# EDGAR Filing Document

**Accession Number:** 0000035402
**File Stem:** 0000035402-25-002266
**Filing Date:** 2025-11
**Character Count:** 70013
**Document Hash:** 85748aa1cf75af51dbf4ab545684baa7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-25-002266.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000035402-25-002266

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY TREND FUND
- **CENTRAL INDEX KEY:** 0000035402

**ORGANIZATION NAME:**
- **EIN:** 046026956
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00790
- **FILM NUMBER:** 251519806

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY TREND FUND INC
- **DATE OF NAME CHANGE:** 19850503

## Series and Classes Contracts Data

### Fidelity Trend Fund (Series ID: S000007496)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020470 | Fidelity Trend Fund | FTRNX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Trend Fund**

**September 30, 2025**

TRE-NPRT3-1125

1.808771.121 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| DroneShield Ltd (a)(b) | 5139877 | 15848924 |
| CANADA - 0.8%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 180990 | 10947574 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Brookfield Wealth Solutions Ltd Class A (United States) (c) | 1826 | 125062 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Shopify Inc Class A (United States) (a) | 152600 | 22677886 |
| TOTAL CANADA |  | 33750522 |
| FINLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Amer Sports Inc (a) | 279200 | 9702200 |
| FRANCE - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Hermes International SCA  | 5400 | 13205949 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Birkenstock Holding Plc (a) | 149600 | 6769400 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish (c) | 7600 | 483436 |
| Insurance - 0.0% |  |  |
| Accelerant Holdings Class A (a)(c) | 12700 | 189103 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 672539 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Lenskart Solutions Ltd (d)(e) | 579644 | 2064854 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A (c) | 4900 | 202223 |
| ITALY - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Brunello Cucinelli SpA  | 105100 | 11475517 |
| KOREA (SOUTH) - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Coupang Inc Class A (a) | 277000 | 8919400 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Cie Financiere Richemont SA Series A  | 39210 | 7527003 |
| TAIWAN - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 87600 | 24465804 |
| UNITED KINGDOM - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Flutter Entertainment PLC (a) | 57700 | 14655800 |
| UNITED STATES - 96.4%  |  |  |
| Communication Services - 10.2% |  |  |
| Entertainment - 3.0% |  |  |
| Netflix Inc (a) | 72700 | 87161484 |
| ROBLOX Corp Class A (a) | 142300 | 19711396 |
| Spotify Technology SA (a) | 42300 | 29525400 |
|  |  | 136398280 |
| Interactive Media & Services - 7.2% |  |  |
| Alphabet Inc Class A  | 485440 | 118010464 |
| Meta Platforms Inc Class A  | 265500 | 194977890 |
| Reddit Inc Class A (a) | 52400 | 12051476 |
|  |  | 325039830 |
| TOTAL COMMUNICATION SERVICES |  | 461438110 |
| Consumer Discretionary - 15.0% |  |  |
| Automobiles - 3.5% |  |  |
| Tesla Inc (a) | 353600 | 157252992 |
| Broadline Retail - 4.7% |  |  |
| Amazon.com Inc (a) | 958200 | 210391974 |
| Hotels, Restaurants & Leisure - 3.7% |  |  |
| Black Rock Coffee Bar Inc Class A  | 7100 | 169406 |
| Brinker International Inc (a) | 63500 | 8044180 |
| Carnival Corp (a) | 473200 | 13680212 |
| Cava Group Inc (a)(c) | 119100 | 7194831 |
| Chipotle Mexican Grill Inc (a) | 343000 | 13442170 |
| Dutch Bros Inc Class A (a) | 517800 | 27101652 |
| First Watch Restaurant Group Inc (a)(c) | 1166784 | 18248502 |
| Royal Caribbean Cruises Ltd  | 65800 | 21291564 |
| Starbucks Corp  | 212000 | 17935200 |
| Texas Roadhouse Inc  | 87400 | 14521510 |
| Viking Holdings Ltd (a) | 309600 | 19244736 |
