0000035402
fmr:C000020470Member
2023-12-31
2024-12-31
0000035402
fmr:C000020470_LG_ClassMember_11YRMember
2013-12-31
2024-12-31
0000035402
fmr:C000020470_ClassMember_AsOf_2014Member
2014-12-31
0000035402
fmr:C000020470_ClassMember_AsOf_2015Member
2015-12-31
0000035402
fmr:C000020470_ClassMember_AsOf_2016Member
2016-12-31
0000035402
fmr:C000020470_ClassMember_AsOf_2017Member
2017-12-31
0000035402
fmr:C000020470_ClassMember_AsOf_2018Member
2018-12-31
0000035402
fmr:C000020470_ClassMember_AsOf_2019Member
2019-12-31
0000035402
fmr:C000020470_ClassMember_AsOf_2020Member
2020-12-31
0000035402
fmr:C000020470_ClassMember_AsOf_2021Member
2021-12-31
0000035402
fmr:C000020470_ClassMember_AsOf_2022Member
2022-12-31
0000035402
fmr:C000020470_ClassMember_AsOf_2023Member
2023-12-31
0000035402
fmr:C000020470_ClassMember_AsOf_2024Member
2024-12-31
0000035402
fmr:C000020470_LG_1_AdditionalIndexMember_11YRMember
2013-12-31
2024-12-31
0000035402
fmr:C000020470_1_AdditionalIndexMember_AsOf_2014Member
2014-12-31
0000035402
fmr:C000020470_1_AdditionalIndexMember_AsOf_2015Member
2015-12-31
0000035402
fmr:C000020470_1_AdditionalIndexMember_AsOf_2016Member
2016-12-31
0000035402
fmr:C000020470_1_AdditionalIndexMember_AsOf_2017Member
2017-12-31
0000035402
fmr:C000020470_1_AdditionalIndexMember_AsOf_2018Member
2018-12-31
0000035402
fmr:C000020470_1_AdditionalIndexMember_AsOf_2019Member
2019-12-31
0000035402
fmr:C000020470_1_AdditionalIndexMember_AsOf_2020Member
2020-12-31
0000035402
fmr:C000020470_1_AdditionalIndexMember_AsOf_2021Member
2021-12-31
0000035402
fmr:C000020470_1_AdditionalIndexMember_AsOf_2022Member
2022-12-31
0000035402
fmr:C000020470_1_AdditionalIndexMember_AsOf_2023Member
2023-12-31
0000035402
fmr:C000020470_1_AdditionalIndexMember_AsOf_2024Member
2024-12-31
0000035402
fmr:C000020470_LG_2_AdditionalIndexMember_11YRMember
2013-12-31
2024-12-31
0000035402
fmr:C000020470_2_AdditionalIndexMember_AsOf_2014Member
2014-12-31
0000035402
fmr:C000020470_2_AdditionalIndexMember_AsOf_2015Member
2015-12-31
0000035402
fmr:C000020470_2_AdditionalIndexMember_AsOf_2016Member
2016-12-31
0000035402
fmr:C000020470_2_AdditionalIndexMember_AsOf_2017Member
2017-12-31
0000035402
fmr:C000020470_2_AdditionalIndexMember_AsOf_2018Member
2018-12-31
0000035402
fmr:C000020470_2_AdditionalIndexMember_AsOf_2019Member
2019-12-31
0000035402
fmr:C000020470_2_AdditionalIndexMember_AsOf_2020Member
2020-12-31
0000035402
fmr:C000020470_2_AdditionalIndexMember_AsOf_2021Member
2021-12-31
0000035402
fmr:C000020470_2_AdditionalIndexMember_AsOf_2022Member
2022-12-31
0000035402
fmr:C000020470_2_AdditionalIndexMember_AsOf_2023Member
2023-12-31
0000035402
fmr:C000020470_2_AdditionalIndexMember_AsOf_2024Member
2024-12-31
0000035402
fmr:C000020470_NoLoadClassMember_1YRMember
2023-12-31
2024-12-31
0000035402
fmr:C000020470_NoLoadClassMember_5YRMember
2019-12-31
2024-12-31
0000035402
fmr:C000020470_NoLoadClassMember_10YRMember
2014-12-31
2024-12-31
0000035402
fmr:C000020470_0_AdditionalIndexMember_1YRMember
2023-12-31
2024-12-31
0000035402
fmr:C000020470_0_AdditionalIndexMember_5YRMember
2019-12-31
2024-12-31
0000035402
fmr:C000020470_0_AdditionalIndexMember_10YRMember
2014-12-31
2024-12-31
0000035402
fmr:C000020470_1_BBIndexMember_1YRMember
2023-12-31
2024-12-31
0000035402
fmr:C000020470_1_BBIndexMember_5YRMember
2019-12-31
2024-12-31
0000035402
fmr:C000020470_1_BBIndexMember_10YRMember
2014-12-31
2024-12-31
0000035402
fmr:C000020470Member
2024-12-31
0000035402
fmr:C000020470Member
oef:InformationTechnologySectorMember
2024-12-31
0000035402
fmr:C000020470Member
oef:IndustrialSectorMember
2024-12-31
0000035402
fmr:C000020470Member
oef:ConsumerDiscretionarySectorMember
2024-12-31
0000035402
fmr:C000020470Member
oef:CommunicationsSectorMember
2024-12-31
0000035402
fmr:C000020470Member
fmr:MSFinancialsSectorMember
2024-12-31
0000035402
fmr:C000020470Member
us-gaap:HealthcareSectorMember
2024-12-31
0000035402
fmr:C000020470Member
oef:MaterialsSectorMember
2024-12-31
0000035402
fmr:C000020470Member
oef:UtilitiesSectorMember
2024-12-31
0000035402
fmr:C000020470Member
us-gaap:RealEstateSectorMember
2024-12-31
0000035402
fmr:C000020470Member
oef:ConsumerStaplesSectorMember
2024-12-31
0000035402
fmr:AACommonStocksMember
fmr:C000020470Member
2024-12-31
0000035402
fmr:AAPreferredStocksMember
fmr:C000020470Member
2024-12-31
0000035402
fmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember
fmr:C000020470Member
2024-12-31
0000035402
fmr:C000020470Member
country:US
2024-12-31
0000035402
fmr:C000020470Member
