Form N-CSR FIDELITY MAGELLAN FUND For: Mar 31

Investment Summary

Schedule of Investments

Report of Independent Registered Public Accounting Firm

Distributions

Performance: The Bottom Line

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders :

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

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

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

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

Periods ended March 31, 2022	Past 1 year	Life of Fund A
Fidelity® Magellan® K6 Fund	12.29%	18.85%

A From June 13, 2019

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Magellan® K6 Fund on June 13, 2019, when the fund started.

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.

Investment Summary March 31, 2022 (Unaudited)

Market Recap: The S&P 500® index gained 15.65% for the 12 months ending March 31, 2022. Large-cap equities retreated to begin the new year after posting a strong result in 2021 amid improved economic growth, strong corporate earnings, widespread COVID-19 vaccination, and accommodative fiscal and monetary stimulus. These tailwinds, among others, have supported the historic rebound for U.S. stocks since the early-2020 outbreak and spread of COVID-19. The uptrend was briefly interrupted in September, with the index returning -4.65% as sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging commodity prices, rising bond yields, supply constraint and disruption, and the delta variant of the coronavirus. Also, the U.S. Federal Reserve signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The S&P 500® reversed course in October, rising 7.01% on earnings strength, followed by a 4.48% advance in December, after studies suggested that the omicron variant resulted in fewer severe COVID-19 cases. Uncertainty then washed over the market as the calendar turned. Stocks slid as investors digested geopolitical unrest, with Russia invading and escalating its attack on Ukraine, and the Fed's accelerated plan to hike interest rates amid soaring inflation. Volatility eased in March and the index gained 3.71% for the month, improving its year-to-date result to -4.60%. For the full 12 months, energy (+64%) led the way, driven by surging oil prices.

Comments from Portfolio Manager Sammy Simnegar: For the fiscal year ending March 31, 2022, the fund gained 12.29%, trailing the 15.65% advance of the benchmark S&P 500® index. Versus the benchmark, security selection was the primary detractor, although a complete lack of exposure to the market-leading energy sector was the single biggest headwind for relative performance. Picks among information technology and consumer discretionary stocks also hindered the fund's relative result. Not owning Tesla, a benchmark component that gained about 61%, was the biggest individual relative detractor. The fund's non-benchmark stake in DocuSign, a position not held at period end, returned approximately -47%. Also hampering performance was our overweighting in Visa, which returned about -11% and was one of our largest holdings at period end. In contrast, the largest contributor to performance versus the benchmark was an overweighting in information technology. Investment choices in consumer staples also helped, as did an overweighting in the communication services sector, where both avoiding the lagging telecommunication services segment and overweighting the media & entertainment industry helped. The fund's top individual relative contributor was an outsized stake in Nvidia, which gained roughly 105% the past year. The company was among our biggest holdings. Also boosting value was our overweighting in Fortinet, which gained about 85%. Another notable relative contributor was an outsized stake in Costco Wholesale (+65%), which was one of our largest holdings as of March 31. Notable changes in positioning include reduced exposure to the communication services sector and a higher allocation to health care stocks.

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.

Top Holdings (% of Fund's net assets)

Apple, Inc.	8.2
Microsoft Corp.	7.3
Amazon.com, Inc.	4.8
NVIDIA Corp.	3.0
Alphabet, Inc. Class C	2.7
Alphabet, Inc. Class A	2.7
UnitedHealth Group, Inc.	2.5
Visa, Inc. Class A	2.2
MasterCard, Inc. Class A	2.0
Costco Wholesale Corp.	1.9
	37.3

Market Sectors (% of Fund's net assets)

Information Technology	46.0
Health Care	12.9
Industrials	8.2
Financials	8.1
Consumer Discretionary	7.1
Communication Services	5.4
Real Estate	3.9
Consumer Staples	3.1
Materials	2.9
Utilities	1.7

Asset Allocation (% of Fund's net assets)

