N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1193

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

March 31

 

 

Date of reporting period:

December 31, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Magellan® Fund

December 31, 2012 

1.811314.108

MAG-QTLY-0213

Investments December 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 12.5%

Automobiles - 0.1%

Tesla Motors, Inc. (a)

456,800

$ 15,472

Diversified Consumer Services - 0.1%

Kroton Educacional SA (a)

653,400

14,936

Hotels, Restaurants & Leisure - 1.4%

Brinker International, Inc. (e)

4,042,300

125,271

Dunkin' Brands Group, Inc.

1,141,298

37,868

Las Vegas Sands Corp.

781,900

36,093

 

199,232

Household Durables - 1.3%

D.R. Horton, Inc.

2,313,411

45,759

Lennar Corp. Class A (d)

1,133,085

43,816

Ryland Group, Inc.

437,060

15,953

Toll Brothers, Inc. (a)

1,220,854

39,470

Whirlpool Corp.

439,400

44,709

 

189,707

Internet & Catalog Retail - 1.9%

Amazon.com, Inc. (a)

555,504

139,509

priceline.com, Inc. (a)

202,800

125,979

 

265,488

Leisure Equipment & Products - 0.3%

Polaris Industries, Inc.

511,100

43,009

Multiline Retail - 0.4%

Macy's, Inc.

1,364,400

53,239

Specialty Retail - 5.0%

Home Depot, Inc.

3,900,300

241,234

Limited Brands, Inc.

3,063,448

144,166

Ross Stores, Inc.

1,507,400

81,626

Select Comfort Corp. (a)(e)

2,821,974

73,851

TJX Companies, Inc.

4,072,200

172,865

 

713,742

Textiles, Apparel & Luxury Goods - 2.0%

NIKE, Inc. Class B

2,103,200

108,525

PVH Corp.

360,104

39,975

Ralph Lauren Corp.

311,300

46,670

VF Corp.

567,030

85,605

 

280,775

TOTAL CONSUMER DISCRETIONARY

1,775,600

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 9.1%

Beverages - 2.6%

Anheuser-Busch InBev SA NV

459,160

$ 39,986

Beam, Inc.

2,102,400

128,436

Dr. Pepper Snapple Group, Inc.

2,990,273

132,110

Pernod Ricard SA

334,500

38,809

SABMiller PLC

724,900

33,643

 

372,984

Food & Staples Retailing - 1.8%

CVS Caremark Corp.

4,102,372

198,350

Whole Foods Market, Inc.

589,913

53,877

 

252,227

Food Products - 1.3%

Mead Johnson Nutrition Co. Class A

1,286,300

84,754

Nestle SA

561,381

36,626

Smart Balance, Inc.

2,000,900

25,812

Unilever NV (Certificaten Van Aandelen) (Bearer)

1,048,300

40,112

 

187,304

Household Products - 2.7%

Colgate-Palmolive Co.

1,307,616

136,698

Kimberly-Clark Corp.

886,138

74,817

Procter & Gamble Co.

2,323,800

157,763

Reckitt Benckiser Group PLC

266,800

16,936

 

386,214

Personal Products - 0.7%

Estee Lauder Companies, Inc. Class A

919,700

55,053

Herbalife Ltd.

1,216,100

40,058

 

95,111

TOTAL CONSUMER STAPLES

1,293,840

ENERGY - 10.4%

Energy Equipment & Services - 1.7%

Cameron International Corp. (a)

1,541,700

87,044

Ensco PLC Class A

1,238,700

73,430

National Oilwell Varco, Inc.

1,102,800

75,376

 

235,850

Oil, Gas & Consumable Fuels - 8.7%

Anadarko Petroleum Corp.

1,190,100

88,436

Cabot Oil & Gas Corp.

1,251,418

62,246

Chevron Corp.

2,751,000

297,493

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Exxon Mobil Corp.

