NPORT-EX 2 QTLY_5_20220930.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Trend Fund
September 30, 2022
TRE-NPRT3-1122
1.808771.118
Common Stocks - 100.2%
 
  
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 7.2%
 
  
  
Entertainment - 1.6%
  
  
  
Live Nation Entertainment, Inc. (a)
  
246,200
18,721
Netflix, Inc. (a)
  
62,900
14,809
 
  
  
33,530
Interactive Media & Services - 5.0%
  
  
  
Alphabet, Inc. Class A (a)
  
1,069,340
102,282
IAC, Inc. (a)
  
28,527
1,580
Meta Platforms, Inc. Class A (a)
  
31,700
4,301
 
  
  
108,163
Wireless Telecommunication Services - 0.6%
  
  
  
T-Mobile U.S., Inc. (a)
  
89,500
12,008
TOTAL COMMUNICATION SERVICES
  
  
153,701
CONSUMER DISCRETIONARY - 20.9%
 
  
  
Automobiles - 2.8%
  
  
  
Ferrari NV
 
73,800
13,653
Tesla, Inc. (a)
  
172,990
45,886
 
  
  
59,539
Hotels, Restaurants & Leisure - 4.5%
  
  
  
Airbnb, Inc. Class A (a)
  
146,700
15,409
Booking Holdings, Inc. (a)
  
10,700
17,582
Chipotle Mexican Grill, Inc. (a)
  
14,968
22,493
Compass Group PLC
 
538,314
10,719
Hilton Worldwide Holdings, Inc.
 
163,324
19,700
Marriott International, Inc. Class A
 
70,400
9,866
 
  
  
95,769
Internet & Direct Marketing Retail - 9.8%
  
  
  
Amazon.com, Inc. (a)
  
1,530,900
172,992
Global-e Online Ltd. (a)
  
403,700
10,803
Lyft, Inc. (a)
  
674,100
8,878
Uber Technologies, Inc. (a)
  
664,465
17,608
 
  
  
210,281
Specialty Retail - 0.8%
  
  
  
TJX Companies, Inc.
 
245,850
15,272
Victoria's Secret & Co. (a)
  
66,533
1,937
 
  
  
17,209
Textiles, Apparel & Luxury Goods - 3.0%
  
  
  
Capri Holdings Ltd. (a)
  
173,104
6,654
Hermes International SCA
 
18,900
22,229
lululemon athletica, Inc. (a)
  
21,800
6,094
LVMH Moet Hennessy Louis Vuitton SE
 
39,330
23,188
Moncler SpA
 
185,000
7,553
 
  
  
65,718
TOTAL CONSUMER DISCRETIONARY
  
  
448,516
CONSUMER STAPLES - 1.1%
 
  
  
Beverages - 0.6%
  
  
  
Monster Beverage Corp. (a)
  
147,959
12,867
Food & Staples Retailing - 0.0%
  
  
  
Costco Wholesale Corp.
 
47
22
Personal Products - 0.5%
  
  
  
Estee Lauder Companies, Inc. Class A
 
31,900
6,887
Olaplex Holdings, Inc. (b)
  
396,400
3,786
 
  
  
10,673
TOTAL CONSUMER STAPLES
  
  
23,562
ENERGY - 1.3%
 
  
  
Oil, Gas & Consumable Fuels - 1.3%
  
  
  
Hess Corp.
 
103,800
11,313
Pioneer Natural Resources Co.
 
69,800
15,114
 
  
  
26,427
FINANCIALS - 6.3%
 
  
  
Banks - 0.4%
  
  
  
HDFC Bank Ltd. sponsored ADR
 
136,998
8,003
Capital Markets - 4.2%
  
  
  
Ares Management Corp.
 
255,700
15,841
BlackRock, Inc. Class A
 
12,359
6,801
Brookfield Asset Management, Inc. Class A (a)
  
251,800
10,296
CME Group, Inc.
 
92,300
16,349
Intercontinental Exchange, Inc.
 
118,700
10,725
Moody's Corp.
 
59,511
14,468
MSCI, Inc.
 
36,313
15,316
 
  
  
89,796
Insurance - 1.7%
  
  
  
Arthur J. Gallagher & Co.
 
127,700
21,865
Brookfield Asset Management Reinsurance Partners Ltd.
 
1,826
75
Marsh & McLennan Companies, Inc.
 
97,600
14,571
 
  
  
36,511
TOTAL FINANCIALS
  
  
134,310
HEALTH CARE - 11.5%
 
  
  
Biotechnology - 0.3%
  
  
  
Horizon Therapeutics PLC (a)
  
107,300
6,641
Health Care Equipment & Supplies - 2.7%
  
  
  
Align Technology, Inc. (a)
  
28,200
5,841
Boston Scientific Corp. (a)
  
2,192
85
Hoya Corp.
 
109,800
10,530
IDEXX Laboratories, Inc. (a)
  
25,655
8,358
Inspire Medical Systems, Inc. (a)
  
54,100
9,596
Insulet Corp. (a)
  
36,813
8,445
Stryker Corp.
 
71,207
14,422
 
  
  
57,277
Health Care Providers & Services - 2.5%
  
  
  
agilon health, Inc. (a)
  
198,300
4,644
Oak Street Health, Inc. (a)
  
177,100
4,342
Privia Health Group, Inc. (a)(b)
  
593,500
20,215
UnitedHealth Group, Inc.
 
47,100
23,787
 
  
  
52,988
Health Care Technology - 0.0%
  
  
  
Veeva Systems, Inc. Class A (a)
  
7,000
1,154
Life Sciences Tools & Services - 2.7%
  
  
  
Danaher Corp.
 