Foreign investments - 3.3%

Schedule of Investments March 31, 2022

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares	Value ($)
COMMUNICATION SERVICES - 5.4%
Interactive Media & Services - 5.4%
Alphabet, Inc.:
Class A (a)	2,468	6,864,372
Class C (a)	2,469	6,895,892
		13,760,264
CONSUMER DISCRETIONARY - 7.1%
Hotels, Restaurants & Leisure - 2.1%
Domino's Pizza, Inc.	7,106	2,892,213
Hilton Worldwide Holdings, Inc. (a)	15,155	2,299,620
		5,191,833
Internet & Direct Marketing Retail - 4.8%
Amazon.com, Inc. (a)	3,752	12,231,332
Specialty Retail - 0.2%
The Home Depot, Inc.	1,673	500,779
TOTAL CONSUMER DISCRETIONARY		17,923,944
CONSUMER STAPLES - 3.1%
Food & Staples Retailing - 1.9%
Costco Wholesale Corp.	8,221	4,734,063
Personal Products - 1.2%
Estee Lauder Companies, Inc. Class A	11,309	3,079,667
TOTAL CONSUMER STAPLES		7,813,730
FINANCIALS - 8.1%
Capital Markets - 5.5%
BlackRock, Inc. Class A	4,532	3,463,218
Moody's Corp.	10,182	3,435,509
MSCI, Inc.	5,917	2,975,541
S&P Global, Inc.	9,747	3,998,024
		13,872,292
Insurance - 2.6%
Arthur J. Gallagher & Co.	18,155	3,169,863
Marsh & McLennan Companies, Inc.	20,488	3,491,565
		6,661,428
TOTAL FINANCIALS		20,533,720
HEALTH CARE - 12.9%
Health Care Equipment & Supplies - 2.6%
IDEXX Laboratories, Inc. (a)	5,792	3,168,572
Intuitive Surgical, Inc. (a)	11,492	3,466,907
		6,635,479
Health Care Providers & Services - 2.5%
UnitedHealth Group, Inc.	12,082	6,161,458
Life Sciences Tools & Services - 4.7%
Danaher Corp.	14,245	4,178,486
IQVIA Holdings, Inc. (a)	13,600	3,144,456
Thermo Fisher Scientific, Inc.	7,829	4,624,199
		11,947,141
Pharmaceuticals - 3.1%
Eli Lilly & Co.	15,582	4,462,217
Zoetis, Inc. Class A	18,195	3,431,395
		7,893,612
TOTAL HEALTH CARE		32,637,690
INDUSTRIALS - 8.2%
Aerospace & Defense - 1.2%
HEICO Corp. Class A	23,363	2,963,129
Commercial Services & Supplies - 2.3%
Cintas Corp.	7,364	3,132,572
Copart, Inc. (a)	21,410	2,686,313
		5,818,885
Electrical Equipment - 1.0%
AMETEK, Inc.	18,246	2,430,002
Industrial Conglomerates - 1.2%
Roper Technologies, Inc.	6,413	3,028,411
Professional Services - 2.5%
Equifax, Inc.	12,983	3,078,269
Verisk Analytics, Inc.	15,740	3,378,276
		6,456,545
TOTAL INDUSTRIALS		20,696,972
INFORMATION TECHNOLOGY - 46.0%
Electronic Equipment & Components - 2.3%
Amphenol Corp. Class A	36,970	2,785,690
Teledyne Technologies, Inc. (a)	6,552	3,096,672
		5,882,362
IT Services - 7.3%
Accenture PLC Class A	12,889	4,346,557
Automatic Data Processing, Inc.	15,203	3,459,291
MasterCard, Inc. Class A	14,194	5,072,652
Visa, Inc. Class A	24,838	5,508,323
		18,386,823
Semiconductors & Semiconductor Equipment - 9.8%
Advanced Micro Devices, Inc. (a)	35,636	3,896,440
Analog Devices, Inc.	20,890	3,450,610
Applied Materials, Inc.	25,219	3,323,864
KLA Corp.	9,005	3,296,370
Lam Research Corp.	6,194	3,329,956
NVIDIA Corp.	27,427	7,483,731
		24,780,971
Software - 18.4%
Adobe, Inc. (a)	9,428	4,295,585
ANSYS, Inc. (a)	8,816	2,800,402
Cadence Design Systems, Inc. (a)	20,127	3,310,086
Fortinet, Inc. (a)	9,954	3,401,680
Intuit, Inc.	7,633	3,670,252
Microsoft Corp.	59,512	18,348,145
Salesforce.com, Inc. (a)	18,286	3,882,484
ServiceNow, Inc. (a)	6,291	3,503,395
Synopsys, Inc. (a)	9,985	3,327,701
		46,539,730
Technology Hardware, Storage & Peripherals - 8.2%
Apple, Inc.	119,336	20,837,259
TOTAL INFORMATION TECHNOLOGY		116,427,145
MATERIALS - 2.9%
Chemicals - 2.9%
Linde PLC	12,939	4,133,105
Sherwin-Williams Co.	13,513	3,373,115
		7,506,220
REAL ESTATE - 3.9%
Equity Real Estate Investment Trusts (REITs) - 3.9%
American Tower Corp.	5,900	1,482,198
Crown Castle International Corp.	11,883	2,193,602
Prologis (REIT), Inc.	23,899	3,859,211
SBA Communications Corp. Class A	7,240	2,491,284
		10,026,295
UTILITIES - 1.7%
Electric Utilities - 1.7%
NextEra Energy, Inc.	50,352	4,265,318
TOTAL COMMON STOCKS (Cost $176,296,674)		251,591,298

Money Market Funds - 1.2%
	Shares	Value ($)
Fidelity Cash Central Fund 0.31% (b) (Cost $2,994,649)	2,994,050	2,994,649

TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $179,291,323)	254,585,947
NET OTHER ASSETS (LIABILITIES) - (0.5)%	(1,296,814)
NET ASSETS - 100.0%	253,289,133

Legend

(a)	Non-income producing

(b)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	%ownership, end of period
Fidelity Cash Central Fund 0.31%	1,664,234	68,646,128	67,315,713	1,863	-	-	2,994,649	0.0%
Fidelity Securities Lending Cash Central Fund 0.31%	451,000	15,713,439	16,164,439	231	-	-	-	0.0%
Total	2,115,234	84,359,567	83,480,152	2,094	-	-	2,994,649

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2022, 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 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	13,760,264	13,760,264	-	-
Consumer Discretionary	17,923,944	17,923,944	-	-
Consumer Staples	7,813,730	7,813,730	-	-
Financials	20,533,720	20,533,720	-	-
Health Care	32,637,690	32,637,690	-	-
Industrials	20,696,972	20,696,972	-	-
Information Technology	116,427,145	116,427,145	-	-
Materials	7,506,220	7,506,220	-	-
Real Estate	10,026,295	10,026,295	-	-
Utilities	4,265,318	4,265,318	-	-

