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:

September 30, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Trend Fund

September 30, 2009 

1.808771.105

TRE-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.8%

Auto Components - 0.8%

Johnson Controls, Inc.

172,500

$ 4,409

TRW Automotive Holdings Corp. (a)

100,800

1,688

 

6,097

Hotels, Restaurants & Leisure - 2.0%

McDonald's Corp.

74,500

4,252

Starbucks Corp. (a)

327,800

6,769

WMS Industries, Inc. (a)

35,300

1,573

Wyndham Worldwide Corp.

134,400

2,193

 

14,787

Household Durables - 1.7%

Tempur-Pedic International, Inc.

634,800

12,023

Internet & Catalog Retail - 1.1%

Amazon.com, Inc.

85,100

7,945

Multiline Retail - 0.7%

Target Corp.

114,300

5,336

Specialty Retail - 2.1%

Best Buy Co., Inc.

100,200

3,760

Casual Male Retail Group, Inc. (a)

1,147,000

3,946

Staples, Inc.

167,900

3,899

TJX Companies, Inc.

106,800

3,968

 

15,573

Textiles, Apparel & Luxury Goods - 2.4%

Coach, Inc.

101,000

3,325

Deckers Outdoor Corp. (a)

30,503

2,588

G-III Apparel Group Ltd. (a)

128,300

1,815

Phillips-Van Heusen Corp.

87,700

3,753

Polo Ralph Lauren Corp. Class A

72,500

5,555

 

17,036

TOTAL CONSUMER DISCRETIONARY

78,797

CONSUMER STAPLES - 13.7%

Beverages - 3.2%

Anheuser-Busch InBev SA NV

90,500

4,132

Dr Pepper Snapple Group, Inc. (a)

67,800

1,949

The Coca-Cola Co.

321,900

17,286

 

23,367

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - 4.0%

Costco Wholesale Corp.

245,400

$ 13,855

Wal-Mart Stores, Inc.

308,100

15,125

 

28,980

Food Products - 3.7%

Danone

94,458

5,692

Green Mountain Coffee Roasters, Inc. (a)

75,835

5,600

Nestle SA sponsored ADR

173,300

7,398

The J.M. Smucker Co.

151,500

8,031

 

26,721

Household Products - 2.0%

Procter & Gamble Co.

249,255

14,437

Personal Products - 0.8%

Avon Products, Inc.

174,300

5,919

TOTAL CONSUMER STAPLES

99,424

ENERGY - 4.6%

Energy Equipment & Services - 0.9%

ENSCO International, Inc.

40,100

1,706

Schlumberger Ltd.

83,900

5,000

 

6,706

Oil, Gas & Consumable Fuels - 3.7%

Arch Coal, Inc.

72,800

1,611

Chesapeake Energy Corp.

85,500

2,428

CONSOL Energy, Inc.

58,500

2,639

Exxon Mobil Corp.

123,300

8,460

Marathon Oil Corp.

113,600

3,624

Massey Energy Co.

80,200

2,237

Occidental Petroleum Corp.

27,900

2,187

Range Resources Corp.

37,900

1,871

Southwestern Energy Co. (a)

45,900

1,959

 

27,016

TOTAL ENERGY

33,722

FINANCIALS - 6.2%

Capital Markets - 1.4%

Goldman Sachs Group, Inc.

14,200

2,618

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

Janus Capital Group, Inc.

194,600

$ 2,759

Morgan Stanley

157,500

4,864

 

10,241

Commercial Banks - 1.2%

Huntington Bancshares, Inc.

163,100

768

PNC Financial Services Group, Inc.

49,700

2,415

Wells Fargo & Co.

199,900

5,633

 

8,816

Consumer Finance - 0.4%

American Express Co.

90,200

3,058

Diversified Financial Services - 1.8%

Bank of America Corp.

176,144

2,980

CME Group, Inc.

21,200

6,534

JPMorgan Chase & Co.

79,100

3,466

 

12,980

Insurance - 0.6%

Genworth Financial, Inc. Class A

166,500

1,990

Lincoln National Corp.

81,300

2,106

 

4,096

Real Estate Management & Development - 0.8%

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

184,800

2,170

Jones Lang LaSalle, Inc.

