-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KVcTeb8ywKXl18farLgL3C8VSMMNqzw3OEhDOozsSgPSd4NVTAwOMI4+UKlQRXW9 E4/2VtQ3gNqnaEgG6i0EIw== 0000024238-04-000014.txt : 20041126 0000024238-04-000014.hdr.sgml : 20041125 20041126141003 ACCESSION NUMBER: 0000024238-04-000014 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040930 FILED AS OF DATE: 20041126 DATE AS OF CHANGE: 20041126 EFFECTIVENESS DATE: 20041126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY CONTRAFUND CENTRAL INDEX KEY: 0000024238 IRS NUMBER: 046056833 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-01400 FILM NUMBER: 041169179 BUSINESS ADDRESS: STREET 1: FIDELITY INVESTMENTS COMPANY STREET 2: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: (617)439-1220 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAIL ZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY CONTRAFUND INC DATE OF NAME CHANGE: 19850618 FORMER COMPANY: FORMER CONFORMED NAME: CONTRAFUND INC DATE OF NAME CHANGE: 19810203 N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811- 1400

Fidelity Contrafund
 (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:

September 30, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Advisor New Insights Fund
Class A
Class T
Class B
Class C
Institutional Class

September 30, 2004

1.808768.100

ANIF-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.9%

Shares

Value

CONSUMER DISCRETIONARY - 10.6%

Auto Components - 0.1%

Johnson Controls, Inc.

8,100

$ 460,161

LKQ Corp.

100

1,827

461,988

Automobiles - 0.2%

Honda Motor Co. Ltd.

2,200

107,184

Toyota Motor Corp.

24,600

939,474

1,046,658

Hotels, Restaurants & Leisure - 2.9%

Aristocrat Leisure Ltd.

175,000

987,147

Boyd Gaming Corp.

16,500

464,475

Buffalo Wild Wings, Inc.

2,400

67,296

Four Seasons Hotels, Inc.

29,700

1,903,342

GTECH Holdings Corp.

6,200

156,984

Hilton Group PLC

150,470

754,584

Kerzner International Ltd. (a)

14,700

646,359

Krispy Kreme Doughnuts, Inc. (a)

2,400

30,384

Life Time Fitness, Inc.

4,900

125,734

Paddy Power PLC

76,000

897,879

Penn National Gaming, Inc. (a)

7,000

282,800

Red Robin Gourmet Burgers, Inc. (a)

48,500

2,117,995

Shuffle Master, Inc. (a)

44,400

1,663,224

Starbucks Corp. (a)

8,000

363,680

Station Casinos, Inc.

104,700

5,134,488

Wynn Resorts Ltd. (a)

32,200

1,664,418

17,260,789

Household Durables - 1.0%

Black & Decker Corp.

10,200

789,888

Blount International, Inc. (a)

15,000

196,500

Harman International Industries, Inc.

26,700

2,876,925

KB Home

2,100

177,429

Leggett & Platt, Inc.

12,400

348,440

LG Electronics, Inc.

4,970

285,726

Pulte Homes, Inc.

19,200

1,178,304

Toll Brothers, Inc. (a)

2,300

106,559

5,959,771

Internet & Catalog Retail - 1.4%

Blue Nile, Inc.

100

3,368

eBay, Inc. (a)

91,700

8,430,898

8,434,266

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - 1.1%

Citadel Broadcasting Corp. (a)

500

$ 6,410

Getty Images, Inc. (a)

5,000

276,500

Pixar (a)

19,094

1,506,517

SBS Broadcasting SA (a)

31,100

1,046,826

Sogecable SA (a)

5,500

221,610

Spanish Broadcasting System, Inc. Class A (a)

25,400

249,936

The DIRECTV Group, Inc. (a)

39,500

694,805

Univision Communications, Inc. Class A (a)

14,500

458,345

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

7,300

244,988

Vivendi Universal SA sponsored ADR (a)

6,400

164,672

Washington Post Co. Class B

28

25,760

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

43,700

1,355,574

6,251,943

Multiline Retail - 0.4%

JCPenney Co., Inc.

28,100

991,368

Neiman Marcus Group, Inc. Class A

13,500

776,250

Next PLC

29,700

878,846

2,646,464

Specialty Retail - 2.5%

America's Car Mart, Inc. (a)

600

20,250

AnnTaylor Stores Corp. (a)

8,550

200,070

Bakers Footwear Group, Inc.

105,600

850,080

Best Buy Co., Inc.

1,800

97,632

Chico's FAS, Inc. (a)

84,500

2,889,900

Claire's Stores, Inc.

40,000

1,001,600

Dick's Sporting Goods, Inc. (a)

42,300

1,506,726

Guitar Center, Inc. (a)

18,600

805,380

Hennes & Mauritz AB (H&M) (B Shares)

4,200

115,718

Pacific Sunwear of California, Inc. (a)

8,000

168,400

PETCO Animal Supplies, Inc. (a)

7,200

235,152

PETsMART, Inc.

59,800

1,697,722

Regis Corp.

26,700

1,073,874

Sherwin-Williams Co.

2,300

101,108

Signet Group PLC

86,648

179,777

Staples, Inc.

67,100

2,000,922

The Pep Boys - Manny, Moe & Jack

14,700

205,800

Tweeter Home Entertainment Group, Inc. (a)

5,000

28,250

Urban Outfitters, Inc. (a)

52,700

1,812,880

14,991,241

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles Apparel & Luxury Goods - 1.0%

Burberry Group PLC

29,309

$ 197,832

Carter's, Inc.

5,500

152,295

Coach, Inc. (a)

60,900

2,583,378

Fossil, Inc. (a)

6,600

204,204

Hartmarx Corp. (a)

223,300

1,656,886

NIKE, Inc. Class B

5,000

394,000

Puma AG

303

81,286

Quiksilver, Inc. (a)

20,000

508,400

5,778,281

TOTAL CONSUMER DISCRETIONARY

62,831,401

CONSUMER STAPLES - 3.5%

Beverages - 0.3%

Corby Distilleries Ltd. Class A

20,000

1,052,506

MGP Ingredients, Inc.

17,200

170,624

PepsiCo, Inc.

12,300

598,395

1,821,525

Food & Staples Retailing - 1.1%

Alimentation Couche-Tard, Inc. Class B (sub. vtg.) (a)

22,500

539,429

Sysco Corp.

91,200

2,728,704

Tesco PLC

99,285

513,192

The Pantry, Inc. (a)

30,000

755,100

United Natural Foods, Inc. (a)

34,500

917,700

Wal-Mart Stores, Inc.

6,500

345,800

Walgreen Co.

3,800

136,154

Whole Foods Market, Inc.

8,585

736,507

William Morrison Supermarkets PLC

15,600

54,416

6,727,002

Food Products - 0.6%

Hershey Foods Corp.

18,700

873,477

Kellogg Co.

36,300

1,548,558

Peet's Coffee & Tea, Inc. (a)

5,000

116,950

SunOpta, Inc. (a)

28,100

216,248

Wm. Wrigley Jr. Co.

7,800

493,818

3,249,051

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Personal Products - 1.5%

Avon Products, Inc.

122,500

$ 5,350,800

Gillette Co.

85,600

3,572,944

8,923,744

TOTAL CONSUMER STAPLES

20,721,322

ENERGY - 13.5%

Energy Equipment & Services - 2.3%

Baker Hughes, Inc.

1,000

43,720

BJ Services Co.

42,900

2,248,389

Carbo Ceramics, Inc.

20,700

1,493,298

National-Oilwell, Inc. (a)

10,000

328,600

Noble Corp. (a)

10,200

458,490

Offshore Logistics, Inc. (a)

30,100

1,036,042

Oil States International, Inc. (a)

18,700

349,690

Pason Systems, Inc.

1,600

39,399

Schlumberger Ltd. (NY Shares)

94,000

6,327,140

Smith International, Inc. (a)

3,100

188,263

Tenaris SA sponsored ADR

12,800

583,552

TETRA Technologies, Inc. (a)

1,100

34,155

Varco International, Inc. (a)

9,900

265,518

13,396,256

Oil & Gas - 11.2%

Anadarko Petroleum Corp.

4,400

291,984

Apache Corp.

53,100

2,660,841

Ashland, Inc.

13,400

751,472

Blackrock Ventures, Inc. (a)

164,600

885,781

BP PLC sponsored ADR

159,200

9,158,776

Burlington Resources, Inc.

55,800

2,276,640

Cabot Oil & Gas Corp. Class A

6,000

269,400

Chesapeake Energy Corp.

136,500

2,160,795

ChevronTexaco Corp.

9,800

525,672

China Petroleum & Chemical Corp. sponsored ADR

6,800

279,140

Comstock Resources, Inc. (a)

8,000

167,360

ConocoPhillips

11,300

936,205

Denbury Resources, Inc. (a)

8,900

226,060

Devon Energy Corp.

