(2_FIDELITY_LOGOS)FIDELITY
TREND
FUND
SEMIANNUAL REPORT
JUNE 30, 1995
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.
PERFORMANCE 4 How the fund has done over time.
FUND TALK 6 The manager's review of fund
performance, strategy and outlook.
INVESTMENT CHANGES 9 A summary of major shifts in the
fund's investments over the past six
months.
INVESTMENTS 10 A complete list of the fund's
investments with their market
values.
FINANCIAL STATEMENTS 20 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.
NOTES 24 Notes to the financial statements.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMA-
TION 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.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED BY,
ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE FEDERAL
RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK,
INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES,
CALL
1-800-544-8888 FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST
OR SEND MONEY.
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
Although there have been positive market indications so far in 1995, no one
can predict what lies ahead for investors. Last year, stocks posted
below-average returns and bonds had one of the worst years in history. This
downturn followed a period in which the investing environment was generally
very positive.
These market ups and downs are a normal part of investing, and there are
some basic principles that are helpful for investors to remember in
different types of markets.
If you can leave your money invested over the long term, you can avoid the
results of the volatility that generally accompanies the stock market in
the short term, as we witnessed last year. You also can help to manage some
of the risks of investing through diversification. A stock fund is already
diversified because it invests in many issues. You can diversify even
further by placing some of your money in several different types of stock
funds or in other investment categories, such as bonds.
If you have a short investment time horizon, you might want to consider
moving some of your investment into a money market fund, which seeks income
and a stable share price by investing in high-quality, short-term
investments. Of course, there is no assurance that a money market fund will
achieve its goal, and it is important to remember that money market funds
are not insured or guaranteed by any agency of the U.S. government.
Finally, no matter what your investment horizon or portfolio diversity, it
makes good sense to follow a regular investment plan - investing a certain
amount of money at the same time each month or quarter - and to review your
portfolio periodically. A periodic investment plan will not, of course,
assure a profit or protect against a loss.
If you have any questions, please call us at 1-800-544-8888. We stand ready
to provide the information you need to make the investments that are right
for you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each
performance figure includes changes in a fund's share price, plus
reinvestment of any dividends (or income) and capital gains (the profits
the fund earns when it sells stocks that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JUNE 30, 1995 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
Trend 11.16% 12.82% 72.74% 239.34%
S&P 500(registered trademark) 20.21% 26.07% 76.98% 293.40%
Average Growth Fund 17.47% 22.26% 71.92% 243.85%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one, five, or 10 years. For
example, if you invested $1,000 in a fund that had a 5% return over the
past year, the value of your investment would be $1,050. You can compare
the fund's returns to the performance of the Standard & Poor's Composite
Index of 500 Stocks - a common proxy for the U.S. stock market. To measure
how the fund's performance stacked up against its peers, you can compare it
to the average growth fund, which reflects the performance of 583 growth
funds with similar objectives tracked by Lipper Analytical Services over
the past six months. Both benchmarks include reinvested dividends and
capital gains, if any.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JUNE 30, 1995 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
Trend 12.82% 11.55% 13.00%
S&P 500(registered trademark) 26.07% 12.09% 14.68%
Average Growth Fund 22.26% 11.14% 12.72%
AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER 10 YEARS
Trend (005) Standard & Poor's 5
06/30/85 10000.00 10000.00
07/31/85 10162.23 9985.00
08/31/85 10000.00 9900.13
09/30/85 9564.16 9590.25
10/31/85 9886.20 10033.32
11/30/85 10687.65 10721.61
12/31/85 11093.64 11240.54
01/31/86 11495.30 11303.48
02/28/86 12573.04 12148.98
03/31/86 13325.53 12826.90
04/30/86 13013.97 12681.95
05/31/86 13547.31 13356.63
06/30/86 13576.35 13582.36
07/31/86 12467.43 12823.10
08/31/86 13140.71 13774.58
09/30/86 12108.35 12635.42
10/31/86 12676.02 13364.49
11/30/86 12929.48 13689.24
12/31/86 12594.42 13340.17
01/31/87 14105.88 15137.09
02/28/87 14999.98 15735.00
03/31/87 15205.99 16189.74
04/30/87 14967.79 16045.65
05/31/87 14806.85 16185.25
06/30/87 15392.68 17002.61
07/31/87 16358.35 17864.64
08/31/87 16866.93 18530.99
09/30/87 16448.48 18125.16
10/31/87 11584.75 14221.00
11/30/87 10931.32 13049.19
12/31/87 12070.71 14042.23
01/31/88 12674.25 14633.41
02/29/88 13696.80 15315.33
03/31/88 13865.94 14842.09
04/30/88 14284.96 15006.83
05/31/88 13977.42 15137.39
06/30/88 14996.13 15832.20
07/31/88 14800.08 15772.04
08/31/88 14338.78 15235.79
09/30/88 14684.75 15884.83
10/31/88 14765.48 16326.43
11/30/88 14365.69 16092.96
12/31/88 15007.20 16374.59
01/31/89 16185.97 17573.21
02/28/89 16158.07 17135.64
03/31/89 16606.91 17534.90
04/30/89 17605.67 18444.96
05/31/89 18434.60 19191.98
06/30/89 18208.16 19082.58
07/31/89 19376.75 20805.74
