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)

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

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

Date of fiscal year end:

March 31

 

 

Date of reporting period:

June 30, 2015

Item 1. Schedule of Investments

Investments June 30, 2015 (Unaudited)

Quarterly Holdings Report

for

Fidelity ® Magellan® Fund

June 30, 2015 

1.803299.111

MAG-QTLY-0815

Investments June 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.7%

Automobiles - 0.4%

General Motors Co.

1,335,200

$ 44,502

Tesla Motors, Inc. (a)

100,300

26,906

 

71,408

Diversified Consumer Services - 1.4%

2U, Inc. (a)

745,265

23,990

LifeLock, Inc. (a)(d)

4,112,302

67,442

Service Corp. International

3,259,200

95,918

ServiceMaster Global Holdings, Inc.

994,400

35,967

 

223,317

Hotels, Restaurants & Leisure - 3.6%

Chipotle Mexican Grill, Inc. (a)

165,500

100,126

Domino's Pizza, Inc.

952,400

108,002

Hilton Worldwide Holdings, Inc. (a)

3,023,700

83,303

Las Vegas Sands Corp.

352,100

18,510

Papa John's International, Inc.

730,200

55,210

Starbucks Corp.

3,309,800

177,455

Wyndham Worldwide Corp.

709,400

58,107

 

600,713

Household Durables - 0.6%

GoPro, Inc. Class A (d)

1,299,700

68,520

Leggett & Platt, Inc.

510,100

24,832

 

93,352

Internet & Catalog Retail - 1.6%

Amazon.com, Inc. (a)

541,700

235,147

Groupon, Inc. Class A (a)

2,740,500

13,785

Netflix, Inc. (a)

25,200

16,555

 

265,487

Leisure Products - 0.3%

Polaris Industries, Inc.

283,500

41,989

Media - 1.8%

Lions Gate Entertainment Corp. (d)

890,600

32,997

Sirius XM Holdings, Inc. (a)

7,334,700

27,358

Starz Series A (a)

602,010

26,922

The Walt Disney Co.

1,870,300

213,476

 

300,753

Specialty Retail - 3.0%

Home Depot, Inc.

1,948,000

216,481

L Brands, Inc.

2,162,400

185,383

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Ross Stores, Inc.

824,000

$ 40,055

TJX Companies, Inc.

897,400

59,381

 

501,300

Textiles, Apparel & Luxury Goods - 2.0%

NIKE, Inc. Class B

1,335,100

144,218

VF Corp.

2,751,420

191,884

 

336,102

TOTAL CONSUMER DISCRETIONARY

2,434,421

CONSUMER STAPLES - 5.6%

Beverages - 1.1%

Anheuser-Busch InBev SA NV

472,460

56,856

Molson Coors Brewing Co. Class B

726,800

50,738

Monster Beverage Corp. (a)

491,000

65,804

 

173,398

Food & Staples Retailing - 2.4%

Costco Wholesale Corp.

631,400

85,277

CVS Health Corp.

1,849,372

193,962

Kroger Co.

1,666,000

120,802

 

400,041

Food Products - 1.7%

Keurig Green Mountain, Inc.

638,800

48,951

Mead Johnson Nutrition Co. Class A

649,900

58,634

Mondelez International, Inc.

4,414,700

181,621

 

289,206

Household Products - 0.1%

Energizer Holdings, Inc.

179,800

23,653

Personal Products - 0.3%

Herbalife Ltd. (a)

798,500

43,989

TOTAL CONSUMER STAPLES

930,287

ENERGY - 5.5%

Energy Equipment & Services - 2.2%

Cameron International Corp. (a)

1,283,200

67,201

Halliburton Co.

1,939,800

83,547

Schlumberger Ltd.

2,473,100

213,156

 

363,904

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - 3.3%

Anadarko Petroleum Corp.

786,600

$ 61,402

Cabot Oil & Gas Corp.

1,116,036

35,200

Chevron Corp.

1,069,000

103,126

Cimarex Energy Co.

228,100

25,162

EOG Resources, Inc.

802,500

70,259

Marathon Petroleum Corp.

1,290,800

67,522

Noble Energy, Inc.

661,000

28,211

PDC Energy, Inc. (a)

606,400

32,527

Phillips 66 Co.

797,400

64,239

Phillips 66 Partners LP

260,300

18,742

Suncor Energy, Inc.

1,472,900

40,567

 

546,957

TOTAL ENERGY

910,861

FINANCIALS - 19.4%

Banks - 8.9%

Bank of America Corp.

20,388,500

347,012

Citigroup, Inc.

5,903,416

326,105

JPMorgan Chase & Co.

