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Fidelity® Magellan® Fund
Class K

Semi-Annual Report

September 30, 2017

Contents

Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2017

	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	6.1	7.7
Amgen, Inc.	3.1	3.1
Caterpillar, Inc.	2.8	1.8
JPMorgan Chase & Co.	2.6	2.8
Alphabet, Inc. Class A	2.6	1.7
Alphabet, Inc. Class C	2.6	1.7
Facebook, Inc. Class A	2.5	2.2
Amazon.com, Inc.	2.4	2.4
UnitedHealth Group, Inc.	2.3	1.9
Bank of America Corp.	2.2	3.6
	29.2

Top Five Market Sectors as of September 30, 2017

	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	28.1	24.5
Financials	16.5	20.8
Health Care	14.0	12.4
Industrials	12.7	10.6
Consumer Discretionary	10.9	11.7

Asset Allocation (% of fund's net assets)

As of September 30, 2017 ^*
	Stocks and Equity Futures	98.4%
	Convertible Securities	1.0%
	Short-Term Investments and Net Other Assets (Liabilities)	0.6%

* Foreign investments - 8.1%

As of March 31, 2017 ^*
	Stocks and Equity Futures	98.2%
	Convertible Securities	1.2%
	Short-Term Investments and Net Other Assets (Liabilities)	0.6%

* Foreign investments - 7.7%

Investments September 30, 2017

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares	Value (000s)
CONSUMER DISCRETIONARY - 10.8%
Automobiles - 0.5%
Tesla, Inc. (a)	225,900	$77,054
Diversified Consumer Services - 1.0%
New Oriental Education & Technology Group, Inc. sponsored ADR	959,400	84,677
Service Corp. International	2,386,132	82,322
		166,999
Hotels, Restaurants & Leisure - 0.8%
Darden Restaurants, Inc.	1,111,800	87,588
Papa John's International, Inc.	569,400	41,606
		129,194
Household Durables - 0.4%
Roku, Inc. Class A	2,665,553	63,669
Internet & Direct Marketing Retail - 5.3%
Amazon.com, Inc. (a)	407,400	391,654
JD.com, Inc. sponsored ADR (a)	395,700	15,116
Netflix, Inc. (a)	1,003,700	182,021
Priceline Group, Inc. (a)	150,300	275,172
		863,963
Media - 0.4%
Sirius XM Holdings, Inc. (b)	7,532,900	41,582
WME Entertainment Parent, LLC Class A (a)(c)(d)(e)	7,417,027	18,543
		60,125
Multiline Retail - 0.3%
Dollar Tree, Inc. (a)	394,400	34,242
JC Penney Corp., Inc. (a)	436,800	1,664
Macy's, Inc.	294,500	6,426
		42,332
Specialty Retail - 1.5%
Home Depot, Inc.	1,374,900	224,879
Ross Stores, Inc.	437,300	28,236
		253,115
Textiles, Apparel & Luxury Goods - 0.6%
PVH Corp.	815,900	102,852

TOTAL CONSUMER DISCRETIONARY		1,759,303

CONSUMER STAPLES - 7.2%
Beverages - 3.5%
Anheuser-Busch InBev SA NV	351,260	41,989
Constellation Brands, Inc. Class A (sub. vtg.)	452,900	90,331
Molson Coors Brewing Co. Class B	615,700	50,266
Monster Beverage Corp. (a)	4,000,700	221,039
The Coca-Cola Co.	3,622,300	163,040
		566,665
Food & Staples Retailing - 1.4%
CVS Health Corp.	1,258,100	102,309
Wal-Mart Stores, Inc.	1,545,100	120,734
		223,043
Food Products - 1.0%
Mondelez International, Inc.	1,347,400	54,785
Post Holdings, Inc. (a)	959,400	84,686
The J.M. Smucker Co.	282,000	29,590
		169,061
Personal Products - 1.3%
elf Beauty, Inc. (b)	1,943,200	43,819
Estee Lauder Companies, Inc. Class A	584,000	62,979
Unilever NV (Certificaten Van Aandelen) (Bearer)	1,825,500	107,907
		214,705

TOTAL CONSUMER STAPLES		1,173,474

ENERGY - 6.5%
Energy Equipment & Services - 1.8%
Baker Hughes, a GE Co. Class A	2,121,400	77,686
National Oilwell Varco, Inc.	2,684,900	95,931
Schlumberger Ltd.	1,834,200	127,954
		301,571
Oil, Gas & Consumable Fuels - 4.7%
Anadarko Petroleum Corp.	2,982,000	145,671
Apache Corp.	2,104,000	96,363
Cimarex Energy Co.	474,600	53,948
ConocoPhillips Co.	3,820,800	191,231
EOG Resources, Inc.	936,400	90,587
Newfield Exploration Co. (a)	1,245,600	36,957
Pioneer Natural Resources Co.	309,300	45,634
The Williams Companies, Inc.	3,316,800	99,537
		759,928

TOTAL ENERGY		1,061,499

FINANCIALS - 16.5%
Banks - 9.7%
Bank of America Corp.	14,232,200	360,644
Citigroup, Inc.	4,456,216	324,145
JPMorgan Chase & Co.	4,449,598	424,981
Regions Financial Corp.	3,753,100	57,160
U.S. Bancorp	2,668,259	142,992
Wells Fargo & Co.	4,908,855	270,723
		1,580,645
Capital Markets - 4.1%
BlackRock, Inc. Class A	293,300	131,131
Goldman Sachs Group, Inc.	644,500	152,869
Morgan Stanley	1,972,700	95,025
MSCI, Inc.	832,300	97,296
Northern Trust Corp.	1,095,000	100,663
PJT Partners, Inc.	161,145	6,173
The Blackstone Group LP	2,505,400	83,605
		666,762
Diversified Financial Services - 2.2%
Berkshire Hathaway, Inc. Class B (a)	1,931,466	354,076
Insurance - 0.5%
Chubb Ltd.	650,596	92,742

