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, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Trend Fund

March 31, 2006

1.799849.102

TRE-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.1%

Automobiles - 0.2%

Toyota Motor Corp.

22,400

$ 1,220

Hotels, Restaurants & Leisure - 1.5%

Fairmont Hotels & Resorts, Inc.

47,900

2,134

Kerzner International Ltd. (a)

17,600

1,370

Morgans Hotel Group Co.

103,300

1,824

Penn National Gaming, Inc. (a)

48,200

2,033

Starwood Hotels & Resorts Worldwide, Inc. unit

55,500

3,759

Vail Resorts, Inc. (a)

54,100

2,068

13,188

Household Durables - 0.3%

Garmin Ltd.

17,000

1,350

Sony Corp. sponsored ADR

25,900

1,193

2,543

Media - 2.9%

Grupo Televisa SA de CV (CPO) sponsored ADR

118,400

2,356

Lagardere S.C.A. (Reg.)

19,300

1,507

News Corp.:

Class A

182,064

3,024

Class B

119,000

2,090

NTL, Inc. (a)

126,250

3,675

Omnicom Group, Inc.

44,900

3,738

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

59,700

848

The Walt Disney Co.

122,600

3,419

Univision Communications, Inc. Class A (a)

170,900

5,891

26,548

Multiline Retail - 2.5%

Federated Department Stores, Inc.

114,200

8,337

JCPenney Co., Inc.

47,100

2,845

Marks & Spencer Group PLC

120,800

1,168

Nordstrom, Inc.

61,100

2,394

Sears Holdings Corp. (a)

13,500

1,785

Target Corp.

121,300

6,309

22,838

Specialty Retail - 2.3%

AnnTaylor Stores Corp. (a)

17,941

660

Best Buy Co., Inc.

88,300

4,939

Circuit City Stores, Inc.

126,500

3,097

Home Depot, Inc.

114,000

4,822

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Lowe's Companies, Inc. (d)

47,800

$ 3,080

Staples, Inc.

99,900

2,549

Tiffany & Co., Inc.

53,200

1,997

21,144

Textiles, Apparel & Luxury Goods - 0.4%

Polo Ralph Lauren Corp. Class A

64,500

3,909

TOTAL CONSUMER DISCRETIONARY

91,390

CONSUMER STAPLES - 6.7%

Beverages - 1.3%

PepsiCo, Inc.

177,970

10,285

The Coca-Cola Co.

44,700

1,872

12,157

Food & Staples Retailing - 1.6%

CVS Corp.

144,200

4,307

Safeway, Inc.

142,111

3,570

Wal-Mart Stores, Inc.

114,400

5,404

Walgreen Co.

27,700

1,195

14,476

Food Products - 0.4%

Nestle SA (Reg.)

12,903

3,830

Household Products - 1.6%

Colgate-Palmolive Co.

122,500

6,995

Procter & Gamble Co.

124,355

7,165

14,160

Personal Products - 0.1%

Avon Products, Inc.

44,400

1,384

Tobacco - 1.7%

Altria Group, Inc.

214,200

15,178

TOTAL CONSUMER STAPLES

61,185

ENERGY - 9.2%

Energy Equipment & Services - 2.8%

Diamond Offshore Drilling, Inc.

18,600

1,665

GlobalSantaFe Corp.

24,600

1,494

Halliburton Co.

114,700

8,375

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

National Oilwell Varco, Inc. (a)

93,662

$ 6,006

Schlumberger Ltd. (NY Shares)

59,200

7,493

25,033

Oil, Gas & Consumable Fuels - 6.4%

Chesapeake Energy Corp.

32,000

1,005

ConocoPhillips

51,236

3,236

Exxon Mobil Corp.

392,630

23,895

Occidental Petroleum Corp.

65,900

6,106

Plains Exploration & Production Co. (a)

51,400

1,986

Quicksilver Resources, Inc. (a)

54,000

2,088

Statoil ASA sponsored ADR

88,200

2,512

Total SA sponsored ADR

69,100

9,103

Ultra Petroleum Corp. (a)

72,300

4,505

Valero Energy Corp.

