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)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(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, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Trend Fund

March 31, 2012 

 1.799849.108

TRE-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 15.4%

Auto Components - 0.1%

Gentex Corp.

53,000

$ 1,299

Automobiles - 0.9%

Bayerische Motoren Werke AG (BMW)

24,013

2,159

Ford Motor Co.

633,058

7,907

Tesla Motors, Inc. (a)

6,600

246

 

10,312

Hotels, Restaurants & Leisure - 2.3%

Brinker International, Inc.

283,000

7,797

Chipotle Mexican Grill, Inc. (a)

9,500

3,971

Dunkin' Brands Group, Inc.

4,300

129

Las Vegas Sands Corp.

172,400

9,925

McDonald's Corp.

58,900

5,778

 

27,600

Household Durables - 2.1%

D.R. Horton, Inc.

486,600

7,382

Lennar Corp. Class A

32,200

875

PulteGroup, Inc. (a)

313,700

2,776

Ryland Group, Inc. (d)

319,500

6,160

Tempur-Pedic International, Inc. (a)

81,363

6,869

Toll Brothers, Inc. (a)

59,600

1,430

 

25,492

Internet & Catalog Retail - 1.2%

Amazon.com, Inc. (a)

71,200

14,419

Media - 0.9%

Comcast Corp. Class A

118,322

3,551

Discovery Communications, Inc. (a)

141,200

7,145

 

10,696

Multiline Retail - 1.0%

Dollar General Corp. (a)

151,144

6,983

Dollar Tree, Inc. (a)

52,900

4,999

 

11,982

Specialty Retail - 5.0%

American Eagle Outfitters, Inc.

383,500

6,592

AutoZone, Inc. (a)

12,000

4,462

Bed Bath & Beyond, Inc. (a)

122,300

8,044

Limited Brands, Inc.

108,800

5,222

Lowe's Companies, Inc.

365,362

11,465

Sally Beauty Holdings, Inc. (a)

272,175

6,750

Teavana Holdings, Inc. (a)(d)

162,400

3,203

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

TJX Companies, Inc.

267,400

$ 10,618

Tractor Supply Co.

31,800

2,880

 

59,236

Textiles, Apparel & Luxury Goods - 1.9%

Burberry Group PLC

131,200

3,142

PVH Corp.

99,700

8,906

Ralph Lauren Corp.

27,400

4,777

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

60,600

5,696

 

22,521

TOTAL CONSUMER DISCRETIONARY

183,557

CONSUMER STAPLES - 9.1%

Beverages - 2.7%

Anheuser-Busch InBev SA NV

69,000

5,025

Diageo PLC sponsored ADR

60,000

5,790

Dr Pepper Snapple Group, Inc.

166,400

6,691

The Coca-Cola Co.

197,800

14,639

 

32,145

Food & Staples Retailing - 1.6%

CVS Caremark Corp.

146,700

6,572

Wal-Mart Stores, Inc.

126,232

7,725

Whole Foods Market, Inc.

65,600

5,458

 

19,755

Food Products - 0.6%

Corn Products International, Inc.

57,900

3,338

Green Mountain Coffee Roasters, Inc. (a)

94,100

4,408

 

7,746

Household Products - 2.4%

Colgate-Palmolive Co.

145,600

14,237

Kimberly-Clark Corp.

97,000

7,167

Procter & Gamble Co.

103,955

6,987

 

28,391

Personal Products - 0.4%

Schiff Nutrition International, Inc. (a)

355,345

4,367

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Tobacco - 1.4%

Altria Group, Inc.

460,300

$ 14,209

Japan Tobacco, Inc.

450

2,546

 

16,755

TOTAL CONSUMER STAPLES

109,159

ENERGY - 9.5%

Energy Equipment & Services - 2.6%

Cameron International Corp. (a)

121,100

6,398

Dresser-Rand Group, Inc. (a)

64,700

3,001

Halliburton Co.

234,814

7,793

Noble Corp.

108,200

4,054

Oceaneering International, Inc.

61,900

3,336

Rowan Companies, Inc. (a)

86,700

2,855

Schlumberger Ltd.

41,900

2,930

 

30,367

Oil, Gas & Consumable Fuels - 6.9%

Amyris, Inc. (a)(d)

153,800

797

Apache Corp.

59,500

5,976

Atlas Pipeline Partners, LP

77,600

2,745

BP PLC sponsored ADR

24,128

1,086

Chevron Corp.

64,700

6,938

Exxon Mobil Corp.

389,700

33,799

Marathon Petroleum Corp.

127,863

5,544

Noble Energy, Inc.

66,400

6,493

Occidental Petroleum Corp.

94,300

8,980

Valero Energy Corp.

326,000

8,401

Williams Companies, Inc.

55,400

1,707

 

82,466

TOTAL ENERGY

112,833

FINANCIALS - 6.2%

Capital Markets - 1.2%

Charles Schwab Corp.

266,731

3,833

Morgan Stanley

408,427

8,022

TD Ameritrade Holding Corp.