TOTAL FINANCIALS		2,694,225

HEALTH CARE - 14.0%
Biotechnology - 5.0%
Alexion Pharmaceuticals, Inc. (a)	671,300	94,177
Amgen, Inc.	2,724,987	508,074
Amicus Therapeutics, Inc. (a)	5,739,034	86,545
Clinical Data, Inc. rights 4/4/18 (a)(e)	988,714	0
Regeneron Pharmaceuticals, Inc. (a)	163,300	73,015
Vertex Pharmaceuticals, Inc. (a)	345,200	52,484
		814,295
Health Care Equipment & Supplies - 2.4%
Boston Scientific Corp. (a)	6,984,000	203,723
Danaher Corp.	2,246,800	192,731
		396,454
Health Care Providers & Services - 3.0%
Cigna Corp.	482,700	90,236
Humana, Inc.	101,700	24,777
UnitedHealth Group, Inc.	1,960,100	383,886
		498,899
Life Sciences Tools & Services - 1.8%
Agilent Technologies, Inc.	2,113,800	135,706
Bruker Corp.	2,807,662	83,528
Thermo Fisher Scientific, Inc.	396,100	74,942
		294,176
Pharmaceuticals - 1.8%
Allergan PLC	605,561	124,110
Bristol-Myers Squibb Co.	1,943,200	123,860
Jazz Pharmaceuticals PLC (a)	274,140	40,093
		288,063

TOTAL HEALTH CARE		2,291,887

INDUSTRIALS - 12.7%
Aerospace & Defense - 6.7%
General Dynamics Corp.	834,200	171,495
Huntington Ingalls Industries, Inc.	812,433	183,967
Lockheed Martin Corp.	288,900	89,643
Northrop Grumman Corp.	1,163,200	334,676
Raytheon Co.	1,124,800	209,865
United Technologies Corp.	896,300	104,043
		1,093,689
Airlines - 0.4%
Southwest Airlines Co.	1,160,500	64,965
Building Products - 0.3%
A.O. Smith Corp.	768,600	45,678
Construction & Engineering - 0.3%
Jacobs Engineering Group, Inc.	799,500	46,587
Electrical Equipment - 0.1%
Fortive Corp.	407,750	28,865
Machinery - 3.5%
Allison Transmission Holdings, Inc.	2,040,200	76,569
Caterpillar, Inc.	3,721,200	464,071
WABCO Holdings, Inc. (a)	198,100	29,319
		569,959
Professional Services - 1.1%
IHS Markit Ltd. (a)	4,125,400	181,848
Trading Companies & Distributors - 0.3%
HD Supply Holdings, Inc. (a)	1,265,200	45,636

TOTAL INDUSTRIALS		2,077,227

INFORMATION TECHNOLOGY - 27.2%
Electronic Equipment & Components - 0.2%
CDW Corp.	529,600	34,954
Internet Software & Services - 8.1%
Alibaba Group Holding Ltd. sponsored ADR (a)	110,200	19,033
Alphabet, Inc.:
Class A (a)	432,416	421,052
Class C (a)	436,154	418,320
Facebook, Inc. Class A (a)	2,367,600	404,552
GoDaddy, Inc. (a)	474,400	20,641
MuleSoft, Inc. Class A	300	6
Nutanix, Inc. Class B (f)	462,283	10,351
Tencent Holdings Ltd.	447,300	19,556
		1,313,511
IT Services - 5.2%
Accenture PLC Class A	789,200	106,597
Cognizant Technology Solutions Corp. Class A	1,727,700	125,327
Global Payments, Inc.	969,100	92,094
MasterCard, Inc. Class A	1,076,500	152,002
PayPal Holdings, Inc. (a)	2,864,000	183,382
Visa, Inc. Class A	1,864,200	196,188
		855,590
Semiconductors & Semiconductor Equipment - 2.4%
Broadcom Ltd.	477,200	115,740
NVIDIA Corp.	938,300	167,740
Qualcomm, Inc.	1,946,000	100,881
		384,361
Software - 5.2%
Adobe Systems, Inc. (a)	1,047,500	156,266
Autodesk, Inc. (a)	1,273,900	143,008
DocuSign, Inc. (a)(d)(e)	16,185	393
Electronic Arts, Inc. (a)	604,300	71,344
Oracle Corp.	4,005,300	193,656
Salesforce.com, Inc. (a)	1,349,875	126,105
SAP SE sponsored ADR (b)	748,700	82,095
Tanium, Inc. Class B (d)(e)	415,800	2,064
Workday, Inc. Class A (a)	760,800	80,181
Xero Ltd. (a)	4	0
		855,112
Technology Hardware, Storage & Peripherals - 6.1%
Apple, Inc.	6,461,713	995,875

TOTAL INFORMATION TECHNOLOGY		4,439,403

MATERIALS - 1.8%
Chemicals - 1.8%
CF Industries Holdings, Inc.	1,815,700	63,840
FMC Corp.	521,000	46,531
LyondellBasell Industries NV Class A	1,856,419	183,878
		294,249
REAL ESTATE - 1.2%
Equity Real Estate Investment Trusts (REITs) - 1.0%
American Tower Corp.	1,239,061	169,355
Real Estate Management & Development - 0.2%
Rialto Real Estate Fund LP (c)(d)(e)(g)	500,000	2,919
RREF CMBS AIV, LP (c)(d)(e)(g)(h)	500,000	21,036
RREF Midtown Colony REIT, Inc. (c)(d)(e)(g)(i)	500,000	0
		23,955

TOTAL REAL ESTATE		193,310

TOTAL COMMON STOCKS
(Cost $10,739,169)		15,984,577

Convertible Preferred Stocks - 1.0%
CONSUMER DISCRETIONARY - 0.1%
Internet & Direct Marketing Retail - 0.1%
China Internet Plus Holdings Ltd. Series A-11 (a)(d)(e)	3,163,704	17,682
INFORMATION TECHNOLOGY - 0.9%
Internet Software & Services - 0.3%
Uber Technologies, Inc. Series D, 8.00% (a)(d)(e)	966,928	47,159
Software - 0.6%
Cloudflare, Inc. Series D 8.00% (a)(d)(e)	571,642	3,721
DocuSign, Inc.:
Series B (a)(d)(e)	7,510	182
Series B-1 (a)(d)(e)	2,249	55
Series D (a)(d)(e)	2,376,438	57,731
Series E (a)(d)(e)	139,427	3,387
Malwarebytes Corp. Series B (a)(d)(e)	3,373,494	37,965
		103,041

TOTAL INFORMATION TECHNOLOGY		150,200

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $76,533)		167,882
	Principal Amount (000s)	Value (000s)

U.S. Treasury Obligations - 0.0%
U.S. Treasury Bills, yield at date of purchase 1.01% to 1.02% 12/14/17 to 12/21/17 (j)
(Cost $3,173)	3,180	3,173
	Shares	Value (000s)

Money Market Funds - 1.1%
Fidelity Cash Central Fund, 1.09%(k)	113,231,209	$113,254
Fidelity Securities Lending Cash Central Fund 1.10%(k)(l)	64,310,421	64,323
TOTAL MONEY MARKET FUNDS
(Cost $177,562)		177,577
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $10,996,437)		16,333,209
NET OTHER ASSETS (LIABILITIES) - 0.0%		(2,937)
NET ASSETS - 100%		$16,330,272

Futures Contracts
	Number of contracts	Expiration Date	Notional amount (000s)	Value (000s)	Unrealized Appreciation/(Depreciation) (000s)
Purchased
Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	664	Dec. 2017	$83,535	$1,737	$1,737

The notional amount of futures purchased as a percentage of Net Assets is 0.5%

Values shown as $0 may reflect amounts less than $500.

