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, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Trend Fund

March 31, 2011 

1.799849.107

TRE-QTLY-0511

Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.0%

Auto Components - 0.1%

Minth Group Ltd.

520,000

$ 872

Automobiles - 0.7%

Ford Motor Co. (a)

413,100

6,159

Hyundai Motor Co.

6,240

1,155

 

7,314

Diversified Consumer Services - 0.7%

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

7,900

791

Weight Watchers International, Inc.

99,400

6,968

 

7,759

Hotels, Restaurants & Leisure - 0.5%

Ctrip.com International Ltd. sponsored ADR (a)

141,500

5,871

Las Vegas Sands Corp. (a)

2,100

89

 

5,960

Household Durables - 3.3%

Beazer Homes USA, Inc. (a)(d)

292,200

1,335

iRobot Corp. (a)

107,000

3,519

La-Z-Boy, Inc. (a)

181,200

1,730

M.D.C. Holdings, Inc.

153,900

3,901

Meritage Homes Corp. (a)

98,700

2,382

Ryland Group, Inc.

189,000

3,005

Tempur-Pedic International, Inc. (a)

429,300

21,748

 

37,620

Internet & Catalog Retail - 2.6%

Amazon.com, Inc. (a)

112,700

20,301

E-Commerce China Dangdang, Inc. ADR (d)

119,500

2,465

Netflix, Inc. (a)

6,400

1,519

Priceline.com, Inc. (a)

10,500

5,318

 

29,603

Leisure Equipment & Products - 0.6%

Hasbro, Inc.

139,000

6,511

Media - 0.3%

Discovery Communications, Inc. (a)

2,700

108

Valassis Communications, Inc. (a)

101,100

2,946

 

3,054

Specialty Retail - 3.0%

DSW, Inc. Class A (a)(d)

139,700

5,582

Sally Beauty Holdings, Inc. (a)

829,475

11,621

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

TJX Companies, Inc.

322,500

$ 16,038

Vitamin Shoppe, Inc. (a)

6,600

223

 

33,464

Textiles, Apparel & Luxury Goods - 1.2%

Deckers Outdoor Corp. (a)

66,800

5,755

Phillips-Van Heusen Corp.

100,400

6,529

Titan Industries Ltd.

17,035

1,458

Vera Bradley, Inc.

1,100

46

 

13,788

TOTAL CONSUMER DISCRETIONARY

145,945

CONSUMER STAPLES - 8.4%

Beverages - 2.2%

Anheuser-Busch InBev SA NV

52,117

2,970

Dr Pepper Snapple Group, Inc.

303,500

11,278

PepsiCo, Inc.

44,900

2,892

The Coca-Cola Co.

118,400

7,856

 

24,996

Food & Staples Retailing - 1.3%

BJ's Wholesale Club, Inc. (a)

177,400

8,661

Drogasil SA

270,600

2,115

Fresh Market, Inc.

41,328

1,560

Wal-Mart de Mexico SA de CV Series V

750,100

2,246

 

14,582

Food Products - 1.7%

Green Mountain Coffee Roasters, Inc. (a)

196,100

12,670

Mead Johnson Nutrition Co. Class A

46,400

2,688

Nestle SA sponsored ADR

52,400

3,012

Shenguan Holdings Group Ltd.

944,000

1,104

 

19,474

Household Products - 0.4%

Procter & Gamble Co.

68,955

4,248

Personal Products - 2.8%

Estee Lauder Companies, Inc. Class A

55,400

5,338

Hengan International Group Co. Ltd.

162,000

1,202

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Personal Products - continued

Herbalife Ltd.

186,400

$ 15,166

Schiff Nutrition International, Inc. (e)

1,090,800

9,937

 

31,643

TOTAL CONSUMER STAPLES

94,943

ENERGY - 12.4%

Energy Equipment & Services - 3.5%

Baker Hughes, Inc.

65,000

4,773

Halliburton Co.

149,300

7,441

Noble Corp.

98,100

4,475

Oceaneering International, Inc. (a)

51,800

4,634

Schlumberger Ltd.

