-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DlJqttlmEpqZDpY1Ff9HsNYthjaIgYlsA1Pldjj1cy9bS+WdrGB2tIY7GNaxlolv AH0x0P6D/iYBDyhydXRC+g== 0001303459-09-000011.txt : 20090831 0001303459-09-000011.hdr.sgml : 20090831 20090831111552 ACCESSION NUMBER: 0001303459-09-000011 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090831 DATE AS OF CHANGE: 20090831 EFFECTIVENESS DATE: 20090831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY MAGELLAN FUND CENTRAL INDEX KEY: 0000061397 IRS NUMBER: 046049970 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-01193 FILM NUMBER: 091044886 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391269 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAIL ZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MAGELLAN FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MAGELLAN FUND INC DATE OF NAME CHANGE: 19810804 0000061397 S000007112 Fidelity Magellan Fund C000019441 Fidelity Magellan Fund FMAGX C000064273 Class K 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:

June 30, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Magellan® Fund -
Magellan
Class K

June 30, 2009 

1.803299.105

MAG-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.1%

Auto Components - 0.4%

BorgWarner, Inc.

1,000,000

$ 34,150

Hyundai Mobis

300,000

26,239

Johnson Controls, Inc.

1,000,000

21,720

 

82,109

Hotels, Restaurants & Leisure - 1.1%

Burger King Holdings, Inc.

500,000

8,635

Ctrip.com International Ltd. sponsored ADR

25,108

1,163

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

274,700

1,236

MGM Mirage, Inc. (a)(d)

11,680,300

74,637

Starbucks Corp. (a)

10,562,616

146,715

 

232,386

Household Durables - 3.5%

Centex Corp.

1,352,409

11,441

D.R. Horton, Inc.

13,150,008

123,084

KB Home (e)

4,088,000

55,924

Lennar Corp. Class A

13,171,385

127,631

M.D.C. Holdings, Inc.

2,000,000

60,220

MRV Engenharia e Participacoes SA

1,153,900

15,648

Pulte Homes, Inc. (d)

12,643,615

111,643

Ryland Group, Inc.

1,658,605

27,798

Toll Brothers, Inc. (a)(e)

12,853,054

218,116

 

751,505

Internet & Catalog Retail - 0.1%

B2W Companhia Global Do Varejo

1,000,000

18,636

Leisure Equipment & Products - 0.0%

Brunswick Corp.

621,943

2,687

Media - 1.7%

Ascent Media Corp. (a)

144,656

3,845

Cinemark Holdings, Inc.

238,900

2,704

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

4,000,000

56,400

Informa PLC

5,000,000

18,014

The DIRECTV Group, Inc. (a)(d)

7,500,000

185,325

Time Warner Cable, Inc.

2,000,000

63,340

Virgin Media, Inc.

4,500,000

42,075

 

371,703

Multiline Retail - 0.0%

Pantaloon Retail India Ltd.

194,608

1,319

Pantaloon Retail India Ltd. Class B

19,460

88

 

1,407

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - 3.7%

Staples, Inc. (e)

40,090,255

$ 808,620

Textiles, Apparel & Luxury Goods - 0.6%

Lululemon Athletica, Inc. (a)

674,500

8,789

NIKE, Inc. Class B

1,597,000

82,693

Polo Ralph Lauren Corp. Class A

650,000

34,801

 

126,283

TOTAL CONSUMER DISCRETIONARY

2,395,336

CONSUMER STAPLES - 2.9%

Food & Staples Retailing - 2.0%

CVS Caremark Corp.

9,341,972

297,729

United Natural Foods, Inc. (a)(e)

4,143,500

108,767

Wumart Stores, Inc. (H Shares)

25,000,000

31,162

 

437,658

Food Products - 0.4%

Cosan Ltd. Class A (a)

3,181,700

16,481

Cosan SA Industria e Comercio (a)

3,000,000

22,026

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

500,000

16,265

Ralcorp Holdings, Inc. (a)

400,000

24,368

 

79,140

Household Products - 0.5%

Energizer Holdings, Inc. (a)

2,247,700

117,420

Personal Products - 0.0%

Bare Escentuals, Inc. (a)

76,400

678

TOTAL CONSUMER STAPLES

634,896

ENERGY - 7.5%

Energy Equipment & Services - 1.5%

Atwood Oceanics, Inc. (a)

1,000,000

24,910

ENSCO International, Inc.