1,100

78,111

EnCana Corp.

110,900

5,128,603

Encore Acquisition Co. (a)

16,392

565,524

ENI Spa sponsored ADR

4,500

505,350

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil & Gas - continued

EOG Resources, Inc.

7,100

$ 467,535

Exxon Mobil Corp.

151,300

7,312,329

Forest Oil Corp. (a)

11,500

346,380

Houston Exploration Co. (a)

18,900

1,121,715

Magnum Hunter Resources, Inc. (a)

4,500

51,930

Marathon Oil Corp.

61,500

2,538,720

McMoRan Exploration Co. (a)

19,800

257,994

Murphy Oil Corp.

64,000

5,553,280

Norsk Hydro ASA sponsored ADR

1,600

117,184

Occidental Petroleum Corp.

41,300

2,309,909

Patina Oil & Gas Corp.

19,100

564,787

PetroKazakhstan, Inc. Class A

21,500

731,179

Premcor, Inc. (a)

85,700

3,299,450

Quicksilver Resources, Inc. (a)

31,400

1,025,838

Range Resources Corp.

14,200

248,358

Talisman Energy, Inc.

17,400

452,186

Total SA sponsored ADR

54,100

5,527,397

Unocal Corp.

4,100

176,300

Valero Energy Corp.

4,600

368,966

Whiting Petroleum Corp. New

94,200

2,863,680

XTO Energy, Inc.

132,100

4,290,608

66,493,439

TOTAL ENERGY

79,889,695

FINANCIALS - 7.7%

Capital Markets - 0.2%

Goldman Sachs Group, Inc.

600

55,944

Investors Financial Services Corp.

1,900

85,747

Lehman Brothers Holdings, Inc.

11,700

932,724

SEI Investments Co.

1,400

47,152

1,121,567

Commercial Banks - 1.3%

BOK Financial Corp. (a)

2,173

96,938

East West Bancorp, Inc.

11,000

369,490

HSBC Holdings PLC sponsored ADR

16,011

1,277,678

M&T Bank Corp.

15,300

1,464,210

PrivateBancorp, Inc.

100

2,696

Texas Regional Bancshares, Inc. Class A

2,250

69,953

UCBH Holdings, Inc.

17,700

691,539

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Wells Fargo & Co.

45,500

$ 2,713,165

Westcorp

20,500

871,660

Wintrust Financial Corp.

5,200

297,856

7,855,185

Consumer Finance - 0.2%

Capital One Financial Corp.

2,300

169,970

First Marblehead Corp.

1,600

74,240

MBNA Corp.

36,600

922,320

1,166,530

Diversified Financial Services - 0.1%

Brascan Corp. Class A (ltd. vtg.)

28,850

871,845

Insurance - 5.0%

ACE Ltd.

18,100

725,086

AFLAC, Inc.

9,900

388,179

Allstate Corp.

51,100

2,452,289

American International Group, Inc.

87,900

5,976,321

Assurant, Inc.

46,900

1,219,400

Berkshire Hathaway, Inc. Class A (a)

103

8,924,950

Brown & Brown, Inc.

8,800

402,160

Endurance Specialty Holdings Ltd.

16,700

536,905

Everest Re Group Ltd.

16,600

1,233,878

Great-West Lifeco, Inc.

3,300

132,994

HCC Insurance Holdings, Inc.

40,100

1,209,015

Mercury General Corp.

11,000

581,790

MetLife, Inc.

5,600

216,440

Montpelier Re Holdings Ltd.

9,700

355,796

ProAssurance Corp. (a)

5,000

175,100

Progressive Corp.

5,400

457,650

RenaissanceRe Holdings Ltd.

27,300

1,408,134

StanCorp Financial Group, Inc.

4,600

327,520

USI Holdings Corp. (a)

67,400

920,010

W.R. Berkley Corp.

26,000

1,096,160

White Mountains Insurance Group Ltd.

400

210,400

Willis Group Holdings Ltd.

13,100

489,940

29,440,117

Real Estate - 0.3%

CB Richard Ellis Group, Inc. Class A

5,200

120,120

CBL & Associates Properties, Inc.

12,600

767,970

Equity Residential (SBI)

18,600

576,600

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate - continued

General Growth Properties, Inc.

5,200

$ 161,200

The Rouse Co.

2,800

187,264

1,813,154

Thrifts & Mortgage Finance - 0.6%

Countrywide Financial Corp.

25,100

988,689

Doral Financial Corp.

7,700

319,319

Golden West Financial Corp., Delaware

17,600

1,952,720

3,260,728

TOTAL FINANCIALS

45,529,126

HEALTH CARE - 11.2%

Biotechnology - 1.9%

Affymetrix, Inc. (a)

10,300

316,313

Biogen Idec, Inc. (a)

14,900

911,433

Gen-Probe, Inc. (a)

26,900

1,072,503

Genentech, Inc. (a)

147,900

7,752,918

Keryx Biopharmaceuticals, Inc. (a)

10,700

119,733

ONYX Pharmaceuticals, Inc. (a)

200

8,602

Pharmion Corp.

12,600

651,370

Seattle Genetics, Inc. (a)

25,800

169,506

11,002,378

Health Care Equipment & Supplies - 4.6%

Advanced Medical Optics, Inc. (a)

26,700

1,056,519

Advanced Neuromodulation Systems, Inc. (a)

19,100

579,685

Alcon, Inc.

78,700

6,311,740

American Medical Systems Holdings, Inc. (a)

3,700

134,199

Animas Corp.

13,600

218,960

Bio-Rad Laboratories, Inc. Class A (a)

8,600

439,460

C.R. Bard, Inc.

22,800

1,291,164

Cooper Companies, Inc.

13,000

891,150

Cytyc Corp. (a)

24,500

591,675

DENTSPLY International, Inc.

36,600

1,901,004

Epix Pharmaceuticals, Inc. (a)

10,100

195,031

Fisher Scientific International, Inc. (a)

26,604

1,551,811

Given Imaging Ltd. (a)

8,800

338,360

Hospira, Inc. (a)

11,300

345,780

IDEXX Laboratories, Inc. (a)

20,500

1,040,170

Immucor, Inc. (a)

60,000

1,485,000

Integra LifeSciences Holdings Corp. (a)

7,400

237,614

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Intuitive Surgical, Inc. (a)

6,200

$ 153,450

IRIS International, Inc. (a)

400,000

3,180,000

Kensey Nash Corp. (a)

5,300

138,807

Kinetic Concepts, Inc.

9,700

509,735

Medtronic, Inc.

3,500

181,650

Nobel Biocare Holding AG (Switzerland)

1,556

242,139

Ocular Sciences, Inc. (a)

13,400

642,798

St. Jude Medical, Inc. (a)

26,600

2,002,182

Synthes, Inc.

4,360

476,254

Waters Corp. (a)

30,400

1,340,640

27,476,977

Health Care Providers & Services - 2.8%

Aetna, Inc.

55,200

5,516,136

Anthem, Inc. (a)

1,900

165,775

Chemed Corp. New

4,700

261,978

eResearchTechnology, Inc. (a)

3,292

43,882

ICON PLC sponsored ADR (a)

800

26,328

Matria Healthcare, Inc. (a)

1,600

45,296

Merge Technologies, Inc. (a)

17,300

298,598

Molina Healthcare, Inc. (a)

600

21,300

Patterson Companies, Inc. (a)

79,600

6,094,176

Pediatrix Medical Group, Inc. (a)

1,400

76,790

UnitedHealth Group, Inc.

47,600

3,510,024

VCA Antech, Inc. (a)

10,000

206,300

WellPoint Health Networks, Inc. (a)

2,000

210,180

16,476,763

Pharmaceuticals - 1.9%

Atherogenics, Inc. (a)

7,500

247,125

Connetics Corp. (a)

32,000

864,640

Cypress Bioscience, Inc. (a)

11,800

137,706

Elan Corp. PLC sponsored ADR (a)

58,600

1,371,240

First Horizon Pharmaceutical Corp. (a)

13,200

264,132

IVAX Corp. (a)

24,875

476,356

Kos Pharmaceuticals, Inc. (a)

26,700

950,787

MGI Pharma, Inc. (a)

7,400

197,506

Novo Nordisk AS Series B

76,700

4,204,285

Par Pharmaceutical Companies, Inc. (a)

600

21,558

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Roche Holding AG (participation certificate)

10,503

$ 1,088,219

Schering-Plough Corp.

85,300

1,625,818

11,449,372

TOTAL HEALTH CARE

66,405,490

INDUSTRIALS - 9.0%

Aerospace & Defense - 0.1%

L-3 Communications Holdings, Inc.

3,800

254,600

Precision Castparts Corp.

4,100

246,205

SI International, Inc. (a)

6,100

133,651

634,456

Air Freight & Logistics - 1.4%

C.H. Robinson Worldwide, Inc.

