0000024238-16-000025.txt : 20160224 0000024238-16-000025.hdr.sgml : 20160224 20160224134935 ACCESSION NUMBER: 0000024238-16-000025 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 92 CONFORMED PERIOD OF REPORT: 20151231 FILED AS OF DATE: 20160224 DATE AS OF CHANGE: 20160224 EFFECTIVENESS DATE: 20160224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY CONTRAFUND CENTRAL INDEX KEY: 0000024238 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-01400 FILM NUMBER: 161451273 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 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

0000024238 S000006036 Fidelity Advisor New Insights Fund

C000016596 Class A FNIAX

C000016597 Class B FNIBX

C000016598 Class C FNICX

C000016599 Class T FNITX

C000016600 Class I FINSX

C000130145 Class Z FZANX

0000024238 S000006037 Fidelity Contrafund

C000016601 Fidelity Contrafund FCNTX

C000064233 Class K FCNKX

0000024238 S000039220 Fidelity Series Opportunistic Insights Fund

C000120656 Fidelity Series Opportunistic Insights Fund FVWSX

C000120657 Class F FWWEX

0000024238 S000039221 Fidelity Advisor Series Opportunistic Insights Fund

C000120658 Fidelity Advisor Series Opportunistic Insights Fund FAMGX

N-CSR 1 Main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-1400

Fidelity Contrafund
(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210
(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:	December 31, 2015

Item 1. Reports to Stockholders

Contents Performance: The Bottom Line Management's Discussion of Fund Performance Shareholder Expense Example Investment Changes (Unaudited) Investments December 31, 2015 Financial Statements Notes to Financial Statements Report of Independent Registered Public Accounting Firm Trustees and Officers Distributions (Unaudited) Board Approval of Investment Advisory Contracts and Management Fees

(Fidelity Investment logo)(registered trademark)

Fidelity Advisor®

New Insights

Fund - Class A, Class T, Class B
and Class C

Annual Report

December 31, 2015

(Fidelity Cover Art)

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

Annual Report

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.

Average Annual Total Returns

Periods ended December 31, 2015	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	-3.50%	9.84%	7.11%
Class T (incl. 3.50% sales charge)	-1.43%	10.10%	7.11%
Class B (incl. contingent deferred sales charge)^A	-3.24%	10.00%	7.13%
Class C (incl. contingent deferred sales charge)^B	0.66%	10.34%	6.95%

^AClass B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^BClass C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.

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

Annual Report

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor ® New Insights Fund - Class A on December 31, 2005, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

nif222767

Annual Report

Management's Discussion of Fund Performance

Market Recap: U.S. stocks gained modestly in 2015, rebounding from a steep decline in August and September over worries about China's slowing economic growth. The S&P 500® index rose 1.38% for the period, its lowest calendar-year return since 2008. After the late-summer rout, stocks sharply reversed course in October, lifted by the Federal Reserve's decision to put off raising near-term interest rates until mid-December. Investors also were encouraged by an interest-rate cut in China and economic stimulus in Europe. Overall, growth stocks fared much better than their value counterparts, as investors sought growth in a subpar economic environment. This helped lift the technology-heavy Nasdaq Composite Index® 6.96% for the year. Sector performance in the broader market was split, with five of 10 sectors in the S&P 500® gaining ground and five retreating. Consumer discretionary (+10%) led the way, benefiting from rising personal income and low inflation. Health care (+7%), consumer staples (+7%) and information technology (+6%) also outpaced the broad market amid strong fundamentals. Conversely, the energy sector (-21%) was by far the worst performer, stung by deflated commodity prices that also hit materials (-8%). The defensive, but rate-sensitive utilities sector (-5%) lost ground on the cusp of Fed tightening, while industrials (-3%) were dragged down with energy prices and a slower-growing China.

Comments from Co-Portfolio Managers William Danoff and John Roth: For the year, the fund's share classes (excluding sales charges, if applicable) outpaced the benchmark S&P 500® index. The fund performed better than the benchmark because it owned a larger proportion of companies that increased earnings nicely - especially within information technology - despite economic headwinds overseas and a strong U.S. dollar. Our top relative contributor was Facebook, which continued to increase revenue at a very fast clip as users continued to spend more time on its apps and engage with the advertising on them. Within consumer discretionary, Starbucks and Nike helped, as each is introducing innovative products and using technology to fuel growth. All three contributors mentioned were among our largest holdings as of December 31, 2015. Conversely, underweighting Microsoft had the biggest negative influence on our relative result. Another notable detractor was our stake in Chipotle Mexican Grill. Shares were hampered by an unfortunate late-year outbreak of E. coli infections in some of its restaurants. The fund's modest cash position hampered performance versus the benchmark the past year. Lastly, our foreign holdings detracted amid a rising U.S. dollar.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2015 to December 31, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Annual Report

