UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811- 1193
Fidelity Magellan Fund
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | March 31 |
| |
Date of reporting period: | September 30, 2003 |
Item 1. Reports to Stockholders
Fidelity®
Magellan®
Fund
Semiannual Report
September 30, 2003
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
Auditors' Opinion | <Click Here> | |
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
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.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, the Federal Reserve Board or any other agency, and are subject to investment risks, including the possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Ten Stocks as of September 30, 2003 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Citigroup, Inc. | 4.6 | 4.0 |
General Electric Co. | 3.4 | 3.5 |
American International Group, Inc. | 3.2 | 3.1 |
Microsoft Corp. | 3.2 | 3.2 |
Viacom, Inc. Class B (non-vtg.) | 3.0 | 3.3 |
Pfizer, Inc. | 2.5 | 2.8 |
Exxon Mobil Corp. | 2.1 | 2.4 |
Merck & Co., Inc. | 2.0 | 2.3 |
Bank of America Corp. | 1.9 | 2.2 |
Johnson & Johnson | 1.9 | 2.0 |
| 27.8 | |
Top Five Market Sectors as of September 30, 2003 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.2 | 23.3 |
Consumer Discretionary | 16.7 | 18.5 |
Health Care | 13.9 | 15.7 |
Information Technology | 13.9 | 11.2 |
Consumer Staples | 8.6 | 7.4 |
Asset Allocation (% of fund's net assets) |
As of September 30, 2003 * | As of March 31, 2003 ** |
 | Stocks 95.6% | | | Stocks 96.2% | |
 | Short-Term
Investments and
Net Other Assets 4.4% | | | Short-Term
Investments and
Net Other Assets 3.8% | |
* Foreign
investments | 2.2% | | ** Foreign investments | 1.8% | |
Semiannual Report
Investments September 30, 2003
Showing Percentage of Net Assets
Common Stocks - 95.6% |
| Shares | | Value (Note 1) (000s) |
CONSUMER DISCRETIONARY - 16.7% |
Hotels, Restaurants & Leisure - 0.6% |
Extended Stay America, Inc. (a)(c) | 5,859,603 | | $ 87,484 |
McDonald's Corp. | 5,947,400 | | 140,002 |
Park Place Entertainment Corp. (a) | 4,029,200 | | 36,303 |
Starwood Hotels & Resorts Worldwide, Inc. unit | 3,973,827 | | 138,289 |
| | 402,078 |
Household Durables - 0.3% |
Black & Decker Corp. | 1,200,000 | | 48,660 |
Centex Corp. | 600,000 | | 46,728 |
Leggett & Platt, Inc. | 5,600,000 | | 121,128 |
| | 216,516 |
Internet & Catalog Retail - 0.2% |
Amazon.com, Inc. (a) | 1,000,000 | | 48,360 |
InterActiveCorp (a) | 1,800,000 | | 59,490 |
| | 107,850 |
Leisure Equipment & Products - 0.0% |
Mattel, Inc. | 500,000 | | 9,480 |
Media - 8.6% |
AOL Time Warner, Inc. (a) | 44,886,854 | | 678,240 |
Citadel Broadcasting Corp. | 145,000 | | 2,865 |
Clear Channel Communications, Inc. | 19,032,854 | | 728,958 |
Comcast Corp.: | | | |
Class A (a) | 9,356,359 | | 288,924 |
Class A (special) (a) | 8,236,600 | | 243,309 |
Cox Communications, Inc. Class A (a) | 3,439,400 | | 108,754 |
EchoStar Communications Corp. Class A (a) | 2,400,000 | | 91,848 |
Fox Entertainment Group, Inc. Class A (a) | 4,000,000 | | 111,960 |
Gannett Co., Inc. | 1,492,300 | | 115,743 |
Journal Communications, Inc. Class A | 100,500 | | 1,663 |
Liberty Media Corp. Class A (a) | 3,000,000 | | 29,910 |
McGraw-Hill Companies, Inc. | 2,026,000 | | 125,875 |
