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:

March 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Trend Fund

March 31, 2005

1.799849.101

TRE-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.0%

Automobiles - 0.1%

Toyota Motor Corp.

22,400

$833

Hotels, Restaurants & Leisure - 1.6%

Buffalo Wild Wings, Inc. (a)

14,200

537

Carnival Corp. unit

63,100

3,269

Hilton Hotels Corp.

27,100

606

International Game Technology

33,600

896

Kerzner International Ltd. (a)

22,300

1,365

Mandalay Resort Group

8,900

627

McDonald's Corp.

95,500

2,974

Starwood Hotels & Resorts Worldwide, Inc. unit

55,600

3,338

13,612

Household Durables - 0.2%

Harman International Industries, Inc.

8,100

717

Toll Brothers, Inc. (a)

10,500

828

1,545

Internet & Catalog Retail - 0.4%

eBay, Inc. (a)

89,000

3,316

Leisure Equipment & Products - 0.3%

Brunswick Corp.

37,800

1,771

Eastman Kodak Co.

17,100

557

2,328

Media - 4.2%

Comcast Corp.:

Class A (a)

39,914

1,348

Class A (special) (a)

53,900

1,800

Gannett Co., Inc.

20,900

1,653

Getty Images, Inc. (a)

12,300

875

JC Decaux SA (a)

60,357

1,648

Lamar Advertising Co. Class A (a)

52,600

2,119

McGraw-Hill Companies, Inc.

17,100

1,492

News Corp. Class A

208,164

3,522

NTL, Inc. (a)

7,354

468

Omnicom Group, Inc.

25,800

2,284

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

252,800

3,261

Spanish Broadcasting System, Inc. Class A (a)

84,000

862

Time Warner, Inc. (a)

280,250

4,918

Univision Communications, Inc. Class A (a)

96,300

2,667

Viacom, Inc. Class B (non-vtg.)

25,150

876

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

Walt Disney Co.

160,700

$4,617

XM Satellite Radio Holdings, Inc. Class A (a)

59,000

1,859

36,269

Multiline Retail - 1.7%

Federated Department Stores, Inc.

62,600

3,984

JCPenney Co., Inc.

22,300

1,158

Kohl's Corp. (a)

18,700

965

Nordstrom, Inc.

37,000

2,049

Sears Holdings Corp. (a)

22,000

2,930

Target Corp.

73,600

3,681

14,767

Specialty Retail - 1.2%

Home Depot, Inc.

157,700

6,030

Hot Topic, Inc. (a)

26,200

572

Lowe's Companies, Inc.

30,900

1,764

Staples, Inc.

41,000

1,289

Toys 'R' Us, Inc. (a)

18,500

477

10,132

Textiles, Apparel & Luxury Goods - 0.3%

Coach, Inc. (a)

13,700

776

NIKE, Inc. Class B

17,300

1,441

Polo Ralph Lauren Corp. Class A

10,600

411

2,628

TOTAL CONSUMER DISCRETIONARY

85,430

CONSUMER STAPLES - 9.4%

Beverages - 1.6%

Anheuser-Busch Companies, Inc.

23,500

1,114

PepsiCo, Inc.

137,470

7,290

The Coca-Cola Co.

128,700

5,363

13,767

Food & Staples Retailing - 3.0%

Costco Wholesale Corp.

37,800

1,670

CVS Corp.

85,900

4,520

Safeway, Inc. (a)

79,711

1,477

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Wal-Mart Stores, Inc.

273,100

$13,685

Walgreen Co.

88,100

3,913

25,265

Food Products - 1.0%

Archer-Daniels-Midland Co.

90,500

2,224

Hershey Foods Corp.

20,600

1,245

Kellogg Co.

47,300

2,047

Smithfield Foods, Inc. (a)

18,100

571

The J.M. Smucker Co.

20,700

1,041

Wm. Wrigley Jr. Co.

21,600

1,416

8,544

Household Products - 1.9%

Colgate-Palmolive Co.

59,700

3,115

Kimberly-Clark Corp.

