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, 2004

Item 1. Reports to Stockholders

Fidelity®

Trend

Fund

Semiannual Report

June 30, 2004

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

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

Investments

<Click Here>

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

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Proxy Voting Results

<Click Here>

For a free copy of the fund's proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.

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

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

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

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

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

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

Neither the fund nor Fidelity Distributors Corporation is a bank.

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

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.

With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:

First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.

Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.

Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We 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. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.

For more than 57 years, Fidelity Investments 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. Many of them were family and friends. 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

Investment Changes

Top Ten Stocks as of June 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

General Electric Co.

3.3

3.1

Microsoft Corp.

3.2

3.7

Pfizer, Inc.

2.8

2.9

Exxon Mobil Corp.

2.3

1.8

Citigroup, Inc.

2.3

2.5

American International Group, Inc.

2.1

2.0

Wal-Mart Stores, Inc.

2.1

2.0

Bank of America Corp.

1.8

1.0

Intel Corp.

1.7

2.1

Johnson & Johnson

1.7

1.5

23.3

Top Five Market Sectors as of June 30, 2004

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

18.3

18.8

Financials

17.8

18.1

Health Care

14.1

13.1

Industrials

12.3

11.4

Consumer Discretionary

10.5

11.4

Asset Allocation (% of fund's net assets)

As of June 30, 2004*

As of December 31, 2003**

Stocks 97.6%

Stocks 97.9%

Convertible
Securities 0.5%

Convertible
Securities 0.4%

Short-Term
Investments and
Net Other Assets 1.9%

Short-Term
Investments and
Net Other Assets 1.7%

* Foreign
investments

3.0%

** Foreign
investments

2.5%



Semiannual Report

Investments June 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - 10.4%

Automobiles - 0.5%

Ford Motor Co.

54,700

$ 856

General Motors Corp.

31,200

1,454

Harley-Davidson, Inc.

16,500

1,022

Toyota Motor Corp.

22,400

914

Toyota Motor Corp. ADR

950

78

4,324

Hotels, Restaurants & Leisure - 1.4%

Carnival Corp. unit

32,000

1,504

GTECH Holdings Corp.

1,700

79

Hilton Hotels Corp.

27,100

506

International Game Technology

21,700

838

Kerzner International Ltd. (a)

35,100

1,669

Mandalay Resort Group

8,900

611

McDonald's Corp.

125,400

3,260

Royal Caribbean Cruises Ltd.

20,200

877

Starwood Hotels & Resorts Worldwide, Inc. unit

46,300

2,077

Yum! Brands, Inc.

11,900

443

11,864

Household Durables - 0.1%

D.R. Horton, Inc.

13,800

392

Toll Brothers, Inc. (a)

10,500

444

836

Internet & Catalog Retail - 0.4%

eBay, Inc. (a)

36,300

3,338

Leisure Equipment & Products - 0.2%

Brunswick Corp.

23,600

963

Eastman Kodak Co.

17,100

461

1,424

Media - 4.5%

Clear Channel Communications, Inc.

27,212

1,005

Comcast Corp.:

Class A (a)

68,914

1,932

Class A (special) (a)

27,600

762

EchoStar Communications Corp. Class A (a)

18,300

563

Emmis Communications Corp. Class A (a)

28,900

606

Fox Entertainment Group, Inc. Class A (a)

47,700

1,274

Gannett Co., Inc.

20,900

1,773

JC Decaux SA (a)

39,749

853

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

Lamar Advertising Co. Class A (a)

42,700

$ 1,851

McGraw-Hill Companies, Inc.

17,100

1,309

News Corp. Ltd. sponsored ADR

70,032

2,303

NTL, Inc. (a)

44,654

2,573

Omnicom Group, Inc.

5,200

395

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

252,800

2,935

The DIRECTV Group, Inc. (a)

78,600

1,344

Time Warner, Inc. (a)

354,450

6,231

Univision Communications, Inc. Class A (a)

83,800

2,676

Viacom, Inc.:

Class A

21,350

776

Class B (non-vtg.)

88,950

3,177

Walt Disney Co.

160,700

4,096

38,434

Multiline Retail - 1.0%

Federated Department Stores, Inc.

27,500

1,350

JCPenney Co., Inc.

50,300

1,899

Kohl's Corp. (a)

9,800

414

Nordstrom, Inc.

47,900

2,041

Target Corp.

74,200

3,151

8,855

Specialty Retail - 1.7%

Abercrombie & Fitch Co. Class A

24,200

938

American Eagle Outfitters, Inc. (a)

34,200

989

Best Buy Co., Inc.