	Annualized Expense Ratio^B	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During Period^C July 1, 2015 to December 31, 2015
Class A	.94%
Actual		$ 1,000.00	$ 984.80	$ 4.70
Hypothetical^A		$ 1,000.00	$ 1,020.47	$ 4.79
Class T	1.19%
Actual		$ 1,000.00	$ 983.80	$ 5.95
Hypothetical^A		$ 1,000.00	$ 1,019.21	$ 6.06
Class B	1.73%
Actual		$ 1,000.00	$ 980.90	$ 8.64
Hypothetical^A		$ 1,000.00	$ 1,016.48	$ 8.79
Class C	1.69%
Actual		$ 1,000.00	$ 981.50	$ 8.44
Hypothetical^A		$ 1,000.00	$ 1,016.69	$ 8.59
Class I	.69%
Actual		$ 1,000.00	$ 986.20	$ 3.45
Hypothetical^A		$ 1,000.00	$ 1,021.73	$ 3.52
Class Z	.55%
Actual		$ 1,000.00	$ 986.90	$ 2.75
Hypothetical^A		$ 1,000.00	$ 1,022.43	$ 2.80

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

^C Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2015
	% of fund's net assets	% of fund's net assets 6 months ago
Facebook, Inc. Class A	4.8	3.5
Alphabet, Inc. Class A	3.3	0.8
Wells Fargo & Co.	2.8	2.8
Amazon.com, Inc.	2.4	0.6
Visa, Inc. Class A	2.3	1.9
Starbucks Corp.	2.1	1.8
JPMorgan Chase & Co.	1.7	1.8
Berkshire Hathaway, Inc. Class A	1.7	1.6
NIKE, Inc. Class B	1.7	1.3
Salesforce.com, Inc.	1.5	1.1
	24.3
Top Five Market Sectors as of December 31, 2015
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	28.1	22.2
Consumer Discretionary	19.3	16.7
Financials	17.0	18.4
Health Care	11.9	15.1
Industrials	7.0	6.4

Asset Allocation (% of fund's net assets)
As of December 31, 2015*			As of June 30, 2015**
	Stocks 97.2%			Stocks 95.4%
	Bonds 0.1%			Bonds 0.0%
	Convertible Securities 1.4%			Convertible Securities 1.3%
	Short-Term Investments and Net Other Assets (Liabilities) 1.3%			Short-Term Investments and Net Other Assets (Liabilities) 3.3%
* Foreign investments		12.5%	** Foreign investments		12.9%

