Form of Certification required from Principal Executive Officer and Principal Financial Officer in connection with each Form N

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-01193

Fidelity Magellan Fund

(Exact name of registrant as specified in charter)

245 Summer St., Boston, MA 02210

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	March 31

Date of reporting period:	September 30, 2021

Item 1.

Reports to Stockholders

Fidelity® Magellan® Fund

Semi-Annual Report

September 30, 2021

Contents

Note to Shareholders
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
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 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.

Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2021

	% of fund's net assets
Apple, Inc.	6.9
Microsoft Corp.	6.8
Amazon.com, Inc.	4.8
Facebook, Inc. Class A	3.1
Alphabet, Inc. Class A	2.6
Alphabet, Inc. Class C	2.5
NVIDIA Corp.	2.3
UnitedHealth Group, Inc.	1.9
Visa, Inc. Class A	1.9
The Home Depot, Inc.	1.8
	34.6

Top Five Market Sectors as of September 30, 2021

	% of fund's net assets
Information Technology	41.1
Communication Services	13.6
Consumer Discretionary	9.9
Health Care	9.3
Industrials	7.5

Asset Allocation (% of fund's net assets)

As of September 30, 2021^*
	Stocks	97.8%
	Convertible Securities	0.3%
	Short-Term Investments and Net Other Assets (Liabilities)	1.9%

* Foreign investments - 3.9%

Schedule of Investments September 30, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares	Value (000s)
COMMUNICATION SERVICES - 13.6%
Entertainment - 2.7%
Netflix, Inc. (a)	816,008	$498,042
The Walt Disney Co. (a)	1,744,530	295,122
		793,164
Interactive Media & Services - 8.2%
Alphabet, Inc.:
Class A (a)	284,731	761,234
Class C (a)	277,325	739,157
Facebook, Inc. Class A (a)	2,643,842	897,294
		2,397,685
Media - 2.7%
Charter Communications, Inc. Class A (a)	479,546	348,898
Comcast Corp. Class A	8,005,137	447,727
		796,625

TOTAL COMMUNICATION SERVICES		3,987,474

CONSUMER DISCRETIONARY - 9.9%
Hotels, Restaurants & Leisure - 1.0%
Hilton Worldwide Holdings, Inc. (a)	2,256,592	298,118
Internet & Direct Marketing Retail - 4.8%
Amazon.com, Inc. (a)	426,617	1,401,454
Multiline Retail - 1.0%
Dollar General Corp.	1,310,900	278,094
Specialty Retail - 1.8%
The Home Depot, Inc.	1,576,748	517,583
Textiles, Apparel & Luxury Goods - 1.3%
NIKE, Inc. Class B	2,697,380	391,740

TOTAL CONSUMER DISCRETIONARY		2,886,989

CONSUMER STAPLES - 2.4%
Food & Staples Retailing - 1.4%
Costco Wholesale Corp.	956,695	429,891
Personal Products - 1.0%
Estee Lauder Companies, Inc. Class A	948,543	284,497

TOTAL CONSUMER STAPLES		714,388

FINANCIALS - 7.2%
Capital Markets - 5.1%
BlackRock, Inc. Class A	405,100	339,741
Intercontinental Exchange, Inc.	370,751	42,570
Moody's Corp.	871,088	309,332
MSCI, Inc.	543,045	330,356
S&P Global, Inc.	845,749	359,350
T. Rowe Price Group, Inc.	573,263	112,761
		1,494,110
Insurance - 2.1%
Arthur J. Gallagher & Co.	1,894,799	281,662
Marsh & McLennan Companies, Inc.	2,224,911	336,918
		618,580

TOTAL FINANCIALS		2,112,690

HEALTH CARE - 9.3%
Health Care Equipment & Supplies - 3.8%
Danaher Corp.	1,434,283	436,653
IDEXX Laboratories, Inc. (a)	499,136	310,413
Intuitive Surgical, Inc. (a)	357,871	355,777
		1,102,843
Health Care Providers & Services - 1.9%
UnitedHealth Group, Inc.	1,441,748	563,349
Health Care Technology - 0.9%
Veeva Systems, Inc. Class A (a)	875,813	252,383
Life Sciences Tools & Services - 1.5%
Thermo Fisher Scientific, Inc.	788,299	450,379
Pharmaceuticals - 1.2%
Zoetis, Inc. Class A	1,787,276	346,982

