N-Q 1 Main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-790

Fidelity Trend Fund
 (Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

December 31

 

 

Date of reporting period:

September 30, 2014

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Trend Fund

September 30, 2014 

1.808771.110

TRE-QTLY-1114

Investments September 30, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 18.2%

Auto Components - 0.1%

Johnson Controls, Inc.

26,382

$ 1,161

Automobiles - 0.2%

Tesla Motors, Inc. (a)

14,100

3,422

Diversified Consumer Services - 1.1%

H&R Block, Inc.

507,301

15,731

Hotels, Restaurants & Leisure - 2.2%

Bally Technologies, Inc. (a)

77,900

6,287

Chipotle Mexican Grill, Inc. (a)

13,300

8,866

Las Vegas Sands Corp.

36,733

2,285

McDonald's Corp.

16,100

1,526

Starbucks Corp.

170,635

12,876

 

31,840

Household Durables - 0.4%

Whirlpool Corp.

35,500

5,171

Internet & Catalog Retail - 2.7%

Amazon.com, Inc. (a)

50,383

16,245

Ctrip.com International Ltd. sponsored ADR (a)

59,604

3,383

HomeAway, Inc. (a)

107,709

3,824

Netflix, Inc. (a)

3,600

1,624

priceline.com, Inc. (a)

9,090

10,531

zulily, Inc. Class A (d)

75,500

2,861

 

38,468

Media - 4.2%

Comcast Corp. Class A

476,101

25,605

The Walt Disney Co.

152,700

13,595

Time Warner Cable, Inc.

40,800

5,854

Twenty-First Century Fox, Inc. Class A

425,828

14,602

 

59,656

Multiline Retail - 0.2%

Family Dollar Stores, Inc.

18,400

1,421

Target Corp.

35,700

2,238

 

3,659

Specialty Retail - 5.1%

GNC Holdings, Inc.

337,500

13,075

Home Depot, Inc.

347,419

31,872

Restoration Hardware Holdings, Inc. (a)

127,200

10,119

Tiffany & Co., Inc.

89,000

8,572

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

TJX Companies, Inc.

138,600

$ 8,201

Vitamin Shoppe, Inc. (a)

10,200

453

 

72,292

Textiles, Apparel & Luxury Goods - 2.0%

Michael Kors Holdings Ltd. (a)

62,163

4,438

NIKE, Inc. Class B

59,986

5,351

Ralph Lauren Corp.

45,000

7,413

Under Armour, Inc. Class A (sub. vtg.) (a)

45,300

3,130

VF Corp.

120,032

7,926

 

28,258

TOTAL CONSUMER DISCRETIONARY

259,658

CONSUMER STAPLES - 9.6%

Beverages - 3.9%

Diageo PLC

123,232

3,554

Molson Coors Brewing Co. Class B

48,300

3,595

Monster Beverage Corp. (a)

219,902

20,158

The Coca-Cola Co.

658,548

28,094

 

55,401

Food & Staples Retailing - 1.2%

CVS Health Corp.

55,887

4,448

Kroger Co.

109,518

5,695

Walgreen Co.

115,900

6,869

 

17,012

Food Products - 3.0%

Associated British Foods PLC

34,800

1,511

Bunge Ltd.

118,952

10,019

Keurig Green Mountain, Inc.

70,400

9,161

Mead Johnson Nutrition Co. Class A

191,229

18,400

WhiteWave Foods Co. (a)

97,419

3,539

 

42,630

Tobacco - 1.5%

Lorillard, Inc.

267,491

16,025

Reynolds American, Inc.

100,300

5,918

 

21,943

TOTAL CONSUMER STAPLES

136,986

Common Stocks - continued

Shares

Value (000s)

ENERGY - 5.0%

Energy Equipment & Services - 1.9%

National Oilwell Varco, Inc.

30,100

$ 2,291

Oceaneering International, Inc.

195,000

12,708

Schlumberger Ltd.

120,299

12,233

 

27,232

Oil, Gas & Consumable Fuels - 3.1%

Anadarko Petroleum Corp.

39,400

3,997

Cabot Oil & Gas Corp.

406,118

13,276

EOG Resources, Inc.

54,200

5,367

EQT Midstream Partners LP

36,800

3,298

Golar LNG Ltd.

81,000

5,378

Kinder Morgan Holding Co. LLC (d)

195,600

7,499

Noble Energy, Inc.

80,600

5,510

 

44,325

TOTAL ENERGY

71,557

FINANCIALS - 5.4%

Banks - 1.7%

Bank of America Corp.

