Fidelity Trend Fund
08/22/2025 | Press release | Distributed by Public on 08/22/2025 11:00
Semi-Annual Report by Investment Company (Form N-CSRS)
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 811-00790
Fidelity Trend Fund
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
June 30, 2025 |
Item 1.
Reports to Stockholders
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OFJUNE 30, 2025
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Fidelity® Trend Fund
Fidelity® Trend Fund: FTRNX
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This semi-annualshareholder reportcontains information about Fidelity® Trend Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544or by sending an e-mail to [email protected].
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Fidelity® Trend Fund
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$ 36
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0.71%
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Key Fund Statistics
(as of June 30, 2025)
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KEY FACTS
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Fund Size
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$4,116,328,546
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Number of Holdings
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117
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Portfolio Turnover
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67%
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What did the Fund invest in?
(as of June 30, 2025)
(as of June 30, 2025)
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MARKET SECTORS
(% of Fund's net assets)
|
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Information Technology
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40.3
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Consumer Discretionary
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19.0
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Industrials
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17.3
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Communication Services
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11.7
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Financials
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5.2
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Health Care
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3.5
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Real Estate
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1.2
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Materials
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0.8
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Consumer Staples
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0.6
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Utilities
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0.2
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ASSET ALLOCATION(% of Fund's net assets)
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Common Stocks - 99.7
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Preferred Stocks - 0.1
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Short-Term Investments and Net Other Assets (Liabilities) - 0.2
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GEOGRAPHIC DIVERSIFICATION(% of Fund's net assets)
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United States - 97.1
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Canada - 0.7
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France - 0.4
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United Kingdom - 0.4
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Italy - 0.4
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Finland - 0.3
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Korea (South) - 0.2
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Germany - 0.2
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Switzerland - 0.2
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Others - 0.1