08/31/89 20112.67 21213.53
09/30/89 20209.72 21126.56
10/31/89 19065.39 20636.42
11/30/89 19295.88 21057.41
12/31/89 19757.33 21562.78
01/31/90 18050.56 20115.92
02/28/90 18496.97 20375.42
03/31/90 18828.71 20915.36
04/30/90 17914.17 20392.48
05/31/90 19613.24 22380.75
06/30/90 19644.62 22228.56
07/31/90 19254.60 22157.43
08/31/90 17335.86 20154.40
09/30/90 16008.89 19172.88
10/31/90 15331.95 19090.43
11/30/90 16703.76 20323.68
12/31/90 17256.11 20890.71
01/31/91 18338.84 21801.54
02/28/91 19971.97 23360.35
03/31/91 20418.60 23925.67
04/30/91 20626.12 23983.09
05/31/91 21591.56 25019.16
06/30/91 20071.22 23873.28
07/31/91 21460.73 24985.78
08/31/91 21984.05 25577.94
09/30/91 21839.69 25150.79
10/31/91 22069.77 25487.81
11/30/91 20806.58 24460.65
12/31/91 23516.03 27258.95
01/31/92 23662.92 26751.94
02/29/92 24228.44 27099.71
03/31/92 23441.34 26571.27
04/30/92 23303.00 27352.46
05/31/92 23875.44 27486.49
06/30/92 23331.62 27076.94
07/31/92 24643.46 28184.39
08/31/92 24252.29 27606.61
09/30/92 24614.83 27932.36
10/31/92 25201.58 28030.13
11/30/92 26685.15 28985.95
12/31/92 27460.22 29342.48
01/31/93 28118.86 29588.96
02/28/93 27954.34 29991.37
03/31/93 29127.57 30624.19
04/30/93 28055.92 29883.08
05/31/93 29579.59 30683.95
06/30/93 30123.03 30772.93
07/31/93 30041.77 30649.84
08/31/93 31616.24 31811.47
09/30/93 32306.97 31566.52
10/31/93 32896.12 32219.95
11/30/93 31372.45 31913.86
12/31/93 32718.38 32300.02
01/31/94 34019.81 33398.22
02/28/94 32829.14 32493.12
03/31/94 30702.56 31076.42
04/30/94 30874.23 31474.20
05/31/94 30940.69 31990.38
06/30/94 30076.76 31206.62
07/31/94 30885.31 32230.19
08/31/94 32668.54 33551.63
09/30/94 31965.22 32729.61
10/31/94 32109.20 33466.03
11/30/94 30342.59 32247.20
12/31/94 30527.28 32725.42
01/31/95 30269.84 33573.99
02/28/95 31263.67 34882.37
03/31/95 31742.62 35911.75
04/30/95 32197.63 36969.35
05/31/95 32898.10 38447.02
06/30/95 33933.83 39340.14
$10,000 OVER 10 YEARS: Let's say you invested $10,000 in Fidelity Trend
Fund on June 30, 1985. As the chart shows, by June 30, 1995, the value of
your investment would have grown to $33,934 - a 239.34% increase on your
initial investment. For comparison, look at how the S&P 500 did over the
same period. With dividends reinvested, the same $10,000 investment would
have grown to $39,340 - a 293.40% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW
An interview with Fergus Shiel, Portfolio Manager of Fidelity
Trend Fund
Q. FERGUS, HOW HAS THE FUND DONE?
A. The fund was up 11.16% for the six months ended June 30, 1995, and
12.82% for the year. But it lagged the average growth fund, which returned
17.47% and 22.26% for the same periods, according to Lipper Analytical
Services.
Q. YOU'VE ONLY BEEN RUNNING THE FUND SINCE MAY. BUT WHAT EXPLAINS ITS
PERFORMANCE DURING THE FIRST HALF?
A. On the bright side, some of the fund's top investments benefited from
falling interest rates, including financial companies like Golden West and
Federal National Mortgage Association, and home builders such as Centex
Corporation. As rates came down, the cost of financing mortgages fell;
plus, housing starts and the mortgage business itself picked up. Another
top contributor was Intel, which makes microprocessors like the Pentium
chip that are the brains of PCs. On the other hand, the fund was at a
disadvantage because it favored mid-cap stocks (or medium sized companies),
which lagged behind large company stocks as the economy slowed. Plus, many
large companies have multinational operations, which got an extra boost
from the weak dollar. Finally, during the first four months of the year,
the fund had a fairly small stake in technology stocks, which led the
market for the first half of 1995.
Q. ARE YOU STILL FOCUSING ON
MID-CAP STOCKS?
A. No. I don't start out by trying to look for mid-cap, small-cap, or
large-cap stocks. I take very much of a company-by-company, bottom-up
approach. Basically, I'm looking wherever I can for stocks with significant
earnings growth opportunities that are selling at reasonable prices. As it
happens, most of what I've bought has been either mid-cap or large-cap.
Q. YOU'VE TAKEN THE FUND'S TECHNOLOGY STAKE TO 20.6% FROM 5.8% SIX MONTHS
EARLIER. WHY?
A. Again, it's not because my strategy was to focus on technology stocks,
or because I believe in the technology revolution (although I do). Instead,
it was because that's where I found good earnings growth at reasonable
prices. Take Intel, which I've already mentioned, and Micron, one of the
few manufacturers of memory chips called DRAMs that go inside PCs and other
electronic equipment. Here are two stocks with rapidly growing earnings
selling at reasonable prices. I also bought Ericsson, Nokia, and Motorola,
the leading makers of wireless communications equipment. Wireless
technology is growing quickly here and around the world because it's so
much easier and cheaper to set up than traditional systems with wired phone
lines. So it's the same story: good earnings growth at a reasonable price.
Q. WHERE ELSE ARE YOU FINDING
OPPORTUNITIES?
A. In the utilities sector, I've bought some of the U.S. Regional Bell
Operating Companies, including Ameritech and Southwestern Bell (or SBC).
Not only do they have good earnings growth rates and growth potential going
forward, but they also have the ability to generate free cash flow
(earnings after capital expenditures), along with what I believe are some
of the best assets and management teams in the industry. I've also built a
stake in defense and aerospace companies like McDonnell Douglas, Loral,
Rockwell, and Sundstrand. Their prospects look good because the aerospace
cycle, which historically has been a six- or seven-year cycle, is just
starting to pick up. Plus, defense companies are benefiting from cost
cutting through consolidation.
