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, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Trend Fund

September 30, 2006

1.808771.102

TRE-QTLY-1106

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%

Shares

Value
(000s)

CONSUMER DISCRETIONARY - 9.8%

Automobiles - 0.1%

Toyota Motor Corp.

22,400

$ 1,220

Hotels, Restaurants & Leisure - 1.1%

Boyd Gaming Corp.

29,200

1,122

International Game Technology

75,100

3,117

Multimedia Games, Inc. (a)(e)

171,473

1,557

Services Acquisition Corp. International (a)(e)

159,000

1,415

Vail Resorts, Inc. (a)

54,100

2,165

9,376

Household Durables - 0.2%

Garmin Ltd.

13,000

634

Sony Corp. sponsored ADR

25,900

1,045

1,679

Media - 4.1%

Comcast Corp. Class A (a)

72,500

2,672

Grupo Televisa SA de CV (CPO) sponsored ADR

95,600

2,032

Live Nation, Inc. (a)

113,400

2,316

News Corp.:

Class A

178,564

3,509

Class B

340,300

7,024

NTL, Inc.

89,150

2,267

Omnicom Group, Inc.

16,300

1,526

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

94,500

889

Time Warner, Inc.

345,000

6,289

Univision Communications, Inc. Class A (a)

144,200

4,952

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

64,800

2,409

35,885

Multiline Retail - 1.7%

Federated Department Stores, Inc.

205,700

8,888

JCPenney Co., Inc.

41,100

2,811

Marks & Spencer Group PLC

162,800

1,958

Sears Holdings Corp. (a)

10,000

1,581

15,238

Specialty Retail - 2.0%

AnnTaylor Stores Corp. (a)

46,741

1,957

Circuit City Stores, Inc.

87,300

2,192

Gamestop Corp. Class A (a)

25,700

1,189

Home Depot, Inc.

71,300

2,586

J. Crew Group, Inc.

55,000

1,654

Common Stocks - continued

Shares

Value
(000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

OfficeMax, Inc.

76,600

$ 3,121

Staples, Inc.

98,000

2,384

Tween Brands, Inc. (a)

57,100

2,147

17,230

Textiles, Apparel & Luxury Goods - 0.6%

Polo Ralph Lauren Corp. Class A

71,100

4,599

Valentino Fashion Group Spa

17,300

594

5,193

TOTAL CONSUMER DISCRETIONARY

85,821

CONSUMER STAPLES - 9.3%

Beverages - 1.7%

PepsiCo, Inc.

199,770

13,037

Pernod Ricard SA

8,941

1,861

14,898

Food & Staples Retailing - 2.9%

CVS Corp.

176,300

5,663

Kroger Co.

76,300

1,766

Safeway, Inc.

142,111

4,313

Wal-Mart Stores, Inc.

151,200

7,457

Walgreen Co.

137,500

6,104

25,303

Food Products - 0.2%

Lindt & Spruengli AG (participation certificate)

808

1,820

Household Products - 2.8%

Colgate-Palmolive Co.

120,100

7,458

Procter & Gamble Co.

276,755

17,153

24,611

Personal Products - 0.1%

L'Oreal SA

10,000

1,016

Tobacco - 1.6%

Altria Group, Inc.

185,800

14,223

TOTAL CONSUMER STAPLES

81,871

Common Stocks - continued

Shares

Value
(000s)

ENERGY - 7.9%

Energy Equipment & Services - 2.0%

Halliburton Co.

27,300

$ 777

National Oilwell Varco, Inc. (a)

78,862

4,617

Noble Corp.

29,400

1,887

Schlumberger Ltd. (NY Shares)

134,000

8,312

Smith International, Inc.

56,500

2,192

17,785

Oil, Gas & Consumable Fuels - 5.9%

ConocoPhillips

38,636

2,300

CONSOL Energy, Inc.

42,600

1,352

Exxon Mobil Corp.

501,830

33,670

Noble Energy, Inc.

30,100

1,372

Occidental Petroleum Corp.

100,400

4,830

Quicksilver Resources, Inc. (a)

54,000

1,723

Ultra Petroleum Corp. (a)

49,100

2,362

Valero Energy Corp.

78,000

4,015

51,624

TOTAL ENERGY

69,409

FINANCIALS - 19.3%

Capital Markets - 2.3%

Daiwa Securities Group, Inc.