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TOP HOLDINGS
(% of Fund's net assets)
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NVIDIA Corp
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13.2
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Microsoft Corp
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7.6
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Apple Inc
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6.0
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Amazon.com Inc
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5.8
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Meta Platforms Inc Class A
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4.7
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Broadcom Inc
|
4.4
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Axon Enterprise Inc
|
3.4
|
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Netflix Inc
|
2.7
|
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Tesla Inc
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2.5
|
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Alphabet Inc Class A
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2.5
|
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52.8
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visitfundresearch.fidelity.com/prospectus/sec
1.9915924.101 5-TSRS-0825
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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.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® Trend Fund
Semi-Annual Report
June 30, 2025
Contents
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Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report) |
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Fidelity® Trend Fund |
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Notes to Financial Statements |
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Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
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Item 9: Proxy Disclosures for Open-End Management Investment Companies |
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Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies |
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Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract |
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 1-800-544-8544 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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Trend Fund
Schedule of Investments June 30, 2025 (Unaudited)
Showing Percentage of Net Assets
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Common Stocks - 99.7%
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Shares
|
Value ($)
|
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CANADA - 0.7%
|
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Consumer Discretionary - 0.2%
|
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Specialty Retail - 0.2%
|
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Aritzia Inc Subordinate Voting Shares (a)
|
180,990
|
9,376,791
|
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|
Financials - 0.0%
|
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|
Insurance - 0.0%
|
|||
|
Brookfield Wealth Solutions Ltd Class A (United States) (b)
|
1,826
|
112,810
|
|
|
Information Technology - 0.5%
|
|||
|
IT Services - 0.5%
|
|||
|
Shopify Inc Class A (United States) (a)
|
176,500
|
20,359,275
|
|
|
TOTAL CANADA
|
29,848,876
|
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|
FINLAND - 0.3%
|
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|
Consumer Discretionary - 0.3%
|
|||
|
Textiles, Apparel & Luxury Goods - 0.3%
|
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|
Amer Sports Inc (a)
|
301,900
|
11,701,644
|
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FRANCE - 0.4%
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|
Consumer Discretionary - 0.4%
|
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Textiles, Apparel & Luxury Goods - 0.4%
|
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Hermes International SCA
|
6,300
|
17,061,074
|