Q. ARE YOU STARTING TO TRIM BACK ON HEALTH CARE STOCKS?
A. Not really, although I have made some changes. I think certain health
care stocks have excellent growth prospects. For example, I've added Baxter
International, which distributes medical supplies and develops medical and
biotech instruments. This is a company that hasn't done well for a long
time. But over the last year and a half, management has made a concerted
effort to turn the company around by streamlining the way it runs the
business.
Q. SO WHERE ARE YOU CUTTING BACK?
A. I'm going through the fund stock by stock. My first question is: why
shouldn't I sell this stock? If I can't answer that, then I sell. As it
turns out, I've made significant cuts in both the media and leisure and
energy sectors. I like the earnings growth prospects for many media and
leisure companies, but I think many of the stocks are too expensive given
the slowdown in consumer spending. As for energy, I don't think it has very
attractive prospects right now. To me, energy is always a big bet on the
commodity.
Q. WITH THE STOCK MARKET CLIMBING STRAIGHT UPHILL FOR THE FIRST HALF OF
1995, WHAT DO YOU THINK IS AHEAD?
A. I'm congenitally bullish. Can the market go down for awhile? Sure. Will
I be the one to see that? Probably not. Remember that on average the market
has gone up four out of five years since the Depression. It's very
difficult to make money by being an eternal pessimist about the market.
Many people were pessimistic at the beginning of 1995, and they missed out.
So I don't worry too much about where the market's going. I just try to buy
the best companies at the most reasonable prices.
Q. WHAT ELSE CAN SHAREHOLDERS EXPECT GOING FORWARD?
A. I'll continue adding stocks I know well, and eliminating ones where I no
longer have strong convictions. The higher turnover will probably continue
because I tend to look at companies with a six- to 18-month time horizon
rather than a three- to five-year one. But at any one time the fund will
most likely own between 150 and 200 stocks. I like fewer names because it
means there's the potential for each winner to have more influence on total
return.
FUND FACTS
GOAL: to increase the value
of the fund's shares by
investing in equity securities
of companies likely to benefit
from economic, financial or
market trends
START DATE: June 16, 1958
SIZE: as of June 30, 1995,
more than $1.2 billion
NEW MANAGER: Fergus Shiel,
since May 1995; manager,
Fidelity Dividend Growth
Fund, April 1994 - May 1995;
Fidelity Select
Telecommunications
Portfolio,1992 - April 1994;
Select Broadcast and Media
Portfolio, 1990 -1991 and
1993; Select Consumer
Products Portfolio, 1991-1992;
joined Fidelity in 1989
(checkmark)
FERGUS SHIEL ON WHERE HE
LOOKS FOR EARNINGS GROWTH:
"Typically I try to find
companies with free cash
flow. These are companies
that earn more money than
they have to reinvest to keep
the business going. That's
money that the company can
put toward other projects to
help the earnings grow faster
going forward. To me, that's
an exciting company.
"I also like cost-cutting stories.
The amazing thing is that once
a company starts to get the
costs right and earn money,
there's almost a
metamorphosis within the
company. Generally, revenue
starts to pick up. My theory is
that in big companies, there
are lots of ideas floating around
that never make it to the top.
Under the old regime, there
was only one way to do things.
But, when the new regime
comes in and cuts costs, it
says things are going to be
different. And all of a sudden
these ideas start coming up to
the top and having their day.
Then it becomes more than a
cost story - the company's
actually getting better because
it's coming up with new
products and new avenues for
growth."
(solid bullet) Among the fund's top
investments was Philip
Morris, the tobacco company.
The stock's price was
attractive compared to the
company's ability to grow
earnings, free cash flow, and
dividends.
INVESTMENT CHANGES
TOP TEN STOCKS AS OF JUNE 30, 1995
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO
Golden West Financial Corp. 3.6 3.9
Ericsson (L.M.) Telephone Co.
Class B ADR 3.3 0.0
Philip Morris Companies, Inc. 3.1 0.0
Nokia Corp. AB sponsored ADR 2.8 0.0
Cellular Communications, Inc. Class 2.1 2.4
P
Ameritech Corp. 2.0 0.0
Intel Corp. 1.9 1.1
Federal National Mortgage Association 1.9 3.1
SBC Communications, Inc. 1.9 0.0
Centex Corp. 1.8 2.0
TOP FIVE MARKET SECTORS AS OF JUNE 30, 1995
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE MARKET
SECTORS
6 MONTHS AGO
Technology 20.6 5.8
Utilities 12.0 11.0
Finance 10.1 13.3
Health 7.6 8.7
Construction & Real Estate 7.4 6.8
ASSET ALLOCATION
AS OF JUNE 30, 1995 * AS OF DECEMBER 31, 1994 **
Row: 1, Col: 1, Value: 5.7
Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 50.0
Row: 1, Col: 4, Value: 44.3
Row: 1, Col: 1, Value: 6.6
Row: 1, Col: 2, Value: 1.5
Row: 1, Col: 3, Value: 50.0
Row: 1, Col: 4, Value: 41.9
Stocks 94.3%
Bonds 0.0%
