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)

Eric D. Roiter, 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, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Trend Fund

September 30, 2004

1.808771.100

TRE-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 9.4%

Auto Components - 0.1%

Johnson Controls, Inc.

7,900

$ 449

Automobiles - 0.4%

General Motors Corp.

31,200

1,325

Harley-Davidson, Inc.

16,800

999

Toyota Motor Corp.

22,400

855

3,179

Hotels, Restaurants & Leisure - 1.4%

Carnival Corp. unit

32,000

1,513

Hilton Hotels Corp.

27,100

511

International Game Technology

49,400

1,776

Kerzner International Ltd. (a)

22,300

981

Mandalay Resort Group

8,900

611

McDonald's Corp.

95,500

2,677

Royal Caribbean Cruises Ltd.

20,200

881

Starwood Hotels & Resorts Worldwide, Inc. unit

55,600

2,581

11,531

Household Durables - 0.1%

D.R. Horton, Inc.

13,800

457

Toll Brothers, Inc. (a)

10,500

486

943

Internet & Catalog Retail - 0.4%

eBay, Inc. (a)

36,300

3,337

Leisure Equipment & Products - 0.1%

Brunswick Corp.

12,000

549

Eastman Kodak Co.

17,100

551

1,100

Media - 3.7%

Clear Channel Communications, Inc.

39,512

1,232

Comcast Corp. Class A (a)

39,914

1,127

Fox Entertainment Group, Inc. Class A (a)

24,100

669

Gannett Co., Inc.

20,900

1,751

JC Decaux SA (a)

60,357

1,374

Lamar Advertising Co. Class A (a)

42,700

1,777

McGraw-Hill Companies, Inc.

17,100

1,363

News Corp. Ltd. sponsored ADR

70,032

2,194

NTL, Inc. (a)

7,354

456

Omnicom Group, Inc.

5,200

380

Playboy Enterprises, Inc. Class B (non-vtg.) (a)

252,800

2,538

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

The DIRECTV Group, Inc. (a)

103,200

$ 1,815

Time Warner, Inc. (a)

354,450

5,721

Univision Communications, Inc. Class A (a)

48,600

1,536

Viacom, Inc.:

Class A

21,350

726

Class B (non-vtg.)

73,950

2,482

Walt Disney Co.

160,700

3,624

30,765

Multiline Retail - 1.1%

Federated Department Stores, Inc.

8,200

373

JCPenney Co., Inc.

50,300

1,775

Kmart Holding Corp. (a)

11,400

997

Kohl's Corp. (a)

27,700

1,335

Nordstrom, Inc.

37,900

1,449

Target Corp.

74,200

3,358

9,287

Specialty Retail - 1.4%

American Eagle Outfitters, Inc.

34,200

1,260

Home Depot, Inc.

171,700

6,731

Lowe's Companies, Inc.

30,900

1,679

Staples, Inc.

54,900

1,637

Toys 'R' Us, Inc. (a)

18,500

328

11,635

Textiles Apparel & Luxury Goods - 0.7%

Coach, Inc. (a)

13,700

581

NIKE, Inc. Class B

37,600

2,963

Polo Ralph Lauren Corp. Class A

55,600

2,022

5,566

TOTAL CONSUMER DISCRETIONARY

77,792

CONSUMER STAPLES - 9.5%

Beverages - 1.8%

Anheuser-Busch Companies, Inc.

40,400

2,018

PepsiCo, Inc.

121,470

5,910

The Coca-Cola Co.

159,700

6,396

14,324

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - 3.3%

Albertsons, Inc.

53,800

$ 1,287

Costco Wholesale Corp.

26,900

1,118

CVS Corp.

85,900

3,619

Safeway, Inc. (a)

79,711

1,539

Sysco Corp.

5,700

171

Wal-Mart Stores, Inc.

337,900

17,976

Walgreen Co.

46,200

1,655

27,365

Food Products - 0.8%

H.J. Heinz Co.

35,100

1,264

Hershey Foods Corp.

20,600

962

Kellogg Co.

37,800

1,613

Smithfield Foods, Inc. (a)

18,100

453

The J.M. Smucker Co.

20,700

919

Wm. Wrigley Jr. Co.

21,600

1,367

6,578

Household Products - 1.9%

Colgate-Palmolive Co.

15,300

691

Kimberly-Clark Corp.

36,500

2,358

Procter & Gamble Co.

228,600

12,372

15,421

Personal Products - 0.8%

Avon Products, Inc.