|
|
GERMANY - 0.2%
|
|||
|
Consumer Discretionary - 0.2%
|
|||
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|||
|
Birkenstock Holding Plc (a)
|
166,600
|
8,193,388
|
|
|
INDIA - 0.1%
|
|||
|
Consumer Discretionary - 0.1%
|
|||
|
Broadline Retail - 0.1%
|
|||
|
Lenskart Solutions Pvt Ltd (c)(d)
|
597,080
|
2,170,807
|
|
|
ISRAEL - 0.0%
|
|||
|
Financials - 0.0%
|
|||
|
Capital Markets - 0.0%
|
|||
|
Etoro Group Ltd Class A (b)
|
4,900
|
326,291
|
|
|
ITALY - 0.4%
|
|||
|
Consumer Discretionary - 0.4%
|
|||
|
Textiles, Apparel & Luxury Goods - 0.4%
|
|||
|
Brunello Cucinelli SpA
|
122,700
|
14,915,957
|
|
|
KOREA (SOUTH) - 0.2%
|
|||
|
Consumer Discretionary - 0.2%
|
|||
|
Broadline Retail - 0.2%
|
|||
|
Coupang Inc Class A (a)
|
305,500
|
9,152,780
|
|
|
SWITZERLAND - 0.2%
|
|||
|
Consumer Discretionary - 0.2%
|
|||
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|||
|
Cie Financiere Richemont SA Series A
|
42,710
|
8,082,136
|
|
|
UNITED KINGDOM - 0.4%
|
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Consumer Discretionary - 0.4%
|
|||
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Hotels, Restaurants & Leisure - 0.4%
|
|||
|
Flutter Entertainment PLC (a)
|
57,700
|
16,488,352
|
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UNITED STATES - 96.8%
|
|||
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Communication Services - 11.7%
|
|||
|
Entertainment - 4.1%
|
|||
|
Netflix Inc (a)
|
82,600
|
110,612,138
|
|
|
ROBLOX Corp Class A (a)
|
200,900
|
21,134,680
|
|
|
Spotify Technology SA (a)
|
48,600
|
37,292,724
|
|
|
169,039,542
|
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Interactive Media & Services - 7.4%
|
|||
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Alphabet Inc Class A
|
583,240
|
102,784,385
|
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Meta Platforms Inc Class A
|
260,600
|
192,346,255
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Reddit Inc Class A (a)
|
58,000
|
8,733,060
|
|
|
303,863,700
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Media - 0.2%
|
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Trade Desk Inc (The) Class A (a)
|
93,270
|
6,714,507
|
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TOTAL COMMUNICATION SERVICES
|
479,617,749
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Consumer Discretionary - 16.6%
|
|||
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Automobiles - 2.5%
|
|||
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Tesla Inc (a)
|
324,500
|
103,080,670
|
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Broadline Retail - 5.8%
|
|||
|
Amazon.com Inc (a)
|
1,083,800
|
237,774,882
|
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Hotels, Restaurants & Leisure - 4.8%
|
|||
|
Brinker International Inc (a)
|
69,000
|
12,442,770
|
|
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Carnival Corp (a)
|
535,700
|
15,063,884
|
|
|
Cava Group Inc (a)
|
128,600
|
10,831,978
|
|
|
Chipotle Mexican Grill Inc (a)
|
396,100
|
22,241,015
|
|
|
Dutch Bros Inc Class A (a)
|
531,900
|
36,366,003
|
|
|
First Watch Restaurant Group Inc (a)(b)
|
887,380
|
14,233,575
|
|
|
Royal Caribbean Cruises Ltd
|
65,800
|
20,604,612
|
|
|
Sportradar Holding AG Class A (a)
|
373,959
|
10,500,769
|
|
|
Starbucks Corp
|
170,600
|
15,632,078
|
|
|
Texas Roadhouse Inc
|
87,400
|
16,379,634
|
|
|
Viking Holdings Ltd (a)
|
100,000
|
5,329,000
|
|
|
Wingstop Inc (b)
|
57,400
|
19,328,876
|
|
|
198,954,194
|
|||
|
Household Durables - 1.6%
|
|||
|
SharkNinja Inc (a)
|
272,700
|
26,994,573
|
|
|
Somnigroup International Inc
|
571,400
|
38,883,770
|
|
|
65,878,343
|
|||
|
Specialty Retail - 1.6%
|
|||
|
Boot Barn Holdings Inc (a)
|
158,700
|
24,122,400
|
|
|
Carvana Co Class A (a)
|
36,900
|
12,433,824
|
|
|
Chewy Inc Class A (a)
|
467,700
|
19,933,374
|
|
|
O'Reilly Automotive Inc (a)
|
97,800
|
8,814,714
|
|
|
65,304,312
|
|||
|
Textiles, Apparel & Luxury Goods - 0.3%
|
|||
|
Lululemon Athletica Inc (a)
|
20,700
|
4,917,906
|
|
|
NIKE Inc Class B
|
115,000
|
8,169,600
|
|
|
13,087,506
|
|||
|
TOTAL CONSUMER DISCRETIONARY
|
684,079,907
|
||
|
