N-CSRS 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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:

June 30, 2003

Item 1. Reports to Stockholders

Fidelity®

Trend

Fund

Semiannual Report

June 30, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Semiannual Report

President's Message - continued

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of June 30, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Microsoft Corp.

3.5

4.0

General Electric Co.

3.2

2.6

Pfizer, Inc.

3.0

2.3

Citigroup, Inc.

2.6

2.4

Wal-Mart Stores, Inc.

2.5

2.6

Merck & Co., Inc.

2.1

2.3

Exxon Mobil Corp.

1.8

1.7

American International Group, Inc.

1.8

2.1

Johnson & Johnson

1.8

2.0

Bank of America Corp.

1.7

1.7

24.0

Top Five Market Sectors as of June 30, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

17.5

17.5

Information Technology

16.7

15.3

Health Care

15.9

15.6

Industrials

11.1

12.2

Consumer Staples

10.1

7.8

Asset Allocation (% of fund's net assets)

As of June 30, 2003*

As of December 31, 2002**

Stocks and Equity
Futures 96.8%

Stocks and Equity
Futures 97.4%

Convertible
Securities 0.5%

Convertible
Securities 0.4%

Short-Term
Investments and Net
Other Assets 2.7%

Short-Term
Investments and Net
Other Assets 2.2%

* Foreign investments

2.2%

** Foreign investments

1.8%

Semiannual Report

Investments June 30, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - 9.4%

Automobiles - 0.1%

Ford Motor Co.

68,800

$ 756

Hotels, Restaurants & Leisure - 0.6%

International Game Technology

7,900

808

Mandalay Resort Group

38,900

1,239

McDonald's Corp.

128,000

2,824

Wendy's International, Inc.

8,900

258

5,129

Household Durables - 0.1%

Champion Enterprises, Inc. (a)

45,200

234

Leggett & Platt, Inc.

35,400

726

960

Internet & Catalog Retail - 0.5%

eBay, Inc. (a)

23,100

2,407

InterActiveCorp (a)

32,300

1,278

3,685

Leisure Equipment & Products - 0.1%

Mattel, Inc.

50,300

952

Media - 5.0%

AOL Time Warner, Inc. (a)

526,150

8,466

Clear Channel Communications, Inc. (a)

72,412

3,070

Comcast Corp.:

Class A (a)

107,014

3,230

Class A (special) (a)

82,400

2,376

E.W. Scripps Co. Class A

9,000

798

EchoStar Communications Corp. Class A (a)

57,500

1,991

Fox Entertainment Group, Inc. Class A (a)

85,200

2,452

Gannett Co., Inc.

26,000

1,997

General Motors Corp. Class H (a)

66,600

853

Liberty Media Corp. Class A (a)

178,896

2,068

McGraw-Hill Companies, Inc.

20,000

1,240

Pixar (a)

13,800

840

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

46,800

636

Univision Communications, Inc. Class A (a)

17,300

526

Viacom, Inc.:

Class A (a)

21,350

933

Class B (non-vtg.) (a)

136,550

5,962

Walt Disney Co.

105,000

2,074

39,512

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.8%

Big Lots, Inc. (a)

76,300

$ 1,148

Dollar General Corp.

23,400

427

Kohl's Corp. (a)

29,500

1,516

Sears, Roebuck & Co.

15,000

505

Target Corp.

70,100

2,653

6,249

Specialty Retail - 1.8%

AnnTaylor Stores Corp. (a)

29,800

863

Circuit City Stores, Inc.

28,100

247

Gap, Inc.

123,100

2,309

Home Depot, Inc.

208,400

6,902

Lowe's Companies, Inc.

28,400

1,220

PETsMART, Inc.

62,900

1,049

Staples, Inc. (a)

19,300

354

Williams-Sonoma, Inc. (a)

43,700

1,276

14,220

Textiles Apparel & Luxury Goods - 0.4%

Jones Apparel Group, Inc. (a)

30,900

904

NIKE, Inc. Class B

37,100

1,984

2,888

TOTAL CONSUMER DISCRETIONARY

74,351

CONSUMER STAPLES - 10.1%

Beverages - 2.5%

Anheuser-Busch Companies, Inc.

25,100

1,281

PepsiCo, Inc.

125,470

5,583

The Coca-Cola Co.

277,700

12,888

19,752

Food & Staples Retailing - 3.6%

Costco Wholesale Corp. (a)

16,800

615

CVS Corp.