75,700

3,586

 

5,756

TOTAL FINANCIALS

44,947

HEALTH CARE - 15.5%

Biotechnology - 3.8%

Alexion Pharmaceuticals, Inc. (a)

63,746

2,839

Alnylam Pharmaceuticals, Inc. (a)

52,200

1,184

Amgen, Inc. (a)

144,400

8,697

Biogen Idec, Inc. (a)

121,200

6,123

Celgene Corp. (a)

12,700

710

Dendreon Corp. (a)

62,000

1,735

Gilead Sciences, Inc. (a)

70,400

3,279

GTx, Inc. (a)

59,700

764

Micromet, Inc. (a)

30,900

206

United Therapeutics Corp. (a)

45,200

2,214

 

27,751

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - 3.0%

Covidien PLC

225,200

$ 9,742

Inverness Medical Innovations, Inc. (a)

296,931

11,500

NuVasive, Inc. (a)

18,000

752

 

21,994

Health Care Providers & Services - 2.4%

Express Scripts, Inc. (a)

79,400

6,160

Humana, Inc. (a)

55,300

2,063

Medco Health Solutions, Inc. (a)

134,000

7,412

UnitedHealth Group, Inc.

65,200

1,633

 

17,268

Health Care Technology - 0.3%

Cerner Corp. (a)

35,300

2,640

Life Sciences Tools & Services - 1.0%

Bruker BioSciences Corp. (a)

80,600

860

Illumina, Inc. (a)

65,300

2,775

QIAGEN NV (a)

161,700

3,441

 

7,076

Pharmaceuticals - 5.0%

Abbott Laboratories

60,200

2,978

Allergan, Inc.

224,100

12,720

Ardea Biosciences, Inc. (a)

13,000

238

Cadence Pharmaceuticals, Inc. (a)

109,500

1,211

Johnson & Johnson

167,500

10,199

King Pharmaceuticals, Inc. (a)

158,000

1,702

Merck & Co., Inc.

139,600

4,416

Optimer Pharmaceuticals, Inc. (a)

82,100

1,111

Teva Pharmaceutical Industries Ltd. sponsored ADR

7,100

359

ViroPharma, Inc. (a)

132,300

1,273

 

36,207

TOTAL HEALTH CARE

112,936

INDUSTRIALS - 9.6%

Aerospace & Defense - 2.9%

BE Aerospace, Inc. (a)

54,800

1,104

Honeywell International, Inc.

160,600

5,966

Precision Castparts Corp.

60,500

6,163

United Technologies Corp.

130,400

7,945

 

21,178

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Air Freight & Logistics - 0.5%

C.H. Robinson Worldwide, Inc.

35,700

$ 2,062

United Parcel Service, Inc. Class B

32,100

1,813

 

3,875

Building Products - 0.5%

Masco Corp.

301,200

3,892

Electrical Equipment - 1.4%

American Superconductor Corp. (a)(c)

48,900

1,640

AMETEK, Inc.

85,100

2,971

First Solar, Inc. (a)(c)

23,000

3,516

Rockwell Automation, Inc.

50,400

2,147

 

10,274

Industrial Conglomerates - 0.3%

Textron, Inc.

96,500

1,832

Machinery - 2.0%

Caterpillar, Inc.

79,400

4,076

Cummins, Inc.

79,800

3,576

Danaher Corp.

45,500

3,063

Ingersoll-Rand Co. Ltd.

128,400

3,938

 

14,653

Professional Services - 0.7%

Manpower, Inc.

64,900

3,680

Monster Worldwide, Inc. (a)

93,800

1,640

 

5,320

Road & Rail - 1.3%

Union Pacific Corp.

154,100

8,992

TOTAL INDUSTRIALS

70,016

INFORMATION TECHNOLOGY - 33.6%

Communications Equipment - 5.2%

3Com Corp. (a)

215,500

1,127

Cisco Systems, Inc. (a)

973,800

22,923

Juniper Networks, Inc. (a)

68,700

1,856

Palm, Inc. (a)

102,900

1,794

QUALCOMM, Inc.

229,800

10,336

 

38,036

Computers & Peripherals - 8.1%

Apple, Inc. (a)

187,200

34,698

Dell, Inc. (a)

347,400

5,301

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Hewlett-Packard Co.