Money Market Funds	2,994,649	2,994,649	-	-
Total Investments in Securities:	254,585,947	254,585,947	-	-

Statement of Assets and Liabilities
			March 31, 2022

Assets
Investment in securities, at value - See accompanying schedule:	$251,591,298
Unaffiliated issuers (cost $176,296,674)	$251,591,298
Fidelity Central Funds (cost $2,994,649)	2,994,649

Total Investments in Securities (cost $179,291,323)		$	254,585,947
Receivable for investments sold			2,982,900
Receivable for fund shares sold			290,683
Dividends receivable			30,694
Distributions receivable from Fidelity Central Funds			391
Total assets			257,890,615
Liabilities
Payable for investments purchased	$4,408,250
Payable for fund shares redeemed	102,074
Accrued management fee	91,158
Total Liabilities			4,601,482
Net Assets		$	253,289,133
Net Assets consist of:
Paid in capital		$	179,466,618
Total accumulated earnings (loss)			73,822,515
Net Assets		$	253,289,133
Net Asset Value , offering price and redemption price per share ($253,289,133 ÷ 16,391,303 shares)		$	15.45

Statement of Operations
				Year ended March 31, 2022
Investment Income
Dividends			$	1,565,998
Income from Fidelity Central Funds (including $231 from security lending)				2,094
Total Income				1,568,092
Expenses
Management fee	$	1,169,729
Independent trustees' fees and expenses		892
Interest		624
Total expenses before reductions		1,171,245
Expense reductions		(2)
Total expenses after reductions				1,171,243
Net Investment income (loss)				396,849
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		7,341,806
Total net realized gain (loss)				7,341,806
Change in net unrealized appreciation (depreciation) on investment securities				21,506,956
Net gain (loss)				28,848,762
Net increase (decrease) in net assets resulting from operations			$	29,245,611

Statement of Changes in Net Assets

		Year ended March 31, 2022		Year ended March 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	396,849	$	568,448
Net realized gain (loss)		7,341,806		7,892,219
Change in net unrealized appreciation (depreciation)		21,506,956		57,379,985
Net increase (decrease) in net assets resulting from operations		29,245,611		65,840,652
Distributions to shareholders		(11,345,178)		(634,417)
Share transactions
Proceeds from sales of shares		110,453,247		15,671,136
Reinvestment of distributions		11,345,178		634,417
Cost of shares redeemed		(74,158,133)		(25,221,879)
Net increase (decrease) in net assets resulting from share transactions		47,640,292		(8,916,326)
Total increase (decrease) in net assets		65,540,725		56,289,909

Net Assets
Beginning of period		187,748,408		131,458,499
End of period	$	253,289,133	$	187,748,408

Other Information
Shares
Sold		7,170,184		1,220,926
Issued in reinvestment of distributions		675,074		49,046
Redeemed		(4,534,879)		(1,901,831)
Net increase (decrease)		3,310,379		(631,859)

Fidelity® Magellan® K6 Fund

Years ended March 31,		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	14.35	$	9.59	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.02		.04		.06
Net realized and unrealized gain (loss)		1.80		4.77		(.44)
Total from investment operations		1.82		4.81		(.38)
Distributions from net investment income		(.02)		(.05)		(.03)
Distributions from net realized gain		(.70)		-		-
Total distributions		(.72)		(.05)		(.03)
Net asset value, end of period	$	15.45	$	14.35	$	9.59
Total Return D,E		12.29%		50.18%		(3.83)%
Ratios to Average Net Assets F,G,C
Expenses before reductions		.45%		.45%		.45% H
Expenses net of fee waivers, if any		.45%		.45%		.45% H
Expenses net of all reductions		.45%		.45%		.45% H
Net investment income (loss)		.15%		.32%		.65% H
Supplemental Data
Net assets, end of period (000 omitted)	$	253,289	$	187,748	$	131,458
Portfolio turnover rate I		57% J		62%		93% J,H

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

B Calculated based on average shares outstanding during the period.

C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

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

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

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

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

H Annualized

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

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

Report of Independent Registered Public Accounting Firm

For the period ended March 31, 2022

1. Organization.

Fidelity® Magellan® K6 Fund (the Fund) is a fund of Fidelity Magellan Fund (the Trust ) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust . Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

2. Investments in Fidelity Central Funds.

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

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

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio (a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than.005%
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2022 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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, 2022, 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.

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

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 losses deferred due to wash sales and excise tax regulations.

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

	Amount ($)
Gross unrealized appreciation	78,263,011
Gross unrealized depreciation	(3,386,821)
Net unrealized appreciation (depreciation)	74,876,190

Tax cost

179,709,757

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

	Amount ($)
Undistributed ordinary income	94,208
Net unrealized appreciation (depreciation) on securities and other investments	74,876,190

The Fund intends to elect to defer to its next fiscal year $ 1,147,884 of capital losses recognized during the period November 1, 2021 to March 31, 2022.