nif222785

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Annual Report

Investments December 31, 2015

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 19.0%
Auto Components - 0.1%
Magna International, Inc. Class A (sub. vtg.)	631,100		$ 25,596
Automobiles - 1.3%
Fuji Heavy Industries Ltd.	140,800		5,800
General Motors Co.	1,299,600		44,199
Maruti Suzuki India Ltd. (a)	37,618		2,618
Tesla Motors, Inc. (a)(e)	1,192,124		286,122
			338,739
Diversified Consumer Services - 0.1%
Bright Horizons Family Solutions, Inc. (a)	296,300		19,793
ServiceMaster Global Holdings, Inc. (a)	42,500		1,668
			21,461
Hotels, Restaurants & Leisure - 4.9%
ARAMARK Holdings Corp.	4,706,900		151,798
Boyd Gaming Corp. (a)	82,000		1,629
Chipotle Mexican Grill, Inc. (a)	306,824		147,229
Domino's Pizza, Inc.	1,325,418		147,453
Dunkin' Brands Group, Inc. (e)	792,500		33,753
Hilton Worldwide Holdings, Inc.	700,700		14,995
Marriott International, Inc. Class A (e)	1,569,136		105,195
Royal Caribbean Cruises Ltd.	15,900		1,609
Starbucks Corp.	9,446,898		567,097
Vail Resorts, Inc.	9,950		1,274
Whitbread PLC	2,297,934		149,089
			1,321,121
Household Durables - 0.8%
D.R. Horton, Inc.	4,644,424		148,761
Lennar Corp. Class A	467,500		22,865
Mohawk Industries, Inc. (a)	161,424		30,572
Tempur Sealy International, Inc. (a)	214,300		15,100
			217,298
Internet & Catalog Retail - 4.2%
Amazon.com, Inc. (a)	944,940		638,675
Etsy, Inc.	764,751		6,317
Expedia, Inc.	112,300		13,959
Netflix, Inc. (a)	1,624,000		185,753
Priceline Group, Inc. (a)	188,017		239,712
TripAdvisor, Inc. (a)	347,787		29,649
Wayfair LLC Class A (a)	233,269		11,108
			1,125,173
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Leisure Products - 0.0%
Hasbro, Inc.	167,744		$ 11,299
Media - 2.5%
Altice NV Class A (a)	234,647		3,379
Charter Communications, Inc. Class A (a)(e)	248,300		45,464
Comcast Corp. Class A	564,700		31,866
Interpublic Group of Companies, Inc.	33,100		771
Legend Pictures LLC (a)(g)(h)	13,925		25,509
Liberty Broadband Corp. Class A (a)	119,625		6,179
Liberty Global PLC:
Class A (a)	1,831,005		77,561
LiLAC Class A (a)	117,735		4,871
Liberty Media Corp. Class A (a)	59,300		2,328
Lions Gate Entertainment Corp. (e)	768,866		24,904
Naspers Ltd. Class N	316,500		43,261
Rightmove PLC	766,722		46,625
Sirius XM Holdings, Inc. (a)	1,766,300		7,189
Starz Series A (a)	245,500		8,224
The Walt Disney Co.	3,124,838		328,358
Weinstein Co. Holdings LLC Class A-1 unit (a)(g)(h)	2,267		678
			657,167
Multiline Retail - 0.2%
Dollar Tree, Inc. (a)	421,200		32,525
Dollarama, Inc.	463,100		26,755
Ollie's Bargain Outlet Holdings, Inc. (a)	600		10
			59,290
Specialty Retail - 2.5%
AutoZone, Inc. (a)	108,834		80,745
Foot Locker, Inc.	266,200		17,327
Home Depot, Inc.	804,300		106,369
L Brands, Inc.	119,200		11,422
O'Reilly Automotive, Inc. (a)	406,216		102,943
Signet Jewelers Ltd.	172,754		21,368
Tiffany & Co., Inc.	349,700		26,679
TJX Companies, Inc.	3,657,532		259,356
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	239,600		44,326
			670,535
Textiles, Apparel & Luxury Goods - 2.4%
Brunello Cucinelli SpA (e)	1,809,352		31,984
China Hongxing Sports Ltd. (a)	6,000,000		243
Coach, Inc.	53,000		1,735
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Hermes International SCA	269,900		$ 91,441
NIKE, Inc. Class B	7,020,178		438,761
Under Armour, Inc. Class A (sub. vtg.) (a)	785,138		63,290
			627,454
TOTAL CONSUMER DISCRETIONARY			5,075,133
CONSUMER STAPLES - 6.3%
Beverages - 1.1%
Boston Beer Co., Inc. Class A (a)(e)	376,003		75,919
Coca-Cola Bottling Co. Consolidated	8,487		1,549
Constellation Brands, Inc. Class A (sub. vtg.)	1,436,000		204,544
Kweichow Moutai Co. Ltd.	49,400		1,655
Monster Beverage Corp.	19,700		2,935
The Coca-Cola Co.	461,700		19,835
			306,437
Food & Staples Retailing - 1.7%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	382,200		16,824
Costco Wholesale Corp.	1,118,525		180,642
CVS Health Corp.	1,801,925		176,174
Kroger Co.	193,100		8,077
Tesco PLC	26,488,500		58,203
			439,920
Food Products - 1.4%
Associated British Foods PLC	3,689,092		181,753
Mead Johnson Nutrition Co. Class A	842,500		66,515
Mondelez International, Inc.	1,929,743		86,530
Pinnacle Foods, Inc.	655,500		27,833
Post Holdings, Inc. (a)	79,700		4,917
The Hain Celestial Group, Inc. (a)	234,200		9,459
The Kraft Heinz Co.	33,600		2,445
			379,452
Household Products - 0.7%
Colgate-Palmolive Co.	2,877,049		191,669
Spectrum Brands Holdings, Inc.	16,100		1,639
			193,308
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 1.4%
Estee Lauder Companies, Inc. Class A	3,352,744		$ 295,243
L'Oreal SA	445,101		75,121
			370,364
TOTAL CONSUMER STAPLES			1,689,481
ENERGY - 5.2%
Energy Equipment & Services - 1.1%
Oceaneering International, Inc.	1,798,799		67,491
Schlumberger Ltd.	3,128,823		218,235
			285,726
Oil, Gas & Consumable Fuels - 4.1%
Anadarko Petroleum Corp.	2,142,246		104,070
Antero Resources Corp. (a)(e)	3,359,456		73,236
Birchcliff Energy Ltd. (a)	353,000		1,031
Birchcliff Energy Ltd. (a)(f)	585,400		1,709
Cabot Oil & Gas Corp.	3,589,580		63,500
Canadian Natural Resources Ltd.	403,400		8,810
Chevron Corp.	2,134,300		192,002
Cimarex Energy Co.	103,800		9,278
Concho Resources, Inc. (a)	25,680		2,385
Diamondback Energy, Inc.	440,300		29,456
EOG Resources, Inc.	2,008,960		142,214
Exxon Mobil Corp.	2,366,000		184,430
Golar LNG Ltd.	1,200,000		18,948
Marathon Petroleum Corp.	521,800		27,050
Memorial Resource Development Corp. (a)	1,226,100		19,802
Noble Energy, Inc.	1,454,861		47,909
Phillips 66 Co.	171,600		14,037
Pioneer Natural Resources Co.	511,200		64,094
Tesoro Corp.	253,200		26,680