199,000

2,321

E*TRADE Financial Corp.

88,000

2,105

Goldman Sachs Group, Inc.

7,400

1,252

Greenhill & Co., Inc.

28,100

1,883

KKR Private Equity Investors, LP Restricted Depository Units (f)

100,100

2,157

Merrill Lynch & Co., Inc.

54,700

4,279

Nomura Holdings, Inc.

57,200

1,006

State Street Corp.

88,200

5,504

20,507

Commercial Banks - 3.0%

Mizuho Financial Group, Inc.

239

1,853

PNC Financial Services Group, Inc.

20,600

1,492

Standard Chartered PLC (United Kingdom)

100,734

2,580

Sumitomo Mitsui Financial Group, Inc.

301

3,159

U.S. Bancorp, Delaware

74,700

2,482

Wells Fargo & Co.

397,600

14,385

25,951

Common Stocks - continued

Shares

Value
(000s)

FINANCIALS - continued

Consumer Finance - 1.0%

American Express Co.

131,500

$ 7,375

Capital One Financial Corp. (e)

14,100

1,109

8,484

Diversified Financial Services - 5.6%

African Bank Investments Ltd.

219,324

622

Bank of America Corp.

368,722

19,752

Citigroup, Inc.

155,077

7,703

FirstRand Ltd.

208,400

474

IntercontinentalExchange, Inc.

70,700

5,307

JPMorgan Chase & Co.

328,388

15,421

49,279

Insurance - 4.5%

ACE Ltd.

120,900

6,617

American International Group, Inc.

237,262

15,721

Hartford Financial Services Group, Inc.

63,400

5,500

Lincoln National Corp.

67,000

4,159

MetLife, Inc.

75,100

4,257

Prudential Financial, Inc.

46,800

3,569

39,823

Real Estate Investment Trusts - 1.0%

Equity Residential (SBI)

98,400

4,977

Vornado Realty Trust

30,800

3,357

8,334

Thrifts & Mortgage Finance - 1.9%

Freddie Mac

99,600

6,606

Golden West Financial Corp., Delaware

127,300

9,834

16,440

TOTAL FINANCIALS

168,818

HEALTH CARE - 14.6%

Biotechnology - 2.5%

Alexion Pharmaceuticals, Inc. (a)

23,100

785

Alnylam Pharmaceuticals, Inc. (a)

58,400

842

Amgen, Inc. (a)

19,100

1,366

Biogen Idec, Inc. (a)

84,700

3,784

Celgene Corp. (a)

43,000

1,862

Genentech, Inc. (a)

46,100

3,812

Common Stocks - continued

Shares

Value
(000s)

HEALTH CARE - continued

Biotechnology - continued

Genzyme Corp. (a)

17,200

$ 1,160

Gilead Sciences, Inc. (a)

75,200

5,166

Myogen, Inc. (a)

42,300

1,484

Vertex Pharmaceuticals, Inc. (a)

57,700

1,942

22,203

Health Care Equipment & Supplies - 2.9%

Advanced Medical Optics, Inc. (a)

37,900

1,499

ArthroCare Corp. (a)

45,800

2,146

Aspect Medical Systems, Inc. (a)

77,300

1,320

Baxter International, Inc.

127,800

5,810

Becton, Dickinson & Co.

85,000

6,007

C.R. Bard, Inc.

68,900

5,168

Conor Medsystems, Inc. (a)

67,755

1,597

Greatbatch, Inc. (a)

29,300

663

Inverness Medical Innovations, Inc. (a)

42,300

1,470

25,680

Health Care Providers & Services - 1.4%

Brookdale Senior Living, Inc.

59,100

2,743

HealthSouth Corp.

216,000

1,071

UnitedHealth Group, Inc.

168,500

8,290

12,104

Health Care Technology - 0.3%

Emdeon Corp. (a)

136,200

1,595

WebMD Health Corp. Class A (e)

34,900

1,198

2,793

Life Sciences Tools & Services - 0.4%

Illumina, Inc. (a)

13,000

430

Millipore Corp. (a)

38,200

2,342

Thermo Electron Corp. (a)

25,500

1,003

3,775

Pharmaceuticals - 7.1%

Allergan, Inc.