91,400

2,562

Kroger Co. (a)

75,900

1,266

Safeway, Inc. (a)

49,600

1,015

Sysco Corp.

63,400

1,905

Wal-Mart Stores, Inc.

367,300

19,713

Walgreen Co.

50,200

1,511

28,587

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER STAPLES - continued

Food Products - 0.5%

Dean Foods Co. (a)

24,450

$ 770

Hershey Foods Corp.

10,300

717

The J.M. Smucker Co.

20,700

826

Wm. Wrigley Jr. Co.

21,600

1,215

3,528

Household Products - 1.8%

Colgate-Palmolive Co.

45,200

2,619

Kimberly-Clark Corp.

28,000

1,460

Procter & Gamble Co.

114,300

10,193

14,272

Personal Products - 0.8%

Avon Products, Inc.

16,400

1,020

Gillette Co.

169,800

5,410

6,430

Tobacco - 0.9%

Altria Group, Inc.

157,900

7,175

TOTAL CONSUMER STAPLES

79,744

ENERGY - 7.0%

Energy Equipment & Services - 3.0%

Baker Hughes, Inc.

47,300

1,588

BJ Services Co. (a)

10,200

381

Cooper Cameron Corp. (a)

6,600

333

ENSCO International, Inc.

122,700

3,301

Grant Prideco, Inc. (a)

30,400

357

Halliburton Co.

39,900

918

Nabors Industries Ltd. (a)

78,400

3,101

National-Oilwell, Inc. (a)

54,400

1,197

Noble Corp. (a)

13,300

456

Pride International, Inc. (a)

149,300

2,810

Rowan Companies, Inc.

119,100

2,668

Schlumberger Ltd. (NY Shares)

104,200

4,957

Varco International, Inc. (a)

18,600

365

Weatherford International Ltd. (a)

24,100

1,010

23,442

Oil & Gas - 4.0%

Anadarko Petroleum Corp.

11,900

529

Apache Corp.

23,595

1,535

Common Stocks - continued

Shares

Value (Note 1) (000s)

ENERGY - continued

Oil & Gas - continued

Burlington Resources, Inc.

22,900

$ 1,238

ChevronTexaco Corp.

99,019

7,149

ConocoPhillips

76,968

4,218

EOG Resources, Inc.

19,000

795

Exxon Mobil Corp.

406,430

14,595

Occidental Petroleum Corp.

39,200

1,315

Tsakos Energy Navigation Ltd.

14,400

206

31,580

TOTAL ENERGY

55,022

FINANCIALS - 17.5%

Capital Markets - 3.1%

Bank of New York Co., Inc.

79,900

2,297

Bear Stearns Companies, Inc.

18,200

1,318

Charles Schwab Corp.

77,000

777

Goldman Sachs Group, Inc.

19,600

1,642

J.P. Morgan Chase & Co.

171,280

5,854

Lehman Brothers Holdings, Inc.

33,500

2,227

Merrill Lynch & Co., Inc.

156,400

7,301

Morgan Stanley

71,600

3,061

24,477

Commercial Banks - 5.2%

Bank of America Corp.

173,600

13,720

Bank One Corp.

137,200

5,101

Fifth Third Bancorp

92,700

5,315

FleetBoston Financial Corp.

98,500

2,926

PNC Financial Services Group, Inc.

16,400

800

U.S. Bancorp, Delaware

41,900

1,027

Wachovia Corp.

148,423

5,931

Wells Fargo & Co.

122,500

6,174

40,994

Consumer Finance - 1.3%

American Express Co.

122,500

5,122

MBNA Corp.

177,600

3,701

SLM Corp.

38,400

1,504

10,327

Common Stocks - continued

Shares

Value (Note 1) (000s)

FINANCIALS - continued

Diversified Financial Services - 2.8%

CIT Group, Inc.

48,100

$ 1,186

Citigroup, Inc.

488,777

20,920

22,106

Insurance - 4.2%

ACE Ltd.

65,500

2,246

AFLAC, Inc.

43,100

1,325

Allstate Corp.

77,000

2,745

American International Group, Inc.

257,737

14,222

Hartford Financial Services Group, Inc.

60,500

3,047

Marsh & McLennan Companies, Inc.

28,200

1,440

MetLife, Inc.

103,400

2,928

Prudential Financial, Inc.

27,300

919

The Chubb Corp.