News Corp. Ltd. ADR | 4,100,000 | | 134,480 |
Omnicom Group, Inc. | 3,401,576 | | 244,403 |
Tribune Co. | 1,733,922 | | 79,587 |
Univision Communications, Inc. Class A (a) | 2,090,000 | | 66,734 |
Viacom, Inc. Class B (non-vtg.) | 49,059,937 | | 1,878,996 |
Walt Disney Co. | 19,201,500 | | 387,294 |
| | 5,319,543 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
CONSUMER DISCRETIONARY - continued |
Multiline Retail - 0.9% |
Federated Department Stores, Inc. | 1,447,300 | | $ 60,642 |
Kohl's Corp. (a) | 2,900,000 | | 155,150 |
Target Corp. | 8,900,000 | | 334,907 |
| | 550,699 |
Specialty Retail - 5.5% |
AutoNation, Inc. (a) | 7,130,427 | | 125,068 |
Best Buy Co., Inc. (a) | 8,998,900 | | 427,628 |
Gap, Inc. | 3,369,300 | | 57,682 |
Home Depot, Inc. | 32,662,500 | | 1,040,301 |
Limited Brands, Inc. | 9,500,000 | | 143,260 |
Lowe's Companies, Inc. | 17,915,000 | | 929,789 |
Office Depot, Inc. (a) | 11,643,800 | | 163,595 |
PETsMART, Inc. | 717,000 | | 16,276 |
Staples, Inc. (a) | 15,662,000 | | 371,973 |
TJX Companies, Inc. | 7,000,000 | | 135,940 |
Williams-Sonoma, Inc. (a) | 350,000 | | 9,443 |
| | 3,420,955 |
Textiles Apparel & Luxury Goods - 0.6% |
Coach, Inc. (a) | 150,000 | | 8,190 |
Liz Claiborne, Inc. | 5,095,600 | | 173,505 |
NIKE, Inc. Class B | 3,398,500 | | 206,697 |
| | 388,392 |
TOTAL CONSUMER DISCRETIONARY | | 10,415,513 |
CONSUMER STAPLES - 8.6% |
Beverages - 2.3% |
PepsiCo, Inc. | 13,024,700 | | 596,922 |
The Coca-Cola Co. | 19,966,100 | | 857,744 |
| | 1,454,666 |
Food & Staples Retailing - 2.5% |
CVS Corp. | 12,348,686 | | 383,550 |
Safeway, Inc. (a) | 614,000 | | 14,085 |
Sysco Corp. | 500,000 | | 16,355 |
Wal-Mart Stores, Inc. | 20,087,840 | | 1,121,906 |
| | 1,535,896 |
Household Products - 2.0% |
Colgate-Palmolive Co. | 3,979,700 | | 222,425 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
CONSUMER STAPLES - continued |
Household Products - continued |
Kimberly-Clark Corp. | 4,900,000 | | $ 251,468 |
Procter & Gamble Co. | 8,300,000 | | 770,406 |
| | 1,244,299 |
Personal Products - 0.9% |
Avon Products, Inc. | 2,546,000 | | 164,370 |
Gillette Co. | 12,106,200 | | 387,156 |
| | 551,526 |
Tobacco - 0.9% |
Altria Group, Inc. | 12,866,400 | | 563,548 |
TOTAL CONSUMER STAPLES | | 5,349,935 |
ENERGY - 7.4% |
Energy Equipment & Services - 1.9% |
Baker Hughes, Inc. | 8,021,000 | | 237,341 |
BJ Services Co. (a) | 500,000 | | 17,085 |
Cooper Cameron Corp. (a) | 1,795,500 | | 82,970 |
Diamond Offshore Drilling, Inc. | 500,000 | | 9,550 |
GlobalSantaFe Corp. | 500,000 | | 11,975 |
Halliburton Co. | 5,299,600 | | 128,515 |
Nabors Industries Ltd. (a) | 1,900,000 | | 70,794 |
Noble Corp. (a) | 300,000 | | 10,197 |
Pride International, Inc. (a) | 1,500,000 | | 25,425 |
Schlumberger Ltd. (NY Shares) | 9,388,100 | | 454,384 |
Smith International, Inc. (a) | 278,600 | | 10,024 |
Transocean, Inc. (a) | 2,312,563 | | 46,251 |
Weatherford International Ltd. (a) | 2,020,000 | | 76,316 |
| | 1,180,827 |
Oil & Gas - 5.5% |
Anadarko Petroleum Corp. | 2,900,000 | | 121,104 |
Apache Corp. | 3,051,605 | | 211,598 |
BP PLC sponsored ADR | 5,068,842 | | 213,398 |
Burlington Resources, Inc. | 4,029,925 | | 194,242 |
ChevronTexaco Corp. | 13,200,000 | | 943,140 |
ConocoPhillips | 4,752,059 | | 260,175 |
Devon Energy Corp. | 721,600 | | 34,774 |
EnCana Corp. | 400,000 | | 14,496 |