| Wingstop Inc (c) | 37100 | 9337328 |
|  |  | 170211291 |
| Household Durables - 1.7% |  |  |
| SharkNinja Inc (a) | 272700 | 28129005 |
| Somnigroup International Inc  | 564500 | 47604285 |
|  |  | 75733290 |
| Specialty Retail - 1.1% |  |  |
| Boot Barn Holdings Inc (a) | 116000 | 19223520 |
| Carvana Co Class A (a) | 34300 | 12939332 |
| Chewy Inc Class A (a) | 233100 | 9428895 |
| O'Reilly Automotive Inc (a) | 88900 | 9584309 |
| Wayfair Inc Class A (a) | 4424 | 395196 |
|  |  | 51571252 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| NIKE Inc Class B  | 227400 | 15856602 |
| TOTAL CONSUMER DISCRETIONARY |  | 681017401 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.5% |  |  |
| Celsius Holdings Inc (a) | 356500 | 20495185 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Costco Wholesale Corp  | 47 | 43505 |
| Performance Food Group Co (a) | 128600 | 13379544 |
| Sprouts Farmers Market Inc (a) | 58900 | 6408320 |
|  |  | 19831369 |
| Personal Care Products - 0.0% |  |  |
| elf Beauty Inc (a) | 100 | 13248 |
| TOTAL CONSUMER STAPLES |  | 40339802 |
| Financials - 4.2% |  |  |
| Capital Markets - 2.8% |  |  |
| Ares Management Corp Class A  | 99900 | 15973011 |
| Blackstone Inc  | 139700 | 23867745 |
| Blue Owl Capital Inc Class A  | 1208500 | 20459905 |
| Coinbase Global Inc Class A (a) | 30500 | 10293445 |
| DigitalBridge Group Inc Class A  | 296700 | 3471390 |
| Robinhood Markets Inc Class A (a) | 360500 | 51616390 |
|  |  | 125681886 |
| Consumer Finance - 0.6% |  |  |
| SoFi Technologies Inc Class A (a) | 1018600 | 26911412 |
| Financial Services - 0.8% |  |  |
| Affirm Holdings Inc Class A (a) | 186800 | 13651344 |
| Apollo Global Management Inc  | 128600 | 17138522 |
| Toast Inc Class A (a) | 145400 | 5308554 |
|  |  | 36098420 |
| TOTAL FINANCIALS |  | 188691718 |
| Health Care - 2.5% |  |  |
| Biotechnology - 0.2% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 19000 | 8664000 |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Boston Scientific Corp (a) | 122592 | 11968657 |
| TransMedics Group Inc (a) | 109300 | 12263460 |
|  |  | 24232117 |
| Health Care Technology - 0.3% |  |  |
| Doximity Inc Class A (a) | 14800 | 1082620 |
| Veeva Systems Inc Class A (a) | 43900 | 13078249 |
|  |  | 14160869 |
| Pharmaceuticals - 1.5% |  |  |
| Eli Lilly & Co  | 88251 | 67335513 |
| TOTAL HEALTH CARE |  | 114392499 |
| Industrials - 20.1% |  |  |
| Aerospace & Defense - 7.9% |  |  |
| ATI Inc (a) | 419600 | 34130264 |
| Axon Enterprise Inc (a) | 149117 | 107012324 |
| Boeing Co (a) | 250 | 53957 |
| Firefly Aerospace Inc (a) | 13500 | 395820 |
| HEICO Corp Class A  | 137188 | 34858099 |
| Howmet Aerospace Inc  | 446500 | 87616695 |
| Karman Holdings Inc (c) | 256600 | 18526520 |
| Leonardo DRS Inc  | 459700 | 20870380 |
| Loar Holdings Inc (a) | 59800 | 4784000 |
| Rocket Lab Corp (c) | 57200 | 2740452 |
| StandardAero Inc (a) | 66400 | 1812056 |
| TransDigm Group Inc  | 34977 | 46100386 |
|  |  | 358900953 |
| Building Products - 0.6% |  |  |
| AAON Inc (c) | 67200 | 6279168 |
| Trane Technologies PLC  | 49900 | 21055804 |
|  |  | 27334972 |
| Commercial Services & Supplies - 0.8% |  |  |
| Cintas Corp  | 170712 | 35040345 |
| Construction & Engineering - 6.8% |  |  |
| API Group Corp (a) | 602100 | 20694177 |
| Comfort Systems USA Inc  | 64900 | 53554182 |
| Construction Partners Inc Class A (a) | 461300 | 58585100 |
| EMCOR Group Inc  | 67900 | 44103766 |
| Legence Corp Class A  | 31000 | 955110 |
| MasTec Inc (a) | 174700 | 37177907 |
| Sterling Infrastructure Inc (a)(c) | 276600 | 93955488 |
|  |  | 309025730 |
| Electrical Equipment - 0.5% |  |  |
| GE Vernova Inc  | 38700 | 23796630 |
| Ground Transportation - 0.5% |  |  |
| XPO Inc (a) | 163200 | 21096864 |
| Machinery - 1.1% |  |  |
| Federal Signal Corp (c) | 234800 | 27938852 |
| RBC Bearings Inc (a) | 53200 | 20763428 |
|  |  | 48702280 |
| Professional Services - 0.3% |  |  |
| Verisk Analytics Inc  | 77800 | 19567478 |
| Trading Companies & Distributors - 1.6% |  |  |
