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, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Trend Fund

September 30, 2008 

1.808771.104

TRE-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 9.4%

Automobiles - 0.1%

Harley-Davidson, Inc.

26,200

$ 977

Hotels, Restaurants & Leisure - 2.2%

Burger King Holdings, Inc.

163,200

4,008

Life Time Fitness, Inc. (a)

5,700

178

McDonald's Corp.

182,600

11,266

Penn National Gaming, Inc. (a)

2,600

69

 

15,521

Household Durables - 0.2%

Tempur-Pedic International, Inc.

145,600

1,712

Internet & Catalog Retail - 0.5%

Amazon.com, Inc. (a)

17,500

1,273

Blue Nile, Inc. (a)(d)

53,200

2,281

 

3,554

Media - 0.4%

The DIRECTV Group, Inc. (a)

101,600

2,659

Multiline Retail - 1.3%

JCPenney Co., Inc.

17,700

590

Nordstrom, Inc.

27,900

804

Target Corp. (d)

157,200

7,711

 

9,105

Specialty Retail - 2.2%

Abercrombie & Fitch Co. Class A

89,900

3,547

Dick's Sporting Goods, Inc. (a)

104,900

2,054

Ross Stores, Inc.

31,700

1,167

Staples, Inc.

245,400

5,522

Talbots, Inc.

7,500

98

The Men's Wearhouse, Inc.

43,100

915

TJX Companies, Inc.

67,100

2,048

 

15,351

Textiles, Apparel & Luxury Goods - 2.5%

American Apparel, Inc. (a)(d)

235,800

1,934

Deckers Outdoor Corp. (a)

36,400

3,789

Polo Ralph Lauren Corp. Class A

118,000

7,864

Titan Industries Ltd.

33,248

805

VF Corp.

48,800

3,773

 

18,165

TOTAL CONSUMER DISCRETIONARY

67,044

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 11.8%

Beverages - 3.8%

Molson Coors Brewing Co. Class B

296,000

$ 13,838

PepsiCo, Inc.

173,870

12,392

United Spirits Ltd.

22,061

605

 

26,835

Food & Staples Retailing - 2.1%

CVS Caremark Corp.

234,100

7,880

Sysco Corp.

137,400

4,236

Wal-Mart Stores, Inc.

51,000

3,054

 

15,170

Food Products - 2.3%

Nestle SA sponsored ADR

335,100

14,393

Smart Balance, Inc. (a)(d)

365,000

2,394

 

16,787

Household Products - 1.8%

Procter & Gamble Co.

185,555

12,931

Personal Products - 1.8%

Avon Products, Inc.

295,900

12,301

Dabur India Ltd.

341,157

673

 

12,974

TOTAL CONSUMER STAPLES

84,697

ENERGY - 10.5%

Energy Equipment & Services - 3.4%

Halliburton Co.

170,200

5,513

National Oilwell Varco, Inc. (a)

116,424

5,848

Schlumberger Ltd. (NY Shares)

165,100

12,893

 

24,254

Oil, Gas & Consumable Fuels - 7.1%

Arch Coal, Inc.

44,400

1,460

Canadian Natural Resources Ltd.

30,100

2,064

Chesapeake Energy Corp.

74,100

2,657

ConocoPhillips

35,500

2,600

CONSOL Energy, Inc.

60,700

2,786

EOG Resources, Inc.

58,800

5,260

Exxon Mobil Corp.

115,400

8,962

Hess Corp.

63,900

5,245

Nova Biosource Fuels, Inc. (a)(d)

3,087,248

463

Occidental Petroleum Corp.

110,100

7,757

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Peabody Energy Corp.

90,600

$ 4,077

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

76,000

2,844

Quicksilver Resources, Inc. (a)

173,500

3,406

Southwestern Energy Co. (a)

45,900

1,402

 

50,983

TOTAL ENERGY

75,237

FINANCIALS - 5.2%

Capital Markets - 2.8%

Charles Schwab Corp.

268,500

6,981

Goldman Sachs Group, Inc.

23,600

3,021

Janus Capital Group, Inc.

163,400

3,967

Morgan Stanley

40,500

932

Northern Trust Corp.

25,800

1,863

State Street Corp.

60,900

3,464

 

20,228

Commercial Banks - 0.9%

Wells Fargo & Co.

132,100

4,958

Zions Bancorp (d)

48,300

1,869

 

6,827

Consumer Finance - 0.2%

American Express Co.

38,700

1,371

Diversified Financial Services - 0.4%

Bank of America Corp.

47,600

1,666

JPMorgan Chase & Co.

30,000

1,401

 

3,067

Insurance - 0.3%

Berkshire Hathaway, Inc. Class B (a)

440

1,934

Thrifts & Mortgage Finance - 0.6%

Hudson City Bancorp, Inc. (d)

220,000

4,059

TOTAL FINANCIALS

37,486

HEALTH CARE - 15.5%

Biotechnology - 5.0%

Alexion Pharmaceuticals, Inc. (a)

46,600

1,831

Alnylam Pharmaceuticals, Inc. (a)

87,800

2,542

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Amgen, Inc. (a)

38,800

$ 2,300

BioMarin Pharmaceutical, Inc. (a)

83,000

2,199

Celgene Corp. (a)

68,600

4,341

CSL Ltd.

126,450

3,831

Genentech, Inc. (a)

120,800

10,713

Gilead Sciences, Inc. (a)

149,800

6,828

RXi Pharmaceuticals Corp. (e)

116,133

948

 

35,533

Health Care Equipment & Supplies - 6.4%

Alcon, Inc.

25,300

4,086

Baxter International, Inc.

138,800

9,109

Covidien Ltd.

