N-CSRS 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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:

June 30, 2013

Item 1. Reports to Stockholders

Fidelity®

Trend

Fund

Semiannual Report

June 30, 2013

(Fidelity Cover Art)

Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

A summary of major shifts in the fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

(Click Here)

Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2013 FMR LLC. All rights reserved.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2013 to June 30, 2013).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense RatioB

Beginning
Account Value
January 1, 2013

Ending
Account Value
June 30, 2013

Expenses Paid
During Period*
January 1, 2013
to June 30, 2013

Actual

.79%

$ 1,000.00

$ 1,099.10

$ 4.11

HypotheticalA

 

$ 1,000.00

$ 1,020.88

$ 3.96

A 5% return per year before expenses

B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Google, Inc. Class A

4.8

3.3

Apple, Inc.

4.0

7.2

The Coca-Cola Co.

2.8

1.5

Home Depot, Inc.

2.5

1.8

Gilead Sciences, Inc.

2.3

1.6

Oracle Corp.

2.2

2.5

Amgen, Inc.

2.0

2.4

Microsoft Corp.

1.7

1.7

Visa, Inc. Class A

1.7

1.9

Monsanto Co.

1.6

1.3

 

25.6

Top Five Market Sectors as of June 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

26.0

31.0

Consumer Discretionary

20.9

17.2

Health Care

16.1

12.5

Consumer Staples

11.0

10.1

Industrials

10.9

10.7

Asset Allocation (% of fund's net assets)

As of June 30, 2013 *

As of December 31, 2012 **

qwe87084

Stocks 99.5%

 

qwe87084

Stocks 97.5%

 

qwe87087

Short-Term
Investments and
Net Other Assets
(Liabilities) 0.5%

 

qwe87087

Short-Term
Investments and
Net Other Assets
(Liabilities) 2.5%

 

* Foreign investments

8.5%

 

** Foreign investments

8.1%

 

qwe87090

Semiannual Report

Investments June 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 20.9%

Automobiles - 0.4%

Nissan Motor Co. Ltd.

303,700

$ 3,044

Tesla Motors, Inc. (a)

15,900

1,708

 

4,752

Distributors - 0.9%

LKQ Corp. (a)

394,780

10,166

Diversified Consumer Services - 1.1%

H&R Block, Inc.

458,901

12,735

Hotels, Restaurants & Leisure - 3.3%

Las Vegas Sands Corp.

49,289

2,609

McDonald's Corp.

75,125

7,437

Noodles & Co.

9,100

334

Starbucks Corp.

205,435

13,454

Wyndham Worldwide Corp.

93,436

5,347

Yum! Brands, Inc.

140,992

9,776

 

38,957

Household Durables - 1.4%

Toll Brothers, Inc. (a)

304,643

9,941

Whirlpool Corp.

53,716

6,143

 

16,084

Internet & Catalog Retail - 2.6%

Amazon.com, Inc. (a)

63,143

17,534

priceline.com, Inc. (a)

15,590

12,895

 

30,429

Leisure Equipment & Products - 0.4%

Mattel, Inc.

106,655

4,833

Media - 2.7%

CBS Corp. Class B

163,998

8,015

Comcast Corp. Class A

361,381

15,135

Twenty-First Century Fox, Inc. Class A (e)

290,700

8,427

 

31,577

Multiline Retail - 0.5%

Dollar General Corp. (a)

115,664

5,833

Specialty Retail - 5.9%

American Eagle Outfitters, Inc.

440,086

8,036

Dick's Sporting Goods, Inc.

128,575

6,436

Home Depot, Inc.

378,055

29,288

Restoration Hardware Holdings, Inc.

98,400

7,380

Ross Stores, Inc.

114,402

7,414

Tile Shop Holdings, Inc. (a)

200,159

5,797

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Tractor Supply Co.