Legend

(a) Non-income producing

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

(c) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(d) 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 $212,837,000 or 1.3% of net assets.

(e) Level 3 instrument

(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 $10,351,000 or 0.1% of net assets.

(g) Affiliated company

(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.

(j) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,173,000.

(k) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
China Internet Plus Holdings Ltd. Series A-11	1/26/15	$10,000
Cloudflare, Inc. Series D 8.00%	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
Malwarebytes Corp. Series B	12/21/15	$35,000
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
Tanium, Inc. Class B	4/21/17	$2,064
Uber Technologies, Inc. Series D, 8.00%	6/6/14	$15,000
WME Entertainment Parent, LLC Class A	4/13/16	$15,000

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	$965
Fidelity Securities Lending Cash Central Fund	134
Total	$1,099

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	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Rialto Real Estate Fund LP	$3,249	$--	$--	$1,077	$--	$(330)	$2,919
RREF CMBS AIV, LP	21,461	--	--	555	--	(425)	21,036
RREF Midtown Colony REIT, Inc.	--	--	--	--	--	--	--
Total	$24,710	$--	$--	$1,632	$--	$(755)	$23,955

Investment Valuation

The following is a summary of the inputs used, as of September 30, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Consumer Discretionary	$1,776,985	$1,677,091	$63,669	$36,225
Consumer Staples	1,173,474	1,023,578	149,896	--
Energy	1,061,499	1,061,499	--	--
Financials	2,694,225	2,694,225	--	--
Health Care	2,291,887	2,291,887	--	--
Industrials	2,077,227	2,077,227	--	--
Information Technology	4,589,603	4,417,390	19,556	152,657
Materials	294,249	294,249	--	--
Real Estate	193,310	169,355	--	23,955
U.S. Government and Government Agency Obligations	3,173	--	3,173	--
Money Market Funds	177,577	177,577	--	--
Total Investments in Securities:	$16,333,209	$15,884,078	$236,294	$212,837
Derivative Instruments:
Assets
Futures Contracts	$1,737	$1,737	$--	$--
Total Assets	$1,737	$1,737	$--	$--
Total Derivative Instruments:	$1,737	$1,737	$--	$--

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$219,988
Net Realized Gain (Loss) on Investment Securities	--
Net Unrealized Gain (Loss) on Investment Securities	6,878
Cost of Purchases	2,064
Proceeds of Sales	(16,093)
Amortization/Accretion	--
Transfers into Level 3	--
Transfers out of Level 3	--
Ending Balance	$212,837
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2017	$41,127

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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund’s Statement of Operations.

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2017. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
(Amounts in thousands)
Equity Risk
Futures Contracts(a)	$1,737	$0
Total Equity Risk	1,737	0
Total Value of Derivatives	$1,737	$0

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		September 30, 2017
Assets
Investment in securities, at value (including securities loaned of $62,885) — See accompanying schedule: Unaffiliated issuers (cost $10,786,630)	$16,131,677
Fidelity Central Funds (cost $177,562)	177,577
Other affiliated issuers (cost $32,245)	23,955
Total Investment in Securities (cost $10,996,437)		$16,333,209
Restricted cash		60
Receivable for investments sold		105,217
Receivable for fund shares sold		1,199
Dividends receivable		6,307
Distributions receivable from Fidelity Central Funds		204
Receivable for daily variation margin on futures contracts		279
Prepaid expenses		41
Other receivables		2,084
Total assets		16,448,600
Liabilities
Payable for investments purchased	$34,242
Payable for fund shares redeemed	8,479
Accrued management fee	7,313
Other affiliated payables	1,845
Other payables and accrued expenses	2,130
Collateral on securities loaned	64,319
Total liabilities		118,328
Net Assets		$16,330,272
Net Assets consist of:
Paid in capital		$10,466,463
Undistributed net investment income		82,531
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		442,760
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		5,338,518
Net Assets		$16,330,272
Magellan:
Net Asset Value, offering price and redemption price per share ($14,375,188 ÷ 140,753 shares)		$102.13
Class K:
Net Asset Value, offering price and redemption price per share ($1,955,084 ÷ 19,163 shares)		$102.02

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

Amounts in thousands		Six months ended September 30, 2017
Investment Income
Dividends (including $1,632 earned from other affiliated issuers)		$98,603
Special dividends		37,125
Interest		20
Income from Fidelity Central Funds		1,099
Total income		136,847
Expenses
Management fee
Basic fee	$42,891
Performance adjustment	(1,409)
Transfer agent fees	9,859
Accounting and security lending fees	763
Custodian fees and expenses	97
Independent trustees' fees and expenses	31
Appreciation in deferred trustee compensation account	5
Registration fees	56
Audit	97
Legal	9
Miscellaneous	63
Total expenses before reductions	52,462
Expense reductions	(217)	52,245
Net investment income (loss)		84,602
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	461,051
Fidelity Central Funds	(1)
Foreign currency transactions	39
Futures contracts	2,780
Total net realized gain (loss)		463,869
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	1,129,292
Fidelity Central Funds	6
Other affiliated issuers	(755)
Assets and liabilities in foreign currencies	9
Futures contracts	2,363
Total change in net unrealized appreciation (depreciation)		1,130,915
Net gain (loss)		1,594,784
Net increase (decrease) in net assets resulting from operations		$1,679,386

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

Amounts in thousands	Six months ended September 30, 2017	Year ended March 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$84,602	$104,875
Net realized gain (loss)	463,869	1,175,058
Change in net unrealized appreciation (depreciation)	1,130,915	759,441
Net increase (decrease) in net assets resulting from operations	1,679,386	2,039,374
Distributions to shareholders from net investment income	(26,573)	(90,353)
Distributions to shareholders from net realized gain	(841,889)	(346,796)
Total distributions	(868,462)	(437,149)
Share transactions - net increase (decrease)	159,186	(1,444,067)
Total increase (decrease) in net assets	970,110	158,158
Net Assets
Beginning of period	15,360,162	15,202,004
End of period	$16,330,272	$15,360,162
Other Information
Undistributed net investment income end of period	$82,531	$24,502