14,100

846

Travelers Property Casualty Corp.:

Class A

72,123

1,147

Class B

92,520

1,459

XL Capital Ltd. Class A

12,200

1,013

33,337

Thrifts & Mortgage Finance - 0.9%

Fannie Mae

102,700

6,926

TOTAL FINANCIALS

138,167

HEALTH CARE - 15.9%

Biotechnology - 1.4%

Amgen, Inc. (a)

110,600

7,348

Cephalon, Inc. (a)

16,900

696

Genentech, Inc. (a)

13,500

974

Geneprot, Inc. (e)

62,000

217

Genzyme Corp. - General Division (a)

24,300

1,016

ImClone Systems, Inc. (a)

24,900

787

11,038

Health Care Equipment & Supplies - 2.1%

Alcon, Inc.

20,700

946

Baxter International, Inc.

39,700

1,032

Beckman Coulter, Inc.

8,300

337

Becton, Dickinson & Co.

20,700

804

Biomet, Inc.

28,600

820

Boston Scientific Corp. (a)

8,900

544

Common Stocks - continued

Shares

Value (Note 1) (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Centerpulse AG sponsored ADR

30,300

$ 818

Edwards Lifesciences Corp. (a)

26,200

842

Guidant Corp.

30,200

1,341

Medtronic, Inc.

110,000

5,277

Millipore Corp. (a)

8,900

395

St. Jude Medical, Inc. (a)

38,000

2,185

Stryker Corp.

7,900

548

Varian Medical Systems, Inc. (a)

8,200

472

16,361

Health Care Providers & Services - 1.8%

Aetna, Inc.

42,200

2,540

Anthem, Inc. (a)

4,400

339

Cardinal Health, Inc.

68,350

4,395

McKesson Corp.

61,500

2,198

UnitedHealth Group, Inc.

97,400

4,894

14,366

Pharmaceuticals - 10.6%

Abbott Laboratories

133,600

5,846

Angiotech Pharmaceuticals, Inc. (a)

51,600

2,087

Bristol-Myers Squibb Co.

165,100

4,482

Eli Lilly & Co.

84,500

5,828

Forest Laboratories, Inc. (a)

33,600

1,840

Johnson & Johnson

271,900

14,057

Merck & Co., Inc.

267,800

16,215

Pfizer, Inc.

700,195

23,912

Schering-Plough Corp.

101,100

1,880

Watson Pharmaceuticals, Inc. (a)

23,000

929

Wyeth

143,800

6,550

83,626

TOTAL HEALTH CARE

125,391

INDUSTRIALS - 10.9%

Aerospace & Defense - 1.7%

Boeing Co.

71,800

2,464

Honeywell International, Inc.

13,900

373

Integrated Defense Technologies, Inc. (a)

70,300

1,090

Lockheed Martin Corp.

74,000

3,520

Northrop Grumman Corp.

27,621

2,383

Common Stocks - continued

Shares

Value (Note 1) (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Raytheon Co.

49,600

$ 1,629

United Technologies Corp.

17,100

1,211

Veridian Corp.

20,000

698

13,368

Air Freight & Logistics - 1.1%

CNF, Inc.

12,500

317

FedEx Corp.

25,600

1,588

United Parcel Service, Inc. Class B

102,500

6,529

8,434

Airlines - 0.5%

Continental Airlines, Inc. Class B (a)

68,500

1,025

Delta Air Lines, Inc.

62,400

916

JetBlue Airways Corp. (a)

12,111

512

Southwest Airlines Co.

69,300

1,192

3,645

Building Products - 0.6%

American Standard Companies, Inc. (a)

34,400

2,543

Masco Corp.

104,700

2,497

5,040

Commercial Services & Supplies - 0.8%

Allied Waste Industries, Inc. (a)

44,600

448

Cendant Corp. (a)

176,700

3,237

Central Parking Corp.

30,800

381

Corinthian Colleges, Inc. (a)

19,000

923

Strayer Education, Inc.

11,100

882

Waste Management, Inc.

33,900

817

6,688

Electrical Equipment - 0.1%

Emerson Electric Co.

18,400

940

Industrial Conglomerates - 4.3%

3M Co.

30,700

3,960

General Electric Co.

877,000

25,152

Tyco International Ltd.

266,400

5,056

34,168

Machinery - 1.3%

Albany International Corp. Class A

48,600

1,332

Caterpillar, Inc.

14,800

824

Danaher Corp.