23,800

1,564

Procter & Gamble Co.

213,200

11,300

15,979

Personal Products - 0.5%

Gillette Co.

85,800

4,331

Tobacco - 1.4%

Altria Group, Inc.

182,300

11,921

TOTAL CONSUMER STAPLES

79,807

ENERGY - 9.0%

Energy Equipment & Services - 2.3%

Grey Wolf, Inc. (a)

158,200

1,041

Halliburton Co.

122,700

5,307

Nabors Industries Ltd. (a)

20,700

1,224

National Oilwell Varco, Inc. (a)

69,462

3,244

Noble Corp.

25,800

1,450

Schlumberger Ltd. (NY Shares)

60,700

4,278

Tenaris SA sponsored ADR

18,000

1,107

Transocean, Inc. (a)

26,400

1,359

Weatherford International Ltd. (a)

16,200

939

19,949

Oil & Gas - 6.7%

Anadarko Petroleum Corp.

8,300

632

Apache Corp.

8,100

496

Burlington Resources, Inc.

53,000

2,654

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil & Gas - continued

ChevronTexaco Corp.

130,938

$7,635

ConocoPhillips

55,068

5,939

Exxon Mobil Corp.

492,030

29,325

Kinder Morgan, Inc.

10,200

772

Occidental Petroleum Corp.

39,200

2,790

Quicksilver Resources, Inc. (a)

36,000

1,754

Unocal Corp.

21,900

1,351

Valero Energy Corp.

38,600

2,828

Williams Companies, Inc.

43,800

824

57,000

TOTAL ENERGY

76,949

FINANCIALS - 15.5%

Capital Markets - 2.8%

Affiliated Managers Group, Inc. (a)

6,600

409

Bank of New York Co., Inc.

27,600

802

Charles Schwab Corp.

38,900

409

E*TRADE Financial Corp. (a)

143,700

1,724

Goldman Sachs Group, Inc.

45,900

5,049

Lehman Brothers Holdings, Inc.

35,200

3,314

Merrill Lynch & Co., Inc.

81,500

4,613

Morgan Stanley

98,800

5,656

Northern Trust Corp.

26,600

1,156

State Street Corp.

23,200

1,014

24,146

Commercial Banks - 3.9%

Bank of America Corp.

382,622

16,874

U.S. Bancorp, Delaware

76,200

2,196

Wachovia Corp.

130,523

6,645

Wells Fargo & Co.

130,100

7,780

33,495

Consumer Finance - 1.6%

American Express Co.

155,500

7,988

Capital One Financial Corp.

41,800

3,125

First Marblehead Corp. (a)

25,300

1,456

SLM Corp.

19,000

947

13,516

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - 3.0%

Archipelago Holdings, Inc.

48,500

$857

CIT Group, Inc.

16,800

638

Citigroup, Inc.

344,877

15,499

J.P. Morgan Chase & Co.

237,188

8,207

25,201

Insurance - 3.1%

ACE Ltd.

54,600

2,253

AFLAC, Inc.

17,400

648

Allstate Corp.

34,100

1,843

AMBAC Financial Group, Inc.

12,000

897

American International Group, Inc.

237,937

13,184

Genworth Financial, Inc. Class A

14,800

407

Hartford Financial Services Group, Inc.

23,200

1,591

MetLife, Inc.

48,500

1,896

Prudential Financial, Inc.

68,800

3,949

26,668

Real Estate - 0.2%

CenterPoint Properties Trust (SBI)

3,600

148

Equity Residential (SBI)

25,300

815

Spirit Finance Corp. (d)

40,000

434

1,397

Thrifts & Mortgage Finance - 0.9%

Countrywide Financial Corp.

20,361

661

Freddie Mac

39,800

2,515

Golden West Financial Corp., Delaware

26,200

1,585

MGIC Investment Corp.

6,500

401

The PMI Group, Inc.

10,500

399

Washington Mutual, Inc.

41,600

1,643

7,204

TOTAL FINANCIALS

131,627

HEALTH CARE - 13.3%

Biotechnology - 1.4%

Amgen, Inc. (a)

87,600

5,099

Celgene Corp. (a)

15,700

535

CSL Ltd.

