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, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Trend Fund

March 31, 2009 

1.799849.105

TRE-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 12.9%

Auto Components - 0.1%

Gentex Corp.

36,300

$ 362

Hotels, Restaurants & Leisure - 2.2%

Burger King Holdings, Inc.

67,100

1,540

Darden Restaurants, Inc.

47,000

1,610

Marriott International, Inc. Class A

97,900

1,602

McDonald's Corp.

101,200

5,522

Penn National Gaming, Inc. (a)

39,400

952

 

11,226

Household Durables - 0.5%

Tempur-Pedic International, Inc. (d)

358,900

2,620

Internet & Catalog Retail - 1.6%

Amazon.com, Inc.

79,900

5,868

Blue Nile, Inc. (a)(d)

35,400

1,067

Priceline.com, Inc. (a)(d)

18,000

1,418

 

8,353

Media - 0.9%

Interpublic Group of Companies, Inc. (a)

373,700

1,540

The DIRECTV Group, Inc. (a)

141,300

3,220

 

4,760

Multiline Retail - 1.2%

Nordstrom, Inc. (d)

125,300

2,099

Target Corp.

109,500

3,766

 

5,865

Specialty Retail - 3.9%

Abercrombie & Fitch Co. Class A

67,900

1,616

Best Buy Co., Inc.

116,400

4,419

Home Depot, Inc.

56,900

1,341

Lowe's Companies, Inc.

108,000

1,971

Ross Stores, Inc.

46,800

1,679

Staples, Inc.

250,200

4,531

The Men's Wearhouse, Inc.

43,100

653

TJX Companies, Inc.

149,200

3,825

 

20,035

Textiles, Apparel & Luxury Goods - 2.5%

Coach, Inc. (a)

123,400

2,061

G-III Apparel Group Ltd. (a)

427,300

2,359

NIKE, Inc. Class B

33,400

1,566

Phillips-Van Heusen Corp.

56,200

1,275

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

Polo Ralph Lauren Corp. Class A

69,000

$ 2,915

VF Corp.

42,400

2,421

 

12,597

TOTAL CONSUMER DISCRETIONARY

65,818

CONSUMER STAPLES - 11.5%

Beverages - 2.8%

PepsiCo, Inc.

77,316

3,980

The Coca-Cola Co.

230,500

10,130

 

14,110

Food & Staples Retailing - 5.3%

Costco Wholesale Corp.

220,200

10,200

Wal-Mart Stores, Inc.

321,600

16,755

 

26,955

Food Products - 1.5%

Green Mountain Coffee Roasters, Inc. (a)

17,290

830

Nestle SA sponsored ADR

174,000

5,838

Smart Balance, Inc. (a)

216,700

1,309

 

7,977

Household Products - 1.4%

Procter & Gamble Co.

155,155

7,306

Personal Products - 0.5%

Avon Products, Inc.

139,500

2,683

TOTAL CONSUMER STAPLES

59,031

ENERGY - 7.7%

Energy Equipment & Services - 2.7%

ENSCO International, Inc.

17,900

473

Halliburton Co.

105,000

1,624

National Oilwell Varco, Inc. (a)

109,524

3,144

Noble Corp.

90,500

2,180

Schlumberger Ltd. (NY Shares)

138,500

5,626

Transocean Ltd. (a)

4,400

259

Weatherford International Ltd. (a)

42,200

467

 

13,773

Oil, Gas & Consumable Fuels - 5.0%

Canadian Natural Resources Ltd.

21,200

823

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Chesapeake Energy Corp.

85,500

$ 1,459

CONSOL Energy, Inc.

62,100

1,567

EOG Resources, Inc.

40,200

2,201

Exxon Mobil Corp.

118,900

8,097

Frontier Oil Corp.

16,400

210

Hess Corp.

20,800

1,127

Massey Energy Co.

83,700

847

Occidental Petroleum Corp.

96,000

5,342

Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)

40,200

985

Quicksilver Resources, Inc. (a)

88,900

493

Range Resources Corp.

30,700

1,264

Southwestern Energy Co. (a)

45,900

1,363

 

25,778

TOTAL ENERGY

39,551

FINANCIALS - 3.2%

Capital Markets - 1.9%

Charles Schwab Corp.

194,000

3,007

Goldman Sachs Group, Inc.

25,800

2,735

Janus Capital Group, Inc.

140,400

934

Morgan Stanley

57,200

1,302

Northern Trust Corp.

25,800

1,543

 

9,521

Commercial Banks - 0.3%

PNC Financial Services Group, Inc.

16,900

495

Wells Fargo & Co.

