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Fidelity Trend Fund
2025-12-31
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, 2025 to December 31, 2025.
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:51%; 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:21%; 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:27%; 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 $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Trend Fund</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$ </span>81<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.74<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>
81
0.0074
<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 Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">•<span style="padding-right:10px"></span>U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024. </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, led by industrials. Stock picks in information technology also boosted relative performance. Also bolstering our relative result was an underweight in financials, primarily within the financial services 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 Robinhood Markets (+194%). This period we decreased our position in Robinhood Markets. A second notable relative contributor was an overweight in Howmet Aerospace (+89%). An overweight in Comfort Systems USA (+116%) also contributed.</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 detractors from performance versus the benchmark were picks and an overweight in consumer discretionary, primarily within the consumer services industry. Security selection in financials, primarily within the financial services industry, also hampered the fund's result. Also hurting our result was an underweight in information technology, primarily within the semiconductors & semiconductor equipment 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 our non-benchmark stake in Flywire (-52%). The stock was not held at period end. The second-largest relative detractor was an underweight in Alphabet (+66%). The company was one of the fund's biggest holdings. Another notable relative detractor was an overweight in Fair Isaac (-15%).</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 decreased exposure to the financials sector and a higher allocation to information technology.</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, 2015 through December 31, 2025.
Initial investment of $10,000.
Fidelity® Trend Fund
$10,000
$10,457
$13,534
$13,133
$17,845
$26,233
$32,230
$21,389
$30,883
$43,285
$51,393
Russell 1000® Growth Index
$10,000
$10,708
$13,943
$13,732
$18,729
$25,938
$33,096
$23,453
$33,462
$44,623
$52,906
Russell 1000® Index
$10,000
$11,205
$13,636
$12,983
$17,063
$20,640
$26,101
$21,108
$26,708
$33,255
$39,030
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® Trend Fund</span>
10000
10457
13534
13133
17845
26233
32230
21389
30883
43285
51393
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Growth Index</span>
10000
10708
13943
13732
18729
25938
33096
23453
33462
44623
52906
<span style="font-family:'Fidelity Sans';font-size:9px;color:#000000;font-style:normal;font-weight:normal;">Russell 1000® Index</span>
10000
11205
13636
12983
17063
20640
26101
21108
26708
33255
39030
AVERAGE ANNUAL TOTAL RETURNS:
1 Year
5 Year
10 Year
Fidelity® Trend Fund
18.73%
14.40%
17.79%
Russell 1000® Growth Index
18.56%
15.32%
18.13%
Russell 1000® Index
17.37%
13.59%
14.59%
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.
0.1873
0.1440
0.1779
0.1856
0.1532
0.1813
0.1737
0.1359
0.1459
<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Visit </span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">www.fidelity.com</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> for more recent performance information.</span>
<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, 2025)</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>4,475,154,548</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;">127</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>29,845,674</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;">60<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>
4475154548
127
29845674
0.60
MARKET SECTORS
(% of Fund's net assets)
Information Technology
44.7
Industrials
19.5
Consumer Discretionary
14.7
Communication Services
11.7
Health Care
3.7
Financials
3.1
Real Estate
1.2
Utilities
0.6
Materials
0.6
Consumer Staples
0.3
Common Stocks
99.4
Preferred Stocks
0.7
ASSET ALLOCATION (% of Fund's net assets)
Common Stocks - 99.4
Preferred Stocks - 0.7
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
United States
96.7
Canada
0.8
Taiwan
0.5
Finland
0.4
Korea (South)
0.4
Australia
0.3
France
0.3
Italy
0.2
Switzerland
0.2
Others
0.2
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
United States - 96.7
Canada - 0.8
Taiwan - 0.5
Finland - 0.4
Korea (South) - 0.4
Australia - 0.3
France - 0.3
Italy - 0.2
Switzerland - 0.2
Others - 0.2
0.447
0.195
0.147
0.117
0.037
0.031
0.012
0.006
0.006
0.003
0.994
0.007
0.967
0.008
0.005
0.004
0.004
0.003
0.003
0.002
0.002
0.002
TOP HOLDINGS(% of Fund's net assets)
NVIDIA Corp
14.9
Alphabet Inc Class A
6.0
Apple Inc
5.8
Microsoft Corp
5.7
Broadcom Inc
4.5
Amazon.com Inc
4.4
Tesla Inc
3.8
Meta Platforms Inc Class A
3.5
Eli Lilly & Co
2.5
Sterling Infrastructure Inc
2.1
53.2
0.149
0.060
0.058
0.057
0.045
0.044
0.038
0.035
0.025
0.021
<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, 2025. 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;">February 28, 2026 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;">Operating expenses</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;"></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, 2025. 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;">February 28, 2026 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;">Operating expenses</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;"></div>