59,500

1,571

Genentech, Inc. (a)

61,700

3,493

Invitrogen Corp. (a)

6,200

429

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

OSI Pharmaceuticals, Inc. (a)

10,000

$413

QIAGEN NV (a)

40,600

485

12,025

Health Care Equipment & Supplies - 2.7%

Aspect Medical Systems, Inc. (a)

40,500

874

Baxter International, Inc.

52,300

1,777

Becton, Dickinson & Co.

44,100

2,576

C.R. Bard, Inc.

31,100

2,117

Cooper Companies, Inc.

23,225

1,693

Fisher Scientific International, Inc. (a)

50,400

2,869

Guidant Corp.

41,400

3,059

Medtronic, Inc.

98,800

5,034

ResMed, Inc. (a)

9,600

541

St. Jude Medical, Inc. (a)

37,800

1,361

Stryker Corp.

13,000

580

22,481

Health Care Providers & Services - 2.5%

Aetna, Inc.

16,000

1,199

Cardinal Health, Inc.

12,950

723

Caremark Rx, Inc. (a)

24,800

987

Cerner Corp. (a)

11,600

609

Community Health Systems, Inc. (a)

42,600

1,487

HCA, Inc.

17,400

932

McKesson Corp.

17,500

661

PacifiCare Health Systems, Inc. (a)

22,800

1,298

UnitedHealth Group, Inc.

101,300

9,662

WebMD Corp. (a)

200,300

1,703

WellPoint, Inc. (a)

13,400

1,680

20,941

Pharmaceuticals - 6.7%

Abbott Laboratories

103,100

4,807

Bristol-Myers Squibb Co.

83,600

2,128

Eli Lilly & Co.

85,400

4,449

Johnson & Johnson

256,500

17,227

Merck & Co., Inc.

61,700

1,997

Pfizer, Inc.

628,395

16,508

Schering-Plough Corp.

146,200

2,654

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Sepracor, Inc. (a)

32,600

$1,872

Wyeth

133,800

5,644

57,286

TOTAL HEALTH CARE

112,733

INDUSTRIALS - 14.1%

Aerospace & Defense - 4.0%

BE Aerospace, Inc. (a)

90,100

1,081

EADS NV

32,922

984

General Dynamics Corp.

15,400

1,649

Goodrich Corp.

30,300

1,160

Hexcel Corp. (a)

117,700

1,826

Honeywell International, Inc.

228,700

8,510

Lockheed Martin Corp.

29,800

1,820

Meggitt PLC

186,300

927

Northrop Grumman Corp.

28,115

1,518

Precision Castparts Corp.

43,900

3,381

Raytheon Co.

46,000

1,780

Rockwell Collins, Inc.

29,200

1,390

The Boeing Co.

71,400

4,174

United Defense Industries, Inc.

20,900

1,534

United Technologies Corp.

20,100

2,043

33,777

Air Freight & Logistics - 1.1%

FedEx Corp.

51,600

4,848

United Parcel Service, Inc. Class B

58,300

4,241

UTI Worldwide, Inc.

6,500

451

9,540

Airlines - 0.0%

JetBlue Airways Corp. (a)

15,166

289

Building Products - 0.3%

American Standard Companies, Inc.

45,400

2,110

Commercial Services & Supplies - 0.7%

Apollo Group, Inc. Class A (a)

14,200

1,052

Monster Worldwide, Inc. (a)

33,600

942

Robert Half International, Inc.

69,300

1,868

Waste Management, Inc.

63,900

1,844

5,706

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - 0.1%

Fluor Corp.

11,900

$660

Electrical Equipment - 0.6%

American Power Conversion Corp.

12,200

319

Cooper Industries Ltd. Class A

12,800

915

Emerson Electric Co.

33,600

2,182

Rockwell Automation, Inc.

15,300

867

Roper Industries, Inc.

13,200

865

5,148

Industrial Conglomerates - 5.5%

3M Co.

