N-Q 1 tre.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:

September 30, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Trend Fund

September 30, 2010 

1.808771.106

TRE-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.8%

Auto Components - 0.4%

TRW Automotive Holdings Corp. (a)

88,600

$ 3,682

Automobiles - 0.5%

Ford Motor Co. (a)

400,500

4,902

Household Durables - 2.3%

Beazer Homes USA, Inc. (a)(c)

292,200

1,207

iRobot Corp. (a)

97,900

1,818

La-Z-Boy, Inc. (a)

366,100

3,090

Meritage Homes Corp. (a)

23,300

457

Ryland Group, Inc.

128,700

2,306

Tempur-Pedic International, Inc. (a)

403,500

12,509

 

21,387

Internet & Catalog Retail - 2.1%

Amazon.com, Inc. (a)

114,500

17,983

Netflix, Inc. (a)

6,200

1,005

 

18,988

Leisure Equipment & Products - 1.1%

Hasbro, Inc.

221,400

9,855

Media - 2.1%

DIRECTV (a)

250,200

10,416

The Walt Disney Co.

127,500

4,222

Virgin Media, Inc.

205,400

4,728

 

19,366

Specialty Retail - 4.9%

Best Buy Co., Inc.

176,400

7,202

DSW, Inc. Class A (a)(c)

321,300

9,221

Sally Beauty Holdings, Inc. (a)(c)

1,014,100

11,358

TJX Companies, Inc.

271,700

12,126

Urban Outfitters, Inc. (a)

154,300

4,851

 

44,758

Textiles, Apparel & Luxury Goods - 1.4%

Deckers Outdoor Corp. (a)

46,700

2,333

Phillips-Van Heusen Corp.

74,000

4,452

Polo Ralph Lauren Corp. Class A

61,300

5,508

 

12,293

TOTAL CONSUMER DISCRETIONARY

135,231

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 7.6%

Beverages - 2.5%

Anheuser-Busch InBev SA NV

80,818

$ 4,755

Dr Pepper Snapple Group, Inc.

117,100

4,159

The Coca-Cola Co.

237,500

13,899

 

22,813

Food & Staples Retailing - 0.9%

Drogasil SA

45,700

1,166

Kroger Co.

212,200

4,596

Wal-Mart de Mexico SA de CV Series V

750,100

1,880

Wal-Mart Stores, Inc.

16,900

904

 

8,546

Food Products - 1.4%

Danone

39,262

2,349

Mead Johnson Nutrition Co. Class A

46,400

2,641

Nestle SA sponsored ADR

83,200

4,445

The J.M. Smucker Co.

35,800

2,167

Tingyi (Cayman Islands) Holding Corp.

454,000

1,252

 

12,854

Household Products - 0.6%

Procter & Gamble Co.

92,455

5,545

Personal Products - 2.2%

BaWang International (Group) Holding Ltd. (c)

1,347,000

597

Estee Lauder Companies, Inc. Class A

55,400

3,503

Hengan International Group Co. Ltd.

162,000

1,615

Herbalife Ltd.

186,700

11,267

Schiff Nutrition International, Inc.

397,600

3,260

 

20,242

TOTAL CONSUMER STAPLES

70,000

ENERGY - 10.6%

Energy Equipment & Services - 2.7%

Baker Hughes, Inc.

65,000

2,769

Complete Production Services, Inc. (a)

48,100

984

Halliburton Co.

280,400

9,273

Newpark Resources, Inc. (a)

199,600

1,677

Schlumberger Ltd.

123,500

7,609

Weatherford International Ltd. (a)

138,900

2,375

 

24,687

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - 7.9%

Arch Coal, Inc.

54,400

$ 1,453

Atlas Pipeline Partners, LP (a)

105,100

1,843

Chesapeake Energy Corp.

69,700

1,579

Chevron Corp.

95,700

7,756

Exxon Mobil Corp.

885,600

54,723

Massey Energy Co.

52,400

1,625

Southwestern Energy Co. (a)

47,100

1,575

Whiting Petroleum Corp. (a)

15,800

1,509

 

72,063

TOTAL ENERGY

96,750

FINANCIALS - 5.4%

Capital Markets - 1.6%

Bank of New York Mellon Corp.

117,700

3,076

Charles Schwab Corp.

160,600

2,232

Goldman Sachs Group, Inc.

14,300

2,067

Morgan Stanley

276,500

6,824

 

14,199

Commercial Banks - 1.5%

Regions Financial Corp.

646,600

4,701

SunTrust Banks, Inc.

176,800

4,567

Wells Fargo & Co.

172,200

4,327

Zions Bancorporation

11,261

241

 

13,836

Consumer Finance - 0.2%

SLM Corp. (a)

124,600

1,439

Diversified Financial Services - 1.5%

Citigroup, Inc. (a)

2,358,100

9,197

JPMorgan Chase & Co.