TOTAL HEALTH CARE		2,715,936

INDUSTRIALS - 7.5%
Aerospace & Defense - 1.8%
HEICO Corp. Class A	2,174,235	257,495
TransDigm Group, Inc. (a)	456,470	285,097
		542,592
Electrical Equipment - 0.9%
AMETEK, Inc.	2,093,756	259,647
Industrial Conglomerates - 0.9%
Roper Technologies, Inc.	606,086	270,393
Professional Services - 3.9%
Equifax, Inc.	1,113,457	282,172
IHS Markit Ltd.	2,648,673	308,888
TransUnion Holding Co., Inc.	2,224,753	249,862
Verisk Analytics, Inc.	1,456,111	291,615
		1,132,537

TOTAL INDUSTRIALS		2,205,169

INFORMATION TECHNOLOGY - 40.8%
Electronic Equipment & Components - 1.5%
Amphenol Corp. Class A	4,016,324	294,115
Teledyne Technologies, Inc. (a)	357,107	153,406
		447,521
IT Services - 6.9%
Accenture PLC Class A	1,402,587	448,716
MasterCard, Inc. Class A	1,458,825	507,204
PayPal Holdings, Inc. (a)	1,862,929	484,753
Visa, Inc. Class A	2,516,330	560,513
		2,001,186
Semiconductors & Semiconductor Equipment - 7.9%
Analog Devices, Inc.	1,845,658	309,111
Applied Materials, Inc.	2,617,688	336,975
KLA Corp.	863,766	288,938
Lam Research Corp.	535,204	304,611
NVIDIA Corp.	3,287,780	681,097
Texas Instruments, Inc.	2,065,110	396,935
		2,317,667
Software - 17.6%
Adobe, Inc. (a)	821,292	472,834
ANSYS, Inc. (a)	790,329	269,068
Autodesk, Inc. (a)	1,023,280	291,809
Cadence Design Systems, Inc. (a)	1,955,810	296,188
Fortinet, Inc. (a)	972,695	284,066
Intuit, Inc.	749,469	404,346
Microsoft Corp.	7,008,023	1,975,702
Salesforce.com, Inc. (a)	1,716,820	465,636
ServiceNow, Inc. (a)	617,420	384,202
Synopsys, Inc. (a)	1,018,676	305,002
		5,148,853
Technology Hardware, Storage & Peripherals - 6.9%
Apple, Inc.	14,245,744	2,015,773

TOTAL INFORMATION TECHNOLOGY		11,931,000

MATERIALS - 2.3%
Chemicals - 2.3%
Linde PLC	1,288,486	378,016
Sherwin-Williams Co.	1,088,461	304,475
		682,491
REAL ESTATE - 3.4%
Equity Real Estate Investment Trusts (REITs) - 3.3%
American Tower Corp.	1,261,500	334,815
Equinix, Inc.	368,700	291,321
Prologis (REIT), Inc.	2,668,028	334,651
		960,787
Real Estate Management & Development - 0.1%
Rialto Real Estate Fund LP(a)(b)(c)(d)(e)	500,000	30
RREF CMBS AIV, LP(b)(c)(d)(e)(f)	500,000	18,889
RREF Midtown Colony REIT, Inc.(a)(b)(c)(d)(e)(g)	500,000	0
		18,919

TOTAL REAL ESTATE		979,706

UTILITIES - 1.4%
Electric Utilities - 1.4%
NextEra Energy, Inc.	5,026,993	394,719
TOTAL COMMON STOCKS
(Cost $14,597,336)		28,610,562

Convertible Preferred Stocks - 0.3%
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Bird Rides, Inc. Series C1 (a)(d)	647,057	4,853
INFORMATION TECHNOLOGY - 0.3%
Software - 0.3%
Malwarebytes Corp. Series B (a)(d)(e)	3,373,494	72,665
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $42,600)		77,518

Money Market Funds - 1.7%
Fidelity Cash Central Fund 0.06%(h)
(Cost $508,043)	507,941,017	508,043
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $15,147,979)		29,196,123
NET OTHER ASSETS (LIABILITIES) - 0.2%		47,517
NET ASSETS - 100%		$29,243,640

Legend

(a) Non-income producing

(b) Affiliated company

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

(d) Restricted securities (including private placements) - 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 $96,437,000 or 0.3% of net assets.

(e) Level 3 security

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

(g) 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.

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Bird Rides, Inc. Series C1	12/21/18	$7,600
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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.06%	$170,049	$2,353,899	$2,015,905	$72	$--	$--	$508,043	0.7%
Fidelity Securities Lending Cash Central Fund 0.06%	119,335	810,219	929,554	14	--	--	--	0.0%
Total	$289,384	$3,164,118	$2,945,459	$86	$--	$--	$508,043

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund 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.