1,000,000

34,870

Nabors Industries Ltd. (a)

1,000,000

15,580

Noble Corp.

3,000,000

90,750

Pride International, Inc. (a)

500,000

12,530

Smith International, Inc.

557,200

14,348

Transocean Ltd. (a)

1,700,000

126,293

 

319,281

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - 6.0%

Apache Corp.

967,910

$ 69,835

Canadian Natural Resources Ltd.

3,172,300

166,893

Chesapeake Energy Corp.

14,000,000

277,620

Clean Energy Fuels Corp. (a)

1,600,000

13,776

CONSOL Energy, Inc.

1,000,000

33,960

Denbury Resources, Inc. (a)

7,500,000

110,475

Energy Transfer Equity LP

1,000,000

25,370

Enterprise Products Partners LP

700,000

17,458

EOG Resources, Inc.

727,200

49,391

Hess Corp.

1,191,500

64,043

Marathon Oil Corp.

2,262,188

68,160

Massey Energy Co.

1,000,000

19,540

OAO Gazprom sponsored ADR

2,000,000

40,560

Occidental Petroleum Corp.

2,500,000

164,525

Peabody Energy Corp.

1,000,000

30,160

Plains Exploration & Production Co. (a)

3,406,386

93,199

Reliance Industries Ltd.

1,000,000

42,375

Sunoco, Inc.

700,000

16,240

Westernzagros Resources Ltd. (a)

1,000,000

1,384

 

1,304,964

TOTAL ENERGY

1,624,245

FINANCIALS - 15.1%

Capital Markets - 5.7%

Charles Schwab Corp.

9,547,000

167,454

Deutsche Bank AG (NY Shares)

2,500,000

152,500

Evercore Partners, Inc. Class A

87,600

1,720

Franklin Resources, Inc.

2,110,800

151,999

GLG Partners, Inc.

949,950

3,885

Goldman Sachs Group, Inc.

3,285,500

484,414

Merriman Curhan Ford Group, Inc. (a)

105,086

47

Morgan Stanley

5,953,500

169,734

T. Rowe Price Group, Inc.

2,500,000

104,175

 

1,235,928

Commercial Banks - 1.9%

CapitalSource, Inc.

5,000,000

24,400

Mitsubishi UFJ Financial Group, Inc. sponsored ADR

600,000

3,684

PNC Financial Services Group, Inc.

500,000

19,405

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

Sumitomo Mitsui Financial Group, Inc.

650,000

$ 26,517

Wells Fargo & Co.

13,703,704

332,452

 

406,458

Consumer Finance - 0.1%

ORIX Corp.

500,000

30,155

Diversified Financial Services - 3.6%

Bank of America Corp.

34,523,704

455,713

BM&F BOVESPA SA

749,474

4,477

CIT Group, Inc.

2,358,398

5,071

JPMorgan Chase & Co.

9,208,100

314,088

 

779,349

Insurance - 3.3%

ACE Ltd.

3,869,909

171,166

Berkshire Hathaway, Inc. Class A (a)

557

50,130

China Life Insurance Co. Ltd. (H Shares)

86,231,000

316,922

Endurance Specialty Holdings Ltd.

555,800

16,285

Everest Re Group Ltd.

700,000

50,099

MetLife, Inc.

1,731,857

51,973

Reinsurance Group of America, Inc.

339,549

11,854

Willis Group Holdings Ltd.

2,000,000

51,460

 

719,889

Real Estate Investment Trusts - 0.4%

CBL & Associates Properties, Inc.

5,513,363

29,717

Developers Diversified Realty Corp.

4,933,607

24,076

Kimco Realty Corp.

679,800

6,832

Vornado Realty Trust

518,936

23,368

 

83,993

Real Estate Management & Development - 0.1%

Iguatemi Empresa de Shopping Centers SA

959,500

9,161

TOTAL FINANCIALS

3,264,933

HEALTH CARE - 9.1%

Biotechnology - 1.6%

Biogen Idec, Inc. (a)

1,398,510

63,143

Celgene Corp. (a)

1,000,000

47,840

Cephalon, Inc. (a)

778,730

44,115

Genzyme Corp. (a)

1,000,000

55,670

Gilead Sciences, Inc. (a)

2,000,000

93,680

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

OSI Pharmaceuticals, Inc. (a)

698,900

$ 19,730

United Therapeutics Corp. (a)

200,000

16,666

 

340,844

Health Care Equipment & Supplies - 2.3%

Becton, Dickinson & Co.

