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, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Trend Fund

September 30, 2011 

1.808771.107

TRE-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 15.1%

Automobiles - 0.0%

Tesla Motors, Inc. (a)

6,600

$ 161

Diversified Consumer Services - 0.9%

New Oriental Education & Technology Group, Inc. sponsored ADR (a)

62,000

1,424

Weight Watchers International, Inc.

126,800

7,386

 

8,810

Hotels, Restaurants & Leisure - 0.8%

Arcos Dorados Holdings, Inc.

102,700

2,382

Brinker International, Inc.

243,000

5,084

Dunkin' Brands Group, Inc. (a)

2,900

80

Las Vegas Sands Corp. (a)

2,100

81

 

7,627

Household Durables - 3.0%

D.R. Horton, Inc.

107,600

973

iRobot Corp. (a)

97,100

2,443

M.D.C. Holdings, Inc.

118,700

2,011

Meritage Homes Corp. (a)

116,100

1,758

Ryland Group, Inc.

189,000

2,013

Standard Pacific Corp. (a)(d)

914,800

2,260

Tempur-Pedic International, Inc. (a)

322,000

16,940

 

28,398

Internet & Catalog Retail - 3.8%

Amazon.com, Inc. (a)

127,600

27,591

Netflix, Inc. (a)(d)

6,100

690

Priceline.com, Inc. (a)

17,900

8,045

 

36,326

Media - 0.6%

Pandora Media, Inc.

2,800

41

Time Warner, Inc.

138,300

4,145

Valassis Communications, Inc. (a)(d)

95,300

1,786

 

5,972

Multiline Retail - 1.4%

Dollar General Corp. (a)

164,100

6,196

Dollar Tree, Inc. (a)

99,700

7,488

 

13,684

Specialty Retail - 3.3%

Express, Inc.

5,600

114

Limited Brands, Inc.

111,000

4,275

Sally Beauty Holdings, Inc. (a)

497,975

8,266

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

TJX Companies, Inc.

300,500

$ 16,669

Urban Outfitters, Inc. (a)

4,000

89

Vitamin Shoppe, Inc. (a)

64,400

2,411

 

31,824

Textiles, Apparel & Luxury Goods - 1.3%

Deckers Outdoor Corp. (a)

34,400

3,208

lululemon athletica, Inc. (a)

17,600

856

PVH Corp.

131,500

7,659

Samsonite International SA

577,500

806

 

12,529

TOTAL CONSUMER DISCRETIONARY

145,331

CONSUMER STAPLES - 10.7%

Beverages - 1.9%

Anheuser-Busch InBev SA NV

48,114

2,554

Dr Pepper Snapple Group, Inc.

164,900

6,395

PepsiCo, Inc.

28,700

1,777

SABMiller PLC

58,800

1,933

The Coca-Cola Co.

88,300

5,966

 

18,625

Food & Staples Retailing - 0.6%

Wal-Mart de Mexico SA de CV Series V

724,600

1,670

Whole Foods Market, Inc.

65,100

4,252

 

5,922

Food Products - 2.8%

Danone sponsored ADR

171,400

2,129

Green Mountain Coffee Roasters, Inc. (a)

208,500

19,378

Mead Johnson Nutrition Co. Class A

40,000

2,753

Nestle SA sponsored ADR

48,400

2,667

 

26,927

Household Products - 1.7%

Colgate-Palmolive Co.

133,400

11,830

Kimberly-Clark Corp.

1,700

121

Procter & Gamble Co.

69,655

4,401

 

16,352

Personal Products - 3.7%

Estee Lauder Companies, Inc. Class A

29,100

2,556

Herbalife Ltd.

202,200

10,838

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Personal Products - continued

Nu Skin Enterprises, Inc. Class A

87,800

$ 3,558

Schiff Nutrition International, Inc. (e)

1,630,451

18,065

 

35,017

TOTAL CONSUMER STAPLES

102,843

ENERGY - 10.2%

Energy Equipment & Services - 3.1%

Baker Hughes, Inc.

95,700

4,418

Dresser-Rand Group, Inc. (a)

87,900

3,563

Halliburton Co.

186,000

5,677

Noble Corp.

80,100

2,351

Oceaneering International, Inc.

95,700

3,382

Schlumberger Ltd.

57,500

3,434

Transocean Ltd. (United States)

148,200

7,075

 

29,900

Oil, Gas & Consumable Fuels - 7.1%

Alpha Natural Resources, Inc. (a)

118,412

2,095

Amyris, Inc.