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^(a)	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Rialto Real Estate Fund LP	$39	$--	$--	$--	$--	$(9)	$30
RREF CMBS AIV, LP	20,891	--	--	1,498	--	(2,002)	18,889
RREF Midtown Colony REIT, Inc.	--	--	--	--	--	--	--
Total	$20,930	$--	$--	$1,498	$--	$(2,011)	$18,919

(a) Includes the value of securities delivered through in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of September 30, 2021, 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:
Communication Services	$3,987,474	$3,987,474	$--	$--
Consumer Discretionary	2,891,842	2,886,989	4,853	--
Consumer Staples	714,388	714,388	--	--
Financials	2,112,690	2,112,690	--	--
Health Care	2,715,936	2,715,936	--	--
Industrials	2,205,169	2,205,169	--	--
Information Technology	12,003,665	11,931,000	--	72,665
Materials	682,491	682,491	--	--
Real Estate	979,706	960,787	--	18,919
Utilities	394,719	394,719	--	--
Money Market Funds	508,043	508,043	--	--
Total Investments in Securities:	$29,196,123	$29,099,686	$4,853	$91,584

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, 2021 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $14,607,691)	$28,669,161
Fidelity Central Funds (cost $508,043)	508,043
Other affiliated issuers (cost $32,245)	18,919
Total Investment in Securities (cost $15,147,979)		$29,196,123
Receivable for investments sold		248,786
Receivable for fund shares sold		2,066
Dividends receivable		4,245
Distributions receivable from Fidelity Central Funds		20
Prepaid expenses		42
Other receivables		2,156
Total assets		29,453,438
Liabilities
Payable for investments purchased	$182,476
Payable for fund shares redeemed	8,182
Accrued management fee	14,283
Other affiliated payables	2,793
Other payables and accrued expenses	2,064
Total liabilities		209,798
Net Assets		$29,243,640
Net Assets consist of:
Paid in capital		$14,552,782
Total accumulated earnings (loss)		14,690,858
Net Assets		$29,243,640
Net Asset Value and Maximum Offering Price
Magellan:
Net Asset Value, offering price and redemption price per share ($28,142,010 ÷ 1,985,002 shares)		$14.18
Class K:
Net Asset Value, offering price and redemption price per share ($1,101,630 ÷ 77,745 shares)		$14.17

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

Statement of Operations

Amounts in thousands		Six months ended September 30, 2021 (Unaudited)
Investment Income
Dividends (including $1,498 earned from other affiliated issuers)		$85,761
Income from Fidelity Central Funds (including $14 from security lending)		86
Total income		85,847
Expenses
Management fee
Basic fee	$72,945
Performance adjustment	3,443
Transfer agent fees	14,895
Accounting fees	974
Custodian fees and expenses	84
Independent trustees' fees and expenses	49
Registration fees	70
Audit	48
Legal	26
Miscellaneous	50
Total expenses before reductions	92,584
Expense reductions	(459)
Total expenses after reductions		92,125
Net investment income (loss)		(6,278)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	656,856
Foreign currency transactions	12
Total net realized gain (loss)		656,868
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	2,666,245
Affiliated issuers	(2,011)
Assets and liabilities in foreign currencies	(8)
Total change in net unrealized appreciation (depreciation)		2,664,226
Net gain (loss)		3,321,094
Net increase (decrease) in net assets resulting from operations		$3,314,816

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, 2021 (Unaudited)	Year ended March 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(6,278)	$(635)
Net realized gain (loss)	656,868	1,417,262
Change in net unrealized appreciation (depreciation)	2,664,226	6,111,967
Net increase (decrease) in net assets resulting from operations	3,314,816	7,528,594
Distributions to shareholders	(1,067,690)	(66,225)
Share transactions - net increase (decrease)	5,011,697	(1,167,205)
Total increase (decrease) in net assets	7,258,823	6,295,164
Net Assets
Beginning of period	21,984,817	15,689,653
End of period	$29,243,640	$21,984,817

