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)

Scott C. Goebel, 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, 2010

Item 1. Reports to Stockholders

Fidelity®
Trend
Fund

Semiannual Report

June 30, 2010

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

The Chairman'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 http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC 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 holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

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:

A yearlong uptrend in global equity markets came under significant pressure in May 2010 when investor sentiment turned bearish amid growing concern that Europe's debt crisis would expand and slow or derail economic recovery. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,


(The chairman's signature appears here.)

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, 2010 to June 30, 2010).

Actual Expenses

The first line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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.

Semiannual Report

Shareholder Expense Example - continued

 



Annualized
Expense Ratio


Beginning
Account Value
January 1, 2010


Ending
Account Value
June 30, 2010

Expenses Paid
During Period*
January 1, 2010 to
June 30, 2010

Actual

.85%

$ 1,000.00

$ 925.20

$ 4.06

Hypothetical (5% return per year before expenses)

 

$ 1,000.00

$ 1,020.58

$ 4.26

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

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Exxon Mobil Corp.

6.5

0.9

Apple, Inc.

6.0

5.1

Cisco Systems, Inc.

2.2

2.4

Hewlett-Packard Co.

1.9

1.6

eBay, Inc.

1.8

0.6

United Technologies Corp.

1.8

1.4

Amazon.com, Inc.

1.7

2.2

Cerner Corp.

1.6

1.4

Google, Inc. Class A

1.6

4.5

Schlumberger Ltd.

1.5

1.0

 

26.6

Top Five Market Sectors as of June 30, 2010

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

32.8

35.1

Consumer Discretionary

13.9

11.1

Industrials

13.5

9.8

Energy

10.8

4.1

Health Care

8.4

14.4

Asset Allocation (% of fund's net assets)

As of June 30, 2010*

As of December 31, 2009**

fid78017

Stocks 98.8%

 

fid78017

Stocks 98.7%

 

fid78020

Short-Term
Investments and
Net Other Assets 1.2%

 

fid78020

Short-Term
Investments and
Net Other Assets 1.3%

 

* Foreign investments

8.6%

 

** Foreign investments

11.6%

 

fid78023

Semiannual Report

Investments June 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.9%

Auto Components - 0.6%

Johnson Controls, Inc.

176,400

$ 4,740

Automobiles - 0.3%

Ford Motor Co. (a)

267,600

2,697

Hotels, Restaurants & Leisure - 2.6%

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

73,300

434

Domino's Pizza, Inc. (a)

145,500

1,644

McDonald's Corp.

123,400

8,128

O'Charleys, Inc. (a)

149,200

791

Starbucks Corp.

285,400

6,935

Wyndham Worldwide Corp.

184,800

3,722

 

21,654

Household Durables - 2.1%

iRobot Corp. (a)

97,900

1,840

La-Z-Boy, Inc. (a)

305,000

2,266

Sealy Corp., Inc. (a)

361,600

965

Tempur-Pedic International, Inc. (a)

389,800

11,986

 

17,057

Internet & Catalog Retail - 1.7%

Amazon.com, Inc. (a)

123,300

13,472

Leisure Equipment & Products - 0.9%

Hasbro, Inc.

176,600

7,258

Media - 2.1%

DIRECTV (a)

260,000

8,819

The Walt Disney Co.

127,500

4,016

Virgin Media, Inc.

246,200

4,109

 

16,944

Specialty Retail - 2.1%

Best Buy Co., Inc.

179,800

6,088

Home Depot, Inc.

72,200

2,027

Sally Beauty Holdings, Inc. (a)(c)

1,093,900

8,970

 

17,085

Textiles, Apparel & Luxury Goods - 1.5%

Deckers Outdoor Corp. (a)

29,900

4,272

Phillips-Van Heusen Corp.

74,000

3,424

Polo Ralph Lauren Corp. Class A

62,500

4,560

 

12,256

TOTAL CONSUMER DISCRETIONARY

113,163

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 7.4%

Beverages - 1.6%

Anheuser-Busch InBev SA NV

80,818

$ 3,886

The Coca-Cola Co.