Exxon Mobil Corp. | 35,510,336 | | 1,299,678 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
ENERGY - continued |
Oil & Gas - continued |
Occidental Petroleum Corp. | 3,021,400 | | $ 106,444 |
Shell Transport & Trading Co. PLC (Reg.) | 3,200,000 | | 20,139 |
| | 3,419,188 |
TOTAL ENERGY | | 4,600,015 |
FINANCIALS - 23.2% |
Capital Markets - 4.0% |
Bank of New York Co., Inc. | 4,604,400 | | 134,034 |
Charles Schwab Corp. | 5,425,000 | | 64,612 |
Federated Investors, Inc. Class B (non-vtg.) | 250,000 | | 6,925 |
Goldman Sachs Group, Inc. | 5,948,500 | | 499,079 |
J.P. Morgan Chase & Co. | 11,483,100 | | 394,215 |
Lehman Brothers Holdings, Inc. | 900,000 | | 62,172 |
Merrill Lynch & Co., Inc. | 8,892,900 | | 476,037 |
Morgan Stanley | 16,350,970 | | 825,070 |
National Financial Partners Corp. | 58,200 | | 1,571 |
| | 2,463,715 |
Commercial Banks - 6.0% |
Bank of America Corp. | 15,601,954 | | 1,217,576 |
Bank One Corp. | 11,726,900 | | 453,245 |
Fifth Third Bancorp | 2,350,000 | | 130,355 |
FleetBoston Financial Corp. | 8,700,783 | | 262,329 |
Synovus Financial Corp. | 4,059,775 | | 101,454 |
U.S. Bancorp, Delaware | 7,110,674 | | 170,585 |
Wachovia Corp. | 13,822,994 | | 569,369 |
Wells Fargo & Co. | 16,655,000 | | 857,733 |
| | 3,762,646 |
Consumer Finance - 1.5% |
American Express Co. | 15,683,300 | | 706,689 |
MBNA Corp. | 9,699,950 | | 221,159 |
| | 927,848 |
Diversified Financial Services - 4.7% |
CIT Group, Inc. | 300,000 | | 8,628 |
Citigroup, Inc. | 63,255,653 | | 2,878,761 |
Principal Financial Group, Inc. | 663,800 | | 20,571 |
| | 2,907,960 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
FINANCIALS - continued |
Insurance - 4.5% |
ACE Ltd. | 1,000,000 | | $ 33,080 |
AFLAC, Inc. | 4,047,000 | | 130,718 |
Allstate Corp. | 2,500,000 | | 91,325 |
American International Group, Inc. | 34,158,570 | | 1,970,949 |
Berkshire Hathaway, Inc. Class A (a) | 557 | | 41,775 |
Hartford Financial Services Group, Inc. | 2,400,000 | | 126,312 |
MetLife, Inc. | 5,000,000 | | 140,250 |
Travelers Property Casualty Corp.: | | | |
Class A | 10,184,131 | | 161,724 |
Class B | 5,925,605 | | 94,099 |
W.R. Berkley Corp. | 525,000 | | 17,987 |
XL Capital Ltd. Class A | 300,000 | | 23,232 |
| | 2,831,451 |
Real Estate - 0.2% |
Equity Office Properties Trust | 2,986,400 | | 82,216 |
Equity Residential (SBI) | 2,543,000 | | 74,459 |
| | 156,675 |
Thrifts & Mortgage Finance - 2.3% |
Fannie Mae | 16,551,900 | | 1,161,943 |
Freddie Mac | 4,615,400 | | 241,616 |
| | 1,403,559 |
TOTAL FINANCIALS | | 14,453,854 |
HEALTH CARE - 13.9% |
Biotechnology - 1.4% |
Amgen, Inc. (a) | 4,777,230 | | 308,466 |
Biogen, Inc. (a) | 2,000,000 | | 76,460 |
Charles River Laboratories International, Inc. (a) | 1,354,700 | | 41,576 |
Genentech, Inc. (a) | 2,500,000 | | 200,350 |
Genzyme Corp. - General Division (a) | 1,300,000 | | 60,125 |
Gilead Sciences, Inc. (a) | 2,200,000 | | 123,046 |
MedImmune, Inc. (a) | 1,500,000 | | 49,515 |
| | 859,538 |
Health Care Equipment & Supplies - 1.2% |
Baxter International, Inc. | 3,200,000 | | 92,992 |
Boston Scientific Corp. (a) | 750,000 | | 47,850 |
Guidant Corp. | 2,300,000 | | 107,755 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
HEALTH CARE - continued |
Health Care Equipment & Supplies - continued |