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

Financial Highlights

Fidelity Magellan Fund

	Six months ended (Unaudited) September 30,	Years endedMarch 31,
	2021	2021	2020	2019 ^A	2018 ^A	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$13.11	$8.81	$10.23	$10.57	$9.72	$8.75
Income from Investment Operations
Net investment income (loss)^B	–^C	–^C	.04	.06	.08^D	.06
Net realized and unrealized gain (loss)	1.70	4.34	.06	.57	1.78	1.18
Total from investment operations	1.70	4.34	.10	.63	1.86	1.24
Distributions from net investment income	–	–	(.05)	(.06)	(.08)	(.06)
Distributions from net realized gain	(.63)	(.04)	(1.47)	(.91)	(.93)	(.21)
Total distributions	(.63)	(.04)	(1.52)	(.97)	(1.01)	(.27)
Net asset value, end of period	$14.18	$13.11	$8.81	$10.23	$10.57	$9.72
Total Return^E,^F	13.34%	49.27%	(.67)%	6.51%	20.16%	14.46%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.67%^I	.79%	.76%	.67%	.69%	.68%
Expenses net of fee waivers, if any	.67%^I	.79%	.76%	.67%	.69%	.67%
Expenses net of all reductions	.67%^I	.78%	.76%	.66%	.69%	.67%
Net investment income (loss)	(.05)%^I	(.01)%	.38%	.60%	.79%^D	.68%
Supplemental Data
Net assets, end of period (in millions)	$28,142	$21,002	$14,668	$14,729	$14,906	$13,467
Portfolio turnover rate^J	35%^I,^K,^L	56%^L	106%^L	42%^L	53%^L	51%^L

^A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

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

^C Amount represents less than $.005 per share.

^D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .57%.

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

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

^G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^I Annualized

^J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^K The portfolio turnover rate does not include the assets acquired in the merger.

^L 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 (Unaudited) September 30,	Years endedMarch 31,
	2021	2021	2020	2019 ^A	2018 ^A	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$13.09	$8.79	$10.22	$10.56	$9.71	$8.74
Income from Investment Operations
Net investment income (loss)^B	–^C	.01	.05	.07	.09^D	.07
Net realized and unrealized gain (loss)	1.71	4.33	.05	.57	1.78	1.18
Total from investment operations	1.71	4.34	.10	.64	1.87	1.25
Distributions from net investment income	–	–	(.06)	(.07)	(.09)	(.06)
Distributions from net realized gain	(.63)	(.04)	(1.47)	(.91)	(.93)	(.22)
Total distributions	(.63)	(.04)	(1.53)	(.98)	(1.02)	(.28)
Net asset value, end of period	$14.17	$13.09	$8.79	$10.22	$10.56	$9.71
Total Return^E,^F	13.43%	49.38%	(.71)%	6.63%	20.27%	14.57%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.60%^I	.71%	.68%	.58%	.61%	.58%
Expenses net of fee waivers, if any	.60%^I	.71%	.68%	.58%	.60%	.58%
Expenses net of all reductions	.60%^I	.71%	.68%	.58%	.60%	.58%
Net investment income (loss)	.02%^I	.07%	.46%	.69%	.88%^D	.78%
Supplemental Data
Net assets, end of period (in millions)	$1,102	$983	$1,021	$1,590	$2,271	$1,893
Portfolio turnover rate^J	35%^I,^K,^L	56%^L	106%^L	42%^L	53%^L	51%^L

^A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

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

^C Amount represents less than $.005 per share.

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

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

^I Annualized

^J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^K The portfolio turnover rate does not include the assets acquired in the merger.

^L 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 (Unaudited)

For the period ended September 30, 2021
(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.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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. 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

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, 2021 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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 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. 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 a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Magellan Fund

$1,942

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 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 passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred Trustees compensation, net operating losses and losses deferred due to wash sales and excise tax regulations.

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	$14,159,387
Gross unrealized depreciation	(120,390)
Net unrealized appreciation (depreciation)	$14,038,997
Tax cost	$15,157,126

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

	$ Amount	% of Net Assets
Fidelity Magellan Fund	18,919	0.1

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, in-kind transactions and securities acquired in the merger, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Magellan Fund	4,649,778	5,277,212

Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity Magellan Fund	5,943	42,937	79,781	Class K

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity Magellan Fund	22,824	67,933	192,403	Class K

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 .55% 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 LLC (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, except for Class K. 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	$14,658	.11
Class K	237	.04
	$14,895

(a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

	% of Average Net Assets
Fidelity Magellan Fund	.01

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

	Amount
Fidelity Magellan Fund	$45

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note and are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Magellan Fund	567,443	166,024

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Magellan Fund	$11

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. 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. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Magellan Fund	$1	$–	$–

8. 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 expenses. This amount totaled $252 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $207.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended September 30, 2021	Year ended March 31, 2021
Fidelity Magellan Fund
Distributions to shareholders
Magellan	$1,022,853	$62,880
Class K	44,837	3,345
Total	$1,067,690	$66,225

