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, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Trend Fund

March 31, 2007

1.799849.103

TRE-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 12.1%

Diversified Consumer Services - 0.4%

Stewart Enterprises, Inc. Class A

399,400

$ 3,219

Hotels, Restaurants & Leisure - 0.9%

Starbucks Corp. (a)

251,600

7,890

Household Durables - 0.9%

Centex Corp.

60,100

2,511

KB Home

25,500

1,088

Lennar Corp. Class A

95,100

4,014

7,613

Internet & Catalog Retail - 0.0%

Submarino SA

100

3

Leisure Equipment & Products - 1.0%

Nautilus, Inc. (d)

562,500

8,679

Media - 0.8%

Live Nation, Inc. (a)

113,400

2,502

Time Warner, Inc.

252,600

4,981

7,483

Multiline Retail - 6.4%

Federated Department Stores, Inc.

696,900

31,395

JCPenney Co., Inc.

239,100

19,644

Nordstrom, Inc.

118,000

6,247

57,286

Specialty Retail - 0.9%

Casual Male Retail Group, Inc. (a)

693,800

8,208

Inditex SA

100

6

8,214

Textiles, Apparel & Luxury Goods - 0.8%

Coach, Inc. (a)

144,900

7,252

TOTAL CONSUMER DISCRETIONARY

107,639

CONSUMER STAPLES - 10.2%

Beverages - 3.0%

Molson Coors Brewing Co. Class B

52,800

4,996

PepsiCo, Inc.

336,370

21,380

26,376

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - 1.5%

Kroger Co.

175,400

$ 4,955

Safeway, Inc.

240,711

8,820

13,775

Food Products - 2.1%

Groupe Danone

28,100

4,591

Koninklijke Numico NV

88,600

4,570

Nestle SA sponsored ADR

46,900

4,556

Tyson Foods, Inc. Class A

235,300

4,567

18,284

Household Products - 1.1%

Procter & Gamble Co.

155,455

9,819

Personal Products - 2.5%

Avon Products, Inc.

497,800

18,548

Estee Lauder Companies, Inc. Class A

79,500

3,884

22,432

TOTAL CONSUMER STAPLES

90,686

ENERGY - 4.8%

Energy Equipment & Services - 0.7%

National Oilwell Varco, Inc. (a)

80,762

6,282

Oil, Gas & Consumable Fuels - 4.1%

Cameco Corp.

31,400

1,286

Canadian Natural Resources Ltd.

42,800

2,363

EOG Resources, Inc.

73,100

5,215

Exxon Mobil Corp.

25,330

1,911

Peabody Energy Corp.

146,900

5,911

Quicksilver Resources, Inc. (a)

54,000

2,148

Suncor Energy, Inc.

29,500

2,245

Valero Energy Corp.

187,700

12,105

Western Oil Sands, Inc. Class A (a)

124,800

3,686

36,870

TOTAL ENERGY

43,152

FINANCIALS - 7.6%

Capital Markets - 5.2%

Goldman Sachs Group, Inc.

33,700

6,963

Janus Capital Group, Inc.

249,900

5,225

Julius Baer Holding AG (Bearer)

73,000

9,958

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

Lazard Ltd. Class A

78,100

$ 3,919

Northern Trust Corp.

180,800

10,873

State Street Corp.

143,600

9,298

46,236

Commercial Banks - 0.2%

Commerce Bancorp, Inc., New Jersey

52,400

1,749

Insurance - 0.3%

Prudential Financial, Inc.

33,800

3,051

Real Estate Investment Trusts - 0.8%

General Growth Properties, Inc.

109,800

7,090

Real Estate Management & Development - 0.3%

Inversiones y Representaciones SA sponsored GDR (a)

119,500

2,286

Thrifts & Mortgage Finance - 0.8%

Countrywide Financial Corp.

73,596

2,476

Hudson City Bancorp, Inc.

371,100

5,077

7,553

TOTAL FINANCIALS

67,965

HEALTH CARE - 17.1%

Biotechnology - 4.0%

Alexion Pharmaceuticals, Inc. (a)

23,100

999

Alnylam Pharmaceuticals, Inc. (a)

68,400

1,231

Amylin Pharmaceuticals, Inc. (a)

134,100

5,010

Celgene Corp. (a)

171,900

9,018

CSL Ltd.

46,785

3,118

Gilead Sciences, Inc. (a)

178,600

13,663

GTx, Inc. (a)

86,100

1,756

Vertex Pharmaceuticals, Inc. (a)

36,200

1,015

35,810

Health Care Equipment & Supplies - 5.9%

Becton, Dickinson & Co.

234,900

18,061

C.R. Bard, Inc.

300,800

23,917

Inverness Medical Innovations, Inc. (a)

45,800

2,005

Mindray Medical International Ltd. sponsored ADR

84,500

2,012

St. Jude Medical, Inc. (a)

180,700

6,796

52,791

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - 0.9%

Brookdale Senior Living, Inc.

59,100

$ 2,639

Henry Schein, Inc. (a)

96,600

5,330

7,969

Health Care Technology - 0.5%

Emdeon Corp. (a)

122,900

1,859

WebMD Health Corp. Class A (a)

52,000

2,737

4,596

Life Sciences Tools & Services - 0.3%

Illumina, Inc. (a)

86,000

2,520

Pharmaceuticals - 5.5%

Allergan, Inc.