300

21

C.R. Bard, Inc.

3,069,300

228,509

Covidien PLC

5,000,000

187,200

Greatbatch, Inc. (a)(e)

2,181,700

49,328

Integra LifeSciences Holdings Corp. (a)(e)

1,500,000

39,765

 

504,823

Health Care Providers & Services - 3.2%

Amedisys, Inc. (a)(d)

800,000

26,416

Brookdale Senior Living, Inc. (e)

6,883,900

67,049

Express Scripts, Inc. (a)

1,406,300

96,683

Henry Schein, Inc. (a)

903,653

43,330

LHC Group, Inc. (a)

500,000

11,105

Medco Health Solutions, Inc. (a)

10,150,100

462,946

 

707,529

Life Sciences Tools & Services - 0.1%

Affymetrix, Inc. (a)

28,700

170

Life Technologies Corp. (a)

500,000

20,860

 

21,030

Pharmaceuticals - 1.9%

Allergan, Inc.

2,075,984

98,775

Cadence Pharmaceuticals, Inc. (a)

1,000,000

9,990

Medicis Pharmaceutical Corp. Class A

2,000,000

32,640

Pfizer, Inc.

8,000,000

120,000

Teva Pharmaceutical Industries Ltd. sponsored ADR

3,000,000

148,020

 

409,425

TOTAL HEALTH CARE

1,983,651

INDUSTRIALS - 6.7%

Aerospace & Defense - 0.5%

Raytheon Co.

2,000,000

88,860

Raytheon Co. warrants 6/16/11 (a)

204,836

1,919

Stanley, Inc. (a)

500,000

16,440

 

107,219

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Air Freight & Logistics - 0.0%

Forward Air Corp.

390,000

$ 8,315

Airlines - 0.9%

Delta Air Lines, Inc. (a)

26,287,111

152,202

JetBlue Airways Corp. (a)

7,870,852

33,609

 

185,811

Building Products - 0.2%

Masco Corp.

3,500,000

33,530

Commercial Services & Supplies - 0.1%

Clean Harbors, Inc. (a)

200,000

10,798

Stericycle, Inc. (a)

250,000

12,883

 

23,681

Construction & Engineering - 0.2%

China Railway Construction Corp. Ltd. (H Shares)

8,000,000

12,346

MYR Group, Inc. (a)(f)

1,810,900

36,616

 

48,962

Electrical Equipment - 0.4%

AMETEK, Inc.

500,000

17,290

China High Speed Transmission Equipment Group Co. Ltd.

10,000,000

19,923

Sunpower Corp.:

Class A (a)(d)

1,692,300

45,083

Class B (a)

496,810

11,899

 

94,195

Industrial Conglomerates - 1.3%

General Electric Co.

23,924,800

280,399

Machinery - 0.9%

Danaher Corp.

3,000,000

185,220

Essex Rental Corp. unit (a)

200,000

1,514

 

186,734

Professional Services - 2.1%

Equifax, Inc. (e)

8,485,262

221,465

Manpower, Inc.

413,882

17,524

Monster Worldwide, Inc. (a)(d)(e)

7,211,938

85,173

Robert Half International, Inc.

5,124,900

121,050

 

445,212

Road & Rail - 0.1%

Localiza Rent A Car SA

2,500,000

15,445

Ryder System, Inc.

500,000

13,960

 

29,405

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Transportation Infrastructure - 0.0%

The Sumitomo Warehouse Co. Ltd.

1,000,000

$ 4,526

TOTAL INDUSTRIALS

1,447,989

INFORMATION TECHNOLOGY - 34.2%

Communications Equipment - 9.1%

BYD Electronic International Co. Ltd.

35,982,000

22,100

Ciena Corp. (a)

1,024,282

10,601

Cisco Systems, Inc. (a)

13,950,300

260,034

Juniper Networks, Inc. (a)

12,817,200

302,486

Nokia Corp. sponsored ADR

78,518,200

1,144,795

QUALCOMM, Inc.