69,600

1,409

Atlas Pipeline Partners, LP

66,400

1,983

BP PLC sponsored ADR

24,128

870

Chesapeake Energy Corp.

99,000

2,529

Chevron Corp.

66,000

6,106

Exxon Mobil Corp.

456,900

33,185

Hess Corp.

42,600

2,235

HollyFrontier Corp.

164,500

4,313

Marathon Oil Corp.

78,000

1,683

Marathon Petroleum Corp.

52,650

1,425

Occidental Petroleum Corp.

75,300

5,384

Solazyme, Inc.

12,900

124

Southwestern Energy Co. (a)

112,800

3,760

Whiting Petroleum Corp. (a)

49,400

1,733

 

68,834

TOTAL ENERGY

98,734

FINANCIALS - 3.1%

Capital Markets - 1.1%

Charles Schwab Corp.

255,900

2,884

HFF, Inc. (a)

78,200

683

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

Morgan Stanley

329,800

$ 4,452

TD Ameritrade Holding Corp.

150,200

2,209

 

10,228

Commercial Banks - 0.8%

Aozora Bank Ltd.

777,000

1,789

Barclays PLC

414,555

1,017

Comerica, Inc.

85,900

1,973

Wells Fargo & Co.

126,200

3,044

 

7,823

Consumer Finance - 0.2%

SLM Corp.

171,600

2,136

Diversified Financial Services - 0.7%

Citigroup, Inc.

165,940

4,251

JPMorgan Chase & Co.

70,200

2,114

 

6,365

Real Estate Management & Development - 0.3%

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

143,800

1,936

Jones Lang LaSalle, Inc.

29,000

1,502

 

3,438

TOTAL FINANCIALS

29,990

HEALTH CARE - 9.9%

Biotechnology - 5.0%

Achillion Pharmaceuticals, Inc. (a)

311,500

1,470

ADVENTRX Pharmaceuticals, Inc. (a)

140,610

129

Alexion Pharmaceuticals, Inc. (a)

113,892

7,296

Amgen, Inc.

51,700

2,841

Amicus Therapeutics, Inc. (a)

633,419

2,432

Amylin Pharmaceuticals, Inc. (a)

24,238

224

Ardea Biosciences, Inc. (a)

81,500

1,273

ARIAD Pharmaceuticals, Inc. (a)

335,700

2,951

ArQule, Inc. (a)

252,400

1,275

Biogen Idec, Inc. (a)

61,500

5,729

BioMarin Pharmaceutical, Inc. (a)

127,400

4,060

Dynavax Technologies Corp. (a)

676,300

1,258

Exelixis, Inc. (a)

176,800

965

Geron Corp. (a)(d)

388,300

823

Gilead Sciences, Inc. (a)

176,800

6,860

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Inhibitex, Inc. (a)

415,000

$ 1,021

Lexicon Pharmaceuticals, Inc. (a)

432,900

398

Neurocrine Biosciences, Inc. (a)

404,600

2,420

NPS Pharmaceuticals, Inc. (a)

150,500

980

Theravance, Inc. (a)

101,500

2,044

United Therapeutics Corp. (a)

46,700

1,751

 

48,200

Health Care Equipment & Supplies - 0.7%

Alere, Inc. (a)

76,331

1,500

Edwards Lifesciences Corp. (a)

51,200

3,650

Mako Surgical Corp. (a)

45,000

1,540

Sirona Dental Systems, Inc. (a)

2,100

89

Stryker Corp.

2,100

99

 

6,878

Health Care Providers & Services - 1.7%

Aetna, Inc.

26,600

967

Henry Schein, Inc. (a)

1,600

99

McKesson Corp.

97,900

7,117

Medco Health Solutions, Inc. (a)

129,800

6,086

WellPoint, Inc.

28,400

1,854

 

16,123

Health Care Technology - 0.5%

Cerner Corp. (a)

69,500

4,762

Life Sciences Tools & Services - 0.5%

Illumina, Inc. (a)

1,700

70

Thermo Fisher Scientific, Inc. (a)

95,500

4,836

 

4,906

Pharmaceuticals - 1.5%

Auxilium Pharmaceuticals, Inc. (a)

26,600

399

AVANIR Pharmaceuticals Class A (a)(d)

490,900

1,404

Cadence Pharmaceuticals, Inc. (a)(d)

203,100

1,330

Elan Corp. PLC sponsored ADR (a)

257,700

2,714

Eli Lilly & Co.

