Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend
income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions
or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Let's say hypothetically that $10,000 was invested in Fidelity® Trend Fund on December 31, 2002. The chart shows how the value of your
investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period.
Market Recap:
U.S. equity benchmarks posted double-digit gains for the year ending December 31, 2012, despite investors' concerns over debt woes
in Europe, slower growth in China and partisan gridlock in Congress. Signs of recovery in the U.S. economy lifted stocks for most of the period,
extending an uptrend that began in March 2009. The broad-based S&P 500® Index rose 16.00% for the 12 months, while the technology-heavy Nasdaq
Composite Index® gained 17.45% and the blue-chip-laden Dow Jones Industrial Average
SM
added 10.24%. Stocks began the year on a high note, with
an improving U.S. economy and proposed bailouts in Europe buoying equities in the first quarter. Fear resurfaced in April and May, but stocks rebounded in June on central bank stimulus, a reviving U.S. housing market and more eurozone aid. Although equity benchmarks hit multiyear highs in
September, pre-election jitters and the looming "fiscal cliff" of tax hikes and federal spending cuts triggered some profit-taking, followed by a brief
post-election sell-off. Hurricane Sandy's aftereffects added to uncertainty, but stocks proved resilient. Within the S&P 500®, the financials and consumer discretionary sectors significantly outpaced the benchmark, while utilities and energy lagged the most, with only modest gains. Despite eurozone
turmoil, foreign developed-markets stocks rose strongly, with the MSCI® EAFE® Index adding 17.48%.
Comments from Daniel Kelley, who became Portfolio Manager of Fidelity
®
Trend Fund on January 12, 2012:
For
the
year, the
fund was up 18.64%, topping the 15.26% advance of the Russell 1000® Growth Index. Security selection helped relative performance the most, particularly in the consumer durables/apparel segment of consumer discretionary. Stocks picks in health care also contributed, led by biotechnology holding
Inhibitex, which rallied sharply after a premium buyout offer early in the year. Within information technology, not owning semiconductor manufacturer
and index component Intel gave the fund a sizable boost, as declining personal computer sales hurt revenues. Overweightings in software company
salesforce.com and hardware/equipment innovator Apple also helped. By contrast, stock picks in the technology hardware/equipment segment and a
small cash position detracted versus the index. Individual disappointments included Deckers Outdoor - maker of UGG® boots - whose shares
declined due to higher input costs and slow
ing sales growth. The timing of the fund's activity in software leader Microsoft hurt, as did a position in
event management software company Active Network. Inhibitex and Active Network were not in the index, and some of these names were not held at
period end.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not
necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
Annual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with
the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2012 to December 31,
2012).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this
line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for
example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled
"Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that
is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate
of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder
in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central
Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information
to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply
for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the
period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central
Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are
not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the
second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annual Report
Shareholder Expense Example - continued
|
|
Annualized
Expense Ratio
|
Beginning
Account Value
July 1, 2012
|
Ending
Account Value
December 31, 2012
|
Expenses Paid
During Period
*
July 1, 2012 to
December 31, 2012
|
|
Actual
|
.85%
|
$ 1,000.00
|
$ 1,067.20
|
$ 4.42
|
|
Hypothetical (5% return per year
before expenses)
|
|
$ 1,000.00
|
$ 1,020.86
|
$ 4.32
|
*
Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by
184/366 (to reflect the one-half year period).
Annual Report
Investment Changes (Unaudited)
|
Top Ten Stocks as of December 31, 2012
|
|
|
% of fund's
net assets
|
% of fund's net assets
6 months ago
|
|
Apple, Inc.
|
7.2
|
8.6
|
|
Google, Inc. Class A
|
3.3
|
2.4
|
|
Oracle Corp.
|
2.5
|
1.1
|
|
Amgen, Inc.
|
2.4
|
1.3
|
|
Visa, Inc. Class A
|
1.9
|
1.5
|
|
Home Depot, Inc.
|
1.8
|
1.7
|
|
Comcast Corp. Class A
|
1.8
|
1.5
|
|
QUALCOMM, Inc.
|
1.8
|
1.7
|
|
Microsoft Corp.
|
1.7
|
3.7
|
|
Gilead Sciences, Inc.
|
1.6
|
1.1
|
|
|
26.0
|
|
|
Top Five Market Sectors as of December 31, 2012
|
|
|
% of fund's
net assets
|
% of fund's net assets
6 months ago
|
|
Information Technology
|
31.0
|
32.2
|
|
Consumer Discretionary
|
17.2
|
16.6
|
|
Health Care
|
12.5
|
12.2
|
|
Industrials
|
10.7
|
9.7
|
|
Consumer Staples
|
10.1
|
11.4
|
|
Asset Allocation (% of fund's net assets)
|
|
As of December 31, 2012
*
|
As of June 30, 2012
**
|
|
Stocks 97.5%
|
|
|
Stocks 96.2%
|
|
|
Short-Term
Investments and
Net Other Assets (Liabilities) 2.5%
|
|
|
Short-Term
Investments and
Net Other Assets (Liabilities) 3.8%
|
|
|
*
Foreign investments
|
8.1%
|
|
**
Foreign investments
|
8.7%
|
|
Annual Report
Investments December 31, 2012
Showing Percentage of Net Assets
|
Common Stocks - 97.5%
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - 17.2%
|
|
Automobiles - 0.5%
|
|
Harley-Davidson, Inc.
|
101,400
|
|
$ 4,952
|
|
Tesla Motors, Inc. (a)
|
16,300
|
|
552
|
|
|
|
5,504
|
|
Hotels, Restaurants & Leisure - 1.6%
|
|
Las Vegas Sands Corp.
|
116,559
|
|
5,380
|
|
McDonald's Corp.
|
86,379
|
|
7,619
|
|
Starbucks Corp.
|
89,375
|
|
4,792
|
|
|
|
17,791
|
|
Household Durables - 1.7%
|
|
Toll Brothers, Inc. (a)
|
187,843
|
|
6,073
|
|
Whirlpool Corp.
|
136,000
|
|
13,838
|
|
|
|
19,911
|
|
Internet & Catalog Retail - 2.4%
|
|
Amazon.com, Inc. (a)
|
69,434
|
|
17,438
|
|
Priceline.com, Inc. (a)
|
15,290
|
|
9,498
|
|
|
|
26,936
|
|
Media - 2.2%
|
|
Comcast Corp. Class A
|
544,986
|
|
20,372
|
|
Discovery Communications, Inc. (a)
|
70,500
|
|
4,475
|
|
|
|
24,847
|
|
Specialty Retail - 5.3%
|
|
American Eagle Outfitters, Inc.