| Fastenal Co  | 343100 | 16825624 |
| FTAI Aviation Ltd  | 149100 | 24878826 |
| United Rentals Inc  | 21700 | 20716122 |
| WW Grainger Inc  | 8700 | 8290752 |
|  |  | 70711324 |
| TOTAL INDUSTRIALS |  | 914176576 |
| Information Technology - 40.7% |  |  |
| Communications Equipment - 0.7% |  |  |
| Arista Networks Inc  | 153600 | 22381056 |
| Lumentum Holdings Inc (a) | 55300 | 8997863 |
|  |  | 31378919 |
| Electronic Equipment, Instruments & Components - 2.0% |  |  |
| Amphenol Corp Class A  | 325500 | 40280625 |
| Coherent Corp (a) | 481200 | 51834864 |
|  |  | 92115489 |
| IT Services - 0.2% |  |  |
| Cloudflare Inc Class A (a) | 54100 | 11609319 |
| Semiconductors & Semiconductor Equipment - 18.9% |  |  |
| Advanced Micro Devices Inc (a) | 86400 | 13978656 |
| Broadcom Inc  | 656400 | 216552924 |
| NVIDIA Corp  | 3359460 | 626808047 |
|  |  | 857339627 |
| Software - 12.7% |  |  |
| AppLovin Corp Class A (a) | 80000 | 57483200 |
| Cadence Design Systems Inc (a) | 109169 | 38346703 |
| Fair Isaac Corp (a) | 30559 | 45732460 |
| Figma Inc Class A  | 10500 | 544635 |
| HubSpot Inc (a) | 14500 | 6783100 |
| Microsoft Corp  | 548000 | 283836600 |
| Netskope Inc (a) | 12900 | 293217 |
| Onestream Inc Class A (a)(c) | 4600 | 84778 |
| OpenAI Global LLC rights (a)(d)(e) | 1434100 | 1964717 |
| Oracle Corp  | 184200 | 51804408 |
| Palantir Technologies Inc Class A (a) | 271500 | 49527030 |
| Palo Alto Networks Inc (a) | 140800 | 28669696 |
| Plaid Inc/DE Class A (d)(e) | 16919 | 3597318 |
| Synopsys Inc (a) | 13600 | 6710104 |
|  |  | 575377966 |
| Technology Hardware, Storage & Peripherals - 6.2% |  |  |
| Apple Inc  | 1068776 | 272142433 |
| Pure Storage Inc Class A (a) | 88825 | 7444423 |
| Super Micro Computer Inc (a) | 60700 | 2909958 |
|  |  | 282496814 |
| TOTAL INFORMATION TECHNOLOGY |  | 1850318134 |
| Materials - 0.9% |  |  |
| Construction Materials - 0.5% |  |  |
| Vulcan Materials Co  | 77000 | 23686740 |
| Metals & Mining - 0.2% |  |  |
| Carpenter Technology Corp  | 41500 | 10189910 |
| Paper & Forest Products - 0.2% |  |  |
| Louisiana-Pacific Corp  | 87500 | 7773500 |
| TOTAL MATERIALS |  | 41650150 |
| Real Estate - 1.1% |  |  |
| Health Care REITs - 0.7% |  |  |
| Welltower Inc  | 181400 | 32314596 |
| Specialized REITs - 0.4% |  |  |
| Iron Mountain Inc  | 157300 | 16035162 |
| TOTAL REAL ESTATE |  | 48349758 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.2% |  |  |
| NRG Energy Inc  | 43300 | 7012434 |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| Talen Energy Corp (a) | 52700 | 22417526 |
| Vistra Corp  | 35100 | 6876792 |
|  |  | 29294318 |
| TOTAL UTILITIES |  | 36306752 |
| TOTAL UNITED STATES |  | 4376680900 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,187,530,619) |  | <br> **4525941035** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| FINLAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Technology - 0.2% |  |  |
| Oura Health Oy Series E (d)(e) | 159921 | 8566968 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Meesho Series D-2 (d)(e) | 635820 | 947372 |
| Meesho Series E (d)(e) | 105900 | 157791 |
| Meesho Series F (d)(e) | 99989 | 148983 |
| TOTAL INDIA |  | 1254146 |
| UNITED STATES - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| X.Ai Holdings Corp Series C (d)(e) | 129100 | 4719896 |
| Software - 0.1% |  |  |
| Anthropic PBC Series F (d)(e) | 20900 | 2946273 |
| TOTAL UNITED STATES |  | 7666169 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $15,092,205) |  | <br> **17487283** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.21 | 3536946 | 3537654 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.19 | 39335066 | 39339000 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $42,876,654) |  |  | **42876654** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $2,245,499,478)<br>| <br>**4586304972** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(40848665)** |
| **NET ASSETS - 100.0%** | **4545456307** |