3,715,024

$ 321,535

Marathon Oil Corp.

1,197,200

36,706

Marathon Petroleum Corp.

850,200

53,563

Murphy Oil Corp.

402,800

23,987

Peabody Energy Corp.

1,160,300

30,876

Phillips 66

1,095,200

58,155

Royal Dutch Shell PLC Class A sponsored ADR

850,200

58,621

Suncor Energy, Inc.

2,163,900

71,158

The Williams Companies, Inc.

2,874,300

94,105

Valero Energy Corp.

1,035,600

35,335

 

1,232,216

TOTAL ENERGY

1,468,066

FINANCIALS - 17.0%

Capital Markets - 3.1%

BlackRock, Inc. Class A

295,600

61,103

Charles Schwab Corp.

2,947,868

42,331

Goldman Sachs Group, Inc.

811,600

103,528

KKR & Co. LP

2,658,869

40,495

Morgan Stanley

3,877,668

74,141

TD Ameritrade Holding Corp.

907,876

15,261

The Blackstone Group LP

4,728,300

73,714

UBS AG (NY Shares)

1,397,100

21,990

 

432,563

Commercial Banks - 3.6%

U.S. Bancorp

5,566,059

177,780

Wells Fargo & Co.

9,612,755

328,564

 

506,344

Consumer Finance - 1.2%

Capital One Financial Corp.

1,700,600

98,516

SLM Corp.

4,026,900

68,981

 

167,497

Diversified Financial Services - 3.6%

Bank of America Corp.

10,705,800

124,187

Citigroup, Inc.

5,615,316

222,142

JPMorgan Chase & Co.

3,757,698

165,226

 

511,555

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 3.0%

American International Group, Inc. (a)

424,400

$ 14,981

Berkshire Hathaway, Inc. Class B (a)

3,363,766

301,730

MetLife, Inc.

3,144,621

103,584

 

420,295

Real Estate Investment Trusts - 1.7%

American Tower Corp.

1,839,661

142,151

AvalonBay Communities, Inc.

399,500

54,168

CBL & Associates Properties, Inc.

2,420,263

51,334

 

247,653

Real Estate Management & Development - 0.8%

CBRE Group, Inc. (a)

2,642,100

52,578

Rialto Real Estate Fund LP (a)(e)(f)(i)

500,000

42,012

RREF CMBS AIV, LP (a)(e)(g)(i)

500,000

18,864

RREF Midtown Colony REIT, Inc. (a)(e)(h)(i)

500,000

1,435

 

114,889

TOTAL FINANCIALS

2,400,796

HEALTH CARE - 10.2%

Biotechnology - 5.2%

Achillion Pharmaceuticals, Inc. (a)

410,325

3,291

Acorda Therapeutics, Inc. (a)

641,600

15,950

Affymax, Inc. (a)

40,284

765

Alexion Pharmaceuticals, Inc. (a)

596,160

55,926

Alkermes PLC (a)

711,100

13,170

Alnylam Pharmaceuticals, Inc. (a)

309,271

5,644

Amgen, Inc.

2,467,366

212,983

Amicus Therapeutics, Inc. (a)(d)(e)

2,773,904

7,434

ARIAD Pharmaceuticals, Inc. (a)

750,271

14,390

Biogen Idec, Inc. (a)

501,404

73,541

BioMarin Pharmaceutical, Inc. (a)

444,939

21,913

Clinical Data, Inc. rights 4/4/18 (a)

988,714

0

Elan Corp. PLC sponsored ADR (a)

3,523,100

35,971

Exelixis, Inc. (a)(d)

1,634,784

7,471

Gilead Sciences, Inc. (a)

2,527,600

185,652

Halozyme Therapeutics, Inc. (a)

149,100

1,000

Infinity Pharmaceuticals, Inc. (a)

498,290

17,440

Lexicon Pharmaceuticals, Inc. (a)

2,689,700

5,971

Medivation, Inc. (a)