6,042,098

409,413

Regions Financial Corp.

9,535,100

98,784

U.S. Bancorp

2,165,559

93,985

Wells Fargo & Co.

3,531,455

198,609

 

1,473,908

Capital Markets - 3.7%

BlackRock, Inc. Class A

585,900

202,710

Charles Schwab Corp.

1,535,468

50,133

Invesco Ltd.

1,303,000

48,849

KKR & Co. LP

1,597,669

36,507

Morgan Stanley

2,536,868

98,405

TD Ameritrade Holding Corp.

498,176

18,343

The Blackstone Group LP

4,048,200

165,450

 

620,397

Consumer Finance - 1.2%

Capital One Financial Corp.

2,300,600

202,384

Diversified Financial Services - 1.9%

Berkshire Hathaway, Inc. Class B (a)

2,252,766

306,624

Insurance - 1.5%

American International Group, Inc.

510,300

31,547

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - continued

MetLife, Inc.

1,507,621

$ 84,412

The Chubb Corp.

1,427,700

135,831

 

251,790

Real Estate Investment Trusts - 2.0%

American Tower Corp.

3,051,661

284,689

Public Storage

224,300

41,354

 

326,043

Real Estate Management & Development - 0.2%

Rialto Real Estate Fund LP (e)(f)(g)

500,000

11,301

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

500,000

23,405

RREF Midtown Colony REIT, Inc. (e)(g)(i)

500,000

2,226

 

36,932

TOTAL FINANCIALS

3,218,078

HEALTH CARE - 18.3%

Biotechnology - 6.8%

Alkermes PLC (a)

540,013

34,744

Alnylam Pharmaceuticals, Inc. (a)

204,371

24,498

Amgen, Inc.

1,109,677

170,358

Amicus Therapeutics, Inc. (a)

2,849,153

40,316

Biogen, Inc. (a)

639,904

258,483

BioMarin Pharmaceutical, Inc. (a)

350,700

47,969

bluebird bio, Inc. (a)

191,173

32,188

Celgene Corp. (a)

813,700

94,174

Clinical Data, Inc. rights 4/4/18 (a)

988,714

0*

Dyax Corp. (a)

585,942

15,527

Gilead Sciences, Inc.

1,407,300

164,767

Intercept Pharmaceuticals, Inc. (a)

26,800

6,469

Medivation, Inc. (a)

184,000

21,013

Puma Biotechnology, Inc. (a)

205,210

23,958

Regeneron Pharmaceuticals, Inc. (a)

124,100

63,307

Vertex Pharmaceuticals, Inc. (a)

1,121,600

138,495

 

1,136,266

Health Care Equipment & Supplies - 3.0%

Boston Scientific Corp. (a)

10,757,200

190,402

Medtronic PLC

4,072,252

301,754

 

492,156

Health Care Providers & Services - 2.1%

Cigna Corp.

743,000

120,366

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

McKesson Corp.

930,700

$ 209,231

MEDNAX, Inc. (a)

232,900

17,260

 

346,857

Life Sciences Tools & Services - 1.1%

Agilent Technologies, Inc.

854,400

32,963

Bruker Corp. (a)

5,545,462

113,183

Illumina, Inc. (a)

134,300

29,326

 

175,472

Pharmaceuticals - 5.3%

AbbVie, Inc.

1,870,200

125,659

Allergan PLC (a)

1,052,461

319,380

Bristol-Myers Squibb Co.

2,202,300

146,541

Jazz Pharmaceuticals PLC (a)

330,640

58,216

Shire PLC sponsored ADR

268,500

64,840

Teva Pharmaceutical Industries Ltd. sponsored ADR

2,790,600

164,924

 

879,560

TOTAL HEALTH CARE

3,030,311

INDUSTRIALS - 8.0%

Aerospace & Defense - 1.4%

Huntington Ingalls Industries, Inc.

439,270

49,457

Northrop Grumman Corp.

567,200

89,975

Raytheon Co.

725,600

69,425

United Technologies Corp.

150,026

16,642

 

225,499

Air Freight & Logistics - 0.6%

FedEx Corp.

629,200

107,216

Airlines - 0.7%

American Airlines Group, Inc.

1,649,100

65,857

Southwest Airlines Co.

1,727,200

57,153

 

123,010

Building Products - 0.2%

A.O. Smith Corp.

551,300

39,683

Electrical Equipment - 0.2%

Acuity Brands, Inc.

140,800

25,341

Industrial Conglomerates - 3.1%

Danaher Corp.

1,370,900

117,335

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Industrial Conglomerates - continued

General Electric Co.