Short-term
investments 5.7%
FOREIGN
INVESTMENTS 12.3%
Stocks 91.9%
Bonds 1.5%
Short-term
investments 6.6%
FOREIGN
INVESTMENTS 12.3%
*
**
INVESTMENTS JUNE 30, 1995 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 94.2%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 5.3%
AEROSPACE & DEFENSE - 4.1%
Harsco Corp. 119,000 $ 6,277
McDonnell Douglas Corp. 150,000 11,513
Northrop Corp. 145,800 7,600
Precision Castparts Corp. 75,500 2,652
Rockwell International Corp. 259,900 11,890
ROHR Industries, Inc. 245,100 3,523
Sundstrand Corp. 120,000 7,170
Wyman-Gordon Co. (a) 21,100 227
50,852
DEFENSE ELECTRONICS - 0.5%
Loral Corp. 113,100 5,853
SHIP BUILDING & REPAIR - 0.7%
General Dynamics Corp. 201,600 8,946
TOTAL AEROSPACE & DEFENSE 65,651
BASIC INDUSTRIES - 2.7%
CHEMICALS & PLASTICS - 1.1%
First Mississippi Corp. 8,400 287
Great Lakes Chemical Corp. 68,100 4,103
Morton International, Inc. 279,300 8,168
Tredegar Industries, Inc. 27,600 687
13,245
METALS & MINING - 1.6%
Aluminum Co. of America 404,300 20,266
TOTAL BASIC INDUSTRIES 33,511
CONGLOMERATES - 0.5%
Allied-Signal, Inc. 80,000 3,560
Mark IV Industries, Inc. 149,000 3,204
6,764
CONSTRUCTION & REAL ESTATE - 7.4%
BUILDING MATERIALS - 1.3%
Lafarge Corp. 402,299 7,543
York International Corp. 189,900 8,546
16,089
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
CONSTRUCTION & REAL ESTATE - CONTINUED
CONSTRUCTION - 4.2%
Centex Corp. 801,400 $ 22,639
Kaufman & Broad Home Corp. 330,000 4,785
Lennar Corp. 705,000 13,219
Oakwood Homes Corp. 170,000 4,356
Toll Brothers, Inc. (a) 420,000 6,773
51,772
ENGINEERING - 0.9%
Glenayre Technologies, Inc. (a) 219,300 11,184
REAL ESTATE - 0.0%
Hovnanian Enterprises, Inc. Class B (a) 71,500 393
Major Realty Corp. (a) 15,000 27
420
REAL ESTATE INVESTMENT TRUSTS - 1.0%
Beacon Properties Corp. 174,300 3,464
Capstead Mortgage Corp. 100,000 2,688
Equity Residential Property Trust (SBI) 209,700 5,845
Starwood Lodging Trust combined certificate (SBI) 16,000 368
12,365
TOTAL CONSTRUCTION & REAL ESTATE 91,830
DURABLES - 2.9%
AUTOS, TIRES, & ACCESSORIES - 1.3%
Discount Auto Parts, Inc. (a) 99,500 2,525
Gentex Corp. (a) 100,000 1,975
Goodyear Tire & Rubber Co. 190,000 7,837
TRW, Inc. 42,500 3,395
15,732
CONSUMER ELECTRONICS - 0.5%
Matsushita Electric Industrial Co. Ltd. 193,000 3,010
Sony Corp. 62,000 2,981
5,991
HOME FURNISHINGS - 0.8%
Ethan Allen Interiors, Inc. (a) 116,700 2,071
Heilig-Meyers Co. 242,100 6,174
Rhodes, Inc. 178,900 1,543
9,788
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - CONTINUED
TEXTILES & APPAREL - 0.3%
Nine West Group, Inc. (a) 100,000 $ 3,650
TOTAL DURABLES 35,161
ENERGY - 2.4%
ENERGY SERVICES - 1.0%
Lone Star Technologies, Inc. (a) 40,000 320
Oceaneering International, Inc. (a) 231,900 2,058
Offshore Logistics, Inc. (a) 215,000 3,010
Production Operators Corp. 143,000 4,505
Transocean Drilling AS (a) 85,800 1,171
Varco International, Inc. (a) 108,700 897
11,961
INDEPENDENT POWER - 0.6%
Thermo Electron Corp. (a) 200,000 8,050
OIL & GAS - 0.8%
Newfield Exploration Co. (a) 100,000 2,838
Renaissance Energy Ltd. (a) 288,500 5,964
Renaissance Energy Ltd. (a)(b) 54,000 1,116
9,918
TOTAL ENERGY 29,929
FINANCE - 10.1%
BANKS - 2.1%
Bankers Trust New York Corp. 32,000 1,984
Fleet Financial Group, Inc. 472,847 17,554
Northern Trust Corp. 160,000 6,440
25,978
CREDIT & OTHER FINANCE - 1.3%
American Express Co. 460,000 16,158
FEDERAL SPONSORED CREDIT - 2.0%
Federal National Mortgage Association 254,737 24,041
SAVINGS & LOANS - 3.6%
Golden West Financial Corp. 953,800 44,948
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
SECURITIES INDUSTRY - 1.1%
Nomura Securities Co. Ltd. 164,000 $ 2,965
United Asset Management Corp. 300,000 10,687
13,652
TOTAL FINANCE 124,777
HEALTH - 7.6%
DRUGS & PHARMACEUTICALS - 1.2%
Elan Corp. PLC ADR (a) 73,500 2,995
Schering-Plough Corp. (a) 260,000 11,472
Schering-Plough Corp. Unit (a)(b) 3,800 190
14,657
MEDICAL EQUIPMENT & SUPPLIES - 5.7%
Baxter International, Inc. 340,000 12,366
Becton, Dickinson & Co. 180,000 10,485
Boston Scientific Corp. (a) 290,000 9,244
McKesson Corp. 220,000 10,285
Medtronic, Inc. 140,000 10,798
Millipore Corp. 300 20
Pall Corp. 420,000 9,345
St. Jude Medical, Inc. 108,700 5,449
Thermo Cardiosystems, Inc. (a) 65,500 2,399
70,391
MEDICAL FACILITIES MANAGEMENT - 0.7%
U.S. Healthcare, Inc. 300,000 9,188
TOTAL HEALTH 94,236
INDUSTRIAL MACHINERY & EQUIPMENT - 2.1%
ELECTRICAL EQUIPMENT - 0.6%
Lifeline Systems, Inc. (a) 210,000 1,680
Mitsubishi Electric Co. Ord. 427,000 3,006
Omron Corp. 146,000 2,794
7,480
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
INDUSTRIAL MACHINERY & EQUIPMENT - 1.5%
Deere & Co. 184,200 $ 15,773
Dover Corp. 41,600 3,026
18,799
POLLUTION CONTROL - 0.0%
AquaSciences International, Inc. (a) 250,000 -
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 26,279
MEDIA & LEISURE - 2.5%
BROADCASTING - 0.5%
People's Choice TV Corp. 211,600 5,316
Valuevision International, Inc. (a) 160,000 730
6,046
