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, 2005

Item 1. Reports to Stockholders

Fidelity®

Trend

Fund

Semiannual Report

June 30, 2005

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

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.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted. Allegations that some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these reports disturbing, and assert that they do not create an accurate picture of the industry overall. Therefore, I would like to remind everyone where Fidelity stands on these issues. I will say two things specifically regarding allegations that some mutual fund companies were in violation of the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities.

First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to say that someone could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this manner - and in every other. But I underscore again that Fidelity has no so-called "agreements" that sanction illegal practices.

Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short-term trading that adversely affects shareholders in a mutual fund. Back in the 1980s, we initiated a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. Further, we took the lead several years ago in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will find other ways to make it more difficult for predatory traders to operate. However, this will only be achieved through close cooperation among regulators, legislators and the industry.

Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems. Every system can be improved, and we support and applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings.

For nearly 60 years, Fidelity has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.

Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2005 to June 30, 2005).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Beginning
Account Value
January 1, 2005

Ending
Account Value
June 30, 2005

Expenses Paid
During Period*
January 1, 2005
to June 30, 2005

Actual

$ 1,000.00

$ 993.80

$ 4.10

Hypothetical (5% return per year before expenses)

$ 1,000.00

$ 1,020.68

$ 4.16

* Expenses are equal to the Fund's annualized expense ratio of .83%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes

Top Ten Stocks as of June 30, 2005

% of fund's
net assets

% of fund's net assets
6 months ago

General Electric Co.

4.2

3.7

Exxon Mobil Corp.

3.4

2.9

Microsoft Corp.

2.4

2.8

Citigroup, Inc.

2.1

1.9

Johnson & Johnson

2.0

1.8

American International Group, Inc.

2.0

1.9

Pfizer, Inc.

2.0

1.9

Bank of America Corp.

1.7

2.0

Intel Corp.

1.7

1.4

Altria Group, Inc.

1.5

1.2

23.0

Top Five Market Sectors as of June 30, 2005

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

16.9

18.8

Financials

16.1

17.5

Health Care

14.7

13.4

Industrials

12.8

13.3

Consumer Discretionary

11.4

9.9

Asset Allocation (% of fund's net assets)

As of June 30, 2005 *

As of December 31, 2004 **

Stocks 99.1%

Stocks 98.1%

Convertible
Securities 0.0%

Convertible
Securities 0.1%

Short-Term
Investments and
Net Other Assets 0.9%

Short-Term
Investments and
Net Other Assets 1.8%

* Foreign
investments

4.1%

** Foreign
investments

3.6%



Semiannual Report

Investments June 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - 11.4%

Automobiles - 0.2%

General Motors Corp. (d)

26,700

$ 908

Toyota Motor Corp.

22,400

801

1,709

Hotels, Restaurants & Leisure - 0.9%

Carnival Corp. unit

63,300

3,453

Hilton Hotels Corp.

27,100

646

Kerzner International Ltd. (a)

22,300

1,270

Penn National Gaming, Inc. (a)

13,000

475

Starwood Hotels & Resorts Worldwide, Inc. unit

33,900

1,986

7,830

Household Durables - 0.4%

Harman International Industries, Inc.

8,100

659

KB Home

7,100

541

Toll Brothers, Inc. (a)

18,500

1,879

3,079

Internet & Catalog Retail - 0.4%

eBay, Inc. (a)

102,300

3,377

Media - 4.9%

Clear Channel Communications, Inc.

34,000

1,052

Comcast Corp.:

Class A (a)

39,914

1,225

Class A (special) (a)

53,900

1,614

E.W. Scripps Co. Class A

14,000

683

Getty Images, Inc. (a)

35,300

2,621

JC Decaux SA (a)

60,357

1,530

Lamar Advertising Co. Class A (a)

52,600

2,250

Martha Stewart Living Omnimedia, Inc. Class A (a)

16,000

467

McGraw-Hill Companies, Inc.

34,200

1,513

News Corp. Class A

182,064

2,946

NTL, Inc. (a)

7,354

503

Omnicom Group, Inc.