108,300

4,004

Endocyte, Inc.

4,700

50

Impax Laboratories, Inc. (a)

27,800

498

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Optimer Pharmaceuticals, Inc. (a)

75,500

$ 1,045

Shire PLC sponsored ADR

27,900

2,621

 

14,065

TOTAL HEALTH CARE

94,934

INDUSTRIALS - 11.0%

Aerospace & Defense - 3.9%

Esterline Technologies Corp. (a)

16,000

829

Precision Castparts Corp.

35,300

5,488

Raytheon Co.

60,000

2,452

Rockwell Collins, Inc.

121,600

6,416

Textron, Inc.

538,300

9,496

United Technologies Corp.

176,200

12,397

 

37,078

Airlines - 0.5%

Copa Holdings SA Class A

45,500

2,788

Southwest Airlines Co.

243,100

1,955

 

4,743

Building Products - 0.1%

Armstrong World Industries, Inc.

34,800

1,199

Commercial Services & Supplies - 0.0%

Sykes Enterprises, Inc. (a)

5,100

76

Construction & Engineering - 0.9%

Fluor Corp.

111,200

5,176

Jacobs Engineering Group, Inc. (a)

55,800

1,802

KBR, Inc.

51,300

1,212

 

8,190

Electrical Equipment - 0.4%

Alstom SA

101,879

3,395

Emerson Electric Co.

1,800

74

Regal-Beloit Corp.

2,300

104

 

3,573

Industrial Conglomerates - 0.7%

General Electric Co.

463,800

7,068

Machinery - 2.1%

Cummins, Inc.

97,900

7,995

Fanuc Corp.

2,100

289

Ingersoll-Rand Co. Ltd.

345,900

9,716

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Pall Corp.

37,700

$ 1,598

WABCO Holdings, Inc. (a)

1,600

61

Wabtec Corp.

8,500

449

 

20,108

Professional Services - 1.7%

IHS, Inc. Class A (a)

9,400

703

Kforce, Inc. (a)

62,900

617

Manpower, Inc.

61,800

2,078

Robert Half International, Inc.

137,400

2,916

Towers Watson & Co.

175,100

10,467

 

16,781

Road & Rail - 0.4%

Union Pacific Corp.

44,100

3,602

Trading Companies & Distributors - 0.3%

Mills Estruturas e Servicos de Engenharia SA

9,000

92

WESCO International, Inc. (a)

94,700

3,177

 

3,269

TOTAL INDUSTRIALS

105,687

INFORMATION TECHNOLOGY - 31.2%

Communications Equipment - 3.2%

Cisco Systems, Inc.

247,700

3,837

Juniper Networks, Inc. (a)

354,100

6,112

Motorola Solutions, Inc.

24,600

1,031

Polycom, Inc. (a)

55,800

1,025

QUALCOMM, Inc.

362,200

17,614

Riverbed Technology, Inc. (a)

71,187

1,421

 

31,040

Computers & Peripherals - 9.4%

Apple, Inc. (a)

223,600

85,230

EMC Corp. (a)

4,200

88

SanDisk Corp. (a)

87,800

3,543

Seagate Technology

195,100

2,006

 

90,867

Internet Software & Services - 6.2%

Baidu.com, Inc. sponsored ADR (a)

32,500

3,475

eBay, Inc. (a)

271,500

8,007

Facebook, Inc. Class B (a)(f)

49,257

1,231

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Google, Inc. Class A (a)

67,900

$ 34,926

Mail.ru Group Ltd. GDR (Reg. S)

29,100

851

Monster Worldwide, Inc. (a)

80,800

580

Rackspace Hosting, Inc. (a)(d)

277,396

9,470

Travelzoo, Inc. (a)(d)

14,600

321

Yandex NV

35,100

716

 

59,577

IT Services - 3.3%

Cognizant Technology Solutions Corp. Class A (a)

371,500

23,293

International Business Machines Corp.

24,500

4,288

MasterCard, Inc. Class A

8,400

2,664

Virtusa Corp. (a)

141,400

1,866

 

32,111

Office Electronics - 0.1%

Xerox Corp.

109,900

766

Semiconductors & Semiconductor Equipment - 2.1%

ASML Holding NV

64,400

2,224

Avago Technologies Ltd.