---

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $15,848,924 or 0.3% of net assets.

(c) Security or a portion of the security is on loan at period end.

(d) Level 3 security.

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $25,114,172 or 0.6% of net assets.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

At period end, the value of non-cash collateral for securities on loan amounted to $22,448,692.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Anthropic PBC Series F | 8/18/2025 | 2946223 |
| Lenskart Solutions Ltd | 4/30/2024 | 1597389 |
| Meesho Series D-2 | 7/15/2024 | 593432 |
| Meesho Series E | 7/15/2024 | 98840 |
| Meesho Series F | 7/15/2024 | 91727 |
| OpenAI Global LLC rights | 8/4/2025 | 1434100 |
| Oura Health Oy Series E | 9/24/2025 | 8566968 |
| Plaid Inc/DE Class A | 3/31/2025 | 3451080 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 2795015 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 20499254 | 564309522 | 581269191 | 295090 | (1931) | - | 3537654 | 3536946 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 44034997 | 342150857 | 346846854 | 152898 | - | - | 39339000 | 39335066 | 0.1% |
| Total | 64534251 | 906460379 | 928116045 | 447988 | (1931) | - | 42876654 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

**Investment Valuation**

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - Unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

*The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.*

*Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Fidelity Trend Fund

- **b. Investment Company Act file number:** 811-00790

- **c. CIK number of Registrant:** 0000035402

- **d. LEI of Registrant:** TF238OV3MY7L3IVK8T95

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

**Item A.2. Information about the Series.**

- **a. Name of Series:** Fidelity Trend Fund

- **b. EDGAR series identifier (if any):** S000007496

- **c. LEI of Series:** VL9WMPZ3MOW0SQO9ML77

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $4579152855.83

**Total Liabilities:** $34344457.28

**Net Assets:** $4544808398.55

**Cash Not Reported:** $116741.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020470 | 4.26%                | 0.61%                | 4.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $136966086.05            | $40625166.66                               |
| Month 2  | $63660075.00             | $-37190441.04                              |
| Month 3  | $-5063156.47             | $206312496.39                              |

