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, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Trend Fund

March 31, 2008

1.799849.104

TRE-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.4%

Distributors - 0.2%

Li & Fung Ltd.

556,000

$ 2,061

Diversified Consumer Services - 0.3%

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

39,050

2,533

Hotels, Restaurants & Leisure - 1.9%

McDonald's Corp.

335,500

18,711

Household Durables - 0.6%

Pulte Homes, Inc.

410,100

5,967

Internet & Catalog Retail - 0.2%

Blue Nile, Inc. (a)

38,100

2,063

Media - 0.0%

The DIRECTV Group, Inc. (a)

5,000

124

Multiline Retail - 2.3%

JCPenney Co., Inc.

89,100

3,360

Nordstrom, Inc. (d)

189,800

6,187

Target Corp. (d)

269,000

13,633

23,180

Specialty Retail - 3.5%

Abercrombie & Fitch Co. Class A

58,800

4,301

AnnTaylor Stores Corp. (a)

86,700

2,096

Home Depot, Inc.

323,700

9,054

Lowe's Companies, Inc.

85,400

1,959

Ross Stores, Inc.

123,200

3,691

Staples, Inc.

391,200

8,649

The Men's Wearhouse, Inc.

11,600

270

TJX Companies, Inc.

149,600

4,947

34,967

Textiles, Apparel & Luxury Goods - 1.4%

Polo Ralph Lauren Corp. Class A

201,200

11,728

Titan Industries Ltd.

70,799

1,869

13,597

TOTAL CONSUMER DISCRETIONARY

103,203

CONSUMER STAPLES - 8.2%

Beverages - 2.9%

Molson Coors Brewing Co. Class B

286,700

15,072

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Beverages - continued

PepsiCo, Inc.

168,570

$ 12,171

United Spirits Ltd.

52,549

1,972

29,215

Food & Staples Retailing - 1.3%

Costco Wholesale Corp.

141,300

9,180

CVS Caremark Corp.

94,600

3,832

13,012

Food Products - 1.1%

Nestle SA sponsored ADR

71,900

8,982

Smart Balance, Inc. (a)(d)

238,300

1,883

10,865

Household Products - 1.7%

Energizer Holdings, Inc. (a)

24,100

2,181

Procter & Gamble Co.

203,055

14,228

16,409

Personal Products - 1.2%

Avon Products, Inc.

240,200

9,498

Dabur India Ltd.

460,907

1,276

Marico Ltd.

965,780

1,636

12,410

TOTAL CONSUMER STAPLES

81,911

ENERGY - 7.4%

Energy Equipment & Services - 1.9%

National Oilwell Varco, Inc. (a)

143,824

8,396

Schlumberger Ltd. (NY Shares)

128,700

11,197

19,593

Oil, Gas & Consumable Fuels - 5.5%

CONSOL Energy, Inc.

156,900

10,856

EOG Resources, Inc.

83,400

10,008

Exxon Mobil Corp.

76,400

6,462

Nova Biosource Fuels, Inc. (a)(d)

2,240,148

3,383

Peabody Energy Corp.

128,200

6,538

Quicksilver Resources, Inc. (a)

108,000

3,945

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Suncor Energy, Inc.

38,800

$ 3,750

Valero Energy Corp.

197,900

9,719

54,661

TOTAL ENERGY

74,254

FINANCIALS - 6.1%

Capital Markets - 2.6%

Goldman Sachs Group, Inc.

29,900

4,945

Greenhill & Co., Inc. (d)

69,600

4,841

Janus Capital Group, Inc.

230,800

5,371

Lehman Brothers Holdings, Inc.

250,700

9,436

Morgan Stanley

31,900

1,458

26,051

Consumer Finance - 1.0%

American Express Co.

93,100

4,070

Capital One Financial Corp. (d)

116,400

5,729

9,799

Diversified Financial Services - 1.2%

Bolsa de Mercadorias & Futuros - BM&F SA

187,600

1,690

Bovespa Holding SA

121,000

1,638

CIT Group, Inc.

77,100

914

CME Group, Inc.

16,500

7,740

11,982

Insurance - 0.3%

American International Group, Inc.