Valero Energy Corp.	649,800		45,947
Williams Partners LP	1,000,000		27,850
			1,104,438
TOTAL ENERGY			1,390,164
FINANCIALS - 16.9%
Banks - 8.5%
Bank of America Corp.	16,540,427		278,375
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Banks - continued
Bank of Ireland (a)	248,940,628		$ 91,982
Citigroup, Inc.	3,109,700		160,927
First Republic Bank	650,200		42,952
HDFC Bank Ltd. sponsored ADR	1,983,672		122,194
JPMorgan Chase & Co.	6,903,000		455,805
Kotak Mahindra Bank Ltd.	539,207		5,885
Metro Bank PLC Class A (a)(h)	419,395		7,289
PNC Financial Services Group, Inc.	1,177,489		112,226
SunTrust Banks, Inc.	650,000		27,846
U.S. Bancorp	5,154,114		219,926
Virgin Money Holdings Uk PLC	159,281		894
Wells Fargo & Co.	13,581,256		738,277
			2,264,578
Capital Markets - 1.7%
BlackRock, Inc. Class A	401,046		136,564
Charles Schwab Corp.	1,875,964		61,775
Goldman Sachs Group, Inc.	94,816		17,089
KKR & Co. LP	2,723,728		42,463
Morgan Stanley	4,221,177		134,276
Oaktree Capital Group LLC Class A	1,290,176		61,567
			453,734
Consumer Finance - 0.2%
Credit Acceptance Corp. (a)(e)	25,500		5,458
LendingClub Corp. (e)	878,700		9,710
Synchrony Financial (a)	909,439		27,656
			42,824
Diversified Financial Services - 1.9%
Berkshire Hathaway, Inc. Class A (a)	2,240		443,072
IntercontinentalExchange, Inc.	96,736		24,790
McGraw Hill Financial, Inc.	506,690		49,950
MSCI, Inc. Class A	22,900		1,652
			519,464
Insurance - 3.6%
ACE Ltd.	1,323,595		154,662
AIA Group Ltd.	27,856,000		166,442
American International Group, Inc.	4,814,100		298,330
Fairfax Financial Holdings Ltd. (sub. vtg.)	159,000		75,485
FNF Group	760,000		26,349
James River Group Holdings Ltd.	42,400		1,422
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
The Chubb Corp.	1,540,778		$ 204,369
The Travelers Companies, Inc.	326,563		36,856
			963,915
Real Estate Investment Trusts - 0.6%
American Tower Corp.	1,263,175		122,465
Equity Residential (SBI)	527,900		43,071
Public Storage	32,600		8,075
			173,611
Real Estate Management & Development - 0.4%
Realogy Holdings Corp. (a)	2,627,600		96,354
TOTAL FINANCIALS			4,514,480
HEALTH CARE - 11.7%
Biotechnology - 2.2%
Agios Pharmaceuticals, Inc. (a)(e)	846,562		54,959
Alexion Pharmaceuticals, Inc. (a)	43,700		8,336
Amgen, Inc.	582,799		94,606
Anacor Pharmaceuticals, Inc. (a)	45,000		5,084
Baxalta, Inc.	43,000		1,678
Biogen, Inc. (a)	90,786		27,812
bluebird bio, Inc. (a)	104,300		6,698
Celgene Corp. (a)	617,800		73,988
Cellectis SA sponsored ADR	14,018		435
Cidara Therapeutics, Inc.	54,248		931
Genmab A/S (a)	48,800		6,489
Gilead Sciences, Inc.	2,362,528		239,064
Incyte Corp. (a)	44,700		4,848
Intrexon Corp. (a)(e)	794,681		23,960
Light Sciences Oncology, Inc. (a)	2,708,254		0
Myriad Genetics, Inc. (a)(e)	171,700		7,411
NantKwest, Inc. (a)	982		17
Neurocrine Biosciences, Inc. (a)	64,760		3,663
Regeneron Pharmaceuticals, Inc. (a)	68,100		36,969
Ultragenyx Pharmaceutical, Inc. (a)	31,800		3,567
			600,515
Health Care Equipment & Supplies - 2.2%
Align Technology, Inc. (a)	502,658		33,100
Becton, Dickinson & Co.	330,896		50,988
Boston Scientific Corp. (a)	5,694,824		105,013
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
C.R. Bard, Inc.	157,138		$ 29,768
DENTSPLY International, Inc.	446,689		27,181
DexCom, Inc. (a)	743,938		60,929
Edwards Lifesciences Corp. (a)	957,556		75,628
I-Pulse, Inc. (a)(h)	58,562		504
Intuitive Surgical, Inc. (a)	6,000		3,277
Medtronic PLC	1,190,300		91,558
Sirona Dental Systems, Inc. (a)	15,100		1,655
Teleflex, Inc.	127,300		16,734
The Cooper Companies, Inc.	592,851		79,561
			575,896
Health Care Providers & Services - 2.3%
Aetna, Inc.	518,948		56,109
Cigna Corp.	385,200		56,366
Henry Schein, Inc. (a)	1,352,981		214,028
Teladoc, Inc. (e)	220,320		3,957
UnitedHealth Group, Inc.	2,109,200		248,126
Universal Health Services, Inc. Class B	223,700		26,730
VCA, Inc. (a)	30,000		1,650
			606,966
Health Care Technology - 0.3%
Castlight Health, Inc. (a)	1,325,100		5,658
Cerner Corp. (a)	1,283,430		77,224
Medidata Solutions, Inc. (a)	38,800		1,912
			84,794
Life Sciences Tools & Services - 1.9%
Eurofins Scientific SA	451,984		158,091
Illumina, Inc. (a)	272,451		52,296
Mettler-Toledo International, Inc. (a)	414,209		140,471
Thermo Fisher Scientific, Inc.	790,169		112,085
Waters Corp. (a)	370,312		49,837
			512,780
Pharmaceuticals - 2.8%
Astellas Pharma, Inc.	5,410,700		77,025
Bristol-Myers Squibb Co.	2,835,500		195,054
Eli Lilly & Co.	681,000		57,381
Intra-Cellular Therapies, Inc. (a)	102,525		5,515
Jiangsu Hengrui Medicine Co. Ltd.	206,200		1,555
Johnson & Johnson	1,362,356		139,941
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Novo Nordisk A/S Series B	1,380,701		$ 79,940
Perrigo Co. PLC	352,485		51,005
Sino Biopharmaceutical Ltd.	1,782,000		1,611
Teva Pharmaceutical Industries Ltd. sponsored ADR	2,045,100		134,240
			743,267
TOTAL HEALTH CARE			3,124,218
INDUSTRIALS - 6.9%
Aerospace & Defense - 1.5%
Esterline Technologies Corp. (a)	305,800		24,770
General Dynamics Corp.	643,500		88,391
Space Exploration Technologies Corp. Class A (a)(h)	50,886		4,529
Teledyne Technologies, Inc. (a)	269,600		23,914
The Boeing Co.	1,385,564		200,339
TransDigm Group, Inc. (a)	251,772		57,517
			399,460
Air Freight & Logistics - 0.4%
C.H. Robinson Worldwide, Inc.	318,200		19,735
FedEx Corp.	561,010		83,585
			103,320
Airlines - 1.3%
Alaska Air Group, Inc.	108,900		8,768
InterGlobe Aviation Ltd. (a)	15,177		281
Ryanair Holdings PLC sponsored ADR	2,393,200		206,916
Southwest Airlines Co.	3,204,200		137,973
			353,938
Building Products - 0.7%
ASSA ABLOY AB (B Shares)	77,800		1,629
Fortune Brands Home & Security, Inc.	1,354,789		75,191