14,300

973

Common Stocks - continued

Shares

Value (Note 1) (000s)

INDUSTRIALS - continued

Machinery - continued

Eaton Corp.

9,900

$ 778

Illinois Tool Works, Inc.

35,500

2,338

Ingersoll-Rand Co. Ltd. Class A

50,400

2,385

ITT Industries, Inc.

18,700

1,224

Parker Hannifin Corp.

8,500

357

10,211

Road & Rail - 0.5%

Arkansas Best Corp.

19,300

459

CSX Corp.

22,200

668

Norfolk Southern Corp.

36,200

695

Union Pacific Corp.

38,100

2,211

4,033

TOTAL INDUSTRIALS

86,527

INFORMATION TECHNOLOGY - 16.5%

Communications Equipment - 2.7%

Alcatel SA sponsored ADR (a)

45,100

404

Cisco Systems, Inc. (a)

646,700

10,793

Comverse Technology, Inc. (a)

82,600

1,241

Corvis Corp. (a)

524,500

787

Lucent Technologies, Inc. (a)

170,500

346

Motorola, Inc.

289,000

2,725

Nortel Networks Corp. (a)

178,400

482

QUALCOMM, Inc.

46,900

1,677

Scientific-Atlanta, Inc.

77,700

1,852

Telefonaktiebolaget LM Ericsson ADR (a)

102,300

1,087

21,394

Computers & Peripherals - 4.0%

Apple Computer, Inc. (a)

25,800

493

Dell Computer Corp. (a)

221,200

7,070

EMC Corp. (a)

195,900

2,051

Hewlett-Packard Co.

286,900

6,111

International Business Machines Corp.

141,500

11,674

Lexmark International, Inc. Class A (a)

23,900

1,691

Sun Microsystems, Inc. (a)

530,700

2,441

31,531

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - 0.2%

Agilent Technologies, Inc. (a)

47,400

$ 927

Amphenol Corp. Class A (a)

17,200

805

1,732

Internet Software & Services - 0.3%

Ask Jeeves, Inc. (a)

31,500

433

Yahoo!, Inc. (a)

63,000

2,064

2,497

IT Services - 1.1%

Affiliated Computer Services, Inc. Class A (a)

17,000

777

Ceridian Corp. (a)

49,700

843

Cognizant Technology Solutions Corp. Class A (a)

100

2

Computer Sciences Corp. (a)

32,400

1,235

Concord EFS, Inc. (a)

51,500

758

First Data Corp.

125,900

5,217

8,832

Office Electronics - 0.1%

Xerox Corp. (a)

63,300

670

Semiconductors & Semiconductor Equipment - 3.1%

Agere Systems, Inc. Class B (a)

282,200

649

Analog Devices, Inc. (a)

37,200

1,295

Applied Materials, Inc. (a)

86,000

1,364

Broadcom Corp. Class A (a)

24,100

600

Infineon Technologies AG sponsored ADR (a)

40,400

387

Intel Corp.

532,200

11,061

Intersil Corp. Class A (a)

49,200

1,309

KLA-Tencor Corp. (a)

19,300

897

LSI Logic Corp. (a)

138,200

978

Marvell Technology Group Ltd. (a)

38,100

1,309

Micron Technology, Inc. (a)

108,800

1,265

National Semiconductor Corp. (a)

15,000

296

Teradyne, Inc. (a)

5,300

92

Texas Instruments, Inc.

166,200

2,925

24,427

Software - 5.0%

Adobe Systems, Inc.

41,400

1,328

BEA Systems, Inc. (a)

38,500

418

Citrix Systems, Inc. (a)

17,200

350

Computer Associates International, Inc.

21,100

470

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Compuware Corp. (a)

69,200

$ 399

Intuit, Inc. (a)

21,400

953

Mercury Interactive Corp. (a)

8,700

336

Microsoft Corp.

1,094,100

28,026

Oracle Corp. (a)

420,300

5,052

PeopleSoft, Inc. (a)

24,000

422

Roxio, Inc. (a)

55,800

373

Siebel Systems, Inc. (a)

45,000

429

VERITAS Software Corp. (a)

40,400

1,158

39,714

TOTAL INFORMATION TECHNOLOGY

130,797

MATERIALS - 2.5%

Chemicals - 1.2%

Dow Chemical Co.

126,400

3,913

Lyondell Chemical Co.

56,600

766

Olin Corp.

34,500

590

PPG Industries, Inc.

36,600

1,857

Praxair, Inc.