113,500

10,585

Transocean Ltd. (a)

34,100

2,658

Weatherford International Ltd. (a)

206,400

4,665

 

39,231

Oil, Gas & Consumable Fuels - 8.9%

Atlas Pipeline Partners, LP

43,000

1,484

BP PLC sponsored ADR

23,900

1,055

Chesapeake Energy Corp.

107,300

3,597

Chevron Corp.

42,700

4,587

Exxon Mobil Corp.

752,500

63,308

Hess Corp.

33,100

2,820

Holly Corp.

77,800

4,727

Marathon Oil Corp.

83,000

4,425

Massey Energy Co.

84,500

5,776

Southwestern Energy Co. (a)

123,700

5,315

Whiting Petroleum Corp. (a)

49,600

3,643

 

100,737

TOTAL ENERGY

139,968

FINANCIALS - 5.1%

Capital Markets - 1.8%

Bank of New York Mellon Corp.

88,100

2,632

Charles Schwab Corp.

313,500

5,652

Goldman Sachs Group, Inc.

14,300

2,266

Morgan Stanley

215,000

5,874

TD Ameritrade Holding Corp.

189,300

3,951

 

20,375

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - 1.4%

Aozora Bank Ltd.

533,000

$ 1,205

Comerica, Inc.

88,900

3,264

Regions Financial Corp.

383,900

2,787

SunTrust Banks, Inc.

96,100

2,772

Synovus Financial Corp.

1,077,200

2,585

Wells Fargo & Co.

85,100

2,698

Zions Bancorporation

11,261

260

 

15,571

Consumer Finance - 0.2%

SLM Corp. (a)

124,600

1,906

Diversified Financial Services - 0.6%

Citigroup, Inc. (a)

656,400

2,901

JPMorgan Chase & Co.

71,200

3,282

 

6,183

Insurance - 0.4%

AFLAC, Inc.

20,600

1,087

Assured Guaranty Ltd.

259,900

3,873

 

4,960

Real Estate Management & Development - 0.7%

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

155,700

4,157

Jones Lang LaSalle, Inc.

30,000

2,992

The St. Joe Co. (a)

40,111

1,006

 

8,155

Thrifts & Mortgage Finance - 0.0%

BankUnited, Inc.

7,200

207

TOTAL FINANCIALS

57,357

HEALTH CARE - 9.5%

Biotechnology - 4.4%

Achillion Pharmaceuticals, Inc. (a)

182,300

1,303

Alexion Pharmaceuticals, Inc. (a)

69,946

6,902

Amarin Corp. PLC ADR (a)

178,500

1,303

Amicus Therapeutics, Inc. (a)

432,600

3,067

Amylin Pharmaceuticals, Inc. (a)

24,238

276

Ardea Biosciences, Inc. (a)

81,500

2,338

ARIAD Pharmaceuticals, Inc. (a)

444,600

3,343

ArQule, Inc. (a)

118,400

848

BioMarin Pharmaceutical, Inc. (a)

130,600

3,282

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Dynavax Technologies Corp. (a)

493,700

$ 1,363

Gilead Sciences, Inc. (a)

228,200

9,685

Keryx Biopharmaceuticals, Inc. (a)

302,600

1,513

Lexicon Pharmaceuticals, Inc. (a)

432,900

727

Nanosphere, Inc. (a)

139,734

454

NPS Pharmaceuticals, Inc. (a)

139,900

1,339

SIGA Technologies, Inc. (a)(d)

397,600

4,811

Theravance, Inc. (a)

124,600

3,018

United Therapeutics Corp. (a)

56,500

3,787

 

49,359

Health Care Equipment & Supplies - 1.2%

Alere, Inc. (a)

142,331

5,571

Edwards Lifesciences Corp. (a)

82,600

7,186

Mako Surgical Corp. (a)

45,000

1,089

 

13,846

Health Care Providers & Services - 1.4%

McKesson Corp.

