Fidelity Magellan Fund

QUARTERLY FUND REVIEW AS OF JUNE 30, 2018 Fidelity Magellan Fund Investment Approach Fidelity Magellan Fund is a diversified domestic equity strategy with a large-cap growth orientation. The fund seeks capital appreciation. The fund's mandate is highly flexible, giving us the ability to invest in domestic and foreign issuers across all market capitalizations and styles. We take a balanced approach to portfolio construction, which we believe can help reduce the volatility of a growth fund's returns. We look across all sectors to find opportunities, which often fall into one of three categories: fast growers, higher-quality growers and cheap with improving fundamentals. We believe significant rewards can result from identifying companies that can grow sales and earnings the fastest. Even companies with already-high expectations for earnings can continue to outperform, if they exceed expectations. We also believe that careful attention to portfolio construction through stock, sector and style diversification can help reduce the volatility of returns. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Year Annualized 3 Year 5 Year 10 Year/ LOF 1 Fidelity Magellan Fund Gross Expense Ratio: 0.69% 2 4.35% 5.48% 20.29% 12.01% 14.98% 7.92% S&P 500 Index 3.43% 2.65% 14.37% 11.93% 13.42% 10.17% Morningstar Fund Large Growth 5.13% 7.51% 20.58% 12.21% 14.37% 10.23% % Rank in Morningstar Category (1% = Best) -- -- 53% 57% 47% 89% # of Funds in Morningstar Category -- -- 1,454 1,265 1,141 825 FUND INFORMATION Manager(s): Jeffrey Feingold Trading Symbol: FMAGX Start Date: May 02, 1963 Size (in millions): $17,503.22 Morningstar Category: Fund Large Growth Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 05/02/1963. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. For definitions and other important information, please see the Definitions and Important Information section of this Fund Review. Not FDIC Insured May Lose Value No Bank Guarantee

Performance Review For the quarter, the fund's Retail Class shares gained 4.35%, topping the 3.43% advance of the benchmark S&P 500 index. The investment environment the past three months generally supported our goal of identifying companies with accelerating earnings, improving fundamentals and a reasonable valuation. Market volatility waxed and waned, as concerns about trade protectionism and global growth percolated. The solid U.S. economic and corporate backdrop boosted by tax cuts and fiscal stimulus bolstered U.S. stocks and led to continued interest rate tightening by the U.S. Federal Reserve. With volatility at the forefront, growth bested value stocks, boosted by the consumer discretionary (+8%) and information technology (+7%) sectors. Energy led the S&P 500, gaining about 13% amid a sharp rise in oil prices. Conversely, several sectors finished in the red. Notable laggards included industrials (-3%), financials (-3%), consumer staples (-2%) and telecommunication services (-1%). This quarter, stocks of fast-growing companies generally performed best and provided a favorable backdrop for active stock picking and our strategy. Some cheaper quality stocks also outperformed, but quality as a group did not rise as strongly as fast-growers. The fund's outperformance of the benchmark was driven by security selection, especially within technology. Here, the stock of electronicsignature company DocuSign moved higher after its stock-market debut in late April. We liked DocuSign, a non-benchmark holding, as part of our strategy to capitalize on the ongoing move to the cloud. In consumer discretionary, the stock of video-streaming service provider Netflix rose about 33% for the quarter, as investors reacted positively to its growing catalog of original and licensed content. Netflix topped the consensus estimate for first-quarter earnings, benefiting from strong global subscriber growth even amid recent price increases for its services. In April, the company said it expects to add 1.2 million subscribers in the U.S. and 5 million internationally in the second quarter. In health care, the stock of Boston Scientific, maker of the Watchman TM stroke-prevention device, gained roughly 20% this quarter. In late April, the company reported solid financial results. LARGEST CONTRIBUTORS VS. BENCHMARK DocuSign, Inc. Netflix, Inc. Information Technology Consumer Discretionary Average Contribution (basis points)* 0.45% 34 0.79% 19 UnitedHealth Group, Inc. Health Care 1.66% 18 Boston Scientific Corp. Health Care 1.14% 17 Intuit, Inc. * 1 basis point = 0.01%. Information Technology 1.08% 15 May, however, found Boston Scientific management responding to an unfavorable "60 Minutes" segment focused on lawsuits related to its use of polypropylene in some of its implantable products, but shares nonetheless advanced for the month. Boston Scientific's stock gained additional lift in June on rumors that medical-device maker Stryker had approached the firm with a takeover bid. Our sizable stake in managed health care and insurance giant UnitedHealth Group gained 15%. In April, UnitedHealth reported above-consensus revenue and earnings growth, and the company subsequently upped its dividend by 20% and renewed its sharerepurchase program. Other events that investors viewed favorably included the announcement of a long-term strategic partnership with Quest Diagnostics aimed at developing "value based" programs for UnitedHealth's 48 million beneficiaries. While our picks in the health care sector helped overall, this group included our largest detractor: Nektar Therapeutics. After scaling to new heights in the first quarter, shares of the clinical-stage biopharma firm returned -54% for the second quarter. Earlier enthusiasm for the company's collaboration with Bristol-Myers Squibb was notably dampened in early June by underwhelming preliminary results for Nektar's lead drug candidate, NKTR-214. Positioning among several capital goods companies hurt. This included Huntington Ingalls Industries and General Dynamics, but the most notable was Northrop Grumman. Shares of the militaryindustrial conglomerate returned about -12% the past three months. Despite the company topping analysts' estimates for revenue and earnings for the first quarter, investors seemed to focus on the late- April release of cash-flow and sales guidance that was flat. The same day, Northrop Grumman announced it didn't submit a bid to build the next round of the U.S. Air Force's GPS III satellites a contract that could be worth up to $10 billion. We expect defense budgets to continue to rise over the next three to five years, due in part to escalating geopolitical tension with the likes of Iran and North Korea. With that in mind, we have a favorable outlook for fundamentals at Northrop Grumman, Huntington Ingalls Industries and General Dynamics, as well as United Technologies. All were overweighted positions as of June 30. LARGEST DETRACTORS VS. BENCHMARK Average Contribution (basis points)* Nektar Therapeutics Health Care 0.35% -29 Northrop Grumman Corp. Industrials 1.66% -27 General Dynamics Corp. Industrials 0.90% -19 Huntington Ingalls Industries, Inc. Industrials 0.83% -18 Fluor Corp. Industrials 0.86% -17 * 1 basis point = 0.01%. 2 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