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended September 30, 2021	Year ended March 31, 2021	Six months ended September 30, 2021	Year ended March 31, 2021
Fidelity Magellan Fund
Magellan
Shares sold	60,067	73,840	$852,550	$877,387
Issued in exchange for the shares of Fidelity Independence Fund	320,281	–	4,160,451	–
Reinvestment of distributions	73,273	4,757	970,874	59,849
Shares redeemed	(71,090)	(141,915)	(993,693)	(1,686,140)
Net increase (decrease)	382,531	(63,318)	$4,990,182	$(748,904)
Class K
Shares sold	1,821	5,940	$25,473	$70,349
Issued in exchange for the shares of Fidelity Independence Fund	13,419	–	174,174	–
Reinvestment of distributions	3,387	266	44,837	3,345
Shares redeemed	(15,965)	(47,312)	(222,969)	(491,995)
Net increase (decrease)	2,662	(41,106)	$21,515	$(418,301)

11. Other.

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.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

	Strategic Advisers Fidelity U.S. Total Stock Fund
Fidelity Magellan Fund	11%

12. Merger Information.

On May 14, 2021, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Independence Fund ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). The securities held by the Target Fund were the primary assets acquired by the Fund. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Target Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Target Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

Target Fund and Share Class	Investments $	Unrealized appreciation (depreciation) $	Net Assets $	Shares Exchanged	Shares Exchanged Ratio
Fidelity Independence Fund	4,342,458	1,920,070
Independence			4,160,451	320,281	3.4635565820
Class K			174,174	13,419	3.4696533128

Surviving Fund	Net Assets$	Total net assets after the acquisition $
Fidelity Magellan Fund	22,826,812	27,161,437

Pro forma results of operations of the combined entity for the entire period ended September 30, 2021, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income (loss)	$(7,536)
Total net realized gain (loss)	719,399
Total change in net unrealized appreciation (depreciation)	2,766,122
Net increase (decrease) in net assets resulting from operations	$3,477,985

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's accompanying Statement of Operations since May 14, 2021.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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, 2021 to September 30, 2021).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period-^B April 1, 2021 to September 30, 2021
Fidelity Magellan Fund
Magellan	.67%
Actual		$1,000.00	$1,133.40	$3.58
Hypothetical-^C		$1,000.00	$1,021.71	$3.40
Class K	.60%
Actual		$1,000.00	$1,134.30	$3.21
Hypothetical-^C		$1,000.00	$1,022.06	$3.04

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

^B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

^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 LLC (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 joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2021 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 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 provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are 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.

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. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

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 and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had 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, which includes meetings with management of issuers of securities in which the funds invest, 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 ETFs with innovative structures, strategies and pricing 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 funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement 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 were portfolio management changes for the fund in February 2019 and January 2020. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. 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 an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). 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 total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, 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 ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) 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-Sized 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 was 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 the 12-month period ended September 30, 2020. 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 the past, it and the boards of other Fidelity funds had formed an 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 or reimburse 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 a representative class of the fund compared to competitive fund median expenses. The fund's representative class 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 (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

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 a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

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 and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The 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 certain fund profitability information and its conformity to established allocation methodologies. After considering the 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 indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, 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 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 ("group assets" as defined in the management contract). 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 further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. 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 flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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 arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Fidelity Investments

MAG-SANN-1121
1.537468.124

Fidelity® Magellan® K6 Fund

Semi-Annual Report

September 30, 2021

Contents

Note to Shareholders
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2021

	% of fund's net assets
Apple, Inc.	6.9
Microsoft Corp.	6.8
Amazon.com, Inc.	4.8
Facebook, Inc. Class A	3.1
Alphabet, Inc. Class A	2.6
Alphabet, Inc. Class C	2.6
NVIDIA Corp.	2.3
UnitedHealth Group, Inc.	1.9
Visa, Inc. Class A	1.9
The Home Depot, Inc.	1.8
	34.7

Top Five Market Sectors as of September 30, 2021

	% of fund's net assets
Information Technology	41.1
Communication Services	13.7
Consumer Discretionary	9.9
Health Care	9.3
Industrials	7.6

Asset Allocation (% of fund's net assets)

As of September 30, 2021^*
	Stocks	98.3%
	Short-Term Investments and Net Other Assets (Liabilities)	1.7%

* Foreign investments - 3.9%

Schedule of Investments September 30, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares	Value
COMMUNICATION SERVICES - 13.7%
Entertainment - 2.7%
Netflix, Inc. (a)	6,942	$4,236,980
The Walt Disney Co. (a)	14,339	2,425,729
		6,662,709
Interactive Media & Services - 8.3%
Alphabet, Inc.:
Class A (a)	2,459	6,574,186
Class C (a)	2,396	6,386,083
Facebook, Inc. Class A (a)	22,633	7,681,414
		20,641,683
Media - 2.7%
Charter Communications, Inc. Class A (a)	4,076	2,965,535
Comcast Corp. Class A	68,053	3,806,204
		6,771,739

