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, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Magellan® Fund -
Magellan
Class K

June 30, 2011 

1.803299.107

MAG-QTLY-0811

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.0%

Auto Components - 0.4%

BorgWarner, Inc. (a)

1,000,000

$ 80,790

Distributors - 0.0%

Indiabulls Wholesale Services Ltd.

2,475,000

577

Diversified Consumer Services - 0.0%

Ascent Media Corp. (a)

144,656

7,662

Hotels, Restaurants & Leisure - 2.6%

Arcos Dorados Holdings, Inc.

1,000,000

21,090

China Lodging Group Ltd. ADR (a)(d)

500,000

8,900

Ctrip.com International Ltd. sponsored ADR (a)

500,000

21,540

Las Vegas Sands Corp. (a)

1,000,000

42,210

Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)

274,700

3,508

Starbucks Corp.

9,562,616

377,628

Yum! Brands, Inc.

800,000

44,192

 

519,068

Household Durables - 5.1%

Beazer Homes USA, Inc. (a)(d)

2,231,800

7,566

D.R. Horton, Inc. (e)

15,988,899

184,192

KB Home (d)(e)

4,088,000

39,981

Lennar Corp. Class A (d)

13,380,585

242,858

M.D.C. Holdings, Inc. (d)

2,226,202

54,854

PulteGroup, Inc. (a)

18,708,638

143,308

Ryland Group, Inc.

1,896,860

31,355

Toll Brothers, Inc. (a)(e)

12,853,054

266,572

Tupperware Brands Corp.

1,000,000

67,450

 

1,038,136

Leisure Equipment & Products - 0.4%

Brunswick Corp.

3,503,353

71,468

Media - 1.9%

Cinemark Holdings, Inc.

238,900

4,948

Comcast Corp. Class A (special) (non-vtg.)

4,000,000

96,920

Informa PLC

5,000,000

34,674

Sun TV Ltd.

504,521

3,924

Time Warner Cable, Inc.

750,000

58,530

Viacom, Inc. Class B (non-vtg.)

1,500,000

76,500

Virgin Media, Inc.

3,926,623

117,524

 

393,020

Multiline Retail - 0.1%

Maoye International Holdings Ltd.

22,713,000

11,325

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - continued

Pantaloon Retail India Ltd.

194,608

$ 1,608

Pantaloon Retail India Ltd. Class B (a)

19,460

78

 

13,011

Specialty Retail - 0.6%

Belle International Holdings Ltd.

25,000,000

52,687

TJX Companies, Inc.

1,200,000

63,036

 

115,723

Textiles, Apparel & Luxury Goods - 1.9%

Arezzo Industria e Comercio SA

2,005,400

28,069

lululemon athletica, Inc. (a)(d)

674,500

75,423

Peak Sport Products Co. Ltd. (e)

127,209,000

89,419

Phillips-Van Heusen Corp.

590,384

38,652

Polo Ralph Lauren Corp. Class A

1,150,000

152,502

Vera Bradley, Inc.

23,500

898

 

384,963

TOTAL CONSUMER DISCRETIONARY

2,624,418

CONSUMER STAPLES - 3.0%

Food & Staples Retailing - 2.0%

CVS Caremark Corp.

2,341,972

88,011

Drogasil SA

1,500,000

10,233

United Natural Foods, Inc. (a)(e)

4,467,342

190,621

Wal-Mart de Mexico SA de CV Series V

10,000,000

29,628

Whole Foods Market, Inc.

500,000

31,725

Wumart Stores, Inc. (H Shares)

25,000,000

61,940

 

412,158

Food Products - 0.2%

Shenguan Holdings Group Ltd.

20,000,000

14,136

The J.M. Smucker Co.

500,000

38,220

 

52,356

Household Products - 0.5%

Procter & Gamble Co.

1,500,000

95,355

Personal Products - 0.3%

Estee Lauder Companies, Inc. Class A

500,000

52,595

TOTAL CONSUMER STAPLES

612,464

Common Stocks - continued

Shares

Value (000s)

ENERGY - 13.6%

Energy Equipment & Services - 6.2%

Baker Hughes, Inc.

1,300,000

$ 94,328

Ensco International Ltd. ADR

6,500,000

346,450

Halliburton Co.

7,300,000

372,300

Noble Corp.

1,500,000

59,115

Schlumberger Ltd.