25,800

2,060

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

227,800

2,948

Spanish Broadcasting System, Inc. Class A (a)

84,000

839

Time Warner, Inc. (a)

377,950

6,316

Univision Communications, Inc. Class A (a)

190,900

5,259

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

25,150

805

Walt Disney Co.

144,900

3,649

XM Satellite Radio Holdings, Inc. Class A (a)

85,600

2,881

41,161

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 2.5%

Federated Department Stores, Inc.

101,600

$ 7,445

JCPenney Co., Inc.

22,300

1,173

Kohl's Corp. (a)

49,100

2,745

Nordstrom, Inc.

37,000

2,515

Sears Holdings Corp. (a)

19,600

2,937

Target Corp.

81,700

4,445

21,260

Specialty Retail - 1.8%

Best Buy Co., Inc.

43,400

2,975

Guitar Center, Inc. (a)

7,000

409

Home Depot, Inc.

134,700

5,240

Hot Topic, Inc. (a)

45,500

870

Lowe's Companies, Inc.

60,300

3,511

OfficeMax, Inc.

25,700

765

Staples, Inc.

61,500

1,311

15,081

Textiles, Apparel & Luxury Goods - 0.3%

Coach, Inc. (a)

27,400

920

NIKE, Inc. Class B

17,300

1,498

2,418

TOTAL CONSUMER DISCRETIONARY

95,915

CONSUMER STAPLES - 9.1%

Beverages - 1.7%

PepsiCo, Inc.

137,470

7,414

The Coca-Cola Co.

158,800

6,630

14,044

Food & Staples Retailing - 2.9%

7-Eleven, Inc. (a)

28,800

871

Costco Wholesale Corp.

28,500

1,277

CVS Corp.

171,800

4,994

Kroger Co. (a)

48,600

925

Safeway, Inc.

80,411

1,816

Wal-Mart Stores, Inc.

220,800

10,643

Walgreen Co.

88,100

4,052

24,578

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER STAPLES - continued

Food Products - 0.6%

Hershey Co.

20,600

$ 1,279

Kellogg Co.

47,300

2,102

The J.M. Smucker Co.

12,500

587

Wm. Wrigley Jr. Co.

21,600

1,487

5,455

Household Products - 1.9%

Colgate-Palmolive Co.

59,700

2,980

Kimberly-Clark Corp.

23,800

1,490

Procter & Gamble Co.

213,000

11,236

15,706

Personal Products - 0.5%

Gillette Co.

85,800

4,344

Tobacco - 1.5%

Altria Group, Inc.

195,200

12,622

TOTAL CONSUMER STAPLES

76,749

ENERGY - 9.7%

Energy Equipment & Services - 2.9%

Halliburton Co.

122,700

5,868

Nabors Industries Ltd. (a)

57,500

3,486

National Oilwell Varco, Inc. (a)

74,362

3,535

Noble Corp.

25,800

1,587

Pride International, Inc. (a)

54,300

1,396

Schlumberger Ltd. (NY Shares)

78,700

5,976

Transocean, Inc. (a)

26,400

1,425

Weatherford International Ltd. (a)

16,200

939

24,212

Oil, Gas & Consumable Fuels - 6.8%

Anadarko Petroleum Corp.

8,300

682

Apache Corp.

8,100

523

Burlington Resources, Inc.

53,000

2,928

ChevronTexaco Corp.

130,938

7,322

ConocoPhillips

110,136

6,332

Exxon Mobil Corp.

492,030

28,277

Kinder Morgan, Inc.

10,200

849

Occidental Petroleum Corp.

27,700

2,131

Peabody Energy Corp.

12,400

645

Quicksilver Resources, Inc. (a)

36,000

2,301

Common Stocks - continued

Shares

Value (Note 1) (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Tesoro Petroleum Corp.

9,200

$ 428

Ultra Petroleum Corp. (a)

30,600

929

Valero Energy Corp.

38,600

3,054

Williams Companies, Inc.