TOTAL COMMUNICATION SERVICES		34,076,131

CONSUMER DISCRETIONARY - 9.9%
Hotels, Restaurants & Leisure - 1.0%
Hilton Worldwide Holdings, Inc. (a)	19,188	2,534,927
Internet & Direct Marketing Retail - 4.8%
Amazon.com, Inc. (a)	3,626	11,911,555
Multiline Retail - 1.0%
Dollar General Corp.	11,140	2,363,240
Specialty Retail - 1.8%
The Home Depot, Inc.	13,414	4,403,280
Textiles, Apparel & Luxury Goods - 1.3%
NIKE, Inc. Class B	22,936	3,330,995

TOTAL CONSUMER DISCRETIONARY		24,543,997

CONSUMER STAPLES - 2.5%
Food & Staples Retailing - 1.5%
Costco Wholesale Corp.	8,135	3,655,462
Personal Products - 1.0%
Estee Lauder Companies, Inc. Class A	8,070	2,420,435

TOTAL CONSUMER STAPLES		6,075,897

FINANCIALS - 7.2%
Capital Markets - 5.1%
BlackRock, Inc. Class A	3,425	2,872,411
Intercontinental Exchange, Inc.	2,549	292,676
Moody's Corp.	7,414	2,632,786
MSCI, Inc.	4,625	2,813,573
S&P Global, Inc.	7,190	3,054,959
T. Rowe Price Group, Inc.	5,000	983,500
		12,649,905
Insurance - 2.1%
Arthur J. Gallagher & Co.	16,115	2,395,495
Marsh & McLennan Companies, Inc.	18,914	2,864,147
		5,259,642

TOTAL FINANCIALS		17,909,547

HEALTH CARE - 9.3%
Health Care Equipment & Supplies - 3.8%
Danaher Corp.	12,196	3,712,950
IDEXX Laboratories, Inc. (a)	4,244	2,639,344
Intuitive Surgical, Inc. (a)	3,051	3,033,152
		9,385,446
Health Care Providers & Services - 1.9%
UnitedHealth Group, Inc.	12,265	4,792,426
Health Care Technology - 0.9%
Veeva Systems, Inc. Class A (a)	7,454	2,148,019
Life Sciences Tools & Services - 1.5%
Thermo Fisher Scientific, Inc.	6,705	3,830,768
Pharmaceuticals - 1.2%
Zoetis, Inc. Class A	15,197	2,950,346

TOTAL HEALTH CARE		23,107,005

INDUSTRIALS - 7.6%
Aerospace & Defense - 1.9%
HEICO Corp. Class A	18,488	2,189,534
TransDigm Group, Inc. (a)	3,880	2,423,332
		4,612,866
Electrical Equipment - 0.9%
AMETEK, Inc.	17,807	2,208,246
Industrial Conglomerates - 0.9%
Roper Technologies, Inc.	5,222	2,329,691
Professional Services - 3.9%
Equifax, Inc.	9,467	2,399,127
IHS Markit Ltd.	22,516	2,625,816
TransUnion Holding Co., Inc.	18,916	2,124,456
Verisk Analytics, Inc.	12,382	2,479,743
		9,629,142

TOTAL INDUSTRIALS		18,779,945

INFORMATION TECHNOLOGY - 41.1%
Electronic Equipment & Components - 1.7%
Amphenol Corp. Class A	34,146	2,500,512
Teledyne Technologies, Inc. (a)	3,750	1,610,925
		4,111,437
IT Services - 6.9%
Accenture PLC Class A	11,923	3,814,406
MasterCard, Inc. Class A	12,407	4,313,666
PayPal Holdings, Inc. (a)	15,843	4,122,507
Visa, Inc. Class A	21,403	4,767,518
		17,018,097
Semiconductors & Semiconductor Equipment - 7.9%
Analog Devices, Inc.	15,692	2,628,096
Applied Materials, Inc.	22,252	2,864,500
KLA Corp.	7,350	2,458,649
Lam Research Corp.	4,556	2,593,047
NVIDIA Corp.	28,058	5,812,495
Texas Instruments, Inc.	17,560	3,375,208
		19,731,995
Software - 17.7%
Adobe, Inc. (a)	6,989	4,023,707
ANSYS, Inc. (a)	6,721	2,288,164
Autodesk, Inc. (a)	8,700	2,480,979
Cadence Design Systems, Inc. (a)	16,627	2,517,993
Fortinet, Inc. (a)	8,271	2,415,463
Intuit, Inc.	6,334	3,417,256
Microsoft Corp.	59,670	16,822,166
Salesforce.com, Inc. (a)	14,600	3,959,812
ServiceNow, Inc. (a)	5,258	3,271,896
Synopsys, Inc. (a)	8,661	2,593,190
		43,790,626
Technology Hardware, Storage & Peripherals - 6.9%
Apple, Inc.	121,312	17,165,646