|
134,408
|
|
2,757
|
|
Ascena Retail Group, Inc. (a)
|
279,752
|
|
5,173
|
|
AutoZone, Inc. (a)
|
14,124
|
|
5,006
|
|
Dick's Sporting Goods, Inc.
|
106,700
|
|
4,854
|
|
DSW, Inc. Class A
|
84,086
|
|
5,524
|
|
Home Depot, Inc.
|
335,959
|
|
20,779
|
|
Limited Brands, Inc.
|
121,506
|
|
5,718
|
|
Lowe's Companies, Inc.
|
141,350
|
|
5,021
|
|
Ross Stores, Inc.
|
58,700
|
|
3,179
|
|
Tractor Supply Co.
|
24,392
|
|
2,155
|
|
|
|
60,166
|
|
Textiles, Apparel & Luxury Goods - 3.5%
|
|
lululemon athletica, Inc. (a)
|
88,057
|
|
6,713
|
|
Michael Kors Holdings Ltd.
|
130,240
|
|
6,646
|
|
NIKE, Inc. Class B
|
269,840
|
|
13,924
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
CONSUMER DISCRETIONARY - continued
|
|
Textiles, Apparel & Luxury Goods - continued
|
|
PVH Corp.
|
68,800
|
|
$ 7,637
|
|
Under Armour, Inc. Class A (sub. vtg.) (a)
|
97,400
|
|
4,727
|
|
|
|
39,647
|
|
TOTAL CONSUMER DISCRETIONARY
|
|
194,802
|
|
CONSUMER STAPLES - 10.1%
|
|
Beverages - 4.4%
|
|
Anheuser-Busch InBev SA NV
|
33,600
|
|
2,926
|
|
Beam, Inc.
|
73,746
|
|
4,505
|
|
Constellation Brands, Inc. Class A (sub. vtg.) (a)
|
228,562
|
|
8,089
|
|
Dr. Pepper Snapple Group, Inc.
|
150,648
|
|
6,656
|
|
Monster Beverage Corp. (a)
|
39,400
|
|
2,083
|
|
PepsiCo, Inc.
|
113,771
|
|
7,785
|
|
The Coca-Cola Co.
|
473,100
|
|
17,150
|
|
|
|
49,194
|
|
Food & Staples Retailing - 2.1%
|
|
CVS Caremark Corp.
|
241,526
|
|
11,678
|
|
Wal-Mart Stores, Inc.
|
179,524
|
|
12,249
|
|
|
|
23,927
|
|
Household Products - 1.7%
|
|
Colgate-Palmolive Co.
|
20,722
|
|
2,166
|
|
Kimberly-Clark Corp.
|
97,663
|
|
8,246
|
|
Procter & Gamble Co.
|
136,400
|
|
9,260
|
|
|
|
19,672
|
|
Tobacco - 1.9%
|
|
Altria Group, Inc.
|
427,585
|
|
13,435
|
|
Lorillard, Inc.
|
68,431
|
|
7,984
|
|
|
|
21,419
|
|
TOTAL CONSUMER STAPLES
|
|
114,212
|
|
ENERGY - 4.5%
|
|
Energy Equipment & Services - 1.5%
|
|
Cameron International Corp. (a)
|
97,130
|
|
5,484
|
|
National Oilwell Varco, Inc.
|
57,287
|
|
3,916
|
|
Schlumberger Ltd.
|
106,250
|
|
7,362
|
|
|
|
16,762
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
ENERGY - continued
|
|
Oil, Gas & Consumable Fuels - 3.0%
|
|
Alpha Natural Resources, Inc. (a)
|
258,389
|
|
$ 2,517
|
|
Marathon Petroleum Corp.
|
97,640
|
|
6,151
|
|
Noble Energy, Inc.
|
40,300
|
|
4,100
|
|
Pioneer Natural Resources Co.
|
53,754
|
|
5,730
|
|
Suncor Energy, Inc.
|
175,600
|
|
5,774
|
|
The Williams Companies, Inc.
|
308,190
|
|
10,090
|
|
|
|
34,362
|
|
TOTAL ENERGY
|
|
51,124
|
|
FINANCIALS - 4.6%
|
|
Capital Markets - 0.2%
|
|
Charles Schwab Corp.
|
128,000
|
|
1,838
|
|
Commercial Banks - 1.3%
|
|
M&T Bank Corp.
|
56,295
|
|
5,543
|
|
SunTrust Banks, Inc.
|
117,651
|
|
3,335
|
|
Wells Fargo & Co.
|
160,364
|
|
5,481
|
|
|
|
14,359
|
|
Consumer Finance - 0.9%
|
|
Capital One Financial Corp.
|
64,588
|
|
3,742
|
|
SLM Corp.
|
409,158
|
|
7,009
|
|
|
|
10,751
|
|
Diversified Financial Services - 1.1%
|
|
Bank of America Corp.
|
424,986
|
|
4,930
|
|
Citigroup, Inc.
|
199,829
|
|
7,905
|
|
|
|
12,835
|
|
Real Estate Investment Trusts - 0.5%
|
|
AvalonBay Communities, Inc.
|
39,300
|
|
5,329
|
|
Real Estate Management & Development - 0.6%
|
|
CBRE Group, Inc. (a)
|
142,982
|
|
2,845
|
|
Realogy Holdings Corp.
|
107,400
|
|
4,507
|
|
|
|
7,352
|
|
TOTAL FINANCIALS
|
|
52,464
|
|
HEALTH CARE - 12.5%
|
|
Biotechnology - 6.4%
|
|
Achillion Pharmaceuticals, Inc. (a)
|
223,000
|
|
1,788
|
|
ADVENTRX Pharmaceuticals, Inc. warrants 11/16/16 (a)
|
271,977
|
|
9
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
HEALTH CARE - continued
|
|
Biotechnology - continued
|
|
Alkermes PLC (a)
|
46,900
|
|
$ 869
|
|
Amgen, Inc.