25,600

1,299

Gap, Inc.

52,000

1,261

Home Depot, Inc.

171,700

6,044

Lowe's Companies, Inc.

30,900

1,624

Office Depot, Inc. (a)

51,700

926

Staples, Inc.

34,800

1,020

Toys 'R' Us, Inc. (a)

18,500

295

14,396

Textiles Apparel & Luxury Goods - 0.6%

Coach, Inc. (a)

23,100

1,044

Jones Apparel Group, Inc.

7,900

312

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - continued

Textiles Apparel & Luxury Goods - continued

NIKE, Inc. Class B

37,600

$ 2,848

Polo Ralph Lauren Corp. Class A

43,100

1,485

5,689

TOTAL CONSUMER DISCRETIONARY

89,160

CONSUMER STAPLES - 10.4%

Beverages - 2.4%

Anheuser-Busch Companies, Inc.

48,200

2,603

PepsiCo, Inc.

137,170

7,391

The Coca-Cola Co.

204,900

10,343

20,337

Food & Staples Retailing - 3.3%

Albertsons, Inc.

36,900

979

Costco Wholesale Corp.

26,900

1,105

CVS Corp.

85,900

3,610

Kroger Co. (a)

38,500

701

Safeway, Inc. (a)

75,700

1,918

Sysco Corp.

38,700

1,388

Wal-Mart Stores, Inc.

337,900

17,828

Walgreen Co.

11,300

409

27,938

Food Products - 0.9%

Archer-Daniels-Midland Co.

26,900

451

Dean Foods Co. (a)

24,450

912

H.J. Heinz Co.

35,100

1,376

Hershey Foods Corp.

20,600

953

Kellogg Co.

37,800

1,582

Smithfield Foods, Inc. (a)

18,100

532

The J.M. Smucker Co.

20,700

950

Wm. Wrigley Jr. Co.

21,600

1,362

8,118

Household Products - 2.0%

Colgate-Palmolive Co.

39,200

2,291

Kimberly-Clark Corp.

36,500

2,405

Procter & Gamble Co.

228,600

12,445

17,141

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER STAPLES - continued

Personal Products - 0.9%

Avon Products, Inc.

32,800

$ 1,513

Estee Lauder Companies, Inc. Class A

22,800

1,112

Gillette Co.

125,900

5,338

7,963

Tobacco - 0.9%

Altria Group, Inc.

160,800

8,048

TOTAL CONSUMER STAPLES

89,545

ENERGY - 6.5%

Energy Equipment & Services - 1.7%

Baker Hughes, Inc.

25,000

941

BJ Services Co. (a)

33,500

1,536

ENSCO International, Inc.

64,800

1,886

GlobalSantaFe Corp.

21,600

572

Halliburton Co.

55,500

1,679

Nabors Industries Ltd. (a)

11,500

520

National-Oilwell, Inc. (a)

39,100

1,231

Noble Corp. (a)

25,800

978

Pride International, Inc. (a)

22,000

376

Rowan Companies, Inc. (a)

11,800

287

Schlumberger Ltd. (NY Shares)

39,700

2,521

Transocean, Inc. (a)

46,500

1,346

Weatherford International Ltd. (a)

16,200

729

14,602

Oil & Gas - 4.8%

Anadarko Petroleum Corp.

15,200

891

Burlington Resources, Inc.

53,800

1,946

ChevronTexaco Corp.

93,419

8,792

ConocoPhillips

76,968

5,872

Exxon Mobil Corp.

454,730

20,195

Kinder Morgan, Inc.

10,200

605

Occidental Petroleum Corp.

39,200

1,898

Ultra Petroleum Corp. (a)

12,700

474

Williams Companies, Inc.

43,800

521

41,194

TOTAL ENERGY

55,796

Common Stocks - continued

Shares

Value (Note 1) (000s)

FINANCIALS - 17.8%

Capital Markets - 3.1%

Bank of New York Co., Inc.

40,600

$ 1,197

Charles Schwab Corp.

38,900

374

Goldman Sachs Group, Inc.

20,600

1,940

J.P. Morgan Chase & Co.

172,080

6,672

Lehman Brothers Holdings, Inc.

34,600

2,604

Merrill Lynch & Co., Inc.

104,000

5,614

Morgan Stanley

107,800

5,689

Northern Trust Corp.

26,600

1,125

State Street Corp.

26,800

1,314

26,529

Commercial Banks - 4.5%

Bank of America Corp.

