FIDELITY
TREND
FUND
ANNUAL REPORT
DECEMBER 31, 1998
(2_FIDELITY_LOGOS) (REGISTERED TRADEMARK)
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.
PERFORMANCE 4 How the fund has done over
time.
FUND TALK 6 The managers' 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 Footnotes to the financial
statements.
REPORT OF INDEPENDENT 29 The auditors' opinion.
ACCOUNTANTS
PROXY VOTING RESULTS 30
OF SPECIAL NOTE 33
Standard & Poor's, S&P and S&P 500 are registered service marks of The
McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity
Distributors Corporation.
Other third party marks appearing herein are the property of their
respective owners.
All other marks appearing herein are registered or unregistered
trademarks or service marks of FMR Corp. or an affiliated company.
This report is printed on recycled paper using soy-based inks.
To reduce expenses and demonstrate respect for our environment, we
have initiated a project through which we will begin eliminating
duplicate copies of most financial reports and prospectuses to most
households, even if they have more than one account in the fund. If
additional copies of financial reports, prospectuses or historical
account information are needed, please call 1-800-544-6666.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS
OF THE FUND. THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR ACCOMPANIED
BY AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY,
ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC,
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT
INVESTED.
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
(photo_of_Edward_C_Johnson_3d)
DEAR SHAREHOLDER:
Resurgent stock market performance in the fourth quarter helped the
Dow Jones Industrial Average post a double-digit return for the fourth
year in a row - a first in the Dow's 100-plus year history. Three
interest-rate cuts made late in the year by the Federal Reserve Board
helped spark the equity rally. Meanwhile, while the majority of bonds
posted positive performance, most bond returns for 1998 trailed their
gains from 1997.
While it's impossible to predict the future direction of the markets
with any degree of certainty, there are certain basic principles that
can help investors plan for their future needs.
First, investors are encouraged to take a long-term view of their
portfolios. If you can afford to leave your money invested through the
inevitable up and down cycles of the financial markets, you will
greatly reduce your vulnerability to any single decline. We know from
experience, for example, that stock prices have gone up over longer
periods of time, have significantly outperformed other types of
investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through
diversification. A stock mutual fund, for instance, is already
diversified, because it invests in many different companies. You can
increase your diversification further by investing in a number of
different stock funds, or in such other investment categories 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, it's important to
remember that an investment in a money market fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although money market funds seek to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in these types of funds.
Finally, no matter what your time horizon or portfolio diversity, it
makes good sense to follow a regular investment plan, investing a
certain amount of money in a fund at the same time each month or
quarter and periodically reviewing your overall portfolio. By doing
so, you won't get caught up in the excitement of a rapidly rising
market, nor will you buy all your shares at market highs. While this
strategy - known as dollar cost averaging - won't assure a profit or
protect you from a loss in a declining market, it should help you
lower the average cost of your purchases. Of course, you should
consider your financial ability to continue your purchases through
periods of low price levels before undertaking such a strategy.
If you have questions, please call us at 1-800-544-8888, or visit our
web site at www.fidelity.com. We are available 24 hours a day, seven
days a week to provide you 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. Total return reflects the change in the value of an
investment, assuming reinvestment of the fund's dividend income and
capital gains (the profits earned upon the sale of securities that
have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED DECEMBER 31, 1998 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
FIDELITY TREND 2.86% 48.83% 224.48%
S&P 500 (registered trademark) 28.58% 193.90% 479.73%
Growth Funds Average 22.86% 138.97% 388.00%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, one year, five years or 10
years. For example, if you had 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 500 Index - a market capitalization-weighted index
of common stocks. To measure how the fund's performance stacked up
against its peers, you can compare it to the growth funds average,
which reflects the performance of mutual funds with similar objectives
tracked by Lipper Inc. The past one year average represents a peer
group of 980 mutual funds. These benchmarks include reinvested
dividends and capital gains, if any, and exclude the effect of sales
charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED DECEMBER 31, 1998 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
FIDELITY TREND 2.86% 8.28% 12.49%
S&P 500 28.58% 24.06% 19.21%
Growth Funds Average 22.86% 18.63% 16.72%
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year. (Note: Lipper calculates average annual total
returns by annualizing each fund's total return, then taking an
arithmetic average. This may produce a different figure than that
obtained by averaging the cumulative total returns and annualizing the
result.)
$10,000 OVER 10 YEARS
Trend S&P 500
00005 SP001
1988/12/31 10000.00 10000.00
1989/01/31 10785.47 10732.00
1989/02/28 10766.88 10464.77
1989/03/31 11065.96 10708.60
1989/04/30 11731.48 11264.38
1989/05/31 12283.83 11720.59
1989/06/30 12132.95 11653.78
1989/07/31 12911.63 12706.12
1989/08/31 13402.02 12955.15
1989/09/30 13466.68 12902.04
1989/10/31 12704.16 12602.71
1989/11/30 12857.74 12859.81
1989/12/31 13165.23 13168.44
1990/01/31 12027.93 12284.84
1990/02/28 12325.39 12443.31
1990/03/31 12546.45 12773.06
1990/04/30 11937.05 12453.74
1990/05/31 13069.22 13667.97
1990/06/30 13090.13 13575.03
1990/07/31 12830.24 13531.59
1990/08/31 11551.70 12308.34
1990/09/30 10667.47 11708.92
1990/10/31 10216.40 11658.57
1990/11/30 11130.49 12411.72
1990/12/31 11498.55 12758.00
1991/01/31 12220.03 13314.25
1991/02/28 13308.26 14266.22
1991/03/31 13605.87 14611.46
1991/04/30 13744.15 14646.53
1991/05/31 14387.47 15279.26
1991/06/30 13374.39 14579.47
1991/07/31 14300.29 15258.87
1991/08/31 14649.00 15620.51
1991/09/30 14552.81 15359.65
1991/10/31 14706.12 15565.47
1991/11/30 13864.40 14938.18
1991/12/31 15669.83 16647.11
1992/01/31 15767.71 16337.47
1992/02/29 16144.54 16549.86
1992/03/31 15620.06 16227.13
1992/04/30 15527.88 16704.21
1992/05/31 15909.32 16786.06
1992/06/30 15546.95 16535.95
1992/07/31 16421.09 17212.27
1992/08/31 16160.43 16859.42