3,452,462

298,293

Transocean Ltd. (United States)

761,302

49,150

Weatherford International Ltd. (a)

2,000,000

37,500

 

1,257,136

Oil, Gas & Consumable Fuels - 7.4%

Alpha Natural Resources, Inc. (a)(d)

5,436,270

247,024

Anadarko Petroleum Corp.

1,300,000

99,788

Chevron Corp.

1,700,000

174,828

Denbury Resources, Inc. (a)

9,500,000

190,000

Enterprise Products Partners LP

700,000

30,247

Occidental Petroleum Corp.

6,415,300

667,448

Westernzagros Resources Ltd. (a)

1,000,000

643

Williams Companies, Inc.

2,500,000

75,625

 

1,485,603

TOTAL ENERGY

2,742,739

FINANCIALS - 12.2%

Capital Markets - 1.9%

Charles Schwab Corp.

7,547,000

124,148

Evercore Partners, Inc. Class A

87,600

2,919

Franklin Resources, Inc.

310,800

40,805

Invesco Ltd.

7,000,000

163,800

Merriman Holdings, Inc. (a)

15,012

39

TD Ameritrade Holding Corp.

3,000,000

58,530

 

390,241

Commercial Banks - 2.3%

Agricultural Bank China Ltd. (H Shares)

200,000,000

105,118

Aozora Bank Ltd.

30,100,000

69,756

China Merchants Bank Co. Ltd. (H Shares)

20,000,000

48,318

CIT Group, Inc. (a)

376,559

16,667

Lloyds Banking Group PLC (a)

10,000,000

7,858

Mitsubishi UFJ Financial Group, Inc. sponsored ADR

600,000

2,898

SVB Financial Group (a)

1,741,010

103,956

Wells Fargo & Co.

3,917,204

109,917

 

464,488

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - 2.1%

CME Group, Inc.

370,200

$ 107,947

JPMorgan Chase & Co.

1,066,600

43,667

ORIX Corp.

2,761,600

268,559

 

420,173

Insurance - 0.7%

Berkshire Hathaway, Inc. Class B (a)

835,500

64,659

Endurance Specialty Holdings Ltd.

555,800

22,971

Ping An Insurance Group Co. China Ltd. (H Shares)

5,000,000

51,627

 

139,257

Real Estate Investment Trusts - 2.6%

Boston Properties, Inc.

1,200,000

127,392

CBL & Associates Properties, Inc.

5,513,363

99,957

Kimco Realty Corp.

679,800

12,671

Mori Hills REIT Investment Corp.

5,000

18,291

Prologis, Inc.

842,133

30,182

Simon Property Group, Inc.

1,000,000

116,230

Terreno Realty Corp. (e)

900,000

15,309

Weyerhaeuser Co.

4,677,136

102,242

 

522,274

Real Estate Management & Development - 2.5%

Agre Developers Ltd.

10,703

11

CB Richard Ellis Group, Inc. Class A (a)

2,699,300

67,779

China Resources Land Ltd.

10,000,000

18,094

Iguatemi Empresa de Shopping Centers SA

2,189,500

53,787

Indiabulls Real Estate Ltd. (a)

19,800,000

49,933

PT Ciputra Development Tbk

18,384,000

922

PT Lippo Karawaci Tbk (e)

1,357,862,125

102,911

Rialto Real Estate Fund LP (e)(g)(h)

500,000

40,512

The St. Joe Co. (a)(d)(e)

8,283,067

172,619

 

506,568

Thrifts & Mortgage Finance - 0.1%

BankUnited, Inc. (d)

753,800

20,006

TOTAL FINANCIALS

2,463,007

HEALTH CARE - 14.8%

Biotechnology - 1.6%

Acorda Therapeutics, Inc. (a)

750,000

24,233

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

AMAG Pharmaceuticals, Inc. (a)

178,893

$ 3,363

Amarin Corp. PLC ADR (a)

1,000,000

14,470

Amgen, Inc. (a)

1,503,100

87,706

BioMarin Pharmaceutical, Inc. (a)

2,000,000

54,420

Clinical Data, Inc. rights 4/4/18 (a)

988,714

0

Incyte Corp. (a)(d)

1,500,000

28,410

Protalix BioTherapeutics, Inc. (a)(d)

1,000,000

6,260

United Therapeutics Corp. (a)

1,478,560

81,469

Vertex Pharmaceuticals, Inc. (a)

