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:	March 31, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

March 31, 2007

1.799846.103

ANIF-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.3%
Auto Components - 0.0%
Johnson Controls, Inc.	23,200		$ 2,195
Automobiles - 0.7%
Honda Motor Co. Ltd.	122,500		4,272
Toyota Motor Corp. (d)	722,200		46,279
			50,551
Distributors - 0.1%
Li & Fung Ltd.	1,541,200		4,842
Diversified Consumer Services - 0.0%
Strayer Education, Inc.	7,000		875
Hotels, Restaurants & Leisure - 1.8%
Aristocrat Leisure Ltd.	333,400		4,424
Buffalo Wild Wings, Inc. (a)	42,923		2,734
California Pizza Kitchen, Inc. (a)	152,100		5,003
Carrols Restaurant Group, Inc.	54,800		795
Chipotle Mexican Grill, Inc.:
Class A (a)(d)	197,700		12,277
Class B (a)	13,128		754
Las Vegas Sands Corp. (a)	169,400		14,672
Marriott International, Inc. Class A	318,200		15,579
McDonald's Corp.	419,027		18,877
MGM Mirage, Inc. (a)(d)	59,000		4,102
Panera Bread Co. Class A (a)(d)	149,864		8,851
PokerTek, Inc. (a)(d)	200,000		1,984
Red Robin Gourmet Burgers, Inc. (a)	19,000		738
Starbucks Corp. (a)	458,700		14,385
Texas Roadhouse, Inc. Class A (a)	55,300		788
Tim Hortons, Inc.	1,123,000		34,162
			140,125
Household Durables - 1.0%
Fourlis Holdings SA	527,400		12,329
Gafisa SA (a)	31,800		402
Gafisa SA ADR (a)	158,700		4,047
Garmin Ltd.	573,000		31,028
Koninklijke Philips Electronics NV (NY Shares)	218,900		8,340
Mohawk Industries, Inc. (a)(d)	8,400		689
Sharp Corp.	213,000		4,096
Snap-On, Inc.	128,900		6,200
Sony Corp. (d)	123,600		6,241
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Sony Corp. sponsored ADR	10,600		$ 535
TomTom Group BV (a)(d)	66,900		2,727
			76,634
Internet & Catalog Retail - 0.4%
IAC/InterActiveCorp (a)	47,400		1,787
Liberty Media Holding Corp. - Interactive Series A (a)	476,200		11,343
Priceline.com, Inc. (a)	112,400		5,986
VistaPrint Ltd. (a)	289,100		11,073
			30,189
Media - 3.0%
Central European Media Enterprises Ltd. Class A (a)	9,000		797
CKX, Inc. (a)	41,529		461
Comcast Corp. Class A (special) (non-vtg.)	300,200		7,646
Discovery Holding Co. Class A (a)	85,700		1,639
DreamWorks Animation SKG, Inc. Class A (a)	53,600		1,639
EchoStar Communications Corp. Class A (a)	424,000		18,414
Focus Media Holding Ltd. ADR (a)	123,600		9,698
Grupo Televisa SA de CV (CPO) sponsored ADR	81,800		2,438
Liberty Global, Inc. Class A (a)	24,600		810
Liberty Media Holding Corp. - Capital Series A (a)	53,900		5,961
Live Nation, Inc. (a)	84,800		1,871
McGraw-Hill Companies, Inc.	175,500		11,035
National CineMedia, Inc.	39,000		1,041
News Corp. Class B	1,529,400		37,424
Omnicom Group, Inc.	22,500		2,304
Reuters Group PLC	338,700		3,118
The Walt Disney Co.	3,490,800		120,188
The Weinstein Co. III Holdings, LLC Class A-1 (a)(h)	2,267		2,267
Time Warner, Inc.	175,200		3,455
			232,206
Multiline Retail - 0.7%
Kohl's Corp. (a)	61,600		4,719
Marks & Spencer Group PLC	2,761,600		36,764
Nordstrom, Inc.	34,400		1,821
Target Corp.	129,800		7,692
			50,996
Specialty Retail - 1.3%
American Eagle Outfitters, Inc.	362,400		10,868
AutoZone, Inc. (a)	21,500		2,755
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Gamestop Corp. Class A (a)	75,800		$ 2,469
Hennes & Mauritz AB (H&M) (B Shares)	60,300		3,471
Inditex SA	65,700		4,084
J. Crew Group, Inc.	501,000		20,125
Sports Direct International PLC	1,821,900		9,958
Staples, Inc.	288,400		7,452
The Men's Wearhouse, Inc.	1,100		52
TJX Companies, Inc.	1,258,100		33,918
Zumiez, Inc. (a)	72,600		2,913
			98,065
Textiles, Apparel & Luxury Goods - 0.3%
Coach, Inc. (a)	196,100		9,815
NIKE, Inc. Class B	91,300		9,702
Polo Ralph Lauren Corp. Class A	34,600		3,050
Under Armour, Inc. Class A (sub. vtg.) (a)	44,600		2,288
			24,855
TOTAL CONSUMER DISCRETIONARY			711,533
CONSUMER STAPLES - 7.1%
Beverages - 2.5%
Anheuser-Busch Companies, Inc.	109,500		5,525
Boston Beer Co., Inc. Class A (a)	38,900		1,297
C&C Group PLC	229,100		3,480
Diageo PLC sponsored ADR	315,700		25,556
InBev SA	20,000		1,444
PepsiCo, Inc.	1,410,400		89,645
The Coca-Cola Co.	1,402,500		67,320
			194,267
Food & Staples Retailing - 0.7%
Koninklijke Ahold NV sponsored ADR (a)	591,100		6,940
Kroger Co.	268,400		7,582
Safeway, Inc.	151,200		5,540
Susser Holdings Corp.	160,232		2,780
Tesco PLC	3,046,900		26,637
The Great Atlantic & Pacific Tea Co. (d)	92,600		3,072
Walgreen Co.	82,500		3,786
			56,337
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - 1.1%
Bunge Ltd.	21,300		$ 1,751
Campbell Soup Co.	27,400		1,067
Dean Foods Co.	35,000		1,636
Groupe Danone	187,000		30,550
Kellogg Co.	135,800		6,984
Marine Harvest ASA (a)	4,218,000		4,954
Nestle SA (Reg.)	50,160		19,531
Ralcorp Holdings, Inc. (a)	93,800		6,031
TreeHouse Foods, Inc. (a)	322,393		9,823
			82,327
Household Products - 2.6%
Colgate-Palmolive Co.	717,700		47,935
Procter & Gamble Co.	2,333,467		147,382
			195,317
Personal Products - 0.2%
Avon Products, Inc.	2,000		75
Bare Escentuals, Inc.	310,983		11,155
Estee Lauder Companies, Inc. Class A	113,800		5,559
			16,789
TOTAL CONSUMER STAPLES			545,037
ENERGY - 7.6%
Energy Equipment & Services - 1.6%
FMC Technologies, Inc. (a)	65,000		4,534
National Oilwell Varco, Inc. (a)	73,500		5,718
Schlumberger Ltd. (NY Shares)	1,396,700		96,512
Smith International, Inc.	358,344		17,218
			123,982
Oil, Gas & Consumable Fuels - 6.0%
Addax Petroleum, Inc.	56,800		1,796
BG Group PLC sponsored ADR	44,300		3,177
Canadian Natural Resources Ltd.	61,300		3,385
Canadian Oil Sands Trust unit	484,100		11,849
Chesapeake Energy Corp.	85,500		2,640
EnCana Corp.	1,755,200		88,782
EOG Resources, Inc.	221,800		15,823
Exxon Mobil Corp.	1,869,500		141,054
Murphy Oil Corp.	229,400		12,250
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Noble Energy, Inc.	636,500		$ 37,967
PetroChina Co. Ltd. sponsored ADR (d)	73,000		8,548
Petroleo Brasileiro SA Petrobras sponsored ADR	103,300		10,279
Petroplus Holdings AG	363,220		25,850
Sibir Energy PLC (a)	95,000		879
Talisman Energy, Inc.	110,800		1,944
Tesoro Corp.	63,100		6,337
Valero Energy Corp.	1,023,434		66,001
W&T Offshore, Inc.	72,900		2,109
XTO Energy, Inc.	240,500		13,182
			453,852
TOTAL ENERGY			577,834
FINANCIALS - 17.3%
Capital Markets - 1.3%
Charles Schwab Corp.	1,413,600		25,855
Franklin Resources, Inc.	71,500		8,639
Goldman Sachs Group, Inc.	207,200		42,814
Mellon Financial Corp.	314,500		13,568
SEI Investments Co.	134,500		8,101
State Street Corp.	32,500		2,104
			101,081
Commercial Banks - 3.3%
Allied Irish Banks PLC	791,300		23,688
Anglo Irish Bank Corp. PLC	223,120		4,769
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	153,100		3,759
Banco Santander Central Hispano SA sponsored ADR	571,900		10,197
Bank of Ireland	789,206		17,067
BOK Financial Corp.	9,311		461
Center Financial Corp., California	50,000		989
Compass Bancshares, Inc.	102,100		7,024
HDFC Bank Ltd. sponsored ADR	65,900		4,247
M&T Bank Corp.	357,100		41,363
National Australia Bank Ltd.	181,600		5,915
Royal Bank of Scotland Group PLC	42,300		1,651
Standard Chartered PLC (United Kingdom)	199,300		5,742
Toronto-Dominion Bank	95,800		5,760
U.S. Bancorp, Delaware	222,800		7,791
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
United Bankshares, Inc., West Virginia	22,000		$ 771
Wells Fargo & Co.	3,114,400		107,229
			248,423
Consumer Finance - 0.8%
American Express Co.	1,108,500		62,519
Diversified Financial Services - 2.7%
Bank of America Corp.	1,682,300		85,831
CBOT Holdings, Inc. Class A (a)	90,400		16,408