175,800

8,811

 

12,697

Food & Staples Retailing - 2.2%

Costco Wholesale Corp.

74,200

4,068

Kroger Co.

84,000

1,654

Wal-Mart Stores, Inc.

121,200

5,826

Walgreen Co.

147,600

3,941

Whole Foods Market, Inc. (a)

74,400

2,680

 

18,169

Food Products - 1.4%

Danone

72,162

3,868

Mead Johnson Nutrition Co. Class A

46,400

2,326

Nestle SA sponsored ADR

44,600

2,152

The J.M. Smucker Co.

35,800

2,156

Tingyi Cayman Islands Holding Corp.

454,000

1,113

 

11,615

Household Products - 0.5%

Procter & Gamble Co.

62,555

3,752

Personal Products - 1.7%

BaWang International (Group) Holding Ltd.

1,347,000

956

Estee Lauder Companies, Inc. Class A

55,400

3,087

Hengan International Group Co. Ltd.

162,000

1,312

Herbalife Ltd.

186,700

8,598

 

13,953

TOTAL CONSUMER STAPLES

60,186

ENERGY - 10.8%

Energy Equipment & Services - 3.0%

Baker Hughes, Inc.

70,200

2,918

Complete Production Services, Inc. (a)

181,600

2,597

Halliburton Co.

217,500

5,340

Newpark Resources, Inc. (a)

199,600

1,208

Schlumberger Ltd.

226,400

12,529

 

24,592

Oil, Gas & Consumable Fuels - 7.8%

Arch Coal, Inc.

54,400

1,078

Atlas Pipeline Partners, LP (a)

100,800

974

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Chesapeake Energy Corp.

69,700

$ 1,460

Chevron Corp.

47,200

3,203

Exxon Mobil Corp.

924,600

52,774

Massey Energy Co.

60,700

1,660

Range Resources Corp.

41,900

1,682

 

62,831

TOTAL ENERGY

87,423

FINANCIALS - 5.6%

Capital Markets - 0.9%

Bank of New York Mellon Corp.

103,800

2,563

Morgan Stanley

213,500

4,955

 

7,518

Commercial Banks - 1.6%

PNC Financial Services Group, Inc.

57,600

3,254

Regions Financial Corp.

574,800

3,782

SunTrust Banks, Inc.

162,100

3,777

Wells Fargo & Co.

79,600

2,038

 

12,851

Consumer Finance - 1.1%

American Express Co.

175,900

6,983

SLM Corp. (a)

163,800

1,702

 

8,685

Diversified Financial Services - 1.5%

Bank of America Corp.

139,044

1,998

Citigroup, Inc. (a)

1,135,800

4,271

CME Group, Inc.

6,600

1,858

JPMorgan Chase & Co.

114,100

4,177

 

12,304

Real Estate Management & Development - 0.5%

Henderson Land Development Co. Ltd.

105,000

615

Jones Lang LaSalle, Inc.

53,600

3,518

 

4,133

TOTAL FINANCIALS

45,491

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 8.4%

Biotechnology - 1.5%

Alexion Pharmaceuticals, Inc. (a)

53,846

$ 2,756

AMAG Pharmaceuticals, Inc. (a)

46,700

1,604

Amicus Therapeutics, Inc. (a)(c)

131,400

294

Amylin Pharmaceuticals, Inc. (a)

7,038

132

ARIAD Pharmaceuticals, Inc. (a)

505,300

1,425

BioMarin Pharmaceutical, Inc. (a)

111,100

2,106

Dendreon Corp. (a)

25,500

824

Gilead Sciences, Inc. (a)

2,000

69

Nanosphere, Inc. (a)

95,300

416

United Therapeutics Corp. (a)

41,900

2,045

 

11,671

Health Care Equipment & Supplies - 1.0%

Edwards Lifesciences Corp. (a)

8,800

493

Inverness Medical Innovations, Inc. (a)

198,831

5,301

Mako Surgical Corp. (a)

45,000

560

NuVasive, Inc. (a)

18,000

638

Orthovita, Inc. (a)

226,600

460

RTI Biologics, Inc. (a)

297,300

871

 

8,323

Health Care Providers & Services - 2.0%

Accretive Health, Inc.