43,800

832

57,233

TOTAL ENERGY

81,445

FINANCIALS - 16.1%

Capital Markets - 2.3%

E*TRADE Financial Corp. (a)

178,900

2,503

Goldman Sachs Group, Inc.

46,000

4,693

Legg Mason, Inc.

5,000

521

Lehman Brothers Holdings, Inc.

21,700

2,154

Merrill Lynch & Co., Inc.

58,500

3,218

Morgan Stanley

70,400

3,694

Northern Trust Corp.

26,600

1,213

State Street Corp.

35,400

1,708

19,704

Commercial Banks - 3.6%

Bank of America Corp.

318,122

14,510

U.S. Bancorp, Delaware

76,200

2,225

Wachovia Corp.

114,323

5,670

Wells Fargo & Co.

123,100

7,580

29,985

Consumer Finance - 1.5%

American Express Co.

155,500

8,277

Capital One Financial Corp. (d)

41,800

3,344

SLM Corp.

19,000

965

12,586

Diversified Financial Services - 3.1%

CIT Group, Inc.

16,800

722

Citigroup, Inc.

373,177

17,252

JPMorgan Chase & Co.

225,588

7,968

25,942

Insurance - 4.4%

ACE Ltd.

63,600

2,852

AFLAC, Inc.

73,500

3,181

Common Stocks - continued

Shares

Value (Note 1) (000s)

FINANCIALS - continued

Insurance - continued

Allstate Corp.

34,100

$ 2,037

AMBAC Financial Group, Inc.

12,000

837

American International Group, Inc.

284,937

16,555

Hartford Financial Services Group, Inc.

41,500

3,103

MetLife, Inc.

79,500

3,573

Prudential Financial, Inc.

68,800

4,517

36,655

Real Estate - 0.5%

CenterPoint Properties Trust (SBI)

24,300

1,028

Equity Residential (SBI)

25,300

932

KKR Financial Corp.

38,100

953

Vornado Realty Trust

16,200

1,302

4,215

Thrifts & Mortgage Finance - 0.7%

Freddie Mac

39,800

2,596

Golden West Financial Corp., Delaware

26,200

1,687

Washington Mutual, Inc.

41,600

1,693

5,976

TOTAL FINANCIALS

135,063

HEALTH CARE - 14.7%

Biotechnology - 1.6%

Amgen, Inc. (a)

87,600

5,296

Biogen Idec, Inc. (a)

34,700

1,195

Celgene Corp. (a)

15,700

640

Genentech, Inc. (a)

68,800

5,523

Invitrogen Corp. (a)

6,200

516

OSI Pharmaceuticals, Inc. (a)

10,000

409

13,579

Health Care Equipment & Supplies - 3.4%

Alcon, Inc.

30,200

3,302

Aspect Medical Systems, Inc. (a)

53,700

1,597

Baxter International, Inc.

52,300

1,940

Becton, Dickinson & Co.

44,100

2,314

C.R. Bard, Inc.

31,100

2,068

Fisher Scientific International, Inc. (a)

36,500

2,369

Guidant Corp.

53,800

3,621

Hospira, Inc. (a)

22,900

893

Common Stocks - continued

Shares

Value (Note 1) (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Medtronic, Inc.

98,800

$ 5,117

ResMed, Inc. (a)

9,600

634

St. Jude Medical, Inc. (a)

82,100

3,580

Zimmer Holdings, Inc. (a)

10,400

792

28,227

Health Care Providers & Services - 2.6%

Aetna, Inc.

16,000

1,325

Cardinal Health, Inc.

12,950

746

Cerner Corp. (a)

11,600

788

Community Health Systems, Inc. (a)

42,600

1,610

HCA, Inc.

33,100

1,876

McKesson Corp.

17,500

784

Sunrise Senior Living, Inc. (a)

17,700

955

UnitedHealth Group, Inc.

194,600

10,146

WebMD Corp. (a)

200,300

2,057

WellPoint, Inc. (a)

26,800

1,866

22,153

Pharmaceuticals - 7.1%

Abbott Laboratories

103,100

5,053

Allergan, Inc.