LEISURE DURABLES & TOYS - 0.7%
Harley Davidson, Inc. 250,000 6,094
Hasbro, Inc. 80,000 2,540
8,634
LODGING & GAMING - 0.5%
Four Seasons Hotels, Inc. 250,000 3,097
President Casinos, Inc. (a) 605,300 2,799
5,896
PUBLISHING - 0.3%
Scholastic Corp. (a) 75,000 4,069
RESTAURANTS - 0.5%
Applebee's International, Inc. 80,600 2,075
IHOP Corp. (a) 170,000 4,378
6,453
TOTAL MEDIA & LEISURE 31,098
NONDURABLES - 5.5%
HOUSEHOLD PRODUCTS - 1.1%
Colgate-Palmolive Co. 141,900 10,376
International Flavors & Fragrances, Inc. 40,000 1,990
Premark International, Inc. 27,300 1,416
13,782
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
NONDURABLES - CONTINUED
TOBACCO - 4.4%
Philip Morris Companies, Inc. 520,000 $ 38,675
RJR Nabisco Holdings Corp. 350,100 9,759
UST, Inc. 40,000 1,190
Universal Corp. 242,700 5,097
54,721
TOTAL NONDURABLES 68,503
PRECIOUS METALS - 1.0%
Newmont Mining Corp. 280,000 11,725
RETAIL & WHOLESALE - 4.0%
APPAREL STORES - 0.7%
Catherines Stores Corp. (a) 2,400 27
Limited, Inc. (The) 363,100 7,988
8,015
GENERAL MERCHANDISE STORES - 0.6%
Ito-Yokado Co. Ltd. 59,000 3,116
Meyer (Fred), Inc. (a) 180,000 4,882
7,998
RETAIL & WHOLESALE, MISCELLANEOUS - 2.7%
Officemax, Inc. (a) 340,000 9,477
Office Depot, Inc. (a) 280,000 7,875
International Semi-Tech Microelectronics, Inc. 182,100 730
Staples, Inc. (a) 210,000 6,064
Viking Office Products, Inc. (a) 241,900 8,860
33,006
TOTAL RETAIL & WHOLESALE 49,019
SERVICES - 2.3%
LEASING & RENTAL - 0.3%
National Auto Credit, Inc. (a) 310,000 4,146
SERVICES - 2.0%
Block (H & R), Inc. 199,100 8,188
First Financial Management Corp. 120,000 10,260
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
SERVICES - CONTINUED
SERVICES - CONTINUED
Supercuts, Inc. (a) 152,900 $ 1,204
Zebra Technologies Corp. Class A (a) 82,200 4,377
24,029
TOTAL SERVICES 28,175
TECHNOLOGY - 20.6%
COMMUNICATIONS EQUIPMENT - 6.1%
Ericsson (L.M.) Telephone Co. Class B ADR 2,040,000 40,800
Nokia Corp. AB sponsored ADR 580,000 34,583
75,383
COMPUTER SERVICES & SOFTWARE - 5.3%
CUC International, Inc. (a) 203,100 5,687
Ceridian Corp. (a) 400,000 14,750
Computer Sciences Corp. (a) 213,300 12,131
ECI Telecom Ltd. 815,700 11,163
Novell, Inc. (a) 255,200 5,088
Oracle Systems Corp. (a) 100,000 3,863
Parametric Technology Corp. (a) 178,000 8,856
Policy Management Systems Corp. (a) 66,100 3,041
SunGard Data Systems, Inc. (a) 19,900 1,040
65,619
COMPUTERS & OFFICE EQUIPMENT - 1.5%
Digital Equipment Corp. (a) 5,300 216
General Motors Corp. Class E 150,000 6,525
International Business Machines Corp. 100,000 9,600
Telxon Corp. 118,100 2,569
Xyvision, Inc. (a) 165,750 103
19,013
ELECTRONIC INSTRUMENTS - 0.6%
Perkin-Elmer Corp. 191,300 6,791
ELECTRONICS - 7.1%
Hitachi Ltd. 300,000 2,995
Intel Corp. 380,000 24,059
Kemet Corp. 16,000 840
Micron Technology, Inc. 400,000 21,950
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
ELECTRONICS - CONTINUED
Motorola, Inc. 250,000 $ 16,781
Nitto Denko Corp. 97,000 1,513
Sanmina Corp. 4,100 156
Texas Instruments, Inc. 108,500 14,525
Vishay Intertechnology, Inc. 126,700 4,577
87,396
TOTAL TECHNOLOGY 254,202
TRANSPORTATION - 5.3%
AIR TRANSPORTATION - 3.9%
AMR Corp. (a) 60,000 4,478
Atlantic Southeast Airlines, Inc. 486,600 14,658
Comair Holdings, Inc. 249,000 9,431
Delta Air Lines, Inc. 200,000 14,750
Mesa Airlines, Inc. (a) 214,600 1,958
Southwest Airlines Co. 130,200 3,109
48,384
RAILROADS - 1.4%
Bombardier, Inc. Class B 200,000 4,863
Canadian Pacific Ltd. Ord. 350,000 6,025
Conrail, Inc. 112,600 6,263
17,151
SHIPPING - 0.0%
Kirby Corp. (a) 6,400 102
TOTAL TRANSPORTATION 65,637
UTILITIES - 12.0%
CELLULAR - 4.2%
American Paging, Inc. (a) 8,000 54
Cellular Communications, Inc.:
Class P (a) 521,933 25,700
Series A (redeemable) (a) 38,300 1,743
Commnet Cellular, Inc. (a) 243,200 6,810
Vodafone Group PLC sponsored ADR 444,700 16,843
51,150
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
UTILITIES - CONTINUED
ELECTRIC UTILITY - 0.0%
Thermo Ecotek 19,700 $ 268
TELEPHONE SERVICES - 7.8%
Ameritech Corp. 550,000 24,199
BellSouth Corp. 100,000 6,350
Pacific Telesis Group 500,000 13,375
SBC Communications, Inc. 500,000 23,813
Telephone & Data Systems, Inc. 424,600 15,445
WorldCom, Inc. (a) 491,300 13,265
96,447
TOTAL UTILITIES 147,865
TOTAL COMMON STOCKS
(Cost $1,012,143) 1,164,362
CONVERTIBLE PREFERRED STOCKS - 0.1%
TRANSPORTATION - 0.1%
AIR TRANSPORTATION - 0.1%
Pittston Co. $3.125 (b) (Cost $1,100) 22,000 638
REPURCHASE AGREEMENTS - 5.7%
MATURITY
AMOUNT
(000S)
Investments in repurchase agreements
(U.S. Treasury obligations), in a
joint trading account at 6.15%,
dated 6/30/95 due 7/3/95 $ 70,252 70,216
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $1,083,459) $ 1,235,216
LEGEND
1. Non-income producing
2. Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $1,944,000 or 0.2% of net
assets.
OTHER INFORMATION
Distribution of investments by country of issue, as a percentage of total
value of investment in securities, is as follows:
United States 87.7%
Sweden 3.3
Finland 2.8