The tax character of distributions paid was as follows:

	March 31, 2022 ($)		March 31, 2021 ($)
Ordinary Income		5,213,999		634,417
Long-term Capital Gains		6,131,179		--
Total		11,345,178		634,417

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity® Magellan® K6 Fund	143,110,728	195,573,061

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

	Shares	Total Proceeds ($)
Fidelity® Magellan® K6 Fund	5,882,522	89,712,460

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of 0.45 % of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

	Amount ($)
Fidelity® Magellan® K6 Fund	1,317

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity® Magellan® K6 Fund	15,739,746	9,418,921	(247,134)

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)		Security Lending Income From Securities Loaned to NFS ($)		Value of Securities Loaned to NFS at Period End ($)
Fidelity® Magellan® K6 Fund	23		-		-

8. Bank Borrowings.

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

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

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2.

10. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

11. Coronavirus (COVID-19) Pandemic.

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

To the Board of Trustees of Fidelity Magellan Fund and Shareholders of Fidelity Magellan K6 Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Magellan K6 Fund (one of the funds constituting Fidelity Magellan Fund, referred to hereafter as the "Fund") as of March 31, 2022, the related statement of operations for the year ended March 31, 2022, the statement of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the two years in the period ended March 31, 2022 and for the period June 13, 2019 (commencement of operations) through March 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2022, 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 ended March 31, 2022 and the financial highlights for each of the two years in the period ended March 31, 2022 and for the period June 13, 2019 (commencement of operations) through March 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

May 12, 2022

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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 317 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. Robert A. Lawrence is an interested person and currently serves as Acting 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. David M. Thomas serves as Lead Independent Trustee 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 other equity 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. 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+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

* 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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity ® funds. 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). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. 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 a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

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 Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); 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).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), 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 (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2021 to March 31, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value October 1, 2021	Ending Account Value March 31, 2022	Expenses Paid During Period- C October 1, 2021 to March 31, 2022

Fidelity® Magellan® K6 Fund	.45%
Actual		$ 1,000	$ 989.00	$ 2.23
Hypothetical- B		$ 1,000	$ 1,022.69	$ 2.27

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

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended March 31, 2022, $ 3,876,833, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed in December, during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates 85% and 17% of the dividends distributed in May and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 86% and 21% of the dividends distributed in May and December, respectively 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 designates 1%, and 2% of the dividends distributed in May and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.

In accordance with the Program, each of the Fund's portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

1.9893883.102

MAG-K6-ANN-0522

Fidelity® Magellan® Fund

Annual Report

March 31, 2022

Contents

Note to Shareholders

Performance

Investment Summary

Schedule of Investments

Report of Independent Registered Public Accounting Firm

Distributions

Performance: The Bottom Line

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders :

Average Annual Total Returns

Periods ended March 31, 2022	Past 1 year	Past 5 years	Past 10 years
Fidelity® Magellan® Fund	11.93%	16.26%	14.50%
Class K	12.07%	16.35%	14.60%

$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, 2012.

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.

Investment Summary March 31, 2022 (Unaudited)

Market Recap: The S&P 500® index gained 15.65% for the 12 months ending March 31, 2022. Large-cap equities retreated to begin the new year after posting a strong result in 2021 amid improved economic growth, strong corporate earnings, widespread COVID-19 vaccination, and accommodative fiscal and monetary stimulus. These tailwinds, among others, have supported the historic rebound for U.S. stocks since the early-2020 outbreak and spread of COVID-19. The uptrend was briefly interrupted in September, with the index returning -4.65%, as sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging commodity prices, rising bond yields, supply constraint and disruption, and the delta variant of the coronavirus. Also, the U.S. Federal Reserve signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The S&P 500® reversed course in October, rising 7.01% on earnings strength, followed by a 4.48% advance in December, after studies suggested that the omicron variant resulted in fewer severe COVID-19 cases. Uncertainty then washed over the market as the calendar turned. Stocks slid as investors digested geopolitical unrest, with Russia invading and escalating its attack on Ukraine, and the Fed's accelerated plan to hike interest rates amid soaring inflation. Volatility eased in March and the index gained 3.71% for the month, improving its year-to-date result to -4.60%. For the full 12 months, energy (+64%) led the way, driven by surging oil prices.

Comments from Portfolio Manager Sammy Simnegar: For the fiscal year ending March 31, 2022, the fund's share classes gained roughly 12%, trailing the 15.65% advance of the benchmark S&P 500® index. Versus the benchmark, security selection was the primary detractor, although a complete lack of exposure to the market-leading energy sector was the single biggest headwind for relative performance. Picks among information technology and consumer discretionary stocks also hindered the fund's relative result. Not owning Tesla, a benchmark component that gained about 61%, was the biggest individual relative detractor. The fund's non-benchmark stake in DocuSign, a position not held at period end, returned approximately -47%. Also hampering performance was our overweighting in Visa, which returned about -12% and was one of our largest holdings at period end. In contrast, the largest contributor to performance versus the benchmark was an overweighting in information technology. Investment choices in consumer staples also helped the fund's relative performance, as did an overweighting in the communication services sector, where both avoiding the lagging telecommunication services segment and overweighting the media & entertainment industry helped. The fund's top individual relative contributor was an outsized stake in Nvidia, which gained roughly 105% the past year. The company was among our biggest holdings. Also boosting value was our overweighting in Fortinet, which gained about 86%. Another notable relative contributor was an outsized stake in Costco Wholesale (+65%), which was one of our largest holdings as of March 31. Notable changes in positioning include reduced exposure to the communication services sector and a higher allocation to health care stocks.