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Magellan Fund

	Six months ended September 30,	Years ended March 31,
	2017	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$97.23	$87.51	$95.15	$94.25	$79.96	$73.30
Income from Investment Operations
Net investment income (loss)^A	.52^B	.62	.56	.77	.81	.93
Net realized and unrealized gain (loss)	9.93	11.77	(1.22)^C	12.27	20.00	6.75
Total from investment operations	10.45	12.39	(.66)	13.04	20.81	7.68
Distributions from net investment income	(.17)	(.55)	(.54)	(.71)	(.67)	(1.00)
Distributions from net realized gain	(5.38)	(2.12)	(6.44)	(11.43)	(5.85)	(.02)
Total distributions	(5.55)	(2.67)	(6.98)	(12.14)	(6.52)	(1.02)
Net asset value, end of period	$102.13	$97.23	$87.51	$95.15	$94.25	$79.96
Total Return^D,^E	11.21%	14.46%	(.99)%^C	14.98%	26.50%	10.63%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.68%^H	.68%	.84%	.68%	.50%	.47%
Expenses net of fee waivers, if any	.68%^H	.67%	.84%	.68%	.50%	.47%
Expenses net of all reductions	.67%^H	.67%	.83%	.68%	.50%	.46%
Net investment income (loss)	.83%^B,^H	.68%	.62%	.83%	.92%	1.27%
Supplemental Data
Net assets, end of period (in millions)	$14,375	$13,467	$12,950	$14,224	$13,521	$12,341
Portfolio turnover rate^I	43%^H	51%^J	78%	71%	77%	88%

^A Calculated based on average shares outstanding during the period.

^B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.23 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been .59%.

^C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been (1.05)%.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^H Annualized

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Fidelity Magellan Fund Class K

	Six months ended September 30,	Years ended March 31,
	2017	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$97.12	$87.41	$95.04	$94.16	$79.89	$73.24
Income from Investment Operations
Net investment income (loss)^A	.56^B	.71	.65	.86	.90	1.02
Net realized and unrealized gain (loss)	9.91	11.75	(1.21)^C	12.25	19.99	6.75
Total from investment operations	10.47	12.46	(.56)	13.11	20.89	7.77
Distributions from net investment income	(.19)	(.63)	(.63)	(.80)	(.77)	(1.10)
Distributions from net realized gain	(5.38)	(2.12)	(6.44)	(11.43)	(5.85)	(.02)
Total distributions	(5.57)	(2.75)	(7.07)	(12.23)	(6.62)	(1.12)
Net asset value, end of period	$102.02	$97.12	$87.41	$95.04	$94.16	$79.89
Total Return^D,^E	11.25%	14.57%	(.89)%^C	15.08%	26.63%	10.77%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.59%^H	.58%	.74%	.58%	.39%	.35%
Expenses net of fee waivers, if any	.59%^H	.58%	.74%	.58%	.39%	.35%
Expenses net of all reductions	.58%^H	.58%	.74%	.58%	.39%	.34%
Net investment income (loss)	.92%^B,^H	.78%	.71%	.93%	1.02%	1.40%
Supplemental Data
Net assets, end of period (in millions)	$1,955	$1,893	$2,252	$2,528	$2,585	$2,424
Portfolio turnover rate^I	43%^H	51%^J	78%	71%	77%	88%

^A Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Annualized

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended September 30, 2017
(Amounts in thousands except percentages)

1. Organization.

Fidelity Magellan Fund (the Fund) is a fund of Fidelity Magellan Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Magellan and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and 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 as shown below:

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)

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. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) 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	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input^(a)
Equities	$212,837	Recovery value	Recovery value	0.0%	Increase
		Market approach	Transaction price	$2.50 - $48.77 / $28.74	Increase
		Market comparable	Enterprise value/Sales multiple (EV/S)	4.5 - 7.9 / 5.8	Increase
			Discount rate	7.5%	Decrease
			Discount for lack of marketability	10.0% - 20.0% / 13.3%	Decrease
			Premium rate	6.1%	Increase
		Book value	Book value multiple	1.0	Increase

(a) 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.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of September 30, 2017, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, market discount, redemptions in kind, partnerships, deferred trustees compensation, and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$5,493,332
Gross unrealized depreciation	(165,736)
Net unrealized appreciation (depreciation)	$5,327,596
Tax cost	$11,007,350

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $42,558 in these Subsidiaries, representing .26% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $2,780 and a change in net unrealized appreciation (depreciation) of $2,363 related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,351,225 and $3,847,702, respectively.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 2,125 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $193,652. The Fund had a net realized gain of $71,761 on investments delivered through the in-kind redemptions. The amount of in-kind redemptions is included in share transactions activity shown in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Magellan as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .53% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Magellan. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets^(a)
Magellan	$9,410	.14
Class K	449	.05
	$9,859

(a) Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $107 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $13 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $134, including $4 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $150 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $67.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended September 30, 2017	Year ended March 31, 2017
From net investment income
Magellan	$22,940	$77,138
Class K	3,633	13,215
Total	$26,573	$90,353
From net realized gain
Magellan	$739,014	$301,130
Class K	102,875	45,666
Total	$841,889	$346,796

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Six months ended September 30, 2017	Year ended March 31, 2017	Six months ended September 30, 2017	Year ended March 31, 2017
Magellan
Shares sold	1,036	2,318	$101,244	$212,737
Reinvestment of distributions	7,676	4,052	724,899	360,034
Shares redeemed	(6,461)	(15,845)	(631,240)	(1,446,824)
Net increase (decrease)	2,251	(9,475)	$194,903	$(874,053)
Class K
Shares sold	630	1,626	$61,484	$148,358
Reinvestment of distributions	1,130	664	106,508	58,881
Shares redeemed	(2,090)	(8,559)^(a)	(203,709)	(777,254)^(a)
Net increase (decrease)	(330)	(6,269)	$(35,717)	$(570,015)

(a) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).

12. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Magellan Fund and Shareholders of Fidelity Magellan Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Magellan Fund as of September 30, 2017 the results of its operations for the periods indicated, the changes in its net assets for each of the periods indicated and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Magellan Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
November 16, 2017

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2017 to September 30, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Annualized Expense Ratio-^A	Beginning Account Value April 1, 2017	Ending Account Value September 30, 2017	Expenses Paid During Period-^B April 1, 2017 to September 30, 2017
Magellan	.68%
Actual		$1,000.00	$1,112.10	$3.60
Hypothetical-^C		$1,000.00	$1,021.66	$3.45
Class K	.59%
Actual		$1,000.00	$1,112.50	$3.12
Hypothetical-^C		$1,000.00	$1,022.11	$2.99

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Magellan Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2017 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in June 2015.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Magellan Fund

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Fidelity Magellan Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

The Board noted that, in 2014, the Board and the boards of other Fidelity funds formed the ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for 2016.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MAG-K-SANN-1117
1.863180.108

Fidelity® Magellan® Fund

Semi-Annual Report

September 30, 2017

Contents

Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2017

	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	6.1	7.7
Amgen, Inc.	3.1	3.1
Caterpillar, Inc.	2.8	1.8
JPMorgan Chase & Co.	2.6	2.8
Alphabet, Inc. Class A	2.6	1.7
Alphabet, Inc. Class C	2.6	1.7
Facebook, Inc. Class A	2.5	2.2
Amazon.com, Inc.	2.4	2.4
UnitedHealth Group, Inc.	2.3	1.9
Bank of America Corp.	2.2	3.6
	29.2

Top Five Market Sectors as of September 30, 2017

	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	28.1	24.5
Financials	16.5	20.8
Health Care	14.0	12.4
Industrials	12.7	10.6
Consumer Discretionary	10.9	11.7

Asset Allocation (% of fund's net assets)

As of September 30, 2017 ^*
	Stocks and Equity Futures	98.4%
	Convertible Securities	1.0%
	Short-Term Investments and Net Other Assets (Liabilities)	0.6%

* Foreign investments - 8.1%

As of March 31, 2017 ^*
	Stocks and Equity Futures	98.2%
	Convertible Securities	1.2%
	Short-Term Investments and Net Other Assets (Liabilities)	0.6%

* Foreign investments - 7.7%

Investments September 30, 2017

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares	Value (000s)
CONSUMER DISCRETIONARY - 10.8%
Automobiles - 0.5%
Tesla, Inc. (a)	225,900	$77,054
Diversified Consumer Services - 1.0%
New Oriental Education & Technology Group, Inc. sponsored ADR	959,400	84,677
Service Corp. International	2,386,132	82,322
		166,999
Hotels, Restaurants & Leisure - 0.8%
Darden Restaurants, Inc.	1,111,800	87,588
Papa John's International, Inc.	569,400	41,606
		129,194
Household Durables - 0.4%
Roku, Inc. Class A	2,665,553	63,669
Internet & Direct Marketing Retail - 5.3%
Amazon.com, Inc. (a)	407,400	391,654
JD.com, Inc. sponsored ADR (a)	395,700	15,116
Netflix, Inc. (a)	1,003,700	182,021
Priceline Group, Inc. (a)	150,300	275,172
		863,963
Media - 0.4%
Sirius XM Holdings, Inc. (b)	7,532,900	41,582
WME Entertainment Parent, LLC Class A (a)(c)(d)(e)	7,417,027	18,543
		60,125
Multiline Retail - 0.3%
Dollar Tree, Inc. (a)	394,400	34,242
JC Penney Corp., Inc. (a)	436,800	1,664
Macy's, Inc.	294,500	6,426
		42,332
Specialty Retail - 1.5%
Home Depot, Inc.	1,374,900	224,879
Ross Stores, Inc.	437,300	28,236
		253,115
Textiles, Apparel & Luxury Goods - 0.6%
PVH Corp.	815,900	102,852

TOTAL CONSUMER DISCRETIONARY		1,759,303

CONSUMER STAPLES - 7.2%
Beverages - 3.5%
Anheuser-Busch InBev SA NV	351,260	41,989
Constellation Brands, Inc. Class A (sub. vtg.)	452,900	90,331
Molson Coors Brewing Co. Class B	615,700	50,266
Monster Beverage Corp. (a)	4,000,700	221,039
The Coca-Cola Co.	3,622,300	163,040
		566,665
Food & Staples Retailing - 1.4%
CVS Health Corp.	1,258,100	102,309
Wal-Mart Stores, Inc.	1,545,100	120,734
		223,043
Food Products - 1.0%
Mondelez International, Inc.	1,347,400	54,785
Post Holdings, Inc. (a)	959,400	84,686
The J.M. Smucker Co.	282,000	29,590
		169,061
Personal Products - 1.3%
elf Beauty, Inc. (b)	1,943,200	43,819
Estee Lauder Companies, Inc. Class A	584,000	62,979
Unilever NV (Certificaten Van Aandelen) (Bearer)	1,825,500	107,907
		214,705

TOTAL CONSUMER STAPLES		1,173,474

ENERGY - 6.5%
Energy Equipment & Services - 1.8%
Baker Hughes, a GE Co. Class A	2,121,400	77,686
National Oilwell Varco, Inc.	2,684,900	95,931
Schlumberger Ltd.	1,834,200	127,954
		301,571
Oil, Gas & Consumable Fuels - 4.7%
Anadarko Petroleum Corp.	2,982,000	145,671
Apache Corp.	2,104,000	96,363
Cimarex Energy Co.	474,600	53,948
ConocoPhillips Co.	3,820,800	191,231
EOG Resources, Inc.	936,400	90,587
Newfield Exploration Co. (a)	1,245,600	36,957
Pioneer Natural Resources Co.	309,300	45,634
The Williams Companies, Inc.	3,316,800	99,537
		759,928

TOTAL ENERGY		1,061,499

FINANCIALS - 16.5%
Banks - 9.7%
Bank of America Corp.	14,232,200	360,644
Citigroup, Inc.	4,456,216	324,145
JPMorgan Chase & Co.	4,449,598	424,981
Regions Financial Corp.	3,753,100	57,160
U.S. Bancorp	2,668,259	142,992
Wells Fargo & Co.	4,908,855	270,723
		1,580,645
Capital Markets - 4.1%
BlackRock, Inc. Class A	293,300	131,131
Goldman Sachs Group, Inc.	644,500	152,869
Morgan Stanley	1,972,700	95,025
MSCI, Inc.	832,300	97,296
Northern Trust Corp.	1,095,000	100,663
PJT Partners, Inc.	161,145	6,173
The Blackstone Group LP	2,505,400	83,605
		666,762
Diversified Financial Services - 2.2%
Berkshire Hathaway, Inc. Class B (a)	1,931,466	354,076
Insurance - 0.5%
Chubb Ltd.	650,596	92,742