43,400

2,608

9,734

Containers & Packaging - 0.2%

Owens-Illinois, Inc. (a)

34,300

472

Sealed Air Corp.

8,300

396

Smurfit-Stone Container Corp. (a)

50,100

653

1,521

Metals & Mining - 0.8%

Alcan, Inc.

62,800

1,957

Alcoa, Inc.

27,700

706

Arch Coal, Inc.

17,900

411

CONSOL Energy, Inc.

20,200

459

Newmont Mining Corp. Holding Co.

30,800

1,000

Nucor Corp.

6,800

332

Peabody Energy Corp.

12,200

410

Phelps Dodge Corp. (a)

28,900

1,108

6,383

Common Stocks - continued

Shares

Value (Note 1) (000s)

MATERIALS - continued

Paper & Forest Products - 0.3%

Bowater, Inc.

8,700

$ 326

International Paper Co.

48,500

1,733

2,059

TOTAL MATERIALS

19,697

TELECOMMUNICATION SERVICES - 4.2%

Diversified Telecommunication Services - 3.4%

ALLTEL Corp.

16,000

772

BellSouth Corp.

143,000

3,808

Citizens Communications Co. (a)

34,700

447

Qwest Communications International, Inc. (a)

325,300

1,555

SBC Communications, Inc.

387,100

9,890

Verizon Communications, Inc.

269,100

10,616

27,088

Wireless Telecommunication Services - 0.8%

AT&T Wireless Services, Inc. (a)

335,000

2,750

Nextel Communications, Inc. Class A (a)

101,600

1,837

Sprint Corp. - PCS Group Series 1 (a)

270,400

1,555

6,142

TOTAL TELECOMMUNICATION SERVICES

33,230

UTILITIES - 2.3%

Electric Utilities - 2.0%

Allegheny Energy, Inc. (a)

43,500

368

American Electric Power Co., Inc.

27,800

829

Constellation Energy Group, Inc.

38,900

1,334

Dominion Resources, Inc.

58,100

3,734

Edison International (a)

29,900

491

Entergy Corp.

23,100

1,219

FirstEnergy Corp.

61,900

2,380

FPL Group, Inc.

33,200

2,219

PG&E Corp. (a)

83,100

1,758

TXU Corp.

28,200

633

Wisconsin Energy Corp.

13,900

403

15,368

Gas Utilities - 0.2%

Kinder Morgan, Inc.

28,500

1,558

Common Stocks - continued

Shares

Value (Note 1) (000s)

UTILITIES - continued

Multi-Utilities & Unregulated Power - 0.1%

AES Corp. (a)

98,200

$ 624

Sierra Pacific Resources (a)

79,500

472

1,096

TOTAL UTILITIES

18,022

TOTAL COMMON STOCKS

(Cost $727,073)

760,948

Convertible Preferred Stocks - 0.3%

INDUSTRIALS - 0.2%

Aerospace & Defense - 0.2%

Northrop Grumman Corp. 7.25%

14,800

1,506

INFORMATION TECHNOLOGY - 0.1%

Communications Equipment - 0.1%

Lucent Technologies, Inc. 8% (c)

500

512

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $2,003)

2,018

Corporate Bonds - 0.2%

Principal Amount (000s)

Convertible Bonds - 0.2%

CONSUMER DISCRETIONARY - 0.1%

Media - 0.1%

EchoStar Communications Corp. 5.75% 5/15/08 (c)

$ 1,000

1,060

INFORMATION TECHNOLOGY - 0.1%

Communications Equipment - 0.1%

Corning, Inc. 0% 11/8/15

800

594

Software - 0.0%

Network Associates, Inc. 5.25% 8/15/06 (c)

170

179

TOTAL INFORMATION TECHNOLOGY

773

TOTAL CONVERTIBLE BONDS

1,833

Corporate Bonds - continued

Principal Amount (000s)

Value (Note 1) (000s)

Nonconvertible Bonds - 0.0%

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

PEI Holdings, Inc. 11% 3/15/10 (c)

$ 15

$ 17

TOTAL CORPORATE BONDS

(Cost $1,644)

1,850

U.S. Treasury Obligations - 0.2%

U.S. Treasury Bills, yield at date of purchase 1.1% to 1.11% 7/3/03 to 7/17/03 (d)
(Cost $1,450)

1,450

1,450

Money Market Funds - 3.0%

Shares

Fidelity Cash Central Fund, 1.18% (b)

22,978,932

22,979

Fidelity Securities Lending Cash Central Fund, 1.19% (b)

476,000

476

TOTAL MONEY MARKET FUNDS

(Cost $23,455)

23,455

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $755,625)

789,721

NET OTHER ASSETS - 0.0%

165

NET ASSETS - 100%

$ 789,886

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Gain/(Loss) (000s)

Purchased

Equity Index Contracts

16 S&P 500 Index Contracts

Sept. 2003

$ 3,893

$ (110)

The face value of futures purchased as a percentage of net assets - 0.5%

Legend

(a) Non-income producing

(b) 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 fiscal year end is available upon request.