Chicago Mercantile Exchange Holdings, Inc. Class A	25,584		13,622
Citigroup, Inc.	1,035,800		53,178
IntercontinentalExchange, Inc. (a)	23,574		2,881
JPMorgan Chase & Co.	613,900		29,700
Moody's Corp.	35,500		2,203
Symmetry Holdings, Inc. unit	225,000		1,793
			205,616
Insurance - 9.1%
Admiral Group PLC	854,600		19,323
Allstate Corp.	920,500		55,285
American International Group, Inc.	780,800		52,485
Assurant, Inc.	372,100		19,956
Axis Capital Holdings Ltd.	280,600		9,501
Berkshire Hathaway, Inc. Class A (a)	1,928		210,133
Everest Re Group Ltd.	83,665		8,046
Lincoln National Corp.	377,081		25,562
Loews Corp.	755,200		34,309
Markel Corp. (a)	12,400		6,012
MetLife, Inc.	1,533,200		96,822
MetLife, Inc. unit	406,600		13,011
OneBeacon Insurance Group Ltd.	77,600		1,940
PartnerRe Ltd.	24,100		1,652
ProAssurance Corp. (a)	5,000		256
Prudential Financial, Inc.	791,500		71,441
The Chubb Corp.	1,026,100		53,019
The Travelers Companies, Inc.	96,800		5,011
W.R. Berkley Corp.	192,761		6,384
White Mountains Insurance Group Ltd.	7,394		4,189
Willis Group Holdings Ltd.	62,000		2,454
Zenith National Insurance Corp.	61,500		2,907
			699,698
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - 0.0%
Cedar Shopping Centers, Inc.	12,200		$ 198
Real Estate Management & Development - 0.1%
CB Richard Ellis Group, Inc. Class A (a)	175,000		5,982
TOTAL FINANCIALS			1,323,517
HEALTH CARE - 11.6%
Biotechnology - 4.3%
Actelion Ltd. (Reg.) (a)	22,785		5,310
Alexion Pharmaceuticals, Inc. (a)	173,805		7,515
Alnylam Pharmaceuticals, Inc. (a)	49,200		886
Amylin Pharmaceuticals, Inc. (a)	81,100		3,030
Arena Pharmaceuticals, Inc. (a)	316,200		3,434
Celgene Corp. (a)	461,200		24,195
Genentech, Inc. (a)	2,212,400		181,682
Genmab AS (a)	83,200		5,071
Gilead Sciences, Inc. (a)	891,200		68,177
GTx, Inc. (a)	124,009		2,530
Human Genome Sciences, Inc. (a)	59,800		635
MannKind Corp. (a)(d)	478,506		6,843
MannKind Corp. warrants 8/3/10 (a)(h)	29,881		159
Medarex, Inc. (a)	867,900		11,231
Omrix Biopharmaceuticals, Inc.	70,600		2,702
Seattle Genetics, Inc. (a)	94,500		774
Tanox, Inc. (a)	70,300		1,319
Vanda Pharmaceuticals, Inc. (d)	170,200		4,146
			329,639
Health Care Equipment & Supplies - 1.6%
Alcon, Inc.	52,100		6,868
Angiodynamics, Inc. (a)	179,800		3,037
Becton, Dickinson & Co.	71,100		5,467
C.R. Bard, Inc.	201,799		16,045
Cytyc Corp. (a)	70,600		2,415
DENTSPLY International, Inc.	237,300		7,772
DJO, Inc. (a)	125,500		4,756
ev3, Inc. (a)(d)	42,000		827
Gen-Probe, Inc. (a)	21,500		1,012
Hologic, Inc. (a)	103,600		5,972
Immucor, Inc. (a)	57,600		1,695
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Intuitive Surgical, Inc. (a)	41,900		$ 5,094
Inverness Medical Innovations, Inc. (a)	109,900		4,811
IRIS International, Inc. (a)(d)	445,400		6,213
Kyphon, Inc. (a)	217,100		9,800
Mentor Corp.	46,000		2,116
Nobel Biocare Holding AG (Switzerland)	21,154		7,710
Northstar Neuroscience, Inc.	120,000		1,536
NuVasive, Inc. (a)	120,500		2,862
ResMed, Inc. (a)(d)	190,700		9,606
Sirona Dental Systems, Inc.	90,900		3,132
St. Jude Medical, Inc. (a)	10,900		410
Stereotaxis, Inc. (a)	14,800		176
Stryker Corp.	179,900		11,931
Zimmer Holdings, Inc. (a)	9,100		777
			122,040
Health Care Providers & Services - 0.6%
Cardinal Health, Inc.	33,000		2,407
Health Net, Inc. (a)	73,900		3,977
Henry Schein, Inc. (a)	14,600		806
HMS Holdings Corp. (a)	500,000		10,950
Humana, Inc. (a)	91,800		5,326
LHC Group, Inc. (a)	75,200		2,439
Medco Health Solutions, Inc. (a)	78,700		5,708
Nighthawk Radiology Holdings, Inc.	251,692		4,578
UnitedHealth Group, Inc.	229,200		12,141
VCA Antech, Inc. (a)	42,800		1,554
			49,886
Health Care Technology - 0.2%
Allscripts Healthcare Solutions, Inc. (a)	26,400		708
Cerner Corp. (a)	44,000		2,396
Emdeon Corp. (a)	512,200		7,750
IMS Health, Inc.	52,500		1,557
Vital Images, Inc. (a)	29,300		975
			13,386
Life Sciences Tools & Services - 0.3%
Dionex Corp. (a)	17,500		1,192
Millipore Corp. (a)	3,500		254
PRA International (a)	160,000		3,450
QIAGEN NV (a)	94,900		1,630
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Life Sciences Tools & Services - continued
Techne Corp. (a)	68,400		$ 3,906
Waters Corp. (a)	180,200		10,452
			20,884
Pharmaceuticals - 4.6%
Abbott Laboratories	467,600		26,092
Allergan, Inc.	7,200		798
AstraZeneca PLC sponsored ADR	178,100		9,555
BioMimetic Therapeutics, Inc.	69,000		1,141
Bristol-Myers Squibb Co.	198,500		5,510
Johnson & Johnson	741,100		44,659
Merck & Co., Inc.	1,851,900		81,798
New River Pharmaceuticals, Inc. (a)	88,100		5,606
Novartis AG sponsored ADR	269,400		14,717
Novo Nordisk AS Series B	42,900		3,915
Roche Holding AG (participation certificate)	710,800		125,738
Schering-Plough Corp.	1,147,200		29,265
Shire PLC	199,900		4,126
Xenoport, Inc. (a)	29,800		830
			353,750
TOTAL HEALTH CARE			889,585
INDUSTRIALS - 7.6%
Aerospace & Defense - 1.3%
General Dynamics Corp.	49,500		3,782
Heico Corp. Class A	585,000		18,340
Lockheed Martin Corp.	458,700		44,503
Precision Castparts Corp.	67,200		6,992
Rockwell Collins, Inc.	23,100		1,546
The Boeing Co.	258,000		22,939
United Technologies Corp.	11,700		761
			98,863
Air Freight & Logistics - 0.5%
C.H. Robinson Worldwide, Inc.	871,472		41,613
Expeditors International of Washington, Inc.	14,100		583
			42,196
Airlines - 0.6%
Republic Airways Holdings, Inc. (a)	117,100		2,689
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Airlines - continued
Ryanair Holdings PLC sponsored ADR (a)	860,026		$ 38,521
Southwest Airlines Co.	129,100		1,898
			43,108
Commercial Services & Supplies - 0.3%
Covanta Holding Corp. (a)	18,800		417
Equifax, Inc.	94,100		3,430
Fuel Tech, Inc. (a)	77,700		1,915
Huron Consulting Group, Inc. (a)	102,165		6,216
Kenexa Corp. (a)	47,200		1,469
Robert Half International, Inc.	93,800		3,472
Seek Ltd.	1,000,000		5,826
Stericycle, Inc. (a)	20,800		1,695
			24,440
Construction & Engineering - 0.3%
Jacobs Engineering Group, Inc. (a)	568,400		26,516
Electrical Equipment - 1.6%
ABB Ltd. sponsored ADR	274,700		4,719
Cooper Industries Ltd. Class A	1,368,400		61,564
GrafTech International Ltd. (a)	500,000		4,540
Q-Cells AG (d)	400,800		25,720
Roper Industries, Inc.	5,500		302
SolarWorld AG (d)	243,700		18,923
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	143,700		4,973
			120,741
Industrial Conglomerates - 0.4%
General Electric Co.	409,400		14,476
Hutchison Whampoa Ltd.	674,000		6,483
Siemens AG sponsored ADR	71,300		7,643
			28,602
Machinery - 2.0%
Cummins, Inc.	19,300		2,793
Danaher Corp.	1,039,277		74,256
IDEX Corp.	288,500		14,679
Metso Corp. sponsored ADR	29,200		1,542
PACCAR, Inc.	701,749		51,508
Pall Corp.	124,100		4,716
			149,494
Marine - 0.2%
American Commercial Lines, Inc. (a)	470,200		14,788
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - 0.3%
Canadian National Railway Co.	487,500		$ 21,501
Hertz Global Holdings, Inc.	49,300		1,168
Union Pacific Corp.	8,300		843
			23,512
Trading Companies & Distributors - 0.1%
Mitsui & Co. Ltd. (d)	461,000		8,677
TOTAL INDUSTRIALS			580,937
INFORMATION TECHNOLOGY - 20.9%
Communications Equipment - 1.8%
Balda AG	341,300		4,764
Cisco Systems, Inc. (a)	2,074,800		52,970
F5 Networks, Inc. (a)	70,100		4,674
Nice Systems Ltd. sponsored ADR	551,000		18,745
Nokia Corp. sponsored ADR	917,500		21,029
Polycom, Inc. (a)	103,200		3,440
QUALCOMM, Inc.	358,400		15,289
Research In Motion Ltd. (a)	114,500		15,628
			136,539
Computers & Peripherals - 6.4%
Apple, Inc. (a)	1,686,000		156,646