10,300

878

Bristol-Myers Squibb Co.

71,200

1,779

Elan Corp. PLC sponsored ADR (a)

58,900

402

Eli Lilly & Co.

85,100

4,741

Johnson & Johnson

256,500

16,673

Merck & Co., Inc.

74,200

2,285

Pfizer, Inc.

598,995

16,520

Schering-Plough Corp.

146,200

2,787

Sepracor, Inc. (a)

32,600

1,956

Wyeth

153,500

6,831

59,905

TOTAL HEALTH CARE

123,864

INDUSTRIALS - 12.8%

Aerospace & Defense - 3.9%

BE Aerospace, Inc. (a)

90,100

1,408

EADS NV

32,922

1,050

General Dynamics Corp.

15,400

1,687

Goodrich Corp.

15,100

618

Common Stocks - continued

Shares

Value (Note 1) (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Hexcel Corp. (a)

117,700

$ 1,991

Honeywell International, Inc.

205,000

7,509

Lockheed Martin Corp.

29,800

1,933

Meggitt PLC

186,300

944

Northrop Grumman Corp.

28,115

1,553

Precision Castparts Corp.

33,100

2,578

Raytheon Co.

46,000

1,800

Rockwell Collins, Inc.

29,200

1,392

The Boeing Co.

71,400

4,712

United Technologies Corp.

72,000

3,697

32,872

Air Freight & Logistics - 0.6%

FedEx Corp.

31,800

2,576

United Parcel Service, Inc. Class B

28,100

1,943

UTI Worldwide, Inc.

6,500

453

4,972

Airlines - 0.0%

JetBlue Airways Corp. (a)

15,166

310

Commercial Services & Supplies - 0.3%

Monster Worldwide, Inc. (a)

33,600

964

Robert Half International, Inc.

69,300

1,730

2,694

Construction & Engineering - 0.1%

Fluor Corp.

11,900

685

Electrical Equipment - 0.6%

American Power Conversion Corp.

12,200

288

Cooper Industries Ltd. Class A

12,800

818

Emerson Electric Co.

33,600

2,104

Rockwell Automation, Inc.

15,300

745

Roper Industries, Inc.

13,200

942

4,897

Industrial Conglomerates - 5.7%

3M Co.

87,400

6,319

General Electric Co.

1,011,800

35,057

Tyco International Ltd.

234,000

6,833

48,209

Machinery - 1.0%

Caterpillar, Inc.

25,400

2,421

Common Stocks - continued

Shares

Value (Note 1) (000s)

INDUSTRIALS - continued

Machinery - continued

Danaher Corp.

35,000

$ 1,832

ITT Industries, Inc.

46,800

4,569

8,822

Marine - 0.1%

Alexander & Baldwin, Inc.

14,900

691

Road & Rail - 0.5%

Burlington Northern Santa Fe Corp.

18,900

890

Norfolk Southern Corp.

95,500

2,957

3,847

TOTAL INDUSTRIALS

107,999

INFORMATION TECHNOLOGY - 16.9%

Communications Equipment - 3.2%

China Techfaith Wireless Communication Technology Ltd. sponsored ADR

52,500

854

CIENA Corp. (a)

387,600

810

Cisco Systems, Inc. (a)

497,500

9,507

Comverse Technology, Inc. (a)

35,000

828

Corning, Inc. (a)

110,300

1,833

Harris Corp.

21,900

683

Juniper Networks, Inc. (a)

33,400

841

Motorola, Inc.

204,400

3,732

Nokia Corp. sponsored ADR

246,700

4,105

Powerwave Technologies, Inc. (a)

51,000

521

QUALCOMM, Inc.

84,900

2,803

26,517

Computers & Peripherals - 3.3%

Advanced Digital Information Corp. (a)

55,100

419

Apple Computer, Inc. (a)

45,600

1,679

Dell, Inc. (a)

246,200

9,727

EMC Corp. (a)

273,900

3,755

Hewlett-Packard Co.

168,900

3,971

International Business Machines Corp.