49,000

2,119

Stewart Information Services Corp.

33,600

940

3,059

Real Estate Investment Trusts - 0.5%

General Growth Properties, Inc.

135,100

5,157

Thrifts & Mortgage Finance - 0.5%

Fannie Mae

38,300

1,008

Freddie Mac

74,000

1,874

Hudson City Bancorp, Inc.

126,600

2,238

5,120

TOTAL FINANCIALS

61,168

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 15.8%

Biotechnology - 4.5%

Alexion Pharmaceuticals, Inc. (a)

23,300

$ 1,382

Alnylam Pharmaceuticals, Inc. (a)

87,800

2,142

Amgen, Inc. (a)

54,600

2,281

Amylin Pharmaceuticals, Inc. (a)(d)

188,900

5,518

Celgene Corp. (a)

115,700

7,091

CSL Ltd.

244,815

8,259

Genentech, Inc. (a)

93,200

7,566

Gilead Sciences, Inc. (a)

198,100

10,208

Vertex Pharmaceuticals, Inc. (a)

13,800

330

44,777

Health Care Equipment & Supplies - 6.2%

C.R. Bard, Inc.

68,900

6,642

Covidien Ltd.

313,700

13,881

Inverness Medical Innovations, Inc. (a)(d)

977,131

29,412

St. Jude Medical, Inc. (a)

107,400

4,639

Stryker Corp.

112,900

7,344

61,918

Health Care Providers & Services - 0.9%

athenahealth, Inc.

800

19

Express Scripts, Inc. (a)

139,600

8,979

8,998

Health Care Technology - 0.9%

Cerner Corp. (a)

119,800

4,466

Eclipsys Corp. (a)

239,000

4,687

9,153

Life Sciences Tools & Services - 1.6%

Illumina, Inc. (a)

78,200

5,935

QIAGEN NV (a)

484,200

10,071

16,006

Pharmaceuticals - 1.7%

Allergan, Inc.

131,000

7,387

BioMimetic Therapeutics, Inc. (a)

39,600

317

Merck & Co., Inc.

244,800

9,290

16,994

TOTAL HEALTH CARE

157,846

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 11.7%

Aerospace & Defense - 3.1%

General Dynamics Corp.

96,100

$ 8,012

Honeywell International, Inc.

96,700

5,456

Raytheon Co.

139,600

9,020

The Boeing Co.

106,400

7,913

30,401

Air Freight & Logistics - 0.9%

FedEx Corp.

33,400

3,095

United Parcel Service, Inc. Class B

83,700

6,112

9,207

Airlines - 0.3%

Northwest Airlines Corp. (a)

204,400

1,838

UAL Corp.

56,700

1,221

3,059

Commercial Services & Supplies - 0.7%

Fuel Tech, Inc. (a)(d)

254,487

5,217

Manpower, Inc.

25,600

1,440

6,657

Construction & Engineering - 0.5%

Larsen & Toubro Ltd.

69,881

5,300

Electrical Equipment - 5.3%

ABB Ltd. sponsored ADR

192,200

5,174

Alstom SA

23,600

5,116

American Superconductor Corp. (a)(d)

625,700

14,510

Bharat Heavy Electricals Ltd.

99,520

5,125

Crompton Greaves Ltd.

138,598

954

First Solar, Inc. (a)

10,400

2,404

FuelCell Energy, Inc. (a)(d)

279,200

1,857

Q-Cells AG (a)(d)

74,000

7,343

Renewable Energy Corp. AS (a)(d)

280,100

7,810

Satcon Technology Corp. (a)

1,145,023

2,038

52,331

Machinery - 0.7%

Hansen Transmission International NV

563,300

2,191

Ingersoll-Rand Co. Ltd. Class A

114,700

5,113

7,304

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - 0.2%

Landstar System, Inc.

46,400

$ 2,420

TOTAL INDUSTRIALS

116,679

INFORMATION TECHNOLOGY - 29.2%

Communications Equipment - 8.2%

Cisco Systems, Inc. (a)

1,695,500

40,845

Corning, Inc.

171,200

4,116

Infinera Corp.