Canada 1.8
Japan 1.8
United Kingdom 1.4
Others (individually less than 1%) 1.2
TOTAL 100.0%
INCOME TAX INFORMATION
At June 30, 1995, the aggregate cost of investment securities for income
tax purposes was $1,083,984,000. Net unrealized appreciation aggregated
$151,232,000, of which $159,769,000 related to appreciated investment
securities and $8,537,000 related to depreciated investment securities.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNT) JUNE 30, 1995 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase $ 1,235,216
agreements of $70,216) (cost $1,083,459) -
See accompanying schedule
Receivable for investments sold 38,789
Receivable for fund shares sold 626
Dividends receivable 2,130
Interest receivable 232
Other receivables 152
TOTAL ASSETS 1,277,145
LIABILITIES
Payable for investments purchased $ 49,848
Payable for fund shares redeemed 1,481
Accrued management fee 645
Other payables and accrued expenses 270
TOTAL LIABILITIES 52,244
NET ASSETS $ 1,224,901
Net Assets consist of:
Paid in capital $ 949,812
Undistributed net investment income 5,638
Accumulated undistributed net realized gain (loss) on 117,692
investments and foreign currency transactions
Net unrealized appreciation (depreciation) on 151,759
investments and assets and liabilities in foreign
currencies
NET ASSETS, for 21,612 shares outstanding $ 1,224,901
NET ASSET VALUE, offering price and redemption price per $56.68
share ($1,224,901 (divided by) 21,612 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
INVESTMENT INCOME $ 7,271
Dividends (including $11 received from affiliated issuers)
Interest 3,611
TOTAL INCOME 10,882
EXPENSES
Management fee $ 3,674
Basic fee
Performance adjustment 178
Transfer agent fees 1,165
Accounting fees and expenses 256
Non-interested trustees' compensation 19
Custodian fees and expenses 20
Registration fees 49
Audit 28
Legal 3
Miscellaneous 7
Total expenses before reductions 5,399
Expense reductions (117) 5,282
NET INVESTMENT INCOME 5,600
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment securities (including realized gain of $803 117,827
on sales of investment in affiliated issuers)
Foreign currency transactions (6) 117,821
Change in net unrealized appreciation (depreciation) on:
Investment securities 2,893
Assets and liabilities in foreign currencies 1 2,894
NET GAIN (LOSS) 120,715
NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 126,315
FROM OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS YEAR ENDED
ENDED JUNE 30, DECEMBER 31,
1995 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 5,600 $ 5,021
Net investment income
Net realized gain (loss) 117,821 81,699
Change in net unrealized appreciation (depreciation) 2,894 (175,645)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 126,315 (88,925)
FROM OPERATIONS
Distributions to shareholders - (4,492)
From net investment income
From net realized gain - (82,775)
TOTAL DISTRIBUTIONS - (87,267)
Share transactions 140,481 492,497
Net proceeds from sales of shares
Reinvestment of distributions - 79,196
Cost of shares redeemed (234,531) (596,061)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING (94,050) (24,368)
FROM SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) IN NET ASSETS 32,265 (200,560)
NET ASSETS
Beginning of period 1,192,636 1,393,196
End of period (including undistributed net investment $ 1,224,901 $ 1,192,636
income of $5,638 and $38, respectively)
OTHER INFORMATION
Shares
Sold 2,623 8,624
Issued in reinvestment of distributions - 1,585
Redeemed (4,402) (10,398)
Net increase (decrease) (1,779) (189)
</TABLE>
FINANCIAL HIGHLIGHTS
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED
JUNE 30, 1995
(UNAUDITED) 1994 1993 F 1992 E 1991 1990
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, $ 50.99 $ 59.08 $ 54.20 $ 49.63 $ 38.25 $ 44.22
beginning of period
Income from Investment
Operations
Net investment .26 .20 .17 .58 D .66 .61
income
Net realized and 5.43 (4.24) 10.04 7.66 12.99 (6.20)
unrealized gain
(loss)
Total from investment 5.69 (4.04) 10.21 8.24 13.65 (5.59)
operations
Less Distributions - (.21) (.26) (.44) (.48) (.24)
From net investment
income
In excess of net - - (.01) - - -
investment income
From net realized - (3.84) (5.06) (3.23) (1.79) (.14)
gain
Total distributions - (4.05) (5.33) (3.67) (2.27) (.38)
Net asset value, end of $ 56.68 $ 50.99 $ 59.08 $ 54.20 $ 49.63 $ 38.25
period
TOTAL RETURN B, C 11.16% (6.70) 19.15 16.77 36.28 (12.66)
% % % % %
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of $ 1,225 $ 1,193 $ 1,393 $ 1,115 $ 892 $ 702
period (in millions)
Ratio of expenses to .89% 1.04% .92 .56 .53 .61%
average net assets A % % %
Ratio of expenses to .91% 1.04% .93 .56 .53 .61%
average net assets A % % %
before expense
reductions
Ratio of net investment .94% .39% .43 1.14 1.43 1.51%
income to average net A % % %
assets
Portfolio turnover rate 146% 29% 50 47 57 48%
A % % %
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO FINANCIAL
STATEMENTS).