Brocade Communications Systems, Inc. (a)	490,900		4,673
Dell, Inc. (a)	406,900		9,444
Diebold, Inc.	21,900		1,045
Hewlett-Packard Co.	6,098,700		244,802
Logitech International SA (a)	107,800		3,000
NCR Corp. (a)	236,900		11,317
Network Appliance, Inc. (a)	1,008,360		36,825
Sun Microsystems, Inc. (a)	4,009,300		24,096
			491,848
Electronic Equipment & Instruments - 0.7%
Amphenol Corp. Class A	317,320		20,489
FLIR Systems, Inc. (a)	299,500		10,683
Hon Hai Precision Industry Co. Ltd. (Foxconn)	259,724		1,742
L-1 Identity Solutions, Inc.	44,462		734
Mettler-Toledo International, Inc. (a)	83,500		7,479
Motech Industries, Inc.	324,434		4,520
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Sunpower Corp. Class A (a)	120,475		$ 5,482
Trimble Navigation Ltd. (a)	157,400		4,225
			55,354
Internet Software & Services - 5.1%
Akamai Technologies, Inc. (a)	837,400		41,803
aQuantive, Inc. (a)	29,900		835
Baidu.com, Inc. sponsored ADR (a)(d)	11,625		1,122
Google, Inc. Class A (sub. vtg.) (a)	734,352		336,446
NHN Corp.	14,486		2,125
Omniture, Inc.	404,055		7,366
Perficient, Inc. (a)	32,900		651
ValueClick, Inc. (a)	22,900		598
			390,946
IT Services - 2.4%
Accenture Ltd. Class A	595,800		22,962
Alliance Data Systems Corp. (a)	171,800		10,586
Cognizant Technology Solutions Corp. Class A (a)	513,900		45,362
First Data Corp.	161,300		4,339
Infosys Technologies Ltd. sponsored ADR	397,900		19,994
Mastercard, Inc. Class A (d)	196,600		20,887
Paychex, Inc.	266,700		10,100
SRA International, Inc. Class A (a)	201,561		4,910
The Western Union Co.	858,700		18,848
VeriFone Holdings, Inc. (a)	560,600		20,591
			178,579
Office Electronics - 0.0%
Xerox Corp.	78,700		1,329
Zebra Technologies Corp. Class A (a)	16,100		622
			1,951
Semiconductors & Semiconductor Equipment - 1.9%
Analog Devices, Inc.	151,200		5,215
ASML Holding NV (NY Shares) (a)	202,000		5,000
Broadcom Corp. Class A (a)	270,600		8,678
FEI Co. (a)	84,613		3,051
Intel Corp.	99,800		1,909
Lam Research Corp. (a)	183,700		8,696
Linear Technology Corp.	140,000		4,423
Marvell Technology Group Ltd. (a)	2,442,700		41,062
MathStar, Inc. (a)	7,834		22
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Maxim Integrated Products, Inc.	116,800		$ 3,434
MEMC Electronic Materials, Inc. (a)	228,300		13,830
O2Micro International Ltd. sponsored ADR (a)	3,000		24
ON Semiconductor Corp. (a)	488,000		4,353
Renewable Energy Corp. AS	870,700		19,695
Samsung Electronics Co. Ltd.	36,189		21,656
Silicon Motion Technology Corp. sponsored ADR (a)	168,600		3,797
Verigy Ltd.	29,300		688
			145,533
Software - 2.6%
Activision, Inc. (a)	142,100		2,691
Adobe Systems, Inc. (a)	865,206		36,079
Autonomy Corp. PLC (a)	259,200		3,494
BMC Software, Inc. (a)	360,200		11,091
Cadence Design Systems, Inc. (a)	36,900		777
CommVault Systems, Inc.	191,159		3,097
Double-Take Software, Inc. (e)	1,271,694		17,181
Electronic Arts, Inc. (a)	90,400		4,553
Intuit, Inc. (a)	1,032,554		28,251
JDA Software Group, Inc. (a)	250,080		3,759
McAfee, Inc. (a)	25,000		727
Nintendo Co. Ltd.	38,400		11,162
Nuance Communications, Inc. (a)(d)	905,000		13,856
Opsware, Inc. (a)	698,787		5,066
Oracle Corp. (a)	1,688,450		30,612
Quality Systems, Inc.	400		16
Salesforce.com, Inc. (a)	218,700		9,365
The9 Ltd. sponsored ADR (a)	37,600		1,269
THQ, Inc. (a)	120,400		4,116
Ubisoft Entertainment SA (a)	131,800		6,435
Utimaco Safeware AG	350,000		6,499
			200,096
TOTAL INFORMATION TECHNOLOGY			1,600,846
MATERIALS - 5.3%
Chemicals - 1.8%
Airgas, Inc.	18,900		797
Bayer AG	549,600		35,158
Ecolab, Inc.	639,600		27,503
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Monsanto Co.	435,700		$ 23,946
Nalco Holding Co.	44,300		1,059
Potash Corp. of Saskatchewan, Inc.	24,900		3,982
Praxair, Inc.	629,900		39,659
Rohm & Haas Co.	40,300		2,084
Wacker Chemie AG	9,300		1,615
			135,803
Containers & Packaging - 0.0%
Crown Holdings, Inc. (a)	33,600		822
Metals & Mining - 3.5%
Agnico-Eagle Mines Ltd.	242,400		8,572
Allegheny Technologies, Inc.	43,200		4,609
Anglo American PLC ADR	1,038,800		27,445
Aquarius Platinum Ltd. (Australia)	598,000		19,789
Arcelor Mittal	169,100		8,944
BHP Billiton Ltd. sponsored ADR (d)	339,100		16,429
Compania de Minas Buenaventura SA sponsored ADR	82,200		2,462
Eldorado Gold Corp. (a)	608,400		3,557
Freeport-McMoRan Copper & Gold, Inc. Class B	307,900		20,380
Gabriel Resources Ltd. (a)	497,000		1,851
Goldcorp, Inc.	1,883,101		45,196
Impala Platinum Holdings Ltd.	33,600		1,056
Ivanhoe Mines Ltd. (a)	978,900		11,446
Kinross Gold Corp. (a)(g)	984,876		13,597
Lihir Gold Ltd. (a)	3,673,700		9,690
Meridian Gold, Inc. (a)	71,800		1,833
Newmont Mining Corp.	453,100		19,026
Nucor Corp.	249,400		16,243
POSCO sponsored ADR	133,400		13,867
Rio Tinto PLC (Reg.)	110,000		6,265
Shore Gold, Inc. (a)	492,800		3,231
Steel Dynamics, Inc.	73,900		3,192
Teck Cominco Ltd. Class B (sub. vtg.)	33,400		2,328
United States Steel Corp.	68,200		6,763
US Gold Corp. (a)	51,000		214
US Gold Corp. warrants 2/22/11 (a)(h)	56,150		73
			268,058
TOTAL MATERIALS			404,683
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - 5.6%
Diversified Telecommunication Services - 2.1%
AT&T, Inc.	3,515,232		$ 138,606
BT Group PLC sponsored ADR	3,800		228
Embarq Corp.	27,900		1,572
Hellenic Telecommunication Organization SA (OTE) (a)	24,800		678
Iliad Group SA	1,600		167
Qwest Communications International, Inc. (a)	1,361,700		12,242
Telenor ASA sponsored ADR	148,900		7,917
			161,410
Wireless Telecommunication Services - 3.5%
America Movil SA de CV Series L sponsored ADR	3,498,700		167,203
American Tower Corp. Class A (a)	106,727		4,157
Bharti Airtel Ltd. (a)	328,488		5,820
China Mobile (Hong Kong) Ltd. sponsored ADR	117,800		5,283
Clearwire Corp.	100,000		2,047
Leap Wireless International, Inc. (a)	82,900		5,470
NII Holdings, Inc. (a)	912,947		67,722
Rogers Communications, Inc. Class B (non-vtg.)	137,000		4,484
			262,186
TOTAL TELECOMMUNICATION SERVICES			423,596
UTILITIES - 1.2%
Electric Utilities - 0.6%
Allegheny Energy, Inc. (a)	16,400		806
E.ON AG sponsored ADR	36,500		1,648
Entergy Corp.	148,600		15,591
Exelon Corp.	216,800		14,896
FirstEnergy Corp.	158,300		10,486
Reliant Energy, Inc. (a)	37,600		764
			44,191
Gas Utilities - 0.1%
Energen Corp.	25,400		1,293
ONEOK, Inc.	12,200		549
Southern Union Co.	226,875		6,895
			8,737
Independent Power Producers & Energy Traders - 0.5%
AES Corp. (a)	822,086		17,691
Constellation Energy Group, Inc.	148,800		12,938
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Independent Power Producers & Energy Traders - continued
International Power PLC	555,700		$ 4,336
NRG Energy, Inc.	23,000		1,657
			36,622
Multi-Utilities - 0.0%
Sempra Energy	42,300		2,581
TOTAL UTILITIES			92,131
TOTAL COMMON STOCKS (Cost $5,848,464)		7,149,699
Convertible Bonds - 0.0%
	Principal Amount (000s)
HEALTH CARE - 0.0%
Health Care Equipment & Supplies - 0.0%
Kyphon, Inc.:
1% 2/1/12 (f)	$ 470		467
1.25% 2/1/14 (f)	390		385
			852
INFORMATION TECHNOLOGY - 0.0%
Electronic Equipment & Instruments - 0.0%
Sunpower Corp. 1.25% 2/15/27	860		901
TOTAL CONVERTIBLE BONDS (Cost $1,720)			1,753
Money Market Funds - 8.0%
	Shares		Value (000s)
Fidelity Cash Central Fund, 5.41% (b)	442,726,841		$ 442,727
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)	168,502,075		168,502
TOTAL MONEY MARKET FUNDS (Cost $611,229)		611,229
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $6,461,413)			7,762,681
NET OTHER ASSETS - (1.5)%			(111,285)
NET ASSETS - 100%		$ 7,651,396