41,700

1,934,463

Dynamex, Inc. (a)

9,005

155,246

Expeditors International of Washington, Inc.

1,500

77,550

Ryder System, Inc.

22,700

1,067,808

United Parcel Service, Inc. Class B

66,900

5,079,048

8,314,115

Airlines - 0.2%

Southwest Airlines Co.

87,300

1,189,026

Building Products - 0.7%

Lennox International, Inc.

11,100

165,834

Masco Corp.

100,600

3,473,718

Trex Co., Inc. (a)

12,400

549,072

4,188,624

Commercial Services & Supplies - 0.9%

Aramark Corp. Class B

20,700

499,698

Copart, Inc. (a)

38,100

721,233

Educate, Inc. (a)

11,000

129,690

Laureate Education, Inc. (a)

1,100

40,942

R.R. Donnelley & Sons Co.

38,800

1,215,216

Resources Connection, Inc. (a)

22,700

857,606

Robert Half International, Inc.

48,400

1,247,268

Strayer Education, Inc.

2,300

264,523

United Rentals, Inc. (a)

12,200

193,858

5,170,034

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - 0.1%

Perini Corp. (a)

9,000

$ 128,340

Washington Group International, Inc. (a)

7,900

273,498

401,838

Electrical Equipment - 0.7%

Cooper Industries Ltd. Class A

43,600

2,572,400

Roper Industries, Inc.

24,000

1,379,040

Ultralife Batteries, Inc. (a)

30,200

307,134

4,258,574

Industrial Conglomerates - 0.6%

3M Co.

19,700

1,575,409

Hutchison Whampoa Ltd.

163,000

1,275,201

Siemens AG sponsored ADR

13,800

1,017,060

3,867,670

Machinery - 3.0%

AGCO Corp. (a)

11,300

255,606

Astec Industries, Inc. (a)

2,867

54,817

Cummins, Inc.

28,200

2,083,698

Danaher Corp.

170,100

8,722,728

ESCO Technologies, Inc. (a)

4,800

325,248

IDEX Corp.

1,650

56,034

Illinois Tool Works, Inc.

4,800

447,216

Ingersoll-Rand Co. Ltd. Class A

300

20,391

ITT Industries, Inc.

1,200

95,988

JLG Industries, Inc.

100,000

1,680,000

Joy Global, Inc.

16,400

563,832

Oshkosh Truck Co.

4,100

233,946

PACCAR, Inc.

28,950

2,001,024

SPX Corp.

500

17,700

Volvo AB ADR

35,900

1,264,757

17,822,985

Road & Rail - 1.0%

Burlington Northern Santa Fe Corp.

35,300

1,352,343

Canadian National Railway Co.

59,100

2,895,631

Heartland Express, Inc.

1,950

35,978

Knight Transportation, Inc. (a)

2,020

43,268

Laidlaw International, Inc. (a)

2,300

37,835

Landstar System, Inc. (a)

21,000

1,232,280

Norfolk Southern Corp.

9,000

267,660

5,864,995

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Trading Companies & Distributors - 0.3%

Fastenal Co.

15,500

$ 892,800

MSC Industrial Direct Co., Inc. Class A

21,900

746,352

1,639,152

TOTAL INDUSTRIALS

53,351,469

INFORMATION TECHNOLOGY - 17.9%

Communications Equipment - 3.1%

Adtran, Inc.

3,000

68,040

Carrier Access Corp. (a)

1,500

10,425

Comverse Technology, Inc. (a)

21,000

395,430

Ditech Communications Corp. (a)

78,300

1,753,137

Harris Corp.

35,500

1,950,370

Juniper Networks, Inc. (a)

22,900

540,440

Motorola, Inc.

53,700

968,748

Plantronics, Inc.

4,400

190,256

QUALCOMM, Inc.

167,500

6,539,200

Research in Motion Ltd. (a)

77,600

5,925,091

18,341,137

Computers & Peripherals - 0.7%

Apple Computer, Inc. (a)

34,200

1,325,250

Dell, Inc. (a)

61,400

2,185,840

Logitech International SA sponsored ADR (a)

100

4,834

Synaptics, Inc. (a)

21,800

439,488

3,955,412

Electronic Equipment & Instruments - 0.9%

Amphenol Corp. Class A (a)

4,600

157,596

Cogent, Inc.

20,300

369,866

Dionex Corp. (a)

300

16,410

FARO Technologies, Inc. (a)

1,800

36,612

FLIR Systems, Inc. (a)

67,691

3,959,924

Hon Hai Precision Industries Co. Ltd.

4,049

13,946

LoJack Corp. (a)

700

7,840

Molex, Inc.

8,100

241,542

National Instruments Corp.

10,400

314,808

Sigmatron International, Inc. (a)

4,100

44,280

5,162,824

Internet Software & Services - 3.9%

Akamai Technologies, Inc. (a)

28,100

394,805

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Blue Coat Systems, Inc. (a)

5,300

$ 76,320

Google, Inc. Class A

51,200

6,635,520

Greenfield Online, Inc.

2,300

46,713

InfoSpace, Inc. (a)

300

14,217

iVillage, Inc. (a)

4,200

25,200

j2 Global Communications, Inc. (a)

4,500

142,155

Websense, Inc. (a)

15,343

639,343

Yahoo!, Inc. (a)

447,900

15,188,285

23,162,558

IT Services - 2.9%

Accenture Ltd. Class A (a)

7,600

205,580

Alliance Data Systems Corp. (a)

163,000

6,611,280

Cognizant Technology Solutions Corp. Class A (a)

51,614

1,574,743

Global Payments, Inc.

700

37,485

Infosys Technologies Ltd. sponsored ADR

87,300

4,941,180

Iron Mountain, Inc. (a)

17,200

582,220

SRA International, Inc. Class A (a)

69,200

3,567,952

17,520,440

Office Electronics - 0.0%

Zebra Technologies Corp. Class A (a)

5,400

329,454

Semiconductors & Semiconductor Equipment - 4.6%

Analog Devices, Inc.

111,000

4,304,580

ATI Technologies, Inc. (a)

20,300

311,800

Cree, Inc. (a)

40,200

1,227,306

International Rectifier Corp. (a)

91,800

3,148,740

Lam Research Corp. (a)

13,600

297,568

Marvell Technology Group Ltd. (a)

394,100

10,297,833

O2Micro International Ltd. (a)

3,000

32,220

Samsung Electronics Co. Ltd.

11,576

4,604,260

Silicon Image, Inc. (a)

9,200

116,288

Silicon Laboratories, Inc. (a)

75,000

2,481,750

Tessera Technologies, Inc.

7,300

161,330

Tundra Semiconductor Corp. Ltd. (a)(d)

300

3,376

Volterra Semiconductor Corp.

6,300

78,309

27,065,360

Software - 1.8%

Activision, Inc. (a)

36,400

504,868

Adobe Systems, Inc.

16,200

801,414

Altiris, Inc. (a)

25,600

810,240

Autodesk, Inc.

46,900

2,280,747

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

JAMDAT Mobile, Inc.

500

$ 11,535

Kronos, Inc. (a)

5,000

221,450

Macrovision Corp. (a)

1,000

24,080

Microsoft Corp.

12,800

353,920

NAVTEQ Corp.

20,700

737,748

NCsoft Corp. (a)

3,290

270,571

Opsware, Inc. (a)

2,600

14,586

Quality Systems, Inc. (a)

6,200

313,162

Red Hat, Inc. (a)

28,300

346,392

SAP AG sponsored ADR

4,800

186,960

Sonic Solutions, Inc. (a)

24,100

393,312

Symantec Corp. (a)

50,800

2,787,904

Take-Two Interactive Software, Inc. (a)

20,000

657,000

10,715,889

TOTAL INFORMATION TECHNOLOGY

106,253,074

MATERIALS - 7.1%

Chemicals - 0.7%

Dow Chemical Co.

2,600

117,468

Headwaters, Inc. (a)

3,200

98,752

Methanex Corp.

47,500

711,512

NOVA Chemicals Corp.

23,000

888,829

Potash Corp. of Saskatchewan

39,700

2,548,603

4,365,164

Construction Materials - 0.2%

Florida Rock Industries, Inc.

2,050

100,430

Lafarge North America, Inc.

5,800

271,962

Rinker Group Ltd.

77,881

489,197

Texas Industries, Inc.

1,500

77,160

938,749

Containers & Packaging - 0.0%

Ball Corp.

6,700

250,781

Metals & Mining - 6.1%

Aber Diamond Corp. (a)

1,900

65,595

Anglo American PLC ADR

5,800

140,650

Apex Silver Mines Ltd. (a)

10,200

221,340

BHP Billiton Ltd. sponsored ADR

49,300

1,022,975

Carpenter Technology Corp.

14,400

687,456

Companhia Vale do Rio Doce sponsored ADR

22,300

501,081

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

Compania de Minas Buenaventura SA sponsored ADR

13,600

$ 323,000

Compass Minerals International, Inc.