TOTAL FINANCIALS		2,694,225

HEALTH CARE - 14.0%
Biotechnology - 5.0%
Alexion Pharmaceuticals, Inc. (a)	671,300	94,177
Amgen, Inc.	2,724,987	508,074
Amicus Therapeutics, Inc. (a)	5,739,034	86,545
Clinical Data, Inc. rights 4/4/18 (a)(e)	988,714	0
Regeneron Pharmaceuticals, Inc. (a)	163,300	73,015
Vertex Pharmaceuticals, Inc. (a)	345,200	52,484
		814,295
Health Care Equipment & Supplies - 2.4%
Boston Scientific Corp. (a)	6,984,000	203,723
Danaher Corp.	2,246,800	192,731
		396,454
Health Care Providers & Services - 3.0%
Cigna Corp.	482,700	90,236
Humana, Inc.	101,700	24,777
UnitedHealth Group, Inc.	1,960,100	383,886
		498,899
Life Sciences Tools & Services - 1.8%
Agilent Technologies, Inc.	2,113,800	135,706
Bruker Corp.	2,807,662	83,528
Thermo Fisher Scientific, Inc.	396,100	74,942
		294,176
Pharmaceuticals - 1.8%
Allergan PLC	605,561	124,110
Bristol-Myers Squibb Co.	1,943,200	123,860
Jazz Pharmaceuticals PLC (a)	274,140	40,093
		288,063

TOTAL HEALTH CARE		2,291,887

INDUSTRIALS - 12.7%
Aerospace & Defense - 6.7%
General Dynamics Corp.	834,200	171,495
Huntington Ingalls Industries, Inc.	812,433	183,967
Lockheed Martin Corp.	288,900	89,643
Northrop Grumman Corp.	1,163,200	334,676
Raytheon Co.	1,124,800	209,865
United Technologies Corp.	896,300	104,043
		1,093,689
Airlines - 0.4%
Southwest Airlines Co.	1,160,500	64,965
Building Products - 0.3%
A.O. Smith Corp.	768,600	45,678
Construction & Engineering - 0.3%
Jacobs Engineering Group, Inc.	799,500	46,587
Electrical Equipment - 0.1%
Fortive Corp.	407,750	28,865
Machinery - 3.5%
Allison Transmission Holdings, Inc.	2,040,200	76,569
Caterpillar, Inc.	3,721,200	464,071
WABCO Holdings, Inc. (a)	198,100	29,319
		569,959
Professional Services - 1.1%
IHS Markit Ltd. (a)	4,125,400	181,848
Trading Companies & Distributors - 0.3%
HD Supply Holdings, Inc. (a)	1,265,200	45,636

TOTAL INDUSTRIALS		2,077,227

INFORMATION TECHNOLOGY - 27.2%
Electronic Equipment & Components - 0.2%
CDW Corp.	529,600	34,954
Internet Software & Services - 8.1%
Alibaba Group Holding Ltd. sponsored ADR (a)	110,200	19,033
Alphabet, Inc.:
Class A (a)	432,416	421,052
Class C (a)	436,154	418,320
Facebook, Inc. Class A (a)	2,367,600	404,552
GoDaddy, Inc. (a)	474,400	20,641
MuleSoft, Inc. Class A	300	6
Nutanix, Inc. Class B (f)	462,283	10,351
Tencent Holdings Ltd.	447,300	19,556
		1,313,511
IT Services - 5.2%
Accenture PLC Class A	789,200	106,597
Cognizant Technology Solutions Corp. Class A	1,727,700	125,327
Global Payments, Inc.	969,100	92,094
MasterCard, Inc. Class A	1,076,500	152,002
PayPal Holdings, Inc. (a)	2,864,000	183,382
Visa, Inc. Class A	1,864,200	196,188
		855,590
Semiconductors & Semiconductor Equipment - 2.4%
Broadcom Ltd.	477,200	115,740
NVIDIA Corp.	938,300	167,740
Qualcomm, Inc.	1,946,000	100,881
		384,361
Software - 5.2%
Adobe Systems, Inc. (a)	1,047,500	156,266
Autodesk, Inc. (a)	1,273,900	143,008
DocuSign, Inc. (a)(d)(e)	16,185	393
Electronic Arts, Inc. (a)	604,300	71,344
Oracle Corp.	4,005,300	193,656
Salesforce.com, Inc. (a)	1,349,875	126,105
SAP SE sponsored ADR (b)	748,700	82,095
Tanium, Inc. Class B (d)(e)	415,800	2,064
Workday, Inc. Class A (a)	760,800	80,181
Xero Ltd. (a)	4	0
		855,112
Technology Hardware, Storage & Peripherals - 6.1%
Apple, Inc.	6,461,713	995,875

TOTAL INFORMATION TECHNOLOGY		4,439,403

MATERIALS - 1.8%
Chemicals - 1.8%
CF Industries Holdings, Inc.	1,815,700	63,840
FMC Corp.	521,000	46,531
LyondellBasell Industries NV Class A	1,856,419	183,878
		294,249
REAL ESTATE - 1.2%
Equity Real Estate Investment Trusts (REITs) - 1.0%
American Tower Corp.	1,239,061	169,355
Real Estate Management & Development - 0.2%
Rialto Real Estate Fund LP (c)(d)(e)(g)	500,000	2,919
RREF CMBS AIV, LP (c)(d)(e)(g)(h)	500,000	21,036
RREF Midtown Colony REIT, Inc. (c)(d)(e)(g)(i)	500,000	0
		23,955

TOTAL REAL ESTATE		193,310

TOTAL COMMON STOCKS
(Cost $10,739,169)		15,984,577

Convertible Preferred Stocks - 1.0%
CONSUMER DISCRETIONARY - 0.1%
Internet & Direct Marketing Retail - 0.1%
China Internet Plus Holdings Ltd. Series A-11 (a)(d)(e)	3,163,704	17,682
INFORMATION TECHNOLOGY - 0.9%
Internet Software & Services - 0.3%
Uber Technologies, Inc. Series D, 8.00% (a)(d)(e)	966,928	47,159
Software - 0.6%
Cloudflare, Inc. Series D 8.00% (a)(d)(e)	571,642	3,721
DocuSign, Inc.:
Series B (a)(d)(e)	7,510	182
Series B-1 (a)(d)(e)	2,249	55
Series D (a)(d)(e)	2,376,438	57,731
Series E (a)(d)(e)	139,427	3,387
Malwarebytes Corp. Series B (a)(d)(e)	3,373,494	37,965
		103,041

TOTAL INFORMATION TECHNOLOGY		150,200

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $76,533)		167,882
	Principal Amount (000s)	Value (000s)

U.S. Treasury Obligations - 0.0%
U.S. Treasury Bills, yield at date of purchase 1.01% to 1.02% 12/14/17 to 12/21/17 (j)
(Cost $3,173)	3,180	3,173
	Shares	Value (000s)

Money Market Funds - 1.1%
Fidelity Cash Central Fund, 1.09%(k)	113,231,209	$113,254
Fidelity Securities Lending Cash Central Fund 1.10%(k)(l)	64,310,421	64,323
TOTAL MONEY MARKET FUNDS
(Cost $177,562)		177,577
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $10,996,437)		16,333,209
NET OTHER ASSETS (LIABILITIES) - 0.0%		(2,937)
NET ASSETS - 100%		$16,330,272

Futures Contracts
	Number of contracts	Expiration Date	Notional amount (000s)	Value (000s)	Unrealized Appreciation/(Depreciation) (000s)
Purchased
Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	664	Dec. 2017	$83,535	$1,737	$1,737

The notional amount of futures purchased as a percentage of Net Assets is 0.5%

Values shown as $0 may reflect amounts less than $500.

