712

Equifax, Inc.

3,000,000

103,020

Heidrick & Struggles International, Inc. (a)

476,228

16,116

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Monster Worldwide, Inc. (a)

4,951,938

$ 211,250

Robert Half International, Inc.

4,124,900

173,246

567,344

Construction & Engineering - 0.6%

Fluor Corp.

2,948,845

274,036

Electrical Equipment - 0.7%

Emerson Electric Co.

2,732,400

229,002

Q-Cells AG

36,000

3,028

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

2,167,400

61,229

Vestas Wind Systems AS (a)

2,000,000

54,708

347,967

Industrial Conglomerates - 3.2%

3M Co.

1,675,840

135,358

General Electric Co.

39,075,550

1,287,930

Raven Industries, Inc.

136,089

4,287

Walter Industries, Inc.

676,016

38,972

1,466,547

Machinery - 2.0%

Actuant Corp. Class A

500,000

24,975

Caterpillar, Inc.

5,000,000

372,400

Danaher Corp.

3,000,000

192,960

Dover Corp.

1,000,000

49,430

Hyundai Mipo Dockyard Co. Ltd.

460,000

46,063

IDEX Corp.

500,000

23,600

Joy Global, Inc.

1,700,000

88,553

Kawasaki Heavy Industries Ltd. (d)

10,000,000

33,646

Trinity Industries, Inc.

2,250,000

90,900

Trivest 1992 Special Fund Ltd. (a)(g)

26,600,000

133

922,660

Marine - 0.2%

Alexander & Baldwin, Inc.

1,633,707

72,324

Road & Rail - 1.9%

Burlington Northern Santa Fe Corp.

5,000,000

396,250

Canadian National Railway Co.

2,000,000

87,360

Con-way, Inc.

1,000,000

57,930

Landstar System, Inc.

254,300

12,011

Localiza Rent a Car SA

862,900

16,335

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - continued

Norfolk Southern Corp.

2,000,000

$ 106,440

Union Pacific Corp.

2,000,000

185,920

862,246

Trading Companies & Distributors - 0.2%

Fastenal Co.

2,000,000

80,580

Watsco, Inc.

500,000

29,910

110,490

Transportation Infrastructure - 0.0%

The Sumitomo Warehouse Co. Ltd. (d)

396,000

2,924

TOTAL INDUSTRIALS

6,320,074

INFORMATION TECHNOLOGY - 25.8%

Communications Equipment - 6.7%

China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d)

1,331,765

19,670

Cisco Systems, Inc. (a)

7,950,300

155,269

Corning, Inc. (a)

36,000,000

870,840

Lucent Technologies, Inc. (a)

100,000,000

242,000

Lucent Technologies, Inc. warrants 12/10/07 (a)

1,201,054

324

Nokia Corp. sponsored ADR

82,372,400

1,668,863

Nortel Networks Corp. (a)

5,000,000

11,184

QUALCOMM, Inc.

3,000,000

120,210

Sonus Networks, Inc. (a)

1,000,000

4,950

3,093,310

Computers & Peripherals - 2.8%

Apple Computer, Inc. (a)

2,500,000

142,800

Hewlett-Packard Co.

6,000,000

190,080

NEC Corp.

10,000,000

53,310

Network Appliance, Inc. (a)

3,958,700

139,742

QLogic Corp. (a)

5,000,000

86,200

Rackable Systems, Inc.

1,324,544

52,306

Seagate Technology

28,709,334

649,979

1,314,417

Electronic Equipment & Instruments - 1.5%

Amphenol Corp. Class A

1,942,050

108,677

Flextronics International Ltd. (a)

3,125,000

33,188

FLIR Systems, Inc. (a)

2,000,000

44,120

Hon Hai Precision Industry Co. Ltd. (Foxconn)

25,000,000

154,423

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Ingram Micro, Inc. Class A (a)

1,751,600

$ 31,757

Kyocera Corp.

1,000,000

77,750

Molex, Inc.

2,000,000

67,140

Nippon Electric Glass Co. Ltd.

