UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-790
Fidelity Trend Fund
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | December 31 |
| |
Date of reporting period: | June 30, 2007 |
Item 1. Reports to Stockholders
Fidelity®
Trend
Fund
Semiannual Report
June 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Stocks are currently on pace to register their fifth-straight year of positive returns, although gains could be trimmed if the U.S. economy continues to slow. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual 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 (January 1, 2007 to June 30, 2007).
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.
Semiannual Report
Investments - continued
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.
| Beginning
Account Value
January 1, 2007 | Ending
Account Value
June 30, 2007 | Expenses Paid
During Period*
January 1, 2007 to June 30, 2007 |
Actual | $ 1,000.00 | $ 1,074.60 | $ 3.96 |
Hypothetical (5% return per year before expenses) | $ 1,000.00 | $ 1,020.98 | $ 3.86 |
* Expenses are equal to the Fund's annualized expense ratio of .77%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes
Top Ten Stocks as of June 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
ABB Ltd. sponsored ADR | 4.2 | 0.0 |
Sun Microsystems, Inc. | 3.5 | 0.2 |
JCPenney Co., Inc. | 3.5 | 0.3 |
Apple, Inc. | 3.4 | 0.9 |
Google, Inc. Class A (sub. vtg.) | 3.1 | 1.2 |
Cisco Systems, Inc. | 3.0 | 1.5 |
Cognizant Technology Solutions Corp. Class A | 2.5 | 0.6 |
Mastercard, Inc. Class A | 2.5 | 0.5 |
Monsanto Co. | 2.5 | 0.5 |
Applied Materials, Inc. | 2.2 | 0.3 |
| 30.4 | |
Top Five Market Sectors as of June 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Information Technology | 31.4 | 19.5 |
Health Care | 16.5 | 13.3 |
Industrials | 12.8 | 9.2 |
Consumer Discretionary | 10.3 | 11.2 |
Consumer Staples | 8.4 | 8.0 |
Asset Allocation (% of fund's net assets) |
As of June 30, 2007* | As of December 31, 2006** |
 | Stocks 99.8% | | | Stocks 97.7% | |
 | Bonds 0.0% | | | Bonds 0.2% | |
 | Convertible
Securities 0.0% | | | Convertible
Securities 0.0% | |
 | Short-Term
Investments and
Net Other Assets 0.2% | | | Short-Term
Investments and
Net Other Assets 2.1% | |
* Foreign investments | 13.2% | | ** Foreign investments | 9.7% | |
Semiannual Report
Investments June 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% |
| Shares | | Value (000s) |
CONSUMER DISCRETIONARY - 10.3% |
Household Durables - 0.7% |
Centex Corp. | 56,700 | | $ 2,274 |
KB Home | 25,500 | | 1,004 |
Lennar Corp. Class A (d) | 92,200 | | 3,371 |
| | 6,649 |
Media - 1.0% |
Live Nation, Inc. (a) | 113,400 | | 2,538 |
Time Warner, Inc. | 312,900 | | 6,583 |
| | 9,121 |
Multiline Retail - 5.6% |
JCPenney Co., Inc. | 451,700 | | 32,694 |
Macy's, Inc. | 488,600 | | 19,437 |
| | 52,131 |
Specialty Retail - 1.1% |
Casual Male Retail Group, Inc. (a)(d) | 1,060,900 | | 10,715 |
Textiles, Apparel & Luxury Goods - 1.9% |
Coach, Inc. (a) | 239,900 | | 11,369 |
Under Armour, Inc. Class A (sub. vtg.) (a)(d) | 143,300 | | 6,542 |
| | 17,911 |
TOTAL CONSUMER DISCRETIONARY | | 96,527 |
CONSUMER STAPLES - 8.4% |
Beverages - 2.8% |
Molson Coors Brewing Co. Class B | 174,100 | | 16,097 |
PepsiCo, Inc. | 159,970 | | 10,374 |
| | 26,471 |
Food Products - 2.6% |
Ralcorp Holdings, Inc. (a) | 205,600 | | 10,989 |
Tyson Foods, Inc. Class A | 588,000 | | 13,548 |
| | 24,537 |
Household Products - 1.0% |
Procter & Gamble Co. | 152,555 | | 9,335 |
Personal Products - 2.0% |
Avon Products, Inc. | 506,000 | | 18,596 |
TOTAL CONSUMER STAPLES | | 78,939 |
Common Stocks - continued |
| Shares | | Value (000s) |
ENERGY - 5.8% |