350,428

5,975

JPMorgan Chase & Co.

295,200

17,783

 

23,758

Capital Markets - 1.7%

Ameriprise Financial, Inc.

47,400

5,848

Artisan Partners Asset Management, Inc.

87,100

4,534

BlackRock, Inc. Class A

36,500

11,984

The Blackstone Group LP

53,600

1,687

 

24,053

Consumer Finance - 1.1%

American Express Co.

84,600

7,406

Capital One Financial Corp.

106,200

8,668

 

16,074

Diversified Financial Services - 0.7%

Moody's Corp.

105,700

9,989

Real Estate Investment Trusts - 0.2%

American Tower Corp.

28,000

2,622

TOTAL FINANCIALS

76,496

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 17.3%

Biotechnology - 5.9%

Alexion Pharmaceuticals, Inc. (a)

53,848

$ 8,929

Amgen, Inc.

79,356

11,146

Biogen Idec, Inc. (a)

50,645

16,754

BioMarin Pharmaceutical, Inc. (a)

33,500

2,417

Cubist Pharmaceuticals, Inc.

182,419

12,102

Gilead Sciences, Inc. (a)

225,590

24,014

Intercept Pharmaceuticals, Inc. (a)

18,900

4,473

Vertex Pharmaceuticals, Inc. (a)

41,500

4,661

 

84,496

Health Care Equipment & Supplies - 1.8%

Boston Scientific Corp. (a)

1,171,810

13,839

Covidien PLC

121,300

10,494

Novadaq Technologies, Inc. (a)

114,326

1,451

 

25,784

Health Care Providers & Services - 1.9%

Cardinal Health, Inc.

94,700

7,095

Community Health Systems, Inc. (a)

67,000

3,671

DaVita HealthCare Partners, Inc. (a)

104,666

7,655

McKesson Corp.

44,765

8,714

 

27,135

Health Care Technology - 0.2%

athenahealth, Inc. (a)

24,600

3,240

Life Sciences Tools & Services - 1.0%

Agilent Technologies, Inc.

142,100

8,097

Illumina, Inc. (a)

35,018

5,740

 

13,837

Pharmaceuticals - 6.5%

AbbVie, Inc.

568,600

32,842

Actavis PLC (a)

101,358

24,456

Allergan, Inc.

29,500

5,257

Bristol-Myers Squibb Co.

48,559

2,485

Jazz Pharmaceuticals PLC (a)

89,800

14,418

Johnson & Johnson

14,700

1,567

Salix Pharmaceuticals Ltd. (a)

23,302

3,641

Teva Pharmaceutical Industries Ltd. sponsored ADR

163,800

8,804

 

93,470

TOTAL HEALTH CARE

247,962

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 9.7%

Aerospace & Defense - 1.0%

The Boeing Co.

115,702

$ 14,738

Air Freight & Logistics - 2.4%

Echo Global Logistics, Inc. (a)

119,404

2,812

Hub Group, Inc. Class A (a)

395,000

16,009

United Parcel Service, Inc. Class B

151,299

14,871

 

33,692

Airlines - 0.5%

American Airlines Group, Inc.

200,040

7,097

Building Products - 0.4%

A.O. Smith Corp.

117,404

5,551

Construction & Engineering - 0.7%

URS Corp.

172,900

9,961

Industrial Conglomerates - 0.6%

Danaher Corp.

122,200

9,285

Machinery - 1.4%

Cummins, Inc.

66,148

8,730

Deere & Co.

48,600

3,985

Manitowoc Co., Inc.

292,786

6,866

 

19,581

Professional Services - 0.1%

Towers Watson & Co.

18,091

1,800

Road & Rail - 2.6%

CSX Corp.

336,944

10,802

J.B. Hunt Transport Services, Inc.

299,074

22,146

Swift Transporation Co. (a)

80,400

1,687

Union Pacific Corp.

26,786

2,904

 

37,539

TOTAL INDUSTRIALS

139,244

INFORMATION TECHNOLOGY - 28.1%

Communications Equipment - 1.3%

QUALCOMM, Inc.

242,161

18,106

Internet Software & Services - 10.9%

Alibaba Group Holding Ltd. sponsored ADR

119,700

10,635

Baidu.com, Inc. sponsored ADR (a)

60,600

13,225

Cornerstone OnDemand, Inc. (a)

56,300

1,937

eBay, Inc. (a)

67,000

3,794

Facebook, Inc. Class A (a)

425,315

33,617

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Google, Inc.:

Class A (a)

62,035

$ 36,502

Class C (a)

63,085

36,423

GrubHub, Inc. (d)

42,900

1,469

LinkedIn Corp. (a)

24,200

5,029

NAVER Corp.