Consumer Staples - 0.6%
|
|||
|
Beverages - 0.4%
|
|||
|
Celsius Holdings Inc (a)
|
356,500
|
16,538,035
|
|
|
Consumer Staples Distribution & Retail - 0.2%
|
|||
|
Costco Wholesale Corp
|
47
|
46,527
|
|
|
Sprouts Farmers Market Inc (a)
|
58,900
|
9,697,296
|
|
|
9,743,823
|
|||
|
Personal Care Products - 0.0%
|
|||
|
elf Beauty Inc (a)
|
100
|
12,444
|
|
|
TOTAL CONSUMER STAPLES
|
26,294,302
|
||
|
Financials - 5.2%
|
|||
|
Capital Markets - 3.9%
|
|||
|
Ares Management Corp Class A
|
116,700
|
20,212,440
|
|
|
Blackstone Inc
|
162,800
|
24,351,624
|
|
|
Blue Owl Capital Inc Class A
|
1,384,200
|
26,590,482
|
|
|
Coinbase Global Inc Class A (a)
|
58,000
|
20,328,420
|
|
|
DigitalBridge Group Inc Class A (b)
|
296,700
|
3,070,845
|
|
|
Robinhood Markets Inc Class A (a)
|
687,400
|
64,361,262
|
|
|
158,915,073
|
|||
|
Financial Services - 1.3%
|
|||
|
Affirm Holdings Inc Class A (a)
|
148,300
|
10,253,462
|
|
|
Apollo Global Management Inc
|
150,200
|
21,308,874
|
|
|
Fiserv Inc (a)
|
106,300
|
18,327,183
|
|
|
Toast Inc Class A (a)
|
154,200
|
6,829,518
|
|
|
56,719,037
|
|||
|
TOTAL FINANCIALS
|
215,634,110
|
||
|
Health Care - 3.5%
|
|||
|
Health Care Equipment & Supplies - 0.9%
|
|||
|
Boston Scientific Corp (a)
|
131,392
|
14,112,814
|
|
|
TransMedics Group Inc (a)
|
183,400
|
24,577,434
|
|
|
38,690,248
|
|||
|
Health Care Technology - 1.1%
|
|||
|
Doximity Inc Class A (a)
|
676,100
|
41,471,974
|
|
|
Veeva Systems Inc Class A (a)
|
7,000
|
2,015,860
|
|
|
Waystar Holding Corp (a)
|
93,949
|
3,839,696
|
|
|
47,327,530
|
|||
|
Pharmaceuticals - 1.5%
|
|||
|
Eli Lilly & Co
|
76,451
|
59,595,848
|
|
|
TOTAL HEALTH CARE
|
145,613,626
|
||
|
Industrials - 17.3%
|
|||
|
Aerospace & Defense - 7.6%
|
|||
|
ATI Inc (a)
|
276,300
|
23,855,742
|
|
|
Axon Enterprise Inc (a)
|
168,917
|
139,853,141
|
|
|
Boeing Co (a)
|
250
|
52,383
|
|
|
HEICO Corp Class A
|
103,188
|
26,699,895
|
|
|
Howmet Aerospace Inc
|
390,000
|
72,590,700
|
|
|
Karman Holdings Inc (b)
|
8,400
|
423,108
|
|
|
Loar Holdings Inc (a)(b)
|
59,800
|
5,152,966
|
|
|
StandardAero Inc
|
66,400
|
2,101,560
|
|
|
TransDigm Group Inc
|
26,177
|
39,805,793
|
|
|
310,535,288
|
|||
|
Building Products - 0.6%
|
|||
|
AAON Inc
|
67,200
|
4,956,000
|
|
|
Trane Technologies PLC
|
41,200
|
18,021,292
|
|
|
22,977,292
|
|||
|
Commercial Services & Supplies - 1.0%
|
|||
|
Cintas Corp
|
193,312
|
43,083,445
|
|
|
Construction & Engineering - 4.4%
|
|||
|
Comfort Systems USA Inc
|
73,900
|
39,625,919
|
|
|
Construction Partners Inc Class A (a)
|
541,065
|
57,504,388
|
|
|
EMCOR Group Inc
|
77,800
|
41,614,442
|
|
|
Sterling Infrastructure Inc (a)
|
177,700
|
41,000,721
|
|
|
179,745,470
|
|||
|
Electrical Equipment - 0.3%
|
|||
|
GE Vernova Inc
|
25,300
|
13,387,495
|
|
|
Ground Transportation - 0.6%
|
|||
|
XPO Inc (a)
|
187,900
|
23,729,891
|
|
|
Machinery - 0.5%
|
|||
|
Federal Signal Corp
|
198,500
|
21,124,370
|
|
|
Professional Services - 0.4%
|
|||
|
Verisk Analytics Inc
|
50,300
|
15,668,450
|
|
|
Trading Companies & Distributors - 1.9%
|
|||
|
Core & Main Inc Class A (a)
|
259,600
|
15,666,860
|
|
|
Fastenal Co
|
394,300
|
16,560,600
|
|
|
FTAI Aviation Ltd
|
169,500
|
19,499,280
|
|
|
United Rentals Inc
|
24,800
|
18,684,320
|
|
|
WW Grainger Inc
|
9,200
|
9,570,208
|
|
|
79,981,268
|
|||
|
TOTAL INDUSTRIALS
|
710,232,969
|
||
|
Information Technology - 39.7%
|
|||
|
Electronic Equipment, Instruments & Components - 1.9%
|
|||
|
Amphenol Corp Class A
|
333,100
|
32,893,625
|
|
|
Coherent Corp (a)
|
490,100
|
43,721,821
|
|
|
76,615,446
|
|||
|
IT Services - 0.3%
|
|||
|
Cloudflare Inc Class A (a)
|
58,500
|
11,456,055
|
|
|
Semiconductors & Semiconductor Equipment - 18.2%
|
|||
|
Advanced Micro Devices Inc (a)
|
98,000
|
13,906,200
|
|
|
Broadcom Inc
|
660,900
|
182,177,085
|
|
|
Marvell Technology Inc
|
168,079
|
13,009,315
|
|
|
NVIDIA Corp
|
3,418,160
|
540,035,099
|
|
|
749,127,699
|
|||
|
Software - 13.1%
|
|||
|
AppLovin Corp Class A (a)
|
93,100
|
32,592,448
|
|
|
Cadence Design Systems Inc (a)
|
84,469
|
26,029,122
|
|
|
Datadog Inc Class A (a)
|
85,800
|
11,525,514
|
|
|
Fair Isaac Corp (a)
|
23,459
|
