UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-790
Fidelity Trend Fund
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | December 31 |
| |
Date of reporting period: | June 30, 2003 |
Item 1. Reports to Stockholders
Fidelity®
Trend
Fund
Semiannual Report
June 30, 2003
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
| | |
| | |
| | |
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.
After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.
There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.
That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.
We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.
This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.
At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.
Semiannual Report
President's Message - continued
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Ten Stocks as of June 30, 2003 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Microsoft Corp. | 3.5 | 4.0 |
General Electric Co. | 3.2 | 2.6 |
Pfizer, Inc. | 3.0 | 2.3 |
Citigroup, Inc. | 2.6 | 2.4 |
Wal-Mart Stores, Inc. | 2.5 | 2.6 |
Merck & Co., Inc. | 2.1 | 2.3 |
Exxon Mobil Corp. | 1.8 | 1.7 |
American International Group, Inc. | 1.8 | 2.1 |
Johnson & Johnson | 1.8 | 2.0 |
Bank of America Corp. | 1.7 | 1.7 |
| 24.0 | |
Top Five Market Sectors as of June 30, 2003 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 17.5 | 17.5 |
Information Technology | 16.7 | 15.3 |
Health Care | 15.9 | 15.6 |
Industrials | 11.1 | 12.2 |
Consumer Staples | 10.1 | 7.8 |
Asset Allocation (% of fund's net assets) |
As of June 30, 2003* | As of December 31, 2002** |
 | Stocks and Equity
Futures 96.8% | | | Stocks and Equity
Futures 97.4% | |
 | Convertible
Securities 0.5% | | | Convertible
Securities 0.4% | |
 | Short-Term
Investments and Net
Other Assets 2.7% | | | Short-Term
Investments and Net
Other Assets 2.2% | |
* Foreign investments | 2.2% | | ** Foreign investments | 1.8% | |
Semiannual Report
Investments June 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.3% |
| Shares | | Value (Note 1) (000s) |
CONSUMER DISCRETIONARY - 9.4% |
Automobiles - 0.1% |
Ford Motor Co. | 68,800 | | $ 756 |
Hotels, Restaurants & Leisure - 0.6% |
International Game Technology | 7,900 | | 808 |
Mandalay Resort Group | 38,900 | | 1,239 |
McDonald's Corp. | 128,000 | | 2,824 |
Wendy's International, Inc. | 8,900 | | 258 |
| | 5,129 |
Household Durables - 0.1% |
Champion Enterprises, Inc. (a) | 45,200 | | 234 |
Leggett & Platt, Inc. | 35,400 | | 726 |
| | 960 |
Internet & Catalog Retail - 0.5% |
eBay, Inc. (a) | 23,100 | | 2,407 |
InterActiveCorp (a) | 32,300 | | 1,278 |
| | 3,685 |
Leisure Equipment & Products - 0.1% |
Mattel, Inc. | 50,300 | | 952 |
Media - 5.0% |
AOL Time Warner, Inc. (a) | 526,150 | | 8,466 |
Clear Channel Communications, Inc. (a) | 72,412 | | 3,070 |
Comcast Corp.: | | | |
Class A (a) | 107,014 | | 3,230 |
Class A (special) (a) | 82,400 | | 2,376 |
E.W. Scripps Co. Class A | 9,000 | | 798 |
EchoStar Communications Corp. Class A (a) | 57,500 | | 1,991 |
Fox Entertainment Group, Inc. Class A (a) | 85,200 | | 2,452 |
Gannett Co., Inc. | 26,000 | | 1,997 |
General Motors Corp. Class H (a) | 66,600 | | 853 |
Liberty Media Corp. Class A (a) | 178,896 | | 2,068 |
McGraw-Hill Companies, Inc. | 20,000 | | 1,240 |
Pixar (a) | 13,800 | | 840 |
Playboy Enterprises, Inc. Class B (non-vtg.) (a) | 46,800 | | 636 |
Univision Communications, Inc. Class A (a) | 17,300 | | 526 |
Viacom, Inc.: | | | |
Class A (a) | 21,350 | | 933 |
Class B (non-vtg.) (a) | 136,550 | | 5,962 |
Walt Disney Co. | 105,000 | | 2,074 |
| | 39,512 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
CONSUMER DISCRETIONARY - continued |
Multiline Retail - 0.8% |
Big Lots, Inc. (a) | 76,300 | | $ 1,148 |
Dollar General Corp. | 23,400 | | 427 |