36,392

$ 4,280

Urban Outfitters, Inc. (a)

33,100

1,331

 

69,962

Textiles, Apparel & Luxury Goods - 1.7%

lululemon athletica, Inc. (a)

65,209

4,272

Michael Kors Holdings Ltd. (a)

76,251

4,729

NIKE, Inc. Class B

109,161

6,951

PVH Corp.

31,000

3,877

 

19,829

TOTAL CONSUMER DISCRETIONARY

245,157

CONSUMER STAPLES - 11.0%

Beverages - 4.2%

Beam, Inc.

55,046

3,474

Monster Beverage Corp. (a)

119,053

7,235

PepsiCo, Inc.

70,671

5,780

The Coca-Cola Co.

805,493

32,308

 

48,797

Food & Staples Retailing - 2.3%

CVS Caremark Corp.

258,026

14,754

Kroger Co.

170,344

5,884

Wal-Mart Stores, Inc.

92,824

6,914

 

27,552

Food Products - 1.2%

Bunge Ltd.

117,700

8,330

Mead Johnson Nutrition Co. Class A

74,723

5,920

 

14,250

Household Products - 0.8%

Procter & Gamble Co.

118,400

9,116

Tobacco - 2.5%

Altria Group, Inc.

320,740

11,223

Japan Tobacco, Inc.

285,400

10,074

Lorillard, Inc.

177,740

7,764

 

29,061

TOTAL CONSUMER STAPLES

128,776

Common Stocks - continued

Shares

Value (000s)

ENERGY - 3.5%

Energy Equipment & Services - 2.4%

Ensco PLC Class A

133,886

$ 7,781

Halliburton Co.

202,116

8,432

National Oilwell Varco, Inc.

101,057

6,963

Schlumberger Ltd.

63,617

4,559

 

27,735

Oil, Gas & Consumable Fuels - 1.1%

Noble Energy, Inc.

80,600

4,839

Pioneer Natural Resources Co.

9,100

1,317

The Williams Companies, Inc.

227,480

7,386

 

13,542

TOTAL ENERGY

41,277

FINANCIALS - 7.0%

Capital Markets - 1.0%

The Blackstone Group LP

489,859

10,316

UBS AG (NY Shares)

105,000

1,780

 

12,096

Commercial Banks - 0.9%

Wells Fargo & Co.

265,170

10,944

Consumer Finance - 1.6%

Capital One Financial Corp.

140,400

8,819

SLM Corp.

434,482

9,932

 

18,751

Diversified Financial Services - 2.3%

Bank of America Corp.

790,970

10,172

Citigroup, Inc.

226,629

10,871

McGraw-Hill Companies, Inc.

104,684

5,568

 

26,611

Real Estate Investment Trusts - 0.7%

American Tower Corp.

108,100

7,910

Real Estate Management & Development - 0.3%

The St. Joe Co. (a)(d)

144,600

3,044

Thrifts & Mortgage Finance - 0.2%

Nationstar Mortgage Holdings, Inc. (a)(d)

76,713

2,872

TOTAL FINANCIALS

82,228

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 16.1%

Biotechnology - 7.7%

Alexion Pharmaceuticals, Inc. (a)

80,544

$ 7,429

Amgen, Inc.

234,260

23,112

Biogen Idec, Inc. (a)

52,745

11,351

BioMarin Pharmaceutical, Inc. (a)

74,500

4,156

Celgene Corp. (a)

65,389

7,645

Gilead Sciences, Inc. (a)

530,719

27,178

Onyx Pharmaceuticals, Inc. (a)

36,200

4,344

Theravance, Inc. (a)(d)

132,077

5,089

 

90,304

Health Care Equipment & Supplies - 1.8%

Ansell Ltd.

306,415

4,940

Boston Scientific Corp. (a)

1,130,828

10,483

The Cooper Companies, Inc.