289,200

14,795

Neurocrine Biosciences, Inc. (a)

1,585,393

11,859

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Prothena Corp. PLC (a)

85,929

$ 630

Synageva BioPharma Corp. (a)

270,920

12,541

Theravance, Inc. (a)

599,200

13,344

Threshold Pharmaceuticals, Inc. (a)(d)

2,613,700

11,004

 

742,685

Health Care Equipment & Supplies - 0.6%

Alere, Inc. (a)

3,185,700

58,935

HeartWare International, Inc. (a)(d)

141,400

11,871

Volcano Corp. (a)

311,900

7,364

 

78,170

Health Care Providers & Services - 0.3%

Qualicorp SA (a)

3,689,400

38,677

Health Care Technology - 0.8%

athenahealth, Inc. (a)(d)

488,300

35,866

Cerner Corp. (a)

1,066,400

82,795

 

118,661

Pharmaceuticals - 3.3%

Allergan, Inc.

19,300

1,770

Eli Lilly & Co.

2,661,679

131,274

Merck & Co., Inc.

6,623,200

271,154

Valeant Pharmaceuticals International, Inc. (Canada) (a)

696,300

41,539

ViroPharma, Inc. (a)

542,200

12,340

XenoPort, Inc. (a)

254,100

1,974

 

460,051

TOTAL HEALTH CARE

1,438,244

INDUSTRIALS - 8.3%

Aerospace & Defense - 1.4%

Textron, Inc.

3,519,410

87,246

United Technologies Corp.

1,346,000

110,385

 

197,631

Electrical Equipment - 0.7%

AMETEK, Inc.

849,478

31,915

Hubbell, Inc. Class B

337,500

28,563

Regal-Beloit Corp.

357,619

25,201

SolarCity Corp.

1,104,100

13,172

 

98,851

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Industrial Conglomerates - 3.2%

Danaher Corp.

1,238,500

$ 69,232

General Electric Co.

18,443,078

387,120

 

456,352

Machinery - 1.5%

Cummins, Inc.

804,970

87,218

Illinois Tool Works, Inc.

1,139,600

69,299

Ingersoll-Rand PLC

1,063,711

51,016

 

207,533

Professional Services - 1.3%

Advisory Board Co. (a)

454,600

21,271

Bureau Veritas SA

411,800

46,175

Intertek Group PLC

159,700

8,112

Manpower, Inc.

1,358,520

57,656

Randstad Holding NV

838,200

31,112

SGS SA (Reg.)

6,830

15,170

 

179,496

Road & Rail - 0.2%

J.B. Hunt Transport Services, Inc.

481,800

28,768

Quality Distribution, Inc. (a)

947,300

5,684

 

34,452

TOTAL INDUSTRIALS

1,174,315

INFORMATION TECHNOLOGY - 21.0%

Communications Equipment - 2.2%

Juniper Networks, Inc. (a)

2,405,600

47,318

Motorola Solutions, Inc.

3,451,627

192,187

Palo Alto Networks, Inc. (d)

518,600

27,755

QUALCOMM, Inc.

704,200

43,674

 

310,934

Computers & Peripherals - 4.3%

Apple, Inc.

1,061,059

565,575

Dell, Inc.

3,147,100

31,880

Lenovo Group Ltd.

15,518,000

14,309

 

611,764

Internet Software & Services - 5.2%

Cornerstone OnDemand, Inc. (a)

1,364,200

40,285

eBay, Inc. (a)

3,240,600

165,335

Facebook, Inc. Class A

2,177,900

57,997

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Google, Inc. Class A (a)

600,000

$ 425,622

LinkedIn Corp. (a)

251,900

28,923

Mail.ru Group Ltd. GDR (Reg. S)

431,100

15,058

 

733,220

IT Services - 3.1%

Accenture PLC Class A

1,061,173

70,568

Cognizant Technology Solutions Corp. Class A (a)

1,541,875

114,176

EPAM Systems, Inc.