Outlook and Positioning We continue to seek companies with accelerating earnings, improving fundamentals and attractive valuations. We look in all areas of the market to find stocks that match this investment profile. In general, at period end the fund continued to be balanced in terms of the types of stocks it holds, as a result of our intent to focus on growth across the market. By owning a mix of companies across most sectors, we hope to achieve enough stability so the fund can outperform the benchmark S&P 500 in rising markets and not lose as much as the benchmark in downturns. In addition, our view is that balanced portfolio construction across stocks, sectors and styles can help to limit volatility. The fund continued to be more growth-oriented than its benchmark, with a higher price-to-earnings (P/E) ratio and a higher projected growth rate as of June 30. At quarter end, our second-largest overweighting was in financials, where we see reasonable valuations, improved fundamentals, a more favorable capital position, a better outlook for increased return of capital, and the potential for higher interest rates and profit margins. Our sizable quarter-end overweighting in the tech sector reflected our continued belief that companies here possess a strong combination of improving fundamentals and attractive valuations. Based on what we consider a strong outlook for defense stocks, we held steady our overweighted allocation to industrials this quarter. Overall, we believe equity valuations as of midyear are reasonable, and we are cautiously optimistic about prospects for the global economy and stock markets. Our view is that fundamentals across companies will vary both within and across sectors and industries. Furthermore, we expect companies with strong fundamentals likely will be rewarded relative to others. MARKET-SEGMENT DIVERSIFICATION Portfolio Index Change From Prior Quarter Information Technology 31.28% 25.96% 5.32% 0.95% Financials 16.52% 13.84% 2.68% -0.23% Health Care 13.43% 14.07% -0.64% 1.07% Consumer Discretionary 12.58% 12.92% -0.34% -0.41% Industrials 12.04% 9.51% 2.53% 0.88% Energy 6.11% 6.34% -0.23% 0.17% Consumer Staples 3.58% 6.96% -3.38% -0.78% Materials 2.64% 2.60% 0.04% -0.25% Real Estate 1.55% 2.86% -1.31% -0.52% Telecommunication Services 0.00% 1.99% -1.99% -0.07% Utilities 0.00% 2.95% -2.95% -0.09% Other 0.00% 0.00% 0.00% 0.00% With this in mind, we continued to avoid utilities and telecommunication services, and had a quarter-end underweighting in real estate, as we favored some other defensive-oriented sectors with better growth prospects and lower risk. We view utilities and telecom two of the smallest sectors within the benchmark, representing a total of about 5% this period to be less attractive based on slower growth relative to valuations. The fund's largest individual overweighting at the end of the first quarter was software company Microsoft, followed by Google parent Alphabet, UnitedHealth Group and Northrop Grumman, the latter two mentioned earlier. The size of our investment in each of these stocks did not change meaningfully the past three months. The fund's exposure to energy moved a bit higher this quarter, due in part to our decision to add to Anadarko Petroleum and EOG Resources and establish a new position in Devon Energy. In addition, we added a non-benchmark stake in Suncor Energy, a company known primarily for its operation in Canada's oil sands. Looking ahead, we are excited by a number of fast-growing sectors and trends, including: the acceleration in e-commerce; the growing need for investment in infrastructure on a global basis, including roads and bridges; growth in electric-vehicle sales and ride sharing; and continued acceleration and global penetration of smartphones, mobility, internet and cloud computing. We remain cautiously optimistic about the outlook for stocks in the second half of 2018. Fundamentals for many areas of the market remain solid, potentially leading to strong earnings growth. Stock valuations, while elevated, don't appear egregious. Most important, we believe this environment will continue to support accelerating business fundamentals. CHARACTERISTICS Valuation Portfolio Index Price/Earnings Trailing 25.8x 20.7x Price/Earnings (IBES 1-Year Forecast) 19.1x 16.4x Price/Book 3.7x 3.3x Price/Cash Flow 18.7x 14.1x Return on Equity (5-Year Trailing) 13.3% 15.0% Growth Sales/Share Growth 1-Year (Trailing) 14.1% 11.0% Earnings/Share Growth 1-Year (Trailing) 27.8% 27.9% Earnings/Share Growth 1-Year (IBES Forecast) 38.8% 32.2% Earnings/Share Growth 5-Year (Trailing) 12.7% 9.9% Size ed Average Market Cap ($ Billions) 229.0 214.0 ed Median Market Cap ($ Billions) 84.1 104.8 Median Market Cap ($ Billions) 41.0 20.7 3 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

