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, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Trend Fund

September 30, 2013 

1.808771.109

TRE-QTLY-1113

Investments September 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 20.5%

Auto Components - 0.2%

Johnson Controls, Inc.

51,976

$ 2,157

Automobiles - 0.2%

Tesla Motors, Inc. (a)

12,300

2,379

Distributors - 0.3%

LKQ Corp. (a)

142,280

4,533

Diversified Consumer Services - 1.1%

H&R Block, Inc.

525,601

14,013

Hotels, Restaurants & Leisure - 3.6%

Las Vegas Sands Corp.

96,795

6,429

McDonald's Corp.

78,625

7,565

Starbucks Corp.

186,835

14,381

Wyndham Worldwide Corp.

113,156

6,899

Yum! Brands, Inc.

151,092

10,786

 

46,060

Household Durables - 0.3%

Toll Brothers, Inc. (a)

112,100

3,635

Internet & Catalog Retail - 2.6%

Amazon.com, Inc. (a)

63,583

19,879

priceline.com, Inc. (a)

13,690

13,840

 

33,719

Media - 4.2%

CBS Corp. Class B

194,848

10,748

Comcast Corp. Class A

304,781

13,761

Twenty-First Century Fox, Inc. Class A

853,528

28,593

 

53,102

Multiline Retail - 0.3%

Dollar General Corp. (a)

76,367

4,312

Specialty Retail - 6.3%

Best Buy Co., Inc.

363,265

13,622

Home Depot, Inc.

464,755

35,252

Restoration Hardware Holdings, Inc.

159,331

10,094

Ross Stores, Inc.

125,002

9,100

Tile Shop Holdings, Inc. (a)

234,724

6,922

Tractor Supply Co.

70,784

4,755

 

79,745

Textiles, Apparel & Luxury Goods - 1.4%

lululemon athletica, Inc. (a)(d)

18,468

1,350

Michael Kors Holdings Ltd. (a)

61,851

4,609

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

NIKE, Inc. Class B

135,261

$ 9,825

PVH Corp.

18,500

2,196

 

17,980

TOTAL CONSUMER DISCRETIONARY

261,635

CONSUMER STAPLES - 8.7%

Beverages - 2.6%

Beam, Inc.

42,746

2,764

Monster Beverage Corp. (a)

40,402

2,111

The Coca-Cola Co.

755,248

28,609

 

33,484

Food & Staples Retailing - 1.3%

CVS Caremark Corp.

172,180

9,771

Kroger Co.

155,144

6,259

 

16,030

Food Products - 2.4%

Bunge Ltd.

176,594

13,405

Green Mountain Coffee Roasters, Inc. (a)

31,800

2,395

Mead Johnson Nutrition Co. Class A

42,523

3,158

WhiteWave Foods Co. (d)

603,900

12,060

 

31,018

Tobacco - 2.4%

Altria Group, Inc.

250,264

8,597

Japan Tobacco, Inc.

263,400

9,496

Lorillard, Inc.

277,740

12,437

 

30,530

TOTAL CONSUMER STAPLES

111,062

ENERGY - 4.5%

Energy Equipment & Services - 3.0%

Ensco PLC Class A

138,736

7,457

Halliburton Co.

186,123

8,962

National Oilwell Varco, Inc.

149,702

11,693

Schlumberger Ltd.

111,617

9,862

 

37,974

Oil, Gas & Consumable Fuels - 1.5%

Concho Resources, Inc. (a)

23,507

2,558

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Noble Energy, Inc.

80,600

$ 5,401

Pioneer Natural Resources Co.

17,300

3,266

Suncor Energy, Inc.

240,600

8,603

 

19,828

TOTAL ENERGY

57,802

FINANCIALS - 6.9%

Capital Markets - 1.9%

The Blackstone Group LP

497,184

12,375

UBS AG (NY Shares)

549,813

11,282

 

23,657

Commercial Banks - 0.6%

Wells Fargo & Co.

201,670

8,333

Consumer Finance - 1.8%

American Express Co.

52,200

3,942

Capital One Financial Corp.

185,500

12,751

SLM Corp.

254,182

6,329

 

23,022

Diversified Financial Services - 1.9%

Bank of America Corp.

849,230

11,719

Citigroup, Inc.

246,229

11,945

 

23,664

Real Estate Investment Trusts - 0.7%

American Tower Corp.

117,861

8,737

TOTAL FINANCIALS

87,413

HEALTH CARE - 16.4%

Biotechnology - 8.6%

Alexion Pharmaceuticals, Inc. (a)

127,144

14,769

Amgen, Inc.

204,446

22,886

Biogen Idec, Inc. (a)

60,645

14,601

BioMarin Pharmaceutical, Inc. (a)

58,800

4,247

Celgene Corp. (a)

13,789

2,123

Cubist Pharmaceuticals, Inc.

54,500

3,463

Gilead Sciences, Inc. (a)

423,390

26,606

Onyx Pharmaceuticals, Inc. (a)

10,100

1,259

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Pharmacyclics, Inc. (a)

55,266

$ 7,650

Theravance, Inc. (a)

306,111

12,517

 

110,121

Health Care Equipment & Supplies - 2.4%

Accuray, Inc. (a)(d)

453,595

3,352

Ansell Ltd.

314,777

6,132

Boston Scientific Corp. (a)

1,294,063

15,192

Intuitive Surgical, Inc. (a)

9,600

3,612

The Cooper Companies, Inc.

17,764

2,304

 

30,592

Health Care Providers & Services - 0.3%

Catamaran Corp. (a)

82,576

3,794

Health Care Technology - 0.6%

Cerner Corp. (a)

142,800

7,504

Life Sciences Tools & Services - 0.5%

Illumina, Inc. (a)

70,453

5,695

Pharmaceuticals - 4.0%

AbbVie, Inc.