TOTAL INFORMATION TECHNOLOGY		101,817,801

MATERIALS - 2.3%
Chemicals - 2.3%
Linde PLC	10,956	3,214,271
Sherwin-Williams Co.	9,255	2,588,901
		5,803,172
REAL ESTATE - 3.3%
Equity Real Estate Investment Trusts (REITs) - 3.3%
American Tower Corp.	10,740	2,850,503
Equinix, Inc.	3,140	2,481,008
Prologis (REIT), Inc.	22,687	2,845,630
		8,177,141
UTILITIES - 1.4%
Electric Utilities - 1.4%
NextEra Energy, Inc.	42,739	3,355,866
TOTAL COMMON STOCKS
(Cost $163,915,528)		243,646,502

Money Market Funds - 1.5%
Fidelity Cash Central Fund 0.06% (b)
(Cost $3,734,984)	3,734,237	3,734,984
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $167,650,512)		247,381,486
NET OTHER ASSETS (LIABILITIES) - 0.2%		587,587
NET ASSETS - 100%		$247,969,073

Legend

(a) Non-income producing

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.06%	$1,664,234	$27,923,258	$25,852,508	$663	$--	$--	$3,734,984	0.0%
Fidelity Securities Lending Cash Central Fund 0.06%	451,000	8,127,655	8,578,655	98	--	--	--	0.0%
Total	$2,115,234	$36,050,913	$34,431,163	$761	$--	$--	$3,734,984

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$34,076,131	$34,076,131	$--	$--
Consumer Discretionary	24,543,997	24,543,997	--	--
Consumer Staples	6,075,897	6,075,897	--	--
Financials	17,909,547	17,909,547	--	--
Health Care	23,107,005	23,107,005	--	--
Industrials	18,779,945	18,779,945	--	--
Information Technology	101,817,801	101,817,801	--	--
Materials	5,803,172	5,803,172	--	--
Real Estate	8,177,141	8,177,141	--	--
Utilities	3,355,866	3,355,866	--	--
Money Market Funds	3,734,984	3,734,984	--	--
Total Investments in Securities:	$247,381,486	$247,381,486	$--	$--

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

Financial Statements

Statement of Assets and Liabilities

		September 30, 2021 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $163,915,528)	$243,646,502
Fidelity Central Funds (cost $3,734,984)	3,734,984
Total Investment in Securities (cost $167,650,512)		$247,381,486
Receivable for investments sold		2,194,994
Receivable for fund shares sold		35,660
Dividends receivable		36,277
Distributions receivable from Fidelity Central Funds		154
Other receivables		1,116
Total assets		249,649,687
Liabilities
Payable for investments purchased	$1,484,641
Payable for fund shares redeemed	98,356
Accrued management fee	97,617
Total liabilities		1,680,614
Net Assets		$247,969,073
Net Assets consist of:
Paid in capital		$161,553,631
Total accumulated earnings (loss)		86,415,442
Net Assets		$247,969,073
Net Asset Value, offering price and redemption price per share ($247,969,073 ÷ 15,370,543 shares)		$16.13

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

Statement of Operations

		Six months ended September 30, 2021 (Unaudited)
Investment Income
Dividends		$781,774
Income from Fidelity Central Funds (including $98 from security lending)		761
Total income		782,535
Expenses
Management fee	$582,529
Independent trustees' fees and expenses	432
Interest	624
Total expenses before reductions	583,585
Expense reductions	(2,352)
Total expenses after reductions		581,233
Net investment income (loss)		201,302
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	6,639,236
Total net realized gain (loss)		6,639,236
Change in net unrealized appreciation (depreciation) on investment securities		25,943,306
Net gain (loss)		32,582,542
Net increase (decrease) in net assets resulting from operations		$32,783,844