Top Holdings (% of Fund's net assets)

Apple, Inc.	8.2
Microsoft Corp.	7.3
Amazon.com, Inc.	4.8
NVIDIA Corp.	3.0
Alphabet, Inc. Class C	2.7
Alphabet, Inc. Class A	2.7
UnitedHealth Group, Inc.	2.4
Visa, Inc. Class A	2.1
MasterCard, Inc. Class A	2.0
Costco Wholesale Corp.	1.9
	37.1

Market Sectors (% of Fund's net assets)

Information Technology	46.2
Health Care	12.8
Industrials	8.2
Financials	8.1
Consumer Discretionary	7.1
Communication Services	5.4
Real Estate	3.5
Consumer Staples	3.1
Materials	2.9
Utilities	1.7

Asset Allocation (% of Fund's net assets)

Foreign investments - 3.3%

Schedule of Investments March 31, 2022

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 5.4%
Interactive Media & Services - 5.4%
Alphabet, Inc.:
Class A (a)	280,131	779,142
Class C (a)	279,545	780,766
		1,559,908
CONSUMER DISCRETIONARY - 7.1%
Hotels, Restaurants & Leisure - 2.1%
Domino's Pizza, Inc.	805,800	327,969
Hilton Worldwide Holdings, Inc. (a)	1,784,427	270,769
		598,738
Internet & Direct Marketing Retail - 4.8%
Amazon.com, Inc. (a)	425,817	1,388,142
Specialty Retail - 0.2%
The Home Depot, Inc.	245,922	73,612
TOTAL CONSUMER DISCRETIONARY		2,060,492
CONSUMER STAPLES - 3.1%
Food & Staples Retailing - 1.9%
Costco Wholesale Corp.	931,989	536,686
Personal Products - 1.2%
Estee Lauder Companies, Inc. Class A	1,282,794	349,330
TOTAL CONSUMER STAPLES		886,016
FINANCIALS - 8.1%
Capital Markets - 5.5%
BlackRock, Inc. Class A	513,711	392,563
Moody's Corp.	1,155,403	389,845
MSCI, Inc.	671,115	337,490
S&P Global, Inc. (b)	1,115,696	457,636
		1,577,534
Insurance - 2.6%
Arthur J. Gallagher & Co.	2,059,129	359,524
Marsh & McLennan Companies, Inc.	2,324,667	396,170
		755,694
TOTAL FINANCIALS		2,333,228
HEALTH CARE - 12.8%
Health Care Equipment & Supplies - 2.6%
IDEXX Laboratories, Inc. (a)	657,204	359,530
Intuitive Surgical, Inc. (a)	1,303,804	393,332
		752,862
Health Care Providers & Services - 2.4%
UnitedHealth Group, Inc.	1,369,929	698,623
Life Sciences Tools & Services - 4.7%
Danaher Corp.	1,616,134	474,061
IQVIA Holdings, Inc. (a)	1,548,900	358,121
Thermo Fisher Scientific, Inc.	887,865	524,417
		1,356,599
Pharmaceuticals - 3.1%
Eli Lilly & Co.	1,767,700	506,216
Zoetis, Inc. Class A	2,057,218	387,971
		894,187
TOTAL HEALTH CARE		3,702,271
INDUSTRIALS - 8.2%
Aerospace & Defense - 1.2%
HEICO Corp. Class A	2,650,140	336,117
Commercial Services & Supplies - 2.3%
Cintas Corp.	835,100	355,243
Copart, Inc. (a)	2,450,000	307,402
		662,645
Electrical Equipment - 1.0%
AMETEK, Inc.	2,066,420	275,206
Industrial Conglomerates - 1.2%
Roper Technologies, Inc.	726,779	343,207
Professional Services - 2.5%
Equifax, Inc.	1,472,753	349,190
Verisk Analytics, Inc.	1,785,493	383,220
		732,410
Road & Rail - 0.0%
Bird Global, Inc.	569,136	1,325
Bird Global, Inc.:
rights 11/4/26 (a)(c)	22,065	18
rights 11/4/26 (a)(c)	22,064	9
rights 11/4/26 (a)(c)	22,064	5
		1,357
TOTAL INDUSTRIALS		2,350,942
INFORMATION TECHNOLOGY - 45.9%
Electronic Equipment & Components - 2.3%
Amphenol Corp. Class A	4,194,020	316,019
Teledyne Technologies, Inc. (a)	743,487	351,394
		667,413
IT Services - 7.2%
Accenture PLC Class A	1,462,401	493,165
Automatic Data Processing, Inc.	1,733,100	394,350
MasterCard, Inc. Class A	1,609,788	575,306
Visa, Inc. Class A	2,818,000	624,948
		2,087,769
Semiconductors & Semiconductor Equipment - 9.8%
Advanced Micro Devices, Inc. (a)	4,042,464	442,003
Analog Devices, Inc.	2,370,180	391,506
Applied Materials, Inc.	2,860,811	377,055
KLA Corp.	1,021,371	373,883
Lam Research Corp.	702,941	377,908
NVIDIA Corp.	3,136,989	855,959
		2,818,314
Software - 18.4%
Adobe, Inc. (a)	1,069,329	487,208
ANSYS, Inc. (a)	999,794	317,585
Cadence Design Systems, Inc. (a)	2,283,280	375,508
Fortinet, Inc. (a)	1,129,282	385,921
Intuit, Inc.	865,955	416,386
Microsoft Corp.	6,782,723	2,091,181
Salesforce.com, Inc. (a)	2,073,794	440,308
ServiceNow, Inc. (a)	713,848	397,535
Synopsys, Inc. (a)	1,132,644	377,476
		5,289,108
Technology Hardware, Storage & Peripherals - 8.2%
Apple, Inc.	13,556,944	2,367,176
TOTAL INFORMATION TECHNOLOGY		13,229,780
MATERIALS - 2.9%
Chemicals - 2.9%
Linde PLC	1,467,219	468,674
Sherwin-Williams Co.	1,532,799	382,617
		851,291
REAL ESTATE - 3.5%
Equity Real Estate Investment Trusts (REITs) - 3.4%
American Tower Corp.	597,699	150,154
Crown Castle International Corp.	1,074,277	198,312
Prologis (REIT), Inc.	2,710,596	437,707
SBA Communications Corp. Class A	581,346	200,041
		986,214
Real Estate Management & Development - 0.1%
Rialto Real Estate Fund LP (a)(c)(d)(e)(f)	500,000	34
RREF CMBS AIV, LP (c)(d)(e)(f)(g)	500,000	18,412
RREF Midtown Colony REIT, Inc. (a)(c)(d)(e)(f)(h)	500,000	0
		18,446
TOTAL REAL ESTATE		1,004,660
UTILITIES - 1.7%
Electric Utilities - 1.7%
NextEra Energy, Inc.	5,689,860	481,988
TOTAL COMMON STOCKS (Cost $16,109,930)		28,460,576