country:IT
2024-12-31
0000035402
fmr:C000020470Member
country:CA
2024-12-31
0000035402
fmr:C000020470Member
country:FR
2024-12-31
0000035402
fmr:C000020470Member
country:IN
2024-12-31
0000035402
fmr:C000020470Member
country:KR
2024-12-31
0000035402
fmr:C000020470Member
country:CH
2024-12-31
0000035402
fmr:C000020470Member
country:BR
2024-12-31
0000035402
fmr:C000020470Member
fmr:TH0Member
2024-12-31
0000035402
fmr:C000020470Member
fmr:TH1Member
2024-12-31
0000035402
fmr:C000020470Member
fmr:TH2Member
2024-12-31
0000035402
fmr:C000020470Member
fmr:TH3Member
2024-12-31
0000035402
fmr:C000020470Member
fmr:TH4Member
2024-12-31
0000035402
fmr:C000020470Member
fmr:TH5Member
2024-12-31
0000035402
fmr:C000020470Member
fmr:TH6Member
2024-12-31
0000035402
fmr:C000020470Member
fmr:TH7Member
2024-12-31
0000035402
fmr:C000020470Member
fmr:TH8Member
2024-12-31
0000035402
fmr:C000020470Member
fmr:TH9Member
2024-12-31
0000035402
2023-12-31
2024-12-31
iso4217:USD
pure
shares
N-CSR
false
0000035402
N-1A
Fidelity Trend Fund
2024-12-31
This report describes changes to the Fund that occurred during the reporting period.
Fidelity® Trend Fund
Fidelity® Trend Fund
FTRNX
This annual shareholder report contains information about Fidelity® Trend Fund for the period January 1, 2024 to December 31, 2024.
annual shareholder report
You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
fundresearch.fidelity.com/prospectus/sec
1-800-544-8544
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last year?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">FUND COST (PREVIOUS YEAR)</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:45%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:24%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:30%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:45%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Trend Fund</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:24%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>71<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:30%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.60<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
71
0.0060
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What affected the Fund's performance this period?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Centry Std Light Cond';font-size:13px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span></span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">U.S. equities gained in 2024, driven by a sturdy economy, the Federal Reserve's long-anticipated pivot to cutting interest rates and the potential for artificial intelligence to drive transformative change.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picking in information technology, primarily within the software & services industry, also boosted relative performance. Also lifting the fund's relative result were stock picking and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The top individual relative contributor was an overweight in Nvidia (+171%). The company was the fund's largest holding. A second notable relative contributor was an overweight in Axon Enterprise (+129%), which was among the portfolio's biggest holdings. Another notable relative contributor was an overweight in Vertiv Holdings (+138%). This period we decreased our investment in Vertiv Holdings.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>In contrast, the biggest detractor from performance versus the benchmark was an overweight in industrials. Also hurting our result were stock picks in consumer discretionary and real estate, primarily within the real estate management & development industry.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>The largest individual relative detractor was an underweight in Broadcom (+110%). This was an investment we established this period. The stock was among our largest holdings at period end. The second-largest relative detractor was our non-benchmark stake in Symbotic (-54%). Our stake in Lattice Semiconductor (-36%) also hurt. The stock was not held at period end.</span></div>
<div style="text-align:left;text-align-last:auto;text-indent:-24px;margin-bottom:2px;margin-left:24px;margin-top:5px;margin-right:0px;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>Notable changes in positioning include higher allocations to the financials and industrials sectors.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
December 31, 2014 through December 31, 2024.