54,200
13,999
Sartorius Stedim Biotech
 
32,400
9,938
Thermo Fisher Scientific, Inc.
 
37,160
18,847
West Pharmaceutical Services, Inc.
 
59,057
14,533
 
  
  
57,317
Pharmaceuticals - 3.3%
  
  
  
Eli Lilly & Co.
 
140,251
45,350
Zoetis, Inc. Class A
 
176,300
26,144
 
  
  
71,494
TOTAL HEALTH CARE
  
  
246,871
INDUSTRIALS - 8.5%
 
  
  
Aerospace & Defense - 5.3%
  
  
  
Axon Enterprise, Inc. (a)
  
115,617
13,383
HEICO Corp. Class A
 
334,188
38,305
Howmet Aerospace, Inc.
 
736,400
22,777
The Boeing Co. (a)
  
127,300
15,413
TransDigm Group, Inc.
 
45,977
24,130
 
  
  
114,008
Commercial Services & Supplies - 1.0%
  
  
  
Cintas Corp.
 
58,403
22,671
Machinery - 0.6%
  
  
  
Nordson Corp.
 
58,533
12,425
Professional Services - 1.2%
  
  
  
CoStar Group, Inc. (a)
  
199,570
13,900
KBR, Inc.
 
259,600
11,220
 
  
  
25,120
Trading Companies & Distributors - 0.4%
  
  
  
AerCap Holdings NV (a)
  
203,500
8,614
TOTAL INDUSTRIALS
  
  
182,838
INFORMATION TECHNOLOGY - 42.9%
 
  
  
Electronic Equipment & Components - 0.7%
  
  
  
Novanta, Inc. (a)
  
130,595
15,103
IT Services - 9.4%
  
  
  
Dlocal Ltd. (a)
  
437,000
8,967
EPAM Systems, Inc. (a)
  
81,586
29,550
Gartner, Inc. (a)
  
76,730
21,230
Globant SA (a)
  
130,531
24,420
MasterCard, Inc. Class A
 
355,937
101,207
MongoDB, Inc. Class A (a)
  
10,300
2,045
Snowflake, Inc. (a)
  
24,800
4,215
TDCX, Inc. ADR (b)
  
8,200
77
Wix.com Ltd. (a)
  
129,500
10,131
 
  
  
201,842
Semiconductors & Semiconductor Equipment - 8.7%
  
  
  
Advanced Micro Devices, Inc. (a)
  
237,700
15,061
ASML Holding NV
 
32,102
13,334
GlobalFoundries, Inc.
 
320,500
15,496
Lam Research Corp.
 
38,517
14,097
Lattice Semiconductor Corp. (a)
  
242,600
11,938
Marvell Technology, Inc.
 
354,400
15,207
Microchip Technology, Inc.
 
479,676
29,275
NVIDIA Corp.
 
379,236
46,035
Qualcomm, Inc.
 
149,900
16,936
Renesas Electronics Corp. (a)
  
1,206,400
10,114
 
  
  
187,493
Software - 17.5%
  
  
  
Adobe, Inc. (a)
  
69,434
19,108
Atlassian Corp. PLC (a)
  
18,400
3,875
Autodesk, Inc. (a)
  
74,229
13,866
Cadence Design Systems, Inc. (a)
  
150,769
24,640
CCC Intelligent Solutions Holdings, Inc. (a)(c)
  
27,668
252
Coupa Software, Inc. (a)
  
31,064
1,827
Datadog, Inc. Class A (a)
  
40,700
3,613
Dynatrace, Inc. (a)
  
125,800
4,379
Five9, Inc. (a)
  
171,987
12,896
Fortinet, Inc. (a)
  
413,700
20,325
Intuit, Inc.
 
35,821
13,874
Microsoft Corp.
 
903,600
210,449
Paycom Software, Inc. (a)
  
43,000
14,190
Salesforce.com, Inc. (a)
  
130,637
18,791
Synopsys, Inc. (a)
  
10,900
3,330
The Trade Desk, Inc. (a)
  
152,770
9,128
 
  
  
374,543
Technology Hardware, Storage & Peripherals - 6.6%
  
  
  
Apple, Inc.
 
1,019,576
140,905
TOTAL INFORMATION TECHNOLOGY
  
  
919,886
UTILITIES - 0.5%
 
  
  
Electric Utilities - 0.3%
  
  
  
NextEra Energy, Inc.
 
87,600
6,869
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
Brookfield Renewable Corp.
 
133,763
4,371
TOTAL UTILITIES
  
  
11,240
 
TOTAL COMMON STOCKS
 (Cost $1,541,489)
  
  
  
2,147,351
 
  
  
  
Money Market Funds - 0.6%
 
  
Shares
Value ($)
(000s)
 
Fidelity Securities Lending Cash Central Fund 3.10% (d)(e)
 
 (Cost $13,042)
 
  
13,041,139
13,042
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.8%
 (Cost $1,554,531)
 
  
 
2,160,393
NET OTHER ASSETS (LIABILITIES) - (0.8)%  
(16,239)
NET ASSETS - 100.0%
2,144,154
 
  
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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 $252,000 or 0.0% of net assets.
 
(d)
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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
(000s)
CCC Intelligent Solutions Holdings, Inc.
2/02/21
277
 
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 (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 3.10%
4,208
272,366
276,574
62
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
29,085
202,557
218,600
19
-
-
13,042
0.0%
Total
33,293
474,923
495,174
81
-
-
13,042
  
 
  
  
  
  
  
  
  
  
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Amount 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 payments 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.
 
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