243,200

4,402

IBM Corp.

274,000

52,485

Maximus, Inc.

374,300

23,663

Visa, Inc. Class A

1,121,600

170,012

 

435,306

Semiconductors & Semiconductor Equipment - 1.6%

ASML Holding NV

1,152,403

74,226

MediaTek, Inc.

2,447,000

27,236

NXP Semiconductors NV (a)

846,700

22,327

Samsung Electronics Co. Ltd.

51,035

73,805

Skyworks Solutions, Inc. (a)

1,790,700

36,351

 

233,945

Software - 4.6%

Aspen Technology, Inc. (a)

554,300

15,321

Citrix Systems, Inc. (a)

593,500

39,023

Eloqua, Inc.

301,788

7,119

Guidewire Software, Inc.

980,378

29,137

MICROS Systems, Inc. (a)

1,622,900

68,876

Microsoft Corp.

753,800

20,149

Nuance Communications, Inc. (a)

1,544,300

34,469

Oracle Corp.

4,462,400

148,687

Red Hat, Inc. (a)

408,357

21,627

salesforce.com, Inc. (a)

987,179

165,945

Sourcefire, Inc. (a)

1,070,900

50,568

VMware, Inc. Class A (a)

392,115

36,914

Workday, Inc.

188,400

10,268

 

648,103

TOTAL INFORMATION TECHNOLOGY

2,973,272

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 5.7%

Chemicals - 4.2%

Albemarle Corp.

932,000

$ 57,896

Eastman Chemical Co.

389,900

26,533

LyondellBasell Industries NV Class A

1,701,619

97,145

Monsanto Co.

2,135,494

202,125

Praxair, Inc.

1,638,632

179,348

W.R. Grace & Co. (a)

441,405

29,676

 

592,723

Construction Materials - 0.5%

Vulcan Materials Co.

1,494,600

77,794

Metals & Mining - 1.0%

AngloGold Ashanti Ltd. sponsored ADR

237,179

7,440

Barrick Gold Corp.

336,700

11,786

Commercial Metals Co.

1,050,600

15,612

Goldcorp, Inc.

257,001

9,449

Ivanplats Ltd. Class A (i)

2,434,971

11,016

Newcrest Mining Ltd.

280,846

6,570

Newmont Mining Corp.

783,600

36,390

Randgold Resources Ltd. sponsored ADR

94,600

9,389

Royal Gold, Inc.

129,600

10,538

Turquoise Hill Resources Ltd. (a)

3,311,613

25,302

 

143,492

TOTAL MATERIALS

814,009

TELECOMMUNICATION SERVICES - 1.6%

Diversified Telecommunication Services - 0.0%

inContact, Inc. (a)

430,600

2,231

Wireless Telecommunication Services - 1.6%

SBA Communications Corp. Class A (a)

2,501,163

177,633

Vodafone Group PLC sponsored ADR

1,657,200

41,745

 

219,378

TOTAL TELECOMMUNICATION SERVICES

221,609

UTILITIES - 2.3%

Electric Utilities - 1.2%

Edison International

1,326,278

59,935

NextEra Energy, Inc.

1,490,200

103,107

 

163,042

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Multi-Utilities - 1.1%

Sempra Energy

2,231,400

$ 158,296

TOTAL UTILITIES

321,338

TOTAL COMMON STOCKS

(Cost $12,375,136)


13,881,089

Preferred Stocks - 0.5%

 

 

 

 

Convertible Preferred Stocks - 0.2%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

bluebird bio (i)

3,434,424

1,711

Pharmaceuticals - 0.0%

KaloBios Pharmaceuticals, Inc. Series E (a)(i)

2,353,000

8,000

TOTAL HEALTH CARE

9,711

INFORMATION TECHNOLOGY - 0.2%

Internet Software & Services - 0.1%

HubSpot, Inc. (i)