33,700

3,795

Elan Corp. PLC sponsored ADR (a)

179,700

2,764

Eli Lilly & Co.

20,900

1,191

Johnson & Johnson

308,400

20,027

Merck & Co., Inc.

278,700

11,678

New River Pharmaceuticals, Inc. (a)(e)

25,100

646

Novartis AG sponsored ADR

31,000

1,812

Common Stocks - continued

Shares

Value
(000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Pfizer, Inc.

377,495

$ 10,706

Santarus, Inc. (a)

193,900

1,439

Wyeth

149,900

7,621

61,679

TOTAL HEALTH CARE

128,234

INDUSTRIALS - 8.3%

Aerospace & Defense - 3.0%

DRS Technologies, Inc.

37,300

1,629

Goodrich Corp.

59,700

2,419

Honeywell International, Inc.

166,600

6,814

Precision Castparts Corp.

19,200

1,213

Raytheon Co.

78,300

3,759

Rolls-Royce Group PLC

188,700

1,600

United Technologies Corp.

139,400

8,831

26,265

Air Freight & Logistics - 0.1%

UTI Worldwide, Inc.

33,600

940

Airlines - 0.4%

AMR Corp.

49,700

1,150

UAL Corp. (a)

71,900

1,910

3,060

Commercial Services & Supplies - 0.1%

Kenexa Corp. (a)

20,500

517

Construction & Engineering - 0.2%

Fluor Corp.

26,000

1,999

Electrical Equipment - 0.4%

Cooper Industries Ltd. Class A

43,700

3,724

Industrial Conglomerates - 3.8%

3M Co.

36,400

2,709

General Electric Co.

824,800

29,115

Textron, Inc.

15,200

1,330

33,154

Trading Companies & Distributors - 0.1%

WESCO International, Inc. (a)

20,000

1,161

Common Stocks - continued

Shares

Value
(000s)

INDUSTRIALS - continued

Transportation Infrastructure - 0.2%

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

64,200

$ 2,183

TOTAL INDUSTRIALS

73,003

INFORMATION TECHNOLOGY - 18.0%

Communications Equipment - 3.8%

Ciena Corp. (a)

55,728

1,519

Cisco Systems, Inc. (a)

340,100

7,822

Comverse Technology, Inc. (a)

63,900

1,370

Corning, Inc. (a)

151,000

3,686

Harris Corp.

77,200

3,435

Juniper Networks, Inc. (a)

81,400

1,407

Motorola, Inc.

311,300

7,783

Nortel Networks Corp.

213,200

490

Powerwave Technologies, Inc. (a)

123,600

939

QUALCOMM, Inc.

139,500

5,071

33,522

Computers & Peripherals - 3.6%

Apple Computer, Inc. (a)

93,000

7,164

Concurrent Computer Corp. (a)

232,000

411

EMC Corp. (a)

480,800

5,760

Hewlett-Packard Co.

374,700

13,748

Network Appliance, Inc. (a)

59,800

2,213

Sun Microsystems, Inc. (a)

429,200

2,133

31,429

Electronic Equipment & Instruments - 0.4%

Amphenol Corp. Class A

43,500

2,694

Flextronics International Ltd. (a)

63,600

804

3,498

Internet Software & Services - 1.3%

eBay, Inc. (a)

94,400

2,677

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

21,600

8,681

11,358

IT Services - 1.5%

Cognizant Technology Solutions Corp. Class A (a)

45,700

3,385

NCI, Inc. Class A

191,700

2,298

Common Stocks - continued

Shares

Value
(000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

SI International, Inc. (a)

109,500

$ 3,502

SRA International, Inc. Class A (a)

127,000

3,818

13,003

Semiconductors & Semiconductor Equipment - 3.3%

Advanced Micro Devices, Inc. (a)

55,700

1,384

Applied Materials, Inc.

129,000

2,287

Applied Micro Circuits Corp. (a)

207,395

599

FormFactor, Inc. (a)

37,300

1,571

Freescale Semiconductor, Inc. Class A (a)

67,000

2,549

Intel Corp.

472,900

9,728

Intersil Corp. Class A

83,700

2,055

Linear Technology Corp.

56,600

1,761

Marvell Technology Group Ltd. (a)

129,000

2,499

National Semiconductor Corp.