Energy Equipment & Services - 2.0% |
National Oilwell Varco, Inc. (a) | 73,662 | | $ 7,679 |
Oceaneering International, Inc. (a) | 98,100 | | 5,164 |
Schlumberger Ltd. (NY Shares) | 70,000 | | 5,946 |
| | 18,789 |
Oil, Gas & Consumable Fuels - 3.8% |
Cameco Corp. | 53,000 | | 2,687 |
Canadian Natural Resources Ltd. | 40,300 | | 2,678 |
EOG Resources, Inc. | 63,400 | | 4,632 |
Marathon Oil Corp. | 29,900 | | 1,793 |
Quicksilver Resources, Inc. (a) | 54,000 | | 2,407 |
Suncor Energy, Inc. | 27,900 | | 2,513 |
Valero Energy Corp. | 182,000 | | 13,443 |
Western Oil Sands, Inc. Class A (a) | 161,300 | | 5,375 |
| | 35,528 |
TOTAL ENERGY | | 54,317 |
FINANCIALS - 6.2% |
Capital Markets - 5.3% |
Goldman Sachs Group, Inc. | 31,900 | | 6,914 |
Janus Capital Group, Inc. | 618,000 | | 17,205 |
Lazard Ltd. Class A | 126,300 | | 5,687 |
Northern Trust Corp. | 170,800 | | 10,972 |
State Street Corp. | 135,700 | | 9,282 |
| | 50,060 |
Real Estate Investment Trusts - 0.6% |
General Growth Properties, Inc. | 103,800 | | 5,496 |
Thrifts & Mortgage Finance - 0.3% |
Countrywide Financial Corp. | 85,566 | | 3,110 |
TOTAL FINANCIALS | | 58,666 |
HEALTH CARE - 16.5% |
Biotechnology - 4.0% |
Alexion Pharmaceuticals, Inc. (a) | 23,100 | | 1,041 |
Alnylam Pharmaceuticals, Inc. (a) | 68,400 | | 1,039 |
Amylin Pharmaceuticals, Inc. (a)(d) | 178,800 | | 7,359 |
Celgene Corp. (a) | 120,500 | | 6,908 |
CSL Ltd. | 100,285 | | 7,483 |
Gilead Sciences, Inc. (a) | 236,900 | | 9,185 |
Common Stocks - continued |
| Shares | | Value (000s) |
HEALTH CARE - continued |
Biotechnology - continued |
GTx, Inc. (a) | 86,100 | | $ 1,394 |
Theravance, Inc. (a) | 74,400 | | 2,381 |
Vertex Pharmaceuticals, Inc. (a) | 42,200 | | 1,205 |
| | 37,995 |
Health Care Equipment & Supplies - 6.6% |
Becton, Dickinson & Co. | 176,900 | | 13,179 |
C.R. Bard, Inc. | 243,500 | | 20,120 |
Inverness Medical Innovations, Inc. (a) | 258,700 | | 13,199 |
St. Jude Medical, Inc. (a) | 384,000 | | 15,932 |
| | 62,430 |
Health Care Technology - 1.9% |
Cerner Corp. (a) | 284,300 | | 15,770 |
Health Corp. (a) | 122,900 | | 1,722 |
| | 17,492 |
Life Sciences Tools & Services - 0.4% |
Illumina, Inc. (a) | 84,700 | | 3,438 |
Pharmaceuticals - 3.6% |
Allergan, Inc. | 283,200 | | 16,324 |
BioMimetic Therapeutics, Inc. | 101,100 | | 1,580 |
Merck & Co., Inc. | 313,700 | | 15,622 |
| | 33,526 |
TOTAL HEALTH CARE | | 154,881 |
INDUSTRIALS - 12.8% |
Aerospace & Defense - 3.5% |
DynCorp International, Inc. Class A | 227,700 | | 5,007 |
General Dynamics Corp. | 226,600 | | 17,725 |
United Technologies Corp. | 140,400 | | 9,959 |
| | 32,691 |
Commercial Services & Supplies - 1.5% |
Fuel Tech, Inc. (a)(d) | 410,700 | | 14,066 |
Construction & Engineering - 1.3% |
Larsen & Toubro Ltd. | 54,781 | | 2,971 |
Washington Group International, Inc. (a) | 111,500 | | 8,921 |
| | 11,892 |
Electrical Equipment - 5.3% |
ABB Ltd. sponsored ADR | 1,753,000 | | 39,617 |
Alstom SA (d) | 29,000 | | 4,875 |
Common Stocks - continued |
| Shares | | Value (000s) |
INDUSTRIALS - continued |
Electrical Equipment - continued |
American Superconductor Corp. (a)(d) | 133,100 | | $ 2,570 |
Bharat Heavy Electricals Ltd. | 81,971 | | 3,111 |
| | 50,173 |
Industrial Conglomerates - 0.9% |
Siemens AG sponsored ADR | 62,100 | | 8,884 |
Machinery - 0.3% |
Jain Irrigation Systems Ltd. | 205,830 | | 2,441 |
TOTAL INDUSTRIALS | | 120,147 |
INFORMATION TECHNOLOGY - 31.4% |
Communications Equipment - 3.7% |
Cisco Systems, Inc. (a) | 1,002,100 | | 27,908 |
Research In Motion Ltd. (a) | 33,000 | | 6,600 |
| | 34,508 |
Computers & Peripherals - 8.1% |
Apple, Inc. (a) | 259,600 | | 31,682 |
EMC Corp. (a) | 605,100 | | 10,952 |