Convertible Preferred Stocks - 0.3%
	Shares	Value ($) (000s)
INFORMATION TECHNOLOGY - 0.3%
Software - 0.3%
Malwarebytes Corp. Series B (a)(c)(f) (Cost $35,000)	3,373,494	79,345

Money Market Funds - 1.7%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 0.31% (i)	476,027,186	476,122
Fidelity Securities Lending Cash Central Fund 0.31% (i)(j)	14,191,581	14,193
TOTAL MONEY MARKET FUNDS (Cost $490,315)		490,315

TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $16,635,245)	29,030,236
NET OTHER ASSETS (LIABILITIES) - (0.7)%	(196,395)
NET ASSETS - 100.0%	28,833,841

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

(a)	Non-income producing

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

(c)	Level 3 security

(d)	Affiliated company

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

(f)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $97,791,000 or 0.3% of net assets.

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

(h)	Investment represents the Fund's ownership interest in a real estate investment trust, which is under common ownership and management with Rialto Real Estate Fund, LP.

(i)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($) (000s)
Malwarebytes Corp. Series B	12/21/15	35,000
Rialto Real Estate Fund LP	2/24/11 - 8/17/12	33,049
RREF CMBS AIV, LP	8/10/11 - 8/17/12	15,528
RREF Midtown Colony REIT, Inc.	12/31/12	1,423

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	%ownership, end of period
Fidelity Cash Central Fund 0.31%	170,049	6,421,649	6,115,576	217	-	-	476,122	0.9%
Fidelity Securities Lending Cash Central Fund 0.31%	119,335	1,431,285	1,536,427	32	-	-	14,193	0.0%
Total	289,384	7,852,934	7,652,003	249	-	-	490,315

Other Affiliated Issuers

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
RREF CMBS AIV, LP	20,891	-	-	2,301	-	(2,479)	18,412
RREF Midtown Colony REIT, Inc.	-	-	-	-	-	-	-
Rialto Real Estate Fund LP	39	-	-	-	-	(5)	34
Total	20,930	-	-	2,301	-	(2,484)	18,446

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	1,559,908	1,559,908	-	-
Consumer Discretionary	2,060,492	2,060,492	-	-
Consumer Staples	886,016	886,016	-	-
Financials	2,333,228	2,333,228	-	-
Health Care	3,702,271	3,702,271	-	-
Industrials	2,350,942	2,349,585	1,325	32
Information Technology	13,309,125	13,229,780	-	79,345
Materials	851,291	851,291	-	-
Real Estate	1,004,660	986,214	-	18,446
Utilities	481,988	481,988	-	-

Money Market Funds	490,315	490,315	-	-
Total Investments in Securities:	29,030,236	28,931,088	1,325	97,823

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)			March 31, 2022

Assets
Investment in securities, at value (including securities loaned of $13,618) - See accompanying schedule:	$28,521,475
Unaffiliated issuers (cost $16,112,685)	$28,521,475
Fidelity Central Funds (cost $490,315)	490,315
Other affiliated issuers (cost $32,245)	18,446

Total Investments in Securities (cost $16,635,245)		$	29,030,236
Cash			12
Receivable for investments sold			258,952
Receivable for fund shares sold			2,083
Dividends receivable			3,474
Distributions receivable from Fidelity Central Funds			65
Prepaid expenses			14
Other receivables			1,111
Total assets			29,295,947
Liabilities
Payable for investments purchased	$425,481
Payable for fund shares redeemed	7,455
Accrued management fee	11,075
Other affiliated payables	2,659
Other payables and accrued expenses	1,243
Collateral on securities loaned	14,193
Total Liabilities			462,106
Net Assets		$	28,833,841
Net Assets consist of:
Paid in capital		$	15,484,719
Total accumulated earnings (loss)			13,349,122
Net Assets		$	28,833,841