Kohl's Corp. (a) | 29,500 | | 1,516 |
Sears, Roebuck & Co. | 15,000 | | 505 |
Target Corp. | 70,100 | | 2,653 |
| | 6,249 |
Specialty Retail - 1.8% |
AnnTaylor Stores Corp. (a) | 29,800 | | 863 |
Circuit City Stores, Inc. | 28,100 | | 247 |
Gap, Inc. | 123,100 | | 2,309 |
Home Depot, Inc. | 208,400 | | 6,902 |
Lowe's Companies, Inc. | 28,400 | | 1,220 |
PETsMART, Inc. | 62,900 | | 1,049 |
Staples, Inc. (a) | 19,300 | | 354 |
Williams-Sonoma, Inc. (a) | 43,700 | | 1,276 |
| | 14,220 |
Textiles Apparel & Luxury Goods - 0.4% |
Jones Apparel Group, Inc. (a) | 30,900 | | 904 |
NIKE, Inc. Class B | 37,100 | | 1,984 |
| | 2,888 |
TOTAL CONSUMER DISCRETIONARY | | 74,351 |
CONSUMER STAPLES - 10.1% |
Beverages - 2.5% |
Anheuser-Busch Companies, Inc. | 25,100 | | 1,281 |
PepsiCo, Inc. | 125,470 | | 5,583 |
The Coca-Cola Co. | 277,700 | | 12,888 |
| | 19,752 |
Food & Staples Retailing - 3.6% |
Costco Wholesale Corp. (a) | 16,800 | | 615 |
CVS Corp. | 91,400 | | 2,562 |
Kroger Co. (a) | 75,900 | | 1,266 |
Safeway, Inc. (a) | 49,600 | | 1,015 |
Sysco Corp. | 63,400 | | 1,905 |
Wal-Mart Stores, Inc. | 367,300 | | 19,713 |
Walgreen Co. | 50,200 | | 1,511 |
| | 28,587 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
CONSUMER STAPLES - continued |
Food Products - 0.5% |
Dean Foods Co. (a) | 24,450 | | $ 770 |
Hershey Foods Corp. | 10,300 | | 717 |
The J.M. Smucker Co. | 20,700 | | 826 |
Wm. Wrigley Jr. Co. | 21,600 | | 1,215 |
| | 3,528 |
Household Products - 1.8% |
Colgate-Palmolive Co. | 45,200 | | 2,619 |
Kimberly-Clark Corp. | 28,000 | | 1,460 |
Procter & Gamble Co. | 114,300 | | 10,193 |
| | 14,272 |
Personal Products - 0.8% |
Avon Products, Inc. | 16,400 | | 1,020 |
Gillette Co. | 169,800 | | 5,410 |
| | 6,430 |
Tobacco - 0.9% |
Altria Group, Inc. | 157,900 | | 7,175 |
TOTAL CONSUMER STAPLES | | 79,744 |
ENERGY - 7.0% |
Energy Equipment & Services - 3.0% |
Baker Hughes, Inc. | 47,300 | | 1,588 |
BJ Services Co. (a) | 10,200 | | 381 |
Cooper Cameron Corp. (a) | 6,600 | | 333 |
ENSCO International, Inc. | 122,700 | | 3,301 |
Grant Prideco, Inc. (a) | 30,400 | | 357 |
Halliburton Co. | 39,900 | | 918 |
Nabors Industries Ltd. (a) | 78,400 | | 3,101 |
National-Oilwell, Inc. (a) | 54,400 | | 1,197 |
Noble Corp. (a) | 13,300 | | 456 |
Pride International, Inc. (a) | 149,300 | | 2,810 |
Rowan Companies, Inc. | 119,100 | | 2,668 |
Schlumberger Ltd. (NY Shares) | 104,200 | | 4,957 |
Varco International, Inc. (a) | 18,600 | | 365 |
Weatherford International Ltd. (a) | 24,100 | | 1,010 |
| | 23,442 |
Oil & Gas - 4.0% |
Anadarko Petroleum Corp. | 11,900 | | 529 |
Apache Corp. | 23,595 | | 1,535 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
ENERGY - continued |
Oil & Gas - continued |
Burlington Resources, Inc. | 22,900 | | $ 1,238 |
ChevronTexaco Corp. | 99,019 | | 7,149 |
ConocoPhillips | 76,968 | | 4,218 |
EOG Resources, Inc. | 19,000 | | 795 |
Exxon Mobil Corp. | 406,430 | | 14,595 |
Occidental Petroleum Corp. | 39,200 | | 1,315 |
Tsakos Energy Navigation Ltd. | 14,400 | | 206 |
| | 31,580 |
TOTAL ENERGY | | 55,022 |
FINANCIALS - 17.5% |
Capital Markets - 3.1% |
Bank of New York Co., Inc. | 79,900 | | 2,297 |
Bear Stearns Companies, Inc. | 18,200 | | 1,318 |
Charles Schwab Corp. | 77,000 | | 777 |
Goldman Sachs Group, Inc. | 19,600 | | 1,642 |
J.P. Morgan Chase & Co. | 171,280 | | 5,854 |
Lehman Brothers Holdings, Inc. | 33,500 | | 2,227 |
Merrill Lynch & Co., Inc. | 156,400 | | 7,301 |
Morgan Stanley | 71,600 | | 3,061 |
| | 24,477 |
Commercial Banks - 5.2% |
Bank of America Corp. | 173,600 | | 13,720 |
Bank One Corp. | 137,200 | | 5,101 |
Fifth Third Bancorp | 92,700 | | 5,315 |
FleetBoston Financial Corp. | 98,500 | | 2,926 |
PNC Financial Services Group, Inc. | 16,400 | | 800 |
U.S. Bancorp, Delaware | 41,900 | | 1,027 |
Wachovia Corp. | 148,423 | | 5,931 |