181,311

15,343

Bank One Corp.

106,900

5,452

Fifth Third Bancorp

21,300

1,146

SunTrust Banks, Inc.

6,700

435

U.S. Bancorp, Delaware

90,100

2,483

Wachovia Corp.

121,123

5,390

Wells Fargo & Co.

144,400

8,264

38,513

Consumer Finance - 1.4%

American Express Co.

122,800

6,309

Capital One Financial Corp.

31,900

2,181

First Marblehead Corp.

23,900

962

MBNA Corp.

61,400

1,584

SLM Corp.

28,200

1,141

12,177

Diversified Financial Services - 2.4%

CIT Group, Inc.

36,100

1,382

Citigroup, Inc.

417,977

19,436

20,818

Insurance - 4.5%

ACE Ltd.

63,500

2,685

AFLAC, Inc.

74,800

3,053

Allstate Corp.

60,100

2,798

AMBAC Financial Group, Inc.

12,000

881

American International Group, Inc.

252,237

17,979

Hartford Financial Services Group, Inc.

59,000

4,056

Marsh & McLennan Companies, Inc.

20,100

912

MBIA, Inc.

8,000

457

Common Stocks - continued

Shares

Value (Note 1) (000s)

FINANCIALS - continued

Insurance - continued

MetLife, Inc.

76,600

$ 2,746

Prudential Financial, Inc.

36,700

1,705

The Chubb Corp.

8,800

600

XL Capital Ltd. Class A

12,200

921

38,793

Real Estate - 0.3%

CenterPoint Properties Trust (SBI)

8,200

629

Pan Pacific Retail Properties, Inc.

9,600

485

Simon Property Group, Inc.

8,800

452

Spirit Financial Corp. (c)

40,000

400

1,966

Thrifts & Mortgage Finance - 1.6%

Countrywide Financial Corp.

20,441

1,436

Fannie Mae

91,400

6,522

Freddie Mac

28,200

1,785

Golden West Financial Corp., Delaware

13,100

1,393

MGIC Investment Corp.

13,000

986

Sovereign Bancorp, Inc.

16,600

367

The PMI Group, Inc.

10,500

457

Washington Mutual, Inc.

20,100

777

13,723

TOTAL FINANCIALS

152,519

HEALTH CARE - 14.1%

Biotechnology - 1.6%

Alnylam Pharmaceuticals, Inc.

77,800

588

Amgen, Inc. (a)

64,400

3,514

Biogen Idec, Inc. (a)

42,400

2,682

CSL Ltd.

59,500

927

Genentech, Inc. (a)

34,300

1,928

Genzyme Corp. - General Division (a)

4,200

199

ImClone Systems, Inc. (a)

5,900

506

Millennium Pharmaceuticals, Inc. (a)

73,200

1,010

OSI Pharmaceuticals, Inc. (a)

10,000

704

Pharmion Corp.

28,000

1,370

Protein Design Labs, Inc. (a)

4,200

80

Seattle Genetics, Inc. (a)

60,700

427

13,935

Common Stocks - continued

Shares

Value (Note 1) (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - 3.0%

Alcon, Inc.

10,700

$ 842

Bausch & Lomb, Inc.

9,300

605

Baxter International, Inc.

52,300

1,805

Becton, Dickinson & Co.

20,700

1,072

Biomet, Inc.

22,000

978

Boston Scientific Corp. (a)

76,000

3,253

C.R. Bard, Inc.

17,000

963

Cooper Companies, Inc.

15,700

992

Dade Behring Holdings, Inc. (a)

9,700

461

Fisher Scientific International, Inc. (a)

46,300

2,674

Guidant Corp.

14,600

816

Medtronic, Inc.

114,600

5,583

ResMed, Inc. (a)

9,600

489

St. Jude Medical, Inc. (a)

29,700

2,247

Stryker Corp.

25,200

1,386

Synthes, Inc.

8,320

951

Wright Medical Group, Inc. (a)

12,700

452

Zimmer Holdings, Inc. (a)

5,300

467

26,036

Health Care Providers & Services - 1.6%

Aetna, Inc.

5,200

442

Cardinal Health, Inc.

27,250

1,909

Caremark Rx, Inc. (a)

37,800

1,245

Cerner Corp. (a)

11,600

517

CIGNA Corp.

7,200

495

Health Management Associates, Inc. Class A

21,600

484

Lincare Holdings, Inc. (a)

19,300

634

McKesson Corp.

34,800

1,195

PacifiCare Health Systems, Inc. (a)

22,800

881

UnitedHealth Group, Inc.