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

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

(e) Affiliated company

(f) 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 end of the period, the value of these securities amounted to $852,000 or 0.0% of net assets.

(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(h) 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 $2,499,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
MannKind Corp. warrants 8/3/10	8/3/05	$ 1
The Weinstein Co. III Holdings, LLC Class A-1	10/19/05	$ 2,267
US Gold Corp. warrants 2/22/11	2/8/06	$ 28

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 6,777
Fidelity Securities Lending Cash Central Fund	545
Total	$ 7,322

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Double-Take Software, Inc.	$ -	$ 21,535	$ 1,919	$ -	$ 17,181

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $6,470,873,000. Net unrealized appreciation aggregated $1,291,808,000, of which $1,349,527,000 related to appreciated investment securities and $57,719,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

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®

March 31, 2007

1.799873.103

CON-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.4%
Auto Components - 0.0%
Johnson Controls, Inc.	162,400		$ 15,366
Automobiles - 0.7%
Honda Motor Co. Ltd.	694,500		24,217
Toyota Motor Corp. (d)	6,859,500		439,557
			463,774
Distributors - 0.0%
Li & Fung Ltd.	10,927,200		34,333
Diversified Consumer Services - 0.0%
Strayer Education, Inc.	68,900		8,613
Hotels, Restaurants & Leisure - 1.7%
Aristocrat Leisure Ltd.	2,284,470		30,313
California Pizza Kitchen, Inc. (a)(e)	1,491,668		49,061
Carrols Restaurant Group, Inc.	497,500		7,219
Chipotle Mexican Grill, Inc.:
Class A (a)(d)(e)	1,941,200		120,549
Class B (a)(e)	149,772		8,597
Las Vegas Sands Corp. (a)	1,289,920		111,720
Marriott International, Inc. Class A	2,526,390		123,692
McDonald's Corp.	4,620,670		208,161
MGM Mirage, Inc. (a)	436,100		30,318
Panera Bread Co. Class A (a)(d)	1,038,440		61,330
Starbucks Corp. (a)	3,422,540		107,331
Texas Roadhouse, Inc. Class A (a)	536,653		7,647
Tim Hortons, Inc. (e)	10,059,732		306,017
			1,171,955
Household Durables - 0.9%
Gafisa SA ADR (a)	1,530,700		39,033
Garmin Ltd. (d)	5,344,609		289,411
Koninklijke Philips Electronics NV (NY Shares)	2,108,900		80,349
Mohawk Industries, Inc. (a)	81,400		6,679
Sharp Corp.	2,340,000		45,001
Snap-On, Inc.	1,281,100		61,621
Sony Corp.	1,056,000		53,317
TomTom Group BV (a)(d)	650,700		26,519
			601,930
Internet & Catalog Retail - 0.4%
IAC/InterActiveCorp (a)	474,900		17,908
Liberty Media Holding Corp. - Interactive Series A (a)	4,073,831		97,039
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Internet & Catalog Retail - continued
Priceline.com, Inc. (a)	1,099,400		$ 58,554
VistaPrint Ltd. (a)(e)	2,474,887		94,788
			268,289
Media - 3.2%
Central European Media Enterprises Ltd. Class A (a)	79,900		7,071
CKX, Inc. (a)	366,731		4,071
Comcast Corp. Class A (special) (non-vtg.)	2,657,650		67,690
Discovery Holding Co. Class A (a)	850,800		16,276
DreamWorks Animation SKG, Inc. Class A (a)	572,443		17,505
EchoStar Communications Corp. Class A (a)	3,953,094		171,683
Focus Media Holding Ltd. ADR (a)	1,206,600		94,670
Grupo Televisa SA de CV (CPO) sponsored ADR	866,100		25,810
Liberty Global, Inc. Class A (a)	267,279		8,801
Liberty Media Holding Corp. - Capital Series A (a)	547,148		60,509
Live Nation, Inc. (a)	897,947		19,809
McGraw-Hill Companies, Inc.	1,483,066		93,255
National CineMedia, Inc.	382,500		10,213
News Corp. Class B	14,292,604		349,740
Omnicom Group, Inc.	209,823		21,482
Reuters Group PLC	2,866,000		26,386
The Walt Disney Co.	31,853,406		1,096,713
The Weinstein Co. Holdings, LLC Class A-1 (a)(g)	41,234		41,234
Time Warner, Inc.	1,766,300		34,831
			2,167,749
Multiline Retail - 0.7%
Kohl's Corp. (a)	666,377		51,051
Marks & Spencer Group PLC	26,183,847		348,573
Nordstrom, Inc.	488,200		25,845
Target Corp.	1,207,600		71,562
			497,031
Specialty Retail - 1.4%
American Eagle Outfitters, Inc.	3,346,267		100,355
AutoZone, Inc. (a)	284,300		36,430
Gamestop Corp. Class A (a)	768,000		25,014
Hennes & Mauritz AB (H&M) (B Shares)	632,278		36,396
Inditex SA	961,100		59,737
J. Crew Group, Inc. (e)	4,763,298		191,342
Sports Direct International PLC	16,740,800		91,500
Staples, Inc.	4,092,431		105,748
The Men's Wearhouse, Inc.	17,700		833
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
TJX Companies, Inc.	11,621,648		$ 313,320
Zumiez, Inc. (a)	953,223		38,243
			998,918
Textiles, Apparel & Luxury Goods - 0.4%
Coach, Inc. (a)	1,851,400		92,663
NIKE, Inc. Class B	852,500		90,587
Polo Ralph Lauren Corp. Class A	343,200		30,253
Under Armour, Inc. Class A (sub. vtg.) (a)	611,000		31,344
			244,847
TOTAL CONSUMER DISCRETIONARY			6,472,805
CONSUMER STAPLES - 7.4%
Beverages - 2.5%
Anheuser-Busch Companies, Inc.	1,059,300		53,452
Boston Beer Co., Inc. Class A (a)	119,100		3,972
C&C Group PLC	2,124,500		32,267
Diageo PLC sponsored ADR	2,659,700		215,303
InBev SA	234,183		16,908
PepsiCo, Inc.	12,518,273		795,661
The Coca-Cola Co.	12,691,991		609,216
			1,726,779
Food & Staples Retailing - 0.8%
Koninklijke Ahold NV sponsored ADR (a)	5,876,700		68,992
Kroger Co.	3,127,190		88,343
Safeway, Inc.	1,435,897		52,611
Susser Holdings Corp. (e)	942,047		16,345
Tesco PLC	26,367,476		230,509
The Great Atlantic & Pacific Tea Co. (d)	1,041,605		34,560
Walgreen Co.	1,017,800		46,707
			538,067
Food Products - 1.1%
Bunge Ltd.	232,100		19,083
Campbell Soup Co.	263,240		10,253
Dean Foods Co.	353,900		16,541
Groupe Danone	1,805,997		295,043
Kellogg Co.	1,202,534		61,846
Marine Harvest ASA (a)	40,966,000		48,118
Nestle SA (Reg.)	457,493		178,138
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Ralcorp Holdings, Inc. (a)	945,800		$ 60,815
TreeHouse Foods, Inc. (a)(e)	2,892,027		88,120