Wells Fargo & Co. | 122,500 | | 6,174 |
| | 40,994 |
Consumer Finance - 1.3% |
American Express Co. | 122,500 | | 5,122 |
MBNA Corp. | 177,600 | | 3,701 |
SLM Corp. | 38,400 | | 1,504 |
| | 10,327 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
FINANCIALS - continued |
Diversified Financial Services - 2.8% |
CIT Group, Inc. | 48,100 | | $ 1,186 |
Citigroup, Inc. | 488,777 | | 20,920 |
| | 22,106 |
Insurance - 4.2% |
ACE Ltd. | 65,500 | | 2,246 |
AFLAC, Inc. | 43,100 | | 1,325 |
Allstate Corp. | 77,000 | | 2,745 |
American International Group, Inc. | 257,737 | | 14,222 |
Hartford Financial Services Group, Inc. | 60,500 | | 3,047 |
Marsh & McLennan Companies, Inc. | 28,200 | | 1,440 |
MetLife, Inc. | 103,400 | | 2,928 |
Prudential Financial, Inc. | 27,300 | | 919 |
The Chubb Corp. | 14,100 | | 846 |
Travelers Property Casualty Corp.: | | | |
Class A | 72,123 | | 1,147 |
Class B | 92,520 | | 1,459 |
XL Capital Ltd. Class A | 12,200 | | 1,013 |
| | 33,337 |
Thrifts & Mortgage Finance - 0.9% |
Fannie Mae | 102,700 | | 6,926 |
TOTAL FINANCIALS | | 138,167 |
HEALTH CARE - 15.9% |
Biotechnology - 1.4% |
Amgen, Inc. (a) | 110,600 | | 7,348 |
Cephalon, Inc. (a) | 16,900 | | 696 |
Genentech, Inc. (a) | 13,500 | | 974 |
Geneprot, Inc. (e) | 62,000 | | 217 |
Genzyme Corp. - General Division (a) | 24,300 | | 1,016 |
ImClone Systems, Inc. (a) | 24,900 | | 787 |
| | 11,038 |
Health Care Equipment & Supplies - 2.1% |
Alcon, Inc. | 20,700 | | 946 |
Baxter International, Inc. | 39,700 | | 1,032 |
Beckman Coulter, Inc. | 8,300 | | 337 |
Becton, Dickinson & Co. | 20,700 | | 804 |
Biomet, Inc. | 28,600 | | 820 |
Boston Scientific Corp. (a) | 8,900 | | 544 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
HEALTH CARE - continued |
Health Care Equipment & Supplies - continued |
Centerpulse AG sponsored ADR | 30,300 | | $ 818 |
Edwards Lifesciences Corp. (a) | 26,200 | | 842 |
Guidant Corp. | 30,200 | | 1,341 |
Medtronic, Inc. | 110,000 | | 5,277 |
Millipore Corp. (a) | 8,900 | | 395 |
St. Jude Medical, Inc. (a) | 38,000 | | 2,185 |
Stryker Corp. | 7,900 | | 548 |
Varian Medical Systems, Inc. (a) | 8,200 | | 472 |
| | 16,361 |
Health Care Providers & Services - 1.8% |
Aetna, Inc. | 42,200 | | 2,540 |
Anthem, Inc. (a) | 4,400 | | 339 |
Cardinal Health, Inc. | 68,350 | | 4,395 |
McKesson Corp. | 61,500 | | 2,198 |
UnitedHealth Group, Inc. | 97,400 | | 4,894 |
| | 14,366 |
Pharmaceuticals - 10.6% |
Abbott Laboratories | 133,600 | | 5,846 |
Angiotech Pharmaceuticals, Inc. (a) | 51,600 | | 2,087 |
Bristol-Myers Squibb Co. | 165,100 | | 4,482 |
Eli Lilly & Co. | 84,500 | | 5,828 |
Forest Laboratories, Inc. (a) | 33,600 | | 1,840 |
Johnson & Johnson | 271,900 | | 14,057 |
Merck & Co., Inc. | 267,800 | | 16,215 |
Pfizer, Inc. | 700,195 | | 23,912 |
Schering-Plough Corp. | 101,100 | | 1,880 |
Watson Pharmaceuticals, Inc. (a) | 23,000 | | 929 |
Wyeth | 143,800 | | 6,550 |
| | 83,626 |
TOTAL HEALTH CARE | | 125,391 |
INDUSTRIALS - 10.9% |
Aerospace & Defense - 1.7% |
Boeing Co. | 71,800 | | 2,464 |
Honeywell International, Inc. | 13,900 | | 373 |
Integrated Defense Technologies, Inc. (a) | 70,300 | | 1,090 |
Lockheed Martin Corp. | 74,000 | | 3,520 |
Northrop Grumman Corp. | 27,621 | | 2,383 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
INDUSTRIALS - continued |
Aerospace & Defense - continued |
Raytheon Co. | 49,600 | | $ 1,629 |
United Technologies Corp. | 17,100 | | 1,211 |
Veridian Corp. | 20,000 | | 698 |
| | 13,368 |
Air Freight & Logistics - 1.1% |
CNF, Inc. | 12,500 | | 317 |
FedEx Corp. | 25,600 | | 1,588 |
United Parcel Service, Inc. Class B | 102,500 | | 6,529 |
| | 8,434 |
Airlines - 0.5% |
Continental Airlines, Inc. Class B (a) | 68,500 | | 1,025 |
Delta Air Lines, Inc. | 62,400 | | 916 |
JetBlue Airways Corp. (a) | 12,111 | | 512 |
