N-CSR 1 filing924.htm PRIMARY DOCUMENT

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   811-1193   


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


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


Marc Bryant, 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:

March 31, 2016


Item 1.

Reports to Stockholders




Fidelity® Magellan® Fund

Class K



Annual Report

March 31, 2016



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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

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

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



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended March 31, 2016 Past 1 year Past 5 years Past 10 years 
Class K (0.89)% 9.36% 4.80% 

 The initial offering of Class K shares took place on May 9, 2008. Returns prior to May 9, 2008 are those of Fidelity® Magellan® Fund, the original class of the fund. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Magellan® Fund - Class K on March 31, 2006. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. See above for additional information regarding the performance of Class K.


Period Ending Values
$15,989Fidelity® Magellan® Fund - Class K
$19,687S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 1.78% for the year ending March 31, 2016. Largely range-bound until mid-August, U.S. stocks then suffereda steep decline on concern about an economic slowdown in China. The market recovered in October, lifted by the U.S. Federal Reserve’s decision to delay raising near-term interest rates until mid-December, as well as a rate cut in China and economic stimulus in Europe. But continued oil-price weakness and U.S.-dollar strength pushed the S&P 500® to its worst January since 2009, followed by a volatile but ultimately flattish February and a sharp rebound in March, driven by U.S. jobs gains and a perceived easing in the Fed’s rate-tightening posture. Growth-oriented and larger-cap stocks fared better than value and smaller-cap complements. The tech-heavy Nasdaq Composite Index® gained 0.55% for the 12 months; the Russell 2000® Index, -9.76%. Six of 10 sectors in the broad-market S&P 500® gained ground, with a wide gap separating leaders from laggards. Despite increased competition among wireless carriers, telecommunication services (+19%) led the way, followed by the more defensive utilities sector (+16%). Rising wages and low inflation buoyed consumer staples (+11%) and, to a lesser extent, consumer discretionary (+7%). Meanwhile, energy (-16%) foundered amid commodity weakness that also hurt materials (-6%).

Comments from Portfolio Manager Jeffrey Feingold:  For the year, the fund’s share classes declined modestly, trailing the 1.78% gain of the benchmark S&P 500® index. Versus the benchmark, security selection had the biggest negative impact, especially within the software & services group. Here, largely avoiding software firm Microsoft detracted, as did an untimely non-index stake in microblogging platform Twitter. I believed Microsoft faced headwinds from its enterprise portfolio, while Twitter struggled with the engagement of new and existing users. Neither was held at period end. The food, beverage & tobacco group also was an area of weakness, including untimely ownership of Keurig Green Mountain. We held the stock in the first five months of the reporting period, when it trended lower, but sold it in August, therefore missing its early-December rise on news the company would be taken private. Conversely, our top relative contributor was a non-benchmark stake in Bruker, a maker of scientific instruments for molecular and materials research. We received a lift from insurance firm Chubb, which saw its shares spike in early July 2015 after the company agreed to be acquired. The deal closed in January, creating the world's largest publicly traded property and casualty insurance company, which continues under the Chubb name.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Facebook, Inc. Class A 3.7 1.7 
Apple, Inc. 3.0 4.2 
Berkshire Hathaway, Inc. Class B 2.6 2.2 
Alphabet, Inc. Class A 2.5 1.7 
Alphabet, Inc. Class C 2.5 1.7 
General Electric Co. 2.4 3.1 
The Coca-Cola Co. 2.3 0.0 
Visa, Inc. Class A 1.9 1.7 
Home Depot, Inc. 1.8 1.5 
Amazon.com, Inc. 1.8 2.1 
 24.5  

Top Five Market Sectors as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 24.3 22.6 
Financials 17.8 21.8 
Consumer Discretionary 15.7 16.3 
Health Care 14.7 18.2 
Industrials 11.2 9.2 

Asset Allocation (% of fund's net assets)

As of March 31, 2016 * 
   Stocks 97.7% 
   Convertible Securities 1.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.3% 


 * Foreign investments - 9.8%


As of September 30, 2015 * 
   Stocks 98.5% 
   Convertible Securities 0.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.6% 