10,100

134

BioScrip, Inc. (a)

326,600

1,711

Express Scripts, Inc. (a)

130,400

6,131

Health Net, Inc. (a)

80,600

1,964

Medco Health Solutions, Inc. (a)

107,200

5,905

Team Health Holdings, Inc.

32,300

417

 

16,262

Health Care Technology - 1.6%

Cerner Corp. (a)

175,800

13,341

Life Sciences Tools & Services - 0.6%

Life Technologies Corp. (a)

63,500

3,000

QIAGEN NV (a)

93,700

1,801

 

4,801

Pharmaceuticals - 1.7%

Allergan, Inc.

84,200

4,905

Ardea Biosciences, Inc. (a)

12,300

253

Cadence Pharmaceuticals, Inc. (a)

238,600

1,673

Cardiome Pharma Corp. (a)

211,500

1,744

Teva Pharmaceutical Industries Ltd. sponsored ADR

39,900

2,074

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Valeant Pharmaceuticals International (a)

33,600

$ 1,757

ViroPharma, Inc. (a)

92,400

1,036

 

13,442

TOTAL HEALTH CARE

67,840

INDUSTRIALS - 13.5%

Aerospace & Defense - 5.1%

Alliant Techsystems, Inc. (a)

70,500

4,375

DigitalGlobe, Inc. (a)

84,700

2,228

Precision Castparts Corp.

79,900

8,223

Raytheon Co.

89,100

4,312

The Boeing Co.

123,300

7,737

United Technologies Corp.

222,200

14,423

 

41,298

Air Freight & Logistics - 0.4%

C.H. Robinson Worldwide, Inc.

63,100

3,512

Airlines - 1.0%

AMR Corp. (a)

240,100

1,628

Delta Air Lines, Inc. (a)

213,700

2,511

Southwest Airlines Co.

369,700

4,107

 

8,246

Building Products - 0.1%

Masco Corp.

115,300

1,241

Commercial Services & Supplies - 0.4%

Interface, Inc. Class A

71,400

767

Steelcase, Inc. Class A

110,700

858

Viad Corp.

88,900

1,569

 

3,194

Construction & Engineering - 2.3%

Fluor Corp.

222,900

9,473

Foster Wheeler AG (a)

99,000

2,085

Jacobs Engineering Group, Inc. (a)

101,400

3,695

KBR, Inc.

151,900

3,090

 

18,343

Electrical Equipment - 0.5%

American Superconductor Corp. (a)(c)

149,500

3,990

Industrial Conglomerates - 1.2%

General Electric Co.

681,300

9,824

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - 1.2%

Duoyuan Global Water, Inc. ADR (c)

106,400

$ 1,873

Harsco Corp.

80,700

1,896

Ingersoll-Rand Co. Ltd.

127,700

4,404

Weg SA

169,900

1,574

 

9,747

Road & Rail - 0.6%

Union Pacific Corp.

71,600

4,977

Trading Companies & Distributors - 0.7%

WESCO International, Inc. (a)

170,400

5,737

TOTAL INDUSTRIALS

110,109

INFORMATION TECHNOLOGY - 32.8%

Communications Equipment - 5.0%

Cisco Systems, Inc. (a)

853,700

18,192

Juniper Networks, Inc. (a)

521,400

11,898

QUALCOMM, Inc.

135,200

4,440

Research In Motion Ltd. (a)

122,900

6,054

 

40,584

Computers & Peripherals - 8.2%

Apple, Inc. (a)

194,200

48,847

Hewlett-Packard Co.