Medtronic, Inc. | 9,700,000 | | $ 455,124 |
St. Jude Medical, Inc. (a) | 900,000 | | 48,393 |
| | 752,114 |
Health Care Providers & Services - 2.2% |
AmerisourceBergen Corp. | 1,000,000 | | 54,050 |
Cardinal Health, Inc. | 12,540,336 | | 732,230 |
McKesson Corp. | 642,100 | | 21,376 |
Medco Health Solutions, Inc. (a) | 1,000,000 | | 25,930 |
UnitedHealth Group, Inc. | 11,006,600 | | 553,852 |
| | 1,387,438 |
Pharmaceuticals - 9.1% |
Abbott Laboratories | 10,846,500 | | 461,519 |
Allergan, Inc. | 250,000 | | 19,683 |
Bristol-Myers Squibb Co. | 9,650,900 | | 247,642 |
Eli Lilly & Co. | 1,000,000 | | 59,400 |
Forest Laboratories, Inc. (a) | 3,000,000 | | 154,350 |
Johnson & Johnson | 23,620,200 | | 1,169,672 |
Merck & Co., Inc. | 24,141,700 | | 1,222,053 |
Pfizer, Inc. | 51,036,195 | | 1,550,480 |
Schering-Plough Corp. | 11,775,900 | | 179,465 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,000,000 | | 57,150 |
Wyeth | 11,428,500 | | 526,854 |
| | 5,648,268 |
TOTAL HEALTH CARE | | 8,647,358 |
INDUSTRIALS - 7.6% |
Aerospace & Defense - 0.7% |
Honeywell International, Inc. | 2,676,937 | | 70,537 |
Lockheed Martin Corp. | 4,100,000 | | 189,215 |
Northrop Grumman Corp. | 300,000 | | 25,866 |
United Technologies Corp. | 1,600,000 | | 123,648 |
| | 409,266 |
Airlines - 0.0% |
Southwest Airlines Co. | 500,000 | | 8,850 |
Building Products - 0.2% |
Masco Corp. | 5,665,200 | | 138,684 |
Commercial Services & Supplies - 0.7% |
Cendant Corp. (a) | 10,800,000 | | 201,852 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
INDUSTRIALS - continued |
Commercial Services & Supplies - continued |
ChoicePoint, Inc. (a) | 1,139,066 | | $ 38,159 |
Ionics, Inc. (a) | 360,000 | | 8,806 |
Manpower, Inc. | 2,605,900 | | 96,679 |
Republic Services, Inc. | 3,200,000 | | 72,448 |
| | 417,944 |
Electrical Equipment - 0.2% |
Aura Systems, Inc. warrants 5/31/05 (a) | 37 | | 0 |
Emerson Electric Co. | 2,732,400 | | 143,861 |
| | 143,861 |
Industrial Conglomerates - 5.1% |
3M Co. | 5,226,240 | | 360,976 |
General Electric Co. | 72,238,400 | | 2,153,427 |
Tyco International Ltd. | 33,369,755 | | 681,744 |
| | 3,196,147 |
Machinery - 0.7% |
Caterpillar, Inc. | 1,000,000 | | 68,840 |
Illinois Tool Works, Inc. | 3,560,000 | | 235,886 |
Ingersoll-Rand Co. Ltd. Class A | 2,068,850 | | 110,559 |
Trivest 1992 Special Fund Ltd. (d) | 26,600,000 | | 532 |
| | 415,817 |
Road & Rail - 0.0% |
CSX Corp. | 500,000 | | 14,625 |
TOTAL INDUSTRIALS | | 4,745,194 |
INFORMATION TECHNOLOGY - 13.9% |
Communications Equipment - 2.2% |
Cisco Systems, Inc. (a) | 36,600,000 | | 715,164 |
Motorola, Inc. | 24,700,000 | | 295,659 |
Nokia Corp. sponsored ADR | 6,891,200 | | 107,503 |
Nortel Networks Corp. (a) | 4,800,000 | | 19,680 |
QUALCOMM, Inc. | 5,195,700 | | 216,349 |
Sonus Networks, Inc. (a) | 1,000,000 | | 6,930 |
Telefonaktiebolaget LM Ericsson ADR (a) | 2,300,000 | | 33,764 |
| | 1,395,049 |
Computers & Peripherals - 2.9% |
Dell, Inc. (a) | 18,500,000 | | 617,715 |
EMC Corp. (a) | 10,316,900 | | 130,302 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
INFORMATION TECHNOLOGY - continued |
Computers & Peripherals - continued |
Hewlett-Packard Co. | 11,200,000 | | $ 216,832 |
International Business Machines Corp. | 8,606,800 | | 760,239 |
Lexmark International, Inc. Class A (a) | 800,000 | | 50,408 |