12,831,600

$ 340,936

Roper Industries, Inc.

345,100

59,516

 

517,787

Machinery - 1.2%

Deere & Co.

1,235,800

119,934

Illinois Tool Works, Inc.

769,500

70,632

 

190,566

Professional Services - 0.6%

Manpower, Inc.

947,800

84,714

Towers Watson & Co.

176,813

22,243

 

106,957

TOTAL INDUSTRIALS

1,336,059

INFORMATION TECHNOLOGY - 22.0%

Communications Equipment - 2.4%

Harris Corp.

1,183,900

91,054

Juniper Networks, Inc.

2,281,500

59,251

QUALCOMM, Inc.

4,032,477

252,554

 

402,859

Electronic Equipment & Components - 0.2%

CDW Corp.

454,900

15,594

TE Connectivity Ltd.

284,000

18,261

 

33,855

Internet Software & Services - 4.0%

Alibaba Group Holding Ltd. sponsored ADR

419,300

34,496

Criteo SA sponsored ADR (a)

408,800

19,487

Facebook, Inc. Class A (a)

2,959,300

253,804

Google, Inc.:

Class A (a)

340,116

183,676

Class C

343,654

178,875

 

670,338

IT Services - 4.2%

Cognizant Technology Solutions Corp. Class A (a)

1,356,918

82,894

Fiserv, Inc. (a)

656,500

54,378

MasterCard, Inc. Class A

1,966,000

183,782

Maximus, Inc.

1,172,000

77,036

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Total System Services, Inc.

1,169,400

$ 48,846

Visa, Inc. Class A

3,589,300

241,021

 

687,957

Semiconductors & Semiconductor Equipment - 1.2%

Broadcom Corp. Class A

1,018,400

52,437

Intersil Corp. Class A

3,424,600

42,842

Marvell Technology Group Ltd.

4,162,500

54,883

Maxim Integrated Products, Inc.

1,233,200

42,638

 

192,800

Software - 4.7%

Adobe Systems, Inc. (a)

2,009,700

162,806

DocuSign, Inc. (a)(g)

16,185

309

HubSpot, Inc.

667,711

33,105

Intuit, Inc.

1,086,400

109,477

Progress Software Corp. (a)

964,947

26,536

Rovi Corp. (a)(d)(e)

4,994,800

79,667

Salesforce.com, Inc. (a)

2,831,405

197,151

SS&C Technologies Holdings, Inc.

816,239

51,015

Synopsys, Inc. (a)

1,401,800

71,001

Tableau Software, Inc. (a)

372,700

42,972

Xero Ltd. (a)

4

0*

 

774,039

Technology Hardware, Storage & Peripherals - 5.3%

Apple, Inc.

6,002,413

752,850

Hewlett-Packard Co.

4,311,700

129,394

 

882,244

TOTAL INFORMATION TECHNOLOGY

3,644,092

MATERIALS - 4.4%

Chemicals - 4.2%

Ashland, Inc.

200,300

24,417

CF Industries Holdings, Inc.

2,906,500

186,830

E.I. du Pont de Nemours & Co.

1,670,200

106,809

LyondellBasell Industries NV Class A

2,204,319

228,191

Monsanto Co.

1,002,384

106,844

Potash Corp. of Saskatchewan, Inc.

1,328,000

41,127

 

694,218

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Containers & Packaging - 0.2%

Rock-Tenn Co. Class A

671,500

$ 40,424

TOTAL MATERIALS

734,642

UTILITIES - 0.3%

Multi-Utilities - 0.3%

NiSource, Inc.

1,072,300

48,886

TOTAL COMMON STOCKS

(Cost $12,270,404)


16,287,637

Convertible Preferred Stocks - 0.8%

 

 

 

 

CONSUMER DISCRETIONARY - 0.2%

Household Durables - 0.1%

Roku, Inc.:

Series F, 8.00% (a)(g)

12,145,838

15,158

Series G, 8.00% (g)

3,847,486

4,802

 

19,960

Internet & Catalog Retail - 0.1%

Meituan Corp. Series D (g)

1,581,852

13,651

TOTAL CONSUMER DISCRETIONARY

33,611

INFORMATION TECHNOLOGY - 0.6%

Internet Software & Services - 0.2%

Uber Technologies, Inc. Series D, 8.00% (g)

966,928

32,216

IT Services - 0.1%

Nutanix, Inc. Series E (g)

462,283

7,794

Software - 0.3%

Cloudflare, Inc. Series D (g)

571,642

4,027

DocuSign, Inc.:

Series B (a)(g)

7,510

143

Series B-1 (a)(g)