352,200

15,243

Teradata Corp. (a)

91,300

2,783

 

66,873

Electronic Equipment & Components - 1.9%

Agilent Technologies, Inc. (a)

124,000

3,525

FLIR Systems, Inc. (a)

75,700

2,202

Ingram Micro, Inc. Class A (a)

542,900

8,247

Vishay Intertechnology, Inc. (a)

220,300

1,705

 

15,679

Internet Software & Services - 4.2%

Baidu.com, Inc. sponsored ADR (a)

57,600

3,921

eBay, Inc. (a)

770,100

15,102

Google, Inc. Class A (a)

29,700

13,215

NetEase.com, Inc. sponsored ADR (a)

40,400

1,281

Rackspace Hosting, Inc. (a)

44,596

818

 

34,337

IT Services - 3.9%

Cognizant Technology Solutions Corp. Class A (a)

132,000

6,608

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Hewitt Associates, Inc. Class A (a)

117,500

$ 4,049

International Business Machines Corp.

69,900

8,631

MasterCard, Inc. Class A

24,800

4,948

Visa, Inc. Class A

104,300

7,379

 

31,615

Semiconductors & Semiconductor Equipment - 3.5%

Intel Corp.

596,800

11,608

Marvell Technology Group Ltd. (a)

135,300

2,132

NVIDIA Corp. (a)

329,800

3,367

Power Integrations, Inc.

58,800

1,893

Skyworks Solutions, Inc. (a)

267,000

4,483

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

206,397

2,014

Teradyne, Inc. (a)

301,700

2,942

 

28,439

Software - 6.1%

BMC Software, Inc. (a)

148,600

5,146

Check Point Software Technologies Ltd. (a)

71,000

2,093

Citrix Systems, Inc. (a)

70,000

2,956

Informatica Corp. (a)

168,100

4,014

MICROS Systems, Inc. (a)

150,500

4,796

Microsoft Corp.

392,600

9,034

Nuance Communications, Inc. (a)

416,900

6,233

Radiant Systems, Inc. (a)

281,200

4,066

Red Hat, Inc. (a)

107,000

3,097

Salesforce.com, Inc. (a)

24,900

2,137

Symantec Corp. (a)

248,900

3,455

VMware, Inc. Class A (a)

37,800

2,366

 

49,393

TOTAL INFORMATION TECHNOLOGY

266,920

MATERIALS - 4.7%

Chemicals - 2.1%

Air Products & Chemicals, Inc.

54,200

3,513

Cabot Corp.

83,100

2,004

CF Industries Holdings, Inc.

78,500

4,981

Dow Chemical Co.

167,800

3,980

The Mosaic Co.

73,900

2,881

 

17,359

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Construction Materials - 0.2%

Martin Marietta Materials, Inc. (c)

22,700

$ 1,925

Containers & Packaging - 0.5%

Owens-Illinois, Inc. (a)

147,500

3,901

Metals & Mining - 1.5%

AngloGold Ashanti Ltd. sponsored ADR

57,400

2,479

Freeport-McMoRan Copper & Gold, Inc.

33,800

1,999

Newmont Mining Corp.

116,900

7,217

 

11,695

Paper & Forest Products - 0.4%

International Paper Co.

144,500

3,270

TOTAL MATERIALS

38,150

TELECOMMUNICATION SERVICES - 1.6%

Wireless Telecommunication Services - 1.6%

American Tower Corp. Class A (a)

105,200

4,681

Sprint Nextel Corp. (a)

1,983,500

8,410

 

13,091

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

AES Corp. (a)

78,300

723

TOTAL COMMON STOCKS

(Cost $808,007)

803,096

Money Market Funds - 1.8%

 

 

 

 

Fidelity Cash Central Fund, 0.20% (d)

9,458,474

9,458

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(d)

5,210,775

5,211

TOTAL MONEY MARKET FUNDS

(Cost $14,669)

14,669

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $822,676)

817,765

NET OTHER ASSETS (LIABILITIES) - (0.6)%

(4,771)

NET ASSETS - 100%

$ 812,994

Legend

(a) Non-income producing

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

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

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 8

Fidelity Securities Lending Cash Central Fund

64

Total

$ 72

Other Information

The following is a summary of the inputs used, as of June 30, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 113,163