273,100

14,682

Inverness Medical Innovations, Inc. (a)

583,731

17,512

 

45,389

Health Care Providers & Services - 0.7%

athenahealth, Inc.

800

27

Express Scripts, Inc. (a)

70,700

5,219

 

5,246

Health Care Technology - 0.5%

Eclipsys Corp. (a)

180,800

3,788

Life Sciences Tools & Services - 1.9%

Covance, Inc. (a)

29,800

2,635

Illumina, Inc. (a)(d)

162,400

6,582

QIAGEN NV (a)

228,300

4,504

 

13,721

Pharmaceuticals - 1.0%

Allergan, Inc.

96,300

4,959

Wyeth

53,800

1,987

 

6,946

TOTAL HEALTH CARE

110,623

INDUSTRIALS - 10.6%

Aerospace & Defense - 2.6%

Honeywell International, Inc.

210,300

8,738

Raytheon Co.

94,400

5,051

United Technologies Corp.

75,100

4,511

 

18,300

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Air Freight & Logistics - 0.9%

United Parcel Service, Inc. Class B

106,700

$ 6,710

Airlines - 0.2%

Northwest Airlines Corp. (a)

123,800

1,118

UAL Corp.

51,700

454

 

1,572

Commercial Services & Supplies - 0.5%

Copart, Inc. (a)

4,300

163

Fuel Tech, Inc. (a)(d)

172,987

3,129

 

3,292

Construction & Engineering - 0.1%

Larsen & Toubro Ltd.

13,470

715

Electrical Equipment - 2.5%

ABB Ltd. sponsored ADR

202,600

3,930

Alstom SA

59,700

4,530

American Superconductor Corp. (a)(d)

321,400

7,575

Bharat Heavy Electricals Ltd.

21,279

737

Satcon Technology Corp. (a)(d)

568,323

1,017

 

17,789

Machinery - 2.0%

Cummins, Inc.

161,600

7,065

Deere & Co.

91,200

4,514

Sulzer AG (Reg.)

21,510

2,289

 

13,868

Professional Services - 0.5%

Manpower, Inc.

87,700

3,785

Road & Rail - 1.3%

Con-way, Inc.

9,800

432

CSX Corp.

14,300

780

Landstar System, Inc.

49,300

2,172

Union Pacific Corp.

84,700

6,027

 

9,411

TOTAL INDUSTRIALS

75,442

INFORMATION TECHNOLOGY - 28.7%

Communications Equipment - 8.8%

Cisco Systems, Inc. (a)

1,043,700

23,546

Infinera Corp. (a)

118,400

1,132

Juniper Networks, Inc. (a)

570,000

12,010

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

QUALCOMM, Inc.

435,600

$ 18,718

Research In Motion Ltd. (a)

107,100

7,315

 

62,721

Computers & Peripherals - 5.6%

Apple, Inc. (a)

299,800

34,075

Hewlett-Packard Co.

124,000

5,734

 

39,809

Electronic Equipment & Components - 0.0%

Ingram Micro, Inc. Class A (a)

4,500

72

Internet Software & Services - 5.8%

Equinix, Inc. (a)(d)

152,468

10,590

Google, Inc. Class A (sub. vtg.) (a)

76,500

30,640

 

41,230

IT Services - 3.2%

Cognizant Technology Solutions Corp. Class A (a)

677,000

15,456

Satyam Computer Services Ltd. sponsored ADR

56,900

919

Visa, Inc.

110,800

6,802

 

23,177

Semiconductors & Semiconductor Equipment - 3.4%

Applied Materials, Inc.

880,700

13,325

ASML Holding NV (NY Shares)

180,800

3,184

KLA-Tencor Corp.

99,400

3,146

Lam Research Corp. (a)

87,000

2,740

Skyworks Solutions, Inc. (a)

254,800

2,130

 

24,525

Software - 1.9%

GSE Systems, Inc. (a)(d)

105,000

735

Salesforce.com, Inc. (a)

35,300

1,709

Sybase, Inc. (a)

369,800

11,323

 

13,767

TOTAL INFORMATION TECHNOLOGY

205,301

MATERIALS - 5.2%

Chemicals - 4.9%

Monsanto Co.

300,900

29,783

The Mosaic Co.

73,400

4,993

 

34,776

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - 0.3%

Newmont Mining Corp.

53,000

$ 2,054

TOTAL MATERIALS

36,830

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.5%

Qwest Communications International, Inc.

1,151,800

3,720

UTILITIES - 0.0%

Independent Power Producers & Energy Traders - 0.0%

Nevada Geothermal Power, Inc. (a)

100

0

TOTAL COMMON STOCKS

(Cost $751,762)

696,380

Money Market Funds - 6.9%

 

 

 

 

Fidelity Cash Central Fund, 1.92% (b)

8,943,047

8,943

Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)

40,058,172

40,058

TOTAL MONEY MARKET FUNDS

(Cost $49,001)

49,001

TOTAL INVESTMENT PORTFOLIO - 104.3%

(Cost $800,763)

745,381

NET OTHER ASSETS - (4.3)%

(30,397)

NET ASSETS - 100%

$ 714,984

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.

(e) 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 $948,000 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

RXi Pharmaceuticals Corp.

6/24/08

$ 943

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

$ 326

Fidelity Securities Lending Cash Central Fund

1,172

Total

$ 1,498

Other Information

The following is a summary of the inputs used, as of September 30, 2008, 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 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

$ 745,381

$ 731,196

$ 14,185

$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $805,207,000. Net unrealized depreciation aggregated $59,826,000, of which $53,542,000 related to appreciated investment securities and $113,368,000 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 adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. 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:

December 1, 2008

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:

December 1, 2008

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 1, 2008