Toto Ltd.	3,057,000		107,399
			184,219
Construction & Engineering - 0.0%
Jacobs Engineering Group, Inc. (a)	117,100		4,912
Electrical Equipment - 0.2%
Acuity Brands, Inc.	204,192		47,740
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 0.8%
Danaher Corp.	1,127,868		$ 104,756
General Electric Co.	3,351,874		104,411
			209,167
Machinery - 0.0%
PACCAR, Inc.	35,700		1,692
Rational AG	27,692		12,570
			14,262
Professional Services - 0.7%
Equifax, Inc.	568,698		63,336
Robert Half International, Inc.	249,500		11,761
Verisk Analytics, Inc. (a)	1,376,595		105,833
			180,930
Road & Rail - 0.4%
Canadian Pacific Railway Ltd. (e)	630,232		80,495
Genesee & Wyoming, Inc. Class A (a)	173,134		9,296
J.B. Hunt Transport Services, Inc.	303,230		22,245
			112,036
Trading Companies & Distributors - 0.9%
Air Lease Corp.:
Class A (f)	320,800		10,740
Class A	2,333,511		78,126
HD Supply Holdings, Inc. (a)	780,200		23,429
United Rentals, Inc. (a)	1,602,600		116,253
			228,548
TOTAL INDUSTRIALS			1,838,532
INFORMATION TECHNOLOGY - 27.3%
Communications Equipment - 0.3%
Juniper Networks, Inc.	370,700		10,231
Motorola Solutions, Inc.	280,900		19,228
Palo Alto Networks, Inc. (a)	8,900		1,568
Qualcomm Technologies, Inc.	663,800		33,180
			64,207
Electronic Equipment & Components - 1.9%
Amphenol Corp. Class A	7,419,672		387,529
CDW Corp.	1,140,000		47,926
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Fitbit, Inc.	185,200		$ 5,480
IPG Photonics Corp. (a)	857,676		76,470
			517,405
Internet Software & Services - 11.1%
Akamai Technologies, Inc. (a)	1,648,600		86,766
Alibaba Group Holding Ltd. sponsored ADR (a)	440,100		35,767
Alphabet, Inc.:
Class A (a)	1,147,954		893,120
Class C	534,398		405,544
Dropbox, Inc. (a)(h)	1,289,836		17,322
eBay, Inc. (a)	1,561,500		42,910
Endurance International Group Holdings, Inc. (a)	3,512,300		38,389
Facebook, Inc. Class A (a)	12,348,459		1,292,376
GoDaddy, Inc. (a)	1,418,900		45,490
LinkedIn Corp. Class A (a)	73,066		16,446
LogMeIn, Inc. (a)	206,625		13,865
NetEase, Inc. sponsored ADR	9,200		1,667
Shutterstock, Inc. (a)(e)	390,350		12,624
Stamps.com, Inc. (a)	148,600		16,288
SurveyMonkey (h)	2,069,881		31,773
Tencent Holdings Ltd.	215,400		4,218
Twitter, Inc. (a)	67,200		1,555
VeriSign, Inc. (a)(e)	34,900		3,049
			2,959,169
IT Services - 6.4%
Alliance Data Systems Corp. (a)	162,059		44,821
ASAC II LP (a)(h)	9,408,021		250,265
Cognizant Technology Solutions Corp. Class A (a)	1,481,200		88,902
Fidelity National Information Services, Inc.	416,230		25,224
First Data Corp.	4,890,003		70,504
First Data Corp. Class A (a)	2,739,900		43,893
Fiserv, Inc. (a)	1,323,892		121,083
FleetCor Technologies, Inc. (a)	219,200		31,330
Gartner, Inc. Class A (a)	17,800		1,614
Global Payments, Inc.	134,700		8,689
IBM Corp.	81,900		11,271
MasterCard, Inc. Class A	2,512,935		244,659
PayPal Holdings, Inc. (a)	2,753,721		99,685
Total System Services, Inc.	893,560		44,499
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - continued
Vantiv, Inc. (a)	55,200		$ 2,618
Visa, Inc. Class A	8,030,896		622,796
			1,711,853
Semiconductors & Semiconductor Equipment - 1.1%
Analog Devices, Inc.	788,300		43,609
ARM Holdings PLC	843,500		12,857
Avago Technologies Ltd.	1,130,345		164,070
Broadcom Corp. Class A	869,800		50,292
Inphi Corp. (a)	225,937		6,105
NXP Semiconductors NV (a)	96,700		8,147
Skyworks Solutions, Inc.	150,700		11,578
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	135,300		3,078
			299,736
Software - 5.4%
Activision Blizzard, Inc.	1,485,953		57,521
Adobe Systems, Inc. (a)	1,941,861		182,418
Atlassian Corp. PLC	75,500		2,271
Electronic Arts, Inc. (a)	1,373,900		94,414
Fleetmatics Group PLC (a)	157,700		8,010
Intuit, Inc.	429,000		41,399
Manhattan Associates, Inc. (a)	38,800		2,567
Microsoft Corp.	6,385,713		354,279
Mobileye NV (a)(e)	1,188,420		50,246
NetSuite, Inc. (a)(e)	483,689		40,930
RealPage, Inc. (a)	71,100		1,596
Red Hat, Inc. (a)	372,903		30,880
Salesforce.com, Inc. (a)	5,210,512		408,504
ServiceNow, Inc. (a)	313,800		27,163
Trion World Network, Inc.:
warrants 8/10/17 (a)(h)	18,952		0
warrants 10/3/18 (a)(h)	27,736		0
Tyler Technologies, Inc. (a)	28,300		4,933
Ultimate Software Group, Inc. (a)	446,866		87,367
Workday, Inc. Class A (a)	596,000		47,489
			1,441,987
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 1.1%
Apple, Inc.	2,732,300		$ 287,602
Pure Storage, Inc. Class A (a)(e)	194,800		3,033
			290,635
TOTAL INFORMATION TECHNOLOGY			7,284,992
MATERIALS - 3.5%
Chemicals - 2.6%
Airgas, Inc.	475,000		65,702
Ecolab, Inc.	612,513		70,059
LyondellBasell Industries NV Class A	1,061,000		92,201
Monsanto Co.	747,467		73,640
PPG Industries, Inc.	2,165,864		214,031
Sherwin-Williams Co.	714,036		185,364
The Dow Chemical Co.	35,600		1,833
			702,830
Construction Materials - 0.2%
Martin Marietta Materials, Inc.	300,834		41,088
Containers & Packaging - 0.4%
Ball Corp.	45,000		3,273
Sealed Air Corp.	581,500		25,935
WestRock Co.	1,861,418		84,918
			114,126
Metals & Mining - 0.3%
B2Gold Corp. (a)	26,434,432		26,746
Franco-Nevada Corp.	773,961		35,406
GoviEx Uranium, Inc. (a)	851,865		28
GoviEx Uranium, Inc. (a)(f)	23,200		1
GoviEx Uranium, Inc. Class A (f)	2,625,135		85
Ivanhoe Mines Ltd. (a)	953,200		420
Newcrest Mining Ltd. (a)	966,740		9,148
Novagold Resources, Inc. (a)	840,100		3,527
			75,361
TOTAL MATERIALS			933,405
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
T-Mobile U.S., Inc. (a)	356,600		13,950
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 0.1%
Electric Utilities - 0.1%
IDACORP, Inc.	400,000		$ 27,200
TOTAL COMMON STOCKS (Cost $18,907,920)		25,891,555
Preferred Stocks - 1.6%