 * Foreign investments - 10.6%


Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments March 31, 2016

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 15.4%   
Auto Components - 0.2%   
BorgWarner, Inc. 624,200 $23,969 
Automobiles - 1.1%   
General Motors Co. 5,247,100 164,916 
Diversified Consumer Services - 1.1%   
Service Corp. International 3,598,032 88,799 
ServiceMaster Global Holdings, Inc. (a) 2,256,000 85,006 
  173,805 
Hotels, Restaurants & Leisure - 1.6%   
Hilton Worldwide Holdings, Inc. 1,789,500 40,300 
Papa John's International, Inc. 497,800 26,976 
Starbucks Corp. 3,010,900 179,751 
  247,027 
Household Durables - 0.7%   
Leggett & Platt, Inc. 2,199,800 106,470 
Internet & Catalog Retail - 2.7%   
Amazon.com, Inc. (a) 458,300 272,065 
Netflix, Inc. (a) 733,000 74,935 
Priceline Group, Inc. (a) 48,900 63,030 
  410,030 
Media - 0.9%   
Interpublic Group of Companies, Inc. 3,534,300 81,112 
Starz Series A (a) 2,068,230 54,456 
  135,568 
Multiline Retail - 0.7%   
Dollar General Corp. 1,315,100 112,573 
Specialty Retail - 4.1%   
Foot Locker, Inc. 1,333,400 86,004 
Home Depot, Inc. 2,088,300 278,642 
L Brands, Inc. 1,532,600 134,578 
Ross Stores, Inc. 2,061,500 119,361 
  618,585 
Textiles, Apparel & Luxury Goods - 2.3%   
NIKE, Inc. Class B 3,522,400 216,522 
PVH Corp. 1,265,300 125,341 
  341,863 
TOTAL CONSUMER DISCRETIONARY  2,334,806 
CONSUMER STAPLES - 7.4%   
Beverages - 4.1%   
Anheuser-Busch InBev SA NV 444,660 55,243 
Constellation Brands, Inc. Class A (sub. vtg.) 249,300 37,667 
Molson Coors Brewing Co. Class B 765,200 73,597 
Monster Beverage Corp. 761,300 101,542 
The Coca-Cola Co. 7,514,700 348,607 
  616,656 
Food & Staples Retailing - 1.7%   
CVS Health Corp. 1,888,072 195,850 
Kroger Co. 1,859,200 71,114 
  266,964 
Food Products - 1.2%   
Mondelez International, Inc. 3,222,400 129,283 
Post Holdings, Inc. (a) 761,300 52,355 
  181,638 
Personal Products - 0.4%   
Estee Lauder Companies, Inc. Class A 693,800 65,432 
TOTAL CONSUMER STAPLES  1,130,690 
ENERGY - 6.1%   
Energy Equipment & Services - 1.4%   
Oil States International, Inc. (a) 1,528,800 48,188 
Schlumberger Ltd. 2,106,800 155,377 
  203,565 
Oil, Gas & Consumable Fuels - 4.7%   
Apache Corp. 2,703,800 131,972 
Chevron Corp. 2,444,400 233,196 
Cimarex Energy Co. 480,800 46,767 
ConocoPhillips Co. 2,552,600 102,793 
HollyFrontier Corp. 549,200 19,398 
Newfield Exploration Co. (a) 1,261,900 41,958 
PDC Energy, Inc. (a) 767,400 45,622 
Phillips 66 Co. 797,400 69,047 
Whiting Petroleum Corp. (a) 3,520,400 28,093 
  718,846 
TOTAL ENERGY  922,411 
FINANCIALS - 17.8%   
Banks - 5.5%   
Bank of America Corp. 11,807,900 159,643 
Citigroup, Inc. 3,875,116 161,786 
JPMorgan Chase & Co. 4,556,798 269,854 
Regions Financial Corp. 3,976,400 31,215 
U.S. Bancorp 3,269,159 132,695 
Wells Fargo & Co. 1,541,555 74,550 
  829,743 
Capital Markets - 2.8%   
BlackRock, Inc. Class A 363,700 123,865 
Goldman Sachs Group, Inc. 1,308,200 205,361 
Northern Trust Corp. 878,700 57,265 
PJT Partners, Inc. 116,245 2,796 
The Blackstone Group LP 1,463,700 41,057 
  430,344 
Consumer Finance - 0.8%   
Capital One Financial Corp. 1,744,000 120,877 
Diversified Financial Services - 4.7%   
Berkshire Hathaway, Inc. Class B (a) 2,764,266 392,194 
Broadcom Ltd. 892,400 137,876 
FactSet Research Systems, Inc. 409,700 62,082 
MSCI, Inc. Class A 1,564,100 115,869 
  708,021 
Insurance - 1.3%   
Chubb Ltd. 1,713,396 204,151 
Real Estate Investment Trusts - 2.5%   
American Tower Corp. 1,936,861 198,276 
Public Storage 668,100 184,282 
  382,558 
Real Estate Management & Development - 0.2%   
Rialto Real Estate Fund LP (b)(c)(d) 500,000 8,728 
RREF CMBS AIV, LP (b)(c)(d)(e) 500,000 23,654 
RREF Midtown Colony REIT, Inc. (b)(c)(d)(f) 500,000 63 
  32,445 
TOTAL FINANCIALS  2,708,139 
HEALTH CARE - 14.7%   
Biotechnology - 5.0%   
AbbVie, Inc. 2,023,900 115,605 
Amgen, Inc. 1,430,277 214,441 
Amicus Therapeutics, Inc. (a) 2,849,153 24,075 
Biogen, Inc. (a) 395,104 102,853 
Clinical Data, Inc. rights 4/4/18 (a) 988,714 0 
Gilead Sciences, Inc. 1,737,500 159,607 
Medivation, Inc. (a) 337,000 15,495 
Regeneron Pharmaceuticals, Inc. (a) 265,200 95,589 
Vertex Pharmaceuticals, Inc. (a) 343,000 27,265 
  754,930 
Health Care Equipment & Supplies - 3.4%   
Boston Scientific Corp. (a) 8,668,300 163,051 
Intuitive Surgical, Inc. (a) 202,000 121,412 
Medtronic PLC 3,118,352 233,876 
  518,339 
Health Care Providers & Services - 1.3%   
Cigna Corp. 777,500 106,704 
HealthSouth Corp. warrants 1/17/17 (a) 82,958 170 
McKesson Corp. 620,130 97,515 
  204,389 
Life Sciences Tools & Services - 1.7%   
Agilent Technologies, Inc. 3,166,600 126,189 
Bruker Corp. 4,450,662 124,619 
  250,808 
Pharmaceuticals - 3.3%   
Allergan PLC (a) 604,061 161,906 
Bristol-Myers Squibb Co. 2,886,200 184,370 
Jazz Pharmaceuticals PLC (a) 217,540 28,400 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,400,200 128,435 
  503,111 
TOTAL HEALTH CARE  2,231,577 
INDUSTRIALS - 11.2%   
Aerospace & Defense - 2.4%   
General Dynamics Corp. 784,700 103,086 
Huntington Ingalls Industries, Inc. 647,333 88,646 
United Technologies Corp. 1,799,900 180,170 
  371,902 
Air Freight & Logistics - 0.6%   
C.H. Robinson Worldwide, Inc. 1,218,272 90,432 
Hub Group, Inc. Class A (a) 620 25 
  90,457 
Airlines - 0.9%   
Southwest Airlines Co. 3,000,400 134,418 
Building Products - 0.3%   
A.O. Smith Corp. 615,600 46,976 
Construction & Engineering - 0.2%   
Jacobs Engineering Group, Inc. (a) 533,700 23,243 
Electrical Equipment - 0.8%   
Acuity Brands, Inc. 535,100 116,727 
Regal Beloit Corp. 9,178 579 
  117,306 
Industrial Conglomerates - 4.4%   
Danaher Corp. 1,370,900 130,044 
General Electric Co. 11,564,800 367,645 
Roper Technologies, Inc. 949,300 173,504 
  671,193 
Machinery - 0.9%   
Allison Transmission Holdings, Inc. 1,903,200 51,348 
Illinois Tool Works, Inc. 727,000 74,474 
Wabtec Corp. 239,300 18,974 
  144,796 
Road & Rail - 0.4%   
J.B. Hunt Transport Services, Inc. 766,100 64,536 
Trading Companies & Distributors - 0.3%   
HD Supply Holdings, Inc. (a) 1,354,400 44,790 
TOTAL INDUSTRIALS  1,709,617 
INFORMATION TECHNOLOGY - 23.5%   
Communications Equipment - 0.3%   
Juniper Networks, Inc. 2,096,100 53,472 
Electronic Equipment & Components - 0.3%   
CDW Corp. 976,800 40,537 
Internet Software & Services - 8.7%   
Alphabet, Inc.:   
Class A 499,116 380,776 
Class C 508,754 378,996 
Facebook, Inc. Class A (a) 4,913,400 560,620 
  1,320,392 
IT Services - 7.1%   
Accenture PLC Class A 1,633,000 188,448 
Cognizant Technology Solutions Corp. Class A (a) 1,990,118 124,780 
Fiserv, Inc. (a) 656,500 67,344 
Global Payments, Inc. 1,458,100 95,214 
MasterCard, Inc. Class A 2,366,200 223,606 
Total System Services, Inc. 1,799,200 85,606 
Visa, Inc. Class A 3,833,300 293,171 
  1,078,169 
Semiconductors & Semiconductor Equipment - 0.8%   
Intersil Corp. Class A 3,493,100 46,703 
Maxim Integrated Products, Inc. 2,190,900 80,581 
  127,284 
Software - 3.3%   
Adobe Systems, Inc. (a) 2,062,700 193,481 
DocuSign, Inc. (a)(d) 16,185 241 
Salesforce.com, Inc. (a) 2,757,275 203,570 
Synopsys, Inc. (a) 1,401,800 67,903 
Workday, Inc. Class A (a) 519,900 39,949 
Xero Ltd. (a) 4 0 
  505,144 
Technology Hardware, Storage & Peripherals - 3.0%   
Apple, Inc. 4,146,613 451,939 
Pure Storage, Inc. Class B 306,060 4,148 
  456,087 
TOTAL INFORMATION TECHNOLOGY  3,581,085 
MATERIALS - 1.5%   
Chemicals - 1.5%   
LyondellBasell Industries NV Class A 2,080,919 178,085 
Monsanto Co. 544,284 47,755 
  225,840 
TOTAL COMMON STOCKS   
(Cost $11,462,054)  14,844,165 
Preferred Stocks - 1.1%   
Convertible Preferred Stocks - 1.0%   
CONSUMER DISCRETIONARY - 0.2%   
Household Durables - 0.2%   
Roku, Inc.:   
Series F, 8.00% (a)(d) 12,145,838 18,570 
Series G, 8.00% (a)(d) 3,847,486 5,882 
  24,452 
INFORMATION TECHNOLOGY - 0.8%   
Internet Software & Services - 0.3%   
Uber Technologies, Inc. Series D, 8.00% (a)(d) 966,928 47,159 
IT Services - 0.0%   
Nutanix, Inc. Series E (a)(d) 462,283 6,093 
Software - 0.5%   
Cloudflare, Inc. Series D (a)(d) 571,642 2,681 
DocuSign, Inc.:   
Series B (a)(d) 7,510 112 
Series B-1 (a)(d) 2,249 34 
Series D (a)(d) 2,376,438 35,456 
Series E (a)(d) 139,427 2,080 
Malwarebytes Corp. Series B 0.00% (d) 3,373,494 35,000 
  75,363 
TOTAL INFORMATION TECHNOLOGY  128,615 
TOTAL CONVERTIBLE PREFERRED STOCKS  153,067 
Nonconvertible Preferred Stocks - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Internet & Catalog Retail - 0.1%   
China Internet Plus Holdings Ltd. Series A-11 (d) 3,163,704 12,214 
TOTAL PREFERRED STOCKS   
(Cost $98,726)  165,281 
Money Market Funds - 1.0%   
Fidelity Cash Central Fund, 0.39% (g)   
(Cost $152,535) 152,534,825 152,535 
TOTAL INVESTMENT PORTFOLIO - 99.7%   
(Cost $11,713,315)  15,161,981 
NET OTHER ASSETS (LIABILITIES) - 0.3%  40,023 
NET ASSETS - 100%  $15,202,004 

