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, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Trend Fund

March 31, 2010 

1.799849.106

TRE-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.5%

Auto Components - 0.7%

Johnson Controls, Inc.

174,300

$ 5,750

Automobiles - 0.2%

Ford Motor Co. (a)

161,900

2,035

Diversified Consumer Services - 0.5%

Strayer Education, Inc.

16,900

4,115

Hotels, Restaurants & Leisure - 2.6%

Burger King Holdings, Inc.

41,000

872

McDonald's Corp.

154,800

10,328

Starbucks Corp.

286,500

6,953

Wyndham Worldwide Corp.

182,600

4,698

 

22,851

Household Durables - 2.1%

iRobot Corp. (a)

97,900

1,484

Tempur-Pedic International, Inc. (a)

560,500

16,905

 

18,389

Internet & Catalog Retail - 2.3%

Amazon.com, Inc. (a)

145,000

19,681

Multiline Retail - 0.1%

Target Corp.

19,600

1,031

Specialty Retail - 1.0%

Best Buy Co., Inc.

46,500

1,978

Sally Beauty Holdings, Inc. (a)

504,100

4,497

Staples, Inc.

76,900

1,799

 

8,274

Textiles, Apparel & Luxury Goods - 2.0%

Deckers Outdoor Corp. (a)

35,900

4,954

Phillips-Van Heusen Corp.

105,700

6,063

Polo Ralph Lauren Corp. Class A

72,200

6,140

 

17,157

TOTAL CONSUMER DISCRETIONARY

99,283

CONSUMER STAPLES - 13.3%

Beverages - 2.6%

Anheuser-Busch InBev SA NV

79,853

4,023

Grupo Modelo SAB de CV Series C (a)

377,500

2,219

PepsiCo, Inc.

71,900

4,757

The Coca-Cola Co.

197,000

10,835

 

21,834

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - 3.9%

Costco Wholesale Corp.

81,600

$ 4,872

Safeway, Inc.

80,400

1,999

Wal-Mart Stores, Inc.

298,200

16,580

Walgreen Co.

145,800

5,408

Whole Foods Market, Inc. (a)(c)

135,000

4,880

 

33,739

Food Products - 3.2%

Bunge Ltd.

67,700

4,172

Calavo Growers, Inc.

123,300

2,249

Danone

86,662

5,221

Mead Johnson Nutrition Co. Class A

80,700

4,199

Nestle SA sponsored ADR

84,400

4,321

Smithfield Foods, Inc. (a)

113,300

2,350

The J.M. Smucker Co.

67,500

4,068

Tingyi (Cayman Island) Holding Corp.

454,000

1,074

 

27,654

Household Products - 2.0%

Procter & Gamble Co.

276,855

17,517

Personal Products - 1.6%

Avon Products, Inc.

65,500

2,218

BaWang International (Group) Holding Ltd.

1,347,000

1,008

Estee Lauder Companies, Inc. Class A

46,200

2,997

Hengan International Group Co. Ltd.

162,000

1,208

Herbalife Ltd.

138,000

6,365

 

13,796

TOTAL CONSUMER STAPLES

114,540

ENERGY - 4.3%

Energy Equipment & Services - 0.9%

Newpark Resources, Inc. (a)

188,100

988

Schlumberger Ltd.

106,900

6,784

 

7,772

Oil, Gas & Consumable Fuels - 3.4%

Arch Coal, Inc.

54,400

1,243

Chesapeake Energy Corp.

87,800

2,076

Exxon Mobil Corp.

217,600

14,575

Massey Energy Co.

60,700

3,174

Occidental Petroleum Corp.

50,800

4,295

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Range Resources Corp.

50,800

$ 2,381

Southwestern Energy Co. (a)

27,900

1,136

 

28,880

TOTAL ENERGY

36,652

FINANCIALS - 6.7%

Capital Markets - 1.8%

Bank of New York Mellon Corp.

142,200

4,391

Goldman Sachs Group, Inc.

14,100

2,406

Morgan Stanley

202,200

5,922

Northern Trust Corp.

43,300

2,393

 

15,112

Commercial Banks - 1.8%

M&T Bank Corp.

16,900

1,342

PNC Financial Services Group, Inc.

75,700

4,519

Regions Financial Corp.

200,200

1,572

Wells Fargo & Co.

249,000

7,749

 

15,182

Consumer Finance - 0.7%

American Express Co.

110,000

4,539

SLM Corp. (a)

127,800

1,600

 

6,139

Diversified Financial Services - 1.6%

Bank of America Corp.