### Schedule of Portfolio Investments

| Name                                    | Title                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SOMNIGROUP INTERNATIONAL INC            | SOMNIGROUP INTERNATIONAL INC                    | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |    564500 | NS      | $47604285.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE OWL CAPITAL INC                    | BLUE OWL CAPITAL INC A                          | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1208500 | NS      | $20459905.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CELSIUS HOLDINGS INC                    | CELSIUS HOLDINGS INC                            | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    356500 | NS      | $20495185.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SHARKNINJA INC                          | SHARKNINJA INC                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |    272700 | NS      | $28129005.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| COHERENT CORP                           | COHERENT CORP                                   | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |    481200 | NS      | $51834864.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS INC                            | SYNOPSYS INC                                    | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     13600 | NS      | $6710104.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORP                   | COSTCO WHOLESALE CORP                           | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |        47 | NS      | $43504.61     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUDFLARE INC                          | CLOUDFLARE INC                                  | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |     54100 | NS      | $11609319.00  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PLAID INC/CA                            | PLAID INC/CA CLASS A PP                         | CUSIP: N/A<br>LEI: 98450079AA92C0CDB189       | Long             | EC               | CORP              | US        |     16919 | NS      | $3597317.78   | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BULLISH                                 | BULLISH                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      7600 | NS      | $483436.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| BROOKFIELD WEALTH SOLUTIONS LTD         | BROOKFIELD WEALTH SOLUTIONS LTD A               | CUSIP: N/A<br>LEI: 9845004583U3B8E06924       | Long             | EC               | CORP              | BM        |      1826 | NS      | $125062.74    | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| FIREFLY AEROSPACE INC                   | FIREFLY AEROSPACE INC                           | CUSIP: 31816X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13500 | NS      | $395820.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DRONESHIELD LTD                         | DRONESHIELD LTD                                 | CUSIP: N/A<br>LEI: 5299002AW8NA4BW6MU87       | Long             | EC               | CORP              | AU        |   5139877 | NS      | $15848923.79  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FIGMA INC                               | FIGMA INC-CL A                                  | CUSIP: 316841105<br>LEI: 254900273Q0J4Z65HU28 | Long             | EC               | CORP              | US        |     10500 | NS      | $544635.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGENCE CORP                            | LEGENCE CORP A                                  | CUSIP: 52476L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31000 | NS      | $955110.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CARPENTER TECHNOLOGY CORP               | CARPENTER TECHNOLOGY CORP                       | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     41500 | NS      | $10189910.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC                          | GE VERNOVA INC                                  | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     38700 | NS      | $23796630.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                               | APPLE INC                                       | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   1068776 | NS      | $272142432.88 | 5.99%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                 | DIGITALBRIDGE GROUP INC                         | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    296700 | NS      | $3471390.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES INC              | ADVANCED MICRO DEVICES INC                      | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     86400 | NS      | $13978656.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                          | AMAZON.COM INC                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    958200 | NS      | $210391974.00 | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION NEW                | AMPHENOL CORPORATION CL A                       | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    325500 | NS      | $40280625.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BRINKER INTERNATIONAL INC               | BRINKER INTERNATIONAL INC                       | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     63500 | NS      | $8044180.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                          | MICROSOFT CORP                                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    548000 | NS      | $283836600.00 | 6.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC                           | WELLTOWER INC                                   | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    181400 | NS      | $32314596.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBINHOOD MARKETS INC                   | ROBINHOOD MARKETS INC                           | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |    360500 | NS      | $51616390.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OURA HEALTH OY                          | OURA HEALTH OY SER E PC PP                      | CUSIP: N/A<br>LEI: 9845007104F45A4A4328       | Long             | EP               | CORP              | FI        |    159921 | NS      | $8566967.97   | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ETORO GROUP LTD                         | ETORO GROUP LTD                                 | CUSIP: N/A<br>LEI: 213800XPRPJK2X5QRG86       | Long             | EC               | CORP              | VG        |      4900 | NS      | $202223.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| AXON ENTERPRISE INC                     | AXON ENTERPRISE INC                             | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |    149117 | NS      | $107012323.88 | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFIRM HOLDINGS INC                     | AFFIRM HOLDINGS INC                             | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    186800 | NS      | $13651344.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMENTUM HOLDINGS INC                   | LUMENTUM HOLDINGS INC                           | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     55300 | NS      | $8997863.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS INC                      | UNITED RENTALS INC                              | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     21700 | NS      | $20716122.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON INC                                | AAON INC                                        | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67200 | NS      | $6279168.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| NETSKOPE INC                            | NETSKOPE INC                                    | CUSIP: 64119N608<br>LEI: 254900CS525VJG6KO570 | Long             | EC               | CORP              | US        |     12900 | NS      | $293217.