117,900

4,488

 

13,685

Real Estate Management & Development - 0.6%

CB Richard Ellis Group, Inc. Class A (a)

142,700

2,609

Henderson Land Development Co. Ltd.

105,000

748

Jones Lang LaSalle, Inc.

30,000

2,588

 

5,945

TOTAL FINANCIALS

49,104

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 8.9%

Biotechnology - 3.2%

Alexion Pharmaceuticals, Inc. (a)

53,846

$ 3,466

Amgen, Inc. (a)

30,900

1,703

Amicus Therapeutics, Inc. (a)

349,000

1,365

Amylin Pharmaceuticals, Inc. (a)

7,038

147

ARIAD Pharmaceuticals, Inc. (a)

611,600

2,336

Biogen Idec, Inc. (a)

40,900

2,295

BioMarin Pharmaceutical, Inc. (a)

118,000

2,637

Dendreon Corp. (a)

25,500

1,050

Gilead Sciences, Inc. (a)

224,700

8,002

Nanosphere, Inc. (a)

95,300

479

SIGA Technologies, Inc. (a)

107,900

913

Theravance, Inc. (a)

89,300

1,795

United Therapeutics Corp. (a)

41,900

2,347

Vertex Pharmaceuticals, Inc. (a)

24,100

833

 

29,368

Health Care Equipment & Supplies - 1.5%

Alere, Inc. (a)(c)

154,731

4,786

Edwards Lifesciences Corp. (a)

65,600

4,398

Hologic, Inc. (a)

241,900

3,873

Mako Surgical Corp. (a)

45,000

431

Orthovita, Inc. (a)

226,600

514

 

14,002

Health Care Providers & Services - 1.1%

Express Scripts, Inc. (a)

119,100

5,800

Medco Health Solutions, Inc. (a)

70,400

3,665

Team Health Holdings, Inc.

64,900

838

 

10,303

Health Care Technology - 1.7%

Allscripts-Misys Healthcare Solutions, Inc. (a)

263,900

4,874

Cerner Corp. (a)

126,000

10,583

 

15,457

Pharmaceuticals - 1.4%

Allergan, Inc.

30,200

2,009

Ardea Biosciences, Inc. (a)

12,300

283

Cadence Pharmaceuticals, Inc. (a)

238,600

1,992

GlaxoSmithKline PLC

113,200

2,233

Teva Pharmaceutical Industries Ltd. sponsored ADR

39,900

2,105

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Valeant Pharmaceuticals International, Inc.

89,401

$ 2,255

ViroPharma, Inc. (a)

92,400

1,378

 

12,255

TOTAL HEALTH CARE

81,385

INDUSTRIALS - 12.7%

Aerospace & Defense - 5.1%

Alliant Techsystems, Inc. (a)

66,900

5,044

DigitalGlobe, Inc. (a)

222,500

6,764

Precision Castparts Corp.

94,600

12,047

Raytheon Co.

104,800

4,790

United Technologies Corp.

255,400

18,192

 

46,837

Air Freight & Logistics - 0.7%

C.H. Robinson Worldwide, Inc.

93,500

6,538

Airlines - 0.8%

AMR Corp. (a)

363,200

2,277

Delta Air Lines, Inc. (a)

213,700

2,487

Southwest Airlines Co.

200,200

2,617

 

7,381

Building Products - 0.2%

Masco Corp.

159,200

1,753

Quanex Building Products Corp.

26,000

449

 

2,202

Commercial Services & Supplies - 0.6%

Stericycle, Inc. (a)

72,100

5,010

Construction & Engineering - 1.4%

Fluor Corp.

99,700

4,938

Foster Wheeler AG (a)

99,000

2,422

Jacobs Engineering Group, Inc. (a)

72,100

2,790

KBR, Inc.

97,100

2,393

 

12,543

Electrical Equipment - 0.5%

American Superconductor Corp. (a)(c)

149,500

4,649

Industrial Conglomerates - 0.6%

Textron, Inc.

250,200

5,144

Machinery - 1.6%

Cummins, Inc.

43,900

3,976

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Ingersoll-Rand Co. Ltd.

127,700

$ 4,560

PACCAR, Inc.

82,300

3,963

Weg SA

205,700

2,260

 

14,759

Road & Rail - 0.6%

Union Pacific Corp.

70,200

5,742

Trading Companies & Distributors - 0.6%

WESCO International, Inc. (a)

127,400

5,006

TOTAL INDUSTRIALS

115,811

INFORMATION TECHNOLOGY - 32.4%

Communications Equipment - 5.7%

Cisco Systems, Inc. (a)

821,500

17,991

Juniper Networks, Inc. (a)

383,000

11,624

Motorola, Inc. (a)

663,100

5,656

QUALCOMM, Inc.

368,800

16,640

 

51,911

Computers & Peripherals - 7.3%

Apple, Inc. (a)

172,800

49,032

Hewlett-Packard Co.