41,700

3,573

General Electric Co.

892,600

32,185

Tyco International Ltd.

320,300

10,826

46,584

Machinery - 1.2%

Caterpillar, Inc.

30,000

2,743

Cummins, Inc.

7,000

492

Danaher Corp.

18,400

983

Dover Corp.

15,200

574

Ingersoll-Rand Co. Ltd. Class A

11,000

876

ITT Industries, Inc.

41,900

3,781

Timken Co.

23,600

645

10,094

Marine - 0.1%

Alexander & Baldwin, Inc.

29,900

1,232

Road & Rail - 0.5%

Burlington Northern Santa Fe Corp.

18,900

1,019

Norfolk Southern Corp.

95,500

3,538

4,557

TOTAL INDUSTRIALS

119,697

INFORMATION TECHNOLOGY - 17.5%

Communications Equipment - 2.7%

CIENA Corp. (a)

184,000

316

Cisco Systems, Inc. (a)

518,800

9,281

Comverse Technology, Inc. (a)

70,600

1,781

Harris Corp.

43,600

1,424

Juniper Networks, Inc. (a)

33,700

743

Lucent Technologies, Inc. (a)

87,400

240

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Motorola, Inc.

176,900

$2,648

Nokia Corp. sponsored ADR

115,500

1,782

Powerwave Technologies, Inc. (a)

51,000

395

QUALCOMM, Inc.

107,000

3,922

22,532

Computers & Peripherals - 4.3%

Advanced Digital Information Corp. (a)

181,900

1,492

Apple Computer, Inc. (a)

89,000

3,709

Dell, Inc. (a)

234,900

9,025

EMC Corp. (a)

218,300

2,689

Hewlett-Packard Co.

168,900

3,706

International Business Machines Corp.

138,400

12,647

Network Appliance, Inc. (a)

28,700

794

Seagate Technology

64,200

1,255

Western Digital Corp. (a)

88,100

1,123

36,440

Electronic Equipment & Instruments - 0.2%

Amphenol Corp. Class A

43,300

1,604

Solectron Corp. (a)

36,300

126

1,730

Internet Software & Services - 1.0%

Google, Inc. Class A (sub. vtg.)

16,200

2,924

j2 Global Communications, Inc. (a)

13,200

453

NetRatings, Inc. (a)

42,500

648

Yahoo!, Inc. (a)

130,000

4,407

8,432

IT Services - 1.2%

Affiliated Computer Services, Inc. Class A (a)

24,700

1,315

Automatic Data Processing, Inc.

49,000

2,203

Ceridian Corp. (a)

20,800

355

Cognizant Technology Solutions Corp. Class A (a)

77,000

3,557

SRA International, Inc. Class A (a)

52,700

3,175

10,605

Office Electronics - 0.3%

Xerox Corp. (a)

162,100

2,456

Semiconductors & Semiconductor Equipment - 3.2%

Altera Corp. (a)

36,500

722

Analog Devices, Inc.

29,800

1,077

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Applied Materials, Inc.

125,000

$2,031

FormFactor, Inc. (a)

60,600

1,372

Freescale Semiconductor, Inc. Class B (a)

72,042

1,243

Intel Corp.

549,800

12,772

KLA-Tencor Corp.

8,400

386

Lam Research Corp. (a)

8,700

251

Linear Technology Corp.

11,000

421

Marvell Technology Group Ltd. (a)

36,400

1,396

Maxim Integrated Products, Inc.

12,800

523

National Semiconductor Corp.

14,600

301

PMC-Sierra, Inc. (a)

39,500

348

Silicon Laboratories, Inc. (a)

8,600

256

Teradyne, Inc. (a)

46,400

677

Texas Instruments, Inc.

136,700

3,484

27,260

Software - 4.6%

Autodesk, Inc.

52,800

1,571

Computer Associates International, Inc.

25,929

703

Mercury Interactive Corp. (a)

11,300

535

Microsoft Corp.