Southwest Airlines Co. | 69,300 | | 1,192 |
| | 3,645 |
Building Products - 0.6% |
American Standard Companies, Inc. (a) | 34,400 | | 2,543 |
Masco Corp. | 104,700 | | 2,497 |
| | 5,040 |
Commercial Services & Supplies - 0.8% |
Allied Waste Industries, Inc. (a) | 44,600 | | 448 |
Cendant Corp. (a) | 176,700 | | 3,237 |
Central Parking Corp. | 30,800 | | 381 |
Corinthian Colleges, Inc. (a) | 19,000 | | 923 |
Strayer Education, Inc. | 11,100 | | 882 |
Waste Management, Inc. | 33,900 | | 817 |
| | 6,688 |
Electrical Equipment - 0.1% |
Emerson Electric Co. | 18,400 | | 940 |
Industrial Conglomerates - 4.3% |
3M Co. | 30,700 | | 3,960 |
General Electric Co. | 877,000 | | 25,152 |
Tyco International Ltd. | 266,400 | | 5,056 |
| | 34,168 |
Machinery - 1.3% |
Albany International Corp. Class A | 48,600 | | 1,332 |
Caterpillar, Inc. | 14,800 | | 824 |
Danaher Corp. | 14,300 | | 973 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
INDUSTRIALS - continued |
Machinery - continued |
Eaton Corp. | 9,900 | | $ 778 |
Illinois Tool Works, Inc. | 35,500 | | 2,338 |
Ingersoll-Rand Co. Ltd. Class A | 50,400 | | 2,385 |
ITT Industries, Inc. | 18,700 | | 1,224 |
Parker Hannifin Corp. | 8,500 | | 357 |
| | 10,211 |
Road & Rail - 0.5% |
Arkansas Best Corp. | 19,300 | | 459 |
CSX Corp. | 22,200 | | 668 |
Norfolk Southern Corp. | 36,200 | | 695 |
Union Pacific Corp. | 38,100 | | 2,211 |
| | 4,033 |
TOTAL INDUSTRIALS | | 86,527 |
INFORMATION TECHNOLOGY - 16.5% |
Communications Equipment - 2.7% |
Alcatel SA sponsored ADR (a) | 45,100 | | 404 |
Cisco Systems, Inc. (a) | 646,700 | | 10,793 |
Comverse Technology, Inc. (a) | 82,600 | | 1,241 |
Corvis Corp. (a) | 524,500 | | 787 |
Lucent Technologies, Inc. (a) | 170,500 | | 346 |
Motorola, Inc. | 289,000 | | 2,725 |
Nortel Networks Corp. (a) | 178,400 | | 482 |
QUALCOMM, Inc. | 46,900 | | 1,677 |
Scientific-Atlanta, Inc. | 77,700 | | 1,852 |
Telefonaktiebolaget LM Ericsson ADR (a) | 102,300 | | 1,087 |
| | 21,394 |
Computers & Peripherals - 4.0% |
Apple Computer, Inc. (a) | 25,800 | | 493 |
Dell Computer Corp. (a) | 221,200 | | 7,070 |
EMC Corp. (a) | 195,900 | | 2,051 |
Hewlett-Packard Co. | 286,900 | | 6,111 |
International Business Machines Corp. | 141,500 | | 11,674 |
Lexmark International, Inc. Class A (a) | 23,900 | | 1,691 |
Sun Microsystems, Inc. (a) | 530,700 | | 2,441 |
| | 31,531 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
INFORMATION TECHNOLOGY - continued |
Electronic Equipment & Instruments - 0.2% |
Agilent Technologies, Inc. (a) | 47,400 | | $ 927 |
Amphenol Corp. Class A (a) | 17,200 | | 805 |
| | 1,732 |
Internet Software & Services - 0.3% |
Ask Jeeves, Inc. (a) | 31,500 | | 433 |
Yahoo!, Inc. (a) | 63,000 | | 2,064 |
| | 2,497 |
IT Services - 1.1% |
Affiliated Computer Services, Inc. Class A (a) | 17,000 | | 777 |
Ceridian Corp. (a) | 49,700 | | 843 |
Cognizant Technology Solutions Corp. Class A (a) | 100 | | 2 |
Computer Sciences Corp. (a) | 32,400 | | 1,235 |
Concord EFS, Inc. (a) | 51,500 | | 758 |
First Data Corp. | 125,900 | | 5,217 |
| | 8,832 |
Office Electronics - 0.1% |
Xerox Corp. (a) | 63,300 | | 670 |
Semiconductors & Semiconductor Equipment - 3.1% |
Agere Systems, Inc. Class B (a) | 282,200 | | 649 |
Analog Devices, Inc. (a) | 37,200 | | 1,295 |
Applied Materials, Inc. (a) | 86,000 | | 1,364 |
Broadcom Corp. Class A (a) | 24,100 | | 600 |
Infineon Technologies AG sponsored ADR (a) | 40,400 | | 387 |
Intel Corp. | 532,200 | | 11,061 |
Intersil Corp. Class A (a) | 49,200 | | 1,309 |
KLA-Tencor Corp. (a) | 19,300 | | 897 |
LSI Logic Corp. (a) | 138,200 | | 978 |
Marvell Technology Group Ltd. (a) | 38,100 | | 1,309 |
Micron Technology, Inc. (a) | 108,800 | | 1,265 |
National Semiconductor Corp. (a) | 15,000 | | 296 |
Teradyne, Inc. (a) | 5,300 | | 92 |
Texas Instruments, Inc. | 166,200 | | 2,925 |