339,500

14,283

SanDisk Corp. (a)

95,300

3,493

 

66,808

Electronic Equipment & Components - 0.7%

Agilent Technologies, Inc. (a)

108,700

3,627

Vishay Intertechnology, Inc. (a)

271,800

2,631

 

6,258

Internet Software & Services - 5.2%

Baidu.com, Inc. sponsored ADR (a)

46,700

4,792

eBay, Inc. (a)

620,500

15,140

Google, Inc. Class A (a)

42,200

22,188

NetEase.com, Inc. sponsored ADR (a)

40,400

1,593

OpenTable, Inc. (a)

27,600

1,879

Rackspace Hosting, Inc. (a)

75,796

1,969

 

47,561

IT Services - 4.5%

Cognizant Technology Solutions Corp. Class A (a)

154,600

9,967

International Business Machines Corp.

163,900

21,986

MasterCard, Inc. Class A

10,500

2,352

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Teradata Corp. (a)

78,400

$ 3,023

Visa, Inc. Class A

51,100

3,795

 

41,123

Semiconductors & Semiconductor Equipment - 2.9%

Broadcom Corp. Class A

65,200

2,307

LTX-Credence Corp. (a)

943,500

1,972

Marvell Technology Group Ltd. (a)

393,900

6,897

NVIDIA Corp. (a)

278,900

3,258

Power Integrations, Inc.

58,800

1,869

Skyworks Solutions, Inc. (a)

267,000

5,522

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

206,397

2,093

Teradyne, Inc. (a)

236,000

2,629

 

26,547

Software - 6.1%

Autonomy Corp. PLC (a)

155,100

4,417

BMC Software, Inc. (a)

123,700

5,007

CA, Inc.

162,200

3,426

Check Point Software Technologies Ltd. (a)

71,000

2,622

Citrix Systems, Inc. (a)

51,100

3,487

Informatica Corp. (a)

156,800

6,023

Intuit, Inc. (a)

92,400

4,048

MICROS Systems, Inc. (a)

120,100

5,084

Nuance Communications, Inc. (a)

179,000

2,800

Red Hat, Inc. (a)

107,000

4,387

Salesforce.com, Inc. (a)

24,900

2,784

Solera Holdings, Inc.

126,100

5,569

Symantec Corp. (a)

181,500

2,753

VMware, Inc. Class A (a)

37,800

3,211

 

55,618

TOTAL INFORMATION TECHNOLOGY

295,826

MATERIALS - 4.5%

Chemicals - 2.7%

Ashland, Inc.

46,200

2,253

Cabot Corp.

83,100

2,707

CF Industries Holdings, Inc.

30,800

2,941

Dow Chemical Co.

83,300

2,287

LyondellBasell Industries NV Class A (a)

194,200

4,641

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

Praxair, Inc.

72,800

$ 6,571

The Mosaic Co.

57,300

3,367

 

24,767

Metals & Mining - 1.8%

AngloGold Ashanti Ltd. sponsored ADR

101,900

4,712

Freeport-McMoRan Copper & Gold, Inc.

33,800

2,886

Newmont Mining Corp.

143,100

8,988

 

16,586

TOTAL MATERIALS

41,353

TELECOMMUNICATION SERVICES - 2.3%

Wireless Telecommunication Services - 2.3%

American Tower Corp. Class A (a)

239,300

12,267

Sprint Nextel Corp. (a)

1,850,500

8,568

 

20,835

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

AES Corp. (a)

78,300

889

TOTAL COMMON STOCKS

(Cost $809,126)

907,184

Money Market Funds - 1.7%

 

 

 

 

Fidelity Cash Central Fund, 0.25% (d)

6,028,488

6,028

Fidelity Securities Lending Cash Central Fund, 0.26% (b)(d)

10,019,300

10,019

TOTAL MONEY MARKET FUNDS

(Cost $16,047)

16,047

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $825,173)

923,231

NET OTHER ASSETS (LIABILITIES) - (1.0)%

(9,531)

NET ASSETS - 100%

$ 913,700

Legend

(a) Non-income producing

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

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

(d) 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.

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

$ 10

Fidelity Securities Lending Cash Central Fund

94

Total

$ 104

Other Information

The following is a summary of the inputs used, as of September 30, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 135,231

$ 135,231

$ -

$ -

Consumer Staples

70,000

70,000

-

-

Energy

96,750

96,750

-

-

Financials

49,104

49,104

-

-

Health Care

81,385

79,152

2,233

-

Industrials

115,811

115,811

-

-

Information Technology

295,826

295,826

-

-

Materials

41,353

41,353

-

-

Telecommunication Services

20,835

20,835

-

-

Utilities

889

889

-

-

Money Market Funds

16,047

16,047

-

-

Total Investments in Securities:

$ 923,231

$ 920,998

$ 2,233

$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $830,420,000. Net unrealized appreciation aggregated $92,811,000, of which $117,253,000 related to appreciated investment securities and $24,442,000 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 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. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Trend Fund

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

November 29, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

November 29, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 29, 2010