Sun Microsystems, Inc. (a) | 6,267,300 | | 32,966 |
| | 75,600 |
Electronic Equipment & Instruments - 1.9% |
Agilent Technologies, Inc. (a) | 473,600 | | 18,205 |
Internet Software & Services - 3.3% |
Google, Inc. Class A (sub. vtg.) (a) | 55,900 | | 29,257 |
WebMD Health Corp. Class A (a) | 33,900 | | 1,596 |
| | 30,853 |
IT Services - 7.4% |
Cognizant Technology Solutions Corp. Class A (a) | 314,000 | | 23,578 |
ExlService Holdings, Inc. | 137,600 | | 2,579 |
Mastercard, Inc. Class A (d) | 141,500 | | 23,471 |
Unisys Corp. (a) | 1,892,400 | | 17,297 |
WNS Holdings Ltd. ADR | 103,900 | | 2,957 |
| | 69,882 |
Semiconductors & Semiconductor Equipment - 4.9% |
Applied Materials, Inc. | 1,043,500 | | 20,734 |
FormFactor, Inc. (a) | 180,470 | | 6,912 |
Intel Corp. | 790,300 | | 18,778 |
| | 46,424 |
Common Stocks - continued |
| Shares | | Value (000s) |
INFORMATION TECHNOLOGY - continued |
Software - 2.1% |
Adobe Systems, Inc. (a) | 105,200 | | $ 4,224 |
Nintendo Co. Ltd. | 19,100 | | 7,006 |
Opsware, Inc. (a) | 159,900 | | 1,521 |
Salesforce.com, Inc. (a) | 35,300 | | 1,513 |
Ubisoft Entertainment SA (a) | 95,200 | | 5,044 |
| | 19,308 |
TOTAL INFORMATION TECHNOLOGY | | 294,780 |
MATERIALS - 4.1% |
Chemicals - 3.3% |
Monsanto Co. | 344,900 | | 23,295 |
Potash Corp. of Saskatchewan, Inc. | 97,600 | | 7,610 |
| | 30,905 |
Metals & Mining - 0.8% |
Titanium Metals Corp. | 250,856 | | 8,002 |
TOTAL MATERIALS | | 38,907 |
TELECOMMUNICATION SERVICES - 2.8% |
Diversified Telecommunication Services - 1.3% |
AT&T, Inc. | 293,500 | | 12,180 |
Wireless Telecommunication Services - 1.5% |
American Tower Corp. Class A (a) | 340,600 | | 14,305 |
TOTAL TELECOMMUNICATION SERVICES | | 26,485 |
UTILITIES - 1.5% |
Independent Power Producers & Energy Traders - 1.2% |
AES Corp. (a) | 452,100 | | 9,892 |
Clipper Windpower PLC (a) | 86,100 | | 1,451 |
| | 11,343 |
Multi-Utilities - 0.3% |
Sempra Energy | 47,500 | | 2,813 |
TOTAL UTILITIES | | 14,156 |
TOTAL COMMON STOCKS (Cost $865,223) | 937,805 |
Money Market Funds - 5.1% |
| Shares | | Value (000s) |
Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c)
(Cost $48,437) | 48,436,925 | | $ 48,437 |
TOTAL INVESTMENT PORTFOLIO - 104.9% (Cost $913,660) | | 986,242 |
NET OTHER ASSETS - (4.9)% | | (46,464) |
NET ASSETS - 100% | $ 939,778 |
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. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 283 |
Fidelity Securities Lending Cash Central Fund | 66 |
Total | $ 349 |
Other Information |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: |
United States of America | 86.8% |
Switzerland | 4.2% |
Canada | 3.0% |
France | 1.0% |
Others (individually less than 1%) | 5.0% |
| 100.0% |
Income Tax Information |
At December 31, 2006, the fund had a capital loss carryforward of approximately $42,994,000 all of which will expire on December 31, 2010. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | June 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $47,265) - See accompanying schedule: Unaffiliated issuers (cost $865,223) | $ 937,805 | |
Fidelity Central Funds (cost $48,437) | 48,437 | |
Total Investments (cost $913,660) | | $ 986,242 |
Foreign currency held at value (cost $73) | | 73 |
Receivable for investments sold | | 18,399 |
Receivable for fund shares sold | | 152 |
Dividends receivable | | 468 |
Distributions receivable from Fidelity Central Funds | | 40 |
Prepaid expenses | | 2 |
Other receivables | | 39 |
Total assets | | 1,005,415 |
| | |
Liabilities | | |
Payable to custodian bank | $ 388 | |
Payable for investments purchased | 15,503 | |
Payable for fund shares redeemed | 600 | |
Accrued management fee | 438 | |
Other affiliated payables | 156 | |