111,800

8,296

27,847

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - 0.2%

Amphenol Corp. Class A

43,500

$ 1,747

Solectron Corp. (a)

36,300

138

1,885

Internet Software & Services - 1.4%

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

18,900

5,559

NetRatings, Inc. (a)

42,500

578

Yahoo!, Inc. (a)

168,100

5,825

11,962

IT Services - 1.5%

Affiliated Computer Services, Inc. Class A (a)

16,384

837

Ceridian Corp. (a)

46,100

898

Cognizant Technology Solutions Corp. Class A (a)

57,900

2,729

Infosys Technologies Ltd. sponsored ADR

24,700

1,914

Satyam Computer Services Ltd. sponsored ADR

34,400

894

SI International, Inc. (a)

60,000

1,798

SRA International, Inc. Class A (a)

92,800

3,222

12,292

Office Electronics - 0.1%

Xerox Corp. (a)

70,500

972

Semiconductors & Semiconductor Equipment - 3.4%

Altera Corp. (a)

58,300

1,156

Analog Devices, Inc.

53,600

2,000

Applied Materials, Inc.

70,700

1,144

Broadcom Corp. Class A (a)

25,000

888

FormFactor, Inc. (a)

60,600

1,601

Freescale Semiconductor, Inc. Class B

72,042

1,526

Intel Corp.

549,800

14,328

KLA-Tencor Corp.

8,400

367

Marvell Technology Group Ltd. (a)

28,100

1,069

National Semiconductor Corp.

14,600

322

PMC-Sierra, Inc. (a)

39,500

369

Teradyne, Inc. (a)

46,400

555

Texas Instruments, Inc.

102,500

2,877

28,202

Software - 3.8%

Autodesk, Inc.

67,500

2,320

Electronic Arts, Inc. (a)

7,800

442

Microsoft Corp.

797,100

19,800

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Oracle Corp. (a)

363,800

$ 4,802

Red Hat, Inc. (a)

58,400

765

Siebel Systems, Inc.

141,300

1,258

Symantec Corp. (a)

35,800

778

TIBCO Software, Inc. (a)

51,000

334

VERITAS Software Corp. (a)

74,700

1,823

32,322

TOTAL INFORMATION TECHNOLOGY

141,999

MATERIALS - 2.3%

Chemicals - 1.5%

Agrium, Inc.

20,700

404

Dow Chemical Co.

71,400

3,179

FMC Corp. (a)

17,000

954

Lyondell Chemical Co.

67,100

1,773

Monsanto Co.

47,700

2,999

Praxair, Inc.

65,400

3,048

12,357

Containers & Packaging - 0.1%

Owens-Illinois, Inc. (a)

41,900

1,050

Metals & Mining - 0.5%

Alcoa, Inc.

44,300

1,158

Carpenter Technology Corp.

13,200

684

Newmont Mining Corp.

33,100

1,292

Nucor Corp.

7,700

351

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

44,900

739

4,224

Paper & Forest Products - 0.2%

International Paper Co.

48,500

1,465

TOTAL MATERIALS

19,096

TELECOMMUNICATION SERVICES - 4.5%

Diversified Telecommunication Services - 3.5%

ALLTEL Corp.

16,000

996

BellSouth Corp.

164,100

4,360

Citizens Communications Co.

67,300

905

Qwest Communications International, Inc. (a)

404,500

1,501

Common Stocks - continued

Shares

Value (Note 1) (000s)

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

SBC Communications, Inc.

274,300

$ 6,515

Sprint Corp.

289,000

7,251

Verizon Communications, Inc.

230,200

7,953

29,481

Wireless Telecommunication Services - 1.0%

Alamosa Holdings, Inc. (a)

32,100

446

Crown Castle International Corp. (a)

49,500

1,006

Nextel Communications, Inc. Class A (a)

149,600

4,834

Nextel Partners, Inc. Class A (a)

65,900

1,659

Western Wireless Corp. Class A (a)

13,900

588

8,533

TOTAL TELECOMMUNICATION SERVICES

38,014

UTILITIES - 1.6%

Electric Utilities - 0.9%

Entergy Corp.