			777,957
Household Products - 2.7%
Colgate-Palmolive Co.	6,842,111		456,985
Procter & Gamble Co.	21,753,570		1,373,955
			1,830,940
Personal Products - 0.3%
Avon Products, Inc.	704,170		26,237
Bare Escentuals, Inc.	3,175,698		113,912
Estee Lauder Companies, Inc. Class A	1,134,700		55,430
			195,579
TOTAL CONSUMER STAPLES			5,069,322
ENERGY - 7.6%
Energy Equipment & Services - 1.6%
FMC Technologies, Inc. (a)	629,034		43,881
National Oilwell Varco, Inc. (a)	754,800		58,716
Schlumberger Ltd. (NY Shares)	11,980,615		827,860
Smith International, Inc.	3,459,779		166,242
			1,096,699
Oil, Gas & Consumable Fuels - 6.0%
Addax Petroleum, Inc.	559,800		17,698
BG Group PLC sponsored ADR	434,500		31,162
Canadian Natural Resources Ltd.	508,700		28,089
Canadian Oil Sands Trust unit	3,937,400		96,376
Chesapeake Energy Corp.	448,400		13,847
EnCana Corp.	15,349,148		776,398
EOG Resources, Inc.	2,385,400		170,174
Exxon Mobil Corp.	17,807,183		1,343,552
Murphy Oil Corp.	2,112,000		112,781
Noble Energy, Inc.	6,013,566		358,709
PetroChina Co. Ltd. sponsored ADR (d)	269,800		31,591
Petroleo Brasileiro SA Petrobras sponsored ADR	984,100		97,928
Petroplus Holdings AG (e)	3,143,618		223,731
Sibir Energy PLC (a)	929,418		8,596
Talisman Energy, Inc.	1,046,600		18,366
Tesoro Corp.	580,300		58,280
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Valero Energy Corp.	9,067,175		$ 584,742
W&T Offshore, Inc.	686,800		19,869
XTO Energy, Inc.	2,230,033		122,228
			4,114,117
TOTAL ENERGY			5,210,816
FINANCIALS - 17.8%
Capital Markets - 1.3%
Charles Schwab Corp.	12,576,728		230,028
Franklin Resources, Inc.	691,195		83,517
Goldman Sachs Group, Inc.	1,829,300		377,988
Mellon Financial Corp.	3,064,118		132,186
SEI Investments Co.	1,370,622		82,553
State Street Corp.	371,900		24,081
			930,353
Commercial Banks - 3.4%
Allied Irish Banks PLC	7,437,310		222,636
Anglo Irish Bank Corp. PLC	1,578,278		33,732
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)	1,646,300		40,417
Banco Santander Central Hispano SA sponsored ADR	4,325,900		77,131
Bank of Ireland	7,168,636		155,022
BOK Financial Corp.	113,792		5,636
Compass Bancshares, Inc.	914,473		62,916
HDFC Bank Ltd. sponsored ADR	673,000		43,375
M&T Bank Corp.	3,438,700		398,305
National Australia Bank Ltd.	1,835,500		59,782
Royal Bank of Scotland Group PLC	1,011,789		39,502
Standard Chartered PLC (United Kingdom)	1,727,600		49,771
Toronto-Dominion Bank	942,300		56,658
U.S. Bancorp, Delaware	2,169,188		75,857
United Bankshares, Inc., West Virginia	202,103		7,080
Wells Fargo & Co.	28,538,882		982,594
			2,310,414
Consumer Finance - 0.8%
American Express Co.	10,386,350		585,790
Diversified Financial Services - 2.8%
Bank of America Corp.	14,482,825		738,914
CBOT Holdings, Inc. Class A (a)	837,000		151,916
Chicago Mercantile Exchange Holdings, Inc. Class A	225,398		120,015
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
Citigroup, Inc.	9,927,578		$ 509,682
IntercontinentalExchange, Inc. (a)	246,710		30,150
JPMorgan Chase & Co.	5,857,900		283,405
Moody's Corp.	1,282,900		79,617
Symmetry Holdings, Inc. unit	1,069,200		8,522
			1,922,221
Insurance - 9.4%
Admiral Group PLC	8,398,722		189,900
Allstate Corp.	8,470,973		508,767
American International Group, Inc.	7,945,826		534,118
Assurant, Inc.	3,326,620		178,407
Axis Capital Holdings Ltd.	2,691,000		91,117
Berkshire Hathaway, Inc. Class A (a)	16,934		1,845,637
Everest Re Group Ltd.	1,750,320		168,328
Lincoln National Corp.	3,346,208		226,839
Loews Corp.	6,362,184		289,034
Markel Corp. (a)	78,750		38,180
MetLife, Inc.	11,373,600		718,243
MetLife, Inc. unit	3,634,300		116,298
OneBeacon Insurance Group Ltd.	707,500		17,688
PartnerRe Ltd.	260,000		17,820
Prudential Financial, Inc.	7,095,600		640,449
The Chubb Corp.	9,272,500		479,110
The Travelers Companies, Inc.	1,772,400		91,757
W.R. Berkley Corp.	4,213,800		139,561
White Mountains Insurance Group Ltd.	147,450		83,530
Willis Group Holdings Ltd.	618,100		24,464
Zenith National Insurance Corp.	901,900		42,633
			6,441,880
Real Estate Investment Trusts - 0.1%
CBL & Associates Properties, Inc.	651,494		29,213
Cedar Shopping Centers, Inc.	678,600		10,993
			40,206
Real Estate Management & Development - 0.0%
CB Richard Ellis Group, Inc. Class A (a)	253,908		8,679
TOTAL FINANCIALS			12,239,543
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 11.5%
Biotechnology - 4.2%
Actelion Ltd. (Reg.) (a)	227,195		$ 52,948
Alexion Pharmaceuticals, Inc. (a)	425,100		18,381
Alnylam Pharmaceuticals, Inc. (a)	430,200		7,744
Amylin Pharmaceuticals, Inc. (a)	595,395		22,244
Arena Pharmaceuticals, Inc. (a)(d)(e)	3,389,783		36,813
Celgene Corp. (a)	3,896,856		204,429
Genentech, Inc. (a)	19,891,280		1,633,472
Genmab AS (a)	954,000		58,151
Gilead Sciences, Inc. (a)	7,728,597		591,238
GTx, Inc. (a)	921,507		18,799
MannKind Corp. (a)(d)	4,769,359		68,202
MannKind Corp. warrants 8/3/10 (a)(g)	304,338		1,620
Medarex, Inc. (a)(e)	7,875,303		101,906
Omrix Biopharmaceuticals, Inc.	609,200		23,314
Seattle Genetics, Inc. (a)	849,376		6,956
Tanox, Inc. (a)	1,050,790		19,713
Vanda Pharmaceuticals, Inc.	1,256,138		30,600
			2,896,530
Health Care Equipment & Supplies - 1.7%
Alcon, Inc.	515,100		67,900
Becton, Dickinson & Co.	751,300		57,767
C.R. Bard, Inc.	1,795,640		142,771
Cytyc Corp. (a)	732,000		25,042
DENTSPLY International, Inc.	4,301,674		140,880
ev3, Inc. (a)(d)	382,600		7,537
Gen-Probe, Inc. (a)	1,434,000		67,513
Hologic, Inc. (a)	1,153,225		66,472
Immucor, Inc. (a)	549,914		16,184
Intuitive Surgical, Inc. (a)	412,553		50,154
Inverness Medical Innovations, Inc. (a)	883,700		38,688
Kyphon, Inc. (a)(e)	2,528,444		114,134
Nobel Biocare Holding AG (Switzerland)	150,756		54,949
Northstar Neuroscience, Inc.	1,087,888		13,925
NuVasive, Inc. (a)	1,163,663		27,637
ResMed, Inc. (a)	1,499,400		75,525
Sirona Dental Systems, Inc.	838,001		28,878
St. Jude Medical, Inc. (a)	717,500		26,985