500,000

25,995

 

326,326

Health Care Equipment & Supplies - 3.3%

C. R. Bard, Inc.

1,844,011

202,583

Covidien PLC

3,000,000

159,690

Edwards Lifesciences Corp. (a)

660,000

57,539

Greatbatch, Inc. (a)(e)

2,318,300

62,177

HeartWare International, Inc. (a)

119,900

8,882

Integra LifeSciences Holdings Corp. (a)(e)

1,500,000

71,715

Sirona Dental Systems, Inc. (a)

1,500,000

79,650

Volcano Corp. (a)

400,000

12,916

 

655,152

Health Care Providers & Services - 7.8%

Brookdale Senior Living, Inc. (a)(e)

10,759,100

260,908

Emeritus Corp. (a)

1,101,160

23,400

Express Scripts, Inc. (a)

5,612,600

302,968

HealthSouth Corp. (a)

1,000,000

26,250

Henry Schein, Inc. (a)

1,403,653

100,488

McKesson Corp.

1,500,000

125,475

Medco Health Solutions, Inc. (a)

13,150,100

743,240

 

1,582,729

Life Sciences Tools & Services - 0.4%

QIAGEN NV (a)

1,700,000

32,334

Thermo Fisher Scientific, Inc. (a)

700,000

45,073

 

77,407

Pharmaceuticals - 1.7%

Auxilium Pharmaceuticals, Inc. (a)

400,000

7,840

Cardiome Pharma Corp. (a)

2,500,000

10,991

Elan Corp. PLC sponsored ADR (a)

5,000,000

56,850

Novo Nordisk A/S Series B sponsored ADR

500,000

62,640

Perrigo Co.

600,000

52,722

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Shire PLC sponsored ADR

300,000

$ 28,263

Valeant Pharmaceuticals International, Inc. (Canada)

2,390,450

124,306

XenoPort, Inc. (a)

254,100

1,809

 

345,421

TOTAL HEALTH CARE

2,987,035

INDUSTRIALS - 9.0%

Aerospace & Defense - 1.5%

BE Aerospace, Inc. (a)

1,000,000

40,810

DigitalGlobe, Inc. (a)

500,000

12,705

Raytheon Co.

904,836

45,106

Textron, Inc.

500,000

11,805

TransDigm Group, Inc. (a)

250,000

22,798

United Technologies Corp.

2,000,000

177,020

 

310,244

Airlines - 0.3%

JetBlue Airways Corp. (a)(d)

8,829,552

53,860

Building Products - 0.8%

Masco Corp.

7,100,000

85,413

Owens Corning (a)

1,813,952

67,751

 

153,164

Commercial Services & Supplies - 1.0%

Clean Harbors, Inc. (a)

400,000

41,300

Republic Services, Inc.

4,000,000

123,400

Stericycle, Inc. (a)

350,000

31,192

 

195,892

Construction & Engineering - 1.2%

Fluor Corp.

1,806,146

116,785

MYR Group, Inc. (a)(e)

1,037,100

24,268

Orascom Construction Industries SAE GDR

1,000,000

45,950

Shaw Group, Inc. (a)

1,480,000

44,711

SNC-Lavalin Group, Inc.

300,000

18,316

 

250,030

Electrical Equipment - 1.4%

Acuity Brands, Inc.

566,577

31,604

AMETEK, Inc.

750,000

33,675

Emerson Electric Co.

1,700,000

95,625

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Electrical Equipment - continued

EnerSys (a)(e)

2,696,300

$ 92,807

Regal-Beloit Corp.

451,522

30,148

 

283,859

Machinery - 2.3%

Cummins, Inc.

1,100,000

113,839

Danaher Corp.

6,000,000

317,940

NACCO Industries, Inc. Class A

262,001

25,367

 

457,146

Professional Services - 0.3%

Robert Half International, Inc.

624,900

16,891

Towers Watson & Co.

600,000

39,426

 

56,317

Road & Rail - 0.2%

Localiza Rent A Car SA

2,500,000

44,680

Trading Companies & Distributors - 0.0%

Essex Rental Corp. (a)(d)

266,666

1,757

Transportation Infrastructure - 0.0%

The Sumitomo Warehouse Co. Ltd.

1,000,000

4,530

TOTAL INDUSTRIALS

1,811,479

INFORMATION TECHNOLOGY - 23.1%

Communications Equipment - 1.2%

HTC Corp.