Other payables and accrued expenses | 115 | |
Collateral on securities loaned, at value | 48,437 | |
Total liabilities | | 65,637 |
| | |
Net Assets | | $ 939,778 |
Net Assets consist of: | | |
Paid in capital | | $ 773,430 |
Undistributed net investment income | | 1,338 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 92,477 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 72,533 |
Net Assets, for 13,625 shares outstanding | | $ 939,778 |
Net Asset Value, offering price and redemption price per share ($939,778 ÷ 13,625 shares) | | $ 68.97 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended June 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,504 |
Interest | | 15 |
Income from Fidelity Central Funds | | 349 |
Total income | | 4,868 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,572 | |
Performance adjustment | (56) | |
Transfer agent fees | 753 | |
Accounting and security lending fees | 156 | |
Custodian fees and expenses | 31 | |
Independent trustees' compensation | 2 | |
Registration fees | 19 | |
Audit | 31 | |
Legal | 5 | |
Interest | 1 | |
Miscellaneous | 40 | |
Total expenses before reductions | 3,554 | |
Expense reductions | (36) | 3,518 |
Net investment income (loss) | | 1,350 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 136,496 | |
Foreign currency transactions | 126 | |
Total net realized gain (loss) | | 136,622 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $37) | (71,668) | |
Assets and liabilities in foreign currencies | (13) | |
Total change in net unrealized appreciation (depreciation) | | (71,681) |
Net gain (loss) | | 64,941 |
Net increase (decrease) in net assets resulting from operations | | $ 66,291 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2007
(Unaudited) | Year ended
December 31, 2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,350 | $ 7,702 |
Net realized gain (loss) | 136,622 | 67,893 |
Change in net unrealized appreciation (depreciation) | (71,681) | 33,390 |
Net increase (decrease) in net assets resulting
from operations | 66,291 | 108,985 |
Distributions to shareholders from net investment income | - | (7,720) |
Share transactions
Proceeds from sales of shares | 10,017 | 37,199 |
Reinvestment of distributions | - | 6,652 |
Cost of shares redeemed | (47,767) | (107,514) |
Net increase (decrease) in net assets resulting from share transactions | (37,750) | (63,663) |
Total increase (decrease) in net assets | 28,541 | 37,602 |
| | |
Net Assets | | |
Beginning of period | 911,237 | 873,635 |
End of period (including undistributed net investment income of $1,338 and distributions in excess of net investment income of $12, respectively) | $ 939,778 | $ 911,237 |
Other Information Shares | | |
Sold | 152 | 623 |
Issued in reinvestment of distributions | - | 104 |
Redeemed | (724) | (1,799) |
Net increase (decrease) | (572) | (1,072) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended
June 30, 2007 | Years ended December 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 64.18 | $ 57.22 | $ 53.66 | $ 48.98 | $ 38.64 | $ 49.04 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .52 | .40 | .52 G | .34 | .15 |
Net realized and unrealized gain (loss) | 4.69 | 6.99 | 3.59 | 4.70 | 10.34 | (10.39) |
Total from investment operations | 4.79 | 7.51 | 3.99 | 5.22 | 10.68 | (10.24) |
Distributions from net investment income | - | (.55) | (.43) | (.54) | (.34) | (.16) |
Net asset value, end of period | $ 68.97 | $ 64.18 | $ 57.22 | $ 53.66 | $ 48.98 | $ 38.64 |
Total Return B, C | 7.46% | 13.12% | 7.42% | 10.66% | 27.65% | (20.89)% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | .77% A | .81% | .83% | .84% | .82% | 1.05% |