7,600

168,720

Dofasco, Inc.

15,300

516,568

Eldorado Gold Corp. (a)

201,600

653,492

First Quantum Minerals Ltd. (a)

157,700

2,087,252

Freeport-McMoRan Copper & Gold, Inc. Class B

63,700

2,579,850

Gabriel Resources Ltd. (a)

157,300

239,363

Gerdau SA sponsored ADR

700

11,445

Glamis Gold Ltd. (a)

317,900

5,895,669

Goldcorp, Inc.

19,000

263,523

Inco Ltd. (a)

4,600

180,099

International Steel Group, Inc.

22,800

768,360

IPSCO, Inc.

69,500

1,942,750

Ispat International NV (a)

9,900

287,100

Ivanhoe Mines Ltd. (a)

21,900

123,234

Ivanhoe Mines Ltd. warrants 12/19/05 (a)

300

181

Meridian Gold, Inc. (a)

19,200

319,556

Newmont Mining Corp.

140,100

6,378,753

Novagold Resources, Inc. (a)

122,400

772,185

Nucor Corp.

26,000

2,375,620

Peabody Energy Corp.

20,100

1,195,950

Phelps Dodge Corp.

3,900

358,917

Placer Dome, Inc.

119,700

2,390,680

POSCO sponsored ADR

59,700

2,259,645

Southern African Resources PLC (a)

378,788

217,927

Steel Dynamics, Inc.

16,900

652,678

United States Steel Corp.

6,800

255,816

Xstrata PLC

17,200

283,155

36,140,585

Paper & Forest Products - 0.1%

Canfor Corp. (a)

13,000

164,335

MeadWestvaco Corp.

8,000

255,200

419,535

TOTAL MATERIALS

42,114,814

TELECOMMUNICATION SERVICES - 6.6%

Diversified Telecommunication Services - 0.0%

PT Indosat Tbk sponsored ADR

4,100

98,400

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - 6.6%

Alamosa Holdings, Inc. (a)

14,500

$ 110,780

America Movil SA de CV sponsored ADR

370,200

14,448,906

mmO2 PLC (a)

55,200

98,275

Mobile TeleSystems OJSC sponsored ADR

8,700

1,261,413

Nextel Communications, Inc. Class A (a)

275,900

6,577,456

Nextel Partners, Inc. Class A (a)

377,400

6,257,292

NII Holdings, Inc. (a)

109,100

4,496,011

Telesystem International Wireless, Inc. (a)

25,400

242,576

Vimpel Communications sponsored ADR (a)

28,100

3,057,280

Vodafone Group PLC sponsored ADR

89,700

2,162,667

Western Wireless Corp. Class A (a)

19,500

501,345

39,214,001

TOTAL TELECOMMUNICATION SERVICES

39,312,401

UTILITIES - 0.8%

Electric Utilities - 0.4%

Entergy Corp.

9,100

551,551

Exelon Corp.

10,600

388,914

FirstEnergy Corp.

12,100

497,068

PG&E Corp. (a)

15,100

459,040

TXU Corp.

2,500

119,800

2,016,373

Multi-Utilities & Unregulated Power - 0.4%

AES Corp. (a)

74,300

742,257

Dominion Resources, Inc.

12,700

828,675

Duke Energy Corp.

21,300

487,557

NRG Energy, Inc. (a)

12,200

328,668

Sempra Energy

2,800

101,332

2,488,489

TOTAL UTILITIES

4,504,862

TOTAL COMMON STOCKS

(Cost $473,770,938)

520,913,654

Convertible Preferred Stocks - 0.0%

Shares

Value

UTILITIES - 0.0%

Electric Utilities - 0.0%

TXU Corp. 8.75% (a)

5,400

$ 282,490

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $228,744)

282,490

Convertible Bonds - 0.3%

Principal Amount

CONSUMER DISCRETIONARY - 0.2%

Leisure Equipment & Products - 0.2%

Eastman Kodak Co. 3.375% 10/15/33

$ 910,000

1,148,620

FINANCIALS - 0.1%

Diversified Financial Services - 0.1%

Tyco International Group SA yankee 3.125% 1/15/23

250,000

373,725

UTILITIES - 0.0%

Multi-Utilities & Unregulated Power - 0.0%

AES Corp. 4.5% 8/15/05

180,000

180,450

TOTAL CONVERTIBLE BONDS

(Cost $1,574,699)

1,702,795

U.S. Treasury Obligations - 1.9%

U.S. Treasury Notes:

4.25% 8/15/13

3,010,000

3,055,033

4.25% 11/15/13

2,250,000

2,279,005

4.75% 5/15/14

5,500,000

5,773,284

TOTAL U.S. TREASURY OBLIGATIONS

(Cost $10,862,742)

11,107,322

Money Market Funds - 16.0%

Shares

Value

Fidelity Cash Central Fund, 1.74% (b)

88,630,923

$ 88,630,923

Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)

5,963,358

5,963,358

TOTAL MONEY MARKET FUNDS

(Cost $94,594,281)

94,594,281

TOTAL INVESTMENT PORTFOLIO - 106.1%

(Cost $581,031,404)

628,600,542

NET OTHER ASSETS - (6.1)%

(35,934,921)

NET ASSETS - 100%

$ 592,665,621

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) Includes investment made with cash collateral received from securities on loan.

(d) 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 $3,376 or 0.0% of net assets.

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $581,737,601. Net unrealized appreciation aggregated $46,862,941, of which $57,140,942 related to appreciated investment securities and $10,278,001 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Contrafund®

September 30, 2004

1.807733.100

CON-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.9%

Auto Components - 0.1%

Gentex Corp.

801,950

$ 28,173

Johnson Controls, Inc.

154,900

8,800

36,973

Automobiles - 0.5%

Harley-Davidson, Inc.

387,800

23,051

Honda Motor Co. Ltd.

154,800

7,542

Toyota Motor Corp.

4,752,000

181,479

212,072

Hotels, Restaurants & Leisure - 2.2%

Aristocrat Leisure Ltd.

3,950,356

22,283

Boyd Gaming Corp.

952,900

26,824

Buffalo Wild Wings, Inc.

248,200

6,960

Four Seasons Hotels, Inc.

544,300

34,882

GTECH Holdings Corp.

1,096,600

27,766

Hilton Group PLC

6,129,502

30,739

International Game Technology

1,323,350

47,574

Kerzner International Ltd. (a)

606,800

26,681

Krispy Kreme Doughnuts, Inc. (a)

1,988,300

25,172

Life Time Fitness, Inc.

432,900

11,108

McDonald's Corp.

105,300

2,952

Outback Steakhouse, Inc.

545,900

22,671

P.F. Chang's China Bistro, Inc. (a)

229,050

11,107

Panera Bread Co. Class A (a)(d)

1,946,700

73,079

Penn National Gaming, Inc. (a)

313,462

12,664

Pinnacle Entertainment, Inc. (a)

155,200

2,142

Red Robin Gourmet Burgers, Inc. (a)(d)

1,068,053

46,642

Shuffle Master, Inc. (a)(d)

1,180,801

44,233

Starbucks Corp. (a)

2,946,500

133,948

Station Casinos, Inc.

2,448,300

120,065

The Cheesecake Factory, Inc. (a)

565,576

24,546

William Hill PLC

8,716,407

84,264

Wynn Resorts Ltd. (a)

636,296

32,890

871,192

Household Durables - 1.4%

Black & Decker Corp.

115,200

8,921

Blount International, Inc. (a)

1,161,500

15,216

D.R. Horton, Inc.

3,282,490

108,683

Fortune Brands, Inc.

838,100

62,095

Harman International Industries, Inc.

1,814,900

195,555

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Household Durables - continued

KB Home

92,900

$ 7,849

Leggett & Platt, Inc.

1,071,400

30,106

LG Electronics, Inc.

398,890

22,932

Pulte Homes, Inc.

1,023,200

62,794

Sharp Corp.

1,094,000

15,074

Toll Brothers, Inc. (a)

116,200

5,384

534,609

Internet & Catalog Retail - 1.2%

Blue Nile, Inc.

365,884

12,323

eBay, Inc. (a)

4,269,100

392,501

IAC/InterActiveCorp (a)

3,556,872

78,322

483,146

Leisure Equipment & Products - 0.0%

RC2 Corp. (a)

216,590

7,126

Media - 1.5%

Citadel Broadcasting Corp. (a)

349,500

4,481

E.W. Scripps Co. Class A

562,800

26,891

Fox Entertainment Group, Inc. Class A (a)

2,386,000

66,188

Getty Images, Inc. (a)

585,100

32,356

Lakes Entertainment, Inc. (a)

465,918

4,883

McGraw-Hill Companies, Inc.