$ 113,163

$ -

$ -

Consumer Staples

60,186

49,051

11,135

-

Energy

87,423

87,423

-

-

Financials

45,491

44,876

615

-

Health Care

67,840

67,840

-

-

Industrials

110,109

110,109

-

-

Information Technology

266,920

266,920

-

-

Materials

38,150

38,150

-

-

Telecommunication Services

13,091

13,091

-

-

Utilities

723

723

-

-

Money Market Funds

14,669

14,669

-

-

Total Investments in Securities:

$ 817,765

$ 806,015

$ 11,750

$ -

Income Tax Information

At December 31, 2009, the Fund had a capital loss carryforward of approximately $163,538,000 of which $107,302,000 and $56,236,000 will expire on December 31, 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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, 2010 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $5,089) - See accompanying schedule:

Unaffiliated issuers (cost $808,007)

$ 803,096

 

Fidelity Central Funds (cost $14,669)

14,669

 

Total Investments (cost $822,676)

 

$ 817,765

Cash

9

Receivable for investments sold

10,266

Receivable for fund shares sold

298

Dividends receivable

395

Distributions receivable from Fidelity Central Funds

18

Other receivables

24

Total assets

828,775

 

 

 

Liabilities

Payable for investments purchased

$ 9,081

Payable for fund shares redeemed

854

Accrued management fee

421

Other affiliated payables

158

Other payables and accrued expenses

56

Collateral on securities loaned, at value

5,211

Total liabilities

15,781

 

 

 

Net Assets

$ 812,994

Net Assets consist of:

 

Paid in capital

$ 924,830

Undistributed net investment income

25

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

(106,946)

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

(4,915)

Net Assets, for 15,626 shares outstanding

$ 812,994

Net Asset Value, offering price and redemption price per share ($812,994 ÷ 15,626 shares)

$ 52.03

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, 2010 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 3,638

Income from Fidelity Central Funds

 

72

Total income

 

3,710

 

 

 

Expenses

Management fee
Basic fee

$ 2,348

Performance adjustment

199

Transfer agent fees

796

Accounting and security lending fees

148

Custodian fees and expenses

17

Independent trustees' compensation

2

Registration fees

36

Audit

27

Legal

1

Miscellaneous

7

Total expenses before reductions

3,581

Expense reductions

(19)

3,562

Net investment income (loss)

148

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

66,545

Foreign currency transactions

(53)

Total net realized gain (loss)

 

66,492

Change in net unrealized appreciation (depreciation) on:

Investment securities

(131,923)

Assets and liabilities in foreign currencies

(2)

Total change in net unrealized appreciation (depreciation)

 

(131,925)

Net gain (loss)

(65,433)

Net increase (decrease) in net assets resulting from operations

$ (65,285)

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, 2010
(Unaudited)

Year ended
December 31,
2009

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 148

$ 2,938

Net realized gain (loss)

66,492

(10,687)

Change in net unrealized appreciation (depreciation)

(131,925)

248,885

Net increase (decrease) in net assets resulting
from operations

(65,285)

241,136

Distributions to shareholders from net investment income

(146)

(3,014)

Share transactions
Proceeds from sales of shares

139,035

124,396

Reinvestment of distributions

129

2,642

Cost of shares redeemed

(78,546)

(81,162)

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

60,618

45,876

Total increase (decrease) in net assets

(4,813)

283,998

 

 

 

Net Assets

Beginning of period

817,807

533,809

End of period (including undistributed net investment income of $25 and undistributed net investment income of $23, respectively)

$ 812,994

$ 817,807

Other Information

Shares

Sold

2,476

2,613

Issued in reinvestment of distributions

2

48

Redeemed

(1,390)

(1,778)

Net increase (decrease)

1,088

883

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

Semiannual Report

Financial Highlights

 

Six months ended
June 30, 2010

Years ended December 31,

 

(Unaudited)

2009

2008

2007 D

2006

2005

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 56.25

$ 39.09

$ 70.72

$ 64.18

$ 57.22

$ 53.66

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) E

  .01

  .21

  .19

  .07

  .52

  .40

Net realized and unrealized gain (loss)