Initial investment of $10,000.
Fidelity® Trend Fund
$10,000
$10,532
$11,014
$14,254
$13,832
$18,795
$27,629
$33,946
$22,528
$32,527
$45,588
Russell 1000® Growth Index
$10,000
$10,567
$11,314
$14,733
$14,510
$19,790
$27,408
$34,971
$24,782
$35,358
$47,152
Russell 1000® Index
$10,000
$10,092
$11,308
$13,761
$13,102
$17,220
$20,830
$26,340
$21,302
$26,953
$33,560
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Trend Fund</span>
10000
10532
11014
14254
13832
18795
27629
33946
22528
32527
45588
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Growth Index</span>
10000
10567
11314
14733
14510
19790
27408
34971
24782
35358
47152
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span>
10000
10092
11308
13761
13102
17220
20830
26340
21302
26953
33560
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
5 Year
10 Year
Fidelity® Trend Fund
40.16%
19.39%
16.38%
Russell 1000® Growth Index
33.36%
18.96%
16.78%
Russell 1000® Index
24.51%
14.28%
12.87%
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
0.4016
0.1939
0.1638
0.3336
0.1896
0.1678
0.2451
0.1428
0.1287
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:italic;font-weight:normal;">The Fund's past performance is not a good predictor of the Fund's future performance.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span>
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of December 31, 2024)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> <span> </span></span></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>3,990,484,611</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">109</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Total Advisory Fee</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>19,528,017</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="middle"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">64<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
3990484611
109
19528017
0.64
MARKET SECTORS
(% of Fund's net assets)
Information Technology
37.3
Industrials
18.2
Consumer Discretionary
16.7
Communication Services
12.1
Financials
8.4
Health Care
4.4
Materials
1.3
Utilities
0.7
Real Estate
0.4
Consumer Staples
0.0
Common Stocks
99.4
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
0.5
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 99.4
Preferred Stocks - 0.1
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
United States
97.7
Italy
0.7
Canada
0.6
France
0.4
India
0.2
Korea (South)
0.2
Switzerland
0.2
Brazil
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
United States - 97.7
Italy - 0.7
Canada - 0.6
France - 0.4
India - 0.2
Korea (South) - 0.2
Switzerland - 0.2
Brazil - 0.0
0.373
0.182
0.167
0.121
0.084
0.044
0.013
0.007
0.004
0.000
0.994
0.001
0.005
0.977
0.007
0.006
0.004
0.002
0.002
0.002
0.000
TOP HOLDINGS
(% of Fund's net assets)
NVIDIA Corp
11.5
Apple Inc
7.7
Amazon.com Inc
6.4
Microsoft Corp
5.9
Meta Platforms Inc Class A
5.0
Tesla Inc
3.8
Axon Enterprise Inc
3.5
Alphabet Inc Class A
3.5
Netflix Inc
2.0
Broadcom Inc
1.8
51.1
0.115
0.077
0.064
0.059
0.050
0.038
0.035
0.035
0.020
0.018
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">How has the Fund changed?</span></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">March 1, 2025 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-544-8544</span><span style="font-family:'Fidelity Sans';font-size:0px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>
<span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:50%; background-color:#ebf3e9;border-right:2px dashed #368627;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:</span>
<div style="text-align:left;text-align-last:auto;"></div>
<ul style="color:#000000;list-style-type:disc;margin:0px 0px 0px 25px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px 0px 0px 0px;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li><li style="margin:5px 0px 2px 24px;padding:0px 0px 0px 0px;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Performance adjustment fee</span></li></ul>
<span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee.</span></div>
<div style="text-align:left;text-align-last:auto;"></div></div>
<div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:50%; background-color:#ebf3e9;padding:19px 19px 19px 19px;" valign="top"><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">March 1, 2025 at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or upon request at </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-544-8544</span><span style="font-family:'Fidelity Sans';font-size:0px;color:#000000;font-style:normal;font-weight:normal;"> </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> or by sending an e-mail to </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">.</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">fundresearch.fidelity.com/prospectus/sec</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">1-800-544-8544</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">fidfunddocuments@fidelity.com</span>
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:</span>
<div style="text-align:left;text-align-last:auto;"></div>
<ul style="color:#000000;list-style-type:disc;margin:0px 0px 0px 25px;padding:0px;"><li style="margin:5px 0px 2px 24px;padding:0px 0px 0px 0px;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Management fee</span></li><li style="margin:5px 0px 2px 24px;padding:0px 0px 0px 0px;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Performance adjustment fee</span></li></ul>
<span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee.</span></div>
<div style="text-align:left;text-align-last:auto;"></div>