88,900

7,028

Medco Health Solutions, Inc. (a)

153,800

8,637

 

15,665

Health Care Technology - 1.1%

Allscripts-Misys Healthcare Solutions, Inc. (a)

404,900

8,499

Cerner Corp. (a)

38,500

4,281

 

12,780

Life Sciences Tools & Services - 0.3%

Illumina, Inc. (a)

1,700

119

Thermo Fisher Scientific, Inc. (a)

50,900

2,827

 

2,946

Pharmaceuticals - 1.1%

AVANIR Pharmaceuticals Class A (a)(d)

476,300

1,943

Cadence Pharmaceuticals, Inc. (a)(d)

238,600

2,198

Shire PLC sponsored ADR

33,800

2,944

Valeant Pharmaceuticals International, Inc. (Canada)

100,601

5,021

 

12,106

TOTAL HEALTH CARE

106,702

INDUSTRIALS - 11.6%

Aerospace & Defense - 4.3%

Alliant Techsystems, Inc.

5,000

353

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Applied Energetics, Inc. (a)

9,358

$ 6

Precision Castparts Corp.

52,600

7,742

Raytheon Co.

92,200

4,690

Textron, Inc.

517,900

14,185

United Technologies Corp.

247,600

20,959

 

47,935

Airlines - 0.4%

Copa Holdings SA Class A

32,100

1,695

Southwest Airlines Co.

218,200

2,756

 

4,451

Building Products - 0.4%

Masco Corp.

136,400

1,899

Quanex Building Products Corp.

111,850

2,196

 

4,095

Commercial Services & Supplies - 0.0%

Higher One Holdings, Inc. (a)

5,200

75

Sykes Enterprises, Inc. (a)

5,100

101

 

176

Construction & Engineering - 1.0%

Fluor Corp.

46,000

3,388

Jacobs Engineering Group, Inc. (a)

72,100

3,708

KBR, Inc.

81,200

3,067

URS Corp. (a)

24,000

1,105

 

11,268

Electrical Equipment - 1.4%

Alstom SA

188,927

11,167

American Superconductor Corp. (a)(d)

99,700

2,480

Emerson Electric Co.

1,800

105

Satcon Technology Corp. (a)(d)

508,800

1,964

 

15,716

Machinery - 2.1%

Cummins, Inc.

81,000

8,879

Ingersoll-Rand Co. Ltd.

247,800

11,971

Weg SA

205,700

2,709

 

23,559

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Professional Services - 0.9%

IHS, Inc. Class A (a)

1,300

$ 115

Towers Watson & Co.

183,600

10,182

 

10,297

Road & Rail - 0.6%

Union Pacific Corp.

69,100

6,795

Trading Companies & Distributors - 0.5%

WESCO International, Inc. (a)

92,000

5,750

TOTAL INDUSTRIALS

130,042

INFORMATION TECHNOLOGY - 31.9%

Communications Equipment - 3.6%

Acme Packet, Inc. (a)

40,100

2,845

Calix Networks, Inc. (a)

143,400

2,912

Juniper Networks, Inc. (a)

216,200

9,098

QUALCOMM, Inc.

409,400

22,447

Riverbed Technology, Inc. (a)

71,187

2,680

 

39,982

Computers & Peripherals - 7.0%

Apple, Inc. (a)

193,500

67,425

Hewlett-Packard Co.

64,600

2,647

NetApp, Inc. (a)

24,500

1,180

SanDisk Corp. (a)

95,100

4,383

Western Digital Corp. (a)

83,600

3,117

 

78,752

Internet Software & Services - 7.5%

Akamai Technologies, Inc. (a)

96,900

3,682

Baidu.com, Inc. sponsored ADR (a)

42,000

5,788

Demand Media, Inc.

22,000

518

eBay, Inc. (a)

777,000

24,118

Facebook, Inc. Class B (a)

41,991

1,050

Google, Inc. Class A (a)

62,500

36,638

Mail.ru Group Ltd. GDR (a)(f)

1,800

54

NetEase.com, Inc. sponsored ADR (a)

40,400

2,000

OpenTable, Inc. (a)

27,000

2,871

Rackspace Hosting, Inc. (a)(d)

178,196

7,636

Velti PLC (a)

40,291

507

 

84,862

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - 2.7%

Cognizant Technology Solutions Corp. Class A (a)

264,500

$ 21,530

International Business Machines Corp.

29,500

4,811

Virtusa Corp. (a)

195,000

3,652

 

29,993

Semiconductors & Semiconductor Equipment - 2.8%

Advanced Micro Devices, Inc. (a)(d)

657,400

5,654

Alpha & Omega Semiconductor Ltd. (a)

5,100

65

Avago Technologies Ltd.