Sun Microsystems, Inc. (a) | 7,300,200 | | 24,164 |
| | 1,799,660 |
Electronic Equipment & Instruments - 0.5% |
Agilent Technologies, Inc. (a) | 3,698,526 | | 81,774 |
Flextronics International Ltd. (a) | 3,125,000 | | 44,313 |
Thermo Electron Corp. (a) | 2,471,500 | | 53,632 |
Waters Corp. (a) | 3,898,600 | | 106,939 |
| | 286,658 |
Internet Software & Services - 0.4% |
Yahoo!, Inc. (a) | 6,460,900 | | 228,587 |
IT Services - 0.5% |
First Data Corp. | 8,150,000 | | 325,674 |
Total System Services, Inc. | 650,000 | | 17,128 |
| | 342,802 |
Semiconductors & Semiconductor Equipment - 3.0% |
AMIS Holdings, Inc. | 100,000 | | 1,846 |
Analog Devices, Inc. (a) | 3,807,732 | | 144,770 |
Applied Materials, Inc. (a) | 6,300,000 | | 114,282 |
Intel Corp. | 33,945,200 | | 933,832 |
Intersil Corp. Class A | 1,069,700 | | 25,459 |
KLA-Tencor Corp. (a) | 2,100,000 | | 107,940 |
Linear Technology Corp. | 1,078,200 | | 38,610 |
Micron Technology, Inc. (a) | 1,700,000 | | 22,814 |
Sigmatel, Inc. | 50,600 | | 1,043 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a) | 3,000,000 | | 32,490 |
Texas Instruments, Inc. | 17,397,700 | | 396,668 |
Xilinx, Inc. (a) | 1,200,000 | | 34,212 |
| | 1,853,966 |
Software - 4.4% |
Adobe Systems, Inc. | 3,838,600 | | 150,703 |
BEA Systems, Inc. (a) | 650,000 | | 7,833 |
Electronic Arts, Inc. (a) | 354,100 | | 32,659 |
Intuit, Inc. (a) | 800,000 | | 38,592 |
Microsoft Corp. | 70,604,200 | | 1,962,091 |
Network Associates, Inc. (a) | 2,000,000 | | 27,520 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
INFORMATION TECHNOLOGY - continued |
Software - continued |
Oracle Corp. (a) | 12,295,000 | | $ 137,950 |
PeopleSoft, Inc. (a) | 5,100,000 | | 92,769 |
Siebel Systems, Inc. (a) | 2,400,000 | | 23,328 |
VERITAS Software Corp. (a) | 7,475,000 | | 234,715 |
| | 2,708,160 |
TOTAL INFORMATION TECHNOLOGY | | 8,614,882 |
MATERIALS - 1.4% |
Chemicals - 0.6% |
Dow Chemical Co. | 4,000,000 | | 130,160 |
E.I. du Pont de Nemours & Co. | 5,000,000 | | 200,050 |
Praxair, Inc. | 500,000 | | 30,975 |
| | 361,185 |
Containers & Packaging - 0.0% |
Packaging Corp. of America (a) | 400,000 | | 7,768 |
Smurfit-Stone Container Corp. (a) | 1,100,000 | | 16,478 |
| | 24,246 |
Metals & Mining - 0.3% |
Alcoa, Inc. | 6,300,000 | | 164,808 |
Paper & Forest Products - 0.5% |
Bowater, Inc. | 500,000 | | 21,030 |
International Paper Co. | 5,650,000 | | 220,463 |
Weyerhaeuser Co. | 1,300,000 | | 75,985 |
| | 317,478 |
TOTAL MATERIALS | | 867,717 |
TELECOMMUNICATION SERVICES - 2.9% |
Diversified Telecommunication Services - 2.1% |
BellSouth Corp. | 12,703,100 | | 300,809 |
Qwest Communications International, Inc. (a) | 7,802,400 | | 26,528 |
SBC Communications, Inc. | 14,377,214 | | 319,893 |
Verizon Communications, Inc. | 18,933,004 | | 614,187 |
| | 1,261,417 |
Wireless Telecommunication Services - 0.8% |
AT&T Wireless Services, Inc. (a) | 21,477,436 | | 175,685 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
TELECOMMUNICATION SERVICES - continued |
Wireless Telecommunication Services - continued |
Nextel Communications, Inc. Class A (a) | 9,700,000 | | $ 190,993 |
Vodafone Group PLC sponsored ADR | 7,264,500 | | 147,106 |
| | 513,784 |
TOTAL TELECOMMUNICATION SERVICES | | 1,775,201 |
TOTAL COMMON STOCKS (Cost $44,759,244) | 59,469,669 |