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E AS OF JANUARY 1, 1992 THE FUND DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
F EFFECTIVE JANUARY 1, 1993, THE FUND ADOPTED STATEMENT OF POSITION 93-2.
"DETERMINATION, DISCLOSURE, AND FINANCIAL STATEMENT PRESENTATION OF INCOME,
CAPITAL GAIN, AND RETURN OF CAPITAL DISTRIBUTIONS BY INVESTMENT COMPANIES."
AS A RESULT, NET INVESTMENT INCOME PER SHARE MAY REFLECT CERTAIN
RECLASSIFICATIONS RELATED TO BOOK TO TAX DIFFERENCES.
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1995 (Unaudited)
1. SIGNIFICANT ACCOUNTING
POLICIES.
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. The following summarizes
the significant accounting policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities for which exchange quotations are not readily
available (and in certain cases debt securities which trade on an
exchange), are valued primarily using dealer-supplied valuations or at
their fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
Short-term securities maturing within sixty days of their purchase date are
valued at amortized cost or original cost plus accrued interest, both of
which approximate current value.
FOREIGN CURRENCY TRANSLATION.
The accounting records of the fund are maintained in U.S. dollars.
Investment securities and other assets and liabilities denominated in a
foreign currency are translated into U.S. dollars at the prevailing rates
of exchange at period end. Purchases and sales of securities, income
receipts, and expense payments are translated into U.S. dollars at the
prevailing exchange rate on the respective dates of the transactions.
Net realized gains and losses on foreign currency transactions represent
net gains and losses from sales and maturities of forward currency
contracts, disposition of foreign currencies, currency gains and losses
realized between the trade and settlement dates on securities transactions,
and the difference between the amount of net investment income accrued and
the U.S. dollar amount actually received. The effects of changes in foreign
currency exchange rates on investments in securities are included with the
net realized and unrealized gain or loss on investment securities.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes substantially all of its taxable income for
its fiscal year. The schedule of investments includes information regarding
income taxes under the caption "Income Tax Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities where the ex-dividend date
may have passed, are recorded as soon as the funds are informed of the
ex-dividend date. Interest income, which includes accretion of original
issue discount, is accrued as earned. Investment income is recorded net of
foreign taxes withheld where recovery of such taxes is uncertain.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS.
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. These differences, which may result in distribution
reclassifications, are primarily due to differing treatments for foreign
currency transactions, partnerships, non-taxable dividends, and losses
deferred due to wash sales.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital and may
affect the per-share allocation between net investment income and realized
and unrealized gain (loss). Undistributed net investment income (loss) and
accumulated undistributed net realized gain (loss) on investments and
foreign currency transactions may include temporary book and tax basis
differences which will reverse in a subsequent period. Any taxable income
or gain remaining at fiscal year end is distributed in the following year.
2. OPERATING POLICIES.
FORWARD FOREIGN CURRENCY CONTRACTS. The fund may use foreign currency
contracts to facilitate transactions in foreign securities and to manage
the fund's currency exposure. Contracts to buy generally are used to
acquire exposure to foreign currencies, while contracts to sell are used to
hedge the fund's investments against currency fluctuations. Also, a
contract to buy or sell can offset a previous contract. Losses may arise
from changes in the value of the foreign currency or if the counterparties
do not perform under the contracts' terms.
The U.S. dollar value of forward foreign currency contracts is determined
using forward currency exchange rates supplied by a quotation service.
Purchases and sales of forward foreign currency contracts having the same
settlement date and broker are offset and any realized gain (loss) is
recognized on the date of offset; otherwise, gain (loss) is recognized on
settlement date.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other affiliated
entities of Fidelity Management & Research Company (FMR), may transfer
uninvested cash balances into one or more joint trading accounts. These
balances are invested in one or more repurchase agreements that mature in
60 days or less from the date of purchase, and are collateralized by U.S.
Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. FMR, the fund's
investment adviser, is responsible for determining that the value of these
underlying securities remains at least equal to the resale price.
3. PURCHASES AND SALES
OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $801,726,000 and $885,203,000, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
basic fee that is calculated on the basis of a group fee rate plus a fixed
individual fund fee rate applied to the average net assets of the fund. The
group fee rate is the weighted average of a series of rates and is based on
the monthly average net assets of all the mutual funds advised by FMR. The
rates ranged from .2700% to .5200% for the period. In the event that these
rates were lower than the contractual rates in effect during the period,
FMR voluntarily implemented the above rates, as they resulted in the same
or a lower management fee. The annual individual fund fee rate is .30%. The
basic fee is subject to a performance adjustment (up to a maximum of
(plus/minus) .20%) based on the fund's investment performance as compared
to the appropriate index over a specified period of time. For the period,
the management fee was equivalent to an annualized rate of .65% of average
net assets after the performance adjustment.