70,600

4,395

WebMD Corp. (a)

150,800

1,405

Wellcare Group, Inc.

500

10

13,612

Pharmaceuticals - 7.9%

Abbott Laboratories

103,100

4,202

Allergan, Inc.

5,300

474

Bristol-Myers Squibb Co.

101,100

2,477

Elan Corp. PLC sponsored ADR (a)

32,000

792

Eli Lilly & Co.

91,700

6,411

Common Stocks - continued

Shares

Value (Note 1) (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Forest Laboratories, Inc. (a)

6,100

$ 345

Johnson & Johnson

256,400

14,281

Merck & Co., Inc.

164,900

7,833

Pfizer, Inc.

694,995

23,824

Schering-Plough Corp.

124,400

2,299

Sepracor, Inc. (a)

26,000

1,375

Watson Pharmaceuticals, Inc. (a)

1,000

27

Wyeth

88,700

3,207

67,547

TOTAL HEALTH CARE

121,130

INDUSTRIALS - 12.1%

Aerospace & Defense - 3.0%

DRS Technologies, Inc. (a)

1,700

54

EADS NV

48,259

1,347

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

26,600

760

General Dynamics Corp.

19,600

1,946

Goodrich Corp.

30,300

980

Honeywell International, Inc.

205,300

7,520

Lockheed Martin Corp.

18,700

974

Northrop Grumman Corp.

47,042

2,526

Precision Castparts Corp.

43,400

2,374

Raytheon Co.

26,400

944

Rockwell Collins, Inc.

29,200

973

The Boeing Co.

71,400

3,648

United Technologies Corp.

20,100

1,839

25,885

Air Freight & Logistics - 1.2%

CNF, Inc.

12,500

520

FedEx Corp.

22,600

1,846

United Parcel Service, Inc. Class B

102,500

7,705

10,071

Airlines - 0.1%

AMR Corp. (a)

2,300

28

JetBlue Airways Corp. (a)

15,166

446

474

Common Stocks - continued

Shares

Value (Note 1) (000s)

INDUSTRIALS - continued

Building Products - 0.3%

American Standard Companies, Inc. (a)

67,500

$ 2,721

Commercial Services & Supplies - 0.8%

Career Education Corp. (a)

18,010

821

Cendant Corp.

49,800

1,219

Central Parking Corp.

46,300

865

Monster Worldwide, Inc. (a)

17,800

458

Robert Half International, Inc.

39,400

1,173

Strayer Education, Inc.

7,000

781

Waste Management, Inc.

63,900

1,959

7,276

Construction & Engineering - 0.2%

Dycom Industries, Inc. (a)

50,900

1,425

Fluor Corp.

10,000

477

1,902

Electrical Equipment - 0.1%

Emerson Electric Co.

14,400

915

Industrial Conglomerates - 4.8%

3M Co.

51,100

4,600

General Electric Co.

868,400

28,131

Tyco International Ltd.

254,700

8,441

41,172

Machinery - 1.4%

Astec Industries, Inc. (a)

43,000

810

Caterpillar, Inc.

16,600

1,319

Cummins, Inc.

12,700

794

Danaher Corp.

18,400

954

Dover Corp.

33,500

1,410

Ingersoll-Rand Co. Ltd. Class A

26,100

1,783

ITT Industries, Inc.

31,300

2,598

Timken Co.

74,200

1,966

11,634

Road & Rail - 0.2%

Overnite Corp.

1,300

38

Union Pacific Corp.

24,000

1,427

1,465

TOTAL INDUSTRIALS

103,515

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - 18.1%

Communications Equipment - 3.8%

Adtran, Inc.

12,600

$ 420

Alvarion Ltd. (a)

32,900

437

Andrew Corp. (a)

56,100

1,123

Avaya, Inc. (a)

31,800

502

Brocade Communications Systems, Inc. (a)

161,600

966

CIENA Corp. (a)

25,800

96

Cisco Systems, Inc. (a)

538,300

12,758

Comverse Technology, Inc. (a)

71,700

1,430

Corning, Inc. (a)

52,700

688

Harris Corp.

21,800

1,106

Juniper Networks, Inc. (a)

28,500

700

Lucent Technologies, Inc. (a)

297,800

1,126

Motorola, Inc.

177,400

3,238

Powerwave Technologies, Inc. (a)

51,000

393

QUALCOMM, Inc.

70,900

5,174

Redback Networks, Inc. (a)

46,000

295

Scientific-Atlanta, Inc.