Nonconvertible Preferred Stocks - 0.0% |
| | | |
INFORMATION TECHNOLOGY - 0.0% |
Computers & Peripherals - 0.0% |
Ampex Corp. 8% non-cumulative (redeemable preferred) | 759 | | 90 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,184) | 90 |
Money Market Funds - 4.7% |
| | | |
Fidelity Cash Central Fund, 1.12% (b)
(Cost $2,954,683) | 2,954,682,722 | | 2,954,683 |
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $47,715,111) | | 62,424,442 |
NET OTHER ASSETS - (0.3)% | | (192,605) |
NET ASSETS - 100% | $ 62,231,837 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(c) Affiliated company |
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Trivest 1992 Special Fund Ltd. | 7/2/92 | $ 0 |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $3,518,355,000 and $4,527,252,000, respectively. |
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $248,000 for the period. |
The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $532,000 or 0.0% of net assets. |
Income Tax Information |
At March 31, 2003, the fund had a capital loss carryforward of approximately $4,133,221,000 of which $1,760,324,000 and $2,372,897,000 will expire on March 31, 2010 and 2011, respectively. |
The fund intends to elect to defer to its fiscal year ending March 31, 2004 approximately $666,674,000 of losses recognized during the period November 1, 2002 to March 31, 2003. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | September 30, 2003 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $39,126) (cost $47,715,111) - See accompanying schedule | | $ 62,424,442 |
Foreign currency held at value (cost $3) | | 3 |
Receivable for investments sold | | 58,791 |
Receivable for fund shares sold | | 45,820 |
Dividends receivable | | 67,705 |
Interest receivable | | 3,051 |
Other receivables | | 401 |
Total assets | | 62,600,213 |
| | |
Liabilities | | |
Payable for investments purchased | $ 197,708 | |
Payable for fund shares redeemed | 92,258 | |
Accrued management fee | 26,347 | |
Other payables and accrued expenses | 11,161 | |
Collateral on securities loaned, at value | 40,902 | |
Total liabilities | | 368,376 |
| | |
Net Assets | | $ 62,231,837 |
Net Assets consist of: | | |
Paid in capital | | $ 52,530,175 |
Undistributed net investment income | | 258,757 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (5,266,426) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 14,709,331 |
Net Assets, for 701,421 shares outstanding | | $ 62,231,837 |
Net Asset Value, offering price and redemption price per share ($62,231,837 ÷ 701,421 shares) | | $ 88.72 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended September 30, 2003 |
| | |
Investment Income | | |
Dividends | | $ 447,986 |
Interest | | 18,734 |
Security lending | | 237 |
Total income | | 466,957 |
| | |
Expenses | | |
Management fee
Basic fee | $ 178,720 | |
Performance adjustment | (20,442) | |
Transfer agent fees | 60,979 | |
Accounting and security lending fees | 942 | |
Non-interested trustees' compensation | 126 | |
Appreciation in deferred trustee compensation account | 97 | |
Custodian fees and expenses | 446 | |
Registration fees | 286 | |
Audit | 203 | |
Legal | 220 | |
Miscellaneous | 179 | |
Total expenses before reductions | 221,756 | |
Expense reductions | (1,433) | 220,323 |