81,100

1,155

 

1,650

Diversified Financial Services - 0.7%

Bank of America Corp.

105,800

722

Citigroup, Inc. (d)

329,000

832

CME Group, Inc.

4,800

1,183

JPMorgan Chase & Co.

40,400

1,074

 

3,811

Insurance - 0.1%

MetLife, Inc.

19,500

444

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - 0.2%

Hudson City Bancorp, Inc.

70,100

$ 819

TOTAL FINANCIALS

16,245

HEALTH CARE - 15.2%

Biotechnology - 3.1%

Alexion Pharmaceuticals, Inc. (a)

35,100

1,322

Alnylam Pharmaceuticals, Inc. (a)

52,200

994

Celgene Corp. (a)

96,100

4,267

CSL Ltd.

39,284

887

Gilead Sciences, Inc. (a)

150,900

6,990

Myriad Genetics, Inc. (a)

7,600

346

RXi Pharmaceuticals Corp.

116,133

591

United Therapeutics Corp. (a)

8,300

549

 

15,946

Health Care Equipment & Supplies - 3.2%

Baxter International, Inc.

114,800

5,880

Covidien Ltd.

73,300

2,436

Inverness Medical Innovations, Inc. (a)

277,431

7,388

NuVasive, Inc. (a)

17,300

543

 

16,247

Health Care Providers & Services - 1.5%

Express Scripts, Inc. (a)

71,300

3,292

Medco Health Solutions, Inc. (a)

108,200

4,473

 

7,765

Health Care Technology - 0.4%

athenahealth, Inc. (a)

45,600

1,099

Cerner Corp. (a)

22,400

985

 

2,084

Life Sciences Tools & Services - 1.5%

Illumina, Inc. (a)

140,200

5,221

QIAGEN NV (a)

156,400

2,496

 

7,717

Pharmaceuticals - 5.5%

Abbott Laboratories

134,600

6,420

Allergan, Inc.

156,200

7,460

Cadence Pharmaceuticals, Inc. (a)

58,100

545

Merck & Co., Inc.

92,500

2,474

Optimer Pharmaceuticals, Inc. (a)

30,200

398

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Roche Holding AG (participation certificate)

29,079

$ 3,990

Schering-Plough Corp.

269,700

6,351

Vivus, Inc. (a)

60,200

260

 

27,898

TOTAL HEALTH CARE

77,657

INDUSTRIALS - 10.5%

Aerospace & Defense - 3.0%

Honeywell International, Inc.

250,600

6,982

Precision Castparts Corp.

29,900

1,791

The Boeing Co.

46,800

1,665

United Technologies Corp.

116,200

4,994

 

15,432

Air Freight & Logistics - 1.3%

C.H. Robinson Worldwide, Inc.

24,400

1,113

United Parcel Service, Inc. Class B

108,700

5,350

 

6,463

Building Products - 0.1%

Masco Corp.

82,000

572

Electrical Equipment - 2.3%

American Superconductor Corp. (a)(d)

93,400

1,617

AMETEK, Inc.

73,300

2,292

Emerson Electric Co.

95,400

2,727

First Solar, Inc. (a)(d)

16,400

2,176

Regal-Beloit Corp.

33,700

1,033

Rockwell Automation, Inc.

63,200

1,380

Satcon Technology Corp. (a)

354,623

585

 

11,810

Industrial Conglomerates - 0.4%

3M Co.

9,900

492

General Electric Co.

48,300

488

Textron, Inc.

199,400

1,145

 

2,125

Machinery - 1.9%

Cummins, Inc.

99,000

2,520

Danaher Corp.

54,700

2,966

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Deere & Co.

77,500

$ 2,547

Navistar International Corp. (a)

48,000

1,606

 

9,639

Professional Services - 0.5%

Manpower, Inc.

43,500

1,372

Monster Worldwide, Inc. (a)

158,300

1,290

 

2,662

Road & Rail - 1.0%

Union Pacific Corp.

126,500

5,200

TOTAL INDUSTRIALS

53,903

INFORMATION TECHNOLOGY - 30.5%

Communications Equipment - 6.6%

Cisco Systems, Inc. (a)

628,300

10,537

Corning, Inc.

527,900

7,005

Infinera Corp. (a)

118,400

876

Juniper Networks, Inc. (a)

65,700

989

Palm, Inc. (a)

41,700

359

QUALCOMM, Inc.

343,500

13,366

Research In Motion Ltd. (a)

18,700

805

 

33,937

Computers & Peripherals - 5.9%

Apple, Inc. (a)

148,800

15,642

Dell, Inc. (a)

269,100

2,551

Hewlett-Packard Co.