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

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 - 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 $197,967,000 or 1.3% of net assets.

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

 (f) 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.

 (g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
China Internet Plus Holdings Ltd. 1/26/15 $10,000 
Cloudflare, Inc. Series D 11/5/14 $3,502 
DocuSign, Inc. 10/21/13 $90 
DocuSign, Inc. Series B 3/3/14 $99 
DocuSign, Inc. Series B-1 3/3/14 $30 
DocuSign, Inc. Series D 6/29/12 - 3/3/14 $11,071 
DocuSign, Inc. Series E 3/3/14 $1,831 
Malwarebytes Corp. Series B 0.00% 12/21/15 $35,000 
Nutanix, Inc. Series E 8/26/14 $6,193 
Rialto Real Estate Fund LP 2/24/11 - 8/17/12 $33,049 
RREF CMBS AIV, LP  8/10/11 - 8/17/12 $15,528 
RREF Midtown Colony REIT, Inc. 12/31/12 $1,423 
Roku, Inc. Series F, 8.00% 5/7/13 $11,000 
Roku, Inc. Series G, 8.00% 10/1/14 $5,000 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $15,000 

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 $288 
Fidelity Securities Lending Cash Central Fund 258 
Total $546 

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Rialto Real Estate Fund LP $11,911 $-- $-- $2,156 $8,728 
Rovi Corp. 43,981 50,632 59,560 -- -- 
RREF CMBS AIV, LP 22,633 -- -- 2,708 23,654 
RREF Midtown Colony REIT, Inc. 3,642 -- -- 4,120 63 
Total $82,167 $50,632 $59,560 $8,984 $32,445 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $2,371,472 $2,334,806 $-- $36,666 
Consumer Staples 1,130,690 1,075,447 55,243 -- 
Energy 922,411 922,411 -- -- 
Financials 2,708,139 2,675,694 -- 32,445 
Health Care 2,231,577 2,231,577 -- -- 
Industrials 1,709,617 1,709,617 -- -- 
Information Technology 3,709,700 3,576,696 4,148 128,856 
Materials 225,840 225,840 -- -- 
Money Market Funds 152,535 152,535 -- -- 
Total Investments in Securities: $15,161,981 $14,904,623 $59,391 $197,967 

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

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $146,649 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 18,439 
Cost of Purchases 45,000 
Proceeds of Sales (12,121) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $197,967 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2016 $21,158 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

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)  March 31, 2016 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $11,528,535) 		$14,977,001  
Fidelity Central Funds (cost $152,535) 152,535  
Other affiliated issuers (cost $32,245) 32,445  
Total Investments (cost $11,713,315)  $15,161,981 
Receivable for investments sold  144,473 
Receivable for fund shares sold  1,937 
Dividends receivable  15,352 
Distributions receivable from Fidelity Central Funds  57 
Prepaid expenses  16 
Other receivables  1,624 
Total assets  15,325,440 
Liabilities   
Payable for investments purchased $102,790  
Payable for fund shares redeemed 8,849  
Accrued management fee 7,930  
Other affiliated payables 1,741  
Other payables and accrued expenses 1,631  
Deferred taxes 495  
Total liabilities  123,436 
Net Assets  $15,202,004 
Net Assets consist of:   
Paid in capital  $11,643,813 
Undistributed net investment income  17,180 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  92,849 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  3,448,162 
Net Assets  $15,202,004 
Magellan:   
Net Asset Value, offering price and redemption price per share ($12,950,124 ÷ 147,977 shares)  $87.51 
Class K:   
Net Asset Value, offering price and redemption price per share ($2,251,880 ÷ 25,762 shares)  $87.41 

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


Statement of Operations

Amounts in thousands  Year ended March 31, 2016 
Investment Income   
Dividends (including $8,984 earned from other affiliated issuers)  $230,447 
Interest  1 
Income from Fidelity Central Funds  546 
Total income  230,994 
Expenses   
Management fee   
Basic fee $87,153  
Performance adjustment 21,397  
Transfer agent fees 20,395  
Accounting and security lending fees 1,538  
Custodian fees and expenses 253  
Independent trustees' compensation 75  
Depreciation in deferred trustee compensation account (4)  
Registration fees 77  
Audit 193  
Legal 60  
Miscellaneous 114  
Total expenses before reductions 131,251  
Expense reductions (1,098) 130,153 
Net investment income (loss)  100,841 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 789,719  
Other affiliated issuers (46,607)  
Foreign currency transactions 70  
Total net realized gain (loss)  743,182 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of deferred taxes of $495) 		(997,147)  
Assets and liabilities in foreign currencies 4  
Total change in net unrealized appreciation (depreciation)  (997,143) 
Net gain (loss)  (253,961) 
Net increase (decrease) in net assets resulting from operations  $(153,120) 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended March 31, 2016 Year ended March 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $100,841 $137,911 
Net realized gain (loss) 743,182 1,540,011 
Change in net unrealized appreciation (depreciation) (997,143) 609,059 
Net increase (decrease) in net assets resulting from operations (153,120) 2,286,981 
Distributions to shareholders from net investment income (94,800) (121,920) 
Distributions to shareholders from net realized gain (1,110,739) (1,936,659) 
Total distributions (1,205,539) (2,058,579) 
Share transactions - net increase (decrease) (190,569) 417,058 
Total increase (decrease) in net assets (1,549,228) 645,460 
Net Assets   
Beginning of period 16,751,232 16,105,772 
End of period (including undistributed net investment income of $17,180 and undistributed net investment income of $29,900, respectively) $15,202,004 $16,751,232 