32,800

1,433

Estee Lauder Companies, Inc. Class A

12,800

535

Gillette Co.

115,800

4,833

6,801

Tobacco - 0.9%

Altria Group, Inc.

160,800

7,564

TOTAL CONSUMER STAPLES

78,053

ENERGY - 7.5%

Energy Equipment & Services - 1.9%

Baker Hughes, Inc.

12,500

547

BJ Services Co.

33,500

1,756

ENSCO International, Inc.

52,300

1,709

Halliburton Co.

69,900

2,355

Nabors Industries Ltd. (a)

20,700

980

National-Oilwell, Inc. (a)

48,100

1,581

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Noble Corp. (a)

25,800

$ 1,160

Schlumberger Ltd. (NY Shares)

41,400

2,787

Transocean, Inc. (a)

44,800

1,603

Weatherford International Ltd. (a)

16,200

827

15,305

Oil & Gas - 5.6%

Anadarko Petroleum Corp.

15,200

1,009

Burlington Resources, Inc.

53,800

2,195

ChevronTexaco Corp.

161,638

8,670

ConocoPhillips

55,068

4,562

Delta Petroleum Corp. (a)

35,000

456

Exxon Mobil Corp.

492,030

23,780

Frontline Ltd. (NY Shares)

18,600

878

Kinder Morgan, Inc.

10,200

641

Occidental Petroleum Corp.

39,200

2,192

Ultra Petroleum Corp. (a)

6,100

299

Valero Energy Corp.

11,200

898

Williams Companies, Inc.

43,800

530

46,110

TOTAL ENERGY

61,415

FINANCIALS - 17.6%

Capital Markets - 2.4%

Ameritrade Holding Corp. (a)

38,200

459

Bank of New York Co., Inc.

40,600

1,184

Bear Stearns Companies, Inc.

14,200

1,366

Charles Schwab Corp.

38,900

357

Goldman Sachs Group, Inc.

20,600

1,921

Lehman Brothers Holdings, Inc.

34,600

2,758

Merrill Lynch & Co., Inc.

87,700

4,360

Morgan Stanley

107,800

5,315

Northern Trust Corp.

26,600

1,085

State Street Corp.

13,900

594

19,399

Commercial Banks - 4.3%

Bank of America Corp.

382,622

16,579

M&T Bank Corp.

14,100

1,349

SunTrust Banks, Inc.

6,700

472

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

U.S. Bancorp, Delaware

90,100

$ 2,604

Wachovia Corp.

130,523

6,128

Wells Fargo & Co.

144,400

8,611

35,743

Consumer Finance - 1.5%

American Express Co.

122,800

6,319

Capital One Financial Corp.

31,900

2,357

First Marblehead Corp.

23,900

1,109

MBNA Corp.

63,600

1,603

SLM Corp.

28,200

1,258

12,646

Diversified Financial Services - 3.7%

CIT Group, Inc.

36,100

1,350

Citigroup, Inc.

391,477

17,272

J.P. Morgan Chase & Co.

290,888

11,557

30,179

Insurance - 4.1%

ACE Ltd.

84,200

3,373

AFLAC, Inc.

58,500

2,294

Allstate Corp.

25,300

1,214

AMBAC Financial Group, Inc.

12,000

959

American International Group, Inc.

252,337

17,156

Hartford Financial Services Group, Inc.

26,800

1,660

Marsh & McLennan Companies, Inc.

20,100

920

MBIA, Inc.

8,000

466

MetLife, Inc.

76,600

2,961

Prudential Financial, Inc.

45,800

2,154

XL Capital Ltd. Class A

12,200

903

34,060

Real Estate - 0.2%

CenterPoint Properties Trust (SBI)

3,600

157

Equity Residential (SBI)

25,300

784

Pan Pacific Retail Properties, Inc.

9,600

519

Spirit Financial Corp. (d)

40,000

400

1,860

Thrifts & Mortgage Finance - 1.4%

Countrywide Financial Corp.

41,002

1,615

Fannie Mae

38,700

2,454

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - continued

Freddie Mac

53,400

$ 3,484

Golden West Financial Corp., Delaware

13,100

1,453

MGIC Investment Corp.

13,000

865

The PMI Group, Inc.

10,500

426

Washington Mutual, Inc.

20,100

786

11,083

TOTAL FINANCIALS

144,970

HEALTH CARE - 14.7%

Biotechnology - 2.1%

Alnylam Pharmaceuticals, Inc.