265,200

8,502

International Business Machines Corp.

4,700

455

NetApp, Inc. (a)

67,900

1,008

Seagate Technology

327,000

1,965

 

30,123

Electronic Equipment & Components - 0.4%

Ingram Micro, Inc. Class A (a)

146,700

1,854

Internet Software & Services - 4.5%

Akamai Technologies, Inc. (a)

93,300

1,810

Baidu.com, Inc. sponsored ADR (a)

5,600

989

Google, Inc. Class A (sub. vtg.) (a)

52,100

18,137

Sohu.com, Inc. (a)

30,100

1,243

Tencent Holdings Ltd.

144,000

1,066

 

23,245

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - 1.3%

Alliance Data Systems Corp. (a)

50,800

$ 1,877

Cognizant Technology Solutions Corp. Class A (a)

161,100

3,349

CyberSource Corp. (a)

87,000

1,288

 

6,514

Semiconductors & Semiconductor Equipment - 5.0%

Applied Materials, Inc.

457,200

4,915

ASML Holding NV (NY Shares)

145,400

2,546

Atmel Corp. (a)

803,100

2,915

Intel Corp.

356,300

5,362

Lam Research Corp. (a)

87,000

1,981

Marvell Technology Group Ltd. (a)

267,500

2,450

Skyworks Solutions, Inc. (a)

270,700

2,182

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

354,100

3,169

 

25,520

Software - 6.8%

Adobe Systems, Inc. (a)

239,900

5,131

BMC Software, Inc. (a)

84,000

2,772

Electronic Arts, Inc. (a)

168,700

3,069

Informatica Corp. (a)

124,100

1,646

Microsoft Corp.

87,800

1,613

Oracle Corp.

757,700

13,692

Sourcefire, Inc. (a)

19,783

144

Sybase, Inc. (a)

212,200

6,428

 

34,495

TOTAL INFORMATION TECHNOLOGY

155,688

MATERIALS - 4.0%

Chemicals - 2.2%

Air Products & Chemicals, Inc.

25,800

1,451

Monsanto Co.

102,000

8,476

The Mosaic Co.

30,600

1,285

 

11,212

Containers & Packaging - 0.4%

Packaging Corp. of America

86,000

1,120

Sealed Air Corp.

57,900

799

 

1,919

Metals & Mining - 1.4%

Agnico-Eagle Mines Ltd.

9,700

558

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Eldorado Gold Corp. (a)

84,300

$ 762

Freeport-McMoRan Copper & Gold, Inc. Class B

21,200

808

Newmont Mining Corp.

89,000

3,984

Nucor Corp.

9,000

344

United States Steel Corp.

10,800

228

Yamana Gold, Inc.

68,500

640

 

7,324

TOTAL MATERIALS

20,455

TELECOMMUNICATION SERVICES - 2.0%

Diversified Telecommunication Services - 0.3%

Qwest Communications International, Inc.

384,300

1,314

Wireless Telecommunication Services - 1.7%

American Tower Corp. Class A (a)

105,800

3,219

Sprint Nextel Corp. (a)

1,528,800

5,458

 

8,677

TOTAL TELECOMMUNICATION SERVICES

9,991

UTILITIES - 0.3%

Electric Utilities - 0.2%

Entergy Corp.

8,700

592

Exelon Corp.

13,900

631

 

1,223

Multi-Utilities - 0.1%

Sempra Energy

12,000

555

TOTAL UTILITIES

1,778

TOTAL COMMON STOCKS

(Cost $562,816)

500,117

Money Market Funds - 4.0%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.52% (b)

12,983,596

$ 12,984

Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)

7,376,550

7,377

TOTAL MONEY MARKET FUNDS

(Cost $20,361)

20,361

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $583,177)

520,478

NET OTHER ASSETS - (1.8)%

(9,323)

NET ASSETS - 100%

$ 511,155

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.

(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.

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

$ 6

Fidelity Securities Lending Cash Central Fund

65

Total

$ 71

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at 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

$ 520,478

$ 519,591

$ 887

$ -

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

(Amounts in thousands)

Investments in Securities

Beginning Balance

$ 776

Total Realized Gain (Loss)

(225)

Total Unrealized Gain (Loss)

(26)

Cost of Purchases

-

Proceeds of Sales

(525)

Amortization/Accretion

-

Transfer in/out of Level 3

-

Ending Balance

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investment 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 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $595,663,000. Net unrealized depreciation aggregated $75,185,000, of which $33,370,000 related to appreciated investment securities and $108,555,000 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

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

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. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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 29, 2009

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 29, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

May 29, 2009