N-Q 1 trend.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:

March 31, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Trend Fund

March 31, 2013 

1.799849.109

TRE-QTLY-0513

Investments March 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 17.5%

Automobiles - 0.5%

Harley-Davidson, Inc.

92,570

$ 4,934

Tesla Motors, Inc. (a)

16,300

618

 

5,552

Distributors - 0.6%

LKQ Corp. (a)

310,780

6,763

Hotels, Restaurants & Leisure - 2.3%

Las Vegas Sands Corp.

96,569

5,442

McDonald's Corp.

79,025

7,878

Starbucks Corp.

184,535

10,511

Yum! Brands, Inc.

38,525

2,771

 

26,602

Household Durables - 1.4%

Toll Brothers, Inc. (a)

262,343

8,983

Whirlpool Corp.

68,116

8,069

 

17,052

Internet & Catalog Retail - 2.7%

Amazon.com, Inc. (a)

75,443

20,105

priceline.com, Inc. (a)

16,790

11,550

 

31,655

Media - 2.6%

CBS Corp. Class B

156,398

7,302

Comcast Corp. Class A

433,581

18,215

Discovery Communications, Inc. (a)

66,700

5,252

 

30,769

Multiline Retail - 0.3%

Dollar General Corp. (a)

77,800

3,935

Specialty Retail - 4.7%

American Eagle Outfitters, Inc.

479,085

8,959

Dick's Sporting Goods, Inc.

84,265

3,986

Home Depot, Inc.

303,259

21,161

Lowe's Companies, Inc.

207,746

7,878

Rent-A-Center, Inc.

75,800

2,800

Ross Stores, Inc.

129,902

7,875

Tractor Supply Co.

28,392

2,956

 

55,615

Textiles, Apparel & Luxury Goods - 2.4%

Coach, Inc.

61,500

3,074

lululemon athletica, Inc. (a)

103,209

6,435

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

Michael Kors Holdings Ltd. (a)

72,651

$ 4,126

NIKE, Inc. Class B

190,853

11,262

PVH Corp.

36,400

3,888

 

28,785

TOTAL CONSUMER DISCRETIONARY

206,728

CONSUMER STAPLES - 11.7%

Beverages - 4.2%

Beam, Inc.

45,746

2,907

Fomento Economico Mexicano S.A.B. de CV sponsored ADR

53,300

6,050

PepsiCo, Inc.

113,771

9,000

Remy Cointreau SA

26,600

3,074

The Coca-Cola Co.

711,283

28,764

 

49,795

Food & Staples Retailing - 3.4%

CVS Caremark Corp.

267,926

14,733

Safeway, Inc.

334,475

8,813

Wal-Mart Stores, Inc.

159,524

11,937

Walgreen Co.

99,528

4,745

 

40,228

Food Products - 0.7%

Bunge Ltd.

38,886

2,871

Mead Johnson Nutrition Co. Class A

69,312

5,368

 

8,239

Household Products - 1.0%

Procter & Gamble Co.

160,500

12,368

Tobacco - 2.4%

Altria Group, Inc.

330,015

11,349

British American Tobacco PLC (United Kingdom)

143,700

7,701

Lorillard, Inc.

223,893

9,034

 

28,084

TOTAL CONSUMER STAPLES

138,714

ENERGY - 4.6%

Energy Equipment & Services - 2.8%

Cameron International Corp. (a)

103,430

6,744

Ensco PLC Class A

122,986

7,379

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Halliburton Co.

142,412

$ 5,755

McDermott International, Inc. (a)

265,350

2,916

National Oilwell Varco, Inc.

53,267

3,769

Schlumberger Ltd.

85,117

6,374

 

32,937

Oil, Gas & Consumable Fuels - 1.8%

Anadarko Petroleum Corp.

37,382

3,269

Noble Energy, Inc.

40,300

4,661

Pioneer Natural Resources Co.

41,054

5,101

The Williams Companies, Inc.

237,780

8,907

 

21,938

TOTAL ENERGY

54,875

FINANCIALS - 6.3%

Capital Markets - 1.3%

Charles Schwab Corp.

335,546

5,936

The Blackstone Group LP

470,359

9,304

 

15,240

Commercial Banks - 0.8%

Wells Fargo & Co.

250,570

9,269

Consumer Finance - 0.9%

SLM Corp.

513,862

10,524

Diversified Financial Services - 2.1%

Bank of America Corp.

507,300

6,179

BTG Pactual Participations Ltd. unit

212,500

3,551

Citigroup, Inc.

212,229

9,389

McGraw-Hill Companies, Inc.

112,584

5,863

 

24,982

Real Estate Investment Trusts - 0.9%

American Tower Corp.

146,800

11,292

Real Estate Management & Development - 0.3%

CBRE Group, Inc. (a)

119,382

3,014

Hongkong Land Holdings Ltd.

97,000

719

 

3,733

TOTAL FINANCIALS

75,040

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 14.7%

Biotechnology - 6.6%

Achillion Pharmaceuticals, Inc. (a)

153,100

$ 1,338

Alkermes PLC (a)

46,900

1,112

Amgen, Inc.

251,180

25,748

Biogen Idec, Inc. (a)

38,982

7,520

BioMarin Pharmaceutical, Inc. (a)

68,100

4,240

Celgene Corp. (a)

94,995

11,011

Gilead Sciences, Inc. (a)

528,840

25,876

Theravance, Inc. (a)

70,769

1,672

 

78,517

Health Care Equipment & Supplies - 2.2%

Align Technology, Inc. (a)

174,900

5,861

Ansell Ltd.