45,164

5,377

 

20,800

Health Care Providers & Services - 2.0%

Brookdale Senior Living, Inc. (a)

154,226

4,078

Catamaran Corp. (a)

110,876

5,397

Express Scripts Holding Co. (a)

237,314

14,640

 

24,115

Health Care Technology - 0.6%

Cerner Corp. (a)

73,700

7,082

Life Sciences Tools & Services - 0.6%

Illumina, Inc. (a)

88,918

6,655

Pharmaceuticals - 3.4%

AbbVie, Inc.

295,800

12,228

Actavis, Inc. (a)

63,422

8,005

Bristol-Myers Squibb Co.

191,100

8,540

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

76,440

6,591

Warner Chilcott PLC

257,405

5,117

 

40,481

TOTAL HEALTH CARE

189,437

INDUSTRIALS - 10.9%

Aerospace & Defense - 2.4%

The Boeing Co.

43,000

4,405

TransDigm Group, Inc.

35,826

5,616

United Technologies Corp.

187,399

17,417

 

27,438

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Air Freight & Logistics - 1.3%

United Parcel Service, Inc. Class B

178,625

$ 15,447

Airlines - 0.4%

Delta Air Lines, Inc.

263,200

4,924

Electrical Equipment - 2.7%

Eaton Corp. PLC

168,899

11,115

Emerson Electric Co.

145,819

7,953

Generac Holdings, Inc.

323,200

11,962

 

31,030

Industrial Conglomerates - 0.5%

General Electric Co.

248,628

5,766

Machinery - 1.8%

Cummins, Inc.

69,123

7,497

Ingersoll-Rand PLC

141,607

7,862

Manitowoc Co., Inc.

341,353

6,114

 

21,473

Professional Services - 0.2%

Towers Watson & Co.

33,700

2,761

Road & Rail - 1.6%

CSX Corp.

393,789

9,132

Hertz Global Holdings, Inc. (a)

197,468

4,897

Union Pacific Corp.

32,288

4,981

 

19,010

TOTAL INDUSTRIALS

127,849

INFORMATION TECHNOLOGY - 26.0%

Communications Equipment - 2.0%

Cisco Systems, Inc.

272,500

6,624

QUALCOMM, Inc.

276,040

16,861

 

23,485

Computers & Peripherals - 5.0%

Apple, Inc.

117,237

46,435

EMC Corp.

486,211

11,484

 

57,919

Internet Software & Services - 6.3%

eBay, Inc. (a)

155,865

8,061

Facebook, Inc. Class A (a)

168,265

4,183

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Google, Inc. Class A (a)

63,785

$ 56,156

LinkedIn Corp. (a)

32,800

5,848

 

74,248

IT Services - 4.4%

Accenture PLC Class A

31,184

2,244

Amdocs Ltd.

208,585

7,736

IBM Corp.

35,947

6,870

MasterCard, Inc. Class A

26,867

15,435

Visa, Inc. Class A

107,300

19,609

 

51,894

Semiconductors & Semiconductor Equipment - 1.1%

Broadcom Corp. Class A

392,214

13,241

Software - 7.2%

Check Point Software Technologies Ltd. (a)

60,504

3,006

Concur Technologies, Inc. (a)

44,356

3,610

Guidewire Software, Inc. (a)

147,821

6,216

Microsoft Corp.

580,890

20,058

Oracle Corp.

829,064

25,469

salesforce.com, Inc. (a)

248,500

9,488

Splunk, Inc. (a)

82,368

3,819

Workday, Inc. Class A

193,040

12,372

 

84,038

TOTAL INFORMATION TECHNOLOGY

304,825

MATERIALS - 3.4%

Chemicals - 2.6%

Eastman Chemical Co.

104,206

7,295

FMC Corp.

77,131

4,710

Monsanto Co.

190,624

18,834

 

30,839

Construction Materials - 0.8%

Eagle Materials, Inc.

43,112

2,857

Vulcan Materials Co.