2,670,845

15,000

Software - 0.1%

DocuSign, Inc. Series D (i)

2,371,047

11,000

TOTAL INFORMATION TECHNOLOGY

26,000

TOTAL CONVERTIBLE PREFERRED STOCKS

35,711

Nonconvertible Preferred Stocks - 0.3%

CONSUMER DISCRETIONARY - 0.3%

Automobiles - 0.3%

Volkswagen AG

189,200

43,412

TOTAL PREFERRED STOCKS

(Cost $72,741)


79,123

Money Market Funds - 1.7%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.18% (b)

206,828,751

$ 206,829

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

29,519,500

29,520

TOTAL MONEY MARKET FUNDS

(Cost $236,349)


236,349

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $12,684,226)

14,196,561

NET OTHER ASSETS (LIABILITIES) - (0.3)%

(49,352)

NET ASSETS - 100%

$ 14,147,209

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

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

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

(h) 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, L.L.P.

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $109,038,000 or 0.8% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

bluebird bio

7/23/12

$ 1,711

DocuSign, Inc. Series D

6/29/12

$ 11,000

HubSpot, Inc.

10/25/12

$ 15,000

Ivanplats Ltd. Class A

10/23/12

$ 11,566

KaloBios Pharmaceuticals, Inc. Series E

5/2/12

$ 8,000

Rialto Real Estate Fund LP

2/24/11 - 8/17/12

$ 31,523

RREF CMBS AIV, LP

8/10/11 - 8/17/12

$ 17,020

RREF Midtown Colony REIT, Inc.

12/31/12

$ 1,457

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 396

Fidelity Securities Lending Cash Central Fund

1,170

Total

$ 1,566

Other Affiliated Issuers

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

Affiliate
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Amicus Therapeutics, Inc.

$ 23,041

$ 2,349

$ 11,841

$ -

$ 7,434

Brinker International, Inc.

40,967

104,468

24,355

2,284

125,271

MYR Group, Inc.

18,523

-

6,814

-

-

Rialto Real Estate Fund LP

38,476

9,563

10,743

-

42,012

RREF CMBS AIV, LP

11,454

7,487

-

-

18,864

RREF Midtown Colony REIT, Inc.

-

1,457

-

-

1,435

Schiff Nutrition International, Inc.

18,310

12,019

73,264

-

-

Select Comfort Corp.

-

109,341

31,366

-

73,851

Total

$ 150,771

$ 246,684

$ 158,383

$ 2,284

$ 268,867

Other Information

The following is a summary of the inputs used, as of December 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 1,819,012

$ 1,760,664

$ 58,348

$ -

Consumer Staples

1,293,840

1,087,728

206,112

-

Energy

1,468,066

1,468,066

-

-

Financials

2,400,796

2,338,485

-

62,311

Health Care

1,447,955

1,399,567

38,677

9,711

Industrials

1,174,315

1,073,746

100,569

-

Information Technology

2,999,272

2,870,100

103,172

26,000

Materials

814,009

796,423

17,586

-

Telecommunication Services

221,609

221,609

-

-

Utilities

321,338

321,338

-

-

Money Market Funds

236,349

236,349

-

-

Total Investments in Securities:

$ 14,196,561

$ 13,574,075

$ 524,464

$ 98,022

The following is a summary of transfers between Level 1 and Level 2 for the period ended December 31, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total (000s)

Level 1 to Level 2

$ 217,399

Level 2 to Level 1

$ 0

Income Tax Information

At December 31, 2012, the cost of investment securities for income tax purposes was $12,711,382,000. Net unrealized appreciation aggregated $1,485,179,000, of which $1,809,289,000 related to appreciated investment securities and $324,110,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's 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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

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

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Magellan Fund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

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

Fidelity Magellan Fund

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

March 1, 2013

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

March 1, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

March 1, 2013