77,800

448

Amgen, Inc. (a)

95,000

5,385

Biogen Idec, Inc. (a)

35,100

2,147

CSL Ltd.

59,500

1,230

Genentech, Inc. (a)

59,100

3,098

Gilead Sciences, Inc. (a)

17,200

643

Millennium Pharmaceuticals, Inc. (a)

73,200

1,004

OSI Pharmaceuticals, Inc. (a)

10,000

615

Pharmion Corp.

31,000

1,603

QIAGEN NV (a)

40,600

465

Seattle Genetics, Inc. (a)

60,700

399

17,037

Health Care Equipment & Supplies - 3.5%

Alcon, Inc.

11,500

922

Bausch & Lomb, Inc.

9,300

618

Baxter International, Inc.

52,300

1,682

Becton, Dickinson & Co.

20,700

1,070

Biomet, Inc.

22,000

1,031

Boston Scientific Corp. (a)

64,200

2,551

C.R. Bard, Inc.

17,000

963

Cooper Companies, Inc.

15,700

1,076

Dade Behring Holdings, Inc. (a)

19,000

1,059

Fisher Scientific International, Inc. (a)

54,500

3,179

Guidant Corp.

28,900

1,909

Medtronic, Inc.

98,300

5,102

Ocular Sciences, Inc. (a)

19,400

931

ResMed, Inc. (a)

9,600

457

St. Jude Medical, Inc. (a)

29,700

2,236

Stryker Corp.

13,000

625

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Synthes, Inc.

8,320

$ 909

Thermo Electron Corp. (a)

43,700

1,181

Waters Corp. (a)

18,400

811

Zimmer Holdings, Inc. (a)

11,200

885

29,197

Health Care Providers & Services - 1.8%

Aetna, Inc.

15,600

1,559

Anthem, Inc. (a)

9,100

794

Cardinal Health, Inc.

12,950

567

Caremark Rx, Inc. (a)

37,800

1,212

Cerner Corp. (a)

11,600

502

CIGNA Corp.

7,200

501

Lincare Holdings, Inc. (a)

9,600

285

McKesson Corp.

34,800

893

PacifiCare Health Systems, Inc. (a)

22,800

837

UnitedHealth Group, Inc.

84,300

6,216

WebMD Corp. (a)

150,800

1,050

14,416

Pharmaceuticals - 7.3%

Abbott Laboratories

103,100

4,367

Bristol-Myers Squibb Co.

83,600

1,979

Elan Corp. PLC sponsored ADR (a)

49,600

1,161

Eli Lilly & Co.

85,400

5,128

Forest Laboratories, Inc. (a)

6,100

274

Johnson & Johnson

242,300

13,649

Merck & Co., Inc.

128,500

4,241

Pfizer, Inc.

644,295

19,715

Schering-Plough Corp.

124,400

2,371

Sepracor, Inc. (a)

26,000

1,268

Wyeth

169,900

6,354

60,507

TOTAL HEALTH CARE

121,157

INDUSTRIALS - 12.7%

Aerospace & Defense - 3.3%

BE Aerospace, Inc. (a)

43,900

399

DRS Technologies, Inc. (a)

13,900

520

EADS NV

32,922

873

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

26,600

$ 702

General Dynamics Corp.

19,600

2,001

Goodrich Corp.

30,300

950

Honeywell International, Inc.

228,700

8,201

Lockheed Martin Corp.

18,700

1,043

Northrop Grumman Corp.

47,042

2,509

Precision Castparts Corp.

43,900

2,636

Raytheon Co.

26,400

1,003

Rockwell Collins, Inc.

29,200

1,084

The Boeing Co.

71,400

3,686

United Technologies Corp.

20,100

1,877

27,484

Air Freight & Logistics - 1.6%

CNF, Inc.

12,500

512

FedEx Corp.

42,400

3,633

Ryder System, Inc.

10,000

470

United Parcel Service, Inc. Class B

108,000

8,199

12,814

Airlines - 0.1%

Continental Airlines, Inc. Class B (a)

38,700

330

JetBlue Airways Corp. (a)

15,166

317

647

Building Products - 0.3%

American Standard Companies, Inc. (a)

67,500

2,626

Commercial Services & Supplies - 0.6%

Career Education Corp. (a)

32,710

930

Cendant Corp.

31,000

670

Monster Worldwide, Inc. (a)

17,800

439

Robert Half International, Inc.

24,800

639

Strayer Education, Inc.

7,000

805

Waste Management, Inc.

63,900

1,747

5,230

Construction & Engineering - 0.1%

Dycom Industries, Inc. (a)

25,600

727

Fluor Corp.