23,900

1,806

Exelon Corp.

54,300

2,787

PG&E Corp.

85,700

3,217

7,810

Independent Power Producers & Energy Traders - 0.5%

AES Corp. (a)

28,300

464

Constellation Energy Group, Inc.

13,300

767

NRG Energy, Inc. (a)

33,100

1,245

TXU Corp.

15,300

1,271

3,747

Multi-Utilities - 0.2%

Dominion Resources, Inc.

25,900

1,901

TOTAL UTILITIES

13,458

TOTAL COMMON STOCKS

(Cost $756,776)

833,602

Nonconvertible Preferred Stocks - 0.0%

Shares

Value (Note 1) (000s)

HEALTH CARE - 0.0%

Biotechnology - 0.0%

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

62,000

$ 53

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $341)

53

Money Market Funds - 1.6%

Fidelity Cash Central Fund, 3.21% (b)

9,349,940

9,350

Fidelity Securities Lending Cash Central Fund, 3.23% (b)(c)

4,043,250

4,043

TOTAL MONEY MARKET FUNDS

(Cost $13,393)

13,393

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $770,510)

847,048

NET OTHER ASSETS - (0.7)%

(6,196)

NET ASSETS - 100%

$ 840,852

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 listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $53,000 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

$ 341

Income Tax Information

At December 31, 2004, the fund had a capital loss carryforward of approximately $154,810,000 of which $64,603,000 and $90,207,000 will expire on December 31, 2009 and 2010, respectively.

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, 2005 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $4,204) (cost $770,510) - See accompanying schedule

$ 847,048

Receivable for investments sold

7,341

Receivable for fund shares sold

62

Dividends receivable

857

Interest receivable

23

Prepaid expenses

2

Other affiliated receivables

7

Other receivables

76

Total assets

855,416

Liabilities

Payable for investments purchased

$ 8,768

Payable for fund shares redeemed

1,121

Accrued management fee

422

Other affiliated payables

182

Other payables and accrued expenses

28

Collateral on securities loaned, at value

4,043

Total liabilities

14,564

Net Assets

$ 840,852

Net Assets consist of:

Paid in capital

$ 902,627

Undistributed net investment income

3,277

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

(141,589)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

76,537

Net Assets, for 15,772 shares outstanding

$ 840,852

Net Asset Value, offering price and redemption price per share ($840,852 ÷ 15,772 shares)

$ 53.31

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

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended June 30, 2005 (Unaudited)

Investment Income

Dividends

$ 6,582

Interest

204

Security lending

35

Total income

6,821

Expenses

Management fee
Basic fee

$ 2,446

Performance adjustment

96

Transfer agent fees

792

Accounting and security lending fees

141

Independent trustees' compensation

3

Custodian fees and expenses

12

Registration fees

16

Audit

28

Legal

8

Miscellaneous

5

Total expenses before reductions

3,547

Expense reductions

(89)

3,458

Net investment income (loss)

3,363

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

23,135

Foreign currency transactions

1

Total net realized gain (loss)

23,136

Change in net unrealized appreciation (depreciation) on:

Investment securities

(32,338)

Assets and liabilities in foreign currencies

(1)

Total change in net unrealized appreciation (depreciation)

(32,339)

Net gain (loss)

(9,203)

Net increase (decrease) in net assets resulting from operations

$ (5,840)

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
June 30, 2005
(Unaudited)

Year ended
December 31,
2004

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 3,363

$ 8,862

Net realized gain (loss)

23,136

52,893

Change in net unrealized appreciation (depreciation)

(32,339)

24,248

Net increase (decrease) in net assets resulting
from operations

(5,840)

86,003

Distributions to shareholders from net investment income

(247)

(8,833)

Share transactions
Proceeds from sales of shares

21,075

38,545

Reinvestment of distributions

214

7,648

Cost of shares redeemed

(57,355)

(107,351)

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

(36,066)

(61,158)

Total increase (decrease) in net assets

(42,153)