Stereotaxis, Inc. (a)	132,278		1,574
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Stryker Corp.	1,650,900		$ 109,488
Zimmer Holdings, Inc. (a)	107,100		9,147
			1,143,150
Health Care Providers & Services - 0.6%
Cardinal Health, Inc.	318,100		23,205
Health Net, Inc. (a)	742,500		39,954
Henry Schein, Inc. (a)	143,451		7,916
Humana, Inc. (a)	895,100		51,934
LHC Group, Inc. (a)	740,484		24,014
Medco Health Solutions, Inc. (a)	709,700		51,475
Nighthawk Radiology Holdings, Inc. (a)(e)	2,102,450		38,244
Patterson Companies, Inc. (a)	1,430,271		50,760
UnitedHealth Group, Inc.	2,431,309		128,786
VCA Antech, Inc. (a)	516,151		18,741
			435,029
Health Care Technology - 0.2%
Allscripts Healthcare Solutions, Inc. (a)	267,920		7,183
Emdeon Corp. (a)	4,844,479		73,297
IMS Health, Inc.	480,200		14,243
Vital Images, Inc. (a)	268,200		8,920
			103,643
Life Sciences Tools & Services - 0.2%
Dionex Corp. (a)	152,037		10,355
QIAGEN NV (a)	919,000		15,788
Techne Corp. (a)	652,446		37,255
Waters Corp. (a)	1,700,550		98,632
			162,030
Pharmaceuticals - 4.6%
Abbott Laboratories	4,506,583		251,467
AstraZeneca PLC sponsored ADR	1,350,900		72,476
BioMimetic Therapeutics, Inc.	621,241		10,275
Bristol-Myers Squibb Co.	1,998,100		55,467
Johnson & Johnson	7,292,300		439,434
Merck & Co., Inc.	15,923,050		703,321
New River Pharmaceuticals, Inc. (a)	909,868		57,895
Novartis AG sponsored ADR	2,390,200		130,577
Novo Nordisk AS Series B	421,300		38,445
Roche Holding AG (participation certificate)	6,328,876		1,119,556
Schering-Plough Corp.	10,354,862		264,153
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Shire PLC	1,736,000		$ 35,836
Xenoport, Inc. (a)	305,198		8,503
			3,187,405
TOTAL HEALTH CARE			7,927,787
INDUSTRIALS - 7.2%
Aerospace & Defense - 1.1%
General Dynamics Corp.	483,154		36,913
Lockheed Martin Corp.	4,220,295		409,453
Precision Castparts Corp.	557,700		58,029
Rockwell Collins, Inc.	237,400		15,889
The Boeing Co.	2,394,174		212,866
United Technologies Corp.	281,500		18,298
			751,448
Air Freight & Logistics - 0.6%
C.H. Robinson Worldwide, Inc.	8,093,825		386,480
Airlines - 0.6%
Republic Airways Holdings, Inc. (a)	1,598,314		36,697
Ryanair Holdings PLC sponsored ADR (a)	9,143,855		409,553
			446,250
Commercial Services & Supplies - 0.2%
Covanta Holding Corp. (a)	168,900		3,746
Equifax, Inc.	948,695		34,580
Fuel Tech, Inc. (a)	566,792		13,971
Kenexa Corp. (a)	421,100		13,109
Robert Half International, Inc.	754,249		27,915
Stericycle, Inc. (a)	222,900		18,166
			111,487
Construction & Engineering - 0.4%
Jacobs Engineering Group, Inc. (a)	5,341,654		249,188
Electrical Equipment - 1.4%
ABB Ltd. sponsored ADR	2,628,900		45,165
Cooper Industries Ltd. Class A (e)	11,499,122		517,345
Q-Cells AG (d)	3,454,681		221,693
Roper Industries, Inc.	49,200		2,700
SolarWorld AG (d)	1,545,092		119,976
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	1,554,200		53,791
			960,670
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 0.4%
General Electric Co.	4,233,833		$ 149,708
Hutchison Whampoa Ltd.	6,326,000		60,843
Siemens AG sponsored ADR	672,000		72,038
			282,589
Machinery - 2.0%
Cummins, Inc.	166,900		24,154
Danaher Corp.	9,620,509		687,385
IDEX Corp.	2,129,333		108,340
Metso Corp. sponsored ADR	261,400		13,805
PACCAR, Inc.	6,511,902		477,974
Pall Corp.	1,096,000		41,648
Valmont Industries, Inc.	180,005		10,410
			1,363,716
Marine - 0.2%
American Commercial Lines, Inc. (a)(e)	4,325,434		136,035
Road & Rail - 0.3%
Canadian National Railway Co.	4,404,600		194,259
Hertz Global Holdings, Inc.	511,200		12,115
Knight Transportation, Inc.	133,796		2,384
Landstar System, Inc.	216,089		9,906
Union Pacific Corp.	70,100		7,119
			225,783
TOTAL INDUSTRIALS			4,913,646
INFORMATION TECHNOLOGY - 19.8%
Communications Equipment - 1.6%
Cisco Systems, Inc. (a)	20,140,800		514,195
F5 Networks, Inc. (a)	574,560		38,312
Nice Systems Ltd. sponsored ADR	751,100		25,552
Nokia Corp. sponsored ADR	8,984,386		205,922
Polycom, Inc. (a)	1,609,082		53,631
QUALCOMM, Inc.	2,222,703		94,821
Research In Motion Ltd. (a)	1,226,800		167,446
			1,099,879
Computers & Peripherals - 5.7%
Apple, Inc. (a)	15,283,942		1,420,031
Brocade Communications Systems, Inc. (a)	4,524,880		43,077
Dell, Inc. (a)	3,869,800		89,818
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Diebold, Inc.	256,800		$ 12,252
Hewlett-Packard Co.	42,449,400		1,703,919
Logitech International SA (a)	980,900		27,298
NCR Corp. (a)	2,308,300		110,267
Network Appliance, Inc. (a)	8,574,439		313,139
Sun Microsystems, Inc. (a)	33,655,700		202,271
			3,922,072
Electronic Equipment & Instruments - 0.9%
Amphenol Corp. Class A	2,849,630		184,001
FLIR Systems, Inc. (a)	3,116,903		111,180
Hon Hai Precision Industry Co. Ltd. (Foxconn)	16,395,285		109,996
Mettler-Toledo International, Inc. (a)	1,133,600		101,537
Motech Industries, Inc.	2,337,342		32,563
Sunpower Corp. Class A (a)	952,227		43,326
Trimble Navigation Ltd. (a)	1,469,600		39,444
			622,047
Internet Software & Services - 5.1%
Akamai Technologies, Inc. (a)(e)	8,770,414		437,819
aQuantive, Inc. (a)	305,900		8,538
Baidu.com, Inc. sponsored ADR (a)	132,872		12,829
Google, Inc. Class A (sub. vtg.) (a)	6,448,958		2,954,652
NHN Corp.	159,566		23,406
Omniture, Inc.	686,405		12,513
Perficient, Inc. (a)	294,809		5,831
ValueClick, Inc. (a)	152,700		3,990
			3,459,578
IT Services - 2.3%
Accenture Ltd. Class A	5,265,200		202,921
Alliance Data Systems Corp. (a)	1,553,500		95,727
Cognizant Technology Solutions Corp. Class A (a)	4,298,174		379,400
First Data Corp.	1,071,254		28,817
Infosys Technologies Ltd. sponsored ADR	3,178,300		159,710
Mastercard, Inc. Class A (d)	1,914,720		203,420
Paychex, Inc.	2,799,821		106,029
SRA International, Inc. Class A (a)(e)	3,726,200		90,770
The Western Union Co.	8,000,060		175,601
VeriFone Holdings, Inc. (a)	3,313,165		121,693
			1,564,088