30,800

2,454

News Corp. Ltd. ADR

183,500

6,032

Pixar (a)

1,715,701

135,369

SBS Broadcasting SA (a)

1,024,090

34,471

Sogecable SA (a)

194,200

7,825

The DIRECTV Group, Inc. (a)

2,400,100

42,218

Univision Communications, Inc. Class A (a)

1,241,200

39,234

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

858,467

28,810

Vivendi Universal SA sponsored ADR (a)

661,600

17,023

Washington Post Co. Class B

84,270

77,528

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

1,514,333

46,975

572,738

Multiline Retail - 0.5%

99 Cents Only Stores (a)(d)

4,171,133

59,355

JCPenney Co., Inc.

1,790,900

63,183

Neiman Marcus Group, Inc. Class A

546,500

31,424

Next PLC

948,800

28,076

182,038

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - 2.6%

Advance Auto Parts, Inc. (a)

1,637,300

$ 56,323

AnnTaylor Stores Corp. (a)(d)

3,333,100

77,995

Bed Bath & Beyond, Inc. (a)

2,963,900

109,990

Best Buy Co., Inc.

115,300

6,254

Chico's FAS, Inc. (a)

2,925,200

100,042

Claire's Stores, Inc.

1,079,600

27,033

Dick's Sporting Goods, Inc. (a)

919,900

32,767

Guitar Center, Inc. (a)

556,300

24,088

Halfords Group PLC

3,256,634

17,231

Hennes & Mauritz AB (H&M) (B Shares)

309,650

8,531

Lowe's Companies, Inc.

320,300

17,408

Pacific Sunwear of California, Inc. (a)(d)

4,031,928

84,872

PETCO Animal Supplies, Inc. (a)

2,116,300

69,118

PETsMART, Inc.

3,341,800

94,874

Regis Corp.

487,600

19,611

Sherwin-Williams Co.

156,700

6,889

Signet Group PLC

8,160,737

16,932

Staples, Inc.

3,289,700

98,099

The Pep Boys - Manny, Moe & Jack

2,386,500

33,411

TJX Companies, Inc.

2,947,300

64,958

United Auto Group, Inc.

182,300

4,574

Urban Outfitters, Inc. (a)

1,906,800

65,594

1,036,594

Textiles Apparel & Luxury Goods - 0.9%

Burberry Group PLC

10,309,110

69,585

Carter's, Inc.

266,400

7,377

Coach, Inc. (a)

4,400,576

186,672

Fossil, Inc. (a)

760,700

23,536

Hartmarx Corp. (a)

276,200

2,049

NIKE, Inc. Class B

315,400

24,854

Puma AG

133,819

35,900

Quiksilver, Inc. (a)

585,000

14,871

364,844

TOTAL CONSUMER DISCRETIONARY

4,301,332

CONSUMER STAPLES - 7.1%

Beverages - 0.2%

Anheuser-Busch Companies, Inc.

515,300

25,739

Cott Corp. (a)

965,800

28,245

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Beverages - continued

MGP Ingredients, Inc.

295,100

$ 2,927

PepsiCo, Inc.

718,790

34,969

91,880

Food & Staples Retailing - 1.5%

Alimentation Couche-Tard, Inc. Class B (sub. vtg.) (a)

387,300

9,285

Sysco Corp.

8,121,900

243,007

Tesco PLC

9,631,513

49,784

The Pantry, Inc. (a)

706,000

17,770

United Natural Foods, Inc. (a)

1,120,748

29,812

Wal-Mart Stores, Inc.

611,100

32,511

Walgreen Co.

233,000

8,348

Whole Foods Market, Inc.

1,475,075

126,547

William Morrison Supermarkets PLC

24,095,174

84,049

601,113

Food Products - 0.6%

Hershey Foods Corp.

1,572,000

73,428

Kellogg Co.

1,780,500

75,956

People's Food Holdings Ltd.

1,125,000

775

SunOpta, Inc. (a)

2,092,200

16,101

Wm. Wrigley Jr. Co.

939,200

59,461

225,721

Household Products - 0.9%

Colgate-Palmolive Co.

7,818,800

353,253

Personal Products - 3.9%

Avon Products, Inc. (d)

26,983,644

1,178,643

Gillette Co.

8,794,200

367,070

1,545,713

TOTAL CONSUMER STAPLES

2,817,680

ENERGY - 9.7%

Energy Equipment & Services - 1.2%

Baker Hughes, Inc.

71,000

3,104

BJ Services Co.

1,241,400

65,062

Carbo Ceramics, Inc.

55,100

3,975

Noble Corp. (a)

351,900

15,818

Oil States International, Inc. (a)

424,100

7,931

Pason Systems, Inc.

90,900

2,238

Schlumberger Ltd. (NY Shares)

3,598,400

242,208

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Smith International, Inc. (a)

1,692,590

$ 102,791

Tenaris SA sponsored ADR

569,900

25,982

TETRA Technologies, Inc. (a)

72,600

2,254

Varco International, Inc. (a)

309,800

8,309

479,672

Oil & Gas - 8.5%

Anadarko Petroleum Corp.

290,400

19,271

Apache Corp.

2,831,640

141,893

Ashland, Inc.

450,900

25,286

Blackrock Ventures, Inc. (a)

3,006,000

16,177

BP PLC sponsored ADR

5,842,666

336,129

Burlington Resources, Inc.

3,155,520

128,745

Cabot Oil & Gas Corp. Class A

325,600

14,619

Canadian Natural Resources Ltd.

156,600

6,268

Chesapeake Energy Corp.

4,569,700

72,338

ChevronTexaco Corp.

160,400

8,604

China Petroleum & Chemical Corp. sponsored ADR

1,789,600

73,463

Comstock Resources, Inc. (a)

310,400

6,494

ConocoPhillips

369,400

30,605

Denbury Resources, Inc. (a)

465,600

11,826

Devon Energy Corp.

116,400

8,266

EnCana Corp.

17,229,224

796,771

Encore Acquisition Co. (a)

1,147,600

39,592

ENI Spa sponsored ADR

229,300

25,750

EOG Resources, Inc.

492,500

32,431

Exxon Mobil Corp.

5,841,600

282,325

Forest Oil Corp. (a)

395,000

11,897

Houston Exploration Co. (a)

1,203,900

71,451

Magnum Hunter Resources, Inc. (a)

432,700

4,993

Marathon Oil Corp.

1,769,300

73,037

McMoRan Exploration Co. (a)

1,324,200

17,254

Murphy Oil Corp.

3,188,800

276,692

Noble Energy, Inc.

305,400

17,786

Norsk Hydro ASA sponsored ADR

116,100

8,503

Occidental Petroleum Corp.

1,275,600

71,344

Patina Oil & Gas Corp.

988,500

29,230

PetroChina Co. Ltd. sponsored ADR

438,200

23,558

PetroKazakhstan, Inc. Class A

632,700

21,517

Pioneer Natural Resources Co.

958,350

33,044

Premcor, Inc. (a)(d)

5,782,800

222,638

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil & Gas - continued

Quicksilver Resources, Inc. (a)

1,090,600

$ 35,630

Range Resources Corp.

580,900

10,160

Talisman Energy, Inc.

874,890

22,736

Total SA sponsored ADR

1,825,100

186,470

Unocal Corp.

556,700

23,938

Valero Energy Corp.

225,400

18,079

XTO Energy, Inc.

2,278,300

73,999

3,330,809

TOTAL ENERGY

3,810,481

FINANCIALS - 12.5%

Capital Markets - 0.2%

Goldman Sachs Group, Inc.

164,400

15,329

Investors Financial Services Corp.

138,299

6,241

Lehman Brothers Holdings, Inc.

668,400

53,285

Merrill Lynch & Co., Inc.

552,600

27,475

SEI Investments Co.

89,600

3,018

105,348

Commercial Banks - 1.2%

BOK Financial Corp. (a)

105,017

4,685

East West Bancorp, Inc.

279,100

9,375

HSBC Holdings PLC sponsored ADR

522,900

41,727

M&T Bank Corp.

1,458,400

139,569

PrivateBancorp, Inc.

11,066

298

Royal Bank of Scotland Group PLC

811,791

23,477

SouthTrust Corp.

2,061,800

85,895

UCBH Holdings, Inc.

582,500

22,758

Wachovia Corp.

193,700

9,094

Wells Fargo & Co.

1,533,600

91,449

Westcorp

674,580

28,683

Wintrust Financial Corp.

364,700

20,890

477,900

Consumer Finance - 1.0%

Capital One Financial Corp.

96,800

7,154

First Marblehead Corp.

316,700

14,695

MBNA Corp.

2,995,800

75,494

SLM Corp.

6,612,800

294,931

392,274

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - 0.7%

Brascan Corp. Class A (ltd. vtg.)

1,074,300

$ 32,465

CapitalSource, Inc.

154,400

3,449

Citigroup, Inc.

521,400

23,004

J.P. Morgan Chase & Co.

1,087,828

43,219

KKR Financial Corp. (e)

1,936,000

19,844

Moody's Corp.