2,100,000

70,441

Juniper Networks, Inc. (a)

5,329,710

167,886

 

238,327

Computers & Peripherals - 3.7%

Apple, Inc. (a)

2,156,200

723,772

Seagate Technology

2,000,000

32,320

 

756,092

Electronic Equipment & Components - 4.8%

Amphenol Corp. Class A

4,736,900

255,745

Corning, Inc.

32,455,622

589,070

Foxconn International Holdings Ltd. (a)

5,000,000

2,197

Hirose Electric Co. Ltd.

200,000

20,497

Ingram Micro, Inc. Class A (a)

1,577,600

28,618

Samsung SDI Co. Ltd.

500,000

76,617

 

972,744

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 4.3%

Active Network, Inc.

600,000

$ 10,560

AOL, Inc. (a)

2,000,000

39,720

eAccess Ltd. (d)(e)

240,000

107,547

eBay, Inc. (a)

5,000,000

161,350

Google, Inc. Class A (a)

701,000

354,972

GREE, Inc. (d)

9,000,000

196,698

Mail.ru Group Ltd. GDR (a)(f)

40,300

1,339

Renren, Inc. ADR (d)

150,700

1,334

 

873,520

IT Services - 2.9%

Accenture PLC Class A

3,500,000

211,470

Cognizant Technology Solutions Corp. Class A (a)

3,318,596

243,386

Fidelity National Information Services, Inc.

1,998,800

61,543

Fiserv, Inc. (a)

1,000,000

62,630

Unisys Corp. (a)

496,310

12,755

 

591,784

Semiconductors & Semiconductor Equipment - 4.9%

Applied Materials, Inc.

43,718,916

568,783

ASML Holding NV

3,792,501

140,171

Avago Technologies Ltd.

1,000,000

38,000

Himax Technologies, Inc. sponsored ADR

4,000,000

8,800

Marvell Technology Group Ltd. (a)

3,500,000

51,678

NVIDIA Corp. (a)

1,996,318

31,811

PMC-Sierra, Inc. (a)

2,017,535

15,273

Samsung Electronics Co. Ltd.

165,233

127,912

 

982,428

Software - 1.3%

Autodesk, Inc. (a)

2,000,000

77,200

BMC Software, Inc. (a)

3,000,000

164,100

Changyou.com Ltd. (A Shares) ADR (a)(d)

357,300

15,732

Longtop Financial Technologies Ltd. ADR (a)

29,200

55

 

257,087

TOTAL INFORMATION TECHNOLOGY

4,671,982

MATERIALS - 8.1%

Chemicals - 2.4%

Arkema SA

200,000

20,591

Celanese Corp. Class A

1,000,000

53,310

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

CF Industries Holdings, Inc.

300,000

$ 42,501

Ecolab, Inc.

2,000,000

112,760

Huabao International Holdings Ltd.

10,000,000

9,098

Minerals Technologies, Inc.

500,000

33,145

Praxair, Inc.

1,000,000

108,390

Symrise AG

2,000,000

63,755

Valspar Corp.

1,000,000

36,060

 

479,610

Construction Materials - 0.4%

Eagle Materials, Inc. (e)

2,703,891

75,357

Metals & Mining - 5.3%

Barrick Gold Corp.

1,000,000

45,406

Centamin Egypt Ltd. (United Kingdom) (a)

10,000,000

20,222

Eldorado Gold Corp.

5,029,586

74,213

Goldcorp, Inc.

9,900,000

478,883

Harry Winston Diamond Corp. (a)

3,400,000

56,479

Newcrest Mining Ltd.

7,988,549

323,089

Reliance Steel & Aluminum Co.

549,300

27,273

Royal Gold, Inc.

500,000

29,285

Silver Wheaton Corp.

500,000

16,502

United States Steel Corp.

250,000

11,510

 

1,082,862

TOTAL MATERIALS

1,637,829

TELECOMMUNICATION SERVICES - 0.8%

Diversified Telecommunication Services - 0.6%

CenturyLink, Inc.

956,279

38,662

Iliad SA

200,000

26,839

Level 3 Communications, Inc. (a)(d)

1,331,971

3,250

Telenor ASA

3,000,000

49,134

 

117,885

Wireless Telecommunication Services - 0.2%

Sprint Nextel Corp. (a)

8,000,000

43,120

TOTAL TELECOMMUNICATION SERVICES

161,005

UTILITIES - 0.4%

Electric Utilities - 0.3%

PPL Corp.