|
308,700
|
|
26,647
|
|
ARIAD Pharmaceuticals, Inc. (a)
|
70,320
|
|
1,349
|
|
Biogen Idec, Inc. (a)
|
39,000
|
|
5,720
|
|
BioMarin Pharmaceutical, Inc. (a)
|
71,600
|
|
3,526
|
|
Elan Corp. PLC sponsored ADR (a)
|
599,598
|
|
6,122
|
|
Gilead Sciences, Inc. (a)
|
251,263
|
|
18,455
|
|
Regeneron Pharmaceuticals, Inc. (a)
|
22,200
|
|
3,798
|
|
Theravance, Inc. (a)
|
154,436
|
|
3,439
|
|
|
|
71,722
|
|
Health Care Equipment & Supplies - 1.4%
|
|
Align Technology, Inc. (a)
|
224,500
|
|
6,230
|
|
The Cooper Companies, Inc.
|
100,279
|
|
9,274
|
|
|
|
15,504
|
|
Health Care Providers & Services - 2.7%
|
|
Brookdale Senior Living, Inc. (a)
|
477,934
|
|
12,101
|
|
Catamaran Corp. (a)
|
84,776
|
|
3,994
|
|
Express Scripts Holding Co. (a)
|
74,630
|
|
4,030
|
|
Laboratory Corp. of America Holdings (a)
|
79,449
|
|
6,882
|
|
Qualicorp SA (a)
|
322,300
|
|
3,379
|
|
|
|
30,386
|
|
Pharmaceuticals - 2.0%
|
|
Eli Lilly & Co.
|
104,032
|
|
5,131
|
|
Johnson & Johnson
|
33,825
|
|
2,371
|
|
Merck & Co., Inc.
|
86,798
|
|
3,554
|
|
Valeant Pharmaceuticals International, Inc. (Canada) (a)
|
60,400
|
|
3,603
|
|
Watson Pharmaceuticals, Inc. (a)
|
97,378
|
|
8,375
|
|
|
|
23,034
|
|
TOTAL HEALTH CARE
|
|
140,646
|
|
INDUSTRIALS - 10.7%
|
|
Aerospace & Defense - 2.4%
|
|
Raytheon Co.
|
37,300
|
|
2,147
|
|
Textron, Inc.
|
259,450
|
|
6,432
|
|
United Technologies Corp.
|
224,199
|
|
18,387
|
|
|
|
26,966
|
|
Air Freight & Logistics - 1.4%
|
|
United Parcel Service, Inc. Class B
|
209,920
|
|
15,477
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INDUSTRIALS - continued
|
|
Construction & Engineering - 0.8%
|
|
Dycom Industries, Inc. (a)
|
139,500
|
|
$ 2,762
|
|
Quanta Services, Inc. (a)
|
223,940
|
|
6,111
|
|
|
|
8,873
|
|
Electrical Equipment - 1.1%
|
|
Eaton Corp. PLC
|
131,000
|
|
7,100
|
|
Regal-Beloit Corp.
|
69,800
|
|
4,919
|
|
|
|
12,019
|
|
Industrial Conglomerates - 0.4%
|
|
Carlisle Companies, Inc.
|
84,164
|
|
4,945
|
|
Machinery - 1.8%
|
|
Cummins, Inc.
|
84,300
|
|
9,134
|
|
Dover Corp.
|
59,395
|
|
3,903
|
|
Ingersoll-Rand PLC
|
126,250
|
|
6,055
|
|
Snap-On, Inc.
|
23,361
|
|
1,845
|
|
|
|
20,937
|
|
Professional Services - 0.5%
|
|
Nielsen Holdings B.V. (a)
|
111,285
|
|
3,404
|
|
Towers Watson & Co.
|
45,591
|
|
2,563
|
|
|
|
5,967
|
|
Road & Rail - 1.2%
|
|
Union Pacific Corp.
|
107,796
|
|
13,552
|
|
Trading Companies & Distributors - 1.1%
|
|
Watsco, Inc.
|
74,264
|
|
5,562
|
|
WESCO International, Inc. (a)
|
99,655
|
|
6,720
|
|
|
|
12,282
|
|
TOTAL INDUSTRIALS
|
|
121,018
|
|
INFORMATION TECHNOLOGY - 31.0%
|
|
Communications Equipment - 2.7%
|
|
Motorola Solutions, Inc.
|
181,147
|
|
10,086
|
|
QUALCOMM, Inc.
|
318,810
|
|
19,773
|
|
|
|
29,859
|
|
Computers & Peripherals - 7.2%
|
|
Apple, Inc.
|
151,837
|
|
80,933
|
|
Fusion-io, Inc. (a)
|
29,500
|
|
676
|
|
|
|
81,609
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
INFORMATION TECHNOLOGY - continued
|
|
Internet Software & Services - 5.0%
|
|
eBay, Inc. (a)
|
188,300
|
|
$ 9,607
|
|
Facebook, Inc. Class A
|
354,886
|
|
9,451
|
|
Google, Inc. Class A (a)
|
52,579
|
|
37,298
|
|
|
|
56,356
|
|
IT Services - 5.7%
|
|
Accenture PLC Class A
|
167,566
|
|
11,143
|
|
Cognizant Technology Solutions Corp. Class A (a)
|
60,179
|
|
4,456
|
|
IBM Corp.
|
72,984
|
|
13,980
|
|
MasterCard, Inc. Class A
|
27,667
|
|
13,592
|
|
Visa, Inc. Class A
|
139,700
|
|
21,176
|
|
|
|
64,347
|
|
Semiconductors & Semiconductor Equipment - 2.9%
|
|
Altera Corp.
|
166,193
|
|
5,724
|
|
ASML Holding NV (Netherlands)
|
45,471
|
|
2,916
|
|
Avago Technologies Ltd.
|
115,200
|
|
3,647
|
|
Broadcom Corp. Class A
|
261,877
|
|
8,697
|
|
NXP Semiconductors NV (a)
|
94,804
|
|
2,500
|
|
Samsung Electronics Co. Ltd.
|
4,407
|
|
6,373
|
|
Skyworks Solutions, Inc. (a)
|
150,990
|
|
3,065
|
|
|
|
32,922
|
|
Software - 7.5%
|
|
Citrix Systems, Inc. (a)
|
63,814
|
|
4,196
|
|
Guidewire Software, Inc.
|
178,721
|
|
5,312
|
|
MICROS Systems, Inc. (a)
|
52,000
|
|
2,207
|
|
Microsoft Corp.
|
703,459
|
|
18,803
|
|
Nuance Communications, Inc. (a)
|
213,414
|
|
4,763
|
|
Oracle Corp.
|
848,389
|
|
28,268
|
|
salesforce.com, Inc. (a)
|
81,800
|
|
13,751
|
|
Splunk, Inc.