42,882,114
|
|
|
HubSpot Inc (a)
|
15,400
|
8,572,102
|
|
|
Microsoft Corp
|
619,700
|
308,244,977
|
|
|
Onestream Inc Class A (b)
|
4,600
|
130,180
|
|
|
Oracle Corp
|
148,900
|
32,554,007
|
|
|
Palantir Technologies Inc Class A (a)
|
312,300
|
42,572,736
|
|
|
Palo Alto Networks Inc (a)
|
140,800
|
28,813,312
|
|
|
Plaid Inc/CA Class A (c)(d)
|
16,919
|
3,451,138
|
|
|
537,367,650
|
|||
|
Technology Hardware, Storage & Peripherals - 6.2%
|
|||
|
Apple Inc
|
1,208,776
|
248,004,572
|
|
|
Pure Storage Inc Class A (a)
|
83,625
|
4,815,128
|
|
|
Super Micro Computer Inc (a)
|
60,700
|
2,974,906
|
|
|
255,794,606
|
|||
|
TOTAL INFORMATION TECHNOLOGY
|
1,630,361,456
|
||
|
Materials - 0.8%
|
|||
|
Construction Materials - 0.6%
|
|||
|
Vulcan Materials Co
|
88,700
|
23,134,734
|
|
|
Paper & Forest Products - 0.2%
|
|||
|
Louisiana-Pacific Corp
|
97,100
|
8,349,629
|
|
|
TOTAL MATERIALS
|
31,484,363
|
||
|
Real Estate - 1.2%
|
|||
|
Health Care REITs - 0.8%
|
|||
|
Welltower Inc
|
207,700
|
31,929,721
|
|
|
Specialized REITs - 0.4%
|
|||
|
Iron Mountain Inc
|
182,400
|
18,708,768
|
|
|
TOTAL REAL ESTATE
|
50,638,489
|
||
|
Utilities - 0.2%
|
|||
|
Independent Power and Renewable Electricity Producers - 0.2%
|
|||
|
Vistra Corp
|
37,200
|
7,209,732
|
|
|
TOTAL UNITED STATES
|
3,981,166,703
|
||
|
TOTAL COMMON STOCKS
(Cost $2,031,955,934)
|
4,099,108,008
|
||
|
Convertible Preferred Stocks - 0.1%
|
|||
|
Shares
|
Value ($)
|
||
|
INDIA - 0.0%
|
|||
|
Consumer Discretionary - 0.0%
|
|||
|
Broadline Retail - 0.0%
|
|||
|
Meesho Series D-2 (c)(d)
|
635,820
|
832,924
|
|
|
Meesho Series E (c)(d)
|
105,900
|
138,729
|
|
|
Meesho Series F (c)(d)
|
99,989
|
130,986
|
|
|
TOTAL INDIA
|
1,102,639
|
||
|
UNITED STATES - 0.1%
|
|||
|
Information Technology - 0.1%
|
|||
|
IT Services - 0.1%
|
|||
|
X.Ai Holdings Corp Series C (c)(d)
|
129,100
|
4,719,896
|
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $3,579,015)
|
5,822,535
|
||
|
Money Market Funds - 0.6%
|
||||
|
Yield (%)
|
Shares
|
Value ($)
|
||
|
Fidelity Securities Lending Cash Central Fund (e)(f)
(Cost $26,668,282)
|
4.32
|
26,665,616
|
26,668,282
|
|
|
TOTAL INVESTMENT IN SECURITIES - 100.4%
(Cost $2,062,203,231)
|
4,131,598,825
|
|
NET OTHER ASSETS (LIABILITIES) - (0.4)%
|
(15,270,279)
|
|
NET ASSETS - 100.0%
|
4,116,328,546
|
Legend
|
(a)
|
Non-income producing
|
|
(b)
|
Security or a portion of the security is on loan at period end.
|
|
(c)
|
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 $11,444,480 or 0.3% of net assets.
|
|
(d)
|
Level 3 security
|
|
(e)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
|
(f)
|
Investment made with cash collateral received from securities on loan.
|
|
Additional information on each restricted holding is as follows:
|
||
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
|
Lenskart Solutions Pvt Ltd
|
4/30/24
|
1,645,440
|
|
Meesho Series D-2
|
7/15/24
|
593,432
|
|
Meesho Series E
|
7/15/24
|
98,840
|
|
Meesho Series F
|
7/15/24
|
91,728
|
|
Plaid Inc/CA Class A
|
3/31/25
|
3,451,080
|
|
X.Ai Holdings Corp Series C
|
11/22/24
|
2,795,015
|
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 ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
|
Fidelity Cash Central Fund
|
20,499,254
|
415,080,519
|
435,579,773
|
236,199
|
-
|
-
|
-
|
-
|
0.0%
|
|
Fidelity Securities Lending Cash Central Fund
|
44,034,997
|
225,827,239
|
243,193,954
|
144,347
|
-
|
-
|
26,668,282
|
26,665,616
|
0.1%
|
|
Total
|
64,534,251
|
640,907,758
|
678,773,727
|
380,546
|
-
|
-
|
26,668,282
|
||
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
|
Valuation Inputs at Reporting Date:
|
||||
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
|
Investments in Securities:
|
||||
|
Common Stocks
|
||||
|
Communication Services
|
479,617,749
|
479,617,749
|
-
|
-
|
|
Consumer Discretionary
|
781,222,836
|
770,969,893
|
8,082,136
|
2,170,807
|
|
Consumer Staples
|
26,294,302
|
26,294,302
|
-
|
-
|
|
Financials
|
216,073,211
|
216,073,211
|
-
|
-
|
|
Health Care
|
145,613,626
|
145,613,626
|
-
|
-
|
|
Industrials
|
710,232,969
|
710,232,969
|
-
|
-
|
|
Information Technology
|
1,650,720,731