  (4.22)

  17.16

  (31.63)

  12.08

  6.99

  3.59

Total from investment operations

  (4.21)

  17.37

  (31.44)

  12.15

  7.51

  3.99

Distributions from net investment income

  (.01)

  (.21)

  (.18)

  (.06)

  (.55)

  (.43)

Distributions from net realized gain

  -

  -

  (.01)

  (5.55)

  -

  -

Total distributions

  (.01)

  (.21)

  (.19)

  (5.61)

  (.55)

  (.43)

Net asset value, end of period

$ 52.03

$ 56.25

$ 39.09

$ 70.72

$ 64.18

$ 57.22

Total Return B,C

  (7.48)%

  44.45%

  (44.45)%

  18.87%

  13.12%

  7.42%

Ratios to Average Net Assets F,H

 

 

 

 

 

Expenses before reductions

  .85% A

  .81%

  .83%

  .83%

  .81%

  .83%

Expenses net of fee waivers, if any

  .85% A

  .81%

  .83%

  .83%

  .81%

  .83%

Expenses net of all reductions

  .85% A

  .80%

  .82%

  .83%

  .80%

  .80%

Net investment income (loss)

  .04% A

  .46%

  .33%

  .09%

  .87%

  .73%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 813

$ 818

$ 534

$ 1,138

$ 911

$ 874

Portfolio turnover rate G

  116% A

  141%

  147%

  194%

  81%

  64%

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 Prior to February 1, 2007 the Fund operated under certain different investment policies. Accordingly, the Fund's historical performance may not represent its current investment policies.

E Calculated based on average shares outstanding during the period.

F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

H 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 reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee 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, 2010 (Unaudited)

(Amounts in thousands except ratios)

1. Organization.

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.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Security Valuation - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2010 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and 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.

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

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.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. 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 and distributions from the Fidelity Central Funds are 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 amongst each fund in the Trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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 GAAP.

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 the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation

$ 63,992

Gross unrealized depreciation

(75,261)

Net unrealized appreciation (depreciation)

$ (11,269)

 

 

Tax cost

$ 829,034

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $533,705 and $472,560, respectively.

5. 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 .26% during the

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

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 .61% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC 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. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, 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.

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 $10 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.75 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, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, 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. Any cash collateral received 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. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $64.

8. 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 $19 for the period.

9. 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

fid78025For mutual fund and brokerage trading.

fid78027For quotes.*

fid78029For account balances and holdings.

fid78031To review orders and mutual
fund activity.

fid78033To change your PIN.

fid78035fid78037To 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

15445 N. Scottsdale Road
Scottsdale, AZ

17550 North 75th Avenue
Glendale, AZ

5330 E. Broadway Blvd
Tucson, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

601 Larkspur Landing Circle
Larkspur, CA

2000 Avenue of the Stars
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16656 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

2211 Michelson Drive
Irvine, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, 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

1261 Post Road
Fairfield, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

175 East Altamonte Drive
Altamonte Springs, FL

1400 Glades Road
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3242 Peachtree Road
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

1823 Freedom Drive
Naperville, IL

Indiana

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

200 Endicott Street
Danvers, MA

Semiannual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 N. Old Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

3480 28th Street
Grand Rapids, MI

2425 S. Linden Road STE E
Flint, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
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

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

3349 Monroe Avenue
Rochester, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

1800 Crocker Road
Westlake, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

1701 Lake Robbins Drive
The Woodlands, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

1576 East Southlake Blvd.
Southlake, TX

15600 Southwest Freeway
Sugar Land, TX

139 N. Loop 1604 East
San Antonio, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

11957 Democracy Drive
Reston, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

304 Strander Blvd
Tukwila, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound 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

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

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 ®) fid78039
1-800-544-5555

fid78039
Automated line for quickest service 

TRE-USAN-0810
1.787792.107

fid78042

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. Investments

(a) Not applicable.

(b) 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/ Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 25, 2010

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/ Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 25, 2010

By:

/s/ Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

August 25, 2010