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


Financial Highlights — Fidelity Magellan Fund

Years ended March 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $95.15 $94.25 $79.96 $73.30 $75.56 
Income from Investment Operations      
Net investment income (loss)A .56 .77 .81 .93 .47 
Net realized and unrealized gain (loss) (1.22)B 12.27 20.00 6.75 (2.30) 
Total from investment operations (.66) 13.04 20.81 7.68 (1.83) 
Distributions from net investment income (.54) (.71) (.67) (1.00) (.41) 
Distributions from net realized gain (6.44) (11.43) (5.85) (.02) (.02) 
Total distributions (6.98) (12.14) (6.52) (1.02) (.43) 
Net asset value, end of period $87.51 $95.15 $94.25 $79.96 $73.30 
Total ReturnC (.99)%B 14.98% 26.50% 10.63% (2.36)% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .84% .68% .50% .47% .54% 
Expenses net of fee waivers, if any .84% .68% .50% .47% .54% 
Expenses net of all reductions .83% .68% .50% .46% .53% 
Net investment income (loss) .62% .83% .92% 1.27% .69% 
Supplemental Data      
Net assets, end of period (in millions) $12,950 $14,224 $13,521 $12,341 $13,665 
Portfolio turnover rateF 78% 71% 77% 88% 99% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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


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


Financial Highlights — Fidelity Magellan Fund Class K

Years ended March 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $95.04 $94.16 $79.89 $73.24 $75.51 
Income from Investment Operations      
Net investment income (loss)A .65 .86 .90 1.02 .56 
Net realized and unrealized gain (loss) (1.21)B 12.25 19.99 6.75 (2.30) 
Total from investment operations (.56) 13.11 20.89 7.77 (1.74) 
Distributions from net investment income (.63) (.80) (.77) (1.10) (.50) 
Distributions from net realized gain (6.44) (11.43) (5.85) (.02) (.02) 
Total distributions (7.07) (12.23) (6.62) (1.12) (.53)C 
Net asset value, end of period $87.41 $95.04 $94.16 $79.89 $73.24 
Total ReturnD (.89)%B 15.08% 26.63% 10.77% (2.23)% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .74% .58% .39% .35% .42% 
Expenses net of fee waivers, if any .74% .58% .39% .35% .42% 
Expenses net of all reductions .74% .58% .39% .34% .41% 
Net investment income (loss) .71% .93% 1.02% 1.40% .82% 
Supplemental Data      
Net assets, end of period (in millions) $2,252 $2,528 $2,585 $2,424 $2,814 
Portfolio turnover rateG 78% 71% 77% 88% 99% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been (.95)%

 C Total distributions of $.53 per share is comprised of distributions from net investment income of $.504 and distributions from net realized gain of $.022 per share.

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

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

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

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


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


Notes to Financial Statements

For the period ended March 31, 2016
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

Asset Type Fair Value at 03/31/16 Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $ 197,967 Book value Book value multiple 1.0 Increase 
  Expected distribution Recovery rate 0.0% Increase 
  Last transaction price Transaction price $1.53 - $48.77 / $23.12 Increase 
  Market comparable Discount rate 10.0% Decrease 
   EV/Sales multiple 2.8 - 7.2 / 6.5 Increase 
   Discount for lack of marketability 15.0% - 20.0% / 15.3% Decrease 
   Premium rate 10.0% - 44.0% / 41.8% Increase 

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


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2016, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2016, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes

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 foreign currency transactions, partnerships, deferred trustees compensation and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $3,692,990 
Gross unrealized depreciation (270,926) 
Net unrealized appreciation (depreciation) on securities $3,422,064 
Tax Cost $11,739,422 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $18,713 
Undistributed long-term capital gain $118,956 
Net unrealized appreciation (depreciation) on securities and other investments $3,422,055 

The tax character of distributions paid was as follows:

 March 31, 2016 March 31, 2015 
Ordinary Income $94,800 $ 469,659 
Long-term Capital Gains 1,110,739 1,588,920 
Total $1,205,539 $ 2,058,579 

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

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

At period end, investments held through this Subsidiary were $31,950 representing .21% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, the 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $12,213,819 and $13,605,098, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Magellan as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .68% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of
Class-Level Average
Net Assets 
Magellan $19,300 .14 
Class K 1,095 .05 
 $ 20,395  

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $254 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $30,266 .34% $– 

Interest Expense reflects amount less than $500.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $23 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $258, including an amount of less than five hundred dollars from securities loaned to FCM.

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. The average loan balance during the period for which loans were outstanding amounted to $8,647. The weighted average interest rate was .63%. The interest expense amounted to less than five hundred dollars under the bank borrowing program.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $669 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $123 and a portion of class-level operating expenses as follows:

 Amount 
Magellan $306 

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
March 31, 2016 		Year ended March 31, 2015 
From net investment income   
Magellan $78,589 $101,258 
Class K 16,211 20,662 
Total $94,800 $121,920 
From net realized gain   
Magellan $943,952 $1,635,834 
Class K 166,787 300,825 
Total $1,110,739 $1,936,659 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended
March 31, 2016 		Year ended March 31, 2015 Year ended
March 31, 2016 		Year ended March 31, 2015 
Magellan     
Shares sold 3,348 3,485 $304,059 $325,502 
Reinvestment of distributions 10,509 18,364 975,876 1,658,869 
Shares redeemed (15,371) (15,820) (1,394,937) (1,472,450) 
Net increase (decrease) (1,514) 6,029 $(115,002) $511,921 
Class K     
Shares sold 4,210 2,843 $384,450 $265,021 
Reinvestment of distributions 1,973 3,568 182,998 321,487 
Shares redeemed (7,015) (7,268) (643,015) (681,371) 
Net increase (decrease) (832) (857) $(75,567) $(94,863) 

12. Other.

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

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Magellan Fund at March 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Magellan Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
May 20, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 170 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and sector funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity® funds' valuation-related activities, reporting and risk management.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), and as a member of the Independent Directors Council (IDC) Governing Council (2010-2015). Mr. Dirks is a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as Chairman (2014-present) and a member (2010-present) of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes) and a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and a member of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Robert W. Selander (1950)

Year of Election or Appointment: 2011

Trustee

Mr. Selander also serves as Trustee of other Fidelity® funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present) and a non-executive Chairman of Health Equity, Inc. (health savings custodian, 2015-present). Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity® funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2001

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (U.K.) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (U.K.) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.  Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan. 

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).  Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan. 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Melissa M. Reilly (1971)

Year of Election or Appointment: 2014

Vice President of certain Equity Funds

Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity funds (2013-2016).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity funds (2013-2016).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2015 to March 31, 2016).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
October 1, 2015 		Ending
Account Value
March 31, 2016 		Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 
Magellan .83%    
Actual  $1,000.00 $1,059.80 $4.27 
Hypothetical-C  $1,000.00 $1,020.85 $4.19 
Class K .74%    
Actual  $1,000.00 $1,060.20 $3.81 
Hypothetical-C  $1,000.00 $1,021.30 $3.74 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses


Distributions (Unaudited)

The Board of Trustees of Fidelity Magellan Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

 Pay Date Record Date Dividends Capital Gains 
Class K 05/16/2016 05/13/2016 $0.127 $0.698 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended March 31, 2016, $755,105,475, or, if subsequently determined to be different, the net capital gain of such year.

Class K designates 100% of the dividends distributed during the fiscal year as qualifying for the dividend-received deduction or corporate shareholders.