930,100

22,481

Oracle Corp. (a)

535,500

6,683

Quest Software, Inc. (a)

62,500

865

Red Hat, Inc. (a)

58,400

637

Salesforce.com, Inc.

6,400

96

Siebel Systems, Inc. (a)

101,400

926

Symantec Corp. (a)

71,200

1,519

TIBCO Software, Inc. (a)

51,000

380

VERITAS Software Corp. (a)

128,200

2,977

39,373

TOTAL INFORMATION TECHNOLOGY

148,828

MATERIALS - 3.3%

Chemicals - 1.8%

Dow Chemical Co.

89,600

4,467

E.I. du Pont de Nemours & Co.

45,400

2,326

FMC Corp. (a)

13,100

700

Lyondell Chemical Co.

50,900

1,421

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

Monsanto Co.

46,900

$3,025

Praxair, Inc.

65,400

3,130

15,069

Containers & Packaging - 0.3%

Owens-Illinois, Inc. (a)

41,900

1,053

Packaging Corp. of America

38,600

938

Smurfit-Stone Container Corp. (a)

55,400

857

2,848

Metals & Mining - 1.0%

Alcoa, Inc.

59,800

1,817

Carpenter Technology Corp.

21,000

1,248

Freeport-McMoRan Copper & Gold, Inc. Class B

9,700

384

Inco Ltd. (a)

7,100

282

Newmont Mining Corp.

53,700

2,269

Nucor Corp.

7,700

443

Peabody Energy Corp.

12,400

575

Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A)

44,900

964

7,982

Paper & Forest Products - 0.2%

International Paper Co.

48,500

1,784

TOTAL MATERIALS

27,683

TELECOMMUNICATION SERVICES - 4.2%

Diversified Telecommunication Services - 3.1%

ALLTEL Corp.

16,000

878

BellSouth Corp.

164,100

4,314

Citizens Communications Co.

67,300

871

Qwest Communications International, Inc. (a)

286,600

1,060

SBC Communications, Inc.

274,300

6,498

Sprint Corp.

198,600

4,518

Verizon Communications, Inc.

230,200

8,172

26,311

Wireless Telecommunication Services - 1.1%

Crown Castle International Corp. (a)

49,500

795

Nextel Communications, Inc. Class A (a)

221,300

6,289

Nextel Partners, Inc. Class A (a)

65,900

1,447

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

Vodafone Group PLC sponsored ADR

17,000

$452

Western Wireless Corp. Class A (a)

13,900

528

9,511

TOTAL TELECOMMUNICATION SERVICES

35,822

UTILITIES - 1.5%

Electric Utilities - 1.0%

Entergy Corp.

23,900

1,689

Exelon Corp.

36,700

1,684

PG&E Corp.

85,700

2,922

TXU Corp.

25,300

2,015

8,310

Multi-Utilities & Unregulated Power - 0.5%

AES Corp. (a)

28,300

464

Constellation Energy Group, Inc.

13,300

688

Dominion Resources, Inc.

25,900

1,928

NRG Energy, Inc. (a)

33,100

1,130

4,210

TOTAL UTILITIES

12,520

TOTAL COMMON STOCKS

(Cost $752,989)

831,096

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Geneprot, Inc. Series A (a)(e)

62,000

53

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $341)

53

Money Market Funds - 2.0%

Shares

Value (000s)

Fidelity Cash Central Fund, 2.73% (b)

15,453,337

$15,453

Fidelity Securities Lending Cash Central Fund, 2.74% (b)(c)

1,437,575

1,438

TOTAL MONEY MARKET FUNDS

(Cost $16,891)

16,891

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $770,221)

848,040

NET OTHER ASSETS - 0.2%

1,868

NET ASSETS - 100%

$849,908


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 quarter end is available upon request.

(c)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 $434,000 or 0.1% 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 $53,000 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 March 31, 2005, the aggregate cost of investment securities for income tax purposes was $779,717,000. Net unrealized appreciation aggregated $68,323,000, of which $130,026,000 related to appreciated investment securities and $61,703,000 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:

May 20, 2005

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:

May 20, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

May 20, 2005