37,700

1,301

Sonus Networks, Inc. (a)

30,400

145

Telefonaktiebolaget LM Ericsson ADR (a)

27,700

829

32,727

Computers & Peripherals - 3.3%

Apple Computer, Inc. (a)

15,300

498

Dell, Inc. (a)

211,300

7,569

Diebold, Inc.

24,900

1,316

EMC Corp. (a)

183,500

2,092

Hewlett-Packard Co.

189,300

3,994

International Business Machines Corp.

118,800

10,472

Lexmark International, Inc. Class A (a)

13,800

1,332

Sun Microsystems, Inc. (a)

214,700

932

28,205

Electronic Equipment & Instruments - 0.5%

Amphenol Corp. Class A (a)

85,200

2,839

Solectron Corp. (a)

36,300

235

Thermo Electron Corp. (a)

14,600

449

Vishay Intertechnology, Inc. (a)

21,000

390

Waters Corp. (a)

9,300

444

4,357

Internet Software & Services - 0.8%

Blue Coat Systems, Inc. (a)

27,300

914

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Websense, Inc. (a)

13,500

$ 503

Yahoo!, Inc. (a)

155,600

5,653

7,070

IT Services - 1.6%

Affiliated Computer Services, Inc. Class A (a)

26,600

1,408

Anteon International Corp. (a)

4,300

140

Automatic Data Processing, Inc.

9,400

394

BearingPoint, Inc. (a)

68,600

608

Ceridian Corp. (a)

41,500

934

Cognizant Technology Solutions Corp. Class A (a)

77,000

1,957

Computer Sciences Corp. (a)

21,400

994

First Data Corp.

75,805

3,375

ManTech International Corp. Class A (a)

19,600

368

National Processing, Inc. (a)

33,500

963

Paychex, Inc.

24,300

823

SRA International, Inc. Class A (a)

45,800

1,938

The BISYS Group, Inc. (a)

5,800

82

13,984

Office Electronics - 0.0%

Xerox Corp. (a)

25,800

374

Semiconductors & Semiconductor Equipment - 3.6%

Advanced Micro Devices, Inc. (a)

28,000

445

Altera Corp. (a)

32,000

711

Analog Devices, Inc.

36,900

1,737

Applied Materials, Inc. (a)

126,300

2,478

Broadcom Corp. Class A (a)

10,200

477

FormFactor, Inc.

22,300

501

Intel Corp.

529,700

14,620

KLA-Tencor Corp. (a)

8,400

415

Lam Research Corp. (a)

18,700

501

Linear Technology Corp.

11,000

434

Marvell Technology Group Ltd. (a)

19,800

529

Maxim Integrated Products, Inc.

12,800

671

Micron Technology, Inc. (a)

29,600

453

National Semiconductor Corp. (a)

14,600

321

PMC-Sierra, Inc. (a)

39,500

567

Silicon Laboratories, Inc. (a)

8,600

399

Teradyne, Inc. (a)

73,100

1,659

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Texas Instruments, Inc.

119,300

$ 2,885

Xilinx, Inc.

22,300

743

30,546

Software - 4.5%

Autodesk, Inc.

20,100

860

BEA Systems, Inc. (a)

15,700

129

Computer Associates International, Inc.

25,200

707

Mercury Interactive Corp. (a)

8,700

434

Microsoft Corp.

958,200

27,366

Oracle Corp. (a)

459,000

5,476

Red Hat, Inc. (a)

9,900

227

Salesforce.com, Inc.

500

8

Secure Computing Corp. (a)

37,100

432

Siebel Systems, Inc. (a)

50,300

537

Symantec Corp. (a)

25,800

1,130

VERITAS Software Corp. (a)

37,000

1,025

38,331

TOTAL INFORMATION TECHNOLOGY

155,594

MATERIALS - 3.0%

Chemicals - 1.5%

Dow Chemical Co.

94,600

3,850

E.I. du Pont de Nemours & Co.

40,400

1,795

Lyondell Chemical Co.

81,200

1,412

Olin Corp.

34,500

608

PPG Industries, Inc.

36,600

2,287

Praxair, Inc.

65,400

2,610

12,562

Containers & Packaging - 0.4%

Packaging Corp. of America

45,800

1,095

Sealed Air Corp. (a)

8,300

442

Smurfit-Stone Container Corp. (a)

75,800

1,512

3,049

Metals & Mining - 0.9%

Alcan, Inc.

2,200

91

Alcoa, Inc.