Class K designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MAG-K-ANN-0516
1.863177.107

Fidelity® Magellan® Fund



Annual Report

March 31, 2016



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions


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

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

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



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended March 31, 2016 Past 1 year Past 5 years Past 10 years 
Fidelity® Magellan® Fund (0.99)% 9.24% 4.70% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Magellan® Fund, a class of the fund, on March 31, 2006.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$15,827Fidelity® Magellan® Fund
$19,687S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 1.78% for the year ending March 31, 2016. Largely range-bound until mid-August, U.S. stocks then suffereda steep decline on concern about an economic slowdown in China. The market recovered in October, lifted by the U.S. Federal Reserve’s decision to delay raising near-term interest rates until mid-December, as well as a rate cut in China and economic stimulus in Europe. But continued oil-price weakness and U.S.-dollar strength pushed the S&P 500® to its worst January since 2009, followed by a volatile but ultimately flattish February and a sharp rebound in March, driven by U.S. jobs gains and a perceived easing in the Fed’s rate-tightening posture. Growth-oriented and larger-cap stocks fared better than value and smaller-cap complements. The tech-heavy Nasdaq Composite Index® gained 0.55% for the 12 months; the Russell 2000® Index, -9.76%. Six of 10 sectors in the broad-market S&P 500® gained ground, with a wide gap separating leaders from laggards. Despite increased competition among wireless carriers, telecommunication services (+19%) led the way, followed by the more defensive utilities sector (+16%). Rising wages and low inflation buoyed consumer staples (+11%) and, to a lesser extent, consumer discretionary (+7%). Meanwhile, energy (-16%) foundered amid commodity weakness that also hurt materials (-6%).

Comments from Portfolio Manager Jeffrey Feingold:  For the year, the fund’s share classes declined modestly, trailing the 1.78% gain of the benchmark S&P 500® index. Versus the benchmark, security selection had the biggest negative impact, especially within the software & services group. Here, largely avoiding software firm Microsoft detracted, as did an untimely non-index stake in microblogging platform Twitter. I believed Microsoft faced headwinds from its enterprise portfolio, while Twitter struggled with the engagement of new and existing users. Neither was held at period end. The food, beverage & tobacco group also was an area of weakness, including untimely ownership of Keurig Green Mountain. We held the stock in the first five months of the reporting period, when it trended lower, but sold it in August, therefore missing its early-December rise on news the company would be taken private. Conversely, our top relative contributor was a non-benchmark stake in Bruker, a maker of scientific instruments for molecular and materials research. We received a lift from insurance firm Chubb, which saw its shares spike in early July 2015 after the company agreed to be acquired. The deal closed in January, creating the world's largest publicly traded property and casualty insurance company, which continues under the Chubb name.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Facebook, Inc. Class A 3.7 1.7 
Apple, Inc. 3.0 4.2 
Berkshire Hathaway, Inc. Class B 2.6 2.2 
Alphabet, Inc. Class A 2.5 1.7 
Alphabet, Inc. Class C 2.5 1.7 
General Electric Co. 2.4 3.1 
The Coca-Cola Co. 2.3 0.0 
Visa, Inc. Class A 1.9 1.7 
Home Depot, Inc. 1.8 1.5 
Amazon.com, Inc. 1.8 2.1 
 24.5  

Top Five Market Sectors as of March 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 24.3 22.6 
Financials 17.8 21.8 
Consumer Discretionary 15.7 16.3 
Health Care 14.7 18.2 
Industrials 11.2 9.2 

Asset Allocation (% of fund's net assets)

As of March 31, 2016 * 
   Stocks 97.7% 
   Convertible Securities 1.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.3% 


 * Foreign investments - 9.8%


As of September 30, 2015 * 
   Stocks 98.5% 
   Convertible Securities 0.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.6% 