249,676

4,177

Boston Scientific Corp. (a)

766,528

5,987

The Cooper Companies, Inc.

97,481

10,516

 

26,541

Health Care Providers & Services - 2.1%

Brookdale Senior Living, Inc. (a)

262,792

7,327

Catamaran Corp. (a)

104,376

5,531

Express Scripts Holding Co. (a)

211,914

12,217

 

25,075

Life Sciences Tools & Services - 0.6%

Illumina, Inc. (a)

123,220

6,654

Pharmaceuticals - 3.2%

AbbVie, Inc.

317,700

12,956

Actavis, Inc. (a)

57,878

5,331

Johnson & Johnson

94,532

7,707

Merck & Co., Inc.

112,401

4,971

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

85,800

6,441

 

37,406

TOTAL HEALTH CARE

174,193

INDUSTRIALS - 11.7%

Aerospace & Defense - 2.2%

Textron, Inc.

239,750

7,147

United Technologies Corp.

198,399

18,536

 

25,683

Air Freight & Logistics - 1.5%

United Parcel Service, Inc. Class B

200,925

17,259

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - 0.4%

Quanta Services, Inc. (a)

158,727

$ 4,536

Electrical Equipment - 1.9%

Eaton Corp. PLC

175,896

10,774

Emerson Electric Co.

180,419

10,080

Generac Holdings, Inc.

49,300

1,742

 

22,596

Industrial Conglomerates - 0.3%

Carlisle Companies, Inc.

51,064

3,462

Machinery - 2.9%

Caterpillar, Inc.

60,033

5,221

Cummins, Inc.

80,423

9,314

Ingersoll-Rand PLC

185,853

10,224

Manitowoc Co., Inc.

465,714

9,575

 

34,334

Professional Services - 0.8%

Nielsen Holdings B.V.

91,085

3,263

Towers Watson & Co.

98,109

6,801

 

10,064

Road & Rail - 1.4%

CSX Corp.

377,789

9,305

Union Pacific Corp.

53,146

7,569

 

16,874

Trading Companies & Distributors - 0.3%

WESCO International, Inc. (a)

48,855

3,547

TOTAL INDUSTRIALS

138,355

INFORMATION TECHNOLOGY - 28.1%

Communications Equipment - 2.9%

Juniper Networks, Inc. (a)

211,054

3,913

Motorola Solutions, Inc.

138,646

8,878

QUALCOMM, Inc.

328,340

21,982

 

34,773

Computers & Peripherals - 5.4%

Apple, Inc.

134,137

59,374

EMC Corp. (a)

202,211

4,831

 

64,205

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 5.0%

eBay, Inc. (a)

100,600

$ 5,455

Facebook, Inc. Class A

251,662

6,438

Google, Inc. Class A (a)

59,785

47,471

 

59,364

IT Services - 5.8%

Accenture PLC Class A

131,616

9,999

Cognizant Technology Solutions Corp. Class A (a)

84,454

6,470

IBM Corp.

75,384

16,079

MasterCard, Inc. Class A

26,067

14,106

Visa, Inc. Class A

126,300

21,451

 

68,105

Semiconductors & Semiconductor Equipment - 2.4%

Altera Corp.

190,694

6,764

Broadcom Corp. Class A

365,214

12,662

Samsung Electronics Co. Ltd.

4,317

5,929

Skyworks Solutions, Inc. (a)

128,683

2,835

 

28,190

Software - 6.6%

Check Point Software Technologies Ltd. (a)

124,604

5,855

Concur Technologies, Inc. (a)

66,656

4,577

Guidewire Software, Inc. (a)

152,321

5,855

Microsoft Corp.

536,690

15,355

Oracle Corp.

873,389

28,245

salesforce.com, Inc. (a)

80,000

14,306

Splunk, Inc.

70,868

2,837

Workday, Inc. Class A

13,400

826

 

77,856

TOTAL INFORMATION TECHNOLOGY

332,493

MATERIALS - 4.0%

Chemicals - 2.9%

Albemarle Corp.

86,900

5,433

Axiall Corp.

46,057

2,863

Eastman Chemical Co.

120,806

8,441

LyondellBasell Industries NV Class A

32,611

2,064

Monsanto Co.

150,944

15,944

 

34,745

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Construction Materials - 0.6%

Vulcan Materials Co.

138,242

$ 7,147

Paper & Forest Products - 0.5%

Boise Cascade Co.

166,388

5,647

TOTAL MATERIALS

47,539

TELECOMMUNICATION SERVICES - 0.4%

Wireless Telecommunication Services - 0.4%

Vodafone Group PLC sponsored ADR

184,354

5,237

TOTAL COMMON STOCKS

(Cost $935,161)


1,173,174

Money Market Funds - 1.6%

 

 

 

 

Fidelity Cash Central Fund, 0.15% (b)
(Cost $18,497)

18,497,267


18,497

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $953,658)

1,191,671

NET OTHER ASSETS (LIABILITIES) - (0.6)%

(6,696)

NET ASSETS - 100%

$ 1,184,975

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.

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

$ 9

Fidelity Securities Lending Cash Central Fund

17

Total

$ 26

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At March 31, 2013, the cost of investment securities for income tax purposes was $957,094,000. Net unrealized appreciation aggregated $234,577,000, of which $240,684,000 related to appreciated investment securities and $6,107,000 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 Fund's 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:

May 30, 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:

May 30, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

May 30, 2013