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Office Electronics - 0.0%
Xerox Corp.	772,400		$ 13,046
Zebra Technologies Corp. Class A (a)	145,000		5,598
			18,644
Semiconductors & Semiconductor Equipment - 1.8%
Analog Devices, Inc.	1,503,900		51,870
ASML Holding NV (NY Shares) (a)	1,775,500		43,944
Broadcom Corp. Class A (a)	2,272,874		72,891
FEI Co. (a)	725,459		26,160
Intel Corp.	438,600		8,390
Lam Research Corp. (a)	1,269,816		60,113
Linear Technology Corp.	1,395,400		44,081
Marvell Technology Group Ltd. (a)	22,144,320		372,246
MathStar, Inc. (a)	263,078		723
Maxim Integrated Products, Inc.	1,178,060		34,635
MEMC Electronic Materials, Inc. (a)	1,581,626		95,815
Renewable Energy Corp. AS (d)	8,369,675		189,322
Samsung Electronics Co. Ltd.	406,816		243,450
Verigy Ltd.	270,500		6,349
			1,249,989
Software - 2.4%
Activision, Inc. (a)	1,078,551		20,428
Adobe Systems, Inc. (a)	7,617,408		317,646
Autonomy Corp. PLC (a)	2,449,353		33,017
BMC Software, Inc. (a)	2,674,150		82,337
Cadence Design Systems, Inc. (a)	381,565		8,036
CommVault Systems, Inc. (e)	3,932,387		63,705
Electronic Arts, Inc. (a)	909,500		45,802
Intuit, Inc. (a)(d)	10,111,308		276,645
McAfee, Inc. (a)	258,500		7,517
Nintendo Co. Ltd.	380,700		110,659
Nuance Communications, Inc. (a)	7,585,357		116,132
Opsware, Inc. (a)(e)	6,189,520		44,874
Oracle Corp. (a)	17,066,000		309,407
Quality Systems, Inc.	22,519		901
Salesforce.com, Inc. (a)	2,608,074		111,678
The9 Ltd. sponsored ADR (a)	630,387		21,269
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
THQ, Inc. (a)	1,231,100		$ 42,091
Ubisoft Entertainment SA (a)	1,147,311		56,016
			1,668,160
TOTAL INFORMATION TECHNOLOGY			13,604,457
MATERIALS - 5.0%
Chemicals - 1.8%
Airgas, Inc.	191,200		8,059
Bayer AG	5,031,532		321,867
Ecolab, Inc.	5,640,029		242,521
Monsanto Co.	4,060,034		223,139
Nalco Holding Co.	417,273		9,973
Potash Corp. of Saskatchewan, Inc.	178,300		28,516
Praxair, Inc.	5,909,372		372,054
Rohm & Haas Co.	435,400		22,519
Wacker Chemie AG	113,000		19,623
			1,248,271
Containers & Packaging - 0.0%
Crown Holdings, Inc. (a)	382,000		9,344
Metals & Mining - 3.2%
Agnico-Eagle Mines Ltd.	1,544,400		54,617
Allegheny Technologies, Inc.	385,319		41,110
Anglo American PLC ADR	9,316,504		246,142
Arcelor Mittal	1,688,229		89,290
BHP Billiton Ltd. sponsored ADR (d)	2,842,830		137,735
Compania de Minas Buenaventura SA sponsored ADR	882,600		26,434
Eldorado Gold Corp. (a)	9,022,400		52,749
Freeport-McMoRan Copper & Gold, Inc. Class B	2,672,887		176,918
Gabriel Resources Ltd. (a)	6,153,000		22,916
Goldcorp, Inc. (d)	15,715,223		377,176
Impala Platinum Holdings Ltd.	315,200		9,910
Ivanhoe Mines Ltd. (a)	8,613,400		100,715
Kinross Gold Corp. (a)	10,075,879		139,110
Lihir Gold Ltd. (a)	31,466,281		82,998
Meridian Gold, Inc. (a)	611,100		15,601
Newmont Mining Corp.	4,123,856		173,161
Nucor Corp.	1,886,051		122,839
POSCO sponsored ADR	1,223,500		127,183
Rio Tinto PLC (Reg.)	995,626		56,703
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
Shore Gold, Inc. (a)	4,811,200		$ 31,545
Steel Dynamics, Inc.	731,900		31,618
United States Steel Corp.	669,900		66,434
US Gold Corp. (a)	947,667		3,980
US Gold Corp. warrants 2/22/11 (a)(g)	1,041,750		1,353
			2,188,237
TOTAL MATERIALS			3,445,852
TELECOMMUNICATION SERVICES - 5.4%
Diversified Telecommunication Services - 2.1%
AT&T, Inc.	31,434,593		1,239,466
BT Group PLC sponsored ADR	64,200		3,853
Embarq Corp.	287,100		16,178
Hellenic Telecommunication Organization SA (OTE) (a)	268,200		7,337
Iliad Group SA	14,600		1,520
Qwest Communications International, Inc. (a)	9,779,094		87,914
Telenor ASA sponsored ADR	1,426,696		75,857
			1,432,125
Wireless Telecommunication Services - 3.3%
America Movil SA de CV Series L sponsored ADR	29,815,300		1,424,873
American Tower Corp. Class A (a)	809,094		31,514
Bharti Airtel Ltd. (a)	3,149,063		55,794
China Mobile (Hong Kong) Ltd. sponsored ADR (d)	983,300		44,101
Clearwire Corp.	916,400		18,759
Leap Wireless International, Inc. (a)	569,692		37,588
NII Holdings, Inc. (a)(e)	8,682,121		644,040
Rogers Communications, Inc. Class B (non-vtg.)	1,419,800		46,472
			2,303,141
TOTAL TELECOMMUNICATION SERVICES			3,735,266
UTILITIES - 1.4%
Electric Utilities - 0.7%
E.ON AG sponsored ADR	352,200		15,905
Entergy Corp.	1,556,700		163,329
Exelon Corp.	2,501,700		171,892
FirstEnergy Corp.	1,678,200		111,164
Reliant Energy, Inc. (a)	381,600		7,754
			470,044
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Gas Utilities - 0.2%
Energen Corp.	249,200		$ 12,682
ONEOK, Inc.	301,800		13,581
Southern Union Co.	2,854,630		86,752
			113,015
Independent Power Producers & Energy Traders - 0.5%
AES Corp. (a)	7,972,700		171,573
Constellation Energy Group, Inc.	1,365,900		118,765
International Power PLC	4,984,100		38,889
NRG Energy, Inc.	362,800		26,136
			355,363
Multi-Utilities - 0.0%
Sempra Energy	522,400		31,872
TOTAL UTILITIES			970,294
TOTAL COMMON STOCKS (Cost $47,352,187)		63,589,788
Convertible Bonds - 0.1%
	Principal Amount (000s)
HEALTH CARE - 0.0%
Health Care Equipment & Supplies - 0.0%
Kyphon, Inc.:
1% 2/1/12 (f)	$ 4,230		4,204
1.25% 2/1/14 (f)	3,530		3,486
			7,690
INFORMATION TECHNOLOGY - 0.1%
Electronic Equipment & Instruments - 0.1%
Sunpower Corp. 1.25% 2/15/27	7,760		8,129
TOTAL CONVERTIBLE BONDS (Cost $15,520)			15,819
Money Market Funds - 7.9%
	Shares		Value (000s)
Fidelity Cash Central Fund, 5.41% (b)	4,665,918,251		$ 4,665,918
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)	779,829,945		779,830
TOTAL MONEY MARKET FUNDS (Cost $5,445,748)		5,445,748
Cash Equivalents - 0.0%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 5.23%, dated 3/30/07 due 4/2/07 (Collateralized by U.S. Treasury Obligations) # (Cost $8,966)	$ 8,970		8,966
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $52,822,421)			69,060,321
NET OTHER ASSETS - (0.5)%			(323,627)
NET ASSETS - 100%		$ 68,736,694