134,542

6,513

 

9,370

TOTAL MATERIALS

40,209

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 0.7%

Wireless Telecommunication Services - 0.7%

Vodafone Group PLC sponsored ADR

273,971

$ 7,874

TOTAL COMMON STOCKS

(Cost $946,440)


1,167,632

Money Market Funds - 1.9%

 

 

 

 

Fidelity Cash Central Fund, 0.13% (b)

16,394,330

16,394

Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c)

6,265,000

6,265

TOTAL MONEY MARKET FUNDS

(Cost $22,659)


22,659

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $969,099)

1,190,291

NET OTHER ASSETS (LIABILITIES) - (1.4)%

(16,560)

NET ASSETS - 100%

$ 1,173,731

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) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

$ 11

Fidelity Securities Lending Cash Central Fund

20

Total

$ 31

Other Information

The following is a summary of the inputs used, as of June 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 in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 245,157

$ 242,113

$ 3,044

$ -

Consumer Staples

128,776

118,702

10,074

-

Energy

41,277

41,277

-

-

Financials

82,228

82,228

-

-

Health Care

189,437

185,093

4,344

-

Industrials

127,849

127,849

-

-

Information Technology

304,825

304,825

-

-

Materials

40,209

40,209

-

-

Telecommunication Services

7,874

7,874

-

-

Money Market Funds

22,659

22,659

-

-

Total Investments in Securities:

$ 1,190,291

$ 1,172,829

$ 17,462

$ -

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

 Amounts in thousands (except per-share amount)

June 30, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $6,013) - See accompanying schedule:

Unaffiliated issuers (cost $946,440)

$ 1,167,632

 

Fidelity Central Funds (cost $22,659)

22,659

 

Total Investments (cost $969,099)

 

$ 1,190,291

Receivable for investments sold

27,478

Receivable for fund shares sold

1,009

Dividends receivable

1,183

Distributions receivable from Fidelity Central Funds

3

Other receivables

39

Total assets

1,220,003

 

 

 

Liabilities

Payable for investments purchased
Regular delivery

$ 31,299

Delayed delivery

3,256

Payable for fund shares redeemed

4,624

Accrued management fee

555

Other affiliated payables

205

Other payables and accrued expenses

68

Collateral on securities loaned, at value

6,265

Total liabilities

46,272

 

 

 

Net Assets

$ 1,173,731

Net Assets consist of:

 

Paid in capital

$ 862,159

Undistributed net investment income

4,752

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

85,628

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

221,192

Net Assets, for 14,612 shares outstanding

$ 1,173,731

Net Asset Value, offering price and redemption price per share ($1,173,731 ÷ 14,612 shares)

$ 80.33

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

 Amounts in thousands Six months ended June 30, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 9,336

Income from Fidelity Central Funds

 

31

Total income

 

9,367

 

 

 

Expenses

Management fee
Basic fee

$ 3,284

Performance adjustment

56

Transfer agent fees

1,017

Accounting and security lending fees

192

Custodian fees and expenses

44

Independent trustees' compensation

4

Registration fees

33

Audit

31

Legal

1

Miscellaneous

5

Total expenses before reductions

4,667

Expense reductions

(71)

4,596

Net investment income (loss)

4,771

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

89,974

Foreign currency transactions

(14)

Total net realized gain (loss)

 

89,960

Change in net unrealized appreciation (depreciation) on:

Investment securities

 

15,946

Net gain (loss)

105,906

Net increase (decrease) in net assets resulting from operations

$ 110,677

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

 Amounts in thousands

Six months ended
June 30, 2013
(Unaudited)

Year ended
December 31,
2012

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 4,771

$ 7,322

Net realized gain (loss)

89,960

130,389

Change in net unrealized appreciation (depreciation)

15,946

48,350

Net increase (decrease) in net assets resulting
from operations

110,677

186,061

Distributions to shareholders from net investment income

-

(6,961)

Distributions to shareholders from net realized gain

(7,662)

(76,500)

Total distributions

(7,662)

(83,461)