49,800

1,172

Texas Instruments, Inc.

92,000

3,059

Volterra Semiconductor Corp. (a)

35,000

569

29,233

Software - 4.1%

Adobe Systems, Inc. (a)

94,500

3,539

BEA Systems, Inc. (a)

87,800

1,335

Business Objects SA sponsored ADR (a)

62,700

2,137

Citrix Systems, Inc. (a)

38,900

1,409

FileNET Corp. (a)

63,700

2,219

Microsoft Corp.

474,800

12,976

Nintendo Co. Ltd.

5,100

1,051

Oracle Corp. (a)

307,600

5,457

Red Hat, Inc. (a)

40,000

843

Salesforce.com, Inc. (a)

35,300

1,267

Symantec Corp. (a)

151,600

3,226

35,459

TOTAL INFORMATION TECHNOLOGY

157,502

MATERIALS - 1.7%

Chemicals - 1.3%

FMC Corp.

17,000

1,089

Monsanto Co.

114,600

5,387

Praxair, Inc.

72,100

4,265

10,741

Common Stocks - continued

Shares

Value
(000s)

MATERIALS - continued

Metals & Mining - 0.4%

Apex Silver Mines Ltd. (a)

42,300

$ 705

Carpenter Technology Corp.

21,900

2,354

Titanium Metals Corp. (a)

24,056

608

3,667

TOTAL MATERIALS

14,408

TELECOMMUNICATION SERVICES - 4.7%

Diversified Telecommunication Services - 4.4%

AT&T, Inc.

548,500

17,859

Level 3 Communications, Inc. (a)

359,900

1,925

Qwest Communications International, Inc. (a)

597,000

5,206

Verizon Communications, Inc.

356,400

13,233

38,223

Wireless Telecommunication Services - 0.3%

Crown Castle International Corp. (a)

63,500

2,238

Sprint Nextel Corp.

40,618

697

2,935

TOTAL TELECOMMUNICATION SERVICES

41,158

UTILITIES - 1.5%

Electric Utilities - 0.7%

Entergy Corp.

23,900

1,870

Exelon Corp.

65,700

3,977

5,847

Independent Power Producers & Energy Traders - 0.8%

AES Corp. (a)

82,200

1,676

NRG Energy, Inc. (a)

17,400

788

TXU Corp.

76,500

4,783

7,247

TOTAL UTILITIES

13,094

TOTAL COMMON STOCKS

(Cost $709,540)

833,318

Nonconvertible Preferred Stocks - 0.0%

Shares

Value
(000s)

HEALTH CARE - 0.0%

Life Sciences Tools & Services - 0.0%

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

62,000

$ 0

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $336)

0

Corporate Bonds - 0.2%

Principal Amount (000s)

Convertible Bonds - 0.1%

INFORMATION TECHNOLOGY - 0.1%

Communications Equipment - 0.1%

Ciena Corp. 0.25% 5/1/13

$ 680

612

Nonconvertible Bonds - 0.1%

INDUSTRIALS - 0.1%

Airlines - 0.1%

Delta Air Lines, Inc. 7.9% 12/15/09 (d)

2,560

736

Northwest Airlines, Inc. 7.875% 3/15/08 (d)

730

396

1,132

TOTAL CORPORATE BONDS

(Cost $1,734)

1,744

Money Market Funds - 4.4%

Shares

Value
(000s)

Fidelity Cash Central Fund, 5.36% (b)

35,911,197

$ 35,911

Fidelity Securities Lending Cash Central Fund, 5.37% (b)(c)

2,946,825

2,947

TOTAL MONEY MARKET FUNDS

(Cost $38,858)

38,858

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $750,468)

873,920

NET OTHER ASSETS - 0.3%

2,366

NET ASSETS - 100%

$ 876,286

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) Non-income producing - Issuer is in default.

(e) Security or a portion of the security is on loan at period end.

(f) 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 end of the period, the value of these securities amounted to $2,157,000 or 0.2% of net assets.

(g) 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

$ 974

Fidelity Securities Lending Cash Central Fund

182

Total

$ 1,156

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $752,710,000. Net unrealized appreciation aggregated $121,210,000, of which $141,610,000 related to appreciated investment securities and $20,400,000 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. 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:

November 27, 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:

November 27, 2006

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

November 27, 2006