2,249

43

Series D (a)(g)

2,376,438

45,374

Series E (a)(g)

139,427

2,662

 

52,249

Convertible Preferred Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Technology Hardware, Storage & Peripherals - 0.0%

Pure Storage, Inc. Series E (a)(g)

306,060

$ 5,714

TOTAL INFORMATION TECHNOLOGY

97,973

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $65,847)


131,584

Money Market Funds - 1.5%

 

 

 

 

Fidelity Cash Central Fund, 0.15% (b)

148,638,756

148,639

Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)

91,682,588

91,683

TOTAL MONEY MARKET FUNDS

(Cost $240,322)


240,322

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $12,576,573)

16,659,543

NET OTHER ASSETS (LIABILITIES) - (0.5)%

(81,503)

NET ASSETS - 100%

$ 16,578,040

Legend

(a) Non-income producing

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

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

(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 $167,098,000 or 1.0% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Cloudflare, Inc. Series D

11/5/14

$ 3,502

DocuSign, Inc.

10/21/13

$ 90

DocuSign, Inc. Series B

3/3/14

$ 99

DocuSign, Inc. Series B-1

3/3/14

$ 30

DocuSign, Inc. Series D

6/29/12 - 3/3/14

$ 11,071

DocuSign, Inc. Series E

3/3/14

$ 1,831

Meituan Corp. Series D

1/26/15

$ 10,000

Nutanix, Inc. Series E

8/26/14

$ 6,193

Pure Storage, Inc. Series E

8/22/13

$ 2,121

Security

Acquisition Date

Acquisition Cost (000s)

Rialto Real Estate Fund LP

2/24/11- 8/17/12

$ 33,049

RREF CMBS AIV, LP

8/10/11- 8/17/12

$ 15,528

RREF Midtown Colony REIT, Inc.

12/31/12

$ 1,423

Roku, Inc. Series F, 8.00%

5/7/13

$ 11,000

Roku, Inc. Series G, 8.00%

10/1/14

$ 5,000

Uber Technologies, Inc. Series D, 8.00%

6/6/14

$ 15,000

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

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

* Amount represents less than $1,000.

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

$ 29

Fidelity Securities Lending Cash Central Fund

163

Total

$ 192

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:

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Rialto Real Estate Fund LP

$ 11,911

$ -

$ -

$ 5

$ 11,301

RREF CMBS AIV, LP

22,633

-

-

243

23,405

RREF Midtown Colony REIT, Inc.

3,642

-

-

2,560

2,226

Rovi Corp.

43,981

47,547

-

-

79,667

Total

$ 82,167

$ 47,547

$ -

$ 2,808

$ 116,599

Other Information

The following is a summary of the inputs used, as of June 30, 2015, 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

$ 2,468,032

$ 2,434,421

$ -

$ 33,611

Consumer Staples

930,287

873,431

56,856

-

Energy

910,861

910,861

-

-

Financials

3,218,078

3,181,146

-

36,932

Health Care

3,030,311

3,030,311

-

-

Industrials

1,336,059

1,336,059

-

-

Information Technology

3,742,065

3,643,783

-

98,282

Materials

734,642

734,642

-

-

Utilities

48,886

48,886

-

-

Money Market Funds

240,322

240,322

-

-

Total Investments in Securities:

$ 16,659,543

$ 16,433,862

$ 56,856

$ 168,825

Valuation Inputs at Reporting Date:

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

$ 146,649

Net Realized Gain (Loss) on Investment Securities

-

Net Unrealized Gain (Loss) on Investment Securities

22,176

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers into Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 168,825

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015

$ 22,176

The information used in the above reconciliations 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, 2015, the cost of investment securities for income tax purposes was $12,596,179,000. Net unrealized appreciation aggregated $4,063,364,000, of which $4,335,734,000 related to appreciated investment securities and $272,370,000 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type

Fair Value at 06/30/15 (000s)

Valuation
Technique (s)

Unobservable
Input

Amount or Range /
Weighted Average

Impact to
Valuation from
an Increase
in Input*

Equities

$ 168,825

Book value

Book value multiple

1.0

Increase

 

 

Expected distribution

Recovery rate

0.0%

Increase

 

 

Last transaction price

Transaction price

$7.04 - $19.09 / $18.17

Increase

 

 

 

Adjusted transaction price

$33.32

Increase

 

 

Market comparable

EV/GMV multiple

0.4

Increase

 

 

 

EV/Sales multiple

1.8 - 9.0 / 3.9

Increase

 

 

 

Discount rate

10.0%

Decrease

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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 31, 2015

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 31, 2015

By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

August 31, 2015