Convertible Preferred Stocks - 1.4%
CONSUMER DISCRETIONARY - 0.1%
Household Durables - 0.1%
Blu Homes, Inc. Series A, 5.00% (a)(h)	7,091,632		28,650
Media - 0.0%
Mode Media Corp. Series M-1, 8.00% (a)(h)	165,366		164
TOTAL CONSUMER DISCRETIONARY			28,814
CONSUMER STAPLES - 0.1%
Food & Staples Retailing - 0.1%
Blue Apron, Inc. Series D (h)	1,110,537		15,958
FINANCIALS - 0.1%
Consumer Finance - 0.1%
Oportun Finance Corp. Series H (h)	10,791,166		32,913
HEALTH CARE - 0.2%
Biotechnology - 0.1%
23andMe, Inc. Series E (h)	166,247		1,800
Intarcia Therapeutics, Inc. Series CC (a)(h)	516,522		16,074
			17,874
Life Sciences Tools & Services - 0.1%
Living Proof, Inc. 8.00% (a)(h)	10,369,703		28,724
TOTAL HEALTH CARE			46,598
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
Space Exploration Technologies Corp. Series G (h)	145,254		12,928
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
INFORMATION TECHNOLOGY - 0.8%
Internet Software & Services - 0.7%
Dropbox, Inc.:
Series A (a)(h)	299,518		$ 4,023
Series C (a)(h)	161,770		2,173
Pinterest, Inc.:
Series E, 8.00% (a)(h)	13,203,155		99,789
Series F, 8.00% (a)(h)	8,808,645		66,576
Series G, 8.00% (h)	1,676,455		12,671
			185,232
IT Services - 0.0%
Nutanix, Inc. Series E (a)(h)	783,938		11,704
Software - 0.1%
Cloudera, Inc. Series F (a)(h)	312,284		10,252
Trion World Network, Inc.:
Series C, 8.00% (a)(h)	602,295		404
Series C-1, 8.00% (a)(h)	47,380		32
Series D, 8.00% (a)(h)	50,840		34
Twilio, Inc. Series E (h)	751,240		11,066
			21,788
TOTAL INFORMATION TECHNOLOGY			218,724
TOTAL CONVERTIBLE PREFERRED STOCKS			355,935
Nonconvertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Volkswagen AG	426,900		61,636
TOTAL PREFERRED STOCKS (Cost $287,255)		417,571