|
1,647,269,593
|
-
|
3,451,138
|
|
Materials
|
31,484,363
|
31,484,363
|
-
|
-
|
|
Real Estate
|
50,638,489
|
50,638,489
|
-
|
-
|
|
Utilities
|
7,209,732
|
7,209,732
|
-
|
-
|
|
Convertible Preferred Stocks
|
||||
|
Consumer Discretionary
|
1,102,639
|
-
|
-
|
1,102,639
|
|
Information Technology
|
4,719,896
|
-
|
-
|
4,719,896
|
|
Money Market Funds
|
26,668,282
|
26,668,282
|
-
|
-
|
|
Total Investments in Securities:
|
4,131,598,825
|
4,112,072,209
|
8,082,136
|
11,444,480
|
Financial Statements (Unaudited)
|
Statement of Assets and Liabilities
|
||||
|
As of June 30, 2025 (Unaudited)
|
||||
|
Assets
|
||||
|
Investment in securities, at value (including securities loaned of $25,824,777) - See accompanying schedule:
|
||||
|
Unaffiliated issuers (cost $2,035,534,949)
|
$
|
4,104,930,543
|
||
|
Fidelity Central Funds (cost $26,668,282)
|
26,668,282
|
|||
|
Total Investment in Securities (cost $2,062,203,231)
|
$
|
4,131,598,825
|
||
|
Foreign currency held at value (cost $114,824)
|
118,913
|
|||
|
Receivable for investments sold
|
283,615,559
|
|||
|
Receivable for fund shares sold
|
2,655,887
|
|||
|
Dividends receivable
|
381,898
|
|||
|
Distributions receivable from Fidelity Central Funds
|
10,676
|
|||
|
Other receivables
|
2,630
|
|||
|
Total assets
|
4,418,384,388
|
|||
|
Liabilities
|
||||
|
Payable to custodian bank
|
$
|
25,069
|
||
|
Payable for investments purchased
|
245,405,933
|
|||
|
Payable for fund shares redeemed
|
2,301,129
|
|||
|
Accrued management fee
|
2,563,919
|
|||
|
Notes payable to affiliates
|
24,958,000
|
|||
|
Other payables and accrued expenses
|
137,527
|
|||
|
Collateral on securities loaned
|
26,664,265
|
|||
|
Total liabilities
|
302,055,842
|
|||
|
Net Assets
|
$
|
4,116,328,546
|
||
|
Net Assets consist of:
|
||||
|
Paid in capital
|
$
|
1,996,299,079
|
||
|
Total accumulated earnings (loss)
|
2,120,029,467
|
|||
|
Net Assets
|
$
|
4,116,328,546
|
||
|
Net Asset Value, offering price and redemption price per share ($4,116,328,546 ÷ 21,677,545 shares)
|
$
|
189.89
|
||
|
Statement of Operations
|
||||
|
Six months ended June 30, 2025 (Unaudited)
|
||||
|
Investment Income
|
||||
|
Dividends
|
$
|
7,202,183
|
||
|
Income from Fidelity Central Funds (including $144,347 from security lending)
|
380,546
|
|||
|
Total income
|
7,582,729
|
|||
|
Expenses
|
||||
|
Management fee
|
||||
|
Basic fee
|
$
|
11,843,612
|
||
|
Performance adjustment
|
1,279,075
|
|||
|
Custodian fees and expenses
|
17,029
|
|||
|
Independent trustees' fees and expenses
|
7,289
|
|||
|
Registration fees
|
65,988
|
|||
|
Audit fees
|
78,178
|
|||
|
Legal
|
3,724
|
|||
|
Interest
|
51,531
|
|||
|
Miscellaneous
|
8,486
|
|||
|
Total expenses
|
13,354,912
|
|||
|
Net Investment income (loss)
|
(5,772,183)
|
|||
|
Realized and Unrealized Gain (Loss)
|
||||
|
Net realized gain (loss) on:
|
||||
|
Investment Securities:
|
||||
|
Unaffiliated issuers (net of foreign taxes of $42,860)
|
84,096,829
|
|||
|
Foreign currency transactions
|
3,018
|
|||
|
Total net realized gain (loss)
|
84,099,847
|
|||
|
Change in net unrealized appreciation (depreciation) on:
|
||||
|
Investment Securities:
|
||||
|
Unaffiliated issuers (net of decrease in deferred foreign taxes of $164,110)
|
208,932,713
|
|||
|
Assets and liabilities in foreign currencies
|
29,176
|
|||
|
Total change in net unrealized appreciation (depreciation)
|
208,961,889
|
|||
|
Net gain (loss)
|
293,061,736
|
|||
|
Net increase (decrease) in net assets resulting from operations
|
$
|
287,289,553
|
||
|
Statement of Changes in Net Assets
|
||||
|
Six months ended
June 30, 2025
(Unaudited)
|
Year ended
December 31, 2024
|
|||
|
Increase (Decrease) in Net Assets
|
||||
|
Operations
|
||||
|
Net investment income (loss)
|
$
|
(5,772,183)
|
$
|
(6,300,578)
|
|
Net realized gain (loss)
|
84,099,847
|
678,558,487
|
||
|
Change in net unrealized appreciation (depreciation)
|
208,961,889
|
466,707,522
|
||
|
Net increase (decrease) in net assets resulting from operations
|
287,289,553
|
1,138,965,431
|
||
|
Distributions to shareholders
|
(144,582,505)
|
(539,061,475)
|
||
|
Share transactions
|
||||
|