 * Foreign investments - 10.6%


Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments March 31, 2016

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 15.4%   
Auto Components - 0.2%   
BorgWarner, Inc. 624,200 $23,969 
Automobiles - 1.1%   
General Motors Co. 5,247,100 164,916 
Diversified Consumer Services - 1.1%   
Service Corp. International 3,598,032 88,799 
ServiceMaster Global Holdings, Inc. (a) 2,256,000 85,006 
  173,805 
Hotels, Restaurants & Leisure - 1.6%   
Hilton Worldwide Holdings, Inc. 1,789,500 40,300 
Papa John's International, Inc. 497,800 26,976 
Starbucks Corp. 3,010,900 179,751 
  247,027 
Household Durables - 0.7%   
Leggett & Platt, Inc. 2,199,800 106,470 
Internet & Catalog Retail - 2.7%   
Amazon.com, Inc. (a) 458,300 272,065 
Netflix, Inc. (a) 733,000 74,935 
Priceline Group, Inc. (a) 48,900 63,030 
  410,030 
Media - 0.9%   
Interpublic Group of Companies, Inc. 3,534,300 81,112 
Starz Series A (a) 2,068,230 54,456 
  135,568 
Multiline Retail - 0.7%   
Dollar General Corp. 1,315,100 112,573 
Specialty Retail - 4.1%   
Foot Locker, Inc. 1,333,400 86,004 
Home Depot, Inc. 2,088,300 278,642 
L Brands, Inc. 1,532,600 134,578 
Ross Stores, Inc. 2,061,500 119,361 
  618,585 
Textiles, Apparel & Luxury Goods - 2.3%   
NIKE, Inc. Class B 3,522,400 216,522 
PVH Corp. 1,265,300 125,341 
  341,863 
TOTAL CONSUMER DISCRETIONARY  2,334,806 
CONSUMER STAPLES - 7.4%   
Beverages - 4.1%   
Anheuser-Busch InBev SA NV 444,660 55,243 
Constellation Brands, Inc. Class A (sub. vtg.) 249,300 37,667 
Molson Coors Brewing Co. Class B 765,200 73,597 
Monster Beverage Corp. 761,300 101,542 
The Coca-Cola Co. 7,514,700 348,607 
  616,656 
Food & Staples Retailing - 1.7%   
CVS Health Corp. 1,888,072 195,850 
Kroger Co. 1,859,200 71,114 
  266,964 
Food Products - 1.2%   
Mondelez International, Inc. 3,222,400 129,283 
Post Holdings, Inc. (a) 761,300 52,355 
  181,638 
Personal Products - 0.4%   
Estee Lauder Companies, Inc. Class A 693,800 65,432 
TOTAL CONSUMER STAPLES  1,130,690 
ENERGY - 6.1%   
Energy Equipment & Services - 1.4%   
Oil States International, Inc. (a) 1,528,800 48,188 
Schlumberger Ltd. 2,106,800 155,377 
  203,565 
Oil, Gas & Consumable Fuels - 4.7%   
Apache Corp. 2,703,800 131,972 
Chevron Corp. 2,444,400 233,196 
Cimarex Energy Co. 480,800 46,767 
ConocoPhillips Co. 2,552,600 102,793 
HollyFrontier Corp. 549,200 19,398 
Newfield Exploration Co. (a) 1,261,900 41,958 
PDC Energy, Inc. (a) 767,400 45,622 
Phillips 66 Co. 797,400 69,047 
Whiting Petroleum Corp. (a) 3,520,400 28,093 
  718,846 
TOTAL ENERGY  922,411 
FINANCIALS - 17.8%   
Banks - 5.5%   
Bank of America Corp. 11,807,900 159,643 
Citigroup, Inc. 3,875,116 161,786 
JPMorgan Chase & Co. 4,556,798 269,854 
Regions Financial Corp. 3,976,400 31,215 
U.S. Bancorp 3,269,159 132,695 
Wells Fargo & Co. 1,541,555 74,550 
  829,743 
Capital Markets - 2.8%   
BlackRock, Inc. Class A 363,700 123,865 
Goldman Sachs Group, Inc. 1,308,200 205,361 
Northern Trust Corp. 878,700 57,265 
PJT Partners, Inc. 116,245 2,796 
The Blackstone Group LP 1,463,700 41,057 
  430,344 
Consumer Finance - 0.8%   
Capital One Financial Corp. 1,744,000 120,877 
Diversified Financial Services - 4.7%   
Berkshire Hathaway, Inc. Class B (a) 2,764,266 392,194 
Broadcom Ltd. 892,400 137,876 
FactSet Research Systems, Inc. 409,700 62,082 
MSCI, Inc. Class A 1,564,100 115,869 
  708,021 
Insurance - 1.3%   
Chubb Ltd. 1,713,396 204,151 
Real Estate Investment Trusts - 2.5%   
American Tower Corp. 1,936,861 198,276 
Public Storage 668,100 184,282 
  382,558 
Real Estate Management & Development - 0.2%   
Rialto Real Estate Fund LP (b)(c)(d) 500,000 8,728 
RREF CMBS AIV, LP (b)(c)(d)(e) 500,000 23,654 
RREF Midtown Colony REIT, Inc. (b)(c)(d)(f) 500,000 63 
  32,445 
TOTAL FINANCIALS  2,708,139 
HEALTH CARE - 14.7%   
Biotechnology - 5.0%   
AbbVie, Inc. 2,023,900 115,605 
Amgen, Inc. 1,430,277 214,441 
Amicus Therapeutics, Inc. (a) 2,849,153 24,075 
Biogen, Inc. (a) 395,104 102,853 
Clinical Data, Inc. rights 4/4/18 (a) 988,714 0 
Gilead Sciences, Inc. 1,737,500 159,607 
Medivation, Inc. (a) 337,000 15,495 
Regeneron Pharmaceuticals, Inc. (a) 265,200 95,589 
Vertex Pharmaceuticals, Inc. (a) 343,000 27,265 
  754,930 
Health Care Equipment & Supplies - 3.4%   
Boston Scientific Corp. (a) 8,668,300 163,051 
Intuitive Surgical, Inc. (a) 202,000 121,412 
Medtronic PLC 3,118,352 233,876 
  518,339 
Health Care Providers & Services - 1.3%   
Cigna Corp. 777,500 106,704 
HealthSouth Corp. warrants 1/17/17 (a) 82,958 170 
McKesson Corp. 620,130 97,515 
  204,389 
Life Sciences Tools & Services - 1.7%   
Agilent Technologies, Inc. 3,166,600 126,189 
Bruker Corp. 4,450,662 124,619 
  250,808 
Pharmaceuticals - 3.3%   
Allergan PLC (a) 604,061 161,906 
Bristol-Myers Squibb Co. 2,886,200 184,370 
Jazz Pharmaceuticals PLC (a) 217,540 28,400 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,400,200 128,435 
  503,111 
TOTAL HEALTH CARE  2,231,577 
INDUSTRIALS - 11.2%   
Aerospace & Defense - 2.4%   
General Dynamics Corp. 784,700 103,086 
Huntington Ingalls Industries, Inc. 647,333 88,646 
United Technologies Corp. 1,799,900 180,170 
  371,902 
Air Freight & Logistics - 0.6%   
C.H. Robinson Worldwide, Inc. 1,218,272 90,432 
Hub Group, Inc. Class A (a) 620 25 
  90,457 
Airlines - 0.9%   
Southwest Airlines Co. 3,000,400 134,418 
Building Products - 0.3%   
A.O. Smith Corp. 615,600 46,976 
Construction & Engineering - 0.2%   
Jacobs Engineering Group, Inc. (a) 533,700 23,243 
Electrical Equipment - 0.8%   
Acuity Brands, Inc. 535,100 116,727 
Regal Beloit Corp. 9,178 579 
  117,306 
Industrial Conglomerates - 4.4%   
Danaher Corp. 1,370,900 130,044 
General Electric Co. 11,564,800 367,645 
Roper Technologies, Inc. 949,300 173,504 
  671,193 
Machinery - 0.9%   
Allison Transmission Holdings, Inc. 1,903,200 51,348 
Illinois Tool Works, Inc. 727,000 74,474 
Wabtec Corp. 239,300 18,974 
  144,796 
Road & Rail - 0.4%   
J.B. Hunt Transport Services, Inc. 766,100 64,536 
Trading Companies & Distributors - 0.3%   
HD Supply Holdings, Inc. (a) 1,354,400 44,790 
TOTAL INDUSTRIALS  1,709,617 
INFORMATION TECHNOLOGY - 23.5%   
Communications Equipment - 0.3%   
Juniper Networks, Inc. 2,096,100 53,472 
Electronic Equipment & Components - 0.3%   
CDW Corp. 976,800 40,537 
Internet Software & Services - 8.7%   
Alphabet, Inc.:   
Class A 499,116 380,776 
Class C 508,754 378,996 
Facebook, Inc. Class A (a) 4,913,400 560,620 
  1,320,392 
IT Services - 7.1%   
Accenture PLC Class A 1,633,000 188,448 
Cognizant Technology Solutions Corp. Class A (a) 1,990,118 124,780 
Fiserv, Inc. (a) 656,500 67,344 
Global Payments, Inc. 1,458,100 95,214 
MasterCard, Inc. Class A 2,366,200 223,606 
Total System Services, Inc. 1,799,200 85,606 
Visa, Inc. Class A 3,833,300 293,171 
  1,078,169 
Semiconductors & Semiconductor Equipment - 0.8%   
Intersil Corp. Class A 3,493,100 46,703 
Maxim Integrated Products, Inc. 2,190,900 80,581 
  127,284 
Software - 3.3%   
Adobe Systems, Inc. (a) 2,062,700 193,481 
DocuSign, Inc. (a)(d) 16,185 241 
Salesforce.com, Inc. (a) 2,757,275 203,570 
Synopsys, Inc. (a) 1,401,800 67,903 
Workday, Inc. Class A (a) 519,900 39,949 
Xero Ltd. (a) 4 0 
  505,144 
Technology Hardware, Storage & Peripherals - 3.0%   
Apple, Inc. 4,146,613 451,939 
Pure Storage, Inc. Class B 306,060 4,148 
  456,087 
TOTAL INFORMATION TECHNOLOGY  3,581,085 
MATERIALS - 1.5%   
Chemicals - 1.5%   
LyondellBasell Industries NV Class A 2,080,919 178,085 
Monsanto Co. 544,284 47,755 
  225,840 
TOTAL COMMON STOCKS   
(Cost $11,462,054)  14,844,165 
Preferred Stocks - 1.1%   
Convertible Preferred Stocks - 1.0%   
CONSUMER DISCRETIONARY - 0.2%   
Household Durables - 0.2%   
Roku, Inc.:   
Series F, 8.00% (a)(d) 12,145,838 18,570 
Series G, 8.00% (a)(d) 3,847,486 5,882 
  24,452 
INFORMATION TECHNOLOGY - 0.8%   
Internet Software & Services - 0.3%   
Uber Technologies, Inc. Series D, 8.00% (a)(d) 966,928 47,159 
IT Services - 0.0%   
Nutanix, Inc. Series E (a)(d) 462,283 6,093 
Software - 0.5%   
Cloudflare, Inc. Series D (a)(d) 571,642 2,681 
DocuSign, Inc.:   
Series B (a)(d) 7,510 112 
Series B-1 (a)(d) 2,249 34 
Series D (a)(d) 2,376,438 35,456 
Series E (a)(d) 139,427 2,080 
Malwarebytes Corp. Series B 0.00% (d) 3,373,494 35,000 
  75,363 
TOTAL INFORMATION TECHNOLOGY  128,615 
TOTAL CONVERTIBLE PREFERRED STOCKS  153,067 
Nonconvertible Preferred Stocks - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Internet & Catalog Retail - 0.1%   
China Internet Plus Holdings Ltd. Series A-11 (d) 3,163,704 12,214 
TOTAL PREFERRED STOCKS   
(Cost $98,726)  165,281 
Money Market Funds - 1.0%   
Fidelity Cash Central Fund, 0.39% (g)   
(Cost $152,535) 152,534,825 152,535 
TOTAL INVESTMENT PORTFOLIO - 99.7%   
(Cost $11,713,315)  15,161,981 
NET OTHER ASSETS (LIABILITIES) - 0.3%  40,023 
NET ASSETS - 100%  $15,202,004 

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

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 - 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 $197,967,000 or 1.3% of net assets.