Corporate Bonds - 0.1%
		Principal Amount (000s) (d)		Value (000s)
Convertible Bonds - 0.0%
INFORMATION TECHNOLOGY - 0.0%
Software - 0.0%
Trion World Network, Inc. 15% 10/10/19 pay-in-kind (h)		$ 230		$ 230
Nonconvertible Bonds - 0.1%
ENERGY - 0.1%
Energy Equipment & Services - 0.1%
Pacific Drilling SA 5.375% 6/1/20 (f)		39,145		16,245
FINANCIALS - 0.0%
Banks - 0.0%
Bank of Ireland 10% 7/30/16	EUR	3,571		4,033
TOTAL NONCONVERTIBLE BONDS				20,278
TOTAL CORPORATE BONDS (Cost $26,452)			20,508

Money Market Funds - 4.0%
	Shares
Fidelity Cash Central Fund, 0.33% (b)	429,397,325		429,397
Fidelity Securities Lending Cash Central Fund, 0.35% (b)(c)	654,183,980		654,184
TOTAL MONEY MARKET FUNDS (Cost $1,083,581)		1,083,581
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $20,305,208)			27,413,215
NET OTHER ASSETS (LIABILITIES) - (2.7)%			(728,311)
NET ASSETS - 100%		$ 26,684,904

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(d) Amount is stated in United States dollars unless otherwise noted.

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

(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 $28,780,000 or 0.1% of net assets.

(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is wholly-owned by the Fund.

(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 $694,034,000 or 2.6% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
23andMe, Inc. Series E	6/18/15	$ 1,800
ASAC II LP	10/10/13	$ 94,080
Blu Homes, Inc. Series A, 5.00%	6/10/13 - 12/30/14	$ 32,763
Blue Apron, Inc. Series D	5/18/15	$ 14,800
Cloudera, Inc. Series F	2/5/14	$ 4,547
Dropbox, Inc.	5/2/12	$ 11,672
Dropbox, Inc. Series A	5/29/12	$ 2,710
Dropbox, Inc. Series C	1/30/14	$ 3,090
I-Pulse, Inc.	3/18/10	$ 94
Intarcia Therapeutics, Inc. Series CC	11/14/12	$ 7,040
Legend Pictures LLC	9/23/10 - 6/10/15	$ 18,474
Living Proof, Inc. 8.00%	2/13/13	$ 18,400
Metro Bank PLC Class A	5/21/12 - 12/6/13	$ 7,616
Mode Media Corp. Series M-1, 8.00%	3/19/08	$ 3,508
Nutanix, Inc. Series E	8/26/14	$ 10,502
Security	Acquisition Date	Acquisition Cost (000s)
Oportun Finance Corp. Series H	2/6/15	$ 30,726
Pinterest, Inc. Series E, 8.00%	10/23/13	$ 38,370
Pinterest, Inc. Series F, 8.00%	5/15/14	$ 29,923
Pinterest, Inc. Series G, 8.00%	2/27/15	$ 12,035
Space Exploration Technologies Corp. Class A	10/16/15	$ 4,529
Space Exploration Technologies Corp. Series G	1/20/15	$ 11,251
SurveyMonkey	12/15/14	$ 34,050
Trion World Network, Inc. warrants 8/10/17	8/10/10	$ 0
Trion World Network, Inc. warrants 10/3/18	10/10/13	$ 0
Security	Acquisition Date	Acquisition Cost (000s)
Trion World Network, Inc. Series C, 8.00%	8/22/08	$ 3,307
Trion World Network, Inc. Series C-1, 8.00%	8/10/10	$ 260
Trion World Network, Inc. Series D, 8.00%	3/20/13	$ 267
Trion World Network, Inc. 15% 10/10/19 pay-in-kind	10/10/13 - 10/10/15	$ 230
Twilio, Inc. Series E	4/24/15	$ 8,497
Weinstein Co. Holdings LLC Class A-1 unit	10/19/05	$ 2,299

Values shown as $0 may reflect amounts less than $500.