16,012

Net Assets

Beginning of period

883,005

866,993

End of period (including undistributed net investment income of $3,277 and undistributed net investment income of $161, respectively)

$ 840,852

$ 883,005

Other Information

Shares

Sold

400

762

Issued in reinvestment of distributions

4

143

Redeemed

(1,086)

(2,151)

Net increase (decrease)

(682)

(1,246)

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

Semiannual Report

Financial Highlights

Six months ended June 30, 2005

Years ended December 31,

(Unaudited)

2004

2003

2002

2001

2000

Selected Per-Share Data

Net asset value, beginning of period

$ 53.66

$ 48.98

$ 38.64

$ 49.04

$ 56.42

$ 71.72

Income from Investment Operations

Net investment income (loss) D

.21

.52 E

.34

.15

.19

.22

Net realized and unrealized gain (loss)

(.54)

4.70

10.34

(10.39)

(7.14)

(4.98)

Total from investment operations

(.33)

5.22

10.68

(10.24)

(6.95)

(4.76)

Distributions from net investment income

(.02)

(.54)

(.34)

(.16)

(.23)

(.22)

Distributions in excess of net investment income

-

-

-

-

-

(.47)

Distributions from net realized gain

-

-

-

-

(.20)

(9.85)

Total distributions

(.02)

(.54)

(.34)

(.16)

(.43)

(10.54)

Net asset value, end of period

$ 53.31

$ 53.66

$ 48.98

$ 38.64

$ 49.04

$ 56.42

Total Return B, C

(.62)%

10.66%

27.65%

(20.89)%

(12.37)%

(7.16)%

Ratios to Average Net Assets F

Expenses before expense reductions

.83% A

.84%

.82%

1.05%

.78%

.58%

Expenses net of voluntary waivers, if any

.83% A

.84%

.82%

1.05%

.78%

.58%

Expenses net of all reductions

.81% A

.82%

.79%

1.01%

.74%

.52%

Net investment income (loss)

.79% A

1.04%

.79%

.34%

.37%

.33%

Supplemental Data

Net assets, end of period (in millions)

$ 841

$ 883

$ 867

$ 729

$ 1,005

$ 1,242

Portfolio turnover rate

52% A

59%

80%

79%

102%

267%

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 Investment income per share reflects a special dividend which amounted to $.16 per share.

F 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, 2005 (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 fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. 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, including restricted 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. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. 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.

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.

Semiannual Report

1. Significant Accounting Policies - continued

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 and may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. 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 each fund in the trust.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent 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 the 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 book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, market discount, capital loss carryforwards and losses deferred due to wash sales.

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 and unrealized appreciation (depreciation) as of period end were as follows:

Unrealized appreciation

$ 125,972

Unrealized depreciation

(58,914)

Net unrealized appreciation (depreciation)

$ 67,058

Cost for federal income tax purposes

$ 779,990

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 which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

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 at the end of the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $218,270 and $242,718, respectively.

Semiannual Report

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 .27% 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 .60% 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 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. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

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 Money Market Central Funds seek preservation of capital and current income. The Central Funds do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $202 for the period.

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 were $19 for the period.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $4.2 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 the Fidelity Securities Lending Cash Central Fund. 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.

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 $84 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 $5.

8. Other.

The fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

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 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

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

10100 Santa Monica Blvd.
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16995 Bernardo Ctr. Drive
Rancho Bernardo, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

9185 East Westview Road
Littleton, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

222 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

3501 PGA Boulevard
West Palm Beach, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

875 North Michigan Ave.
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

7315 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

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

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

Semiannual Report

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Highway 35
Shrewsbury, 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

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

11 Penn Plaza
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, 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

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

1576 East Southlake Blvd.
Southlake, TX

19740 IH 45 North
Spring, TX

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

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
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

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

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

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
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

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

Semiannual Report

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

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

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

TRE-USAN-0805
1.787792.102

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

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. Schedule of Investments

Not applicable.

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Trend Fund's Board of Trustees.

Item 11. 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. 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)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and 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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

August 19, 2005

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:

August 19, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

August 19, 2005