Joel Kribel, Mike Heinen, Brian Kontak and Todd Fischer are tied for fourth at 6-under par while John Rollins, the first-round leader, and Eric Meeks are knotted at minus-five.
Maginnes began the round two shots behind Rollins but made up a stroke at the second when he played his 8-iron approach to four feet for birdie. At the par-3 7th, Maginnes once again hit an 8-iron and the result was the same, a four-foot birdie.
Maginnes got off to a hot start on the second nine when he drained a 30-foot birdie at No. 10. His approach at the 207-yard 11th landed one foot from the hole where he tapped in for his second birdie in a row. Maginnes reached the edge of the green in two at the par-5 13th and chipped to two feet to set up his fifth birdie of the round.
He added a six-foot birdie at the 16th for his 65.
'Anytime you can go through this course without any bogeys you have accomplished something big,' said Maginnes, who participated in the PGA Tour's Greater Greensboro Classic last week. 'I do know how to win out here and I know how to play TPC courses and whether or not I can do it is a whole other question. One I look forward to finding the answer to.'
Maginnes has not won since the 1998 Buy.Com Dakota Dunes Open.
Tataurangi was on fire early with three birdies in his first four holes, including a 15-footer at the first. He added a 12-foot birdie at the ninth for a front-nine 31.
Tataurangi missed a four-foot par save at the 10th for his only bogey of the round but holed a 10-footer for birdie at the 12th to reclaim the lost stroke. He drilled a 10-foot birdie at No. 15 for a 66.
Tataurangi missed most of last season with a compressed nerve in the back of his neck and is excited to be back on tour.
'I really missed the competition and I think that has really shown since I have gotten back underway this year,' said Tataurangi. 'I'm playing okay but missing some scoring ability.'
Kontak aced the par-3 14th when he made his 8-iron tee shot.
The 36-hole cut fell at even-par 142 with 70 players qualified to play on the weekend.
Full-field scores from the Buy.Com Carolina Classic