Net investment income (loss) | | 246,634 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities | (123,333) | |
Foreign currency transactions | 5 | |
Total net realized gain (loss) | | (123,328) |
Change in net unrealized appreciation (depreciation) on investment securities | | 8,518,835 |
Net gain (loss) | | 8,395,507 |
Net increase (decrease) in net assets resulting from operations | | $ 8,642,141 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended September 30, 2003 | Year ended
March 31,
2003 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 246,634 | $ 501,849 |
Net realized gain (loss) | (123,328) | (2,833,789) |
Change in net unrealized appreciation (depreciation) | 8,518,835 | (16,564,859) |
Net increase (decrease) in net assets resulting
from operations | 8,642,141 | (18,896,799) |
Distributions to shareholders from net investment income | (127,164) | (463,049) |
Share transactions
Net proceeds from sales of shares | 4,157,536 | 7,979,720 |
Reinvestment of distributions | 124,106 | 451,374 |
Cost of shares redeemed | (4,729,167) | (12,724,727) |
Net increase (decrease) in net assets resulting from share transactions | (447,525) | (4,293,633) |
Total increase (decrease) in net assets | 8,067,452 | (23,653,481) |
| | |
Net Assets | | |
Beginning of period | 54,164,385 | 77,817,866 |
End of period (including undistributed net investment income of $258,757 and undistributed net investment income of $139,287, respectively) | $ 62,231,837 | $ 54,164,385 |
Other Information Shares | | |
Sold | 47,954 | 96,247 |
Issued in reinvestment of distributions | 1,479 | 5,327 |
Redeemed | (54,332) | (154,048) |
Net increase (decrease) | (4,899) | (52,474) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended September 30, | Years ended March 31, |
| 2003 | 2003 | 2002 | 2001 | 2000 | 1999 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 76.69 | $ 102.55 | $ 104.50 | $ 143.26 | $ 129.75 | $ 108.82 |
Income from Investment Operations | | | | | | |
Net investment income (loss)E | .35 | .69 | .45 | .37 | .59 | .73 |
Net realized and unrealized gain (loss) | 11.86 | (25.91) | (1.14) | (34.17) | 25.04 | 26.02 |
Total from investment operations | 12.21 | (25.22) | (.69) | (33.80) | 25.63 | 26.75 |
Distributions from net investment income | (.18) | (.64) | (.46) | (.27) | (.73) | (.67) |
Distributions from net realized gain | - | - | (.80) | (4.69) | (11.39) | (5.15) |
Total distributions | (.18) | (.64) | (1.26) | (4.96) | (12.12) | (5.82) |
Net asset value, end
of period | $ 88.72 | $ 76.69 | $ 102.55 | $ 104.50 | $ 143.26 | $ 129.75 |
Total ReturnB,C,D | 15.93% | (24.65)% | (.76)% | (24.22)% | 21.11% | 25.63% |
Ratios to Average Net AssetsF | | | | | |
Expenses before
expense reductions | .72%A | .77% | .89% | .89% | .75% | .62% |
Expenses net of voluntary waivers,
if any | .72%A | .77% | .89% | .89% | .75% | .62% |
Expenses net of all
reductions | .72%A | .76% | .88% | .88% | .74% | .60% |
Net investment
income (loss) | .80%A | .82% | .43% | .29% | .46% | .66% |
Supplemental Data | | | | | |
Net assets, end of
period (in millions) | $ 62,232 | $ 54,164 | $ 77,818 | $ 80,190 | $ 109,095 | $ 90,715 |
Portfolio turnover rate | 12%A | 21% | 15% | 24% | 28% | 37% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the former sales charges.