113,400

3,527

Broadcom Corp. Class A

112,400

4,426

Inphi Corp.

4,900

103

LTX-Credence Corp. (a)

201,400

1,839

Marvell Technology Group Ltd. (a)

244,200

3,797

National Semiconductor Corp.

79,700

1,143

NVIDIA Corp. (a)

585,100

10,801

 

31,355

Software - 8.3%

BMC Software, Inc. (a)

121,800

6,058

Check Point Software Technologies Ltd. (a)

56,700

2,895

Citrix Systems, Inc. (a)

51,100

3,754

Informatica Corp. (a)

139,800

7,302

Intuit, Inc. (a)

255,600

13,572

Longtop Financial Technologies Ltd. ADR (a)

61,700

1,939

MICROS Systems, Inc. (a)

247,400

12,229

Oracle Corp.

524,200

17,493

Red Hat, Inc. (a)

136,100

6,178

Rovi Corp. (a)

11,900

638

salesforce.com, Inc. (a)

53,000

7,080

Solera Holdings, Inc.

214,400

10,956

VMware, Inc. Class A (a)

43,300

3,531

 

93,625

TOTAL INFORMATION TECHNOLOGY

358,569

MATERIALS - 5.9%

Chemicals - 2.5%

Air Products & Chemicals, Inc.

31,300

2,823

Ashland, Inc.

109,300

6,313

CF Industries Holdings, Inc.

51,100

6,990

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

LyondellBasell Industries NV Class A (a)

150,400

$ 5,948

Praxair, Inc.

64,700

6,574

 

28,648

Metals & Mining - 3.4%

Alcoa, Inc.

108,700

1,919

AngloGold Ashanti Ltd. sponsored ADR

77,300

3,707

Freeport-McMoRan Copper & Gold, Inc.

107,800

5,988

Goldcorp, Inc.

119,000

5,932

Ivanhoe Mines Ltd. (a)

200,600

5,501

Newcrest Mining Ltd.

195,954

8,070

Reliance Steel & Aluminum Co.

61,000

3,525

Royal Gold, Inc.

2,100

110

United States Steel Corp. (d)

57,500

3,102

 

37,854

TOTAL MATERIALS

66,502

TELECOMMUNICATION SERVICES - 1.8%

Wireless Telecommunication Services - 1.8%

American Tower Corp. Class A (a)

365,300

18,930

SOFTBANK CORP.

35,100

1,401

 

20,331

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

AES Corp. (a)

78,300

1,018

TOTAL COMMON STOCKS

(Cost $871,569)

1,121,377

Money Market Funds - 2.9%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.16% (b)

5,975,441

$ 5,975

Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)

26,394,953

26,395

TOTAL MONEY MARKET FUNDS

(Cost $32,370)

32,370

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $903,939)

1,153,747

NET OTHER ASSETS (LIABILITIES) - (2.6)%

(29,056)

NET ASSETS - 100%

$ 1,124,691

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) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $54,000 or 0.0% of net assets.

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

144

Total

$ 146

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

$ 2,074

$ -

$ -

$ 9,937

Total

$ 7,687

$ 2,074

$ -

$ -

$ 9,937

Other Information

The following is a summary of the inputs used, as of March 31, 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

$ 145,945

$ 145,945

$ -

$ -

Consumer Staples

94,943

91,973

2,970

-

Energy

139,968

139,968

-

-

Financials

57,357

57,357

-

-

Health Care

106,702

106,702

-

-

Industrials

130,042

130,042

-

-

Information Technology

358,569

357,519

-

1,050

Materials

66,502

66,502

-

-

Telecommunication Services

20,331

20,331

-

-

Utilities

1,018

1,018

-

-

Money Market Funds

32,370

32,370

-

-

Total Investments in Securities:

$ 1,153,747

$ 1,149,727

$ 2,970

$ 1,050

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)

-

Cost of Purchases

1,050

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 1,050

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2011

$ -

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 March 31, 2011, the cost of investment securities for income tax purposes was $907,120,000. Net unrealized appreciation aggregated $246,627,000, of which $258,774,000 related to appreciated investment securities and $12,147,000 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:

May 31, 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:

May 31, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

May 31, 2011