7,634

5,840

Twitter, Inc.

155,600

8,026

 

156,497

IT Services - 2.2%

Alliance Data Systems Corp. (a)

17,900

4,444

Amdocs Ltd.

30,858

1,416

Fidelity National Information Services, Inc.

104,900

5,906

MasterCard, Inc. Class A

45,800

3,386

Visa, Inc. Class A

75,816

16,177

 

31,329

Semiconductors & Semiconductor Equipment - 2.0%

Broadcom Corp. Class A

326,800

13,209

Cree, Inc. (a)

28,766

1,178

First Solar, Inc. (a)

33,900

2,231

Intersil Corp. Class A

416,400

5,917

NXP Semiconductors NV (a)

84,300

5,769

 

28,304

Software - 5.7%

Adobe Systems, Inc. (a)

117,600

8,137

Microsoft Corp.

391,273

18,139

Oracle Corp.

578,074

22,129

Red Hat, Inc. (a)

79,700

4,475

salesforce.com, Inc. (a)

313,700

18,047

Tableau Software, Inc. (a)

145,900

10,600

 

81,527

Technology Hardware, Storage & Peripherals - 6.0%

Apple, Inc.

847,275

85,361

EMC Corp.

40,200

1,176

 

86,537

TOTAL INFORMATION TECHNOLOGY

402,300

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 4.1%

Chemicals - 2.9%

E.I. du Pont de Nemours & Co.

79,500

$ 5,705

Methanex Corp.

261,130

17,431

Monsanto Co.

111,467

12,541

Potash Corp. of Saskatchewan, Inc. (d)

164,400

5,693

 

41,370

Metals & Mining - 0.8%

Constellium NV (a)

289,500

7,125

United States Steel Corp.

94,600

3,705

 

10,830

Paper & Forest Products - 0.4%

Boise Cascade Co. (a)

195,556

5,894

TOTAL MATERIALS

58,094

TELECOMMUNICATION SERVICES - 2.3%

Diversified Telecommunication Services - 1.7%

Verizon Communications, Inc.

478,546

23,923

Wireless Telecommunication Services - 0.6%

Drillisch AG

280,002

9,443

TOTAL TELECOMMUNICATION SERVICES

33,366

TOTAL COMMON STOCKS

(Cost $1,114,147)


1,425,663

Convertible Preferred Stocks - 0.3%

 

 

 

 

INFORMATION TECHNOLOGY - 0.3%

Internet Software & Services - 0.3%

Uber Technologies, Inc. 8.00% (e)

(Cost $4,470)

72,036


4,470

Money Market Funds - 1.5%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.12% (b)

8,133,738

$ 8,134

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

13,044,995

13,045

TOTAL MONEY MARKET FUNDS

(Cost $21,179)


21,179

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $1,139,796)

1,451,312

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(21,699)

NET ASSETS - 100%

$ 1,429,613

Legend

(a) Non-income producing

(b) 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.

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

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

(e) Restricted securities - 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 $4,470,000 or 0.3% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Uber Technologies, Inc. 8.00%

6/6/14

$ 4,470

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned (Amounts in
thousands)

Fidelity Cash Central Fund

$ 5

Fidelity Securities Lending Cash Central Fund

47

Total

$ 52

Other Information

The following is a summary of the inputs used, as of September 30, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 259,658

$ 259,658

$ -

$ -

Consumer Staples

136,986

133,432

3,554

-

Energy

71,557

71,557

-

-

Financials

76,496

76,496

-

-

Health Care

247,962

247,962

-

-

Industrials

139,244

139,244

-

-

Information Technology

406,770

402,300

-

4,470

Materials

58,094

58,094

-

-

Telecommunication Services

33,366

33,366

-

-

Money Market Funds

21,179

21,179

-

-

Total Investments in Securities:

$ 1,451,312

$ 1,443,288

$ 3,554

$ 4,470

Income Tax Information

At September 30, 2014, the cost of investment securities for income tax purposes was $1,145,142,000. Net unrealized appreciation aggregated $306,170,000, of which $326,212,000 related to appreciated investment securities and $20,042,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors 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 Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly 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.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Trend Fund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Trend Fund

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

November 28, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

November 28, 2014

By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

November 28, 2014