N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1193

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

March 31

 

 

Date of reporting period:

December 31, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Magellan® Fund -
Magellan
Class K

December 31, 2009 

1.811314.105

MAG-QTLY-0210

Investments December 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.1%

Auto Components - 0.2%

BorgWarner, Inc.

1,000,000

$ 33,220

Johnson Controls, Inc.

1,000,000

27,240

 

60,460

Diversified Consumer Services - 0.1%

Strayer Education, Inc.

100,000

21,249

Hotels, Restaurants & Leisure - 1.3%

Burger King Holdings, Inc.

500,000

9,410

Ctrip.com International Ltd. sponsored ADR (a)

25,108

1,804

Darden Restaurants, Inc.

1,500,000

52,605

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

274,700

926

Starbucks Corp. (a)

10,562,616

243,574

 

308,319

Household Durables - 3.5%

D.R. Horton, Inc.

14,308,592

155,534

KB Home (c)

4,088,000

55,924

Lennar Corp. Class A

13,380,585

170,870

M.D.C. Holdings, Inc.

2,000,000

62,080

Pulte Homes, Inc.

14,753,636

147,536

Ryland Group, Inc.

1,896,860

37,368

Toll Brothers, Inc. (a)(d)

12,853,054

241,766

 

871,078

Internet & Catalog Retail - 0.1%

B2W Companhia Global Do Varejo

1,000,000

27,022

Leisure Equipment & Products - 0.0%

Brunswick Corp.

621,943

7,905

Media - 1.0%

Ascent Media Corp. (a)

144,656

3,693

Cinemark Holdings, Inc.

238,900

3,433

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

4,000,000

64,040

Informa PLC

5,000,000

25,858

Time Warner Cable, Inc.

2,000,000

82,780

Virgin Media, Inc.

4,500,000

75,735

 

255,539

Multiline Retail - 0.0%

Pantaloon Retail India Ltd.

194,608

1,677

Pantaloon Retail India Ltd. Class B

19,460

121

 

1,798

Specialty Retail - 4.0%

Staples, Inc. (d)

40,090,255

985,819

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 0.9%

Lululemon Athletica, Inc. (a)

674,500

$ 20,302

NIKE, Inc. Class B

1,597,000

105,514

Polo Ralph Lauren Corp. Class A

1,150,000

93,127

 

218,943

TOTAL CONSUMER DISCRETIONARY

2,758,132

CONSUMER STAPLES - 2.8%

Food & Staples Retailing - 1.2%

CVS Caremark Corp.

4,341,972

139,855

United Natural Foods, Inc. (a)(d)

4,143,500

110,797

Wumart Stores, Inc. (H Shares)

25,000,000

39,404

 

290,056

Food Products - 1.0%

Cosan Ltd. Class A (a)

3,181,700

27,681

Cosan SA Industria e Comercio (a)

3,000,000

43,528

Dole Food Co., Inc. (d)

5,845,288

72,540

General Mills, Inc.

1,000,000

70,810

McCormick & Co., Inc. (non-vtg.)

500,000

18,065

Ralcorp Holdings, Inc. (a)

400,000

23,884

 

256,508

Household Products - 0.6%

Energizer Holdings, Inc. (a)

2,247,700

137,739

Personal Products - 0.0%

Bare Escentuals, Inc. (a)

76,400

934

TOTAL CONSUMER STAPLES

685,237

ENERGY - 9.7%

Energy Equipment & Services - 2.9%

Atwood Oceanics, Inc. (a)

1,000,000

35,850

Ensco International Ltd. ADR

1,500,000

59,910

Lufkin Industries, Inc.

500,000

36,600

Nabors Industries Ltd. (a)

1,000,000

21,890

Noble Corp.

3,000,000

122,100

Pride International, Inc. (a)

1,500,000

47,865

Schlumberger Ltd.

3,214,517

209,233

Seahawk Drilling, Inc. (a)

33,333

751

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Smith International, Inc.

557,200

$ 15,139

Transocean Ltd. (a)

2,000,000

165,600

 

714,938

Oil, Gas & Consumable Fuels - 6.8%

Arena Resources, Inc. (a)

500,000

21,560

Chesapeake Energy Corp.

15,000,000

388,200

Clean Energy Fuels Corp. (a)(c)

2,600,000

40,066

CONSOL Energy, Inc.

2,000,000

99,600

Denbury Resources, Inc. (a)

9,500,000

140,600

Energy Transfer Equity LP

1,000,000

30,580

Enterprise Products Partners LP

700,000

21,987

EOG Resources, Inc.

727,200

70,757

Marathon Oil Corp.