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ELF BEAUTY INC                          | ELF BEAUTY INC                                  | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |       100 | NS      | $13248.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC                      | META PLATFORMS INC CL A                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    265500 | NS      | $194977890.00 | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT, INC           | APOLLO GLOBAL MANAGEMENT INC                    | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    128600 | NS      | $17138522.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CARVANA CO                              | CARVANA CO CL A                                 | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |     34300 | NS      | $12939332.00  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC               | PALANTIR TECHNOLOGIES INC                       | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |    271500 | NS      | $49527030.00  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUTTER ENTERTAINMENT PLC               | FLUTTER ENTERTAINMENT PLC                       | CUSIP: N/A<br>LEI: 635400EG4YIJLJMZJ782       | Long             | EC               | CORP              | IE        |     57700 | NS      | $14655800.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL SIGNAL CORP                     | FEDERAL SIGNAL CORP                             | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |    234800 | NS      | $27938852.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA INC                 | COMFORT SYSTEMS USA INC                         | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     64900 | NS      | $53554182.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD             | ROYAL CARIBBEAN CRUISES LTD                     | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | LR        |     65800 | NS      | $21291564.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HERMES INTL SCA                         | HERMES INTERNATIONAL SA                         | CUSIP: N/A<br>LEI: 969500Y4IJGHJE2MTJ13       | Long             | EC               | CORP              | FR        |      5400 | NS      | $13205949.22  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                             | ORACLE CORP                                     | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    184200 | NS      | $51804408.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS CO                     | VULCAN MATERIALS CO                             | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     77000 | NS      | $23686740.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK ROCK COFFEE BAR INC               | BLACK ROCK COFFEE BAR INC                       | CUSIP: 092244102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7100 | NS      | $169406.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET LAB CORP                         | ROCKET LAB CORP                                 | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57200 | NS      | $2740452.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| PERFORMANCE FOOD GROUP CO               | PERFORMANCE FOOD GROUP CO                       | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |    128600 | NS      | $13379544.00  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FASTENAL CO                             | FASTENAL CO                                     | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    343100 | NS      | $16825624.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                          | NRG ENERGY INC                                  | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     43300 | NS      | $7012435.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SUPER MICRO COMPUTER INC                | SUPER MICRO COMPUTER INC                        | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |     60700 | NS      | $2909958.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORP                          | STARBUCKS CORP                                  | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    212000 | NS      | $17935200.00  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSMEDICS GROUP INC                   | TRANSMEDICS GROUP INC                           | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |    109300 | NS      | $12263460.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CAVA GROUP INC                          | CAVA GROUP INC                                  | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    119100 | NS      | $7194831.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| APPLOVIN CORP                           | APPLOVIN CORP                                   | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     80000 | NS      | $57483200.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MEESHO                                  | MEESHO LIMITED SER E PC PP                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | IN        |    105900 | NS      | $157791.00    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TESLA INC                               | TESLA INC                                       | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    353600 | NS      | $157252992.00 | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC BEARINGS INC                        | RBC BEARINGS INC                                | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53200 | NS      | $20763428.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBSPOT INC                             | HUBSPOT INC                                     | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |     14500 | NS      | $6783100.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY SA                   | SPOTIFY TECHNOLOGY SA                           | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | LU        |     42300 | NS      | $29525400.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PURE STORAGE INC                        | PURE STORAGE INC CL A                           | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |     88825 | NS      | $7444423.25   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORP                             | CINTAS CORP                                     | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170712 | NS      | $35040345.12  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MEESHO                                  | MEESHO LIMITED SER D-2 PC PP                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | IN        |    635820 | NS      | $947371.80    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VIKING HOLDINGS LTD                     | VIKING HOLDINGS LTD                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |    309600 | NS      | $19244736.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI INC                                 | ATI INC                                         | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |    419600 | NS      | $34130264.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUNELLO CUCINELLI SPA                  | BRUNELLO CUCINELLI SPA                          | CUSIP: N/A<br>LEI: 5493003CX2RZ0FOBH256       | Long             | EC               | CORP              | IT        |    105100 | NS      | $11475516.92  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE INC                                | NIKE INC CL B                                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    227400 | NS      | $15856602.