241,844

4,317

Citigroup, Inc. (a)

549,300

2,225

CME Group, Inc.

10,200

3,224

JPMorgan Chase & Co.

95,800

4,287

 

14,053

Real Estate Management & Development - 0.8%

Henderson Land Development Co. Ltd.

105,000

740

Jones Lang LaSalle, Inc.

79,200

5,773

Yanlord Land Group Ltd.

492,000

658

 

7,171

TOTAL FINANCIALS

57,657

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 14.4%

Biotechnology - 2.9%

Alexion Pharmaceuticals, Inc. (a)

53,846

$ 2,928

AMAG Pharmaceuticals, Inc. (a)

34,800

1,215

Amgen, Inc. (a)

79,500

4,751

Amicus Therapeutics, Inc. (a)

131,400

419

Amylin Pharmaceuticals, Inc. (a)

7,038

158

ARIAD Pharmaceuticals, Inc. (a)

367,400

1,249

Biogen Idec, Inc. (a)

113,000

6,482

BioMarin Pharmaceutical, Inc. (a)

111,100

2,596

Dendreon Corp. (a)

62,000

2,261

United Therapeutics Corp. (a)

41,900

2,318

 

24,377

Health Care Equipment & Supplies - 2.0%

Covidien PLC

118,500

5,958

ev3, Inc. (a)

61,900

982

Inverness Medical Innovations, Inc. (a)(c)

164,031

6,389

Mako Surgical Corp. (a)

45,000

607

NuVasive, Inc. (a)

18,000

814

Orthovita, Inc. (a)

226,600

965

RTI Biologics, Inc. (a)

292,100

1,265

 

16,980

Health Care Providers & Services - 2.8%

BioScrip, Inc. (a)

372,600

2,973

CIGNA Corp.

25,500

933

Express Scripts, Inc. (a)

69,800

7,103

Health Net, Inc. (a)

109,500

2,723

Humana, Inc. (a)

25,500

1,193

Medco Health Solutions, Inc. (a)

130,900

8,451

UnitedHealth Group, Inc.

24,700

807

 

24,183

Health Care Technology - 1.6%

Cerner Corp. (a)

164,800

14,018

Life Sciences Tools & Services - 1.6%

Covance, Inc. (a)

72,800

4,469

Life Technologies Corp. (a)

103,000

5,384

QIAGEN NV (a)

160,800

3,697

 

13,550

Pharmaceuticals - 3.5%

Allergan, Inc.

115,400

7,538

Cadence Pharmaceuticals, Inc. (a)

205,000

1,872

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Johnson & Johnson

108,100

$ 7,048

King Pharmaceuticals, Inc. (a)

158,000

1,858

Shire PLC sponsored ADR

31,700

2,091

Teva Pharmaceutical Industries Ltd. sponsored ADR

113,800

7,179

Valeant Pharmaceuticals International (a)

33,600

1,442

ViroPharma, Inc. (a)

92,400

1,259

 

30,287

TOTAL HEALTH CARE

123,395

INDUSTRIALS - 10.2%

Aerospace & Defense - 3.8%

Alliant Techsystems, Inc. (a)

42,100

3,423

DigitalGlobe, Inc.

84,700

2,367

Precision Castparts Corp.

55,700

7,058

Raytheon Co.

137,200

7,837

United Technologies Corp.

161,400

11,881

 

32,566

Airlines - 1.4%

AMR Corp. (a)

332,000

3,025

Delta Air Lines, Inc. (a)

247,000

3,604

Southwest Airlines Co.

395,100

5,223

 

11,852

Building Products - 0.3%

Masco Corp.

177,300

2,752

Construction & Engineering - 0.9%

Fluor Corp.

94,500

4,395

Jacobs Engineering Group, Inc. (a)

72,000

3,254

 

7,649

Electrical Equipment - 0.6%

American Superconductor Corp. (a)(c)

164,700

4,760

Machinery - 1.6%

Bucyrus International, Inc. Class A

21,700

1,432

Caterpillar, Inc.

43,900

2,759

Cummins, Inc.

44,200

2,738

Duoyuan Global Water, Inc. ADR (c)

86,100

2,391

Ingersoll-Rand Co. Ltd.

127,700

4,453

 

13,773

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Professional Services - 0.3%

Robert Half International, Inc.

93,300

$ 2,839

Road & Rail - 1.0%

CSX Corp.

36,200

1,843

Union Pacific Corp.