Share transactions
Proceeds from sales of shares

56,239

193,016

Reinvestment of distributions

7,034

76,003

Cost of shares redeemed

(122,914)

(268,875)

Net increase (decrease) in net assets resulting from share transactions

(59,641)

144

Total increase (decrease) in net assets

43,374

102,744

 

 

 

Net Assets

Beginning of period

1,130,357

1,027,613

End of period (including undistributed net investment income of $4,752 and distributions in excess of net investment income of $19, respectively)

$ 1,173,731

$ 1,130,357

Other Information

Shares

Sold

727

2,555

Issued in reinvestment of distributions

92

1,033

Redeemed

(1,574)

(3,587)

Net increase (decrease)

(755)

1

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

 

Six months ended
June 30, 2013

Years ended December 31,

 

(Unaudited)

2012

2011

2010

2009

2008

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 73.56

$ 66.87

$ 67.38

$ 56.25

$ 39.09

$ 70.72

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .32

  .49

  (.01)

  .02

  .21

  .19

Net realized and unrealized gain (loss)

  6.95

  11.98

  (.50)

  11.14

  17.16

  (31.63)

Total from investment operations

  7.27

  12.47

  (.51)

  11.16

  17.37

  (31.44)

Distributions from net investment income

  -

  (.48) G

  -

  (.03)

  (.21)

  (.18)

Distributions from net realized gain

  (.50)

  (5.29) G

  -

  -

  -

  (.01)

Total distributions

  (.50)

  (5.78) I

  -

  (.03)

  (.21)

  (.19)

Net asset value, end of period

$ 80.33

$ 73.56

$ 66.87

$ 67.38

$ 56.25

$ 39.09

Total Return B, C

  9.91%

  18.64%

  (.76)%

  19.84%

  44.45%

  (44.45)%

Ratios to Average Net Assets E, H

 

 

 

 

 

Expenses before reductions

  .79% A

  .89%

  .90%

  .83%

  .81%

  .83%

Expenses net of fee waivers, if any

  .79% A

  .89%

  .90%

  .83%

  .81%

  .83%

Expenses net of all reductions

  .78% A

  .87%

  .89%

  .83%

  .80%

  .82%

Net investment income (loss)

  .81% A

  .65%

  (.01)%

  .03%

  .46%

  .33%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 1,174

$ 1,130

$ 1,028

$ 1,045

$ 818

$ 534

Portfolio turnover rate F

  163% A

  171%

  82%

  117%

  141%

  147%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

D Calculated based on average shares outstanding during the period.

E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

G The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

I Total distributions of $5.78 per share is comprised of distributions from net investment income of $.482 and distributions from net realized gain of $5.293 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2013 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity® Trend Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust and is authorized to issue an unlimited number of shares.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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 as shown below:

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)

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.

Investments in open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level, as of June 30, 2013 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Deferred Trustee Compensation - continued

investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications for the period ended December 31, 2012.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation

$ 227,184

Gross unrealized depreciation

(9,296)

Net unrealized appreciation (depreciation) on securities and other investments

$ 217,888

 

 

Tax cost

$ 972,403

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and

Semiannual Report

3. Significant Accounting Policies - continued

Delayed Delivery Transactions and When-Issued Securities - continued

paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $948,193 and $988,474, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .56% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .17% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Accounting and Security Lending Fees - continued

the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $36 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income

Semiannual Report

7. Security Lending - continued

from Fidelity Central Funds. Total security lending income during the period amounted to $20. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $68 for the period. Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by one hundred and five dollars.

In addition, FMR reimbursed a portion of the Fund's operating expenses during the period in the amount of $3.

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST ®) qwe87092
1-800-544-5555

qwe87092
Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

TRE-USAN-0813
1.787792.110

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Trend Fund's Board of Trustees.

Item 11. 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

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.

(a)

(3)

Not applicable.

(b)

 

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

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:

August 21, 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:

August 21, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

August 21, 2013