1,979,800

55,098

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Independent Power Producers & Energy Traders - 0.0%

Indiabulls Power Ltd. (a)

1,796,532

$ 727

Multi-Utilities - 0.1%

Sempra Energy

300,000

15,864

TOTAL UTILITIES

71,689

TOTAL COMMON STOCKS

(Cost $16,495,297)

19,783,647

Nonconvertible Preferred Stocks - 0.2%

 

 

 

 

CONSUMER DISCRETIONARY - 0.2%

Automobiles - 0.2%

Volkswagen AG

(Cost $35,862)

200,000

41,290

Convertible Bonds - 0.2%

 

Principal Amount (000s)

 

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.2%

Level 3 Communications, Inc. 7% 3/15/15

(Cost $25,000)

$ 25,000

39,658

Money Market Funds - 2.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.11% (b)

196,191,812

$ 196,192

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)

275,165,206

275,165

TOTAL MONEY MARKET FUNDS

(Cost $471,357)

471,357

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $17,027,516)

20,335,952

NET OTHER ASSETS (LIABILITIES) - (0.7)%

(135,280)

NET ASSETS - 100%

$ 20,200,672

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) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,339,000 or 0.0% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $40,512,000 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Rialto Real Estate Fund LP

2/24/11 - 6/22/11

$ 41,200

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

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

$ 39

Fidelity Securities Lending Cash Central Fund

4,881

Total

$ 4,920

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Applied Materials, Inc.

$ 1,033,881

$ -

$ 317,787

$ 4,218

$ -

Brookdale Senior Living, Inc.

301,255

-

-

-

260,908

D.R. Horton, Inc.

186,271

-

-

600

184,192

eAccess Ltd.

87,922

37,724

-

552

107,547

Eagle Materials, Inc.

81,820

-

-

270

75,357

EnerSys

107,178

-

-

-

92,807

Equifax, Inc.

290,802

-

262,158

1,038

-

Greatbatch, Inc.

61,342

-

-

-

62,177

Integra LifeSciences Holdings Corp.

71,130

-

-

-

71,715

KB Home

50,855

-

-

256

39,981

MYR Group, Inc.

24,807

-

-

-

24,268

Peak Sport Products Co. Ltd.

40,201

52,998

-

1,637

89,419

PT Lippo Karawaci Tbk

86,026

10,081

-

-

102,911

Rialto Real Estate Fund LP

19,805

-

-

44

40,512

Terreno Realty Corp.

17,230

-

1,640

100

15,309

The St. Joe Co.

171,830

37,067

-

-

172,619

Toll Brothers, Inc.

254,105

-

-

-

266,572

United Natural Foods, Inc.

200,226

-

-

-

190,621

Total

$ 3,086,686

$ 137,870

$ 581,585

$ 8,715

$ 1,796,915

Other Information

The following is a summary of the inputs used, as of June 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 2,665,708

$ 2,663,523

$ 1,608

$ 577

Consumer Staples

612,464

612,464

-

-

Energy

2,742,739

2,742,739

-

-

Financials*

2,463,007

2,058,031

364,464

40,512

Health Care

2,987,035

2,987,035

-

-

Industrials

1,811,479

1,806,949

4,530

-

Information Technology

4,671,982

4,347,185

324,742

55

Materials

1,637,829

1,637,829

-

-

Telecommunication Services

161,005

161,005

-

-

Utilities

71,689

71,689

-

-

Corporate Bonds

39,658

-

39,658

-

Money Market Funds

471,357

471,357

-

-

Total Investments in Securities:

$ 20,335,952

$ 19,559,806

$ 735,002

$ 41,144

* The Fund has an unfunded commitment of $8,799 outstanding as of period end.

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

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 19,805

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(832)

Cost of Purchases

21,254

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

917

Transfers out of Level 3

-

Ending Balance

$ 41,144

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2011

$ (832)

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

Income Tax Information

At June 30, 2011, the cost of investment securities for income tax purposes was $17,027,516,000. Net unrealized appreciation aggregated $3,308,436,000, of which $4,563,692,000 related to appreciated investment securities and $1,255,256,000 related to depreciated investment securities.

Investment Valuation

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer 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 matrices which consider similar factors that would be used by independent pricing services. 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, 2011

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, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

August 29, 2011