2,146,800

157,253

279,234

Insurance - 7.8%

ACE Ltd.

1,662,000

66,580

AFLAC, Inc.

1,731,000

67,873

Allstate Corp.

3,255,700

156,241

American International Group, Inc.

6,883,226

467,991

Assurant, Inc.

984,000

25,584

Berkshire Hathaway, Inc. Class A (a)

12,846

1,113,106

Brit Insurance Holdings PLC

13,779,500

18,103

Brown & Brown, Inc.

186,100

8,505

Endurance Specialty Holdings Ltd.

1,870,000

60,121

Everest Re Group Ltd. (d)

2,946,520

219,015

Great-West Lifeco, Inc.

233,000

9,390

HCC Insurance Holdings, Inc.

1,741,800

52,515

IPC Holdings Ltd.

563,800

21,430

Markel Corp. (a)

101,450

31,287

Mercury General Corp.

633,600

33,511

MetLife, Inc.

509,400

19,688

Montpelier Re Holdings Ltd. (d)

5,020,900

184,167

PartnerRe Ltd.

1,292,700

70,698

Progressive Corp.

503,600

42,680

RenaissanceRe Holdings Ltd.

2,679,310

138,199

StanCorp Financial Group, Inc.

380,500

27,092

USI Holdings Corp. (a)(d)

3,452,918

47,132

W.R. Berkley Corp.

1,368,800

57,709

White Mountains Insurance Group Ltd.

42,300

22,250

Willis Group Holdings Ltd.

2,826,000

105,692

3,066,559

Real Estate - 0.2%

CB Richard Ellis Group, Inc. Class A

352,000

8,131

CBL & Associates Properties, Inc.

374,560

22,829

Equity Residential (SBI)

662,500

20,538

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate - continued

General Growth Properties, Inc.

271,100

$ 8,404

The Rouse Co.

155,280

10,385

70,287

Thrifts & Mortgage Finance - 1.4%

Countrywide Financial Corp.

2,034,632

80,144

Doral Financial Corp.

1,683,125

69,799

Golden West Financial Corp., Delaware

3,429,790

380,535

New York Community Bancorp, Inc.

1,020,710

20,965

551,443

TOTAL FINANCIALS

4,943,045

HEALTH CARE - 13.1%

Biotechnology - 2.1%

Affymetrix, Inc. (a)

131,600

4,041

Biogen Idec, Inc. (a)

1,231,300

75,319

Celgene Corp. (a)

17,670

1,029

Dyax Corp. (a)

27,600

211

Gen-Probe, Inc. (a)

1,589,200

63,361

Genentech, Inc. (a)

11,984,100

628,207

Idenix Pharmaceuticals, Inc.

94,700

1,515

Keryx Biopharmaceuticals, Inc. (a)

155,400

1,739

Martek Biosciences (a)

316,500

15,395

Millennium Pharmaceuticals, Inc. (a)

483,100

6,623

ONYX Pharmaceuticals, Inc. (a)

19,136

823

Pharmion Corp.

407,800

21,082

Seattle Genetics, Inc. (a)(d)

2,477,300

16,276

835,621

Health Care Equipment & Supplies - 5.4%

Advanced Medical Optics, Inc. (a)

947,800

37,504

Advanced Neuromodulation Systems, Inc. (a)(d)

1,359,052

41,247

Alcon, Inc.

4,295,600

344,507

American Medical Systems Holdings, Inc. (a)

779,000

28,254

Becton, Dickinson & Co.

313,900

16,229

Bio-Rad Laboratories, Inc. Class A (a)

739,300

37,778

Biomet, Inc.

252,450

11,835

Boston Scientific Corp. (a)

1,214,200

48,240

C.R. Bard, Inc.

1,159,100

65,640

Cooper Companies, Inc.

534,937

36,670

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Cytyc Corp. (a)

626,400

$ 15,128

DENTSPLY International, Inc. (d)

5,674,237

294,720

Epix Pharmaceuticals, Inc. (a)

756,300

14,604

Fisher Scientific International, Inc. (a)

1,212,508

70,726

Given Imaging Ltd. (a)

611,300

23,504

Hospira, Inc. (a)

270,900

8,290

IDEXX Laboratories, Inc. (a)

1,060,980

53,834

Integra LifeSciences Holdings Corp. (a)

906,000

29,092

Intuitive Surgical, Inc. (a)

431,276

10,674

Kensey Nash Corp. (a)

232,700

6,094

Kinetic Concepts, Inc.

432,300

22,717

Medtronic, Inc.

885,600

45,963

Nobel Biocare Holding AG (Switzerland)

155,265

24,162

Ocular Sciences, Inc. (a)

224,800

10,784

ResMed, Inc. (a)

136,300

6,489

Smith & Nephew PLC

25,810,124

239,260

St. Jude Medical, Inc. (a)

1,426,000

107,335

Stryker Corp.

2,115,900

101,732

Synthes, Inc.

555,456

60,674

Waters Corp. (a)

1,450,500

63,967

Zimmer Holdings, Inc. (a)

3,060,629

241,912

2,119,565

Health Care Providers & Services - 2.8%

Aetna, Inc.

3,010,930

300,882

Anthem, Inc. (a)

276,500

24,125

Chemed Corp. New

116,200

6,477

eResearchTechnology, Inc. (a)

895,000

11,930

Patterson Companies, Inc. (a)(d)

6,152,698

471,051

Pediatrix Medical Group, Inc. (a)

60,600

3,324

UnitedHealth Group, Inc.

3,455,090

254,778

VCA Antech, Inc. (a)

793,200

16,364

WellPoint Health Networks, Inc. (a)

281,700

29,604

1,118,535

Pharmaceuticals - 2.8%

AstraZeneca PLC sponsored ADR

1,324,700

54,485

Atherogenics, Inc. (a)

833,200

27,454

Connetics Corp. (a)

996,200

26,917

Cypress Bioscience, Inc. (a)

783,700

9,146

Elan Corp. PLC sponsored ADR (a)

1,790,600

41,900

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

First Horizon Pharmaceutical Corp. (a)

387,200

$ 7,748

IVAX Corp. (a)

1,132,000

21,678

Johnson & Johnson

1,565,350

88,176

Kos Pharmaceuticals, Inc. (a)

743,200

26,465

Merck & Co., Inc.

1,536,000

50,688

MGI Pharma, Inc. (a)

674,600

18,005

Novartis AG sponsored ADR

1,855,800

86,610

Novo Nordisk AS Series B

4,500,702

246,704

Par Pharmaceutical Companies, Inc. (a)

45,100

1,620

Pfizer, Inc.

660,335

20,206

Roche Holding AG (participation certificate)

2,021,287

209,426

Schering-Plough Corp.

5,177,000

98,674

Teva Pharmaceutical Industries Ltd. sponsored ADR

2,626,300

68,152

1,104,054

TOTAL HEALTH CARE

5,177,775

INDUSTRIALS - 10.9%

Aerospace & Defense - 1.2%

L-3 Communications Holdings, Inc.

131,600

8,817

Lockheed Martin Corp.

7,232,395

403,423

Precision Castparts Corp.

788,114

47,326

459,566

Air Freight & Logistics - 1.0%

C.H. Robinson Worldwide, Inc.

4,004,334

185,761

Dynamex, Inc. (a)

263,200

4,538

Expeditors International of Washington, Inc.

169,560

8,766

Ryder System, Inc.

501,700

23,600

United Parcel Service, Inc. Class B

2,417,000

183,499

406,164

Airlines - 0.7%

ExpressJet Holdings, Inc. Class A (a)

467,879

4,683

JetBlue Airways Corp. (a)

4,057,922

84,892

Jetsgo Corp.:

warrants (a)(f)

125,000

0

warrants (a)(f)

1

0

Class B (a)(f)

1,250,000

9,907

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Airlines - continued

Ryanair Holdings PLC sponsored ADR (a)

5,765,606

$ 168,356

Southwest Airlines Co.

1,396,100

19,015

286,853

Building Products - 0.3%

Lennox International, Inc.

736,800

11,008

Masco Corp.

2,272,000

78,452

Trex Co., Inc. (a)

154,800

6,855

96,315

Commercial Services & Supplies - 0.7%

Apollo Group, Inc. Class A (a)

153,128

11,235

Aramark Corp. Class B

3,696,100

89,224

Copart, Inc. (a)

387,900

7,343

Corporate Executive Board Co.

81,700

5,003

Educate, Inc. (a)

756,800

8,923

Education Management Corp. (a)

204,800

5,456

Laureate Education, Inc. (a)

80,600

3,000

R.R. Donnelley & Sons Co.

1,090,600

34,158

Resources Connection, Inc. (a)

628,500

23,745

Robert Half International, Inc.

1,251,600

32,254

Strayer Education, Inc.