|
19,400
|
|
563
|
|
VMware, Inc. Class A (a)
|
66,415
|
|
6,252
|
|
Workday, Inc.
|
13,400
|
|
730
|
|
|
|
84,845
|
|
TOTAL INFORMATION TECHNOLOGY
|
|
349,938
|
|
MATERIALS - 5.9%
|
|
Chemicals - 3.7%
|
|
Albemarle Corp.
|
91,100
|
|
5,659
|
|
Ashland, Inc.
|
87,346
|
|
7,023
|
|
Common Stocks - continued
|
|
|
Shares
|
|
Value (000s)
|
|
MATERIALS - continued
|
|
Chemicals - continued
|
|
Eastman Chemical Co.
|
122,906
|
|
$ 8,364
|
|
LyondellBasell Industries NV Class A
|
87,469
|
|
4,994
|
|
Monsanto Co.
|
158,444
|
|
14,997
|
|
|
|
41,037
|
|
Construction Materials - 1.7%
|
|
Lafarge SA (Bearer)
|
94,200
|
|
6,083
|
|
Martin Marietta Materials, Inc.
|
52,049
|
|
4,907
|
|
Vulcan Materials Co.
|
161,417
|
|
8,402
|
|
|
|
19,392
|
|
Metals & Mining - 0.5%
|
|
Commercial Metals Co.
|
399,325
|
|
5,934
|
|
TOTAL MATERIALS
|
|
66,363
|
|
TELECOMMUNICATION SERVICES - 1.0%
|
|
Wireless Telecommunication Services - 1.0%
|
|
SBA Communications Corp. Class A (a)
|
117,401
|
|
8,338
|
|
Vodafone Group PLC sponsored ADR
|
131,700
|
|
3,318
|
|
|
|
11,656
|
|
TOTAL COMMON STOCKS
(Cost $896,977)
|
1,102,223
|
|
Money Market Funds - 2.9%
|
|
|
|
|
|
|
Fidelity Cash Central Fund, 0.18% (b)
(Cost $33,097)
|
33,097,094
|
|
33,097
|
|
TOTAL INVESTMENT PORTFOLIO - 100.4%
(Cost $930,074)
|
|
1,135,320
|
|
NET OTHER ASSETS (LIABILITIES) - (0.4)%
|
|
(4,963
)
|
|
NET ASSETS - 100%
|
$ 1,130,357
|
|
Legend
|
|
(a) Non-income producing
|
|
(b) Affiliated fund that is 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm,
are available on the SEC's website or upon request.
|
|
Affiliated Central Funds
|
|
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
|
|
Fund
|
Income earned
(Amounts in thousands)
|
|
Fidelity Cash Central Fund
|
$ 54
|
|
Fidelity Securities Lending Cash Central Fund
|
358
|
|
Total
|
$ 412
|
|
Other Affiliated Issuers
|
|
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies
which are or were affiliates are as follows:
|
|
Affiliate
(Amounts in thousands)
|
Value,
beginning of
period
|
Purchases
|
Sales
Proceeds
|
Dividend
Income
|
Value,
end of
period
|
|
Schiff Nutrition International, Inc.
|
$ 17,446
|
$ -
|
$ 17,058
|
$ -
|
$ -
|
|
Total
|
$ 17,446
|
$ -
|
$ 17,058
|
$ -
|
$ -
|
|
Other Information
|
|
The following is a summary of the inputs used, as of December 31, 2012, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial
Statements.
|
|
Valuation Inputs at Reporting Date:
|
|
Description
(Amounts in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|
Investments in Securities:
|
|
|
|
|
|
Equities:
|
|
|
|
|
|
Consumer Discretionary
|
$ 194,802
|
$ 194,802
|
$ -
|
$ -
|
|
Consumer Staples
|
114,212
|
111,286
|
2,926
|
-
|
|
Energy
|
51,124
|
51,124
|
-
|
-
|
|
Financials
|
52,464
|
52,464
|
-
|
-
|
|
Health Care
|
140,646
|
137,258
|
3,388
|
-
|
|
Industrials
|
121,018
|
121,018
|
-
|
-
|
|
Information Technology
|
349,938
|
340,649
|
9,289
|
-
|
|
Materials
|
66,363
|
60,280
|
6,083
|
-
|
|
Telecommunication Services
|
11,656
|
11,656
|
-
|
-
|
|
Money Market Funds
|
33,097
|
33,097
|
-
|
-
|
|
Total Investments in Securities:
|
$ 1,135,320
|
$ 1,113,634
|
$ 21,686
|
$ -
|
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amount)
|
December 31, 2012
|
|
|
|
|
|
Assets
|
|
|
|
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $896,977)
|
$ 1,102,223
|
|
|
Fidelity Central Funds (cost $33,097)
|
33,097
|
|
|
Total Investments (cost $930,074)
|
|
$ 1,135,320
|
|
Receivable for investments sold
|
|
3,107
|
|
Receivable for fund shares sold
|
|
2,646
|
|
Dividends receivable
|
|
845
|
|
Distributions receivable from Fidelity Central Funds
|
|
6
|
|
Prepaid expenses
|
|
3
|
|
Other receivables
|
|
421
|
|
Total assets
|
|
1,142,348
|
|
|
|
|
|
Liabilities
|
|
|
|
Payable for investments purchased
|
$ 5,220
|
|
|
Payable for fund shares redeemed
|
5,915
|
|
|
Accrued management fee
|
573
|
|
|
Other affiliated payables
|
198
|
|
|
Other payables and accrued expenses
|
85
|
|
|
Total liabilities
|
|
11,991
|
|
|
|
|
|
Net Assets
|
|
$ 1,130,357
|
|
Net Assets consist of:
|
|
|
|
Paid in capital
|
|
$ 921,800
|
|
Distributions in excess of net investment income
|
|
(19)
|
|
Accumulated undistributed net realized gain (loss) on investments and foreign currency
transactions
|
|
3,330
|
|
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign
currencies
|
|
205,246
|
|
Net Assets
, for 15,367 shares outstanding
|
|
$ 1,130,357
|
|
Net Asset Value
, offering price and redemption price per share ($1,130,357 ÷ 15,367
shares)
|
|
$ 73.56
|
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Operations
|
Amounts in thousands
|
Year ended December 31, 2012
|
|
|
|
|
|
Investment Income
|
|
|
|
Dividends
|
|
$ 16,752
|
|
Income from Fidelity Central Funds
|
|
412
|
|
Total income
|
|
17,164
|
|
|
|
|
|
Expenses
|
|
|
|
Management fee
Basic fee
|
$ 6,287
|
|
|
Performance adjustment
|
1,054
|
|
|
Transfer agent fees
|
2,066
|
|
|
Accounting and security lending fees
|
369
|
|
|
Custodian fees and expenses
|
60
|
|
|
Independent trustees' compensation
|
8
|
|
|
Registration fees
|
58
|
|
|
Audit
|
66
|
|
|
Legal
|
4
|
|
|
Miscellaneous
|
13
|
|
|
Total expenses before reductions
|
9,985
|
|
|
Expense reductions
|
(143
)
|
9,842
|
|
Net investment income (loss)
|
|
7,322
|
|
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
|
|
|
|
Investment securities:
|
|
|
|
Unaffiliated issuers
|
128,669
|
|
|
Other affiliated issuers
|
2,315
|
|
|
Foreign currency transactions
|
(37)
|
|
|
Futures contracts
|
(558
)
|
|
|
Total net realized gain (loss)
|
|
130,389
|
|
Change in net unrealized appreciation (depreciation) on:
Investment securities
|
|