68,900

4,119

58,555

TOTAL ENERGY

83,588

FINANCIALS - 20.4%

Capital Markets - 3.5%

Daiwa Securities Group, Inc.

203,000

2,723

E*TRADE Financial Corp. (a)

212,600

5,736

Goldman Sachs Group, Inc.

21,600

3,390

Merrill Lynch & Co., Inc.

132,000

10,396

Nomura Holdings, Inc.

57,200

1,268

State Street Corp.

96,000

5,801

TD Ameritrade Holding Corp.

104,400

2,179

31,493

Commercial Banks - 5.0%

Bank of America Corp.

315,822

14,383

Mizuho Financial Group, Inc.

239

1,955

PNC Financial Services Group, Inc.

20,600

1,387

Standard Chartered PLC (United Kingdom)

100,900

2,510

Sumitomo Mitsui Financial Group, Inc.

301

3,324

U.S. Bancorp, Delaware

76,200

2,324

Wachovia Corp.

166,523

9,334

Wells Fargo & Co.

157,000

10,028

45,245

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Consumer Finance - 1.3%

American Express Co.

158,200

$ 8,313

Capital One Financial Corp. (d)

42,500

3,422

11,735

Diversified Financial Services - 3.5%

Citigroup, Inc.

306,477

14,475

IntercontinentalExchange, Inc.

48,800

3,370

JPMorgan Chase & Co.

338,688

14,103

31,948

Insurance - 4.6%

ACE Ltd.

120,900

6,288

AFLAC, Inc.

68,000

3,069

AMBAC Financial Group, Inc.

26,000

2,070

American International Group, Inc.

303,837

20,081

Hartford Financial Services Group, Inc.

64,600

5,204

Prudential Financial, Inc.

70,000

5,307

42,019

Real Estate - 1.2%

Capital & Regional PLC

102,300

2,049

Equity Residential (SBI)

100,300

4,693

Vornado Realty Trust

38,500

3,696

10,438

Thrifts & Mortgage Finance - 1.3%

Freddie Mac

101,600

6,198

Golden West Financial Corp., Delaware

57,600

3,911

Washington Mutual, Inc.

41,600

1,773

11,882

TOTAL FINANCIALS

184,760

HEALTH CARE - 15.0%

Biotechnology - 3.0%

Alexion Pharmaceuticals, Inc. (a)

8,900

315

Alnylam Pharmaceuticals, Inc. (a)

21,200

373

Amgen, Inc. (a)

51,200

3,725

Biogen Idec, Inc. (a)

86,400

4,069

CSL Ltd.

64,600

2,530

Genentech, Inc. (a)

83,800

7,082

Gilead Sciences, Inc. (a)

64,200

3,995

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Illumina, Inc. (a)

41,600

$ 988

Myogen, Inc. (a)

58,000

2,101

Neurocrine Biosciences, Inc. (a)

10,081

651

Vertex Pharmaceuticals, Inc. (a)

43,600

1,595

27,424

Health Care Equipment & Supplies - 2.7%

Advanced Medical Optics, Inc. (a)

16,600

774

Alcon, Inc.

11,500

1,199

Aspect Medical Systems, Inc. (a)

71,100

1,951

Baxter International, Inc.

98,100

3,807

Becton, Dickinson & Co.

86,700

5,339

C.R. Bard, Inc.

66,200

4,489

Conor Medsystems, Inc. (a)

98,555

2,898

Millipore Corp. (a)

32,400

2,367

St. Jude Medical, Inc. (a)

46,500

1,907

24,731

Health Care Providers & Services - 2.8%

Aetna, Inc.

86,200

4,236

Emdeon Corp. (a)

136,200

1,471

Humana, Inc. (a)

64,800

3,412

Medco Health Solutions, Inc. (a)

61,900

3,542

UnitedHealth Group, Inc.