1992/09/30 16402.01 17058.36
1992/10/31 16792.99 17118.06
1992/11/30 17781.56 17701.79
1992/12/31 18298.03 17919.52
1993/01/31 18736.91 18070.05
1993/02/28 18627.28 18315.80
1993/03/31 19409.06 18702.26
1993/04/30 18694.97 18249.67
1993/05/31 19710.26 18738.76
1993/06/30 20072.39 18793.10
1993/07/31 20018.24 18717.93
1993/08/31 21067.38 19427.34
1993/09/30 21527.64 19277.75
1993/10/31 21920.22 19676.80
1993/11/30 20904.93 19489.87
1993/12/31 21801.79 19725.69
1994/01/31 22668.99 20396.37
1994/02/28 21875.59 19843.63
1994/03/31 20458.55 18978.44
1994/04/30 20572.94 19221.37
1994/05/31 20617.23 19536.60
1994/06/30 20041.55 19057.95
1994/07/31 20580.33 19683.05
1994/08/31 21768.57 20490.06
1994/09/30 21299.92 19988.05
1994/10/31 21395.86 20437.78
1994/11/30 20218.68 19693.44
1994/12/31 20341.75 19985.49
1995/01/31 20170.21 20503.72
1995/02/28 20832.44 21302.75
1995/03/31 21151.59 21931.39
1995/04/30 21454.78 22577.27
1995/05/31 21921.54 23479.68
1995/06/30 22611.70 24025.12
1995/07/31 23712.76 24821.79
1995/08/31 24355.05 24884.09
1995/09/30 25105.05 25934.20
1995/10/31 24470.74 25841.62
1995/11/30 25240.69 26976.06
1995/12/31 24840.27 27495.62
1996/01/31 25342.00 28431.57
1996/02/29 26181.32 28695.13
1996/03/31 26166.96 28971.47
1996/04/30 26865.77 29398.51
1996/05/31 27607.65 30156.69
1996/06/30 26908.84 30271.59
1996/07/31 25372.43 28934.19
1996/08/31 25965.93 29544.41
1996/09/30 27526.28 31207.17
1996/10/31 27229.53 32067.87
1996/11/30 29115.35 34491.88
1996/12/31 29059.01 33808.59
1997/01/31 30255.95 35920.96
1997/02/28 28789.78 36202.58
1997/03/31 26550.29 34715.01
1997/04/30 26216.42 36787.50
1997/05/31 29786.25 39027.12
1997/06/30 31738.10 40775.54
1997/07/31 33936.50 44020.05
1997/08/31 33669.40 41554.04
1997/09/30 36448.22 43829.96
1997/10/31 33371.49 42366.04
1997/11/30 32149.02 44327.16
1997/12/31 31544.82 45088.26
1998/01/31 31521.50 45586.93
1998/02/28 34418.89 48874.66
1998/03/31 36896.53 51377.53
1998/04/30 37625.25 51894.39
1998/05/31 35823.86 51002.33
1998/06/30 36482.62 53074.04
1998/07/31 34856.12 52508.80
1998/08/31 25085.45 44917.08
1998/09/30 26647.82 47794.47
1998/10/31 27551.43 51682.07
1998/11/30 29434.44 54814.52
1998/12/31 32448.43 57972.94
IMATRL PRASUN SHR__CHT 19981231 19990121 123454 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Trend Fund on December 31, 1988. As the chart
shows, by December 31, 1998, the value of the investment would have
grown to $32,448 - a 224.48% increase on the initial investment. For
comparison, look at how the Standard & Poor's 500 Index did over the
same period. With dividends and capital gains, if any, reinvested, the
same $10,000 would have grown to $57,973 - a 479.73% 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
long-term growth and
short-term volatility. 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 MANAGERS' OVERVIEW
MARKET RECAP
For the first time in its history, the
Dow Jones Industrial Average -
an index of 30 blue-chip stocks -
posted double-digit percentage
gains in four consecutive years,
thanks to an 18.07% increase for
the 12-month period ending
December 31, 1998. In that same
time frame, the Standard & Poor's
500 Index returned 28.58%. The
period began with the U.S.
enjoying low inflation, stable
interest rates and an
unemployment rate at its lowest
peacetime level in 41 years. But
while the equity market continued
its bull-like charge, mounting
doubts lingered in many
investors' minds about the impact of
Asia's economic woes. Those fears
soon became reality. Further
prompted by Russia's currency
devaluation and subsequent loan
defaults, the Dow suffered a
512.61 point free-fall on August
31, a loss that erased all previous
gains for the year to that point.
Faced with global economic
chaos, investors began fleeing the
equity markets in droves, searching
for safer, less volatile havens,
particularly U.S. Treasuries. To
address the lack of confidence in
domestic and global equity markets,
the U.S. Federal Reserve Board
stepped in with three separate 0.25%
interest-rate cuts in the late fall. Those
cuts helped boost confidence in the
U.S. economy, and stocks began to
quickly ascend to their former lofty
levels, culminating in a new Dow
record of 9374.27 on November
23, 1998.
The following is an interview with Arieh Coll (left), who managed
Fidelity Trend Fund during the majority of the period covered by this
report, with additional comments from Nick Thakore, who became
Portfolio Manager on October 30, 1998.
Q. HOW DID THE FUND PERFORM, NICK?
N.T. The results were disappointing. For the 12 months that ended
December 31, 1998, the fund had a total return of 2.86%. During the
same period, the Standard & Poor's 500 Index returned 28.58% and the
growth funds average tracked by Lipper Inc. returned 22.86%.
Q. ARIEH, WHAT FACTORS CAUSED THE FUND TO SIGNIFICANTLY UNDERPERFORM
THE INDEX AND THE AVERAGE?
A.C. There were two major causes for the disappointing results. First,
I identified small- and mid-cap companies as being undervalued and
growing faster than larger companies. Near the beginning of the year,
the price-to-earnings ratio for the S&P 500 index was approximately 19
times annual earnings, with projected annual earnings growth at about
14%. On the other hand, the average stock in the Russell 2000 Index -
a popular measure of small-cap stocks - was trading at approximately
18 times earnings, with a forecasted annual earnings growth rate of
approximately 23%. Looking at these valuations, I concentrated the
fund's holdings on companies with average market capitalizations of
around $2.5 billion, as compared to the much larger $40 to $60 billion
market cap for the S&P 500 index. Unfortunately, I miscalculated the
degree to which the extreme flight to safety and the market's bias
toward larger-cap stocks would hurt the fund's performance during a
period of global market volatility. The other primary factor was a
number of holdings that experienced unexpected earnings difficulties
and their stock performance suffered.
Q. WHICH STOCKS WERE THE MAIN DETRACTORS FROM PERFORMANCE?
A.C. FIRSTPLUS Financial originates high loan-to-value home mortgages
and was hardest hit as global financial worries mounted. The company
suffered a short-term cash squeeze as borrowers abandoned the market.
ESC Medical Systems, an Israeli medical device supply company, also
performed poorly as it pre-announced it would miss earnings estimates.
Cendant, a consumer and business services conglomerate, was the
third-worst detractor from fund performance. While I had confidence
the stock would recover following the discovery of fraudulent
accounting practices in a firm it recently acquired, investors
remained reluctant to buy the stock and performance suffered.
Q. WHAT STOCKS PERFORMED WELL FOR THE FUND?
A.C. America Online was one of the best performers for the portfolio.
Best Buy, one of the country's largest consumer electronics retailers,
also performed well. While the fund's holdings in Best Buy were sold
during the period, the stock benefited from solid restructuring plans
and strong consumer spending for electronics products.
Q. NICK, SINCE TAKING OVER THE FUND IN OCTOBER, WHAT CHANGES HAVE YOU
MADE TO THE PORTFOLIO?
N.T. The most significant change was to increase the fund's average
market capitalization. Toward the end of the period, the fund's
average market cap was approximately $39 billion, up from $1.3 billion
a year ago and closer to the S&P 500 index's median market cap of
around $58 billion. I increased the fund's holdings in certain
sectors, particularly in energy, where valuations and oil prices were
near historically low levels. I made significant changes to the fund's
top holdings, adding names such as MCI WorldCom, Microsoft, Tyco,
General Electric, Merck and Intel. I also emphasized large-cap
companies that I believe will grow faster than the market, exhibit
above-average earnings visibility - meaning they are companies that
are widely followed - and whose valuations have limited downside risk.
In addition, I reduced the overall number of holdings in the fund to
under 180, down from approximately 200 a year ago. The larger-cap
focus of the fund lessens liquidity constraints - meaning a large
number of shares of these holdings are normally traded - and makes it
possible to concentrate the portfolio in a fewer number of stocks.
Q. WHAT'S YOUR OUTLOOK, NICK?
N.T. The likelihood of a slowdown in corporate profit growth is a real
threat to the market in 1999. Following several years of aggressive
downsizing, it is increasingly difficult for companies to achieve
additional cost reductions or to raise prices to increase profits.
With many analysts forecasting double-digit earnings-per-share growth
in 1999, earnings reductions and disappointments may be commonplace.
As a result, I believe the key to success in this market will be to
own established industry leaders with strong earnings outlooks and
reasonable valuations.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGERS ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER. THE MANAGERS' VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED
ON MARKET AND OTHER CONDITIONS.
NICK THAKORE DISCUSSES
HIS INVESTMENT STYLE AND
STRATEGY FOR THE FUND:
"I believe it will pay to own two
different types of companies in
1999, especially in this uncertain
global environment with the
potential for a slowdown in
corporate earnings. The first
group consists of industry leaders
with above-average earnings
prospects that are expected to be
stronger than the overall market.
Two examples of companies that
fit this high visibility and strong
growth criteria are Microsoft and
MCI WorldCom. The second group
consists of companies whose
earnings already have collapsed,
whose valuations already reflect
dire outlooks and that stand to
benefit from significant share
price increases if industry
fundamentals show improvement.
In my opinion, an example of an
industry group that meets this
turnaround criteria is energy
service."
FUND FACTS
GOAL: to increase the value of
the fund's shares by investing
mainly in equity securities of
companies likely to benefit
from economic, financial, or
market trends
FUND NUMBER: 005
TRADING SYMBOL: FTRNX
START DATE: June 16, 1958
SIZE: as of December 31,
1998, more than $1.1
billion
MANAGER: Nick Thakore,
since October 1998;
manager, Fidelity Utilities
Fund, Fidelity Advisor Utilities
Growth Fund and Fidelity
Select Utilities Growth
Portfolio, 1997-1998;
Fidelity Select
Telecommunications Portfolio
1996-1998; joined Fidelity
in 1993
(checkmark)
INVESTMENT CHANGES
<TABLE>
<CAPTION>
<S> <C> <C>
TOP TEN STOCKS AS OF DECEMBER
31, 1998
% OF FUND'S INVESTMENTS % OF FUND'S INVESTMENTS IN
THESE STOCKS 6 MONTHS AGO
MCI WorldCom, Inc. 4.2 0.8
Microsoft Corp. 3.5 0.0
Tyco International Ltd. 3.1 0.0
General Electric Co. 2.9 0.0
Philip Morris Companies, Inc. 2.6 2.2
Merck & Co., Inc. 2.4 0.0
Amoco Corp. 2.1 0.0
Intel Corp. 2.1 0.0
Lilly (Eli) & Co. 2.0 0.0
Citigroup, Inc. 1.9 0.0
TOP FIVE MARKET SECTORS AS OF
DECEMBER 31, 1998
% OF FUND'S INVESTMENTS % OF FUND'S INVESTMENTS IN
THESE MARKET SECTORS 6
MONTHS AGO
TECHNOLOGY 18.5 23.5
FINANCE 15.4 21.6
HEALTH 11.9 17.9
UTILITIES 11.6 7.4
MEDIA & LEISURE 7.8 8.6
</TABLE>
ASSET ALLOCATION (% OF FUND'S
INVESTMENTS)
AS OF DECEMBER 31, 1998 * AS OF JUNE 30, 1998**
Row: 1, Col: 1, Value: 96.2
Row: 1, Col: 2, Value: 2.0
Row: 1, Col: 3, Value: 1.8
Stocks 98.2%
Convertible
securities 0.5%
Short-term
investments 1.3%
*FOREIGN
INVESTMENTS 21.8%
Stocks 98.2%
Convertible
securities 1.0%
Short-term
investments 0.8%
**FOREIGN
INVESTMENTS 3.4%
Row: 1, Col: 1, Value: 96.2
Row: 1, Col: 2, Value: 1.5
Row: 1, Col: 3, Value: 2.3
INVESTMENTS DECEMBER 31, 1998
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 98.2%
SHARES VALUE (NOTE 1) (000S)
AEROSPACE & DEFENSE - 0.6%
GenCorp, Inc. 153,700 $ 3,833
Howmet International, Inc. (a) 188,800 3,044
6,877
BASIC INDUSTRIES - 2.9%
CHEMICALS & PLASTICS - 2.0%
Crompton & Knowles Corp. 186,300 3,854
du Pont (E.I.) de Nemours & 128,600 6,824
Co.
Great Lakes Chemical Corp. 1,200 48
Hanna (M.A.) Co. 70,000 862
IMC Global, Inc. 122,700 2,623
Ivex Packaging Corp. (a) 153,300 3,564
Monsanto Co. 140,200 6,660
24,435
IRON & STEEL - 0.1%
Steel Dynamics, Inc. (a) 75,700 889
METALS & MINING - 0.3%
Alcoa, Inc. 46,100 3,437
PAPER & FOREST PRODUCTS - 0.5%
Pentair, Inc. 154,800 6,163
TOTAL BASIC INDUSTRIES 34,924
CONSTRUCTION & REAL ESTATE -
1.1%
BUILDING MATERIALS - 0.7%
Owens-Corning 75,700 2,683
Southdown, Inc. 86,000 5,090
7,773
REAL ESTATE - 0.4%
Boardwalk Equities, Inc. (a) 455,400 5,029
TOTAL CONSTRUCTION & REAL 12,802
ESTATE
DURABLES - 2.8%
AUTOS, TIRES, & ACCESSORIES -
1.4%
Federal-Mogul Corp. 55,000 3,273
Ford Motor Co. 147,400 8,651
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1) (000S)
DURABLES - CONTINUED
AUTOS, TIRES, & ACCESSORIES -
CONTINUED
Navistar International Corp. 100,500 $ 2,864
(a)
Pep Boys-Manny, Moe & Jack 157,100 2,465
17,253
CONSUMER ELECTRONICS - 0.7%
Black & Decker Corp. 146,600 8,219
TEXTILES & APPAREL - 0.7%
Liz Claiborne, Inc. 42,700 1,348
Shaw Industries, Inc. 140,500 3,407
Unifi, Inc. 157,900 3,089
7,844
TOTAL DURABLES 33,316
ENERGY - 6.4%
ENERGY SERVICES - 1.3%
Baker Hughes, Inc. 12,000 212
BJ Services Co. (a) 259,200 4,050
Halliburton Co. 192,200 5,694
Input/Output, Inc. (a) 174,900 1,279
Schlumberger Ltd. 60,500 2,791
Transocean Offshore, Inc. 43,000 1,153
15,179
OIL & GAS - 5.1%
Amerada Hess Corp. 35,000 1,741
Amoco Corp. 432,300 25,506
Anadarko Petroleum Corp. 8,700 269
Canadian Natural Resources 36,500 549
Ltd. (a)
Coastal Corp. (The) 57,800 2,019
Crestar Energy, Inc. (a) 49,200 418
Elf Aquitaine SA sponsored ADR 79,200 4,485
Mobil Corp. 112,100 9,767
Murphy Oil Corp. 39,500 1,629
Newfield Exploration Co. (a) 64,000 1,336
Noble Affiliates, Inc. 48,900 1,204
Renaissance Energy Ltd. (a) 22,400 255
Seagull Energy Corp. (a) 86,200 544
Tosco Corp. 109,700 2,838
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1) (000S)
ENERGY - CONTINUED
OIL & GAS - CONTINUED
Total SA sponsored ADR 63,900 $ 3,179
USX-Marathon Group 153,000 4,609
60,348
TOTAL ENERGY 75,527
FINANCE - 15.4%
BANKS - 3.7%
AmSouth Bancorp. 25,700 1,173
Bank of New York Co., Inc. 162,700 6,549
Bank One Corp. 182,700 9,329
BankAmerica Corp. 92,000 5,532
Capital One Financial Corp. 15,800 1,817
Comerica, Inc. 51,700 3,525
M&T Bank Corp. 5,600 2,906
U.S. Bancorp 249,200 8,847
Wells Fargo & Co. 116,700 4,661
44,339
CREDIT & OTHER FINANCE - 6.4%
American Express Co. 89,200 9,121
Associates First Capital 373,400 15,823
Corp. Class A
Citigroup, Inc. 462,800 22,909
Fleet Financial Group, Inc. 117,800 5,264
Household International, Inc. 187,200 7,418
Metris Companies, Inc. 52,100 2,621
Providian Financial Corp. 166,800 12,510
75,666
FEDERAL SPONSORED CREDIT - 2.3%
Fannie Mae 224,100 16,583
Freddie Mac 174,100 11,219
27,802
INSURANCE - 1.8%
American Bankers Insurance 123,200 5,960
Group, Inc.
American International Group, 63,500 6,136
Inc.
UICI (a) 242,200 5,934
UNUM Corp. 59,000 3,444
21,474
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1) (000S)
FINANCE - CONTINUED
SAVINGS & LOANS - 0.5%
Dime Bancorp, Inc. 108,400 $ 2,866
Washington Mutual, Inc. 69,200 2,643
5,509
SECURITIES INDUSTRY - 0.7%
Bear Stearns Companies, Inc. 109,500 4,093
Morgan Stanley, Dean Witter & 66,800 4,743
Co.
8,836
TOTAL FINANCE 183,626
HEALTH - 11.9%
DRUGS & PHARMACEUTICALS - 10.6%
Allergan, Inc. 42,000 2,720
Amgen, Inc. (a) 33,400 3,492
Biogen, Inc. (a) 50,600 4,200
Biomatrix, Inc. (a) 24,400 1,421
Forest Laboratories, Inc. (a) 308,100 16,387
IDEC Pharmaceuticals Corp. (a) 7,600 357
Lilly (Eli) & Co. 265,500 23,596
Medimmune, Inc. (a) 36,100 3,590
Merck & Co., Inc. 191,600 28,297
Pfizer, Inc. 155,900 19,556
Schering-Plough Corp. 65,700 3,630
Sepracor, Inc. (a) 60,400 5,323
Warner-Lambert Co. 179,300 13,481
126,050
MEDICAL EQUIPMENT & SUPPLIES
- - 1.1%
Baxter International, Inc. 86,800 5,582
Biomet, Inc. 77,300 3,111
Cardinal Health, Inc. 55,000 4,173
12,866
MEDICAL FACILITIES MANAGEMENT
- - 0.2%
Wellpoint Health Networks, 35,400 3,080
Inc. (a)
TOTAL HEALTH 141,996
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1) (000S)
INDUSTRIAL MACHINERY &
EQUIPMENT - 7.3%
ELECTRICAL EQUIPMENT - 3.3%
General Electric Co. 333,500 $ 34,038
Omnipoint Corp. (a) 540,700 5,035
39,073
INDUSTRIAL MACHINERY &
EQUIPMENT - 3.7%
Coltec Industries, Inc. (a) 210,300 4,101
Illinois Tool Works, Inc. 9,900 574
Mannesmann AG 13,400 1,554
PRI Automation, Inc. 54,000 1,404
Tyco International Ltd. 490,000 36,964
44,597
POLLUTION CONTROL - 0.3%
Waste Management, Inc. 75,600 3,525
TOTAL INDUSTRIAL MACHINERY & 87,195
EQUIPMENT
MEDIA & LEISURE - 6.8%
BROADCASTING - 2.4%
CBS Corp. 188,000 6,157
Tele-Communications, Inc. 339,500 18,779
(TCI Group) Series A (a)
Time Warner, Inc. 63,900 3,966
28,902
ENTERTAINMENT - 1.4%
Fox Entertainment Group, Inc. 162,300 4,088
(a)
King World Productions, Inc. 96,400 2,838
(a)
Tele-Communications, Inc. 160,200 3,775
(TCI Ventures Group) Series
A (a)
Viacom, Inc. Class B 86,200 6,379
(non-vtg.) (a)
17,080
LEISURE DURABLES & TOYS - 0.4%
Champion Enterprises, Inc. (a) 186,300 5,100
LODGING & GAMING - 0.1%
Choice Hotels International, 65,300 894
Inc. (a)
PUBLISHING - 0.5%
American Greetings Corp. 64,000 2,628
Class A
Reader's Digest Association, 110,100 2,773
Inc. Class A (non-vtg.)
5,401
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1) (000S)
MEDIA & LEISURE - CONTINUED
RESTAURANTS - 2.0%
McDonald's Corp. 184,600 $ 14,145
Outback Steakhouse, Inc. (a) 92,400 3,684
Tricon Global Restaurants, 121,100 6,070
Inc. (a)
23,899
TOTAL MEDIA & LEISURE 81,276
NONDURABLES - 6.3%
BEVERAGES - 2.1%
Anheuser-Busch Companies, 102,700 6,740
Inc.
Canandaigua Brands, Inc. 12,500 723
Class A (a)
Celestial Seasonings, Inc. (a) 115,400 3,210
Coors (Adolph) Co. Class B 52,700 2,974
PepsiCo, Inc. 282,100 11,548
25,195
FOODS - 0.4%
Keebler Foods Co. (a) 108,500 4,082
HOUSEHOLD PRODUCTS - 1.2%
First Brands Corp. 372,900 14,706
TOBACCO - 2.6%
Philip Morris Companies, Inc. 571,600 30,581
TOTAL NONDURABLES 74,564
PRECIOUS METALS - 0.4%
Stillwater Mining Co. (a) 126,200 5,174
RETAIL & WHOLESALE - 5.5%
APPAREL STORES - 1.4%
Abercrombie & Fitch Co. Class 214,700 15,190
A (a)
TJX Companies, Inc. 47,800 1,386
16,576
DRUG STORES - 0.5%
Walgreen Co. 106,900 6,260
GENERAL MERCHANDISE STORES -
1.9%
Federated Department Stores, 46,000 2,004
Inc. (a)
Nordstrom, Inc. 87,100 3,021
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1) (000S)
RETAIL & WHOLESALE - CONTINUED
GENERAL MERCHANDISE STORES -
CONTINUED
Saks Holdings, Inc. (a) 226,600 $ 7,152
Wal-Mart Stores, Inc. 135,100 11,002
23,179
GROCERY STORES - 1.1%
Meyer (Fred), Inc. (a) 208,300 12,550
RETAIL & WHOLESALE,
MISCELLANEOUS - 0.6%
Lowe's Companies, Inc. 144,900 7,417
TOTAL RETAIL & WHOLESALE 65,982
SERVICES - 0.7%
ADVERTISING - 0.5%
ADVO, Inc. (a) 153,600 4,051
Lamar Advertising Co. Class A 29,300 1,091
(a)
Outdoor Systems, Inc. (a) 38,400 1,152
6,294
SERVICES - 0.2%
International Telecom Data 52,400 773
Systems, Inc.
ServiceMaster Co. 73,000 1,611
2,384
TOTAL SERVICES 8,678
TECHNOLOGY - 18.5%
COMMUNICATIONS EQUIPMENT - 3.8%
Ascend Communications, Inc. 113,900 7,489
(a)
Cisco Systems, Inc. (a) 52,800 4,901
Intermedia Communications, 82,700 1,427
Inc. (a)
Lucent Technologies, Inc. 90,300 9,933
OY Nokia AB sponsored ADR 158,800 19,125
Plantronics, Inc. (a) 30,800 2,649
45,524
COMPUTER SERVICES & SOFTWARE
- - 6.8%
Affiliated Computer Services, 69,600 3,132
Inc. Class A (a)
America Online, Inc. 41,900 6,704
Aspect Development, Inc. (a) 81,600 3,616
Cadence Design Systems, Inc. 222,500 6,619
(a)
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1) (000S)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE
- - CONTINUED
Compuware Corp. (a) 35,200 $ 2,750
DST Systems, Inc. (a) 102,546 5,852
Electronics for Imaging, Inc. 53,400 2,136
(a)
Mercury Interactive Corp. (a) 10,900 689
Microsoft Corp. (a) 303,900 42,147
Oracle Corp. (a) 51,400 2,217
Polycom, Inc. (a) 90,400 2,011
Sabre Group Holdings, Inc. 67,600 3,008
Class A (a)
80,881
COMPUTERS & OFFICE EQUIPMENT
- - 3.1%
Compaq Computer Corp. 98,700 4,139
Dell Computer Corp. (a) 117,300 8,585
EMC Corp. (a) 108,600 9,231
Quantum Corp. (a) 66,900 1,422
Seagate Technology, Inc. (a) 140,900 4,262
Unisys Corp. (a) 269,300 9,274
36,913
ELECTRONIC INSTRUMENTS - 0.8%
Smart Modular Technologies, 106,400 2,953
Inc. (a)
Teradyne, Inc. (a) 137,600 5,831
8,784
ELECTRONICS - 4.0%
Applied Micro Circuits Corp. 48,400 1,644
(a)
Intel Corp. 209,000 24,780
Micron Technology, Inc. (a) 96,900 4,900
Motorola, Inc. 77,100 4,708
Texas Instruments, Inc. 78,200 6,691
Unitrode Corp. (a) 300,400 5,257
47,980
TOTAL TECHNOLOGY 220,082
UTILITIES - 11.6%
CELLULAR - 1.7%
AirTouch Communications, Inc. 175,600 12,665
(a)
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1) (000S)
UTILITIES - CONTINUED
CELLULAR - CONTINUED
Nextel Communications, Inc. 293,500 $ 6,934
Class A (a)
SkyTel Communications, Inc. 3,300 73
(a)
19,672
GAS - 0.2%
Enron Corp. 38,600 2,203
TELEPHONE SERVICES - 9.7%
ALLTEL Corp. 254,600 15,228
AT&T Corp. 142,800 10,746
Cincinnati Bell, Inc. 10,200 386
Cincinnati Bell, Inc. (b) 934,900 16,055
Global TeleSystems Group, 98,700 5,503
Inc. (a)
MCI WorldCom, Inc. (a) 702,400 50,388
Qwest Communications 74,300 3,715
International, Inc. (a)
Tel-Save.com, Inc. (a) 588,100 9,851
Telecom Italia Mobile Spa 558,000 4,123
115,995
TOTAL UTILITIES 137,870
TOTAL COMMON STOCKS 1,169,889
(Cost $976,769)
CONVERTIBLE PREFERRED STOCKS
- - 1.0%
MEDIA & LEISURE - 1.0%
BROADCASTING - 1.0%
MediaOne Group, Inc. $3.63 180,000 11,970
PIES (Cost $11,317)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
U.S. TREASURY OBLIGATIONS -
0.8%
MOODY'S RATINGS (UNAUDITED) PRINCIPAL AMOUNT (000S)
U.S. Treasury Bill, yield at - $ 10,000 9,979
date of purchase 4.01%
1/21/99 (Cost $9,977)
TOTAL INVESTMENT IN $ 1,191,838
SECURITIES - 100%
(Cost $998,063)
</TABLE>
SECURITY TYPE ABBREVIATIONS
PIES - Premium Income Equity Security
LEGEND
(a) Non-income producing
(b) Security purchased on a
when-issued basis.
INCOME TAX INFORMATION
At December 31, 1998, the aggregate cost of investment securities for
income tax purposes was $1,009,169,000. Net unrealized appreciation
aggregated $182,669,000, of which $190,262,000 related to appreciated
investment securities and $7,593,000 related to depreciated investment
securities.
At December 31, 1998, the fund had a capital loss carryforward of
approximately $97,168,000 which will expire in December 31, 2006.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNT)
DECEMBER 31, 1998
ASSETS
Investment in securities, at $ 1,191,838
value (cost $998,063) - See
accompanying schedule
Receivable for investments sold 58,425
Regular delivery
Delayed delivery 14,632
Receivable for fund shares 6,063
sold
Dividends receivable 1,254
Interest receivable 39
Other receivables 868
TOTAL ASSETS 1,273,119
LIABILITIES
Payable to custodian bank $ 269
Payable for investments 61,817
purchased Regular delivery
Delayed delivery 3,353
Payable for fund shares 11,682
redeemed
Accrued management fee 328
Other payables and accrued 216
expenses
TOTAL LIABILITIES 77,665
NET ASSETS $ 1,195,454
Net Assets consist of:
Paid in capital $ 1,107,035
Undistributed net investment 1,003
income
Accumulated undistributed net (106,380)
realized gain (loss) on
investments and foreign
currency transactions
Net unrealized appreciation 193,796
(depreciation) on
investments and assets and
liabilities in foreign
currencies
NET ASSETS, for 21,479 shares $ 1,195,454
outstanding
NET ASSET VALUE, offering $55.66
price and redemption price
per share ($1,195,454
(divided by) 21,479 shares)
STATEMENT OF OPERATIONS
AMOUNTS IN THOUSANDS
YEAR ENDED DECEMBER 31, 1998
INVESTMENT INCOME $ 6,824
Dividends
Interest 1,750
TOTAL INCOME 8,574
EXPENSES
Management fee Basic fee $ 7,993
Performance adjustment (2,736)
Transfer agent fees 2,253
Accounting fees and expenses 561
Custodian fees and expenses 137
Registration fees 49
Audit 31
Legal 13
Interest 52
Reports to shareholders 68
Miscellaneous 5
Total expenses before 8,426
reductions
Expense reductions (1,165) 7,261
NET INVESTMENT INCOME 1,313
REALIZED AND UNREALIZED GAIN
(LOSS)
Net realized gain (loss) on:
Investment securities (55,421)
(including realized loss of
$(15,956) on sales of
investments in affiliated
issuers)
Foreign currency transactions (130)
Futures contracts 5,813 (49,738)
Change in net unrealized
appreciation (depreciation)
on:
Investment securities 90,543
Assets and liabilities in 26
foreign currencies
Futures contracts (850) 89,719
NET GAIN (LOSS) 39,981
NET INCREASE (DECREASE) IN $ 41,294
NET ASSETS RESULTING FROM
OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
AMOUNTS IN THOUSANDS YEAR ENDED DECEMBER 31, 1998 YEAR ENDED DECEMBER 31, 1997
INCREASE (DECREASE) IN NET
ASSETS
Operations Net investment $ 1,313 $ 1,842
income
Net realized gain (loss) (49,738) 216,761
Change in net unrealized 89,719 (106,075)
appreciation (depreciation)
NET INCREASE (DECREASE) IN 41,294 112,528
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders - (1,184)
From net investment income
From net realized gain - (170,047)
TOTAL DISTRIBUTIONS - (171,231)
Share transactions Net 794,088 1,295,070
proceeds from sales of shares
Reinvestment of distributions - 151,806
Cost of shares redeemed (1,069,994) (1,289,760)
NET INCREASE (DECREASE) IN (275,906) 157,116
NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) (234,612) 98,413
IN NET ASSETS
NET ASSETS
Beginning of period 1,430,066 1,331,653
End of period (including $ 1,195,454 $ 1,430,066
undistributed net investment
income of $1,003 and $508,
respectively)
OTHER INFORMATION
Shares
Sold 13,653 20,963
Issued in reinvestment of - 2,918
distributions
Redeemed (18,604) (20,892)
Net increase (decrease) (4,951) 2,989
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED DECEMBER 31,
1998 1997 1996 1995 1994
SELECTED PER-SHARE DATA
Net asset value, beginning $ 54.11 $ 56.81 $ 52.48 $ 50.99 $ 59.08
of period
Income from Investment
Operations
Net investment income .05 B .08 B .62 C .46 .20
Net realized and unrealized 1.50 4.46 8.18 10.71 (4.24)
gain (loss)
Total from investment 1.55 4.54 8.80 11.17 (4.04)
operations
Less Distributions
From net investment income - (.05) (.45) (.47) (.21)
From net realized gain - (7.19) (4.02) (9.21) (3.84)
Total distributions - (7.24) (4.47) (9.68) (4.05)
Net asset value, end of period $ 55.66 $ 54.11 $ 56.81 $ 52.48 $ 50.99
TOTAL RETURN A 2.86% 8.55% 16.98% 22.11% (6.70)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,195 $ 1,430 $ 1,332 $ 1,268 $ 1,193
(in millions)
Ratio of expenses to average .62% .65% .66% .85% 1.04%
net assets
Ratio of expenses to average .54% D .59% D .64% D .82% D 1.04%
net assets after expense
reductions
Ratio of net investment .10% .13% 1.77% .82% .39%
income to average net assets
Portfolio turnover rate 348% 334% 142% 186% 29%
</TABLE>
A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 7 OF NOTES TO
FINANCIAL STATEMENTS).
B NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
C INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH
AMOUNTED TO $.28 PER SHARE.
D FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES
(SEE NOTE 7 OF NOTES TO FINANCIAL STATEMENTS).
NOTES TO FINANCIAL STATEMENTS
For the period ended December 31, 1998
1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Trend Fund (the fund) is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment
company organized as a Massachusetts business trust and is authorized
to issue an unlimited number of shares. The financial statements have
been prepared in conformity with generally accepted accounting
principles which require management to make certain estimates and
assumptions at the date of the financial statements. The following
summarizes the significant accounting policies of the fund:
SECURITY VALUATION. 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 with
remaining maturities of sixty days or less for which quotations are
not readily available 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 foreign
currency contracts, disposition of foreign currencies, the difference
between the amount of net investment income accrued and the U.S.
dollar amount actually received, and gains and losses between trade
and settlement date on purchases and sales of securities. 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 fund is
informed of the ex-dividend date. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income 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
DEFERRED TRUSTEE COMPENSATION. Under a Deferred Compensation Plan (the
Plan) non-interested Trustees must defer receipt of a portion of, and
may elect to defer receipt of an additional portion of, their annual
compensation. Deferred amounts are treated as though equivalent dollar
amounts had been invested in shares of the fund or are invested in a
cross-section of other Fidelity funds. Deferred amounts remain in the
fund until distributed in accordance with the Plan.
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 litigation proceeds, futures transactions, foreign
currency transactions, partnerships, capital loss carryforwards, and
losses deferred due to wash sales and excise tax regulations. The fund
also utilized earnings and profits distributed to shareholders on
redemption of shares as a part of the dividends paid deduction for
income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Undistributed net investment income 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.
SECURITY TRANSACTIONS. Security transactions are accounted for as of
trade date. Gains and losses on securities sold are determined on the
basis of identified cost.
2. OPERATING POLICIES.
FOREIGN CURRENCY CONTRACTS. The fund generally uses foreign currency
contracts to facilitate transactions in foreign-denominated
securities. 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 foreign currency contracts is
determined using contractual currency exchange rates established at
the time of each trade.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), 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 for U.S. Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are
marked-to-market daily and maintained at a value at least equal to the
principal
2. OPERATING POLICIES - CONTINUED
REPURCHASE AGREEMENTS -
CONTINUED
amount of the repurchase agreement (including accrued interest). FMR,
the fund's investment adviser, is responsible for determining that the
value of the underlying securities remains in accordance with the
market value requirements stated above.
TAXABLE CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by
the SEC, the fund may invest in the Taxable Central Cash Fund (the
Cash Fund) managed by Fidelity Investments Money Management, Inc., an
affiliate of FMR. The Cash Fund is an open-end money market fund
available only to investment companies and other accounts managed by
FMR and its affiliates. The Cash Fund seeks preservation of capital,
liquidity, and current income by investing in U.S. Treasury securities
and repurchase agreements for these securities. Income distributions
from the Cash Fund are declared daily and paid monthly from net
interest income. Income distributions earned by the fund are recorded
as interest income in the accompanying financial statements.
INTERFUND LENDING PROGRAM. Pursuant to an Exemptive Order issued by
the SEC, the fund, along with other registered investment companies
having management contracts with FMR, may participate in an interfund
lending program. This program provides an alternative credit facility
allowing the fund to borrow from, or lend money to, other
participating funds.
FUTURES CONTRACTS. The fund may use futures contracts to manage its
exposure to the stock market. Buying futures tends to increase the
fund's exposure to the underlying instrument, while selling futures
tends to decrease the fund's exposure to the underlying instrument or
hedge other fund investments. Losses may arise from changes in the
value of the underlying instruments or if the counterparties do not
perform under the contracts' terms. Gains (losses) are realized upon
the expiration or closing of the futures contracts. Futures contracts
are valued at the settlement price established each day by the board
of trade or exchange on which they are traded.
RESTRICTED SECURITIES. The fund is permitted to invest in securities
that are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from
registration or to the public if the securities are registered.
Disposal of these securities may involve time-consuming negotiations
and expense, and prompt sale at an acceptable price may be difficult.
At the end of the period, the fund had no investments in restricted
securities.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $4,493,761,000 and $4,715,374,000, respectively.
The market value of futures contracts opened and closed during the
period amounted to $367,746,000 and $416,806,000, 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 .2500% to
.5200% for the period. The annual individual fund fee rate is .30%. 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 basic fee
is subject to a performance adjustment (up to a maximum of
(plus/minus).20% of the fund's average net assets over the performance
period) 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 annual rate of .39% of average net
assets after the performance adjustment.
TRANSFER AGENT FEES. Fidelity Service Company, Inc. (FSC), an
affiliate of FMR, is the fund's transfer, dividend disbursing and
shareholder servicing agent. FSC receives account fees and asset-based
fees that vary according to account size and type of account. FSC pays
for typesetting, printing and mailing of all shareholder reports,
except proxy statements. For the period, the transfer agent fees were
equivalent to an annual rate of .17% of average net assets.
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 $714,000 for the
period.
5. INTERFUND LENDING PROGRAM.
The fund participated in the interfund lending program as a borrower.
The maximum loan and the average daily loan balances during the period
for which loans were outstanding amounted to $15,711,000 and
$15,047,000, respectively. The weighted average interest rate was
5.55%. Interest expense includes $14,000 paid under the interfund
lending program.
6. BANK BORROWINGS.
The fund is permitted to have bank borrowings for temporary or
emergency purposes to fund shareholder redemptions. The fund has
established borrowing arrangements with certain banks. Under the most
restrictive arrangement, the fund must pledge to the bank securities
having a market value in excess of 220% of the total bank borrowings.
The interest rate on the borrowings is the bank's base rate, as
revised from time to time. The maximum loan and the average daily loan
balances during the period for which loans were outstanding amounted
to $12,616,000 and $6,031,000, respectively. The weighted average
interest rate was 5.81%. Interest expense includes $38,000 paid under
the bank borrowing program.
7. 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 $1,117,000 under this arrangement.
In addition, the fund has entered into arrangements with its custodian
and transfer agent whereby credits realized as a result of uninvested
cash balances were used to reduce a portion of the fund's expenses.
During the period, the fund's custodian and transfer agent fees were
reduced by $13,000 and $35,000, respectively, under these
arrangements.
8. 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
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
AMOUNTS IN THOUSANDS PURCHASE SALES DIVIDEND VALUE
AFFILIATE COST COST INCOME
Anchor Gaming $ 9,137 $ 35,189 $ - $ -
Business Objects SA sponsored ADR 1,285 3,913 - -
Computer Learning Centers, Inc. 11,480 17,132 - -
ESC Medical Systems Ltd. 8,472 8,053 - -
FIRSTPLUS Financial Group, Inc. 6,115 8,751 - -
General Cigar Holdings, Inc. Class A - 2,937 - -
Long Beach Financial Corp. - 2,056 - -
Penn National Gaming, Inc. - 14,829 - -
Telespectrum Worldwide, Inc. - 12,188 - -
Timberland Co. Class A - 620 - -
Virgin Express Holdings PLC
sponsored ADR 3,838 2,455 - -
Zag Industries Ltd. - 3,141 - -
TOTALS $ 40,327 $ 111,264 $ - $ -
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders of Fidelity Trend Fund:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Fidelity Trend Fund at December 31, 1998, and the results of its
operations, the changes in its net assets and the financial highlights
for the periods indicated, in conformity with generally accepted
accounting principles. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fidelity Trend Fund's management; our
responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards
which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation
of securities at December 31, 1998 by correspondence with the
custodian and brokers, provide a reasonable basis for the opinion
expressed above.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 5, 1999
PROXY VOTING RESULTS
A special meeting of the fund's shareholders was held on December 16,
1998. The results of votes taken among shareholders on proposals
before them are reported below. Each vote reported represents a single
share held on the record date for the meeting.
PROPOSAL 1
To elect as Trustees the following twelve nominees.
# OF % OF
VOTES CAST VOTES CAST
RALPH F. COX
Affirmative 11,148,433.919 96.804
Withheld 368,042.339 3.196
TOTAL 11,516,476.258 100.000
PHYLLIS BURKE DAVIS
Affirmative 11,102,302.169 96.404
Withheld 414,174.089 3.596
TOTAL 11,516,476.258 100.000
ROBERT M. GATES
Affirmative 11,140,298.975 96.734
Withheld 376,177.283 3.266
TOTAL 11,516,476.258 100.000
EDWARD C. JOHNSON 3D
Affirmative 11,135,671.783 96.693
Withheld 380,804.475 3.307
TOTAL 11,516,476.258 100.000
E. BRADLEY JONES
Affirmative 11,128,785.557 96.634
Withheld 387,690.701 3.366
TOTAL 11,516,476.258 100.000
DONALD J. KIRK
Affirmative 11,135,227.874 96.690
Withheld 381,248.384 3.310
TOTAL 11,516,476.258 100.000
# OF % OF
VOTES CAST VOTES CAST
PETER S. LYNCH
Affirmative 11,155,713.069 96.867
Withheld 360,763.189 3.133
TOTAL 11,516,476.258 100.000
WILLIAM O. MCCOY
Affirmative 11,147,098.089 96.793
Withheld 369,378.169 3.207
TOTAL 11,516,476.258 100.000
GERALD C. MCDONOUGH
Affirmative 11,126,637.695 96.615
Withheld 389,838.563 3.385
TOTAL 11,516,476.258 100.000
MARVIN L. MANN
Affirmative 11,134,773.074 96.686
Withheld 381,703.184 3.314
TOTAL 11,516,476.258 100.000
ROBERT C. POZEN
Affirmative 11,146,278.377 96.785
Withheld 370,197.881 3.215
TOTAL 11,516,476.258 100.000
THOMAS R. WILLIAMS
Affirmative 11,129,573.934 96.640
Withheld 386,902.324 3.360
TOTAL 11,516,476.258 100.000
PROPOSAL 2
To ratify the selection of PricewaterhouseCoopers LLP as independent
accountants of the fund.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 11,016,751.434 95.661
Against 164,682.577 1.430
Abstain 335,042.247 2.909
TOTAL 11,516,476.258 100.000
PROPOSAL 3
To authorize the Trustees to adopt an Amended and Restated Declaration
of Trust.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 10,411,040.632 90.401
Against 583,708.926 5.069
Abstain 521,726.700 4.530
TOTAL 11,516,476.258 100.000
PROPOSAL 4
To adopt a new fundamental investment policy for the fund permitting
the fund to invest all of its assets in another open-end investment
company managed by Fidelity Management & Research Company or an
affiliate with substantially the same investment objective and
policies.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 9,856,807.237 87.280
Against 874,712.870 7.746
Abstain 561,739.151 4.974
TOTAL 11,293,259.258 100.000
Broker Non-Votes 223,217.000
PROPOSAL 5
To approve an amended management contract for the fund.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 10,273,752.622 89.232
Against 599,525.368 5.207
Abstain 640,314.268 5.561
TOTAL 11,513,592.258 100.000
Broker Non-Votes 2,884.000
PROPOSAL 6
To approve a new sub-advisory agreement with FMR U.K. for the fund.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 10,135,277.846 88.007
Against 682,432.250 5.925
Abstain 698,766.162 6.068
TOTAL 11,516,476.258 100.000
PROPOSAL 7
To approve a new sub-advisory agreement with FMR Far East for the
fund.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 10,038,491.551 87.166
Against 766,187.806 6.653
Abstain 711,796.901 6.181
TOTAL 11,516,476.258 100.000
PROPOSAL 8
To make certain fundamental investment policies of the fund
non-fundamental.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 9,796,224.895 86.744
Against 810,792.466 7.179
Abstain 686,241.897 6.077
TOTAL 11,293,259.258 100.000
Broker Non-Votes 223,217.000
PROPOSAL 9
To eliminate certain fundamental policies of the fund.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 9,825,468.583 87.003
Against 762,107.380 6.748
Abstain 705,683.295 6.249
TOTAL 11,293,259.258 100.000
Broker Non-Votes 223,217.000
PROPOSAL 10
To amend the fund's fundamental investment limitation concerning
diversification.
# OF % OF
VOTES CAST VOTES CAST
Affirmative 9,864,756.274 87.351
Against 787,724.394 6.975
Abstain 640,778.590 5.674
TOTAL 11,293,259.258 100.000
Broker Non-Votes 223,217.000
OF SPECIAL NOTE
INTRODUCING FIDELITY'S NEW, REORGANIZED PROSPECTUS
Recently, the SEC issued new disclosure requirements for all mutual
fund prospectuses. While Fidelity could have complied by simply
following the new requirements, we saw a different opportunity. We saw
the chance to create a brand new prospectus: one that is better
organized, easier to use and more informative than ever.
The new format of the Fidelity mutual fund prospectus puts the
information you need to make informed investment decisions right at
your fingertips. In the opening pages, you will find the SEC-mandated
summary that highlights the fund's investment objectives, strategies
and risks. There's also an easy-to-read performance chart and fee
table right up front.
Inside, you will find additional features we've introduced to make the
fund prospectus a more useful tool. In our new Shareholder Information
section, for example, we have provided practical, beneficial
information - from how to buy or sell shares, key contact information,
investment services, ways to set up your account and more - all in one
convenient location.
We invite you to spend a moment and review our new prospectus. It is
designed to help make your investment decision easier, no matter which
of the Fidelity funds you invest in.
MANAGING YOUR INVESTMENTS
Fidelity offers several ways to conveniently manage your personal
investments via your telephone or PC. You can access your account
information, conduct trades and research your investments 24 hours a
day.
BY PHONE
Fidelity TouchTone Xpress(registered trademark) provides a single
toll-free number to access account balances, positions, quotes and
trading. It's easy to navigate the service, and on your first call,
the system will help you create a personal identification number (PIN)
for security.
(PHONE_GRAPHIC)TOUCHTONE XPRESS
1-800-544-5555
PRESS
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
BY PC
Fidelity's Web site on the Internet provides a wide range of
information, including daily financial news, fund performance,
interactive planning tools and news about Fidelity products and
services.
(COMPUTER_GRAPHIC)FIDELITY'S WEB SITE
WWW.FIDELITY.COM
If you are not currently on the Internet, call EarthLink Sprint at
1-800-288-2967, and be sure to ask for registration number SMD004 to
receive a special Fidelity package that includes 30 days of free
Internet access. EarthLink is North America's #1 independent Internet
access provider.
(COMPUTER_GRAPHIC)
FIDELITY ON-LINE XPRESS+(registered trademark)
Fidelity On-line Xpress+ software for Windows combines comprehensive
portfolio management capabilities, securities trading and access to
research and analysis tools . . . all on your desktop. Call Fidelity
at 1-800-544-7272 or visit our Web site for more information on how to
manage your investments via your PC.
* 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
2300 Litton Lane - KH1A
Hebron, KY 41048
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 500
Merrimack, NH 03054-0500
(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
SELLING SHARES
Fidelity Investments
P.O. Box 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 500
Merrimack, NH 03054-0500
TO VISIT FIDELITY
For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
815 East Birch Street
Brea, CA
851 East Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19200 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
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
950 Northgate Drive
San Rafael, CA
1400 Civic Drive
Walnut Creek, CA
6300 Canoga Avenue
Woodland Hills, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, 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
1907 West State Road 434
Longwood, FL
8880 Tamiami Trail, North
Naples, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
GEORGIA
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
One North Franklin Street
Chicago, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
3232 Lake Avenue
Wilmette, IL
INDIANA
4729 East 82nd Street
Indianapolis, IN
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
7401 Wisconsin Avenue
Bethesda, MD
1 West Pennsylvania Ave.
Towson, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
155 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
29155 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
150 Essex Street
Millburn, NJ
56 South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
NEW YORK
1055 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
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
OREGON
16850 SW 72 Avenue
Tigard, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
6150 Poplar Road
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
4017 Northwest Parkway
Dallas, TX
1155 Dairy Ashford Street
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
19740 IH 45 North
Spring, TX
UTAH
215 South State Street
Salt Lake City, UT
VIRGINIA
8180 Greensboro Drive
McLean, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
511 Pine Street
Seattle, WA
WASHINGTON, DC
1900 K Street, N.W.
Washington, DC
WISCONSIN
595 North Barker Road
Brookfield, 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
Robert C. Pozen, Senior Vice President
Abigail P. Johnson, Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Matthew N. Karstetter, Deputy Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Gary Burkhead
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Company, Inc.
Boston, MA
* INDEPENDENT TRUSTEES
TRE-ANN-0299 70358
1.540017.101
CUSTODIAN
The Chase Manhattan Bank
New York, NY
FIDELITY'S GROWTH FUNDS
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OTC Portfolio
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Stock Selector
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TechnoQuantGrowthSM Fund
Trend Fund
Value Fund
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Exchanges/Redemptions 1-800-544-7777
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
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(8 a.m. - 9 p.m.)
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for the deaf and hearing impaired
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AUTOMATED LINE FOR QUICKEST SERVICE
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Corporate Headquarters
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