2,262,188

70,626

OAO Gazprom sponsored ADR

2,000,000

50,100

Occidental Petroleum Corp.

4,915,300

399,860

Plains Exploration & Production Co. (a)

4,906,386

135,711

Reliance Industries Ltd.

3,000,000

70,495

Southwestern Energy Co. (a)

3,000,000

144,600

Westernzagros Resources Ltd. (a)

1,000,000

733

 

1,685,475

TOTAL ENERGY

2,400,413

FINANCIALS - 14.1%

Capital Markets - 4.1%

Charles Schwab Corp.

10,547,000

198,495

Evercore Partners, Inc. Class A

87,600

2,663

Franklin Resources, Inc.

2,110,800

222,373

Goldman Sachs Group, Inc.

1,285,500

217,044

Merriman Curhan Ford Group, Inc. (a)

105,086

92

Morgan Stanley

5,953,500

176,224

Nomura Holdings, Inc.

7,295,700

54,282

Northern Trust Corp.

341,352

17,887

T. Rowe Price Group, Inc.

2,500,000

133,125

 

1,022,185

Commercial Banks - 1.7%

CapitalSource, Inc.

5,000,000

19,850

Lloyds TSB Group PLC

10,000,000

8,192

Mitsubishi UFJ Financial Group, Inc. sponsored ADR

600,000

2,952

PNC Financial Services Group, Inc.

500,000

26,395

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

Sumitomo Mitsui Financial Group, Inc.

650,000

$ 18,661

SVB Financial Group (a)

1,741,010

72,583

Wells Fargo & Co.

10,303,704

278,097

 

426,730

Consumer Finance - 0.5%

American Express Co.

1,000,000

40,520

ORIX Corp.

1,161,600

79,125

 

119,645

Diversified Financial Services - 2.9%

Bank of America Corp.

10,523,704

158,487

CIT Group, Inc. rights 2/10/10 (a)

338,400

54

Citigroup, Inc.

54,012,000

178,780

CME Group, Inc.

200,000

67,190

JPMorgan Chase & Co.

7,506,300

312,788

 

717,299

Insurance - 3.3%

ACE Ltd.

3,869,909

195,043

Aon Corp.

800,000

30,672

Berkshire Hathaway, Inc. Class A (a)

557

55,254

China Life Insurance Co. Ltd. (H Shares)

76,231,000

373,005

Endurance Specialty Holdings Ltd.

555,800

20,692

Everest Re Group Ltd.

700,000

59,976

MetLife, Inc.

1,731,857

61,221

Reinsurance Group of America, Inc.

339,549

16,180

 

812,043

Real Estate Investment Trusts - 0.6%

CBL & Associates Properties, Inc.

5,513,363

53,314

Developers Diversified Realty Corp.

5,153,366

47,720

Kimco Realty Corp.

679,800

9,198

Vornado Realty Trust

530,114

37,076

 

147,308

Real Estate Management & Development - 1.0%

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

4,199,300

56,985

China Resources Land Ltd.

10,000,000

22,509

Henderson Land Development Co. Ltd.

4,000,000

29,890

Iguatemi Empresa de Shopping Centers SA

2,189,500

40,825

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - continued

Indiabulls Real Estate Ltd. (a)

7,800,000

$ 38,269

The St. Joe Co. (a)(c)

2,000,000

57,780

 

246,258

TOTAL FINANCIALS

3,491,468

HEALTH CARE - 12.0%

Biotechnology - 1.7%

Amgen, Inc. (a)

2,000,000

113,140

Cephalon, Inc. (a)

778,730

48,601

Genzyme Corp. (a)

1,500,000

73,515

Gilead Sciences, Inc. (a)

2,000,000

86,560

OSI Pharmaceuticals, Inc. (a)

698,900

21,687

Protalix BioTherapeutics, Inc. (a)(c)

1,000,000

6,620

United Therapeutics Corp. (a)

1,467,550

77,267

 

427,390

Health Care Equipment & Supplies - 2.4%

Beckman Coulter, Inc.

500,000

32,720

C. R. Bard, Inc.

2,069,300

161,198

Covidien PLC

5,000,000

239,450

ev3, Inc. (a)

2,105,300

28,085

Greatbatch, Inc. (a)(d)

2,318,300

44,581

Integra LifeSciences Holdings Corp. (a)(d)

1,500,000

55,170

Thoratec Corp. (a)

1,500,000

40,380

 

601,584

Health Care Providers & Services - 5.1%

Brookdale Senior Living, Inc. (a)(d)

10,383,900

188,883

Emeritus Corp. (a)

1,000,000

18,750

Express Scripts, Inc. (a)

2,806,300

242,605

Henry Schein, Inc. (a)

1,903,653

100,132

LHC Group, Inc. (a)

500,000

16,805

Medco Health Solutions, Inc. (a)

10,650,100

680,648

 

1,247,823

Life Sciences Tools & Services - 0.3%

Affymetrix, Inc. (a)

28,700

168

Illumina, Inc. (a)

1,400,000

42,910

Life Technologies Corp. (a)

500,000

26,115

 

69,193

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - 2.5%

Allergan, Inc.

2,575,984

$ 162,313

Cadence Pharmaceuticals, Inc. (a)

1,000,000

9,670

Medicis Pharmaceutical Corp. Class A

2,000,000

54,100

Pfizer, Inc.

8,000,000

145,520

Teva Pharmaceutical Industries Ltd. sponsored ADR

4,500,000

252,810

 

624,413

TOTAL HEALTH CARE

2,970,403

INDUSTRIALS - 6.4%

Aerospace & Defense - 0.5%

BE Aerospace, Inc. (a)

1,000,000

23,500

Raytheon Co.

1,500,000

77,280

Raytheon Co. warrants 6/16/11 (a)

204,836

2,970

Stanley, Inc. (a)

500,000

13,705

TransDigm Group, Inc.

250,000

11,873

 

129,328

Air Freight & Logistics - 0.0%

Hub Group, Inc. Class A (a)

400,000

10,732

Airlines - 1.2%

Delta Air Lines, Inc. (a)

20,814,711

236,871

JetBlue Airways Corp. (a)

8,829,552

48,121

 

284,992

Building Products - 0.2%

Masco Corp.

4,100,000

56,621

Commercial Services & Supplies - 0.4%

Clean Harbors, Inc. (a)

200,000

11,922

Republic Services, Inc.

3,000,000

84,930

Stericycle, Inc. (a)

250,000

13,793

 

110,645

Construction & Engineering - 0.2%

Fluor Corp.

500,000

22,520

MYR Group, Inc. (a)(d)

1,037,100

18,751

 

41,271

Electrical Equipment - 0.6%

AMETEK, Inc.

500,000

19,120

China High Speed Transmission Equipment Group Co. Ltd.

10,000,000

24,279

First Solar, Inc. (a)(c)

400,000

54,160

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Electrical Equipment - continued

SunPower Corp.:

Class A (a)(c)

1,692,300

$ 40,074

Class B (a)

496,810

10,408

 

148,041

Machinery - 1.0%

Danaher Corp.

3,000,000

225,600

NACCO Industries, Inc. Class A

262,001

13,048

 

238,648

Professional Services - 2.1%

Equifax, Inc. (d)

8,485,262

262,110

Monster Worldwide, Inc. (a)(c)(d)

7,211,938

125,488

Robert Half International, Inc.

5,124,900

136,989

 

524,587

Road & Rail - 0.2%

Hertz Global Holdings, Inc. (a)(c)

2,000,000

23,840

Localiza Rent A Car SA

2,500,000

27,395

 

51,235

Trading Companies & Distributors - 0.0%

Essex Rental Corp. unit (a)

200,000

1,100

Transportation Infrastructure - 0.0%

The Sumitomo Warehouse Co. Ltd.

1,000,000

4,538

TOTAL INDUSTRIALS

1,601,738

INFORMATION TECHNOLOGY - 29.7%

Communications Equipment - 7.5%

Adtran, Inc.

2,000,000

45,100

BYD Electronic International Co. Ltd. (a)

35,982,000

29,306

Ciena Corp. (a)(c)

1,024,282

11,103

Cisco Systems, Inc. (a)

10,950,300

262,150

Juniper Networks, Inc. (a)

11,817,200

315,165

Nokia Corp. sponsored ADR (c)

77,418,200

994,824

QUALCOMM, Inc.

4,000,000

185,040

 

1,842,688

Computers & Peripherals - 2.7%

Apple, Inc. (a)

2,156,200

454,656

Dell, Inc. (a)

4,000,000

57,440

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

SanDisk Corp. (a)

434,827

$ 12,606

Seagate Technology

7,646,227

139,085

 

663,787

Electronic Equipment & Components - 7.1%

Amphenol Corp. Class A

4,736,900

218,750

Corning, Inc.

57,169,950

1,103,952

FLIR Systems, Inc. (a)

4,638,800

151,782

Foxconn International Holdings Ltd. (a)

5,000,000

5,756

Hon Hai Precision Industry Co. Ltd. (Foxconn)

47,610,000

225,474

Ingram Micro, Inc. Class A (a)

3,577,600

62,429

 

1,768,143

Internet Software & Services - 1.7%

Akamai Technologies, Inc. (a)

2,000,000

50,660

Google, Inc. Class A (a)

601,000

372,608

WebMD Health Corp. (a)(c)

95,700

3,683

 

426,951

IT Services - 2.0%

Accenture PLC Class A

3,000,000

124,500

CACI International, Inc. Class A (a)

500,000

24,425

Cognizant Technology Solutions Corp. Class A (a)

3,318,596

150,332

Fidelity National Information Services, Inc.

1,000,000

23,440

Lender Processing Services, Inc.

4,225,400

171,805

 

494,502

Semiconductors & Semiconductor Equipment - 8.4%

Applied Materials, Inc. (d)

81,454,187

1,135,463

ASML Holding NV (NY Shares)

6,345,201

216,308

Broadcom Corp. Class A (a)

2,000,000

62,900

Himax Technologies, Inc. sponsored ADR

4,000,000

11,080

KLA-Tencor Corp.

2,000,000

72,320

Lam Research Corp. (a)

499,200

19,574

MEMC Electronic Materials, Inc. (a)(d)

13,819,211

188,218

Micron Technology, Inc. (a)

2,989,000

31,564

O2Micro International Ltd. sponsored ADR (a)

700,000

3,661

PMC-Sierra, Inc. (a)

1,479,638

12,814

Samsung Electronics Co. Ltd.

265,233

181,739

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

7,034,998

80,480

Teradyne, Inc. (a)

6,529,691

70,064

 

2,086,185

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - 0.3%

Activision Blizzard, Inc. (a)

5,000,000

$ 55,550

Changyou.com Ltd. (A Shares) ADR (c)

357,300

11,866

Longtop Financial Technologies Ltd. ADR (a)

29,200

1,081

 

68,497

TOTAL INFORMATION TECHNOLOGY

7,350,753

MATERIALS - 10.2%

Chemicals - 2.1%

Air Products & Chemicals, Inc.

1,500,000

121,590

Dow Chemical Co.

2,995,500

82,766

Ecolab, Inc.

2,000,000

89,160

FMC Corp.

1,241,790

69,242

Givaudan SA

104,500

83,412

Minerals Technologies, Inc.

500,000

27,235

Symrise AG (c)

2,000,000

42,892

 

516,297

Construction Materials - 0.7%

Eagle Materials, Inc. (d)

3,800,000

98,990

Texas Industries, Inc. (c)

1,000,000

34,990

Vulcan Materials Co. (c)

1,000,000

52,670

 

186,650

Containers & Packaging - 0.1%

Owens-Illinois, Inc. (a)

1,000,000

32,870

Metals & Mining - 6.9%

Alcoa, Inc.

6,049,100

97,511

Barrick Gold Corp.

1,000,000

39,461

Eldorado Gold Corp. (a)

5,029,586

71,424

Goldcorp, Inc.

10,000,000

393,566

Lihir Gold Ltd.

25,666,295

75,620

Newcrest Mining Ltd.

7,927,240

251,572

Newmont Mining Corp.

9,852,800

466,136

Nucor Corp.

1,000,000

46,650

Randgold Resources Ltd. sponsored ADR (c)

3,236,966

256,109

 

1,698,049

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Paper & Forest Products - 0.4%

Louisiana-Pacific Corp. (a)

3,000,000

$ 20,940

Weyerhaeuser Co.

1,730,400

74,649

 

95,589

TOTAL MATERIALS

2,529,455

TELECOMMUNICATION SERVICES - 1.3%

Diversified Telecommunication Services - 0.2%

Atlantic Tele-Network, Inc.

600,000

33,006

CenturyTel, Inc.

456,279

16,522

FairPoint Communications, Inc.

109,213

4

Level 3 Communications, Inc. (a)

1,331,971

2,038

 

51,570

Wireless Telecommunication Services - 1.1%

America Movil SAB de CV Series L sponsored ADR

1,905,500

89,520

American Tower Corp. Class A (a)

2,000,000

86,420

Sprint Nextel Corp. (a)

28,000,000

102,480

 

278,420

TOTAL TELECOMMUNICATION SERVICES

329,990

UTILITIES - 1.8%

Electric Utilities - 1.5%

American Electric Power Co., Inc.

4,000,000

139,160

Entergy Corp.

1,400,000

114,576

FirstEnergy Corp.

2,500,000

116,125

 

369,861

Independent Power Producers & Energy Traders - 0.0%

Indiabulls Power Ltd.

1,796,532

1,347

Multi-Utilities - 0.3%

CenterPoint Energy, Inc.