205,300

11,468

WebMD Health Corp. Class A (d)

34,900

1,453

25,582

Pharmaceuticals - 6.5%

Allergan, Inc.

70,000

7,595

Elan Corp. PLC sponsored ADR (a)

86,800

1,253

Eli Lilly & Co.

20,900

1,156

Johnson & Johnson

277,000

16,404

Novartis AG sponsored ADR

49,300

2,733

Pfizer, Inc.

699,595

17,434

Wyeth

242,100

11,747

58,322

TOTAL HEALTH CARE

136,059

INDUSTRIALS - 12.4%

Aerospace & Defense - 3.9%

DRS Technologies, Inc.

19,700

1,081

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

EADS NV

59,722

$ 2,516

Goodrich Corp.

60,900

2,656

Hexcel Corp. (a)

117,700

2,586

Honeywell International, Inc.

195,800

8,374

Ionatron, Inc. (a)(d)

59,400

802

Meggitt PLC

273,691

1,655

Precision Castparts Corp.

38,300

2,275

Raytheon Co.

71,100

3,259

The Boeing Co.

25,600

1,995

United Technologies Corp.

142,600

8,267

35,466

Air Freight & Logistics - 1.0%

FedEx Corp.

55,100

6,223

UTI Worldwide, Inc.

88,500

2,797

9,020

Airlines - 0.3%

AMR Corp. (a)

75,300

2,037

UAL Corp. (a)

11,500

459

2,496

Commercial Services & Supplies - 0.7%

Kenexa Corp.

56,000

1,722

Robert Half International, Inc.

83,000

3,205

Services Acquisition Corp. International (a)(d)

100,400

1,026

5,953

Construction & Engineering - 0.2%

Fluor Corp.

26,000

2,231

Electrical Equipment - 0.5%

Cooper Industries Ltd. Class A

53,200

4,623

Industrial Conglomerates - 3.4%

3M Co.

11,500

870

General Electric Co.

871,100

30,288

31,158

Machinery - 0.7%

Caterpillar, Inc.

84,500

6,068

Road & Rail - 1.1%

Burlington Northern Santa Fe Corp.

44,400

3,700

Norfolk Southern Corp.

109,800

5,937

9,637

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Trading Companies & Distributors - 0.5%

MSC Industrial Direct Co., Inc. Class A

33,500

$ 1,810

WESCO International, Inc. (a)

43,700

2,972

4,782

Transportation Infrastructure - 0.1%

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

32,200

1,029

TOTAL INDUSTRIALS

112,463

INFORMATION TECHNOLOGY - 18.1%

Communications Equipment - 3.8%

Alcatel SA sponsored ADR (a)

74,500

1,147

CIENA Corp. (a)

516,700

2,692

Cisco Systems, Inc. (a)

493,400

10,692

Comverse Technology, Inc. (a)

63,900

1,504

Corning, Inc. (a)

69,900

1,881

Harris Corp.

61,200

2,894

Juniper Networks, Inc. (a)

50,500

966

Lucent Technologies, Inc. (a)

487,000

1,485

Motorola, Inc.

80,600

1,847

Nokia Corp. sponsored ADR

38,800

804

Nortel Networks Corp. (a)

514,800

1,570

QUALCOMM, Inc.

142,200

7,197

34,679

Computers & Peripherals - 3.6%

Advanced Digital Information Corp. (a)

157,500

1,383

Apple Computer, Inc. (a)

50,000

3,136

Dell, Inc. (a)

52,352

1,558

EMC Corp. (a)

394,600

5,378

Hewlett-Packard Co.

385,400

12,680

International Business Machines Corp.

51,200

4,222

Network Appliance, Inc. (a)

48,200

1,737

Sun Microsystems, Inc. (a)

429,200

2,202

32,296

Electronic Equipment & Instruments - 0.6%

Agilent Technologies, Inc. (a)

79,700

2,993

Amphenol Corp. Class A

43,500

2,270

5,263

Internet Software & Services - 1.6%

eBay, Inc. (a)

163,600

6,390

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

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

18,900

$ 7,371

Yahoo!, Inc. (a)

37,400

1,207

14,968

IT Services - 2.5%

Anteon International Corp. (a)

72,200

3,939

Cognizant Technology Solutions Corp. Class A (a)

47,300

2,814

First Data Corp.