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

 (f) 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.

 (g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
China Internet Plus Holdings Ltd. 1/26/15 $10,000 
Cloudflare, Inc. Series D 11/5/14 $3,502 
DocuSign, Inc. 10/21/13 $90 
DocuSign, Inc. Series B 3/3/14 $99 
DocuSign, Inc. Series B-1 3/3/14 $30 
DocuSign, Inc. Series D 6/29/12 - 3/3/14 $11,071 
DocuSign, Inc. Series E 3/3/14 $1,831 
Malwarebytes Corp. Series B 0.00% 12/21/15 $35,000 
Nutanix, Inc. Series E 8/26/14 $6,193 
Rialto Real Estate Fund LP 2/24/11 - 8/17/12 $33,049 
RREF CMBS AIV, LP  8/10/11 - 8/17/12 $15,528 
RREF Midtown Colony REIT, Inc. 12/31/12 $1,423 
Roku, Inc. Series F, 8.00% 5/7/13 $11,000 
Roku, Inc. Series G, 8.00% 10/1/14 $5,000 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $15,000 

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 $288 
Fidelity Securities Lending Cash Central Fund 258 
Total $546 

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Rialto Real Estate Fund LP $11,911 $-- $-- $2,156 $8,728 
Rovi Corp. 43,981 50,632 59,560 -- -- 
RREF CMBS AIV, LP 22,633 -- -- 2,708 23,654 
RREF Midtown Colony REIT, Inc. 3,642 -- -- 4,120 63 
Total $82,167 $50,632 $59,560 $8,984 $32,445 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $2,371,472 $2,334,806 $-- $36,666 
Consumer Staples 1,130,690 1,075,447 55,243 -- 
Energy 922,411 922,411 -- -- 
Financials 2,708,139 2,675,694 -- 32,445 
Health Care 2,231,577 2,231,577 -- -- 
Industrials 1,709,617 1,709,617 -- -- 
Information Technology 3,709,700 3,576,696 4,148 128,856 
Materials 225,840 225,840 -- -- 
Money Market Funds 152,535 152,535 -- -- 
Total Investments in Securities: $15,161,981 $14,904,623 $59,391 $197,967 

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

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $146,649 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 18,439 
Cost of Purchases 45,000 
Proceeds of Sales (12,121) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $197,967 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2016 $21,158 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

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)  March 31, 2016 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $11,528,535) 		$14,977,001  
Fidelity Central Funds (cost $152,535) 152,535  
Other affiliated issuers (cost $32,245) 32,445  
Total Investments (cost $11,713,315)  $15,161,981 
Receivable for investments sold  144,473 
Receivable for fund shares sold  1,937 
Dividends receivable  15,352 
Distributions receivable from Fidelity Central Funds  57 
Prepaid expenses  16 
Other receivables  1,624 
Total assets  15,325,440 
Liabilities   
Payable for investments purchased $102,790  
Payable for fund shares redeemed 8,849  
Accrued management fee 7,930  
Other affiliated payables 1,741  
Other payables and accrued expenses 1,631  
Deferred taxes 495  
Total liabilities  123,436 
Net Assets  $15,202,004 
Net Assets consist of:   
Paid in capital  $11,643,813 
Undistributed net investment income  17,180 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  92,849 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  3,448,162 
Net Assets  $15,202,004 
Magellan:   
Net Asset Value, offering price and redemption price per share ($12,950,124 ÷ 147,977 shares)  $87.51 
Class K:   
Net Asset Value, offering price and redemption price per share ($2,251,880 ÷ 25,762 shares)  $87.41 

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


Statement of Operations

Amounts in thousands  Year ended March 31, 2016 
Investment Income   
Dividends (including $8,984 earned from other affiliated issuers)  $230,447 
Interest  1 
Income from Fidelity Central Funds  546 
Total income  230,994 
Expenses   
Management fee   
Basic fee $87,153  
Performance adjustment 21,397  
Transfer agent fees 20,395  
Accounting and security lending fees 1,538  
Custodian fees and expenses 253  
Independent trustees' compensation 75  
Depreciation in deferred trustee compensation account (4)  
Registration fees 77  
Audit 193  
Legal 60  
Miscellaneous 114  
Total expenses before reductions 131,251  
Expense reductions (1,098) 130,153 
Net investment income (loss)  100,841 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 789,719  
Other affiliated issuers (46,607)  
Foreign currency transactions 70  
Total net realized gain (loss)  743,182 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of deferred taxes of $495) 		(997,147)  
Assets and liabilities in foreign currencies 4  
Total change in net unrealized appreciation (depreciation)  (997,143) 
Net gain (loss)  (253,961) 
Net increase (decrease) in net assets resulting from operations  $(153,120) 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended March 31, 2016 Year ended March 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $100,841 $137,911 
Net realized gain (loss) 743,182 1,540,011 
Change in net unrealized appreciation (depreciation) (997,143) 609,059 
Net increase (decrease) in net assets resulting from operations (153,120) 2,286,981 
Distributions to shareholders from net investment income (94,800) (121,920) 
Distributions to shareholders from net realized gain (1,110,739) (1,936,659) 
Total distributions (1,205,539) (2,058,579) 
Share transactions - net increase (decrease) (190,569) 417,058 
Total increase (decrease) in net assets (1,549,228) 645,460 
Net Assets   
Beginning of period 16,751,232 16,105,772 
End of period (including undistributed net investment income of $17,180 and undistributed net investment income of $29,900, respectively) $15,202,004 $16,751,232 

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


Financial Highlights — Fidelity Magellan Fund

Years ended March 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $95.15 $94.25 $79.96 $73.30 $75.56 
Income from Investment Operations      
Net investment income (loss)A .56 .77 .81 .93 .47 
Net realized and unrealized gain (loss) (1.22)B 12.27 20.00 6.75 (2.30) 
Total from investment operations (.66) 13.04 20.81 7.68 (1.83) 
Distributions from net investment income (.54) (.71) (.67) (1.00) (.41) 
Distributions from net realized gain (6.44) (11.43) (5.85) (.02) (.02) 
Total distributions (6.98) (12.14) (6.52) (1.02) (.43) 
Net asset value, end of period $87.51 $95.15 $94.25 $79.96 $73.30 
Total ReturnC (.99)%B 14.98% 26.50% 10.63% (2.36)% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .84% .68% .50% .47% .54% 
Expenses net of fee waivers, if any .84% .68% .50% .47% .54% 
Expenses net of all reductions .83% .68% .50% .46% .53% 
Net investment income (loss) .62% .83% .92% 1.27% .69% 
Supplemental Data      
Net assets, end of period (in millions) $12,950 $14,224 $13,521 $12,341 $13,665 
Portfolio turnover rateF 78% 71% 77% 88% 99% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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