574,199

66,039

286,380

Construction & Engineering - 0.1%

Jacobs Engineering Group, Inc. (a)

673,466

25,787

Perini Corp. (a)

382,400

5,453

Washington Group International, Inc. (a)

150,900

5,224

36,464

Electrical Equipment - 0.4%

Cooper Industries Ltd. Class A

2,045,800

120,702

Roper Industries, Inc.

736,100

42,296

Ultralife Batteries, Inc. (a)(d)

1,068,280

10,864

173,862

Industrial Conglomerates - 3.2%

3M Co.

13,809,680

1,104,360

Carlisle Companies, Inc.

194,300

12,422

Hutchison Whampoa Ltd.

6,226,000

48,708

Siemens AG sponsored ADR

441,600

32,546

Tyco International Ltd.

1,819,400

55,783

1,253,819

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - 2.5%

AGCO Corp. (a)

387,200

$ 8,758

Briggs & Stratton Corp.

260,900

21,185

Cummins, Inc.

649,800

48,014

Danaher Corp.

9,167,940

470,132

Deere & Co.

195,800

12,639

Eaton Corp.

116,200

7,368

ESCO Technologies, Inc. (a)

155,000

10,503

IDEX Corp.

436,650

14,829

Illinois Tool Works, Inc.

215,700

20,097

Ingersoll-Rand Co. Ltd. Class A

250,200

17,006

ITT Industries, Inc.

95,800

7,663

Joy Global, Inc.

1,303,000

44,797

Oshkosh Truck Co.

272,000

15,520

PACCAR, Inc.

3,370,656

232,980

SPX Corp.

39,200

1,388

Volvo AB ADR

1,326,900

46,747

979,626

Road & Rail - 0.6%

Burlington Northern Santa Fe Corp.

1,393,400

53,381

Canadian National Railway Co.

881,700

43,199

Heartland Express, Inc.

1,842,405

33,992

Knight Transportation, Inc. (a)

828,751

17,752

Laidlaw International, Inc. (a)

332,300

5,466

Landstar System, Inc. (a)

965,831

56,675

Norfolk Southern Corp.

464,900

13,826

224,291

Trading Companies & Distributors - 0.2%

Fastenal Co.

723,688

41,684

MSC Industrial Direct Co., Inc. Class A

1,331,500

45,378

87,062

TOTAL INDUSTRIALS

4,290,402

INFORMATION TECHNOLOGY - 13.0%

Communications Equipment - 2.4%

Adtran, Inc.

234,300

5,314

Carrier Access Corp. (a)

116,700

811

Comverse Technology, Inc. (a)

387,700

7,300

Ditech Communications Corp. (a)

1,642,591

36,778

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Harris Corp.

1,676,300

$ 92,096

Juniper Networks, Inc. (a)

1,365,114

32,217

Motorola, Inc.

3,474,300

62,676

Plantronics, Inc.

232,700

10,062

QUALCOMM, Inc.

8,186,000

319,581

Research in Motion Ltd. (a)

3,169,600

242,012

Scientific-Atlanta, Inc.

952,200

24,681

Telefonaktiebolaget LM Ericsson ADR (a)

4,064,791

126,984

960,512

Computers & Peripherals - 0.5%

Apple Computer, Inc. (a)

1,324,300

51,317

Dell, Inc. (a)

3,248,200

115,636

Synaptics, Inc. (a)

1,206,431

24,322

191,275

Electronic Equipment & Instruments - 0.7%

Amphenol Corp. Class A (a)

1,232,830

42,237

Cogent, Inc.

1,155,041

21,045

Dionex Corp. (a)

18,500

1,012

FARO Technologies, Inc. (a)

226,868

4,614

FLIR Systems, Inc. (a)(d)

2,979,100

174,277

LoJack Corp. (a)

49,800

558

Molex, Inc.

135,500

4,041

National Instruments Corp.

815,245

24,677

Symbol Technologies, Inc.

870,000

10,997

283,458

Internet Software & Services - 2.3%

Akamai Technologies, Inc. (a)

4,396,807

61,775

Google, Inc. Class A

979,600

126,956

Greenfield Online, Inc.

189,300

3,845

iVillage, Inc. (a)

653,500

3,921

Websense, Inc. (a)

506,758

21,117

Yahoo!, Inc. (a)

20,534,524

696,326

913,940

IT Services - 2.0%

Accenture Ltd. Class A (a)

232,700

6,295

Alliance Data Systems Corp. (a)

3,397,500

137,803

Anteon International Corp. (a)(d)

1,890,000

69,269

Cognizant Technology Solutions Corp. Class A (a)

5,457,586

166,511

First Data Corp.

1,794,000

78,039

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Global Payments, Inc.

47,700

$ 2,554

Infosys Technologies Ltd. sponsored ADR

3,271,700

185,178

Iron Mountain, Inc. (a)

1,654,200

55,995

SRA International, Inc. Class A (a)(d)

1,535,800

79,186

780,830

Office Electronics - 0.1%

Canon, Inc.

312,100

14,719

Zebra Technologies Corp. Class A (a)

566,550

34,565

49,284

Semiconductors & Semiconductor Equipment - 3.6%

Analog Devices, Inc.

5,946,500

230,605

ATI Technologies, Inc. (a)

1,139,600

17,504

Cree, Inc. (a)

1,304,500

39,826

International Rectifier Corp. (a)(d)

3,352,500

114,991

Linear Technology Corp.

582,600

21,113

Marvell Technology Group Ltd. (a)(d)

13,951,700

364,558

Samsung Electronics Co. Ltd.

1,215,130

483,308

Silicon Image, Inc. (a)

639,600

8,085

Silicon Laboratories, Inc. (a)(d)

4,015,090

132,859

Tessera Technologies, Inc.

155,000

3,426

Tundra Semiconductor Corp. Ltd. (e)

49,400

556

Volterra Semiconductor Corp.

476,300

5,920

1,422,751

Software - 1.4%

Activision, Inc. (a)

1,076,318

14,929

Adobe Systems, Inc.

1,470,011

72,721

Altiris, Inc. (a)(d)

2,623,874

83,046

Autodesk, Inc.

1,320,118

64,197

Electronic Arts, Inc. (a)

382,600

17,596

JAMDAT Mobile, Inc.

35,000

807

Kronos, Inc. (a)

543,108

24,054

Macrovision Corp. (a)

111,600

2,687

Magma Design Automation, Inc. (a)

427,789

6,451

Microsoft Corp.

640,400

17,707

NAVTEQ Corp.

1,096,500

39,079

NCsoft Corp. (a)

90,560

7,448

Quality Systems, Inc. (a)

91,309

4,612

Red Hat, Inc. (a)

628,053

7,687

SAP AG sponsored ADR

193,900

7,552

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Sonic Solutions, Inc. (a)(d)

1,774,511

$ 28,960

Symantec Corp. (a)

2,463,697

135,208

THQ, Inc. (a)

26,800

522

535,263

TOTAL INFORMATION TECHNOLOGY

5,137,313

MATERIALS - 6.3%

Chemicals - 0.9%

Dow Chemical Co.

154,800

6,994

Ecolab, Inc.

5,786,600

181,931

Headwaters, Inc. (a)

250,800

7,740

Methanex Corp.

1,304,200

19,536

NOVA Chemicals Corp.

503,400

19,454

Potash Corp. of Saskatchewan

1,610,200

103,369

The Scotts Co. Class A (a)

108,100

6,935

Westlake Chemical Corp.

193,600

4,317

350,276

Construction Materials - 0.1%

Eagle Materials, Inc.

353,200

25,183

Lafarge North America, Inc.

154,900

7,263

Rinker Group Ltd.

1,310,451

8,231

Texas Industries, Inc.

102,000

5,247

45,924

Containers & Packaging - 0.0%

Ball Corp.

431,161

16,138

Metals & Mining - 5.2%

Aber Diamond Corp. (a)

1,348,200

46,545

Anglo American PLC ADR

3,464,425

84,012

Apex Silver Mines Ltd. (a)

1,903,800

41,312

BHP Billiton Ltd. sponsored ADR

1,730,500

35,908

Carpenter Technology Corp.

298,300

14,241

Companhia Vale do Rio Doce sponsored ADR

2,202,700

49,495

Compania de Minas Buenaventura SA sponsored ADR

4,816,100

114,382

Compass Minerals International, Inc.

652,700

14,490

Dofasco, Inc.

464,700

15,689

Eldorado Gold Corp. (a)

5,702,900

18,486

First Quantum Minerals Ltd. (a)

1,131,000

14,969

Freeport-McMoRan Copper & Gold, Inc. Class B

4,201,708

170,169

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Gerdau SA sponsored ADR

128,600

$ 2,103

Glamis Gold Ltd. (a)(d)

6,533,200

121,163

Goldcorp, Inc. (d)

14,266,728

197,874

Inco Ltd. (a)

232,200

9,091

International Steel Group, Inc.

662,200

22,316

IPSCO, Inc.