95,600

1,887

 

13,742

Commercial Banks - 1.3%

SunTrust Banks, Inc.

214,970

5,196

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

U.S. Bancorp

73,400

$ 2,325

Wells Fargo & Co.

219,400

7,490

 

15,011

Consumer Finance - 0.5%

Capital One Financial Corp.

38,300

2,135

SLM Corp.

247,600

3,902

 

6,037

Diversified Financial Services - 1.1%

Citigroup, Inc.

201,240

7,355

JPMorgan Chase & Co.

134,300

6,175

 

13,530

Real Estate Investment Trusts - 1.9%

American Tower Corp.

160,473

10,113

Big Yellow Group PLC

602,100

2,735

Corporate Office Properties Trust (SBI)

41,327

959

Digital Realty Trust, Inc. (d)

39,200

2,900

Equity Residential (SBI)

34,200

2,142

Extra Space Storage, Inc.

143,600

4,134

 

22,983

Real Estate Management & Development - 0.2%

CBRE Group, Inc. (a)

104,500

2,086

The St. Joe Co. (a)

40,253

765

 

2,851

TOTAL FINANCIALS

74,154

HEALTH CARE - 10.6%

Biotechnology - 3.5%

Achillion Pharmaceuticals, Inc. (a)

311,500

2,984

ADVENTRX Pharmaceuticals, Inc. (a)

684,564

472

ADVENTRX Pharmaceuticals, Inc. warrants 11/16/16 (a)

271,977

23

Alexion Pharmaceuticals, Inc. (a)

52,792

4,902

Alkermes PLC (a)

45,500

844

Amgen, Inc.

54,700

3,719

Ardea Biosciences, Inc. (a)

93,200

2,028

ARIAD Pharmaceuticals, Inc. (a)

102,700

1,638

Biogen Idec, Inc. (a)

50,300

6,336

BioMarin Pharmaceutical, Inc. (a)

106,800

3,658

Dynavax Technologies Corp. (a)

470,500

2,381

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Gilead Sciences, Inc. (a)

221,319

$ 10,811

Theravance, Inc. (a)

84,400

1,646

 

41,442

Health Care Equipment & Supplies - 1.2%

Covidien PLC

178,300

9,749

The Cooper Companies, Inc.

60,200

4,919

 

14,668

Health Care Providers & Services - 3.3%

Aetna, Inc.

64,800

3,250

Catalyst Health Solutions, Inc. (a)

44,500

2,836

Express Scripts, Inc. (a)

168,100

9,108

Health Net, Inc. (a)

89,100

3,539

Laboratory Corp. of America Holdings (a)

40,837

3,738

McKesson Corp.

75,500

6,627

UnitedHealth Group, Inc.

66,300

3,908

WellPoint, Inc.

77,900

5,749

 

38,755

Life Sciences Tools & Services - 0.3%

Illumina, Inc. (a)

67,400

3,546

Pharmaceuticals - 2.3%

AVANIR Pharmaceuticals Class A (a)(d)

189,300

647

Elan Corp. PLC sponsored ADR (a)

119,200

1,789

Eli Lilly & Co.

165,500

6,665

GlaxoSmithKline PLC sponsored ADR

114,900

5,160

Merck & Co., Inc.

36,700

1,409

Sanofi SA sponsored ADR

147,900

5,731

Shire PLC sponsored ADR

27,900

2,644

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

66,100

3,544

 

27,589

TOTAL HEALTH CARE

126,000

INDUSTRIALS - 9.6%

Aerospace & Defense - 2.4%

Raytheon Co.

68,400

3,610

Rockwell Collins, Inc.

62,700

3,609

Textron, Inc.

180,100

5,012

United Technologies Corp.

204,800

16,986

 

29,217

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - 2.2%

Dycom Industries, Inc. (a)

155,700

$ 3,637

Fluor Corp.

159,404

9,571

Foster Wheeler AG (a)

37,100

844

Jacobs Engineering Group, Inc. (a)

70,117

3,111

MasTec, Inc. (a)

160,393

2,902

Quanta Services, Inc. (a)

282,340

5,901

 

25,966

Electrical Equipment - 1.4%

Emerson Electric Co.

157,000

8,192

Regal-Beloit Corp.

87,200

5,716

Schneider Electric SA

44,100

2,881

 

16,789

Industrial Conglomerates - 0.9%

Danaher Corp.

184,900

10,354

Machinery - 2.0%

Cummins, Inc.

79,800

9,579

Ingersoll-Rand PLC

206,050

8,520

Joy Global, Inc.

83,900

6,167

 

24,266

Professional Services - 0.3%

Randstad Holding NV (d)

90,100

3,399

Road & Rail - 0.4%

Union Pacific Corp.

47,300

5,084

TOTAL INDUSTRIALS

115,075

INFORMATION TECHNOLOGY - 32.9%

Communications Equipment - 4.3%

Acme Packet, Inc. (a)

41,400

1,139

Motorola Solutions, Inc.

355,700

18,080

Polycom, Inc. (a)

370,887

7,073

QUALCOMM, Inc.