118,400

1,421

Juniper Networks, Inc. (a)

462,200

11,555

Nokia Corp. sponsored ADR

416,800

13,267

Research In Motion Ltd. (a)

92,500

10,381

81,585

Computers & Peripherals - 4.6%

Apple, Inc. (a)

64,300

9,227

Hewlett-Packard Co.

802,900

36,660

45,887

Internet Software & Services - 4.1%

Alibaba.com Ltd.

23,000

48

Equinix, Inc. (a)

215,500

14,329

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

42,300

18,632

Yahoo!, Inc. (a)

252,200

7,296

40,305

IT Services - 1.9%

Cognizant Technology Solutions Corp. Class A (a)

548,000

15,799

Convergys Corp. (a)

7,000

105

MPS Group, Inc. (a)

44,500

526

Visa, Inc.

41,600

2,594

19,024

Semiconductors & Semiconductor Equipment - 3.0%

Applied Materials, Inc.

821,000

16,018

ASML Holding NV (NY Shares)

106,400

2,640

Intel Corp.

416,500

8,821

Xilinx, Inc.

116,900

2,776

30,255

Software - 7.4%

Adobe Systems, Inc. (a)

222,800

7,929

BladeLogic, Inc.

700

20

GSE Systems, Inc. (a)

292,800

2,383

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

McAfee, Inc. (a)

122,200

$ 4,044

Microsoft Corp.

719,400

20,417

Nintendo Co. Ltd.

18,500

9,679

Nuance Communications, Inc. (a)

6,300

110

Oracle Corp. (a)

751,200

14,693

Quest Software, Inc. (a)

254,000

3,320

Salesforce.com, Inc. (a)

35,300

2,043

Ubisoft Entertainment SA (a)

55,100

4,747

Unica Corp. (a)

15,200

103

VMware, Inc. Class A (d)

99,700

4,269

73,757

TOTAL INFORMATION TECHNOLOGY

290,813

MATERIALS - 7.6%

Chemicals - 6.4%

Monsanto Co.

389,100

43,381

Potash Corp. of Saskatchewan, Inc.

69,200

10,741

The Mosaic Co. (a)

91,500

9,388

63,510

Metals & Mining - 1.2%

Barrick Gold Corp.

19,900

870

Gold Fields Ltd. sponsored ADR

36,800

509

Goldcorp, Inc.

55,900

2,172

Kinross Gold Corp.

140,700

3,139

Lihir Gold Ltd. (a)

174,912

574

Newmont Mining Corp.

42,700

1,934

Yamana Gold, Inc.

200,900

2,947

12,145

TOTAL MATERIALS

75,655

TELECOMMUNICATION SERVICES - 1.7%

Wireless Telecommunication Services - 1.7%

America Movil SAB de CV Series L sponsored ADR

147,100

9,369

American Tower Corp. Class A (a)

185,200

7,262

16,631

Common Stocks - continued

Shares

Value (000s)

UTILITIES - 1.1%

Independent Power Producers & Energy Traders - 1.1%

AES Corp. (a)

633,400

$ 10,559

TOTAL COMMON STOCKS

(Cost $963,704)

988,719

Money Market Funds - 7.8%

Fidelity Cash Central Fund, 2.69% (b)

7,817,200

7,817

Fidelity Securities Lending Cash Central Fund, 2.84% (b)(c)

69,522,375

69,522

TOTAL MONEY MARKET FUNDS

(Cost $77,339)

77,339

TOTAL INVESTMENT PORTFOLIO - 107.0%

(Cost $1,041,043)

1,066,058

NET OTHER ASSETS - (7.0)%

(69,995)

NET ASSETS - 100%

$ 996,063

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.

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

$ 203

Fidelity Securities Lending Cash Central Fund

314

Total

$ 517

Other Information

The following is a summary of the inputs used, as of March 31, 2008, involving the Fund's assets carried at 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

$ 1,066,058

$ 1,057,076

$ 8,982

$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,046,100,000. Net unrealized appreciation aggregated $19,958,000, of which $116,198,000 related to appreciated investment securities and $96,240,000 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

May 30, 2008

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, 2008

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

May 30, 2008