48,350
|
|
Net gain (loss)
|
|
178,739
|
|
Net
increase (decrease) in net assets resulting from operations
|
|
$ 186,061
|
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
Amounts in thousands
|
Year ended
December 31, 2012
|
Year ended
December 31, 2011
|
|
Increase (Decrease) in Net Assets
|
|
|
|
Operations
|
|
|
|
Net investment income (loss)
|
$ 7,322
|
$ (150)
|
|
Net realized gain (loss)
|
130,389
|
41,691
|
|
Change in net unrealized appreciation (depreciation)
|
48,350
|
(50,063
)
|
|
Net
increase (decrease) in net assets resulting
from operations
|
186,061
|
(8,522
)
|
|
Distributions to shareholders from net investment income
|
(6,961)
|
-
|
|
Distributions to shareholders from net realized gain
|
(76,500
)
|
-
|
|
Total distributions
|
(83,461
)
|
-
|
|
Share transactions
Proceeds from sales of shares
|
193,016
|
265,981
|
|
Reinvestment of distributions
|
76,003
|
-
|
|
Cost of shares redeemed
|
(268,875
)
|
(275,162
)
|
|
Net increase (decrease) in net assets resulting from share transactions
|
144
|
(9,181
)
|
|
Total increase (decrease) in net assets
|
102,744
|
(17,703)
|
|
|
|
|
|
Net Assets
|
|
|
|
Beginning of period
|
1,027,613
|
1,045,316
|
|
End of period (including distributions in excess of net investment income of $19 and
distributions in excess of net investment income of $18, respectively)
|
$ 1,130,357
|
$ 1,027,613
|
|
Ot
her Information
Shares
|
|
|
|
Sold
|
2,555
|
3,833
|
|
Issued in reinvestment of distributions
|
1,033
|
-
|
|
Redeemed
|
(3,587
)
|
(3,980
)
|
|
Net increase (decrease)
|
1
|
(147
)
|
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights
|
|
|
|
|
|
|
|
Years ended December 31,
|
2012
|
2011
|
2010
|
2009
|
2008
|
|
Selected Per-Share Data
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$ 66.87
|
$ 67.38
|
$ 56.25
|
$ 39.09
|
$ 70.72
|
|
Income from Investment Operations
|
|
|
|
|
|
|
Net investment income (loss)
B
|
.49
|
(.01)
|
.02
|
.21
|
.19
|
|
Net realized and unrealized gain (loss)
|
11.98
|
(.50
)
|
11.14
|
17.16
|
(31.63
)
|
|
Total from investmentoperations
|
12.47
|
(.51
)
|
11.16
|
17.37
|
(31.44
)
|
|
Distributions from net investment income
|
(.48)
G
|
-
|
(.03)
|
(.21)
|
(.18)
|
|
Distributions from net realized gain
|
(5.29
)
G
|
-
|
-
|
-
|
(.01
)
|
|
Total distributions
|
(5.78
)
F
|
-
|
(.03
)
|
(.21
)
|
(.19
)
|
|
Net asset value, end of period
|
$ 73.56
|
$ 66.87
|
$ 67.38
|
$ 56.25
|
$ 39.09
|
|
Total Return
A
|
18.64%
|
(.76)%
|
19.84%
|
44.45%
|
(44.45)%
|
|
Ratios to Average Net Assets
C, E
|
|
|
|
|
|
|
Expenses before reductions
|
.89%
|
.90%
|
.83%
|
.81%
|
.83%
|
|
Expenses net of fee waivers, if any
|
.89%
|
.90%
|
.83%
|
.81%
|
.83%
|
|
Expenses net of all reductions
|
.87%
|
.89%
|
.83%
|
.80%
|
.82%
|
|
Net investment income (loss)
|
.65%
|
(.01)%
|
.03%
|
.46%
|
.33%
|
|
Supplemental Data
|
|
|
|
|
|
|
Net assets, end of period (in millions)
|
$ 1,130
|
$ 1,028
|
$ 1,045
|
$ 818
|
$ 534
|
|
Portfolio turnover rate
D
|
171%
|
82%
|
117%
|
141%
|
147%
|
A
Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B
Calculated based on average shares outstanding during the period.
C
Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
D
Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
E
Expense ratios reflect operating expenses of the
Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage
service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F
Total distributions of $5.78 per share is comprised of distributions from net investment income of $.482 and distributions from net realized gain of $5.293 per share.
G
The amount shown reflects certain reclassifications related to book to tax differences.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes
to
Financial Statements
For the period ended December 31, 2012
(Amounts in thousands except percentages)
1. Organization.
Fidelity Trend Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management
investment company organized as a Massachusetts business trust and is authorized to issue an unlimited number of shares.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts
managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity
Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central
Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management,
Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the
SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of
Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of
the financial statements. 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. In accordance with valuation
policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing
vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, investments will
be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board.
Factors used in
Annual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures
are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
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 - 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 vendor 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 significant 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 are used and are categorized as Level 2 in the
hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2.
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 December 31, 2012, is included at the end of the Fund's Schedule of Investments.
Foreign Currency.
The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses
from these transactions may
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Foreign Currency - continued
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 may include proceeds received from litigation.