59,800

1,975

Freeport-McMoRan Copper & Gold, Inc. Class B

28,000

928

Inco Ltd. (a)

30,100

1,038

Common Stocks - continued

Shares

Value (Note 1) (000s)

MATERIALS - continued

Metals & Mining - continued

Newmont Mining Corp.

43,300

$ 1,678

Nucor Corp.

7,600

583

Peabody Energy Corp.

25,400

1,422

United States Steel Corp.

12,500

439

8,154

Paper & Forest Products - 0.2%

International Paper Co.

48,500

2,168

TOTAL MATERIALS

25,933

TELECOMMUNICATION SERVICES - 4.3%

Diversified Telecommunication Services - 3.2%

ALLTEL Corp.

16,000

810

BellSouth Corp.

164,100

4,303

Citizens Communications Co. (a)

67,300

814

Nippon Telegraph & Telephone Corp.

87

467

Qwest Communications International, Inc. (a)

294,000

1,055

SBC Communications, Inc.

358,800

8,701

Sprint Corp. - FON Group

127,200

2,239

Verizon Communications, Inc.

239,600

8,671

27,060

Wireless Telecommunication Services - 1.1%

AT&T Wireless Services, Inc. (a)

208,300

2,983

Crown Castle International Corp. (a)

44,200

652

Nextel Communications, Inc. Class A (a)

102,600

2,735

Nextel Partners, Inc. Class A (a)

90,000

1,433

SpectraSite, Inc. (a)

26,600

1,150

Vodafone Group PLC sponsored ADR

17,000

376

9,329

TOTAL TELECOMMUNICATION SERVICES

36,389

UTILITIES - 0.9%

Electric Utilities - 0.5%

Entergy Corp.

23,900

1,339

PG&E Corp. (a)

85,700

2,394

TXU Corp.

23,100

936

4,669

Common Stocks - continued

Shares

Value (Note 1) (000s)

UTILITIES - continued

Multi-Utilities & Unregulated Power - 0.4%

AES Corp. (a)

53,100

$ 527

Constellation Energy Group, Inc.

13,300

504

Dominion Resources, Inc.

25,900

1,634

NRG Energy, Inc. (a)

17,800

441

3,106

TOTAL UTILITIES

7,775

TOTAL COMMON STOCKS

(Cost $764,199)

837,356

Preferred Stocks - 0.2%

Convertible Preferred Stocks - 0.2%

INDUSTRIALS - 0.2%

Aerospace & Defense - 0.2%

Northrop Grumman Corp. 7.25%

14,800

1,574

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Geneprot, Inc. Series A (d)

62,000

217

TOTAL PREFERRED STOCKS

(Cost $1,844)

1,791

Corporate Bonds - 0.3%

Principal Amount (000s)

Convertible Bonds - 0.3%

CONSUMER DISCRETIONARY - 0.1%

Media - 0.1%

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

$ 1,000

1,018

Corporate Bonds - continued

Principal Amount (000s)

Value (Note 1) (000s)

Convertible Bonds - continued

INFORMATION TECHNOLOGY - 0.2%

Communications Equipment - 0.2%

Corning, Inc. 0% 11/8/15

$ 800

$ 626

Lucent Technologies, Inc. 8% 8/1/31 (c)

500

558

1,184

Software - 0.0%

Red Hat, Inc. 0.5% 1/15/24 (c)

243

274

TOTAL INFORMATION TECHNOLOGY

1,458

TOTAL CONVERTIBLE BONDS

2,476

Nonconvertible Bonds - 0.0%

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

PEI Holdings, Inc. 11% 3/15/10

10

12

TOTAL CORPORATE BONDS

(Cost $2,275)

2,488

Money Market Funds - 2.1%

Shares

Fidelity Cash Central Fund, 1.16% (b)

17,402,738

17,403

Fidelity Securities Lending Cash Central Fund, 1.18% (b)

806,500

807

TOTAL MONEY MARKET FUNDS

(Cost $18,210)

18,210

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $786,528)

859,845

NET OTHER ASSETS - (0.2)%

(1,790)

NET ASSETS - 100%

$ 858,055

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 fiscal year end is available upon request.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $2,250,000 or 0.3% of net assets.

(d) 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 $217,000 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

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $283,248,000 and $320,515,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $37,000 for the period.