Proceeds from sales of shares
|
273,311,295
|
457,413,209
|
||
|
Reinvestment of distributions
|
130,978,534
|
483,341,495
|
||
|
Cost of shares redeemed
|
(421,152,942)
|
(418,523,929)
|
||
|
Net increase (decrease) in net assets resulting from share transactions
|
(16,863,113)
|
522,230,775
|
||
|
Total increase (decrease) in net assets
|
125,843,935
|
1,122,134,731
|
||
|
Net Assets
|
||||
|
Beginning of period
|
3,990,484,611
|
2,868,349,880
|
||
|
End of period
|
$
|
4,116,328,546
|
$
|
3,990,484,611
|
|
Other Information
|
||||
|
Shares
|
||||
|
Sold
|
1,551,128
|
2,438,550
|
||
|
Issued in reinvestment of distributions
|
720,811
|
2,614,731
|
||
|
Redeemed
|
(2,523,675)
|
(2,315,801)
|
||
|
Net increase (decrease)
|
(251,736)
|
2,737,480
|
||
Financial Highlights
|
Fidelity® Trend Fund
|
|
Six months ended
June 30, 2025
(Unaudited)
|
Years ended December 31, 2024
|
2023
|
2022
|
2021
|
2020
|
|||||||
|
Selected Per-Share Data
|
||||||||||||
|
Net asset value, beginning of period
|
$
|
181.97
|
$
|
149.46
|
$
|
108.61
|
$
|
171.87
|
$
|
151.69
|
$
|
108.10
|
|
Income from Investment Operations
|
||||||||||||
|
Net investment income (loss) A,B
|
(.26)
|
(.33)
|
.06 C
|
(.01)
|
(.66)
|
(.23)
|
||||||
|
Net realized and unrealized gain (loss)
|
14.68
|
60.62
|
47.80
|
(57.45)
|
34.24
|
50.55
|
||||||
|
Total from investment operations
|
14.42
|
60.29
|
47.86
|
(57.46)
|
33.58
|
50.32
|
||||||
|
Distributions from net investment income
|
(.39)
|
(.83)
|
(.07)
|
(.01)
|
-
|
(.06)
|
||||||
|
Distributions from net realized gain
|
(6.12)
|
(26.94)
|
(6.94)
|
(5.79)
|
(13.40)
|
(6.68)
|
||||||
|
Total distributions
|
(6.50) D
|
(27.78) D
|
(7.01)
|
(5.80)
|
(13.40)
|
(6.73) D
|
||||||
|
Net asset value, end of period
|
$
|
189.89
|
$
|
181.97
|
$
|
149.46
|
$
|
108.61
|
$
|
171.87
|
$
|
151.69
|
|
Total Return E,F
|
8.09
%
|
40.16%
|
44.39%
|
(33.64)%
|
22.86%
|
47.00%
|
||||||
|
Ratios to Average Net Assets B,G,H
|
||||||||||||
|
Expenses before reductions
|
.71% I
|
.60%
|
.53%
|
.58%
|
.73%
|
.73%
|
||||||
|
Expenses net of fee waivers, if any
|
.71
% I
|
.60%
|
.52%
|
.57%
|
.73%
|
.73%
|
||||||
|
Expenses net of all reductions, if any
|
.71% I
|
.60%
|
.52%
|
.57%
|
.73%
|
.73%
|
||||||
|
Net investment income (loss)
|
(.31)% I
|
(.18)%
|
.04% C
|
(.01)%
|
(.41)%
|
(.19)%
|
||||||
|
Supplemental Data
|
||||||||||||
|
Net assets, end of period (000 omitted)
|
$
|
4,116,329
|
$
|
3,990,485
|
$
|
2,868,350
|
$
|
2,101,552
|
$
|
3,582,408
|
$
|
3,227,513
|
|
Portfolio turnover rate J
|
67
% I
|
64%
|
38%
|
34%
|
28%
|
45%
|
ACalculated based on average shares outstanding during the period.
BNet 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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.02)%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees 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.
HExpense 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.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
(Unaudited)
For the period ended June 30, 2025
1. Organization.
Fidelity Trend Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified open-end management investment company organized as a Massachusetts business 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.
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 RatioA
|
|
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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
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 service 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 June 30, 2025 is included at the end of the Fund's Schedule of Investments.
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 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
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.
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.
|
Fidelity Trend Fund
|
$2,630
|
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. 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. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.
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 foreign currency transactions, passive foreign investment companies (PFIC) 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:
|
Gross unrealized appreciation
|
$2,106,218,728
|
|
Gross unrealized depreciation
|
(52,966,846)
|
|
Net unrealized appreciation (depreciation)
|
$2,053,251,882
|
|
Tax cost
|
$2,078,346,943
|
Restricted Securities (including Private Placements).Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
|
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Trend Fund
|
1,280,513,358
|
1,437,266,473
|
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.
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
|
Maximum Management Fee Rate %
|
|
Fidelity Trend Fund
|
.65
|
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
|
Total Management Fee Rate %
|
|
Fidelity Trend Fund
|
.63
|
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
|
|
Performance Adjustment Index
|
|
Fidelity Trend Fund
|
Russell 1000 Growth Index
|
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .07%.
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 Trend Fund
|
23,808
|
Interfund Lending Program.Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
|
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity Trend Fund
|
Borrower
|
11,919,206
|
4.58%
|
51,531
|
Interfund Trades.Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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 Trend Fund
|
30,665,345
|
114,681,835
|
10,709,879
|
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2026 unless extended or renewed.
|
|
Amount ($)
|
|
Fidelity Trend Fund
|
3,051
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Trend Fund
|
15,149
|
3,519
|
-
|
8. 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.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Trend Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio.The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has a management fee based on tiered schedules and subject to a maximum rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the effective management fee rate from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds and classes within the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.
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1.705631.127
TRE-SANN-0825
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Trend Funds Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Trend Funds (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 Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
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(a) |
(1) |
Not applicable. |
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(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. |
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(a) |
(3) |
Not applicable. |
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(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 Trend Fund
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By: |
/s/Stacie M. Smith |
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Stacie M. Smith |
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President and Treasurer (Principal Executive Officer) |
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Date: |
August 22, 2025 |
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.
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By: |
/s/Stacie M. Smith |
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Stacie M. Smith |
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President and Treasurer (Principal Executive Officer) |
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Date: |
August 22, 2025 |
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By: |
/s/Stephanie Caron |
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Stephanie Caron |
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Chief Financial Officer (Principal Financial Officer) |
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Date: |
August 22, 2025 |
Fidelity Trend Fund published this content on August 22, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on August 22, 2025 at 17:00 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]