| | 24,427 |
Software - 5.0% |
Adobe Systems, Inc. | 41,400 | | 1,328 |
BEA Systems, Inc. (a) | 38,500 | | 418 |
Citrix Systems, Inc. (a) | 17,200 | | 350 |
Computer Associates International, Inc. | 21,100 | | 470 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
INFORMATION TECHNOLOGY - continued |
Software - continued |
Compuware Corp. (a) | 69,200 | | $ 399 |
Intuit, Inc. (a) | 21,400 | | 953 |
Mercury Interactive Corp. (a) | 8,700 | | 336 |
Microsoft Corp. | 1,094,100 | | 28,026 |
Oracle Corp. (a) | 420,300 | | 5,052 |
PeopleSoft, Inc. (a) | 24,000 | | 422 |
Roxio, Inc. (a) | 55,800 | | 373 |
Siebel Systems, Inc. (a) | 45,000 | | 429 |
VERITAS Software Corp. (a) | 40,400 | | 1,158 |
| | 39,714 |
TOTAL INFORMATION TECHNOLOGY | | 130,797 |
MATERIALS - 2.5% |
Chemicals - 1.2% |
Dow Chemical Co. | 126,400 | | 3,913 |
Lyondell Chemical Co. | 56,600 | | 766 |
Olin Corp. | 34,500 | | 590 |
PPG Industries, Inc. | 36,600 | | 1,857 |
Praxair, Inc. | 43,400 | | 2,608 |
| | 9,734 |
Containers & Packaging - 0.2% |
Owens-Illinois, Inc. (a) | 34,300 | | 472 |
Sealed Air Corp. | 8,300 | | 396 |
Smurfit-Stone Container Corp. (a) | 50,100 | | 653 |
| | 1,521 |
Metals & Mining - 0.8% |
Alcan, Inc. | 62,800 | | 1,957 |
Alcoa, Inc. | 27,700 | | 706 |
Arch Coal, Inc. | 17,900 | | 411 |
CONSOL Energy, Inc. | 20,200 | | 459 |
Newmont Mining Corp. Holding Co. | 30,800 | | 1,000 |
Nucor Corp. | 6,800 | | 332 |
Peabody Energy Corp. | 12,200 | | 410 |
Phelps Dodge Corp. (a) | 28,900 | | 1,108 |
| | 6,383 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
MATERIALS - continued |
Paper & Forest Products - 0.3% |
Bowater, Inc. | 8,700 | | $ 326 |
International Paper Co. | 48,500 | | 1,733 |
| | 2,059 |
TOTAL MATERIALS | | 19,697 |
TELECOMMUNICATION SERVICES - 4.2% |
Diversified Telecommunication Services - 3.4% |
ALLTEL Corp. | 16,000 | | 772 |
BellSouth Corp. | 143,000 | | 3,808 |
Citizens Communications Co. (a) | 34,700 | | 447 |
Qwest Communications International, Inc. (a) | 325,300 | | 1,555 |
SBC Communications, Inc. | 387,100 | | 9,890 |
Verizon Communications, Inc. | 269,100 | | 10,616 |
| | 27,088 |
Wireless Telecommunication Services - 0.8% |
AT&T Wireless Services, Inc. (a) | 335,000 | | 2,750 |
Nextel Communications, Inc. Class A (a) | 101,600 | | 1,837 |
Sprint Corp. - PCS Group Series 1 (a) | 270,400 | | 1,555 |
| | 6,142 |
TOTAL TELECOMMUNICATION SERVICES | | 33,230 |
UTILITIES - 2.3% |
Electric Utilities - 2.0% |
Allegheny Energy, Inc. (a) | 43,500 | | 368 |
American Electric Power Co., Inc. | 27,800 | | 829 |
Constellation Energy Group, Inc. | 38,900 | | 1,334 |
Dominion Resources, Inc. | 58,100 | | 3,734 |
Edison International (a) | 29,900 | | 491 |
Entergy Corp. | 23,100 | | 1,219 |
FirstEnergy Corp. | 61,900 | | 2,380 |
FPL Group, Inc. | 33,200 | | 2,219 |
PG&E Corp. (a) | 83,100 | | 1,758 |
TXU Corp. | 28,200 | | 633 |
Wisconsin Energy Corp. | 13,900 | | 403 |
| | 15,368 |
Gas Utilities - 0.2% |
Kinder Morgan, Inc. | 28,500 | | 1,558 |
Common Stocks - continued |
| Shares | | Value (Note 1) (000s) |
UTILITIES - continued |
Multi-Utilities & Unregulated Power - 0.1% |
AES Corp. (a) | 98,200 | | $ 624 |
Sierra Pacific Resources (a) | 79,500 | | 472 |
| | 1,096 |
TOTAL UTILITIES | | 18,022 |
TOTAL COMMON STOCKS (Cost $727,073) | 760,948 |
Convertible Preferred Stocks - 0.3% |
| | | |
INDUSTRIALS - 0.2% |
Aerospace & Defense - 0.2% |
Northrop Grumman Corp. 7.25% | 14,800 | | 1,506 |
INFORMATION TECHNOLOGY - 0.1% |
Communications Equipment - 0.1% |
Lucent Technologies, Inc. 8% (c) | 500 | | 512 |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,003) | 2,018 |
Corporate Bonds - 0.2% |
| Principal Amount (000s) | | |
Convertible Bonds - 0.2% |
CONSUMER DISCRETIONARY - 0.1% |
Media - 0.1% |
EchoStar Communications Corp. 5.75% 5/15/08 (c) | | $ 1,000 | | 1,060 |