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

Statement of Changes in Net Assets

	Six months ended September 30, 2021 (Unaudited)	Year ended March 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$201,302	$568,448
Net realized gain (loss)	6,639,236	7,892,219
Change in net unrealized appreciation (depreciation)	25,943,306	57,379,985
Net increase (decrease) in net assets resulting from operations	32,783,844	65,840,652
Distributions to shareholders	(2,290,482)	(634,417)
Share transactions
Proceeds from sales of shares	84,019,680	15,671,136
Reinvestment of distributions	2,290,482	634,417
Cost of shares redeemed	(56,582,859)	(25,221,879)
Net increase (decrease) in net assets resulting from share transactions	29,727,303	(8,916,326)
Total increase (decrease) in net assets	60,220,665	56,289,909
Net Assets
Beginning of period	187,748,408	131,458,499
End of period	$247,969,073	$187,748,408
Other Information
Shares
Sold	5,579,828	1,220,926
Issued in reinvestment of distributions	155,287	49,046
Redeemed	(3,445,496)	(1,901,831)
Net increase (decrease)	2,289,619	(631,859)

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

Financial Highlights

Fidelity Magellan K6 Fund

	Six months ended (Unaudited) September 30,	Years endedMarch 31,
	2021	2021	2020 ^A
Selected Per–Share Data
Net asset value, beginning of period	$14.35	$9.59	$10.00
Income from Investment Operations
Net investment income (loss)^B	.01	.04	.06
Net realized and unrealized gain (loss)	1.92	4.77	(.44)
Total from investment operations	1.93	4.81	(.38)
Distributions from net investment income	–^C	(.05)	(.03)
Distributions from net realized gain	(.15)	–	–
Total distributions	(.15)	(.05)	(.03)
Net asset value, end of period	$16.13	$14.35	$9.59
Total Return^D,^E	13.54%	50.18%	(3.83)%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.45%^H	.45%	.45%^H
Expenses net of fee waivers, if any	.45%^H	.45%	.45%^H
Expenses net of all reductions	.45%^H	.45%	.45%^H
Net investment income (loss)	.16%^H	.32%	.65%^H
Supplemental Data
Net assets, end of period (000 omitted)	$247,969	$187,748	$131,458
Portfolio turnover rate^I	36%^H,^J	62%	93%^H,^J

^A For the period June 13, 2019 (commencement of operations) to March 31, 2020.

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

^C Amount represents less than $.005 per share.

^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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^H Annualized

^I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^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 (Unaudited)

For the period ended September 30, 2021

1. Organization.

Fidelity Magellan K6 Fund (the Fund) is a fund of Fidelity Magellan Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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:

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.

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. 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.

Expenses. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Book-tax differences are primarily due to passive foreign investment companies (PFIC), capital loss carryforwards 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	$80,344,140
Gross unrealized depreciation	(700,469)
Net unrealized appreciation (depreciation)	$79,643,671
Tax cost	$167,737,815

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Magellan K6 Fund	43,462,931	97,889,945

Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

	Shares	Total Proceeds ($)
Fidelity Magellan K6 Fund	5,308,777	79,780,928

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

	Amount
Fidelity Magellan K6 Fund	$548

	Purchases ($)	Sales ($)
Fidelity Magellan K6 Fund	5,324,023	4,600,422

6. Committed Line of Credit.

Certain Funds participate 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 commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Magellan K6 Fund	$10	$–	$–

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Magellan K6 Fund	$37,413,000	.60%	$624

9. Expense Reductions.

10. Other.

11. Coronavirus (COVID-19) Pandemic.

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, 2021 to September 30, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value April 1, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period-^B April 1, 2021 to September 30, 2021
Fidelity Magellan K6 Fund	.45%
Actual		$1,000.00	$1,135.40	$2.41
Hypothetical-^C		$1,000.00	$1,022.81	$2.28

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

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Magellan K6 Fund

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 January 2020. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.

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 total return information for the fund and an appropriate benchmark index and peer group for the most recent one-year period ended September 30, 2020, 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 K6

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.

Management Fee. The Board considered two proprietary management fee comparisons for the the 12-month (or shorter) periods ended September 30 (June 30 for the period ended 2019) 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 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-Sized 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. 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 is also included in the chart and was considered by the Board.

Fidelity Magellan K6 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 the 12-month period ended September 30, 2020.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an 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 (such as the fund) 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.

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 the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse 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 the fund compared to competitive fund median expenses. 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 (SLTG). The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the fund's total expense ratio ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

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

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 recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically 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 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

MAG-K6-SANN-1121
1.9893882.102

Item 2.

Code of Ethics

Not applicable.

Item 3.

Audit Committee Financial Expert

Not applicable.

Item 4.

Principal Accountant Fees and Services

Not applicable.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Magellan Fund’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Magellan Fund’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that

material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits


(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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Magellan Fund


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

Date:	November 18, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


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

Date:	November 18, 2021


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	November 18, 2021