5,000,000

226,000

 

1,966,016

Computers & Peripherals - 3.8%

Apple, Inc. (a)

3,000,000

427,290

Dell, Inc. (a)

5,000,000

68,650

Seagate Technology (e)

31,919,505

333,878

 

829,818

Electronic Equipment & Components - 8.1%

Amphenol Corp. Class A

4,736,900

149,876

Corning, Inc. (e)

80,733,390

1,296,582

FLIR Systems, Inc. (a)

4,638,800

104,651

Foxconn International Holdings Ltd. (a)

5,000,000

3,277

Hon Hai Precision Industry Co. Ltd. (Foxconn)

47,610,000

147,061

Ingram Micro, Inc. Class A (a)

3,000,000

52,500

 

1,753,947

Internet Software & Services - 1.2%

Google, Inc. Class A (sub. vtg.) (a)

601,000

253,376

WebMD Health Corp. Class A (a)(d)

95,700

2,863

 

256,239

IT Services - 1.8%

Accenture Ltd. Class A

2,500,000

83,650

CACI International, Inc. Class A (a)

500,000

21,355

Cognizant Technology Solutions Corp. Class A (a)

6,318,596

168,707

Lender Processing Services, Inc.

4,225,400

117,339

 

391,051

Semiconductors & Semiconductor Equipment - 8.6%

Applied Materials, Inc. (e)

81,454,187

893,552

ASML Holding NV (NY Shares)

10,345,201

223,974

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Himax Technologies, Inc. sponsored ADR

3,400,000

$ 12,750

KLA-Tencor Corp.

2,000,000

50,500

Lam Research Corp. (a)

499,200

12,979

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

12,319,211

219,405

Micron Technology, Inc. (a)

2,989,000

15,124

NVIDIA Corp. (a)

6,000,000

67,740

O2Micro International Ltd. sponsored ADR (a)

700,000

3,500

Samsung Electronics Co. Ltd.

265,233

123,171

Skyworks Solutions, Inc. (a)

3,000,000

29,340

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

7,000,000

65,870

Teradyne, Inc. (a)(e)

12,529,691

85,954

Texas Instruments, Inc.

3,000,000

63,900

 

1,867,759

Software - 1.6%

Adobe Systems, Inc. (a)

2,500,000

70,750

Changyou.com Ltd. (A Shares) ADR

357,300

13,745

Longtop Financial Technologies Ltd. ADR (a)

29,200

717

Oracle Corp.

12,197,500

261,270

 

346,482

TOTAL INFORMATION TECHNOLOGY

7,411,312

MATERIALS - 9.6%

Chemicals - 1.8%

Air Products & Chemicals, Inc.

1,500,000

96,885

Ecolab, Inc.

2,000,000

77,980

FMC Corp.

1,241,790

58,737

Givaudan SA (d)

104,499

64,013

Minerals Technologies, Inc.

500,000

18,010

Monsanto Co.

617,600

45,912

Symrise AG

2,000,000

29,513

 

391,050

Construction Materials - 0.3%

Eagle Materials, Inc. (e)

2,942,722

74,274

Containers & Packaging - 0.1%

Owens-Illinois, Inc. (a)

500,000

14,005

Metals & Mining - 7.3%

Agnico-Eagle Mines Ltd. (Canada)

1,647,600

86,793

Alcoa, Inc.

6,049,100

62,487

ArcelorMittal SA (NY Shares) Class A

1,000,000

33,080

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Eldorado Gold Corp. (a)

3,000,000

$ 27,031

Freeport-McMoRan Copper & Gold, Inc. Class B

2,000,000

100,220

Goldcorp, Inc.

10,000,000

347,606

Kinross Gold Corp.

5,000,000

91,136

Lihir Gold Ltd. (a)

25,666,295

61,004

Newcrest Mining Ltd.

6,892,492

169,431

Newmont Mining Corp.

9,852,800

402,684

Randgold Resources Ltd. sponsored ADR

3,012,766

193,329

 

1,574,801

Paper & Forest Products - 0.1%

Weyerhaeuser Co.

730,400

22,226

TOTAL MATERIALS

2,076,356

TELECOMMUNICATION SERVICES - 1.7%

Diversified Telecommunication Services - 0.4%

Embarq Corp.

333,051

14,008

FairPoint Communications, Inc.

109,213

66

Level 3 Communications, Inc. (a)

1,331,971

2,011

Verizon Communications, Inc.

2,000,000

61,460

 

77,545

Wireless Telecommunication Services - 1.3%

America Movil SAB de CV Series L sponsored ADR

3,905,500

151,221

Sprint Nextel Corp. (a)

28,000,000

134,680

 

285,901

TOTAL TELECOMMUNICATION SERVICES

363,446

UTILITIES - 0.9%

Electric Utilities - 0.5%

Entergy Corp.