Income Tax Information

At December 31, 2003, the fund had a capital loss carryforward of approximately $207,623,000 of which $117,416,000 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, 2004 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $820) (cost $786,528) - See accompanying schedule

$ 859,845

Cash

6

Receivable for investments sold

6,105

Receivable for fund shares sold

79

Dividends receivable

770

Interest receivable

41

Prepaid expenses

2

Other affiliated receivables

6

Other receivables

52

Total assets

866,906

Liabilities

Payable for investments purchased

$ 6,692

Payable for fund shares redeemed

705

Accrued management fee

407

Other affiliated payables

182

Other payables and accrued expenses

58

Collateral on securities loaned, at value

807

Total liabilities

8,851

Net Assets

$ 858,055

Net Assets consist of:

Paid in capital

$ 961,645

Undistributed net investment income

2,531

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

(179,438)

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

73,317

Net Assets, for 16,935 shares outstanding

$ 858,055

Net Asset Value, offering price and redemption price per share ($858,055 ÷ 16,935 shares)

$ 50.67

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, 2004 (Unaudited)

Investment Income

Dividends

$ 5,933

Interest

135

Security lending

14

Total income

6,082

Expenses

Management fee
Basic fee

$ 2,484

Performance adjustment

99

Transfer agent fees

794

Accounting and security lending fees

142

Non-interested trustees' compensation

2

Appreciation in deferred trustee compensation account

3

Custodian fees and expenses

14

Registration fees

15

Audit

25

Legal

6

Miscellaneous

41

Total expenses before reductions

3,625

Expense reductions

(106)

3,519

Net investment income (loss)

2,563

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

38,181

Foreign currency transactions

8

Total net realized gain (loss)

38,189

Change in net unrealized appreciation (depreciation) on investment securities

(11,311)

Net gain (loss)

26,878

Net increase (decrease) in net assets resulting from operations

$ 29,441

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, 2004
(Unaudited)

Year ended
December 31, 2003

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 2,563

$ 6,134

Net realized gain (loss)

38,189

49,567

Change in net unrealized appreciation (depreciation)

(11,311)

136,849

Net increase (decrease) in net assets resulting
from operations

29,441

192,550

Distributions to shareholders from net investment income

(175)

(5,991)

Share transactions
Net proceeds from sales of shares

14,042

34,854

Reinvestment of distributions

152

5,189

Cost of shares redeemed

(52,398)

(88,716)

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

(38,204)

(48,673)

Total increase (decrease) in net assets

(8,938)

137,886

Net Assets

Beginning of period

866,993

729,107

End of period (including undistributed net investment income of $2,531 and undistributed net investment income of $143, respectively)

$ 858,055

$ 866,993

Other Information

Shares

Sold

280

808

Issued in reinvestment of distributions

3

107

Redeemed

(1,048)

(2,085)

Net increase (decrease)

(765)

(1,170)

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

Semiannual Report

Financial Highlights

Six months ended
June 30, 2004

Years ended December 31,

(Unaudited)

2003

2002

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 48.98

$ 38.64

$ 49.04

$ 56.42

$ 71.72

$ 55.66

Income from Investment Operations

Net investment income (loss)D

.15

.34

.15

.19

.22

.18

Net realized and unrealized gain (loss)

1.55

10.34

(10.39)

(7.14)

(4.98)

22.23

Total from investment operations

1.70

10.68

(10.24)

(6.95)

(4.76)

22.41

Distributions from net investment income

(.01)

(.34)

(.16)

(.23)

(.22)

(.18)

Distributions in excess of net investment income

-

-

-

-

(.47)

(.02)

Distributions from net realized gain

-

-

-

(.20)

(9.85)

(6.15)

Total distributions

(.01)

(.34)

(.16)

(.43)

(10.54)

(6.35)

Net asset value, end of period

$ 50.67

$ 48.98

$ 38.64

$ 49.04

$ 56.42

$ 71.72

Total ReturnB,C

3.47%

27.65%

(20.89)%

(12.37)%

(7.16)%

40.73%

Ratios to Average Net AssetsE

Expenses before expense reductions

.84%A

.82%

1.05%

.78%

.58%

.58%

Expenses net of voluntary waivers, if any

.84%A

.82%

1.05%

.78%

.58%

.58%

Expenses net of all reductions

.82%A

.79%

1.01%

.74%

.52%

.51%

Net investment income (loss)

.59%A

.79%

.34%

.37%

.33%

.28%

Supplemental Data

Net assets, end of period (in millions)

$ 858

$ 867

$ 729

$ 1,005

$ 1,242

$ 1,533

Portfolio turnover rate

67%A

80%

79%

102%

267%

309%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2004 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

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

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities, 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. Debt securities, including restricted securities, for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Foreign Currency - continued

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

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. 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 nontaxable distributions or capital gain distributions for income tax purposes. 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 the funds in the trust.