5,000,000

100,284

Rofin-Sinar Technologies, Inc. (a)

600,000

34,482

Vishay Intertechnology, Inc. (a)

2,122,800

33,392

685,213

Internet Software & Services - 4.9%

aQuantive, Inc. (a)

2,142,315

54,265

Baidu.com, Inc. sponsored ADR (d)

860,300

71,001

Bankrate, Inc. (a)(d)

800,000

30,208

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

2,701,000

1,132,610

Marchex, Inc. Class B (a)(d)

1,200,000

19,716

Move, Inc. (a)

1,000,000

5,480

Openwave Systems, Inc. (a)

1,657,000

19,122

VeriSign, Inc. (a)

2,500,000

57,925

Yahoo! Japan Corp.

1,400,790

741,865

Yahoo!, Inc. (a)

4,986,600

164,558

2,296,750

IT Services - 0.5%

Cognizant Technology Solutions Corp. Class A (a)

1,000,000

67,370

Infosys Technologies Ltd. sponsored ADR

1,500,000

114,615

TALX Corp. (e)

2,886,484

63,127

245,112

Office Electronics - 0.8%

Canon, Inc.

7,500,000

366,350

Zebra Technologies Corp. Class A (a)

200,000

6,832

373,182

Semiconductors & Semiconductor Equipment - 6.1%

Altera Corp. (a)

2,672,700

46,906

Analog Devices, Inc.

7,119,732

228,828

ASML Holding NV (NY Shares) (a)

25,307,587

511,719

Broadcom Corp. Class A (a)

2,000,000

60,100

Cree, Inc. (a)

1,187,382

28,212

Ikanos Communications, Inc.

100,000

1,519

KLA-Tencor Corp.

8,400,000

349,188

Lam Research Corp. (a)

499,200

23,273

Marvell Technology Group Ltd. (a)

1,200,000

53,196

Maxim Integrated Products, Inc.

3,245,404

104,210

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

MediaTek, Inc.

730,000

$ 6,764

National Semiconductor Corp.

628,700

14,994

O2Micro International Ltd. sponsored ADR (a)

700,000

5,383

Omnivision Technologies, Inc. (a)

1,000,000

21,120

Renewable Energy Corp. AS

13,000,000

185,896

Samsung Electronics Co. Ltd.

963,711

612,541

SiRF Technology Holdings, Inc. (a)

1,000,000

32,220

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

11,426,423

104,895

Teradyne, Inc. (a)(d)(e)

19,805,264

275,887

Texas Instruments, Inc.

4,697,700

142,293

2,809,144

Software - 2.5%

Autodesk, Inc. (a)

4,500,000

155,070

BEA Systems, Inc. (a)(e)

25,575,053

334,777

Citrix Systems, Inc. (a)

1,440,000

57,802

FileNET Corp. (a)

550,000

14,812

Mercury Interactive Corp. (a)

1,000,000

34,970

NAVTEQ Corp. (a)

1,200,000

53,616

Oracle Corp. (a)

25,395,000

367,974

SAP AG sponsored ADR

1,450,000

76,154

Trend Micro, Inc.

2,500,000

84,335

1,179,510

TOTAL INFORMATION TECHNOLOGY

11,996,638

MATERIALS - 2.2%

Chemicals - 0.7%

Monsanto Co.

2,800,000

235,732

Praxair, Inc.

1,000,000

54,000

Tokuyama Corp.

1,700,400

25,263

314,995

Metals & Mining - 1.1%

Alcoa, Inc.

3,600,000

116,496

Allegheny Technologies, Inc.

1,500,000

103,860

Falconbridge Ltd.

1,500,000

79,011

Mittal Steel Co. NV Class A (NY Shares) (d)

6,000,000

183,060

Toho Titanium Co. Ltd. (d)

600,000

32,406

514,833

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Paper & Forest Products - 0.4%

International Paper Co.

173,111

$ 5,591

Weyerhaeuser Co.