303,300

$ 14,319

Seagate Technology

160,200

2,437

Western Digital Corp. (a)

65,300

2,385

 

59,140

Electronic Equipment & Components - 1.5%

Agilent Technologies, Inc. (a)

79,000

2,199

Corning, Inc.

294,400

4,507

Ingram Micro, Inc. Class A (a)

129,100

2,175

Itron, Inc. (a)

27,900

1,790

 

10,671

Internet Software & Services - 5.0%

Baidu.com, Inc. sponsored ADR (a)

9,000

3,519

eBay, Inc. (a)

187,300

4,422

Google, Inc. Class A (a)

48,000

23,801

NetEase.com, Inc. sponsored ADR (a)

26,900

1,229

Sohu.com, Inc. (a)

21,700

1,493

Tencent Holdings Ltd.

112,000

1,822

 

36,286

IT Services - 2.1%

Alliance Data Systems Corp. (a)

125,000

7,635

Cognizant Technology Solutions Corp. Class A (a)

194,000

7,500

 

15,135

Semiconductors & Semiconductor Equipment - 3.6%

ASML Holding NV (NY Shares)

86,000

2,543

Intel Corp.

604,500

11,830

KLA-Tencor Corp.

65,100

2,334

Lam Research Corp. (a)

62,400

2,132

Marvell Technology Group Ltd. (a)

220,600

3,572

Omnivision Technologies, Inc. (a)

115,000

1,872

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

200,497

2,197

 

26,480

Software - 8.1%

Adobe Systems, Inc. (a)

41,700

1,378

Blackboard, Inc. (a)

41,900

1,583

BMC Software, Inc. (a)

121,500

4,560

Citrix Systems, Inc. (a)

75,000

2,942

Informatica Corp. (a)

81,900

1,849

Microsoft Corp.

862,100

22,320

Nuance Communications, Inc. (a)

155,600

2,328

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Oracle Corp.

276,300

$ 5,758

Red Hat, Inc. (a)

107,000

2,957

Rovi Corp. (a)

11,100

373

Sourcefire, Inc. (a)

198,000

4,251

Sybase, Inc. (a)

169,600

6,597

VMware, Inc. Class A (a)

52,800

2,121

 

59,017

TOTAL INFORMATION TECHNOLOGY

244,765

MATERIALS - 4.2%

Chemicals - 2.8%

Air Products & Chemicals, Inc.

61,700

4,787

Albemarle Corp.

49,100

1,699

Dow Chemical Co.

212,800

5,548

E.I. du Pont de Nemours & Co.

70,900

2,279

Monsanto Co.

42,600

3,297

The Mosaic Co.

55,900

2,687

 

20,297

Metals & Mining - 1.4%

AngloGold Ashanti Ltd. sponsored ADR

48,300

1,969

Freeport-McMoRan Copper & Gold, Inc.

34,900

2,394

Newmont Mining Corp.

109,500

4,820

Steel Dynamics, Inc.

62,100

953

 

10,136

TOTAL MATERIALS

30,433

TELECOMMUNICATION SERVICES - 0.8%

Wireless Telecommunication Services - 0.8%

American Tower Corp. Class A (a)

169,400

6,166

TOTAL COMMON STOCKS

(Cost $625,369)

721,206

Money Market Funds - 1.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.25% (d)

5,579,790

$ 5,580

Fidelity Securities Lending Cash Central Fund, 0.19% (b)(d)

3,972,600

3,973

TOTAL MONEY MARKET FUNDS

(Cost $9,553)

9,553

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $634,922)

730,759

NET OTHER ASSETS - (0.3)%

(2,484)

NET ASSETS - 100%

$ 728,275

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

$ 24

Fidelity Securities Lending Cash Central Fund

159

Total

$ 183

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.

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

$ 776

Total Realized Gain (Loss)

(225)

Total Unrealized Gain (Loss)

(26)

Cost of Purchases

-

Proceeds of Sales

(525)

Amortization/Accretion

-

Transfers in/out of Level 3

-

Ending Balance

$ -

The change in unrealized gain (loss) attributable to Level 3 securities at September 30, 2009

$ -

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 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $645,686,000. Net unrealized appreciation aggregated $85,073,000, of which $106,602,000 related to appreciated investment securities and $21,529,000 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. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities 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. 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.

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 30, 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:

November 30, 2009

By:

/s/ Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 30, 2009