10,500

467

1,194

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Electrical Equipment - 0.1%

Emerson Electric Co.

14,400

$ 891

Industrial Conglomerates - 4.9%

3M Co.

41,700

3,335

General Electric Co.

868,400

29,159

Tyco International Ltd.

241,800

7,414

39,908

Machinery - 1.4%

Astec Industries, Inc. (a)

30,900

591

Caterpillar, Inc.

22,000

1,770

Cummins, Inc.

19,400

1,433

Danaher Corp.

18,400

944

Dover Corp.

29,300

1,139

Ingersoll-Rand Co. Ltd. Class A

26,100

1,774

ITT Industries, Inc.

31,300

2,504

Navistar International Corp. (a)

11,300

420

Timken Co.

23,600

581

11,156

Road & Rail - 0.3%

Norfolk Southern Corp.

43,700

1,300

Union Pacific Corp.

16,800

984

2,284

TOTAL INDUSTRIALS

104,234

INFORMATION TECHNOLOGY - 15.8%

Communications Equipment - 3.0%

Adtran, Inc.

12,600

286

Alvarion Ltd. (a)

32,900

426

Avaya, Inc. (a)

16,600

231

CIENA Corp. (a)

25,800

51

Cisco Systems, Inc. (a)

516,000

9,340

Comverse Technology, Inc. (a)

71,700

1,350

Harris Corp.

21,800

1,198

Juniper Networks, Inc. (a)

18,900

446

Lucent Technologies, Inc. (a)

87,400

277

Motorola, Inc.

226,800

4,091

Nokia Corp. sponsored ADR

29,900

410

Powerwave Technologies, Inc. (a)

51,000

314

QUALCOMM, Inc.

152,100

5,938

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Redback Networks, Inc. (a)

46,000

$ 240

Scientific-Atlanta, Inc.

11,300

293

Sonus Networks, Inc. (a)

30,400

171

25,062

Computers & Peripherals - 3.3%

Apple Computer, Inc. (a)

31,200

1,209

Dell, Inc. (a)

211,300

7,522

EMC Corp. (a)

183,500

2,118

Hewlett-Packard Co.

124,000

2,325

International Business Machines Corp.

138,400

11,866

Lexmark International, Inc. Class A (a)

4,600

386

Seagate Technology

64,200

868

Sun Microsystems, Inc. (a)

214,700

867

27,161

Electronic Equipment & Instruments - 0.4%

Amphenol Corp. Class A (a)

98,100

3,361

Solectron Corp. (a)

36,300

180

3,541

Internet Software & Services - 0.7%

Google, Inc. Class A

5,200

674

Websense, Inc. (a)

8,500

354

Yahoo!, Inc. (a)

141,300

4,791

5,819

IT Services - 1.3%

Affiliated Computer Services, Inc. Class A (a)

26,600

1,481

Automatic Data Processing, Inc.

29,900

1,235

Ceridian Corp. (a)

20,800

383

Cognizant Technology Solutions Corp. Class A (a)

77,000

2,349

Computer Sciences Corp. (a)

21,400

1,008

First Data Corp.

37,405

1,627

SRA International, Inc. Class A (a)

45,800

2,361

10,444

Office Electronics - 0.1%

Xerox Corp. (a)

25,800

363

Semiconductors & Semiconductor Equipment - 2.7%

Altera Corp. (a)

73,100

1,431

Analog Devices, Inc.

18,800

729

Applied Materials, Inc. (a)

126,300

2,083

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Broadcom Corp. Class A (a)

10,200

$ 278

FormFactor, Inc. (a)

22,300

432

Intel Corp.

513,800

10,307

KLA-Tencor Corp. (a)

8,400

348

Lam Research Corp. (a)

8,700

190

Linear Technology Corp.

11,000

399

Marvell Technology Group Ltd. (a)

36,400

951

Maxim Integrated Products, Inc.

12,800

541

Micron Technology, Inc. (a)

29,600

356

National Semiconductor Corp. (a)

14,600

226

PMC-Sierra, Inc. (a)

39,500

348

Silicon Laboratories, Inc. (a)

8,600

285

Teradyne, Inc. (a)

73,100

980

Texas Instruments, Inc.

100,700

2,143

22,027

Software - 4.3%

Autodesk, Inc.

20,100

977

Computer Associates International, Inc.

25,200

663

Microsoft Corp.