134,400

6,293

NCI, Inc. Class A

134,000

1,876

Satyam Computer Services Ltd. sponsored ADR

26,200

1,147

SI International, Inc. (a)

87,800

3,086

SRA International, Inc. Class A (a)

87,700

3,309

22,464

Semiconductors & Semiconductor Equipment - 2.5%

Analog Devices, Inc.

89,100

3,412

Applied Materials, Inc.

65,300

1,143

Broadcom Corp. Class A (a)

54,300

2,344

FormFactor, Inc. (a)

60,600

2,383

Intel Corp.

268,400

5,194

Intersil Corp. Class A

80,300

2,322

Linear Technology Corp.

56,600

1,986

Marvell Technology Group Ltd. (a)

37,600

2,034

National Semiconductor Corp.

55,500

1,545

22,363

Software - 3.5%

Autodesk, Inc.

32,400

1,248

BEA Systems, Inc. (a)

134,900

1,771

Citrix Systems, Inc. (a)

38,900

1,474

Mercury Interactive Corp. (a)

41,600

1,448

Microsoft Corp.

779,400

21,207

Oracle Corp. (a)

189,500

2,594

Red Hat, Inc. (a)

81,300

2,275

32,017

TOTAL INFORMATION TECHNOLOGY

164,050

MATERIALS - 1.8%

Chemicals - 1.0%

FMC Corp.

17,000

1,054

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

Monsanto Co.

47,600

$ 4,034

Praxair, Inc.

73,500

4,054

9,142

Metals & Mining - 0.8%

Carpenter Technology Corp.

21,200

2,004

Newmont Mining Corp.

66,500

3,451

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

44,900

1,667

7,122

TOTAL MATERIALS

16,264

TELECOMMUNICATION SERVICES - 4.8%

Diversified Telecommunication Services - 2.9%

AT&T, Inc.

332,100

8,980

Qwest Communications International, Inc. (a)

667,700

4,540

Verizon Communications, Inc.

363,400

12,377

25,897

Wireless Telecommunication Services - 1.9%

American Tower Corp. Class A (a)

113,595

3,444

Crown Castle International Corp. (a)

101,700

2,883

Nextel Partners, Inc. Class A (a)

65,900

1,866

Sprint Nextel Corp.

349,218

9,024

17,217

TOTAL TELECOMMUNICATION SERVICES

43,114

UTILITIES - 1.1%

Electric Utilities - 0.7%

E.ON AG sponsored ADR

65,900

2,412

Entergy Corp.

23,900

1,648

Exelon Corp.

36,500

1,931

5,991

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Independent Power Producers & Energy Traders - 0.4%

NRG Energy, Inc. (a)

17,400

$ 787

TXU Corp.

70,300

3,147

3,934

TOTAL UTILITIES

9,925

TOTAL COMMON STOCKS

(Cost $753,327)

902,798

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

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

62,000

0

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $338)

0

Money Market Funds - 1.2%

Fidelity Cash Central Fund, 4.77% (b)

2,794,804

2,795

Fidelity Securities Lending Cash Central Fund, 4.81% (b)(c)

8,312,150

8,312

TOTAL MONEY MARKET FUNDS

(Cost $11,107)

11,107

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $764,772)

913,905

NET OTHER ASSETS - (0.8)%

(6,861)

NET ASSETS - 100%

$ 907,044

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 $0 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

$ 338

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 71

Fidelity Securities Lending Cash Central Fund

27

Total

$ 98

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $766,641,000. Net unrealized appreciation aggregated $147,264,000, of which $168,102,000 related to appreciated investment securities and $20,838,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. 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 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 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 19, 2006

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 19, 2006

By:

/s/Paul M. Murphy

Paul M. Murphy

Chief Financial Officer

Date:

May 19, 2006