LARGEST OVERWEIGHTS BY HOLDING Microsoft Corp. 2.18% Alphabet, Inc. Class A 2.13% UnitedHealth Group, Inc. Health Care 1.71% Northrop Grumman Corp. Industrials 1.57% Monster Beverage Corp. Consumer Staples 1.31% LARGEST UNDERWEIGHTS BY HOLDING Exxon Mobil Corp. Energy -1.52% Apple, Inc. -1.46% Johnson & Johnson Health Care -1.41% Chevron Corp. Energy -1.05% AT&T, Inc. Telecommunication Services -1.01% 10 LARGEST HOLDINGS Microsoft Corp. Amazon.com, Inc. UnitedHealth Group, Inc. Alphabet, Inc. Class A Alphabet, Inc. Class C Apple, Inc. Berkshire Hathaway, Inc. Class B JPMorgan Chase & Co. Facebook, Inc. Class A Home Depot, Inc. 10 Largest s as a % of Net Assets Total Number of s 129 Consumer Discretionary Health Care Financials Financials Consumer Discretionary 27.12% The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. s do not include money market investments. ASSET ALLOCATION Asset Class Portfolio Index Change From Prior Quarter Domestic Equities 95.68% 99.56% -3.88% 0.67% International Equities 4.06% 0.44% 3.62% 0.04% Developed Markets 2.60% 0.26% 2.34% 0.93% Emerging Markets 1.46% 0.18% 1.28% -0.89% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 0.26% 0.00% 0.26% -0.71% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 3-YEAR RISK/RETURN STATISTICS Portfolio Index Beta 1.10 1.00 Standard Deviation 11.49% 10.16% Sharpe Ratio 0.99 1.11 Tracking Error 2.91% -- Information Ratio 0.03 -- R-Squared 0.94 -- 4 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

Definitions and Important Information Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. CHARACTERISTICS Earnings-Per-Share Growth measures the growth in reported earnings per share over the specified past time period. Median Market Cap identifies the median market capitalization of the portfolio or benchmark as determined by the underlying security market caps. Price-to-Book (P/B) Ratio is the ratio of a company's current share price to reported accumulated profits and capital. Price/Cash Flow is the ratio of a company's current share price to its trailing 12-months cash flow per share. Price-to-Earnings (P/E) Ratio (IBES 1-Year Forecast) is the ratio of a company's current share price to Wall Street analysts' estimates of earnings. Price-to-Earnings (P/E) Ratio Trailing is the ratio of a company's current share price to its trailing 12-months earnings per share. Return on Equity (ROE) 5-Year Trailing is the ratio of a company's last five years historical profitability to its shareholders' equity. Preferred stock is included as part of each company's net worth. 2018 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The topperforming fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. RELATIVE WEIGHTS weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. Sales-Per-Share Growth measures the growth in reported sales over the specified past time period. ed Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the portfolio or benchmark. ed Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the portfolio or benchmark. IMPORTANT FUND INFORMATION positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry. RANKING INFORMATION 5

3-YEAR RISK/RETURN STATISTICS Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index. Information Ratio measures a fund's active return (fund's average monthly return minus the benchmark's average monthly return) in relation to the volatility of its active returns. R-Squared measures how a fund's performance correlates with a benchmark index's performance and shows what portion of it can be explained by the performance of the overall market/index. R- Squared ranges from 0, meaning no correlation, to 1, meaning perfect correlation. An R-Squared value of less than 0.5 indicates that annualized alpha and beta are not reliable performance statistics. Standard Deviation is a statistical measurement of the dispersion of a fund's return over a specified time period. Fidelity calculates standard deviations by comparing a fund's monthly returns to its average monthly return over a 36-month period, and then annualizes the number. Investors may examine historical standard deviation in conjunction with historical returns to decide whether a fund's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how the fund actually performed, but merely indicates the volatility of its returns over time. Tracking Error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, creating an unexpected profit or loss. Sharpe Ratio is a measure of historical risk-adjusted performance. It is calculated by dividing the fund's excess returns (the fund's average annual return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bill rate. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. 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. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2018 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 656712.22.0 Diversification does not ensure a profit or guarantee against a loss.