1,400,000

108,528

Multi-Utilities - 0.4%

Sempra Energy

1,700,000

84,371

TOTAL UTILITIES

192,899

TOTAL COMMON STOCKS

(Cost $23,179,553)

21,395,063

Convertible Preferred Stocks - 0.2%

Shares

Value (000s)

FINANCIALS - 0.2%

Diversified Financial Services - 0.1%

CIT Group, Inc. Series C, 8.75%

338,400

$ 5,836

Insurance - 0.1%

American International Group, Inc. Series A, 8.50%

2,666,700

25,387

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $216,923)

31,223

Convertible Bonds - 0.2%

 

Principal Amount (000s)

 

INDUSTRIALS - 0.1%

Electrical Equipment - 0.1%

Sunpower Corp.:

1.25% 2/15/27

$ 9,980

7,647

4.75% 4/15/14

13,430

15,440

 

23,087

MATERIALS - 0.1%

Metals & Mining - 0.1%

Alcoa, Inc. 5.25% 3/15/14

13,750

24,148

TOTAL CONVERTIBLE BONDS

(Cost $43,098)

47,235

Money Market Funds - 2.1%

Shares

 

Fidelity Cash Central Fund, 0.40% (b)

283,241,024

283,241

Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)

180,870,541

180,871

TOTAL MONEY MARKET FUNDS

(Cost $464,112)

464,112

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $23,903,686)

21,937,633

NET OTHER ASSETS - (1.3)%

(277,311)

NET ASSETS - 100%

$ 21,660,322

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.

(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) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $36,616,000 or 0.2% of net assets.

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

$ 380

Fidelity Securities Lending Cash Central Fund

7,220

Total

$ 7,600

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Applied Materials, Inc.

$ 729,974

$ 151,923

$ -

$ 4,319

$ 893,552

Brookdale Senior Living, Inc.

27,104

16,305

-

-

67,049

Corning, Inc.

1,432,992

78,074

514,152

4,537

1,296,582

Eagle Materials, Inc.

48,500

24,644

-

250

74,274

Equifax, Inc.

207,465

-

-

339

221,465

Greatbatch, Inc.

42,216

-

-

-

49,328

Integra LifeSciences Holdings Corp.

37,095

-

-

-

39,765

KB Home

53,880

-

-

256

55,924

MEMC Electronic Materials, Inc.

186,832

19,001

-

-

219,405

Monster Worldwide, Inc.

72,958

3,228

28,081

-

85,173

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

MYR Group, Inc.

$ 27,616

$ -

$ -

$ -

$ -

Seagate Technology

191,779

33,608

45,676

-

333,878

Staples, Inc.

726,035

-

-

3,307

808,620

Teradyne, Inc.

50,500

5,170

-

-

85,954

Toll Brothers, Inc.

206,434

27,803

-

-

218,116

United Natural Foods, Inc.

78,602

-

-

-

108,767

Total

$ 4,119,982

$ 359,756

$ 587,909

$ 13,008

$ 4,557,852

Other Information

The following is a summary of the inputs used, as of June 30, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the 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

$ 2,395,336

$ 2,394,017

$ 1,319

$ -

Consumer Staples

634,896

634,896

-

-

Energy

1,624,245

1,624,245

-

-

Financials

3,296,156

2,973,398

322,758

-

Health Care

1,983,651

1,983,651

-

-

Industrials

1,447,989

1,446,475

1,514

-

Information Technology

7,411,312

7,411,312

-

-

Materials

2,076,356

2,076,356

-

-

Telecommunication Services

363,446

363,446

-

-

Utilities

192,899

192,899

-

-

Corporate Bonds

47,235

-

47,235

-

Money Market Funds

464,112

464,112

-

-

Total Investments in Securities:

$ 21,937,633

$ 21,564,807

$ 372,826

$ -

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $24,010,287,000. Net unrealized depreciation aggregated $2,072,654,000, of which $2,633,763,000 related to appreciated investment securities and $4,706,417,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Magellan Fund

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 31, 2009

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 31, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

August 31, 2009

EX-99.CERT 2 mag99cert.htm

Exhibit EX-99.CERT

I, Kenneth B. Robins, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Magellan Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 31, 2009

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Christine Reynolds, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Magellan Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 31, 2009

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

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