Legend

(a) Non-income producing

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

(c) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(e) Level 3 instrument

(g) Affiliated company

(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.

(j) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,173,000.

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
China Internet Plus Holdings Ltd. Series A-11	1/26/15	$10,000
Cloudflare, Inc. Series D 8.00%	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
Malwarebytes Corp. Series B	12/21/15	$35,000
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
Tanium, Inc. Class B	4/21/17	$2,064
Uber Technologies, Inc. Series D, 8.00%	6/6/14	$15,000
WME Entertainment Parent, LLC Class A	4/13/16	$15,000

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	$965
Fidelity Securities Lending Cash Central Fund	134
Total	$1,099

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Rialto Real Estate Fund LP	$3,249	$--	$--	$1,077	$--	$(330)	$2,919
RREF CMBS AIV, LP	21,461	--	--	555	--	(425)	21,036
RREF Midtown Colony REIT, Inc.	--	--	--	--	--	--	--
Total	$24,710	$--	$--	$1,632	$--	$(755)	$23,955

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Consumer Discretionary	$1,776,985	$1,677,091	$63,669	$36,225
Consumer Staples	1,173,474	1,023,578	149,896	--
Energy	1,061,499	1,061,499	--	--
Financials	2,694,225	2,694,225	--	--
Health Care	2,291,887	2,291,887	--	--
Industrials	2,077,227	2,077,227	--	--
Information Technology	4,589,603	4,417,390	19,556	152,657
Materials	294,249	294,249	--	--
Real Estate	193,310	169,355	--	23,955
U.S. Government and Government Agency Obligations	3,173	--	3,173	--
Money Market Funds	177,577	177,577	--	--
Total Investments in Securities:	$16,333,209	$15,884,078	$236,294	$212,837
Derivative Instruments:
Assets
Futures Contracts	$1,737	$1,737	$--	$--
Total Assets	$1,737	$1,737	$--	$--
Total Derivative Instruments:	$1,737	$1,737	$--	$--

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$219,988
Net Realized Gain (Loss) on Investment Securities	--
Net Unrealized Gain (Loss) on Investment Securities	6,878
Cost of Purchases	2,064
Proceeds of Sales	(16,093)
Amortization/Accretion	--
Transfers into Level 3	--
Transfers out of Level 3	--
Ending Balance	$212,837
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2017	$41,127

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
(Amounts in thousands)
Equity Risk
Futures Contracts(a)	$1,737	$0
Total Equity Risk	1,737	0
Total Value of Derivatives	$1,737	$0

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		September 30, 2017
Assets
Investment in securities, at value (including securities loaned of $62,885) — See accompanying schedule: Unaffiliated issuers (cost $10,786,630)	$16,131,677
Fidelity Central Funds (cost $177,562)	177,577
Other affiliated issuers (cost $32,245)	23,955
Total Investment in Securities (cost $10,996,437)		$16,333,209
Restricted cash		60
Receivable for investments sold		105,217
Receivable for fund shares sold		1,199
Dividends receivable		6,307
Distributions receivable from Fidelity Central Funds		204
Receivable for daily variation margin on futures contracts		279
Prepaid expenses		41
Other receivables		2,084
Total assets		16,448,600
Liabilities
Payable for investments purchased	$34,242
Payable for fund shares redeemed	8,479
Accrued management fee	7,313
Other affiliated payables	1,845
Other payables and accrued expenses	2,130
Collateral on securities loaned	64,319
Total liabilities		118,328
Net Assets		$16,330,272
Net Assets consist of:
Paid in capital		$10,466,463
Undistributed net investment income		82,531
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		442,760
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		5,338,518
Net Assets		$16,330,272
Magellan:
Net Asset Value, offering price and redemption price per share ($14,375,188 ÷ 140,753 shares)		$102.13
Class K:
Net Asset Value, offering price and redemption price per share ($1,955,084 ÷ 19,163 shares)		$102.02

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

Amounts in thousands		Six months ended September 30, 2017
Investment Income
Dividends (including $1,632 earned from other affiliated issuers)		$98,603
Special dividends		37,125
Interest		20
Income from Fidelity Central Funds		1,099
Total income		136,847
Expenses
Management fee
Basic fee	$42,891
Performance adjustment	(1,409)
Transfer agent fees	9,859
Accounting and security lending fees	763
Custodian fees and expenses	97
Independent trustees' fees and expenses	31
Appreciation in deferred trustee compensation account	5
Registration fees	56
Audit	97
Legal	9
Miscellaneous	63
Total expenses before reductions	52,462
Expense reductions	(217)	52,245
Net investment income (loss)		84,602
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	461,051
Fidelity Central Funds	(1)
Foreign currency transactions	39
Futures contracts	2,780
Total net realized gain (loss)		463,869
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	1,129,292
Fidelity Central Funds	6
Other affiliated issuers	(755)
Assets and liabilities in foreign currencies	9
Futures contracts	2,363
Total change in net unrealized appreciation (depreciation)		1,130,915
Net gain (loss)		1,594,784
Net increase (decrease) in net assets resulting from operations		$1,679,386

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

Amounts in thousands	Six months ended September 30, 2017	Year ended March 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$84,602	$104,875
Net realized gain (loss)	463,869	1,175,058
Change in net unrealized appreciation (depreciation)	1,130,915	759,441
Net increase (decrease) in net assets resulting from operations	1,679,386	2,039,374
Distributions to shareholders from net investment income	(26,573)	(90,353)
Distributions to shareholders from net realized gain	(841,889)	(346,796)
Total distributions	(868,462)	(437,149)
Share transactions - net increase (decrease)	159,186	(1,444,067)
Total increase (decrease) in net assets	970,110	158,158
Net Assets
Beginning of period	15,360,162	15,202,004
End of period	$16,330,272	$15,360,162
Other Information
Undistributed net investment income end of period	$82,531	$24,502