3,358,800

209,085

214,676

TOTAL MATERIALS

1,044,504

TELECOMMUNICATION SERVICES - 2.0%

Diversified Telecommunication Services - 0.7%

AT&T, Inc.

10,000,000

278,900

Embarq Corp. (a)

333,051

13,652

Vonage Holdings Corp.

693,070

5,953

298,505

Wireless Telecommunication Services - 1.3%

American Tower Corp. Class A (a)

5,500,000

171,160

Bharti Airtel Ltd. (a)

6,500,000

56,019

NII Holdings, Inc. (a)

4,519,100

254,787

Sprint Nextel Corp.

6,661,020

133,154

615,120

TOTAL TELECOMMUNICATION SERVICES

913,625

UTILITIES - 0.8%

Electric Utilities - 0.7%

Exelon Corp.

5,000,000

284,150

PPL Corp.

500,000

16,150

300,300

Multi-Utilities - 0.1%

Public Service Enterprise Group, Inc.

1,000,000

66,120

TOTAL UTILITIES

366,420

TOTAL COMMON STOCKS

(Cost $36,301,001)

46,067,477

U.S. Treasury Obligations - 0.0%

Principal Amount (000s)

Value
(000s)

U.S. Treasury Bills, yield at date of purchase 4.74% 7/27/06 (f)
(Cost $4,484)

$ 4,500

$ 4,487

Money Market Funds - 2.3%

Shares

Fidelity Cash Central Fund, 5.11% (b)

586,211,462

586,211

Fidelity Securities Lending Cash Central Fund, 5.14% (b)(c)

506,889,895

506,890

TOTAL MONEY MARKET FUNDS

(Cost $1,093,101)

1,093,101

Cash Equivalents - 0.3%

Maturity Amount (000s)

Investments in repurchase agreements (Collateralized by U.S. Government Obligations, in a joint trading account at 5.32%, dated 6/30/06 due 7/3/06)

$ 61,027

61,000

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 4.51%, dated 6/30/06 due 7/3/06)

57,757

57,735

TOTAL CASH EQUIVALENTS

(Cost $118,735)

118,735

TOTAL INVESTMENT PORTFOLIO - 101.6%

(Cost $37,517,321)

47,283,800

NET OTHER ASSETS - (1.6)%

(743,191)

NET ASSETS - 100%

$ 46,540,609

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

260 S&P 500 Index Contracts

Sept. 2006

$ 83,161

$ 183

The face value of futures purchased as a percentage of net assets - 0.2%

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $4,487,000.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $133,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Trivest 1992 Special Fund Ltd.

7/2/92

$ 0

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 5,610

Fidelity Securities Lending Cash Central Fund

6,295

Total

$ 11,905

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Arch Coal, Inc.

$ 313,349

$ 20,189

$ -

$ 519

$ 366,608

Bankrate, Inc.

34,848

-

-

-

-

BEA Systems, Inc.

335,800

-

-

-

334,777

Greatbatch, Inc.

47,424

-

-

-

51,082

KLA-Tencor Corp.

812,448

-

338,466

2,016

-

Monster Worldwide, Inc.

460,490

16,101

204,871

-

-

OSI Pharmaceuticals, Inc.

102,685

-

-

-

105,436

Peabody Energy Corp.

900,766

222,177

-

1,072

1,200,788

Rackable Systems, Inc.

70,002

-

-

-

-

TALX Corp.

82,207

-

-

115

63,127

Teradyne, Inc.

297,809

9,535

-

-

275,887

United Natural Foods, Inc.

144,898

-

-

-

136,818

Wynn Resorts Ltd.

422,675

-

-

-

403,150

TOTAL

$ 4,025,401

$ 268,002

$ 543,337

$ 3,722

$ 2,937,673

Income Tax Information

At June 30, 2006, the aggregate cost of investment securities for income tax purposes was $37,531,215,000. Net unrealized appreciation aggregated $9,752,585,000, of which $11,254,641,000 related to appreciated investment securities and $1,502,056,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

August 28, 2006

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

August 28, 2006

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

August 28, 2006