221,300

24,524

BioMimetic Therapeutics, Inc.

101,100

1,672

Merck & Co., Inc.

430,300

19,006

Roche Holding AG (participation certificate)

23,299

4,122

49,324

TOTAL HEALTH CARE

153,010

INDUSTRIALS - 11.5%

Aerospace & Defense - 3.2%

General Dynamics Corp.

193,400

14,776

United Technologies Corp.

210,500

13,683

28,459

Air Freight & Logistics - 0.6%

C.H. Robinson Worldwide, Inc.

107,600

5,138

Airlines - 0.3%

AirTran Holdings, Inc. (a)(d)

302,700

3,109

Commercial Services & Supplies - 0.4%

Fuel Tech, Inc. (a)

132,600

3,269

Construction & Engineering - 2.7%

Granite Construction, Inc.

62,900

3,476

IVRCL Infrastructures & Projects Ltd.

433,199

2,915

Larsen & Toubro Ltd.

245,048

9,133

Nagarjuna Construction Co. Ltd.

689,039

2,547

URS Corp. (a)

107,700

4,587

Washington Group International, Inc. (a)

22,700

1,508

24,166

Electrical Equipment - 3.2%

ABB Ltd. sponsored ADR

1,685,800

28,962

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Industrial Conglomerates - 0.7%

General Electric Co.

39,800

$ 1,407

Siemens AG sponsored ADR

41,700

4,470

5,877

Machinery - 0.4%

Jain Irrigation Systems Ltd.

362,999

3,512

TOTAL INDUSTRIALS

102,492

INFORMATION TECHNOLOGY - 28.1%

Communications Equipment - 4.4%

Cisco Systems, Inc. (a)

1,350,400

34,478

Research In Motion Ltd. (a)

37,700

5,146

39,624

Computers & Peripherals - 6.0%

Apple, Inc. (a)

279,200

25,940

Sun Microsystems, Inc. (a)

4,533,000

27,243

53,183

Electronic Equipment & Instruments - 1.3%

Agilent Technologies, Inc. (a)

266,400

8,975

Amphenol Corp. Class A

43,500

2,809

11,784

Internet Software & Services - 3.8%

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

55,600

25,474

Tencent Holdings Ltd.

1,000

3

Yahoo!, Inc. (a)

276,700

8,658

34,135

IT Services - 5.8%

Cognizant Technology Solutions Corp. Class A (a)

324,200

28,617

ExlService Holdings, Inc.

80,100

1,652

Mastercard, Inc. Class A (d)

60,600

6,438

MoneyGram International, Inc.

28,700

797

Unisys Corp. (a)

1,507,500

12,708

WNS Holdings Ltd. ADR

55,200

1,609

51,821

Semiconductors & Semiconductor Equipment - 4.7%

Applied Materials, Inc.

1,019,200

18,672

Broadcom Corp. Class A (a)

63,800

2,046

FormFactor, Inc. (a)

37,300

1,669

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Hittite Microwave Corp. (a)

59,300

$ 2,382

Intel Corp.

872,900

16,699

41,468

Software - 2.1%

Cognos, Inc. (a)

109,600

4,317

Nintendo Co. Ltd.

23,000

6,685

Opsware, Inc. (a)

159,900

1,159

Salesforce.com, Inc. (a)

35,300

1,512

Ubisoft Entertainment SA (a)

99,400

4,853

18,526

TOTAL INFORMATION TECHNOLOGY

250,541

MATERIALS - 3.6%

Chemicals - 3.0%

Monsanto Co.

383,300

21,066

Potash Corp. of Saskatchewan, Inc.

34,400

5,502

26,568

Metals & Mining - 0.6%

Carpenter Technology Corp.

36,300

4,384

Titanium Metals Corp.

24,056

863

5,247

TOTAL MATERIALS

31,815

TELECOMMUNICATION SERVICES - 3.7%

Diversified Telecommunication Services - 1.9%

AT&T, Inc.

427,500

16,856

Wireless Telecommunication Services - 1.8%

American Tower Corp. Class A (a)

415,600

16,188

TOTAL TELECOMMUNICATION SERVICES

33,044

UTILITIES - 1.1%

Electric Utilities - 0.6%

Entergy Corp.

23,200

2,434

FPL Group, Inc.

55,800

3,413

5,847

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Independent Power Producers & Energy Traders - 0.5%

AES Corp. (a)

207,800

$ 4,472

TOTAL UTILITIES

10,319

TOTAL COMMON STOCKS

(Cost $856,102)

890,663

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Life Sciences Tools & Services - 0.0%

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

62,000

0

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $336)

0

Money Market Funds - 1.5%

Fidelity Cash Central Fund, 5.41% (b)

826,102

826

Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)

12,656,628

12,657

TOTAL MONEY MARKET FUNDS

(Cost $13,483)

13,483

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $869,921)

904,146

NET OTHER ASSETS - (1.3)%

(11,717)

NET ASSETS - 100%

$ 892,429

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

$ 336

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

$ 231

Fidelity Securities Lending Cash Central Fund

17

Total

$ 248

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $870,246,000. Net unrealized appreciation aggregated $33,900,000, of which $62,444,000 related to appreciated investment securities and $28,544,000 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, 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 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/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

May 30, 2007

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/ Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

May 30, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

May 30, 2007