What is this fungus on my magnolia tree leaves?

There are many leaf fungi and spots that affect magnolia, and it is hard to tell exactly which one this is. It is late summer so leaf spots like this are not really a concern. The leaves have done their job and will fall off soon. Next spring you will get a new set of healthy leaves.

Related Videos:
Eight Common Magnolias
Spring-Blooming Deciduous Magnolias

Related Resources:
Magnolia Society International
Magnificent Magnolias