Net Asset Value and Maximum Offering Price
Magellan :
Net Asset Value , offering price and redemption price per share ($27,916,525 ÷ 2,051,610 shares)		$	13.61
Class K :
Net Asset Value , offering price and redemption price per share ($917,316 ÷ 67,459 shares)		$	13.60

Statement of Operations
Amount in thousands				Year ended March 31, 2022
Investment Income
Dividends (including $2,301 earned from affiliated issuers)			$	176,645
Income from Fidelity Central Funds (including $32 from security lending)				249
Total Income				176,894
Expenses
Management fee
Basic fee	$	151,796
Performance adjustment		12,062
Transfer agent fees		30,456
Accounting fees		1,973
Custodian fees and expenses		217
Independent trustees' fees and expenses		102
Registration fees		113
Audit		109
Legal		44
Miscellaneous		116
Total expenses before reductions		196,988
Expense reductions		(686)
Total expenses after reductions				196,302
Net Investment income (loss)				(19,408)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		1,980,490
Foreign currency transactions		12
Total net realized gain (loss)				1,980,502
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		1,013,565
Affiliated issuers		(2,484)
Assets and liabilities in foreign currencies		(8)
Total change in net unrealized appreciation (depreciation)				1,011,073
Net gain (loss)				2,991,575
Net increase (decrease) in net assets resulting from operations			$	2,972,167

Statement of Changes in Net Assets

Amount in thousands		Year ended March 31, 2022		Year ended March 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(19,408)	$	(635)
Net realized gain (loss)		1,980,502		1,417,262
Change in net unrealized appreciation (depreciation)		1,011,073		6,111,967
Net increase (decrease) in net assets resulting from operations		2,972,167		7,528,594
Distributions to shareholders		(1,988,314)		(66,225)
Share transactions - net increase (decrease)		5,865,171		(1,167,205)
Total increase (decrease) in net assets		6,849,024		6,295,164

Net Assets
Beginning of period		21,984,817		15,689,653
End of period	$	28,833,841	$	21,984,817

Fidelity® Magellan® Fund

Years ended March 31,		2022		2021		2020		2019 A		2018 A
Selected Per-Share Data
Net asset value, beginning of period	$	13.11	$	8.81	$	10.23	$	10.57	$	9.72
Income from Investment Operations
Net investment income (loss) B,C		(.01)		- D		.04		.06		.08 E
Net realized and unrealized gain (loss)		1.59		4.34		.06		.57		1.78
Total from investment operations		1.58		4.34		.10		.63		1.86
Distributions from net investment income		-		-		(.05)		(.06)		(.08)
Distributions from net realized gain		(1.08)		(.04)		(1.47)		(.91)		(.93)
Total distributions		(1.08)		(.04)		(1.52)		(.97)		(1.01)
Net asset value, end of period	$	13.61	$	13.11	$	8.81	$	10.23	$	10.57
Total Return F		11.93%		49.27%		(.67)%		6.51%		20.16%
Ratios to Average Net Assets G,H,C
Expenses before reductions		.68%		.79%		.76%		.67%		.69%
Expenses net of fee waivers, if any		.68%		.79%		.76%		.67%		.69%
Expenses net of all reductions		.68%		.78%		.76%		.66%		.69%
Net investment income (loss)		(.07)%		(.01)%		.38%		.60%		.79% E
Supplemental Data
Net assets, end of period (in millions)	$	27,917	$	21,002	$	14,668	$	14,729	$	14,906
Portfolio turnover rate I		53% J,K		56% J		106% J		42% J		53% J

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

B Calculated based on average shares outstanding during the period.

D Amount represents less than $.005 per share.

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

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

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

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

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

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

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

Fidelity® Magellan® Fund Class K

Years ended March 31,		2022		2021		2020		2019 A		2018 A
Selected Per-Share Data
Net asset value, beginning of period	$	13.09	$	8.79	$	10.22	$	10.56	$	9.71
Income from Investment Operations
Net investment income (loss) B,C		- D		.01		.05		.07		.09 E
Net realized and unrealized gain (loss)		1.60		4.33		.05		.57		1.78
Total from investment operations		1.60		4.34		.10		.64		1.87
Distributions from net investment income		-		-		(.06)		(.07)		(.09)
Distributions from net realized gain		(1.09)		(.04)		(1.47)		(.91)		(.93)
Total distributions		(1.09)		(.04)		(1.53)		(.98)		(1.02)
Net asset value, end of period	$	13.60	$	13.09	$	8.79	$	10.22	$	10.56
Total Return F		12.07%		49.38%		(.71)%		6.63%		20.27%
Ratios to Average Net Assets G,H,C
Expenses before reductions		.62%		.71%		.68%		.58%		.61%
Expenses net of fee waivers, if any		.61%		.71%		.68%		.58%		.60%
Expenses net of all reductions		.61%		.71%		.68%		.58%		.60%
Net investment income (loss)		-% I		.07%		.46%		.69%		.88% E
Supplemental Data
Net assets, end of period (in millions)	$	917	$	983	$	1,021	$	1,590	$	2,271
Portfolio turnover rate J		53% K,L		56% K		106% K		42% K		53% K

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

B Calculated based on average shares outstanding during the period.

D Amount represents less than $.005 per share.