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. Distributions received on securities that represent a return of capital or capital gain
are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may
be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are
accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
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. 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), independent Trustees may elect to defer receipt of a portion
of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund
until distributed in accordance with the Plan. The
Annual Report
3. Significant Accounting Policies - continued
Deferred Trustee Compensation - continued
investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
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 income taxes is required. As of December 31, 2012, the Fund did not have any unrecognized tax benefits in the financial statements; nor is
the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change
in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
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. These differences resulted in distribution reclassifications. In addition, the Fund claimed a portion of
the payment made to redeeming shareholders as a distribution for income tax purposes.
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, partnerships, deferred trustees compensation, capital
loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
|
Gross unrealized appreciation
|
$ 211,811
|
|
Gross unrealized depreciation
|
(10,869
)
|
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$ 200,942
|
|
|
|
|
Tax Cost
|
$ 934,378
|
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The tax-based components of distributable earnings as of period end were as follows:
|
Undistributed long-term capital gain
|
$ 7,634
|
|
Net unrealized appreciation (depreciation)
|
$ 200,941
|
The tax character of distributions paid was as follows:
|
|
December 31, 2012
|
December 31, 2011
|
|
|
|
|
|
Ordinary Income
|
$ 6,961
|
$ -
|
|
Long-term Capital Gains
|
76,500
|
-
|
|
Total
|
$ 83,461
|
$ -
|
New Accounting Pronouncement.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No.
2011-11,
Disclosures about Offsetting Assets and Liabilities
. The update creates new disclosure requirements requiring entities to disclose both
gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject
to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods
beginning on or after January 1, 2013, and interim periods within those annual periods. Management is currently evaluating the impact of the
update's adoption on the Fund's financial statement disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments.
The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to
make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving
derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not
achieve its objectives.
Annual Report
4. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
The Fund's use of derivatives increased or decreased its exposure to the following risk:
|
Equity Risk
|
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market
prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by
factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a
market or market segment.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the
risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the
counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts is mitigated
by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in
excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may
be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts.
A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a
specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount
equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent payments (variation
margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized
appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of
Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face
amount at value reflects each contract's exposure to the underlying instrument or index at period end.
During the period, the Fund recognized net realized gain (loss) of $(558) related to it's investment in futures contracts. This amount is included in
the Statement of Operations.
Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,870,883 and $1,953,516, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee.
FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly
management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net
assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the
mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management
decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets
over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment
performance as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance
adjustment, was .65% of the Fund's average net assets.
Transfer Agent Fees.
Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend
disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of
account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees
were equivalent to an annual rate of .18% of average net assets.
Accounting and Security Lending Fees.
Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records.
The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending
program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions.
The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment
adviser. The commissions paid to these affiliated firms were $40 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Annual Report
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending
agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the
Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash)
against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the
period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash
collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding.
Security lending income 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 payments received for lending certain types of securities. Security lending income is presented in the
Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $358,
including $27 from securities loaned to FCM.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These
services included payments of certain expenses on behalf of the Fund totaling $143 for the period.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the
Fund's expenses. During the period, these credits reduced the Fund's custody expenses by one hundred thirty one dollars.
10. Other.
The 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, the Fund may also enter into contracts that provide
general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that
may be made against the Fund. The risk of material loss from such claims is considered remote.
Annual Report
To the Trustees of Fidelity Trend Fund and the Shareholders of Fidelity Trend Fund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Trend Fund (a fund
of Fidelity Trend Fund) at December 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two
years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fidelity Trend Fund's management. Our responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 11, 2013
Annual Report
The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees
governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically
throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee
management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for James C.
Curvey, each of the Trustees oversees 234 funds advised by FMR or an affiliate. Mr. Curvey oversees 452 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument,
signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed
at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested
person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 75th
birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive
officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be
removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual
has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Fund's Trustees.
The Governance and Nominating Committee has adopted a
statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent
Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a
Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages
professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills
consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent
Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition,
the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing
and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none
of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications,
attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information
about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the
Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Annual Report
Trustees and Officers - continued
Board Structure and Oversight Function.
James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as
Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman
has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed
business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or
a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees
to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as
Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to
matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's equity and high income funds and another Board
oversees Fidelity's investment-grade bond, money market, and asset allocation funds. The asset allocation funds may invest in Fidelity funds
overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity
funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the
separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees,
the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and
associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the
occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls
to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and
(iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification
and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or
through FMR, its affiliates and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the
Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised
primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with FMR to enhance
the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity funds' valuation-related activities, reporting and risk management. Appropriate personnel, including but not
limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio
management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management
program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further
under "Standing Committees of the Fund's Trustees."
Annual Report
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at
1-800-544-8544.
Interested Trustees
*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
|
Name, Age; Principal Occupations and Other Relevant Experience
+
|
|
James C. Curvey (77)
|
|
|
Year of Election or Appointment: 2007
Mr. Curvey is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee
(2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money
Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and
FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition,
Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova
University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
|
|
Ronald P. O'Hanley (55)
|
|
|
Year of Election or Appointment: 2011
Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc.
(2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset
Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr.
O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr.
O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive
Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice
Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He
joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation
Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of
the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public
Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial
Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.
|
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
+
The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee
should serve as a Trustee for the fund.
Annual Report
Independent Trustees
:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
|
Name, Age; Principal Occupations and Other Relevant Experience
+
|
|
Dennis J. Dirks (64)
|
|
|
Year of Election or Appointment: 2005
Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The
Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board
member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing
Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government
Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing
Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee
and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the
Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center
for Children's Services, Inc. (2009-present).
|
|
Alan J. Lacy (59)
|
|
|
Year of Election or Appointment: 2008
Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served
as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears,
Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's
Entertainment, Inc. (restaurant and entertainment complexes, 2010-present), Earth Fare, Inc. (retail grocery, 2012-present), The Hillman Companies, Inc. (hardware wholesalers,
2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). Mr. Lacy is a member of the
Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as
Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the
Board of Directors for the Western Union Company (global money transfer, 2006-2011).
|
|
Ned C. Lautenbach (68)
|
|
|
Year of Election or Appointment: 2000
Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr.
Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial,
1997-present). Mr. Lautenbach is Chairman of the Board of Directors of the Philharmonic Center for the Arts in
Naples, Florida (2012-present) and a member of the Council on Foreign Relations (1994-present). Previously, Mr.
Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010),
as well as a Director of Sony Corporation (2006-2007).
|
|
Joseph Mauriello (68)
|
|
|
Year of Election or Appointment: 2008
Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including
Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of
KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors
of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the
Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products,
2007-2012).
|
|
Robert W. Selander (62)
|
|
|
Year of Election or Appointment: 2011
Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011),
Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer
(1997-2009) of Mastercard, Inc.
|
|
Cornelia M. Small (68)
|
|
|
Year of Election or Appointment: 2005
Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present)
of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community
Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment
Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms.
Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors
of Scudder, Stevens & Clark and Scudder Kemper Investments.
|
|
William S. Stavropoulos (73)
|
|
|
Year of Election or Appointment: 2001
Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr.
Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons
(2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where
he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004),
Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently,
Mr. Stavropoulos is a Director of Univar Inc. (global distributor of commodity and specialty chemicals, Chairman from
2010-May 2012 and Lead Director from May 2012-present), Teradata Corporation (data warehousing and technology
solutions, 2008-present), Maersk Inc. (industrial conglomerate), and Tyco International, Ltd. (multinational manufacturing
and services, 2007-present), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment,
2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In
addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a
Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously,
Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012).
|
|
David M. Thomas (63)
|
|
|
Year of Election or Appointment: 2008
Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer
(2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune
Brands, Inc. (consumer products, 2000-2011). In addition, Mr. Thomas serves as Non-Executive Chairman of the Board
of Directors of Fortune Brands Home and Security (home and security products, 2011-present), and as a member of the
Board of Directors of Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
|
|
Michael E. Wiley (62)
|
|
|
Year of Election or Appointment: 2008
Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and
production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer,
2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr.
Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a
member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of
Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment),
Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker
Exploration Company (exploration and production, 2001-2005).
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+
The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee
should serve as a Trustee for the fund.
Advisory Board Members and Executive Officers
:
Correspondence intended for David A. Rosow and Garnett A. Smith may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts
02205-5235. Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street,
Boston, Massachusetts 02109.
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Name, Age; Principal Occupation
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Peter S. Lynch (68)
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Year of Election or Appointment: 2003
Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of
FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the
Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors
(1997-2006).
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David A. Rosow (70)
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Year of Election or Appointment: 2012
Member of the Advisory Board of Fidelity's Equity and High Income Funds. Chairman and Chief Executive Officer of
International Golf Group, Inc. (golf course development, 1989-present). Previously, Mr. Rosow served as Chairman and
Chief Executive Officer of Rosow & Company, Inc. (private investment company, 1989-2011), a Lead Director of Hudson
United Bancorp (2001-2006) and as a Director of TD Banknorth (1996-2006). In addition, Mr. Rosow is a member
(2008-present) and President (2009-present) of the Town Council of Palm Beach, Florida.
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Garnett A. Smith (65)
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Year of Election or Appointment: 2012
Member of the Advisory Board of Fidelity's Equity and High Income Funds. Prior to Mr. Smith's retirement, he served as
Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He
also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed
by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith is a board member of the Jackson
Hole Land Trust (2009-present).
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Kenneth B. Robins (43)
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Year of Election or Appointment: 2008
President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer
(2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments
(2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and
Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
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Bruce T. Herring (47)
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Year of Election or Appointment: 2006
Vice President of certain Equity Funds. Mr. Herring also serves as President of Fidelity Research & Analysis Company
(2010-present), Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and
Group Chief Investment Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice
President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and
as a portfolio manager for Fidelity U.S. Equity Funds.
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Brian B. Hogan (48)
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Year of Election or Appointment: 2009
Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division
(2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a
portfolio manager.
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Scott C. Goebel (44)
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Year of Election or Appointment: 2008
Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments
Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present);
Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General
Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by
FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited
(2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity
Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM
(2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity
Distributors Corporation (FDC) (2005-2007).
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William C. Coffey (43)
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Year of Election or Appointment: 2009
Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and
Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey
served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
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Elizabeth Paige Baumann (44)
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Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Baumann also serves as AML Officer of The North
Carolina Capital Management Trust: Cash and Term Portfolios (2012-present), Chief AML Officer of FMR LLC
(2012-present), and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and
Deputy Anti-Money Laundering Officer (2007-2012).
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Christine Reynolds (54)
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Year of Election or Appointment: 2008
Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management
Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously,
Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
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Joseph A. Hanlon (44)
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Year of Election or Appointment: 2012
Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Hanlon serves as Compliance Officer of FMR,
FMR Co., Inc., Fidelity Investments Money Management, Inc. (FIMM), Fidelity Research and Analysis Company (FRAC),
Fidelity Management & Research (Japan) Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Management &
Research (Hong Kong), and Strategic Advisers, Inc. (2009-present), as Senior Vice President of the Fidelity Asset
Management Division (2009-present), and is an employee of Fidelity Investments.
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Joseph F. Zambello (55)
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Year of Election or Appointment: 2011
Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello
served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group
(2005-2009).
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Adrien E. Deberghes (45)
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Year of Election or Appointment: 2008
Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President (2011-present)
and Assistant Treasurer (2010-present) of other Fidelity funds, and is an employee of Fidelity Investments (2008-present).
Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation
(2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of
Finance for Dunkin' Brands (2000-2005).
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Stephen Sadoski (41)
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Year of Election or Appointment: 2012
Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Sadoski also serves as Deputy Treasurer of other
Fidelity funds (2013-present) and is an employee of Fidelity Investments (2012-present). Previously, Mr. Sadoski served
as Assistant Treasurer of Fidelity's Fixed Income and Asset Allocation Funds (2012-2013), an assistant chief accountant
in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a
senior manager at Deloitte & Touche (1997-2009).
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Stacie Smith (38)
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Year of Election or Appointment: 2013
Deputy Treasurer of Fidelity's Equity and High Income Funds. Ms. Smith is an employee of Fidelity Investments
(2009-present). Previously, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
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Stephanie J. Dorsey (43)
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Year of Election or Appointment: 2010
Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as President and Treasurer
(2013-present) and Assistant Treasurer (2012-present) of other Fidelity funds and is an employee of Fidelity Investments
(2008-present). Previously, Ms. Dorsey served as Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds
(2008-2013), Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan
Chase Bank.
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John R. Hebble (54)
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Year of Election or Appointment: 2009
Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present),
Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios
(2008-present) and is an employee of Fidelity Investments. Previously, Mr. Hebble served as President and Treasurer of
Fidelity's Fixed Income and Asset Allocation Funds (2008-2013).