114,100

5,104

Actavis, Inc.

81,422

11,725

Bristol-Myers Squibb Co.

197,659

9,148

Perrigo Co.

61,900

7,637

Sanofi SA sponsored ADR

76,900

3,893

Valeant Pharmaceuticals International, Inc. (Canada) (a)

69,040

7,199

Warner Chilcott PLC

284,605

6,503

 

51,209

TOTAL HEALTH CARE

208,915

INDUSTRIALS - 10.9%

Aerospace & Defense - 2.7%

The Boeing Co.

77,570

9,114

TransDigm Group, Inc.

46,126

6,398

United Technologies Corp.

171,199

18,459

 

33,971

Air Freight & Logistics - 1.5%

United Parcel Service, Inc. Class B

209,319

19,125

Airlines - 0.3%

Delta Air Lines, Inc.

143,268

3,380

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Building Products - 0.9%

A.O. Smith Corp.

264,428

$ 11,952

Construction & Engineering - 1.5%

Quanta Services, Inc. (a)

400,953

11,030

URS Corp.

138,554

7,447

 

18,477

Electrical Equipment - 1.7%

Emerson Electric Co.

148,219

9,590

Generac Holdings, Inc.

294,052

12,538

 

22,128

Industrial Conglomerates - 0.3%

General Electric Co.

185,428

4,430

Machinery - 0.7%

Ingersoll-Rand PLC

129,507

8,410

Professional Services - 0.4%

Towers Watson & Co.

51,000

5,455

Road & Rail - 0.9%

CSX Corp.

326,944

8,416

Union Pacific Corp.

21,988

3,416

 

11,832

TOTAL INDUSTRIALS

139,160

INFORMATION TECHNOLOGY - 27.5%

Communications Equipment - 2.1%

Cisco Systems, Inc.

157,274

3,683

QUALCOMM, Inc.

351,140

23,653

 

27,336

Computers & Peripherals - 4.6%

Apple, Inc.

101,125

48,211

EMC Corp.

389,411

9,953

 

58,164

Electronic Equipment & Components - 0.3%

InvenSense, Inc. (a)(d)

242,492

4,273

Internet Software & Services - 8.9%

eBay, Inc. (a)

96,294

5,372

Facebook, Inc. Class A (a)

818,015

41,097

Google, Inc. Class A (a)

65,185

57,095

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

LinkedIn Corp. (a)

11,300

$ 2,780

Rackspace Hosting, Inc. (a)

126,760

6,688

 

113,032

IT Services - 4.1%

Accenture PLC Class A

28,974

2,134

Amdocs Ltd.

155,685

5,704

Cognizant Technology Solutions Corp. Class A (a)

97,300

7,990

MasterCard, Inc. Class A

25,567

17,201

Visa, Inc. Class A

103,800

19,836

 

52,865

Software - 7.5%

Citrix Systems, Inc. (a)

54,299

3,834

Concur Technologies, Inc. (a)

37,856

4,183

Electronic Arts, Inc. (a)

286,787

7,327

Infoblox, Inc. (a)

54,425

2,276

Intuit, Inc.

125,560

8,326

Microsoft Corp.

791,090

26,351

Oracle Corp.

249,908

8,289

salesforce.com, Inc. (a)

226,600

11,763

ServiceNow, Inc. (a)

38,000

1,974

Splunk, Inc. (a)

95,168

5,714

Workday, Inc. Class A

189,040

15,299

 

95,336

TOTAL INFORMATION TECHNOLOGY

351,006

MATERIALS - 3.3%

Chemicals - 2.4%

Eastman Chemical Co.

91,363

7,117

FMC Corp.

111,330

7,985

Monsanto Co.

143,424

14,969

 

30,071

Paper & Forest Products - 0.9%

Boise Cascade Co.

431,746

11,636

TOTAL MATERIALS

41,707

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 1.1%

Wireless Telecommunication Services - 1.1%

Vodafone Group PLC sponsored ADR

389,271

$ 13,695

TOTAL COMMON STOCKS

(Cost $983,465)


1,272,395

Money Market Funds - 0.7%

 

 

 

 

Fidelity Cash Central Fund, 0.10% (b)

5,210,484

5,210

Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)

3,184,450

3,184

TOTAL MONEY MARKET FUNDS

(Cost $8,394)


8,394

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $991,859)

1,280,789

NET OTHER ASSETS (LIABILITIES) - (0.5)%

(6,092)

NET ASSETS - 100%

$ 1,274,697

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.

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

$ 12

Fidelity Securities Lending Cash Central Fund

30

Total

$ 42

Other Information

The following is a summary of the inputs used, as of September 30, 2013, 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

$ 261,635

$ 261,635

$ -

$ -

Consumer Staples

111,062

101,566

9,496

-

Energy

57,802

57,802

-

-

Financials

87,413

87,413

-

-

Health Care

208,915

208,915

-

-

Industrials

139,160

139,160

-

-

Information Technology

351,006

351,006

-

-

Materials

41,707

41,707

-

-

Telecommunication Services

13,695

13,695

-

-

Money Market Funds

8,394

8,394

-

-

Total Investments in Securities:

$ 1,280,789

$ 1,271,293

$ 9,496

$ -

Income Tax Information

At September 30, 2013, the cost of investment securities for income tax purposes was $996,011,000. Net unrealized appreciation aggregated $284,778,000, of which $292,390,000 related to appreciated investment securities and $7,612,000 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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 29, 2013

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 29, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 29, 2013