Expenses net of fee waivers, if any | .77% A | .81% | .83% | .84% | .82% | 1.05% |
Expenses net of all reductions | .77% A | .80% | .80% | .82% | .79% | 1.01% |
Net investment income (loss) | .29% A | .87% | .73% | 1.04% | .79% | .34% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 940 | $ 911 | $ 874 | $ 883 | $ 867 | $ 729 |
Portfolio turnover rate F | 255% A | 81% | 64% | 59% | 80% | 79% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of the 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Investment income per share reflects a special dividend which amounted to $.16 per share.
H 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 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2007 (Unaudited)
(Amounts in thousands except ratios)
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 may invest 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 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. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
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.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
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 an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate 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 for processing shareholder transactions 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 must defer receipt of a portion of, and may elect to defer receipt of an additional 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 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. The Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes, on June 29, 2007. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the tax years in the three year period ended June 29, 2007, remains subject to examination by the Internal Revenue Service. 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 recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
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 foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 103,643 | |
Unrealized depreciation | (31,750) | |
Net unrealized appreciation (depreciation) | $ 71,893 | |
| | |
Cost for federal income tax purposes | $ 914,349 | |
New Accounting Pronouncement. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
4. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,157,748 and $1,176,928, 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 a group fee rate that averaged .26% during the period. The
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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 annualized management fee rate, including the performance adjustment, was .55% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the transfer agent fees were equivalent to an annualized rate of .16% of average net assets.
Accounting and Security Lending Fees. FSC maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the 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 $15 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Daily
Loan Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 7,321 | 5.40% | $ 1 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $4.2 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 $1 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $66.
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 $27 for the period. In addition, through arrangements with the Fund's custodian and transfer agent, 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 and transfer agent expenses by $1 and $8, respectively.
Semiannual Report
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.
The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.