TRANSFER AGENT FEES. Fidelity Service Co. (FSC), an affiliate of FMR, is
the fund's transfer, dividend disbursing and shareholder servicing agent.
Effective January 1, 1995, the Board of Trustees approved a revised
transfer agent contract pursuant to which FSC receives account fees and
asset-based fees that vary according to account size and type of account.
Under the prior transfer agent contract, FSC received fees based on the
type, size, number of accounts and the number of transactions made by
shareholders. FSC pays for typesetting, printing and mailing of all
shareholder reports, except proxy statements.
ACCOUNTING FEES. FSC maintains the fund's accounting records. The fee is
based on the level of average net assets for the month plus out-of-pocket
expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $655,000 for the period.
5. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$117,000 under this arrangement.
6. TRANSACTIONS WITH
AFFILIATED COMPANIES.
An affiliated company is a company in which the fund has ownership of at
least 5% of the voting securities. Transactions during the period with
companies which are or were affiliates are as follows:
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES
AMOUNTS IN THOUSANDS
PURCHASE SALES DIVIDEND MARKET
AFFILIATE COST COST INCOME VALUE
First Central Financial Corp. $ - $ 1,702 $ 11 $ -
Lifeline Systems, Inc. (a) - 279 - -
TOTALS $ - $ 1,981 $ 11 $ -
7. Non-income producing
TO CALL FIDELITY
FOR FUND INFORMATION AND QUOTES
The Fidelity Telephone Connection offers you special automated telephone
services for quotes and balances. The services are easy to use,
confidential and quick. All you need is a Touch Tone telephone.
YOUR PERSONAL IDENTIFICATION NUMBER
(PIN)
The first time you call one of our automated telephone services, we'll ask
you
to set up your Personal Identification
Number (PIN). The PIN assures that
only you have automated telephone
access to your account information.
Please have your Customer Number
(T-account #) handy when you call -
you'll need it to establish your PIN. If
you would ever like to change your PIN, just choose the "Change your
Personal
Identification Number" option when
you call. If you forget your PIN, please
call a Fidelity representative at 1-800-
544-6666 for assistance.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND QUOTES*
1-800-544-8544
Just make a selection from this record-ed menu:
PRESS
For quotes on funds you own.
1.
For an individual fund quote.
2.
For the ten most frequently
requested Fidelity fund quotes.
3.
For quotes on Fidelity Select
Portfolios(registered trademark).
4.
To change your Personal
Identification Number (PIN).
5.
To speak with a Fidelity
representative.
6.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND ACCOUNT
BALANCES 1-800-544-7544
Just make a selection from this record-
ed menu:
PRESS
For balances on funds you own.
1.
For your most recent fund activity
(purchases, redemptions, and
dividends).
2.
To change your Personal
Identification Number (PIN).
3.
To speak with a Fidelity
representative.
4.
* 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.
TO WRITE FIDELITY
If more than one address is listed, please locate the address that is
closest to you. 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
100 Crosby Parkway - KP2C
Covington, KY 41015-4399
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6I
400 East Las Colinas Blvd.
Irving, TX 75309-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6R
400 East Las Colinas Blvd.
Irving, TX 75309-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
TO VISIT FIDELITY
For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 East Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19100 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
Los Angeles, CA
811 Wilshire Boulevard
Los Angeles, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
455 Market Street
San Francisco, CA
1400 Civic Drive
Walnut Creek, CA
6300 Canoga Avenue
Woodland Hills, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
185 Asylum Street
Hartford, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
DELAWARE
222 Delaware Avenue
Wilmington, DE
FLORIDA
4400 N. Federal Highway
Boca Raton, FL
90 Alhambra Plaza
Coral Gables, FL
4090 N. Ocean Boulevard
Ft. Lauderdale, FL
4001 Tamiami Trail, North
Naples, FL
1907 West State Road 434
Orlando, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
2000 66th Street, North
St. Petersburg, FL
GEORGIA
3525 Piedmont Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
215 East Erie Street
Chicago, IL
One North Franklin
Chicago, IL
540 Lake Cook Road
Deerfield, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
LOUISIANA
201 St. Charles Avenue
New Orleans, LA
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
7401 Wisconsin Avenue
Bethesda, MD
1 West Pennsylvania Ave.
Towson, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
7600 France Avenue South
Edina, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
1271 Avenue of the
Americas
New York, NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
4611 Sharon Road
Charlotte, NC
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
1903 East Ninth Street
Cleveland, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford
Houston, TX
2701 Drexel Drive
Houston, TX
1010 Lamar Street
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
215 South State Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8180 Greensboro Drive
McLean, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
1001 Fourth Avenue
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
222 East Wisconsin Avenue
Milwaukee, WI
INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research (U.K.) Inc. London, England
Fidelity Management & Research
(Far East) Inc. Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Arthur S. Loring, Secretary
Stephen P. Jonas, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
The Chase Manhattan Bank, N.A.
New York, NY
FIDELITY'S GROWTH FUNDS
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund
Disciplined Equity Fund
Dividend Growth Fund
Emerging Growth Fund
Export Fund
Fidelity Fifty
Growth Company Fund
Low-Priced Stock Fund
Magellan(registered trademark) Fund
Mid-Cap Stock Fund
New Millennium(trademark) Fund
OTC Portfolio
Retirement Growth Fund
Small Cap Fund
Stock Selector
Trend Fund
Value Fund
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
(registered trademark)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE