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| OREILLY AUTOMOTIVE INC                  | O'REILLY AUTOMOTIVE INC                         | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     88900 | NS      | $9584309.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS INC              | CADENCE DESIGN SYSTEMS INC                      | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    109169 | NS      | $38346702.94  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS ROADHOUSE INC                     | TEXAS ROADHOUSE INC                             | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     87400 | NS      | $14521510.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORP                  | BOSTON SCIENTIFIC CORP                          | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    122592 | NS      | $11968656.96  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY and CO                        | ELI LILLY and CO                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     88251 | NS      | $67335513.00  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TOAST INC                               | TOAST INC                                       | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    145400 | NS      | $5308554.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS INC                    | VERISK ANALYTICS INC                            | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     77800 | NS      | $19567478.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORP NEW                          | HEICO CORP CL A                                 | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    137188 | NS      | $34858098.92  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM GROUP INC                     | TRANSDIGM GROUP INC                             | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34977 | NS      | $46100385.54  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                       | TALEN ENERGY CORP                               | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52700 | NS      | $22417526.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR GROUP INC                         | EMCOR GROUP INC                                 | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |     67900 | NS      | $44103766.00  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| MEESHO                                  | MEESHO LIMITED SER F PC PP                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | IN        |     99989 | NS      | $148983.61    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BROADCOM INC                            | BROADCOM INC                                    | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    656400 | NS      | $216552924.00 | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| STERLING INFRASTRUCTURE INC             | STERLING INFRASTRUCTURE INC                     | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |    276600 | NS      | $93955488.00  | 2.07%             |  |  |  | No            |                  1 | On Loan: —       |
| CONSTRUCTION PARTNERS INC               | CONSTRUCTION PARTNERS INC CL A                  | CUSIP: 21044C107<br>LEI: 549300G4ICXJKQN32X70 | Long             | EC               | CORP              | US        |    461300 | NS      | $58585100.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEWY INC                               | CHEWY INC                                       | CUSIP: 16679L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    233100 | NS      | $9428895.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| COINBASE GLOBAL INC                     | COINBASE GLOBAL INC                             | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     30500 | NS      | $10293445.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKET INC              | SPROUTS FMRS MKT INC                            | CUSIP: 85208M102<br>LEI: 549300TE8B3NBYVDGN74 | Long             | EC               | CORP              | US        |     58900 | NS      | $6408320.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES MANAGEMENT CORP                    | ARES MANAGEMENT CORP CL A                       | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |     99900 | NS      | $15973011.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC                            | WINGSTOP INC                                    | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     37100 | NS      | $9337328.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| DUTCH BROS INC                          | DUTCH BROS INC                                  | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    517800 | NS      | $27101652.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust            | Fidelity Cash Central Fund                      | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   3536946 | NS      | $3537653.62   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC                  | TRANE TECHNOLOGIES PLC                          | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |     49900 | NS      | $21055804.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MFG CO LTD         | TAIWAN SEMIC MFG CO LTD SP ADR                  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     87600 | NS      | $24465804.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE INC                          | BLACKSTONE INC                                  | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    139700 | NS      | $23867745.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CARNIVAL CORP                           | CARNIVAL CORP                                   | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |    473200 | NS      | $13680212.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| API GROUP CORP                          | API GROUP CORP                                  | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    602100 | NS      | $20694177.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI AVIATION LTD                       | FTAI AVIATION LTD                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |    149100 | NS      | $24878826.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BIRKENSTOCK HOLDING LTD                 | BIRKENSTOCK HOLDING LTD                         | CUSIP: N/A<br>LEI: 529900CQ8LQKQ7LIT631       | Long             | EC               | CORP              | JE        |    149600 | NS      | $6769400.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS INC                  | PALO ALTO NETWORKS INC                          | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    140800 | NS      | $28669696.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTHROPIC PBC                           | ANTHROPIC PBC SERIES F PC PP                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     20900 | NS      | $2946273.00   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STANDARDAERO INC                        | STANDARDAERO INC                                | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66400 | NS      | $1812056.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCELERANT HOLDINGS                     | ACCELERANT HOLDINGS                             | CUSIP: N/A<br>LEI: 213800VS4CX9ZONTD965       | Long             | EC               | CORP              | KY        |     12700 | NS      | $189103.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| IRON MOUNTAIN INC                       | IRON MOUNTAIN INC                               | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |    157300 | NS      | $16035162.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DOXIMITY INC                            | DOXIMITY INC                                    | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14800 | NS      | $1082620.