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


Financial Highlights — Fidelity Magellan Fund Class K

Years ended March 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $95.04 $94.16 $79.89 $73.24 $75.51 
Income from Investment Operations      
Net investment income (loss)A .65 .86 .90 1.02 .56 
Net realized and unrealized gain (loss) (1.21)B 12.25 19.99 6.75 (2.30) 
Total from investment operations (.56) 13.11 20.89 7.77 (1.74) 
Distributions from net investment income (.63) (.80) (.77) (1.10) (.50) 
Distributions from net realized gain (6.44) (11.43) (5.85) (.02) (.02) 
Total distributions (7.07) (12.23) (6.62) (1.12) (.53)C 
Net asset value, end of period $87.41 $95.04 $94.16 $79.89 $73.24 
Total ReturnD (.89)%B 15.08% 26.63% 10.77% (2.23)% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .74% .58% .39% .35% .42% 
Expenses net of fee waivers, if any .74% .58% .39% .35% .42% 
Expenses net of all reductions .74% .58% .39% .34% .41% 
Net investment income (loss) .71% .93% 1.02% 1.40% .82% 
Supplemental Data      
Net assets, end of period (in millions) $2,252 $2,528 $2,585 $2,424 $2,814 
Portfolio turnover rateG 78% 71% 77% 88% 99% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been (.95)%

 C Total distributions of $.53 per share is comprised of distributions from net investment income of $.504 and distributions from net realized gain of $.022 per share.

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

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

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

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


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


Notes to Financial Statements

For the period ended March 31, 2016
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

Asset Type Fair Value at 03/31/16 Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $ 197,967 Book value Book value multiple 1.0 Increase 
  Expected distribution Recovery rate 0.0% Increase 
  Last transaction price Transaction price $1.53 - $48.77 / $23.12 Increase 
  Market comparable Discount rate 10.0% Decrease 
   EV/Sales multiple 2.8 - 7.2 / 6.5 Increase 
   Discount for lack of marketability 15.0% - 20.0% / 15.3% Decrease 
   Premium rate 10.0% - 44.0% / 41.8% Increase 

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


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2016, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2016, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes

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 foreign currency transactions, partnerships, deferred trustees compensation and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation $3,692,990 
Gross unrealized depreciation (270,926) 
Net unrealized appreciation (depreciation) on securities $3,422,064 
Tax Cost $11,739,422 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $18,713 
Undistributed long-term capital gain $118,956 
Net unrealized appreciation (depreciation) on securities and other investments $3,422,055 

The tax character of distributions paid was as follows:

 March 31, 2016 March 31, 2015 
Ordinary Income $94,800 $ 469,659 
Long-term Capital Gains 1,110,739 1,588,920 
Total $1,205,539 $ 2,058,579 

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

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

At period end, investments held through this Subsidiary were $31,950 representing .21% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, the 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $12,213,819 and $13,605,098, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Magellan as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .68% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of
Class-Level Average
Net Assets 
Magellan $19,300 .14 
Class K 1,095 .05 
 $ 20,395  

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $254 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $30,266 .34% $– 

Interest Expense reflects amount less than $500.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $23 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $258, including an amount of less than five hundred dollars from securities loaned to FCM.

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. The average loan balance during the period for which loans were outstanding amounted to $8,647. The weighted average interest rate was .63%. The interest expense amounted to less than five hundred dollars under the bank borrowing program.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $669 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $123 and a portion of class-level operating expenses as follows:

 Amount 
Magellan $306 

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
March 31, 2016 		Year ended March 31, 2015 
From net investment income   
Magellan $78,589 $101,258 
Class K 16,211 20,662 
Total $94,800 $121,920 
From net realized gain   
Magellan $943,952 $1,635,834 
Class K 166,787 300,825 
Total $1,110,739 $1,936,659 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended
March 31, 2016 		Year ended March 31, 2015 Year ended
March 31, 2016 		Year ended March 31, 2015 
Magellan     
Shares sold 3,348 3,485 $304,059 $325,502 
Reinvestment of distributions 10,509 18,364 975,876 1,658,869 
Shares redeemed (15,371) (15,820) (1,394,937) (1,472,450) 
Net increase (decrease) (1,514) 6,029 $(115,002) $511,921 
Class K     
Shares sold 4,210 2,843 $384,450 $265,021 
Reinvestment of distributions 1,973 3,568 182,998 321,487 
Shares redeemed (7,015) (7,268) (643,015) (681,371) 
Net increase (decrease) (832) (857) $(75,567) $(94,863) 

12. Other.

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

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Magellan Fund at March 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Magellan Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
May 20, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 170 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and sector funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity® funds' valuation-related activities, reporting and risk management.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), and as a member of the Independent Directors Council (IDC) Governing Council (2010-2015). Mr. Dirks is a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as Chairman (2014-present) and a member (2010-present) of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes) and a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and a member of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Robert W. Selander (1950)

Year of Election or Appointment: 2011

Trustee

Mr. Selander also serves as Trustee of other Fidelity® funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present) and a non-executive Chairman of Health Equity, Inc. (health savings custodian, 2015-present). Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity® funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2001

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (U.K.) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (U.K.) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.  Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan. 

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).  Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan. 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Melissa M. Reilly (1971)

Year of Election or Appointment: 2014

Vice President of certain Equity Funds

Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity funds (2013-2016).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity funds (2013-2016).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2015 to March 31, 2016).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
October 1, 2015 		Ending
Account Value
March 31, 2016 		Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 
Magellan .83%    
Actual  $1,000.00 $1,059.80 $4.27 
Hypothetical-C  $1,000.00 $1,020.85 $4.19 
Class K .74%    
Actual  $1,000.00 $1,060.20 $3.81 
Hypothetical-C  $1,000.00 $1,021.30 $3.74 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 C 5% return per year before expenses


Distributions (Unaudited)

The Board of Trustees of Fidelity Magellan Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

 Pay Date Record Date Dividends Capital Gains 
Magellan 05/16/2016 05/13/2016 $0.109 $0.698 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended March 31, 2016, $755,105,475, or, if subsequently determined to be different, the net capital gain of such year.

Magellan designates 100% the dividends distributed during the fiscal year as qualifying for the dividend-received deduction or corporate shareholders.

Magellan designates 100% the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MAG-ANN-0516
1.702307.118

Item 2.

Code of Ethics


As of the end of the period, March 31, 2016, Fidelity Magellan Fund (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR.   Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.  



Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Magellan Fund (the “Fund”):


Services Billed by PwC


March 31, 2016 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Magellan Fund

 $179,000  

$-

 $5,600    

$6,900



March 31, 2015 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Magellan Fund

 $177,000  

$-

 $12,700    

$7,600



A Amounts may reflect rounding.



The following table presents fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Fund Service Providers”):




Services Billed by PwC



 

March 31, 2016A

March 31, 2015A

Audit-Related Fees

 $5,695,000

 $5,900,000

Tax Fees

$-

$-

All Other Fees

$-

$-


A Amounts may reflect rounding.



“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  


Assurance services must be performed by an independent public accountant.


* * *


The aggregate non-audit fees billed by PwC for services rendered to the Fund, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund are as follows:


Billed By

March 31, 2016 A

March 31, 2015 A

PwC

          $6,105,000

           $8,110,000

 

 

 

A Amounts may reflect rounding.



The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Fund, taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund and its related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.




Audit Committee Pre-Approval Policies and Procedures

 

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.


All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s last two fiscal years relating to services provided to (i) the Fund or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund.




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 trust’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trust’s 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 second fiscal quarter of 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.

Exhibits


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(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:

May 26, 2016



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:

May 26, 2016



By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

May 26, 2016