(c) 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 $1,768,000 or 0.2% of net assets.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,450,000.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Geneprot, Inc.

7/7/00

$ 341

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $190,125,000 and $199,812,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $35,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $217,000 or 0.0% of net assets.

Income Tax Information

At December 31, 2002, the fund had a capital loss carryforward of approximately $242,204,000 of which $151,997,000 and $90,207,000 will expire on December 31, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending December 31, 2003 approximately $11,921,000 of losses recognized during the period November 1, 2002 to December 31, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)

June 30, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $404) (cost $755,625) - See accompanying schedule

$ 789,721

Receivable for investments sold

3,526

Receivable for fund shares sold

191

Dividends receivable

837

Interest receivable

39

Other receivables

4

Total assets

794,318

Liabilities

Payable to custodian bank

$ 30

Payable for investments purchased

2,285

Payable for fund shares redeemed

1,152

Accrued management fee

403

Other payables and accrued expenses

86

Collateral on securities loaned, at value

476

Total liabilities

4,432

Net Assets

$ 789,886

Net Assets consist of:

Paid in capital

$ 1,021,411

Undistributed net investment income

2,814

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(268,325)

Net unrealized appreciation (depreciation) on investments

33,986

Net Assets, for 18,177.3 shares outstanding

$ 789,886

Net Asset Value, offering price and redemption price per share ($789,886 ÷ 18,177.3 shares)

$ 43.45

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands

Six months ended June 30, 2003 (Unaudited)

Investment Income

Dividends

$ 5,446

Interest

280

Security lending

11

Total income

5,737

Expenses

Management fee
Basic fee

$ 2,148

Performance adjustment

17

Transfer agent fees

688

Accounting and security lending fees

112

Non-interested trustees' compensation

2

Depreciation in deferred trustee compensation account

(5)

Custodian fees and expenses

9

Registration fees

17

Audit

25

Legal

8

Miscellaneous

3

Total expenses before reductions

3,024

Expense reductions

(99)

2,925

Net investment income (loss)

2,812

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(1,987)

Foreign currency transactions

3

Futures contracts

855

Total net realized gain (loss)

(1,129)

Change in net unrealized appreciation (depreciation) on:

Investment securities

85,608

Futures contracts

599

Total change in net unrealized appreciation (depreciation)

86,207

Net gain (loss)

85,078

Net increase (decrease) in net assets resulting from operations

$ 87,890

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
June 30, 2003
(Unaudited)

Year ended
December 31,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 2,812

$ 2,896

Net realized gain (loss)

(1,129)

(96,196)

Change in net unrealized appreciation (depreciation)

86,207

(110,263)

Net increase (decrease) in net assets resulting
from operations

87,890

(203,563)

Distributions to shareholders from net investment income

-

(2,918)

Share transactions
Net proceeds from sales of shares

18,270

29,750

Reinvestment of distributions

-

2,501

Cost of shares redeemed

(45,381)

(101,264)

Net increase (decrease) in net assets resulting from share transactions

(27,111)

(69,013)

Total increase (decrease) in net assets

60,779

(275,494)

Net Assets

Beginning of period

729,107

1,004,601

End of period (including undistributed net investment income of $2,814 and undistributed net investment income of $2, respectively)

$ 789,886

$ 729,107

Other Information

Shares

Sold

449

700

Issued in reinvestment of distributions

-

65

Redeemed

(1,142)

(2,379)

Net increase (decrease)

(693)

(1,614)

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

Six months ended
June 30, 2003

Years ended December 31,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 38.64

$ 49.04

$ 56.42

$ 71.72

$ 55.66

$ 54.11

Income from Investment Operations

Net investment income (loss) D

.15

.15

.19

.22

.18

.05

Net realized and unrealized gain (loss)

4.66

(10.39)