1,897,300

53,036

Ispat International NV (a)

229,500

6,656

Ivanhoe Mines Ltd. (a)

2,571,800

14,472

Ivanhoe Mines Ltd. warrants 12/19/05 (a)

699,550

421

Meridian Gold, Inc. (a)

542,300

9,026

Newcrest Mining Ltd.

2,700,200

29,854

Newmont Mining Corp.

9,585,949

436,448

Nucor Corp.

1,177,400

107,579

Peabody Energy Corp.

717,400

42,685

Phelps Dodge Corp.

267,100

24,581

Placer Dome, Inc.

2,567,100

51,271

POSCO sponsored ADR

1,287,000

48,713

Rio Tinto PLC (Reg.)

7,071,543

192,081

Southern African Resources PLC (a)(d)

29,191,453

16,795

Southern Platinum Corp. (a)

892,500

1,464

SouthernEra Diamonds, Inc. Class A (a)

2,047,600

1,217

Steel Dynamics, Inc.

393,182

15,185

United States Steel Corp.

232,300

8,739

Xstrata PLC

1,165,300

19,184

2,051,652

Paper & Forest Products - 0.1%

Canfor Corp. (a)

310,000

3,919

MeadWestvaco Corp.

154,900

4,941

Sappi Ltd.

2,052,361

29,087

37,947

TOTAL MATERIALS

2,501,937

TELECOMMUNICATION SERVICES - 4.0%

Diversified Telecommunication Services - 0.1%

PT Indosat Tbk

13,172,500

6,084

PT Indosat Tbk sponsored ADR

438,700

10,529

PT Telkomunikasi Indonesia Tbk sponsored ADR

195,400

3,457

20,070

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - 3.9%

Alamosa Holdings, Inc. (a)

606,700

$ 4,635

America Movil SA de CV sponsored ADR

6,467,700

252,434

KDDI Corp.

5,359

26,058

Mobile TeleSystems OJSC sponsored ADR

484,600

70,262

MTN Group Ltd.

1,552,700

7,412

Nextel Communications, Inc. Class A (a)

17,961,800

428,209

Nextel Partners, Inc. Class A (a)

8,557,900

141,890

NII Holdings, Inc. (a)

3,138,547

129,340

Vimpel Communications sponsored ADR (a)

2,064,700

224,639

Vodafone Group PLC sponsored ADR

9,283,100

223,816

Western Wireless Corp. Class A (a)

1,037,400

26,672

1,535,367

TOTAL TELECOMMUNICATION SERVICES

1,555,437

UTILITIES - 0.6%

Electric Utilities - 0.4%

Entergy Corp.

607,500

36,821

Exelon Corp.

1,035,300

37,985

FirstEnergy Corp.

505,700

20,774

PG&E Corp. (a)

1,672,300

50,838

TXU Corp.

116,200

5,568

151,986

Gas Utilities - 0.0%

Southern Union Co. (a)

262,605

5,383

Multi-Utilities & Unregulated Power - 0.2%

AES Corp. (a)

1,909,100

19,072

Dominion Resources, Inc.

253,600

16,547

Duke Energy Corp.

697,100

15,957

NRG Energy, Inc. (a)

573,100

15,439

Sempra Energy

107,700

3,898

70,913

TOTAL UTILITIES

228,282

TOTAL COMMON STOCKS

(Cost $25,419,413)

34,763,684

Convertible Preferred Stocks - 0.3%

Shares

Value (000s)

FINANCIALS - 0.1%

Diversified Financial Services - 0.1%

Xerox Capital Trust II 7.50% (e)

674,000

$ 51,996

UTILITIES - 0.2%

Electric Utilities - 0.2%

TXU Corp. 8.75% (a)

1,187,500

62,122

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $85,908)

114,118

Convertible Bonds - 0.2%

Principal Amount (000s)

CONSUMER DISCRETIONARY - 0.1%

Leisure Equipment & Products - 0.1%

Eastman Kodak Co. 3.375% 10/15/33

$ 41,280

52,104

FINANCIALS - 0.1%

Diversified Financial Services - 0.1%

Tyco International Group SA yankee 3.125% 1/15/23

10,860

16,235

UTILITIES - 0.0%

Multi-Utilities & Unregulated Power - 0.0%

AES Corp. 4.5% 8/15/05

7,900

7,920

TOTAL CONVERTIBLE BONDS

(Cost $70,399)

76,259

U.S. Treasury Obligations - 1.7%

U.S. Treasury Notes:

4.25% 8/15/13

233,650

237,146

4.25% 11/15/13

194,800

197,311

4.75% 5/15/14

211,300

221,799

TOTAL U.S. TREASURY OBLIGATIONS

(Cost $635,437)

656,256

Money Market Funds - 10.9%

Shares

Value (000s)

Fidelity Cash Central Fund, 1.74% (b)

3,922,570,102

$ 3,922,570

Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)

366,624,869

366,625

TOTAL MONEY MARKET FUNDS

(Cost $4,289,195)

4,289,195

Cash Equivalents - 0.0%

Maturity Amount (000s)

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.77%, dated 9/30/04 due 10/1/04)
(Cost $19,161)

$ 19,162

19,161

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $30,519,513)

39,918,673

NET OTHER ASSETS - (1.2)%

(453,878)

NET ASSETS - 100%

$ 39,464,795

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) Includes investment made with cash collateral received from securities on loan.

(d) Affiliated company

(e) 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 $72,396,000 or 0.2% of net assets.

(f) 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 $9,907,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Jetsgo Corp. warrants

3/1/04

$ 0

Jetsgo Corp. warrants

3/1/04

$ 0

Jetsgo Corp. Class B

3/1/04

$ 9,334

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

99 Cents Only Stores

$ 187,327

$ 4,359

$ 64,571

$ -

$ 59,355

Advanced Neuromodulation Systems, Inc.

48,599

14,647

5,524

-

41,247

Altiris, Inc.

93,424

1,676

-

-

83,046

AnnTaylor Stores Corp.

91,252

41,986

42,612

-

77,995

Anteon International Corp.

98,034

-

26,009

-

69,269

Avon Products, Inc.

909,024

33,420

31,879

11,360

1,178,643

DENTSPLY International, Inc.

254,440

9,066

7,107

887

294,720

Everest Re Group Ltd.

236,205

11,535

-

853

219,015

FLIR Systems, Inc.

109,106

4,024

5,020

-

174,277

Glamis Gold Ltd.

38,580

87,914

16,851

-

121,163

Goldcorp, Inc.

231,200

-

4,364

2,880

197,874

International Rectifier Corp.

60,888

108,724

7,624

-

114,991

JetBlue Airways Corp.

157,107

186

43,251

-

-

K-Swiss, Inc. Class A

42,290

-

36,664

36

-

Krispy Kreme Doughnuts, Inc.

125,553

5,433

28,604

-

-

Marvell Technology Group Ltd.

138,680

168,754

13,791

-

364,558

Montpelier Re Holdings Ltd.

174,898

9,592

-

5,121

184,167

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

P.F. Chang's China Bistro, Inc.

$ 121,295

$ 4,006

$ 95,163

$ -

$ -

Pacific Sunwear of California, Inc.

110,226

11,631

35,238

-

84,872

Panera Bread Co. Class A

100,991

10,145

30,893

-

73,079

Patterson Companies, Inc.

-

4,279

-

-

471,051

Patterson Dental Co.

381,579

15,708

6,240

-

-

Premcor, Inc.

76,211

98,450

-

-

222,638

Red Robin Gourmet Burgers, Inc.

18,450

13,883

-

-

46,642

Seattle Genetics, Inc.

-

22,039

-

-

16,276

Shuffle Master, Inc.

-

38,798

-

-

44,233

Silicon Laboratories, Inc.

120,796

99,409

23,638

-

132,859

Sonic Solutions, Inc.

23,202

12,096

7,008

-

28,960

Southern African Resources PLC

-

15,619

-

-

16,795

SRA International, Inc. Class A

45,613

20,148

-

-

79,186

Strayer Education, Inc.

64,155

45,792

44,836

157

-

The Pep Boys - Manny, Moe
& Jack

32,336

42,735

10,651

531

-

Ultralife Batteries, Inc.

-

19,312

-

-

10,864

USI Holdings Corp.

28,097

19,142

-

-

47,132

Total

$ 4,119,558

$ 994,508

$ 587,538

$ 21,825

$ 4,454,907

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $30,605,837,000. Net unrealized appreciation aggregated $9,312,836,000, of which $9,828,512,000 related to appreciated investment securities and $515,676,000 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Contrafund'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 quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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.

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 Contrafund

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

November 22, 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:

November 22, 2004

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

November 22, 2004

EX-99.CERT 2 contracert99.htm

Exhibit EX-99.CERT

I, Christine Reynolds, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Contrafund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 22, 2004

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

I, Timothy F. Hayes, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Contrafund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 22, 2004

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

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