958,200

26,494

Oracle Corp. (a)

498,900

5,628

Siebel Systems, Inc. (a)

50,300

379

Symantec Corp. (a)

25,800

1,416

35,557

TOTAL INFORMATION TECHNOLOGY

129,974

MATERIALS - 3.1%

Chemicals - 1.5%

Dow Chemical Co.

97,600

4,410

E.I. du Pont de Nemours & Co.

40,400

1,729

Lyondell Chemical Co.

124,800

2,803

Olin Corp.

34,500

690

Praxair, Inc.

65,400

2,795

12,427

Containers & Packaging - 0.4%

Packaging Corp. of America

56,200

1,375

Smurfit-Stone Container Corp. (a)

75,800

1,468

2,843

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - 1.0%

Alcoa, Inc.

59,800

$ 2,009

Freeport-McMoRan Copper & Gold, Inc. Class B

28,000

1,134

Inco Ltd. (a)

30,100

1,178

Newmont Mining Corp.

52,600

2,395

Nucor Corp.

7,600

694

Peabody Energy Corp.

11,700

696

United States Steel Corp.

12,500

470

8,576

Paper & Forest Products - 0.2%

International Paper Co.

48,500

1,960

TOTAL MATERIALS

25,806

TELECOMMUNICATION SERVICES - 4.5%

Diversified Telecommunication Services - 3.5%

ALLTEL Corp.

16,000

879

BellSouth Corp.

164,100

4,450

Citizens Communications Co.

67,300

901

Qwest Communications International, Inc. (a)

189,000

629

SBC Communications, Inc.

358,800

9,311

Sprint Corp.

127,200

2,561

Verizon Communications, Inc.

251,600

9,908

28,639

Wireless Telecommunication Services - 1.0%

AT&T Wireless Services, Inc. (a)

208,300

3,079

Crown Castle International Corp. (a)

76,500

1,138

Nextel Communications, Inc. Class A (a)

102,600

2,446

Nextel Partners, Inc. Class A (a)

90,000

1,492

Vodafone Group PLC sponsored ADR

17,000

410

8,565

TOTAL TELECOMMUNICATION SERVICES

37,204

UTILITIES - 1.2%

Electric Utilities - 0.8%

Entergy Corp.

23,900

1,449

Exelon Corp.

36,700

1,347

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Electric Utilities - continued

PG&E Corp. (a)

85,700

$ 2,605

TXU Corp.

23,100

1,107

6,508

Multi-Utilities & Unregulated Power - 0.4%

AES Corp. (a)

53,100

530

Constellation Energy Group, Inc.

13,300

530

Dominion Resources, Inc.

25,900

1,690

NRG Energy, Inc. (a)

33,100

892

3,642

TOTAL UTILITIES

10,150

TOTAL COMMON STOCKS

(Cost $738,264)

790,755

Preferred Stocks - 0.2%

Convertible Preferred Stocks - 0.2%

INDUSTRIALS - 0.2%

Aerospace & Defense - 0.2%

Northrop Grumman Corp. 7.25%

14,800

1,531

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Geneprot, Inc. Series A (e)

62,000

217

TOTAL PREFERRED STOCKS

(Cost $1,844)

1,748

Corporate Bonds - 0.1%

Principal Amount (000s)

Convertible Bonds - 0.1%

INFORMATION TECHNOLOGY - 0.1%

Communications Equipment - 0.1%

Corning, Inc. 0% 11/8/15

$ 800

632

Corporate Bonds - continued

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - 0.0%

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

PEI Holdings, Inc. 11% 3/15/10

$ 10

$ 12

TOTAL CORPORATE BONDS

(Cost $492)

644

Money Market Funds - 3.3%

Shares

Fidelity Cash Central Fund, 1.74% (b)

26,474,752

26,475

Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)

340,600

341

TOTAL MONEY MARKET FUNDS

(Cost $26,816)

26,816

TOTAL INVESTMENT PORTFOLIO - 99.6%

(Cost $767,416)

819,963

NET OTHER ASSETS - 0.4%

3,641

NET ASSETS - 100%

$ 823,604

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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Includes investment made with cash collateral received from securities on loan.

(d) 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 period end, the value of these securities amounted to $400,000 or 0.0% of net assets.

(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 $217,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Geneprot, Inc. Series A

7/7/00

$ 341

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $776,914,000. Net unrealized appreciation aggregated $43,049,000, of which $105,194,000 related to appreciated investment securities and $62,145,000 related to depreciated investment securities.

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 Corp. 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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

November 22, 2004

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

November 22, 2004

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

November 22, 2004