In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on January 17, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
Dennis J. Dirks |
Affirmative | 468,618,004.61 | 94.223 |
Withheld | 28,731,192.75 | 5.777 |
TOTAL | 497,349,197.36 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 468,315,892.22 | 94.162 |
Withheld | 29,033,305.14 | 5.838 |
TOTAL | 497,349,197.36 | 100.000 |
Robert M. Gates |
Affirmative | 463,420,416.41 | 93.178 |
Withheld | 33,928,780.95 | 6.822 |
TOTAL | 497,349,197.36 | 100.000 |
George H. Heilmeier |
Affirmative | 467,655,071.85 | 94.030 |
Withheld | 29,694,125.51 | 5.970 |
TOTAL | 497,349,197.36 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 467,078,649.64 | 93.914 |
Withheld | 30,270,547.72 | 6.086 |
TOTAL | 497,349,197.36 | 100.000 |
Stephen P. Jonas |
Affirmative | 468,683,818.54 | 94.236 |
Withheld | 28,665,378.82 | 5.764 |
TOTAL | 497,349,197.36 | 100.000 |
James H. Keyes |
Affirmative | 467,935,169.61 | 94.086 |
Withheld | 29,414,027.75 | 5.914 |
TOTAL | 497,349,197.36 | 100.000 |
| # of
Votes | % of
Votes |
Marie L. Knowles |
Affirmative | 467,628,543.94 | 94.024 |
Withheld | 29,720,653.42 | 5.976 |
TOTAL | 497,349,197.36 | 100.000 |
Ned C. Lautenbach |
Affirmative | 468,273,055.58 | 94.154 |
Withheld | 29,076,141.78 | 5.846 |
TOTAL | 497,349,197.36 | 100.000 |
Robert L. Reynolds |
Affirmative | 468,533,966.78 | 94.206 |
Withheld | 28,815,230.58 | 5.794 |
TOTAL | 497,349,197.36 | 100.000 |
Cornelia M. Small |
Affirmative | 468,296,110.38 | 94.158 |
Withheld | 29,053,086.98 | 5.842 |
TOTAL | 497,349,197.36 | 100.000 |
William S. Stavropoulos |
Affirmative | 466,766,441.70 | 93.851 |
Withheld | 30,582,755.66 | 6.149 |
TOTAL | 497,349,197.36 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 467,379,146.94 | 93.974 |
Withheld | 29,970,050.42 | 6.026 |
TOTAL | 497,349,197.36 | 100.000 |
PROPOSAL 2 |
To approve a change in the performance adjustment index for the fund.A |
Affirmative | 383,186,080.13 | 77.046 |
Withheld | 62,196,878.88 | 12.505 |
Abstain | 39,516,350.83 | 7.946 |
Broker
Non-Votes | 12,449,887.52 | 2.503 |
TOTAL | 497,349,197.36 | 100.000 |
PROPOSAL 3 |
To authorize the Trustees to change the performance adjustment index for the fund in the future without a shareholder vote.A |
| # of
Votes | % of
Votes |
Affirmative | 334,540,988.82 | 67.265 |
Against | 113,733,777.98 | 22.868 |
Abstain | 36,624,543.04 | 7.364 |
Broker
Non-Votes | 12,449,887.52 | 2.503 |
TOTAL | 497,349,197.36 | 100.000 |
A Denotes trust-wide proposal and voting results. |
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
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Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Michigan
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Semiannual Report
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Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
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(U.K.) Inc.
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Advisors
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Advisors (U.K.) Limited
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JPMorgan Chase Bank
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Fidelity Automated Service
Telephone (FAST ®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
TRE-USAN-0807
1.787792.104
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Trend Fund's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Trend Fund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Trend Fund
By: | /s/Kimberley Monasterio |
| Kimberley Monasterio |
| President and Treasurer |
| |
Date: | August 16, 2007 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Kimberley Monasterio |
| Kimberley Monasterio |
| President and Treasurer |
| |
Date: | August 16, 2007 |
By: | /s/Joseph B. Hollis |
| Joseph B. Hollis |
| Chief Financial Officer |
| |
Date: | August 16, 2007 |