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

I Amount represents less than .005%.

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

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

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

Report of Independent Registered Public Accounting Firm

For the period ended March 31, 2022

( 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.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio (a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than.005%
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (NAV) include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

	Amount ($)
Fidelity® Magellan® Fund	1,111

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

Book-tax differences are primarily due to redemptions in kind, partnerships, deferred Trustee compensation, net operating losses and losses deferred due to wash sales.

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

	Amount ($)
Gross unrealized appreciation	12,740,530
Gross unrealized depreciation	(348,949)
Net unrealized appreciation (depreciation)	12,391,581

Tax cost

16,638,655

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

	Amount ($)
Undistributed long-term capital gain	957,541
Net unrealized appreciation (depreciation) on securities and other investments	12,391,581

The tax character of distributions paid was as follows:

	March 31, 2022 ($)		March 31, 2021 ($)
Ordinary Income		44,037		--
Long-term Capital Gains		1,944,277		66,225
Total		1,988,314		66,225

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

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

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

	Amount ($)	% of Net Assets
Fidelity® Magellan® Fund	18,446	.06

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

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity® Magellan® Fund	14,985,235	15,420,691

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

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity® Magellan® Fund	6,596	47,944	89,712	Class K

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

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

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/ - .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Magellan as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was 0.57% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

	Amount ($)	% of Class-Level Average Net Assets
Fidelity® Magellan® Fund	30,013	.11
Class K	443	.04
	30,456

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
Fidelity® Magellan® Fund	.01

	Amount ($)
Fidelity® Magellan® Fund	129

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity® Magellan® Fund	1,813,047	683,913	(8,182)

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount ($)
Fidelity® Magellan® Fund	47

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)		Security Lending Income From Securities Loaned to NFS ($)		Value of Securities Loaned to NFS at Period End ($)
Fidelity® Magellan® Fund	3		-		-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $ 686 .

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended March 31, 2022($)	Year ended March 31, 2021 ($)
Fidelity® Magellan® Fund
Distributions to shareholders
Fidelity® Magellan® Fund	1,909,993	62,880
Class K	78,321	3,345
Total	1,988,314	66,225

10. Share Transactions.

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

	Shares Year ended March 31, 2022	Shares Year ended March 31, 2021	Dollars Year ended March 31, 2022 ($)	Dollars Year ended March 31, 2021 ($)
Fidelity® Magellan® Fund
Fidelity® Magellan® Fund
Shares Sold	168,834	73,840	2,389,186	877,387
Issued in exchange for the shares of the Target Fund(s)	320,281	-	4,160,451	-
Reinvestment of distributions	128,265	4,757	1,814,997	59,849
Shares redeemed	(168,241)	(141,915)	(2,369,640)	(1,686,140)
Net increase (decrease)	449,139	(63,318)	5,994,994	(748,904)

Class K
Shares Sold	4,165	5,940	50,499	70,348
Issued in exchange for the shares of the Target Fund(s)	13,419	-	174,174	-
Reinvestment of distributions	5,569	266	78,321	3,346
Shares redeemed	(30,777)	(47,312)	(432,817)	(491,995)
Net increase (decrease)	(7,624)	(41,106)	(129,823)	(418,301)

11. Other.

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

	Strategic Advisors Fidelity U.S.Total Stock Fund
Fidelity® Magellan® Fund	15%

12. Merger Information.

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

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

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

Pro forma results of operations of the combined entity for the entire period ended March 31, 2022, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

	Amount ($)
Net investment income (loss)	(20,135)
Total net realized gain (loss)	2,043,032
Total change in net unrealized appreciation (depreciation)	1,112,970
Net increase (decrease) in net assets resulting from operations	3,135,867

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

13. Coronavirus (COVID-19) Pandemic.

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Magellan Fund (one of the funds constituting Fidelity Magellan Fund, referred to hereafter as the "Fund") as of March 31, 2022, the related statement of operations for the year ended March 31, 2022, the statement of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2022, 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 ended March 31, 2022 and the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

May 12, 2022

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

TRUSTEES AND OFFICERS

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 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.

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+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

* 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.

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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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, 2021 to March 31, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value October 1, 2021	Ending Account Value March 31, 2022	Expenses Paid During Period- C October 1, 2021 to March 31, 2022
Fidelity® Magellan® Fund
Fidelity® Magellan® Fund	.69%
Actual		$ 1,000	$ 987.60	$ 3.42
Hypothetical- B		$ 1,000	$ 1,021.49	$ 3.48
Class K	.63%
Actual		$ 1,000	$ 988.00	$ 3.12
Hypothetical- B		$ 1,000	$ 1,021.79	$ 3.18

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .

The fund hereby designates as a capital gain dividend with respect to the taxable year ended March 31, 2022, $1,930,177,134, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Independence Fund designates as a capital gain dividend with respect to the taxable year ended May 14, 2021, $245,207,481, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100.00% of the short-term capital gain dividends distributed in December during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Fidelity Independence Fund designates 100.00% of the short-term capital gain dividends distributed in May during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Magellan and Class K designate 100% of the dividends distributed in December 2021 during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Fidelity Independence Fund and Class K designate 18% of the dividends distributed in May 2021 during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

Fidelity Independence Fund and Class K designate 20% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Fidelity Independence Fund and Class K designate 2% of the dividends distributed in May 2021 during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.