364,500

24,793

 

51,085

Computers & Peripherals - 9.5%

Apple, Inc. (a)

173,900

104,253

Fusion-io, Inc.

23,900

679

Gemalto NV

32,407

2,139

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

NetApp, Inc. (a)

81,600

$ 3,653

SanDisk Corp. (a)

59,200

2,936

 

113,660

Electronic Equipment & Components - 0.8%

Arrow Electronics, Inc. (a)

124,361

5,219

TE Connectivity Ltd.

118,676

4,361

 

9,580

Internet Software & Services - 3.6%

eBay, Inc. (a)

133,100

4,910

Facebook, Inc. Class B (e)

49,257

1,516

Google, Inc. Class A (a)

44,600

28,599

OpenTable, Inc. (a)

68,155

2,758

Rackspace Hosting, Inc. (a)

96,330

5,567

 

43,350

IT Services - 4.2%

Accenture PLC Class A

67,700

4,367

Cognizant Technology Solutions Corp. Class A (a)

239,453

18,426

IBM Corp.

29,600

6,176

MasterCard, Inc. Class A

26,367

11,088

Virtusa Corp. (a)

141,400

2,442

Visa, Inc. Class A

63,000

7,434

 

49,933

Semiconductors & Semiconductor Equipment - 2.3%

Analog Devices, Inc.

92,900

3,753

Avago Technologies Ltd.

86,900

3,386

Broadcom Corp. Class A

218,600

8,591

Cirrus Logic, Inc. (a)

55,400

1,319

Cymer, Inc. (a)

26,000

1,300

Freescale Semiconductor Holdings I Ltd.

201,000

3,093

NXP Semiconductors NV (a)

215,956

5,747

 

27,189

Software - 8.2%

Aspen Technology, Inc. (a)

59,100

1,213

Citrix Systems, Inc. (a)

104,900

8,278

Informatica Corp. (a)

56,900

3,010

Microsoft Corp.

1,467,400

47,324

Oracle Corp.

426,700

12,443

Red Hat, Inc. (a)

82,900

4,965

salesforce.com, Inc. (a)

86,300

13,334

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Solera Holdings, Inc.

78,200

$ 3,589

VMware, Inc. Class A (a)

37,700

4,236

 

98,392

TOTAL INFORMATION TECHNOLOGY

393,189

MATERIALS - 4.7%

Chemicals - 2.9%

Air Products & Chemicals, Inc.

52,800

4,847

Ashland, Inc.

68,100

4,158

E.I. du Pont de Nemours & Co.

52,200

2,761

LyondellBasell Industries NV Class A

133,800

5,840

Monsanto Co.

102,300

8,159

Sigma Aldrich Corp.

34,500

2,521

The Mosaic Co.

105,600

5,839

 

34,125

Construction Materials - 0.3%

Eagle Materials, Inc.

31,900

1,109

Martin Marietta Materials, Inc. (d)

35,700

3,057

 

4,166

Metals & Mining - 1.5%

ArcelorMittal SA Class A unit (d)

221,450

4,236

Commercial Metals Co.

274,900

4,074

Freeport-McMoRan Copper & Gold, Inc.

57,000

2,168

Ivanhoe Mines Ltd. (a)

161,100

2,534

Kinross Gold Corp.

198,800

1,943

Newmont Mining Corp.

58,500

2,999

 

17,954

TOTAL MATERIALS

56,245

TOTAL COMMON STOCKS

(Cost $924,044)


1,170,212

Money Market Funds - 3.5%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.14% (b)

23,249,257

$ 23,249

Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c)

18,089,900

18,090

TOTAL MONEY MARKET FUNDS

(Cost $41,339)


41,339

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $965,383)

1,211,551

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(17,684)

NET ASSETS - 100%

$ 1,193,867

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,516,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Facebook, Inc. Class B

3/31/11 - 5/19/11

$ 1,232

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

$ 8

Fidelity Securities Lending Cash Central Fund

210

Total

$ 218

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Schiff Nutrition International, Inc.

$ 17,446

$ -

$ 12,458

$ -

$ -

Total

$ 17,446

$ -

$ 12,458

$ -

$ -

Other Information

The following is a summary of the inputs used, as of March 31, 2012, 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 tables 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

$ 183,557

$ 183,557

$ -

$ -

Consumer Staples

109,159

101,588

7,571

-

Energy

112,833

112,833

-

-

Financials

74,154

74,154

-

-

Health Care

126,000

125,977

23

-

Industrials

115,075

115,075

-

-

Information Technology

393,189

391,673

-

1,516

Materials

56,245

56,245

-

-

Money Market Funds

41,339

41,339

-

-

Total Investments in Securities:

$ 1,211,551

$ 1,202,441

$ 7,594

$ 1,516

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 1,231

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

285

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 1,516

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2012

$ 285

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $969,989,000. Net unrealized appreciation aggregated $241,562,000, of which $254,335,000 related to appreciated investment securities and $12,773,000 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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 an independent 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 foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Trend Fund

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

May 30, 2012

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, 2012

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

May 30, 2012