Legend

(a) Non-income producing

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

(e) Affiliated company

(g) 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 $44,207,000 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
MannKind Corp. warrants 8/3/10	8/3/05	$ 8
The Weinstein Co. Holdings, LLC Class A-1	10/19/05	$ 41,234
US Gold Corp. warrants 2/22/11	2/8/06	$ 512

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$8,966,000 due 4/02/07 at 5.23%
BNP Paribas Securities Corp.	$ 2,608
Banc of America Securities LLC	905
Barclays Capital, Inc.	3,082
Deutsche Bank Securities, Inc.	2,371
	$ 8,966

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 64,503
Fidelity Securities Lending Cash Central Fund	3,063
Total	$ 67,566

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Akamai Technologies, Inc.	$ 447,760	$ 18,127	$ -	$ -	$ 437,819
American Commercial Lines, Inc.	141,680	-	-	-	136,035
Arena Pharmaceuticals, Inc.	43,762	-	-	-	36,813
California Pizza Kitchen, Inc.	25,536	25,742	-	-	49,061
Chipotle Mexican Grill, Inc. Class A	110,648	-	-	-	120,549
Chipotle Mexican Grill, Inc. Class B	7,788	-	-	-	8,597
CommVault Systems, Inc.	-	68,537	-	-	63,705
Cooper Industries Ltd. Class A	497,976	22,532	-	2,345	517,345
J. Crew Group, Inc.	129,543	52,310	-	-	191,342
Kyphon, Inc.	95,357	6,889	-	-	114,134
Medarex, Inc.	116,476	-	-	-	101,906
Nighthawk Radiology Holdings, Inc.	44,047	9,849	-	-	38,244
NII Holdings, Inc.	628,113	-	70,041	-	644,040
Opsware, Inc.	54,592	-	-	-	44,874
Panera Bread Co. Class A	140,063	-	83,545	-	-
Petroplus Holdings AG	134,674	65,162	-	-	223,731
SRA International, Inc. Class A	99,639	-	-	-	90,770
Susser Holdings Corp.	16,957	-	-	-	16,345
Tim Hortons, Inc.	234,667	57,350	-	604	306,017
TreeHouse Foods, Inc.	79,336	10,387	-	-	88,120
VistaPrint Ltd.	52,539	35,481	-	-	94,788
Total	$ 3,101,153	$ 372,366	$ 153,586	$ 2,949	$ 3,324,235

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $52,917,221,000. Net unrealized appreciation aggregated $16,143,100,000, of which $16,540,472,000 related to appreciated investment securities and $397,372,000 related to depreciated investment securities.

Investment Valuation

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/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	May 29, 2007

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/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	May 29, 2007

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	May 29, 2007