59,000

1,933

Broadcom Corp. Class A

103,800

3,456

Cymer, Inc. (a)

26,000

967

Freescale Semiconductor Holdings I Ltd.

63,300

698

GT Advanced Technologies, Inc. (a)(d)

227,500

1,597

Inphi Corp.

4,900

43

Marvell Technology Group Ltd. (a)

392,000

5,696

NVIDIA Corp. (a)

260,000

3,250

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

9,200

105

 

19,969

Software - 6.9%

Citrix Systems, Inc. (a)

56,400

3,075

CompuGROUP Holding AG

21,400

255

Informatica Corp. (a)

104,500

4,279

Intuit, Inc.

57,300

2,718

Microsoft Corp.

22,200

553

Oracle Corp.

799,900

22,989

Red Hat, Inc. (a)

122,800

5,190

Rovi Corp. (a)

106,900

4,595

salesforce.com, Inc. (a)

124,800

14,262

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Solera Holdings, Inc.

101,100

$ 5,106

VMware, Inc. Class A (a)

40,000

3,215

 

66,237

TOTAL INFORMATION TECHNOLOGY

300,567

MATERIALS - 5.0%

Chemicals - 2.0%

Albemarle Corp.

40,300

1,628

Ashland, Inc.

90,000

3,973

CF Industries Holdings, Inc.

43,500

5,367

Innophos Holdings, Inc.

69,800

2,783

LyondellBasell Industries NV Class A

131,300

3,208

Olin Corp.

22,400

403

W.R. Grace & Co. (a)

62,100

2,068

 

19,430

Metals & Mining - 3.0%

Alcoa, Inc.

108,700

1,040

AngloGold Ashanti Ltd. sponsored ADR

80,700

3,338

Barrick Gold Corp.

47,200

2,211

Freeport-McMoRan Copper & Gold, Inc.

99,500

3,030

Goldcorp, Inc.

112,700

5,168

Ivanhoe Mines Ltd. (a)

282,700

3,897

Kinross Gold Corp.

158,900

2,360

Newcrest Mining Ltd.

59,079

1,948

Newmont Mining Corp.

87,700

5,516

 

28,508

TOTAL MATERIALS

47,938

TELECOMMUNICATION SERVICES - 1.4%

Wireless Telecommunication Services - 1.4%

American Tower Corp. Class A (a)

254,100

13,671

SOFTBANK CORP.

200

6

 

13,677

Common Stocks - continued

Shares

Value (000s)

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

The AES Corp. (a)

78,300

$ 764

TOTAL COMMON STOCKS

(Cost $868,349)


940,465

Nonconvertible Preferred Stocks - 0.1%

 

 

 

 

CONSUMER DISCRETIONARY - 0.1%

Automobiles - 0.1%

Volkswagen AG

(Cost $940)

6,800


912

Money Market Funds - 3.1%

 

 

 

 

Fidelity Cash Central Fund, 0.12% (b)

22,637,957

22,638

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

7,101,479

7,101

TOTAL MONEY MARKET FUNDS

(Cost $29,739)


29,739

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $899,028)

971,116

NET OTHER ASSETS (LIABILITIES) - (0.9)%

(8,237)

NET ASSETS - 100%

$ 962,879

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) Affiliated company

(f) 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 $1,231,000 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

439

Total

$ 447

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.

$ 7,687

$ 7,714

$ -

$ -

$ 18,065

Total

$ 7,687

$ 7,714

$ -

$ -

$ 18,065

Other Information

The following is a summary of the inputs used, as of September 30, 2011, 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

$ 146,243

$ 145,437

$ 806

$ -

Consumer Staples

102,843

100,289

2,554

-

Energy

98,734

98,734

-

-

Financials

29,990

27,184

2,806

-

Health Care

94,934

94,934

-

-

Industrials

105,687

105,398

289

-

Information Technology

300,567

299,336

-

1,231

Materials

47,938

45,990

1,948

-

Telecommunication Services

13,677

13,671

6

-

Utilities

764

764

-

-

Money Market Funds

29,739

29,739

-

-

Total Investments in Securities:

$ 971,116

$ 961,476

$ 8,409

$ 1,231

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

$ -

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(1)

Cost of Purchases

1,232

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 1,231

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2011

$ (1)

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 September 30, 2011, the cost of investment securities for income tax purposes was $902,732,000. Net unrealized appreciation aggregated $68,384,000, of which $157,468,000 related to appreciated investment securities and $89,084,000 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.

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, 2011

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, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 29, 2011