INFORMATION TECHNOLOGY - 0.1% |
Communications Equipment - 0.1% |
Corning, Inc. 0% 11/8/15 | | 800 | | 594 |
Software - 0.0% |
Network Associates, Inc. 5.25% 8/15/06 (c) | | 170 | | 179 |
TOTAL INFORMATION TECHNOLOGY | | 773 |
TOTAL CONVERTIBLE BONDS | | 1,833 |
Corporate Bonds - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Nonconvertible Bonds - 0.0% |
CONSUMER DISCRETIONARY - 0.0% |
Media - 0.0% |
PEI Holdings, Inc. 11% 3/15/10 (c) | | $ 15 | | $ 17 |
TOTAL CORPORATE BONDS (Cost $1,644) | 1,850 |
U.S. Treasury Obligations - 0.2% |
|
U.S. Treasury Bills, yield at date of purchase 1.1% to 1.11% 7/3/03 to 7/17/03 (d)
(Cost $1,450) | | 1,450 | | 1,450 |
Money Market Funds - 3.0% |
| Shares | | |
Fidelity Cash Central Fund, 1.18% (b) | 22,978,932 | | 22,979 |
Fidelity Securities Lending Cash Central Fund, 1.19% (b) | 476,000 | | 476 |
TOTAL MONEY MARKET FUNDS (Cost $23,455) | 23,455 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $755,625) | | 789,721 |
NET OTHER ASSETS - 0.0% | | 165 |
NET ASSETS - 100% | $ 789,886 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Gain/(Loss) (000s) |
Purchased |
Equity Index Contracts |
16 S&P 500 Index Contracts | Sept. 2003 | | $ 3,893 | | $ (110) |
|
The face value of futures purchased as a percentage of net assets - 0.5% |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $1,768,000 or 0.2% of net assets. |
(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,450,000. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Geneprot, Inc. | 7/7/00 | $ 341 |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $190,125,000 and $199,812,000, respectively. |
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $35,000 for the period. |
The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $217,000 or 0.0% of net assets. |
Income Tax Information |
At December 31, 2002, the fund had a capital loss carryforward of approximately $242,204,000 of which $151,997,000 and $90,207,000 will expire on December 31, 2009 and 2010, respectively. |
The fund intends to elect to defer to its fiscal year ending December 31, 2003 approximately $11,921,000 of losses recognized during the period November 1, 2002 to December 31, 2002. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | June 30, 2003 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $404) (cost $755,625) - See accompanying schedule | | $ 789,721 |
Receivable for investments sold | | 3,526 |
Receivable for fund shares sold | | 191 |
Dividends receivable | | 837 |
Interest receivable | | 39 |
Other receivables | | 4 |
Total assets | | 794,318 |
| | |
Liabilities | | |
Payable to custodian bank | $ 30 | |
Payable for investments purchased | 2,285 | |
Payable for fund shares redeemed | 1,152 | |
Accrued management fee | 403 | |
Other payables and accrued expenses | 86 | |
Collateral on securities loaned, at value | 476 | |
Total liabilities | | 4,432 |
| | |
Net Assets | | $ 789,886 |
Net Assets consist of: | | |
Paid in capital | | $ 1,021,411 |
Undistributed net investment income | | 2,814 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (268,325) |
Net unrealized appreciation (depreciation) on investments | | 33,986 |
Net Assets, for 18,177.3 shares outstanding | | $ 789,886 |
Net Asset Value, offering price and redemption price per share ($789,886 ÷ 18,177.3 shares) | | $ 43.45 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended June 30, 2003 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 5,446 |
Interest | | 280 |
Security lending | | 11 |
Total income | | 5,737 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,148 | |
Performance adjustment | 17 | |
Transfer agent fees | 688 | |
Accounting and security lending fees | 112 | |
Non-interested trustees' compensation | 2 | |
Depreciation in deferred trustee compensation account | (5) | |