(7.14)

(4.98)

22.23

1.50

Total from investment operations

4.81

(10.24)

(6.95)

(4.76)

22.41

1.55

Distributions from net investment income

-

(.16)

(.23)

(.22)

(.18)

-

Distributions in excess of net investment income

-

-

-

(.47)

(.02)

-

Distributions from net realized gain

-

-

(.20)

(9.85)

(6.15)

-

Total distributions

-

(.16)

(.43)

(10.54)

(6.35)

-

Net asset value, end of period

$ 43.45

$ 38.64

$ 49.04

$ 56.42

$ 71.72

$ 55.66

Total Return B,C

12.45%

(20.89)%

(12.37)%

(7.16)%

40.73%

2.86%

Ratios to Average Net Assets E

Expenses before expense reductions

.82%A

1.05%

.78%

.58%

.58%

.62%

Expenses net of voluntary waivers, if any

.82%A

1.05%

.78%

.58%

.58%

.62%

Expenses net of all reductions

.79%A

1.01%

.74%

.52%

.51%

.54%

Net investment income (loss)

.76%A

.34%

.37%

.33%

.28%

.10%

Supplemental Data

Net assets, end of period (in
millions)

$ 790

$ 729

$ 1,005

$ 1,242

$ 1,533

$ 1,195

Portfolio turnover rate

54%A

79%

102%

267%

309%

348%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Trend Fund (the fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust and is authorized to issue an unlimited number of shares. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Semiannual Report

Foreign Currency - continued

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 88,972

|

Unrealized depreciation

(66,186)

Net unrealized appreciation (depreciation)

22,786

Cost for federal income tax purposes

766,935

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase the fund's exposure to the underlying instrument, while selling futures tends to decrease the fund's exposure to the underlying instrument or hedge other fund investments. Futures contracts involve, to varying degrees, risk of loss in excess of the futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counter-parties do not perform under the contracts' terms. Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

3. Purchases and Sales of Investments.

Semiannual Report

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .59% of the fund's average net assets.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .19% of average net assets.

Accounting and Security Lending Fees. FSC maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $224 for the period.

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

5. Committed Line of Credit.

Semiannual Report

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $98 for the period. In addition, through arrangements with the fund's transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's transfer agent expenses by $1.

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual
fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
2300 Litton Lane - KH2B
Hebron, KY 41048

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
2300 Litton Lane - KH2GC
Hebron, KY 41048-9397

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
2300 Litton Lane - KH2GC
Hebron, KY 41048-9397

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

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Burlingame, CA

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Naples, FL

3501 PGA Boulevard
West Palm Beach, FL

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Sarasota, FL

Semiannual Report

1502 N. Westshore Blvd.
Tampa, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7401 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

405 Cochituate Road
Framingham, MA

416 Belmont Street
Worcester, MA

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Semiannual Report

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

8885 Ladue Road
Ladue, MO

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

3518 Route 1 North
Princeton, NJ

New York

1055 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

16850 SW 72nd Avenue
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4017 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

Semiannual Report

6005 West Park Boulevard
Plano, TX 75093

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Fidelity's Growth Funds

Aggressive Growth Fund

Blue Chip Growth Fund

Blue Chip Value Fund

Capital Appreciation Fund

Contrafund®

Discovery Fund

Disciplined Equity Fund

Dividend Growth Fund

Export and Multinational Fund

Fidelity Fifty ®

Fidelity Value Discovery Fund

Focused Stock Fund

Growth Company Fund

Independence Fund

Large Cap Stock Fund

Leveraged Company Stock Fund

Low-Priced Stock Fund

Magellan® Fund

Mid-Cap Stock Fund

New Millennium Fund ®

OTC Portfolio

Small Cap Independence Fund

Small Cap Stock Fund

Stock Selector

Structured Large Cap Growth Fund

Structured Large Cap Value Fund

Structured Mid Cap Growth Fund

Structured Mid Cap Value Fund

Tax Managed Stock Fund

Trend Fund

Value Fund

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST ®) (automated graphic)    1-800-544-5555

(automated graphic)    Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

TRE-USAN-0803
1.787792.100

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Reserved

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Reserved

Item 9. 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 half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 10. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

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/Maria Dwyer

Maria Dwyer

President and Treasurer

Date:

August 25, 2003

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/Maria Dwyer

Maria Dwyer

President and Treasurer

Date:

August 25, 2003

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

August 25, 2003