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Magellan Fund

	Six months ended September 30,	Years ended March 31,
	2017	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$97.23	$87.51	$95.15	$94.25	$79.96	$73.30
Income from Investment Operations
Net investment income (loss)^A	.52^B	.62	.56	.77	.81	.93
Net realized and unrealized gain (loss)	9.93	11.77	(1.22)^C	12.27	20.00	6.75
Total from investment operations	10.45	12.39	(.66)	13.04	20.81	7.68
Distributions from net investment income	(.17)	(.55)	(.54)	(.71)	(.67)	(1.00)
Distributions from net realized gain	(5.38)	(2.12)	(6.44)	(11.43)	(5.85)	(.02)
Total distributions	(5.55)	(2.67)	(6.98)	(12.14)	(6.52)	(1.02)
Net asset value, end of period	$102.13	$97.23	$87.51	$95.15	$94.25	$79.96
Total Return^D,^E	11.21%	14.46%	(.99)%^C	14.98%	26.50%	10.63%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.68%^H	.68%	.84%	.68%	.50%	.47%
Expenses net of fee waivers, if any	.68%^H	.67%	.84%	.68%	.50%	.47%
Expenses net of all reductions	.67%^H	.67%	.83%	.68%	.50%	.46%
Net investment income (loss)	.83%^B,^H	.68%	.62%	.83%	.92%	1.27%
Supplemental Data
Net assets, end of period (in millions)	$14,375	$13,467	$12,950	$14,224	$13,521	$12,341
Portfolio turnover rate^I	43%^H	51%^J	78%	71%	77%	88%

^A Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Annualized

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Fidelity Magellan Fund Class K

	Six months ended September 30,	Years ended March 31,
	2017	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$97.12	$87.41	$95.04	$94.16	$79.89	$73.24
Income from Investment Operations
Net investment income (loss)^A	.56^B	.71	.65	.86	.90	1.02
Net realized and unrealized gain (loss)	9.91	11.75	(1.21)^C	12.25	19.99	6.75
Total from investment operations	10.47	12.46	(.56)	13.11	20.89	7.77
Distributions from net investment income	(.19)	(.63)	(.63)	(.80)	(.77)	(1.10)
Distributions from net realized gain	(5.38)	(2.12)	(6.44)	(11.43)	(5.85)	(.02)
Total distributions	(5.57)	(2.75)	(7.07)	(12.23)	(6.62)	(1.12)
Net asset value, end of period	$102.02	$97.12	$87.41	$95.04	$94.16	$79.89
Total Return^D,^E	11.25%	14.57%	(.89)%^C	15.08%	26.63%	10.77%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.59%^H	.58%	.74%	.58%	.39%	.35%
Expenses net of fee waivers, if any	.59%^H	.58%	.74%	.58%	.39%	.35%
Expenses net of all reductions	.58%^H	.58%	.74%	.58%	.39%	.34%
Net investment income (loss)	.92%^B,^H	.78%	.71%	.93%	1.02%	1.40%
Supplemental Data
Net assets, end of period (in millions)	$1,955	$1,893	$2,252	$2,528	$2,585	$2,424
Portfolio turnover rate^I	43%^H	51%^J	78%	71%	77%	88%

^A Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Annualized

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended September 30, 2017
(Amounts in thousands except percentages)

1. Organization.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Valuation techniques used to value the Fund's investments by major category are as follows:

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	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input^(a)
Equities	$212,837	Recovery value	Recovery value	0.0%	Increase
		Market approach	Transaction price	$2.50 - $48.77 / $28.74	Increase
		Market comparable	Enterprise value/Sales multiple (EV/S)	4.5 - 7.9 / 5.8	Increase
			Discount rate	7.5%	Decrease
			Discount for lack of marketability	10.0% - 20.0% / 13.3%	Decrease
			Premium rate	6.1%	Increase
		Book value	Book value multiple	1.0	Increase

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$5,493,332
Gross unrealized depreciation	(165,736)
Net unrealized appreciation (depreciation)	$5,327,596
Tax cost	$11,007,350

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,351,225 and $3,847,702, respectively.

6. Fees and Other Transactions with Affiliates.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets^(a)
Magellan	$9,410	.14
Class K	449	.05
	$9,859

(a) Annualized

7. Committed Line of Credit.

8. Security Lending.

9. Expense Reductions.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $67.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended September 30, 2017	Year ended March 31, 2017
From net investment income
Magellan	$22,940	$77,138
Class K	3,633	13,215
Total	$26,573	$90,353
From net realized gain
Magellan	$739,014	$301,130
Class K	102,875	45,666
Total	$841,889	$346,796

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Six months ended September 30, 2017	Year ended March 31, 2017	Six months ended September 30, 2017	Year ended March 31, 2017
Magellan
Shares sold	1,036	2,318	$101,244	$212,737
Reinvestment of distributions	7,676	4,052	724,899	360,034
Shares redeemed	(6,461)	(15,845)	(631,240)	(1,446,824)
Net increase (decrease)	2,251	(9,475)	$194,903	$(874,053)
Class K
Shares sold	630	1,626	$61,484	$148,358
Reinvestment of distributions	1,130	664	106,508	58,881
Shares redeemed	(2,090)	(8,559)^(a)	(203,709)	(777,254)^(a)
Net increase (decrease)	(330)	(6,269)	$(35,717)	$(570,015)

(a) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).

12. Other.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Magellan Fund and Shareholders of Fidelity Magellan Fund:

PricewaterhouseCoopers LLP

Boston, Massachusetts
November 16, 2017

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2017 to September 30, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value April 1, 2017	Ending Account Value September 30, 2017	Expenses Paid During Period-^B April 1, 2017 to September 30, 2017
Magellan	.68%
Actual		$1,000.00	$1,112.10	$3.60
Hypothetical-^C		$1,000.00	$1,021.66	$3.45
Class K	.59%
Actual		$1,000.00	$1,112.50	$3.12
Hypothetical-^C		$1,000.00	$1,022.11	$2.99

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Magellan Fund

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Fidelity Magellan Fund

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expense ratio of each class ranked below the competitive median for 2016.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MAG-SANN-1117
1.537468.120


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	November 29, 2017


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	November 29, 2017


Date of fiscal year end:	March 31

Date of reporting period:	September 30, 2017


(a)	(1)	Not applicable.
(a)	(2)	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.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


By:	/s/Howard J. Galligan III
	Howard J. Galligan III
	Chief Financial Officer

Date:	November 29, 2017