E Calculated based on average shares outstanding during the period.
F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended September 30, 2003
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Fidelity Magellan Fund (the fund) 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 and is authorized to issue an unlimited number of shares. The fund is currently closed to new accounts. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. 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 rate 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.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. The fund estimates the components of distributions received from Real Estate Investment Trusts (REITs). Distributions received in excess of income are recorded as a reduction of cost of investments and/or realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.
Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Distributions are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, partnerships, non-taxable dividends, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
Semiannual Report
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 18,177,539 | |
Unrealized depreciation | (3,767,032) | |
Net unrealized appreciation (depreciation) | $ 14,410,507 | |
Cost for federal income tax purposes | $ 48,013,935 | |
2. Operating Policies.
Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR 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 a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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 fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .52% of the fund's average net assets.
Sales Load. For the period, Fidelity Distributors Corporation (FDC), an affiliate of FMR, received sales charges of $685 on sales of shares of the fund all of which was retained. Effective June 23, 2003, after 4:00 p.m. Eastern time, the fund's sales charge was eliminated.
Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .20% of average net assets.
Accounting and Security Lending Fees. FSC maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $19,349 for the period.
Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
6. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.
7. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $1,158 for the period. In addition, through arrangements with the fund's transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's transfer agent expenses by $275.
8. Transactions with Affiliated Companies.
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:
Affiliate | Purchase
Cost | | Sales
Cost | | Dividend
Income | | Value
|
Extended Stay America, Inc. | $ - | | $ - | | $ - | | $ 87,484 |
Semiannual Report
Report of Independent Auditors
To the Trustees and Shareholders of Fidelity Magellan Fund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Magellan Fund at September 30, 2003 and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Magellan Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2003 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
November 6, 2003
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
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44 Mall Road
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416 Belmont Street
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Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Michigan
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595 North Barker Road
Brookfield, WI
Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management &
Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity Investments Japan Limited
Fidelity International Investment
Advisors
Fidelity International Investment
Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company Quincy, MA
Fidelity's Growth Funds
Aggressive Growth Fund
Blue Chip Growth Fund
Blue Chip Value Fund
Capital Appreciation Fund
Contrafund®
Disciplined Equity Fund
Discovery Fund
Dividend Growth Fund
Export and Multinational Fund
Fidelity Fifty ®
Fidelity Value Discovery Fund
Focused Stock Fund
Growth Company Fund
Independence Fund
Large Cap Stock Fund
Leveraged Company Stock Fund
Low-Priced Stock Fund
Magellan® Fund
Mid-Cap Stock Fund
New Millennium Fund®
OTC Portfolio
Small Cap Independence Fund
Small Cap Stock Fund
Stock Selector
Structured Large Cap Growth Fund
Structured Large Cap Value Fund
Structured Mid Cap Growth Fund
Structured Mid Cap Value Fund
Tax Managed Stock Fund
Trend Fund
Value Fund
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
MAG-USAN-1103
1.792157.100
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Reserved
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Reserved
Item 9. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Magellan Fund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 10. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Magellan Fund
By: | /s/Maria Dwyer |
| Maria Dwyer |
| President and Treasurer |
| |
Date: | November 14, 2003 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Maria Dwyer |
| Maria Dwyer |
| President and Treasurer |
| |
Date: | November 14, 2003 |
By: | /s/Timothy F. Hayes |
| Timothy F. Hayes |
| Chief Financial Officer |
| |
Date: | November 14, 2003 |