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Gary W. Ryan (54)
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Year of Election or Appointment: 2005
Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as
Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
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Jonathan Davis (44)
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Year of Election or Appointment: 2010
Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and
Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice
President and Associate General Counsel of FMR LLC (2003-2010).
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Annual Report
The Board of Trustees of Fidelity Trend Fund voted to pay on February 11, 2013, to shareholders of record at the opening of business on February 8, 2013, a distribution of $0.499 per share derived from capital gains realized from sales of portfolio securities.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2012 $94,583,435, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate
shareholders.
The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for
the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.
Annual Report
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), votes on the renewal of the management contract and
sub-advisory agreements (together, the Advisory Contracts) for the fund. 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, 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 has established various standing
committees, each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject
matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as
needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board
may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.
At its July 2012 meeting, the Board of Trustees, including the Independent Trustees, 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's
management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by
Fidelity from its relationship with the fund; (iv) the extent to which economies of scale exist and would be realized as the fund grows; and (v)
whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, 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 is in the best interests
of the fund and its shareholders and that the compensation payable under the Advisory Contracts is fair and reasonable. The Board's decision to
renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information
provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that
shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by
Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its
prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Nature, Extent, and Quality of Services Provided.
The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel, and also considered the fund's
investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of
Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and
whether this structure provides appropriate incentives to act in the best interests of the fund.
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' investment staff, including its size, education, experience, and resources, as well
as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board also noted that FMR
has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. 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. The Board also believes that Fidelity's investment professionals
have sufficient access to global 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, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board
considered the Investment Advisers' trading and risk management capabilities and resources, which are an integral part of the investment management process.
Shareholder and Administrative Services
. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering
transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party
service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's
compliance policies and procedures. 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.
Annual Report
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 or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and
market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the
expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family
. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund
investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of
actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research
and support of the senior management team that oversees asset management; (ii) persisting in efforts to enhance Fidelity's research capabilities,
in particular, international research; (iii) launching new funds and making other enhancements to meet client needs for global and income-oriented solutions; (iv) continuing to launch dedicated lower cost underlying funds to meet investment management's portfolio construction
needs related to expanding underlying fund options, specifically for the Freedom Fund product lines; (v) adopting a "Stock Selector" sector neutral
investment approach and employing a team of portfolio managers who are sector specialists to manage certain funds; (vi) rationalizing product
lines and gaining increased efficiencies through the mergers of several funds into other funds; (vii) strengthening the Spartan Index Fund product
line by adding new funds and/or new low-cost institutional share classes, restructuring fund expenses to accommodate new classes, and reducing
investment minimums for certain classes of shares; (viii) modifying the eligibility criteria for Institutional Class shares to increase their appeal to
government entities and charitable investors; and (ix) reducing certain transfer agent fee rates.
Investment Performance
. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of
compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment
performance measured over multiple periods against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed
appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods
ended December 31, 2011, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar
to that of the fund based on underlying portfolio holdings. The box within each chart shows the 25th percentile return (top of box) and the 75th
percentile return (bottom of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in
the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of
funds in the peer group whose performance was equal to or lower than that of the fund.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Fidelity Trend Fund
The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of the fund was in the
second quartile for the one-year period and the first quartile for the three- and five-year periods. The Board also noted that the investment performance of the fund compared favorably to its benchmark for the three- and five-year periods, although the fund's one-year total return was lower
than its benchmark. The Board noted that there was a portfolio management change for the fund in January 2012. The Board also reviewed the
fund's performance since inception as well as performance in the current year.
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 exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek
to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders.
Annual Report
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should
benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio.
The Board considered the fund's management fee and total expense ratio
compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective
categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management
fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to
which various Fidelity funds are compared.
Management Fee
. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The
group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped
Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the
percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 10% means
that 90% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison
focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least
15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or
all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee
ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Fidelity Trend Fund
The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2011.
The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the
performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance
charts above.
Furthermore, the Board considered that shareholders approved a prospective change in the index used to calculate the fund's performance
adjustment, beginning February 1, 2007. The Board also considered that, because the performance adjustment is based on a rolling 36-month
measurement period, during a transition period the fund's performance is compared to a blended index return that reflects the performance of the
former index for the portion of the measurement period prior to February 1, 2007 and the performance of the current index for the remainder of the
measurement period. The Board noted that the fund's performance adjustments for 2007 through 2010 shown in the chart above reflect the effect
of using the blended index return to calculate the fund's performance adjustment.
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.
Total Expense Ratio
. In its review of the fund's total expense ratio, the Board considered the fund's management fee as well as other fund expenses,
such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and
reimbursements on fees and expenses, as well as the impact of the fund's performance adjustment. As part of its review, the Board also considered
the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds
and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
Annual Report
The Board noted that the fund's total expense ratio ranked below its competitive median for 2011.
Fees Charged to Other Fidelity Clients
. The Board also considered Fidelity fee structures and other information with respect to clients of FMR and
its affiliates, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. The
Board noted the findings of the 2010 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared
Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in
services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
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 its shareholders. The Board also considered
the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as
aggregate profitability 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.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been
engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and
assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After
considering PwC's 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.
Annual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's
affiliates may benefit from or be related to the fund's business.
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 in the circumstances.
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 through
increased services to the fund, through waivers or reimbursements, or through fee or expense reductions. The Board also noted that in 2009, it and
the board of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether FMR 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 recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total
fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR
calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group
fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds,
and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders
will benefit from lower management fees as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity
achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale 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 (i) fund performance trends, actions to be taken
by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) the potential to further rationalize
the Fidelity fund lineup with the possibility of achieving savings for the funds and Fidelity; (iii) Fidelity's compensation structure for portfolio
managers and other key investment personnel; (iv) the amount of the investment that each portfolio manager has made in the Fidelity fund(s)
that he or she manages; (v) the realization of fall-out benefits in certain Fidelity business units; (vi) Fidelity's group fee structures, the potential
impact of regulatory changes on such structures, and the rationale for the individual fee rates of certain funds; (vii) fund profitability methodology,
including Fidelity's cost allocation methodology, and the impact of certain factors on fund profitability results; (viii) trends regarding industry use
of performance fee structures and the possibility of implementing performance fee structures for additional funds; and (ix) the impact of net
redemptions from the Fidelity funds.
Annual Report
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded
that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Annual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST ®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
TRE-UANN-0213
1.787744.109