97,900

7,176

 

9,019

Trading Companies & Distributors - 0.3%

WESCO International, Inc. (a)

64,100

2,225

TOTAL INDUSTRIALS

87,435

INFORMATION TECHNOLOGY - 34.5%

Communications Equipment - 5.1%

Cisco Systems, Inc. (a)

837,000

21,787

Juniper Networks, Inc. (a)

371,500

11,398

Palm, Inc. (a)

113,100

425

QUALCOMM, Inc.

133,600

5,610

Research In Motion Ltd. (a)

58,800

4,348

 

43,568

Computers & Peripherals - 6.8%

Apple, Inc. (a)

166,400

39,088

Hewlett-Packard Co.

257,800

13,702

Seagate Technology (a)

198,700

3,628

Western Digital Corp. (a)

64,900

2,530

 

58,948

Electronic Equipment & Components - 1.5%

Agilent Technologies, Inc. (a)

179,300

6,166

Ingram Micro, Inc. Class A (a)

273,600

4,802

Vishay Intertechnology, Inc. (a)

220,300

2,254

 

13,222

Internet Software & Services - 5.4%

Baidu.com, Inc. sponsored ADR (a)

8,900

5,313

eBay, Inc. (a)

391,000

10,537

Google, Inc. Class A (a)

46,600

26,423

NetEase.com, Inc. sponsored ADR (a)

40,400

1,433

Tencent Holdings Ltd.

138,300

2,775

 

46,481

IT Services - 2.4%

Alliance Data Systems Corp. (a)

118,900

7,608

Cognizant Technology Solutions Corp. Class A (a)

132,500

6,755

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Hewitt Associates, Inc. Class A (a)

117,500

$ 4,674

MasterCard, Inc. Class A

5,000

1,270

 

20,307

Semiconductors & Semiconductor Equipment - 3.8%

Intel Corp.

599,200

13,338

Marvell Technology Group Ltd. (a)

135,300

2,757

NVIDIA Corp. (a)

325,900

5,664

Omnivision Technologies, Inc. (a)

109,200

1,876

Skyworks Solutions, Inc. (a)

267,000

4,165

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

206,397

2,165

Teradyne, Inc. (a)

217,500

2,429

 

32,394

Software - 9.5%

Activision Blizzard, Inc.

34,600

417

Adobe Systems, Inc. (a)

77,700

2,748

BMC Software, Inc. (a)

130,000

4,940

Citrix Systems, Inc. (a)

115,300

5,473

Informatica Corp. (a)

81,900

2,200

MICROS Systems, Inc. (a)

201,200

6,615

Microsoft Corp.

1,217,300

35,630

Nuance Communications, Inc. (a)

510,400

8,493

Red Hat, Inc. (a)

107,000

3,132

Sourcefire, Inc. (a)

85,600

1,965

Sybase, Inc. (a)

146,800

6,844

VMware, Inc. Class A (a)

53,800

2,868

 

81,325

TOTAL INFORMATION TECHNOLOGY

296,245

MATERIALS - 3.5%

Chemicals - 2.0%

Air Products & Chemicals, Inc.

61,400

4,541

Albemarle Corp.

57,700

2,460

Dow Chemical Co.

138,900

4,107

The Mosaic Co.

94,100

5,718

 

16,826

Containers & Packaging - 0.6%

Owens-Illinois, Inc. (a)

145,700

5,178

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - 0.9%

AngloGold Ashanti Ltd. sponsored ADR

57,400

$ 2,178

Newmont Mining Corp.

117,400

5,979

 

8,157

TOTAL MATERIALS

30,161

TELECOMMUNICATION SERVICES - 1.0%

Diversified Telecommunication Services - 0.1%

China Unicom (Hong Kong) Ltd. sponsored ADR

31,100

347

Wireless Telecommunication Services - 0.9%

American Tower Corp. Class A (a)

187,400

7,985

TOTAL TELECOMMUNICATION SERVICES

8,332

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

AES Corp.

78,300

861

TOTAL COMMON STOCKS

(Cost $718,246)

854,561

Money Market Funds - 1.6%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (d)

4,287,918

4,288

Fidelity Securities Lending Cash Central Fund, 0.20% (b)(d)

9,485,650

9,486

TOTAL MONEY MARKET FUNDS

(Cost $13,774)

13,774

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $732,020)

868,335

NET OTHER ASSETS - (1.1)%

(9,336)

NET ASSETS - 100%

$ 858,999

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

$ 2

Fidelity Securities Lending Cash Central Fund

11

Total

$ 13

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, 2010, the cost of investment securities for income tax purposes was $741,143,000. Net unrealized appreciation aggregated $127,192,000, of which $140,177,000 related to appreciated investment securities and $12,985,000 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 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:

June 1, 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:

June 1, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 1, 2010