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

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

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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 futures transactions, foreign currency transactions, market discount, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

Unrealized appreciation

$ 111,791

|

Unrealized depreciation

(48,420)

Net unrealized appreciation (depreciation)

$ 63,371

Cost for federal income tax purposes

$ 796,474

2. Operating Policies.

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

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.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .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 .18% 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 Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $68 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 are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

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 participating fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

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

7. Expense Reductions.

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 $105 for the period. In addition, through arrangements with the fund's custodian, 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 expenses by $1.

Semiannual Report

Proxy Voting Results

A special meeting of the fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.*

# of
Votes

% of
Votes

Affirmative

393,627,462.17

72.674

Against

97,616,872.31

18.023

Abstain

28,187,594.03

5.204

Broker
Non-Votes

22,198,913.13

4.099

TOTAL

541,630,841.64

100.000

PROPOSAL 2

To elect a Board of Trustees.*

# of
Votes

% of
Votes

J. Michael Cook

Affirmative

506,564,089.36

93.526

Withheld

35,066,752.28

6.474

TOTAL

541,630,841.64

100.000

Ralph F. Cox

Affirmative

506,182,111.10

93.455

Withheld

35,448,730.54

6.545

TOTAL

541,630,841.64

100.000

Laura B. Cronin

Affirmative

506,016,360.69

93.425

Withheld

35,614,480.95

6.575

TOTAL

541,630,841.64

100.000

Robert M. Gates

Affirmative

506,759,839.03

93.562

Withheld

34,871,002.61

6.438

TOTAL

541,630,841.64

100.000

# of
Votes

% of
Votes

George H. Heilmeier

Affirmative

505,993,242.12

93.420

Withheld

35,637,599.52

6.580

TOTAL

541,630,841.64

100.000

Abigail P. Johnson

Affirmative

504,432,738.08

93.132

Withheld

37,198,103.56

6.868

TOTAL

541,630,841.64

100.000

Edward C. Johnson 3d

Affirmative

505,520,748.59

93.333

Withheld

36,110,093.05

6.667

TOTAL

541,630,841.64

100.000

Donald J. Kirk

Affirmative

506,131,899.03

93.446

Withheld

35,498,942.61

6.554

TOTAL

541,630,841.64

100.000

Marie L. Knowles

Affirmative

506,480,241.46

93.510

Withheld

35,150,600.18

6.490

TOTAL

541,630,841.64

100.000

Ned C. Lautenbach

Affirmative

506,837,473.22

93.576

Withheld

34,793,368.42

6.424

TOTAL

541,630,841.64

100.000

Marvin L. Mann

Affirmative

506,152,407.06

93.450

Withheld

35,478,434.58

6.550

TOTAL

541,630,841.64

100.000

William O. McCoy

Affirmative

506,463,828.41

93.507

Withheld

35,167,013.23

6.493

TOTAL

541,630,841.64

100.000

# of
Votes

% of
Votes

Robert L. Reynolds

Affirmative

506,194,886.12

93.458

Withheld

35,435,955.52

6.542

TOTAL

541,630,841.64

100.000

William S. Stavropoulos

Affirmative

506,861,086.60

93.581

Withheld

34,769,755.04

6.419

TOTAL

541,630,841.64

100.000

* Denotes trust-wide proposals and voting results.

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 Shareholder
Servicing Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Fidelity's Growth Funds

Aggressive Growth Fund

Blue Chip Growth Fund

Blue Chip Value Fund

Capital Appreciation Fund

Contrafund®

Disciplined Equity Fund

Discovery Fund

Dividend Growth Fund

Export and Multinational Fund

Fidelity Fifty ®

Fidelity Value Discovery Fund

Focused Stock Fund

Growth Company Fund

Independence Fund

Large Cap Stock Fund

Leveraged Company Stock Fund

Low-Priced Stock Fund

Magellan® Fund

Mid-Cap Stock Fund

New Millennium Fund ®

OTC Portfolio

Small Cap Independence Fund

Small Cap Stock Fund

Stock Selector

Structured Large Cap Growth Fund

Structured Large Cap Value Fund

Structured Mid Cap Growth Fund

Structured Mid Cap Value Fund

Tax Managed Stock Fund

Trend Fund

Value Fund

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic)    Automated line for quickest service

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

TRE-USAN-0804
1.787792.101

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

Not applicable.

Item 9. 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 10. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Trend Fund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 11. 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 10, 2004

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 10, 2004

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

August 10, 2004