2,000,000

29,020

Sempra Energy

700,000

39,186

 

68,206

TOTAL UTILITIES

439,414

TOTAL COMMON STOCKS

(Cost $22,726,711)

24,557,003

Convertible Preferred Stocks - 0.2%

Shares

Value (000s)

FINANCIALS - 0.2%

Diversified Financial Services - 0.1%

Bank of America Corp.

2,000,000

$ 29,840

Insurance - 0.1%

American International Group, Inc. Series A, 8.50%

2,666,700

30,214

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $230,003)

60,054

Convertible Bonds - 0.4%

 

Principal Amount (000s)

 

INDUSTRIALS - 0.1%

Electrical Equipment - 0.1%

SunPower Corp.:

1.25% 2/15/27

$ 9,980

8,608

4.75% 4/15/14

13,430

15,227

 

23,835

MATERIALS - 0.2%

Metals & Mining - 0.2%

Alcoa, Inc. 5.25% 3/15/14

13,750

35,819

TELECOMMUNICATION SERVICES - 0.1%

Diversified Telecommunication Services - 0.1%

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

25,000

28,438

TOTAL CONVERTIBLE BONDS

(Cost $68,098)

88,092

Money Market Funds - 3.0%

Shares

 

Fidelity Cash Central Fund, 0.16% (e)

94,393,694

94,394

Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)

637,175,074

637,175

TOTAL MONEY MARKET FUNDS

(Cost $731,569)

731,569

TOTAL INVESTMENT PORTFOLIO - 102.7%

(Cost $23,756,381)

25,436,718

NET OTHER ASSETS - (2.7)%

(660,826)

NET ASSETS - 100%

$ 24,775,892

Legend

(a) Non-income producing

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

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

(d) Affiliated company

(e) 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.

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

$ 588

Fidelity Securities Lending Cash Central Fund

8,922

Total

$ 9,510

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.

$ 729,974

$ 151,923

$ -

$ 14,093

$ 1,135,463

Brookdale Senior Living, Inc.

27,104

79,144

-

-

188,883

Corning, Inc.

1,432,992

92,285

924,929

11,533

-

Dole Food Co., Inc.

-

72,213

-

-

72,540

Eagle Materials, Inc.

48,500

48,039

-

960

98,990

Equifax, Inc.

207,465

-

-

1,018

262,110

Greatbatch, Inc.

42,216

2,872

-

-

44,581

Integra LifeSciences Holdings Corp.

37,095

-

-

-

55,170

KB Home

53,880

-

-

767

-

MEMC Electronic Materials, Inc.

186,832

44,721

-

-

188,218

Monster Worldwide, Inc.

72,958

3,228

28,081

-

125,488

MYR Group, Inc.

27,616

-

13,731

-

18,751

Seagate Technology

191,779

79,647

377,837

-

-

Staples, Inc.

726,035

-

-

9,922

985,819

Teradyne, Inc.

50,500

5,170

52,899

-

-

Toll Brothers, Inc.

206,434

32,612

5,064

-

241,766

United Natural Foods, Inc.

78,602

-

-

-

110,797

Total

$ 4,119,982

$ 611,854

$ 1,402,541

$ 38,293

$ 3,528,576

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at 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

$ 2,758,132

$ 2,756,455

$ 1,677

$ -

Consumer Staples

685,237

645,833

39,404

-

Energy

2,400,413

2,400,413

-

-

Financials

3,551,522

2,973,996

577,472

54

Health Care

2,970,403

2,970,403

-

-

Industrials

1,601,738

1,572,921

28,817

-

Information Technology

7,350,753

7,315,691

35,062

-

Materials

2,529,455

2,529,455

-

-

Telecommunication Services

329,990

329,990

-

-

Utilities

439,414

439,414

-

-

Corporate Bonds

88,092

-

88,092

-

Money Market Funds

731,569

731,569

-

-

Total Investments in Securities:

$ 25,436,718

$ 24,666,140

$ 770,524

$ 54

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

$ -

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(16,866)

Cost of Purchases

16,920

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in/out of Level 3

-

Ending Balance

$ 54

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2009

$ (16,866)

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 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At December 31, 2009, the cost of investment securities for income tax purposes was $23,894,767,000. Net unrealized appreciation aggregated $1,541,951,000, of which $4,180,090,000 related to appreciated investment securities and $2,638,139,000 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 significant market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and 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 categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security events arise, comparisons to the valuation of American Depository 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. For restricted 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 quotations 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.

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. 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 and are 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.

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:

March 1, 2010

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:

March 1, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

March 1, 2010