Custodian fees and expenses | 9 | |
Registration fees | 17 | |
Audit | 25 | |
Legal | 8 | |
Miscellaneous | 3 | |
Total expenses before reductions | 3,024 | |
Expense reductions | (99) | 2,925 |
Net investment income (loss) | | 2,812 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities | (1,987) | |
Foreign currency transactions | 3 | |
Futures contracts | 855 | |
Total net realized gain (loss) | | (1,129) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 85,608 | |
Futures contracts | 599 | |
Total change in net unrealized appreciation (depreciation) | | 86,207 |
Net gain (loss) | | 85,078 |
Net increase (decrease) in net assets resulting from operations | | $ 87,890 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended
June 30, 2003
(Unaudited) | Year ended
December 31,
2002 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,812 | $ 2,896 |
Net realized gain (loss) | (1,129) | (96,196) |
Change in net unrealized appreciation (depreciation) | 86,207 | (110,263) |
Net increase (decrease) in net assets resulting
from operations | 87,890 | (203,563) |
Distributions to shareholders from net investment income | - | (2,918) |
Share transactions
Net proceeds from sales of shares | 18,270 | 29,750 |
Reinvestment of distributions | - | 2,501 |
Cost of shares redeemed | (45,381) | (101,264) |
Net increase (decrease) in net assets resulting from share transactions | (27,111) | (69,013) |
Total increase (decrease) in net assets | 60,779 | (275,494) |
| | |
Net Assets | | |
Beginning of period | 729,107 | 1,004,601 |
End of period (including undistributed net investment income of $2,814 and undistributed net investment income of $2, respectively) | $ 789,886 | $ 729,107 |
Other Information Shares | | |
Sold | 449 | 700 |
Issued in reinvestment of distributions | - | 65 |
Redeemed | (1,142) | (2,379) |
Net increase (decrease) | (693) | (1,614) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended
June 30, 2003 | Years ended December 31, |
| (Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 38.64 | $ 49.04 | $ 56.42 | $ 71.72 | $ 55.66 | $ 54.11 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .15 | .15 | .19 | .22 | .18 | .05 |
Net realized and unrealized gain (loss) | 4.66 | (10.39) | (7.14) | (4.98) | 22.23 | 1.50 |
Total from investment operations | 4.81 | (10.24) | (6.95) | (4.76) | 22.41 | 1.55 |
Distributions from net investment income | - | (.16) | (.23) | (.22) | (.18) | - |
Distributions in excess of net investment income | - | - | - | (.47) | (.02) | - |
Distributions from net realized gain | - | - | (.20) | (9.85) | (6.15) | - |
Total distributions | - | (.16) | (.43) | (10.54) | (6.35) | - |
Net asset value, end of period | $ 43.45 | $ 38.64 | $ 49.04 | $ 56.42 | $ 71.72 | $ 55.66 |
Total Return B,C | 12.45% | (20.89)% | (12.37)% | (7.16)% | 40.73% | 2.86% |
Ratios to Average Net Assets E | | | | | |
Expenses before expense reductions | .82%A | 1.05% | .78% | .58% | .58% | .62% |
Expenses net of voluntary waivers, if any | .82%A | 1.05% | .78% | .58% | .58% | .62% |
Expenses net of all reductions | .79%A | 1.01% | .74% | .52% | .51% | .54% |
Net investment income (loss) | .76%A | .34% | .37% | .33% | .28% | .10% |
Supplemental Data |
Net assets, end of period (in
millions) | $ 790 | $ 729 | $ 1,005 | $ 1,242 | $ 1,533 | $ 1,195 |
Portfolio turnover rate | 54%A | 79% | 102% | 267% | 309% | 348% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2003 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Fidelity Trend Fund (the fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust and is authorized to issue an unlimited number of shares. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Semiannual Report
Foreign Currency - continued
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.
Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Distributions are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 88,972 | | |
Unrealized depreciation | (66,186) | |
Net unrealized appreciation (depreciation) | 22,786 | |
Cost for federal income tax purposes | 766,935 | |
2. Operating Policies.
Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase the fund's exposure to the underlying instrument, while selling futures tends to decrease the fund's exposure to the underlying instrument or hedge other fund investments. Futures contracts involve, to varying degrees, risk of loss in excess of the futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counter-parties do not perform under the contracts' terms. Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
3. Purchases and Sales of Investments.
Semiannual Report
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.
The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .59% of the fund's average net assets.
Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .19% of average net assets.
Accounting and Security Lending Fees. FSC maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $224 for the period.
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
5. Committed Line of Credit.
Semiannual Report
The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
6. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.
7. Expense Reductions.
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $98 for the period. In addition, through arrangements with the fund's transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's transfer agent expenses by $1.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
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(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Write Fidelity
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Fidelity Investments
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Selling shares
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General Correspondence
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(letter_graphic)For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
2300 Litton Lane - KH2GC
Hebron, KY 41048-9397
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
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10100 Santa Monica Blvd.
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73-575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
8 Montgomery Street
San Francisco, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6300 Canoga Avenue
Woodland Hills, CA
Colorado
1625 Broadway
Denver, CO
9185 East Westview Road
Littleton, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
Delaware
222 Delaware Avenue
Wilmington, DE
Florida
4400 N. Federal Highway
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
1907 West State Road 434
Longwood, FL
8880 Tamiami Trail, North
Naples, FL
3501 PGA Boulevard
West Palm Beach, FL
8065 Beneva Road
Sarasota, FL
Semiannual Report
1502 N. Westshore Blvd.
Tampa, FL
Georgia
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
3232 Lake Avenue
Wilmette, IL
Indiana
4729 East 82nd Street
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7401 Wisconsin Avenue
Bethesda, MD
One W. Pennsylvania Ave.
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
405 Cochituate Road
Framingham, MA
416 Belmont Street
Worcester, MA
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Michigan
280 Old N. Woodward Ave.
Birmingham, MI
43420 Grand River Avenue
Novi, MI
29155 Northwestern Hwy.
Southfield, MI
Minnesota
7600 France Avenue South
Edina, MN
Missouri
8885 Ladue Road
Ladue, MO
New Jersey
150 Essex Street
Millburn, NJ
56 South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
3518 Route 1 North
Princeton, NJ
New York
1055 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
North Carolina
4611 Sharon Road
Charlotte, NC
Ohio
3805 Edwards Road
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
16850 SW 72nd Avenue
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
47 Providence Place
Providence, RI
Tennessee
6150 Poplar Avenue
Memphis, TN
Texas
10000 Research Boulevard
Austin, TX
4017 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
19740 IH 45 North
Spring, TX
Semiannual Report
6005 West Park Boulevard
Plano, TX 75093
Utah
215 South State Street
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
411 108th Avenue, N.E.
Bellevue, WA
1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
595 North Barker Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Far East) Inc.
Fidelity Investments Japan Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
Fidelity's Growth Funds
Aggressive Growth Fund
Blue Chip Growth Fund
Blue Chip Value Fund
Capital Appreciation Fund
Contrafund®
Discovery Fund
Disciplined Equity Fund
Dividend Growth Fund
Export and Multinational Fund
Fidelity Fifty ®
Fidelity Value Discovery Fund
Focused Stock Fund
Growth Company Fund
Independence Fund
Large Cap Stock Fund
Leveraged Company Stock Fund
Low-Priced Stock Fund
Magellan® Fund
Mid-Cap Stock Fund
New Millennium Fund ®
OTC Portfolio
Small Cap Independence Fund
Small Cap Stock Fund
Stock Selector
Structured Large Cap Growth Fund
Structured Large Cap Value Fund
Structured Mid Cap Growth Fund
Structured Mid Cap Value Fund
Tax Managed Stock Fund
Trend Fund
Value Fund
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST ®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
TRE-USAN-0803
1.787792.100
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Reserved
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Reserved
Item 9. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Trend Fund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 10. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Trend Fund
By: | /s/Maria Dwyer |
| Maria Dwyer |
| President and Treasurer |
| |
Date: | August 25, 2003 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Maria Dwyer |
| Maria Dwyer |
| President and Treasurer |
| |
Date: | August 25, 2003 |
By: | /s/Timothy F. Hayes |
| Timothy F. Hayes |
| Chief Financial Officer |
| |
Date: | August 25, 2003 |