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO                               | BOEING CO                                       | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |       250 | NS      | $53957.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LENSKART SOLUTIONS PVT LTD              | LENSKART SOLUTIONS PVT LTD P/P                  | CUSIP: N/A<br>LEI: 984500L5O4479DCDCF14       | Long             | EC               | CORP              | IN        |    579644 | NS      | $2064853.71   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARITZIA INC                             | ARITZIA INC                                     | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |    180990 | NS      | $10947573.62  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPAGNIE FINANCIERE RICHEMONT AG SWITZ | CIE FINANCIERE RICHEMONT SA A                   | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |     39210 | NS      | $7527002.99   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| X.AI HOLDINGS CORP                      | X.AI HOLDINGS CORP SER C PC PP                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    129100 | NS      | $4719896.00   | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARISTA NETWORKS INC                     | ARISTA NETWORKS INC                             | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    153600 | NS      | $22381056.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC                    | HOWMET AEROSPACE INC                            | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |    446500 | NS      | $87616695.00  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX INC                             | NETFLIX INC                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     72700 | NS      | $87161484.00  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| KARMAN HOLDINGS INC                     | KARMAN HOLDINGS INC                             | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    256600 | NS      | $18526520.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| ALNYLAM PHARMACEUTICALS INC             | ALNYLAM PHARMACEUTICALS INC                     | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     19000 | NS      | $8664000.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL INC              | CHIPOTLE MEXICAN GRILL INC                      | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    343000 | NS      | $13442170.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA PACIFIC CORP                  | LOUISIANA PACIFIC CORP                          | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     87500 | NS      | $7773500.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC                             | SHOPIFY INC CL A                                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    152600 | NS      | $22677886.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust            | Fidelity Securities Lending Cash Central Fund   | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  31487290 | NS      | $31490438.97  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                  | FAIR ISAAC CORP                                 | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |     30559 | NS      | $45732460.27  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX CORP                             | ROBLOX CORP                                     | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142300 | NS      | $19711396.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                             | NVIDIA CORP                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   3359460 | NS      | $626808046.80 | 13.79%            |  |  |  | No            |                  1 | On Loan: No      |
| LOAR HOLDINGS INC                       | LOAR HOLDINGS INC                               | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59800 | NS      | $4784000.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYS INC                           | VEEVA SYS INC CL A                              | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     43900 | NS      | $13078249.00  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| OPEN AI GLOBAL LLC                      | OPEN AI GLOBAL LLC CONVERTIBLE INTEREST RT 2 PP | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1434100 | NS      | $1964717.00   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| XPO INC                                 | XPO INC                                         | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |    163200 | NS      | $21096864.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTEC INC                              | MASTEC INC                                      | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |    174700 | NS      | $37177907.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| WAYFAIR INC                             | WAYFAIR INC                                     | CUSIP: 94419L101<br>LEI: 54930027N9ZAVYFDHK53 | Long             | EC               | CORP              | US        |      4424 | NS      | $395195.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAINGER (W.W.) INC                     | WW GRAINGER INC                                 | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      8700 | NS      | $8290752.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| REDDIT INC                              | REDDIT INC A                                    | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |     52400 | NS      | $12051476.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AMER SPORTS INC                         | AMER SPORTS INC                                 | CUSIP: N/A<br>LEI: 391200YCSWTRD1J21867       | Long             | EC               | CORP              | KY        |    279200 | NS      | $9702200.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| LEONARDO DRS INC                        | LEONARDO DRS INC                                | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |    459700 | NS      | $20870380.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                             | VISTRA CORP                                     | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     35100 | NS      | $6876792.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ONESTREAM INC                           | ONESTREAM INC                                   | CUSIP: 68278B107<br>LEI: 254900CRBCHIYDC37W82 | Long             | EC               | CORP              | US        |      4600 | NS      | $84778.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| FIRST WATCH RESTAURANT GROUP INC        | FIRST WATCH RESTAURANT GROUP INC                | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1166784 | NS      | $18248501.76  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                            | ALPHABET INC CL A                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    485440 | NS      | $118010464.00 | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| COUPANG INC                             | COUPANG INC A                                   | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    277000 | NS      | $8919400.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOT BARN HOLDINGS INC                  | BOOT BARN HOLDINGS INC                          | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |    116000 | NS      | $19223520.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SOFI TECHNOLOGIES INC                   | SOFI TECHNOLOGIES INC A                         | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |   1018600 | NS      | $26911412.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Stacie M. Smith

**Signature:** Stacie M. Smith

**Name of Signer:** Stacie M. Smith

**Title:** President and Treasurer