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	$ 1,319
Fidelity Securities Lending Cash Central Fund	5,204
Total	$ 6,523

Other Information

The following is a summary of the inputs used, as of December 31, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 5,165,583	$ 4,965,040	$ 145,299	$ 55,244
Consumer Staples	1,705,439	1,629,623	59,858	15,958
Energy	1,390,164	1,390,164	-	-
Financials	4,547,393	4,334,864	172,327	40,202
Health Care	3,170,816	2,957,094	166,620	47,102
Industrials	1,851,460	1,712,124	121,879	17,457
Information Technology	7,503,716	6,898,053	87,579	518,084
Materials	933,405	924,257	9,148	-
Telecommunication Services	13,950	13,950	-	-
Utilities	27,200	27,200	-	-
Corporate Bonds	20,508	-	20,278	230
Money Market Funds	1,083,581	1,083,581	-	-
Total Investments in Securities:	$ 27,413,215	$ 25,935,950	$ 782,988	$ 694,277

Valuation Inputs at Reporting Date:

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)
Investments in Securities:
Equities - Information Technology
Beginning Balance	$ 334,440
Net Realized Gain (Loss) on Investment Securities	-
Net Unrealized Gain (Loss) on Investment Securities	224,939
Cost of Purchases	20,532
Proceeds of Sales	(61,827)
Amortization/Accretion	-
Transfers into Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 518,084
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2015	$ 205,618
Other Investments in Securities
Beginning Balance	$ 138,746
Net Realized Gain (Loss) on Investment Securities	-
Net Unrealized Gain (Loss) on Investment Securities	(29,746)
Cost of Purchases	68,699
Proceeds of Sales	-
Amortization/Accretion	-
Transfers into Level 3	-
Transfers out of Level 3	(1,506)
Ending Balance	$ 176,193
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2015	$ (29,746)

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	87.5%
United Kingdom	2.1%
Ireland	1.8%
Canada	1.2%
Others (Individually Less Than 1%)	7.4%
	100.0%

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		December 31, 2015

Assets
Investment in securities, at value (including securities loaned of $639,318) - See accompanying schedule: Unaffiliated issuers (cost $19,221,627)	$ 26,329,634
Fidelity Central Funds (cost $1,083,581)	1,083,581
Total Investments (cost $20,305,208)		$ 27,413,215
Receivable for investments sold		13,187
Receivable for fund shares sold		26,087
Dividends receivable		17,124
Interest receivable		351
Distributions receivable from Fidelity Central Funds		851
Prepaid expenses		58
Other receivables		706
Total assets		27,471,579

Liabilities
Payable for investments purchased	$ 40,740
Payable for fund shares redeemed	70,106
Accrued management fee	10,798
Distribution and service plan fees payable	5,860
Other affiliated payables	4,207
Other payables and accrued expenses	780
Collateral on securities loaned, at value	654,184
Total liabilities		786,675

Net Assets		$ 26,684,904
Net Assets consist of:
Paid in capital		$ 19,406,938
Undistributed net investment income		1,473
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		168,532
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		7,107,961
Net Assets		$ 26,684,904

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)		December 31, 2015

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($7,920,180 ÷ 302,944 shares)		$ 26.14

Maximum offering price per share (100/94.25 of $26.14)		$ 27.73
Class T:
Net Asset Value and redemption price per share ($2,070,979 ÷ 81,198 shares)		$ 25.51

Maximum offering price per share (100/96.50 of $25.51)		$ 26.44
Class B:
Net Asset Value and offering price per share ($107,098 ÷ 4,561 shares)^A		$ 23.48

Class C:
Net Asset Value and offering price per share ($3,841,115 ÷ 162,100 shares)^A		$ 23.70

Class I:
Net Asset Value, offering price and redemption price per share ($12,309,779 ÷ 462,262 shares)		$ 26.63

Class Z:
Net Asset Value, offering price and redemption price per share ($435,753 ÷ 16,351 shares)		$ 26.65

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Annual Report

Statement of Operations

Amounts in thousands	Year ended December 31, 2015

Investment Income
Dividends		$ 304,033
Interest		970
Income from Fidelity Central Funds		6,523
Total income		311,526

Expenses
Management fee
Basic fee	$ 154,042
Performance adjustment	(21,482)
Transfer agent fees	49,884
Distribution and service plan fees	72,399
Accounting and security lending fees	2,108
Custodian fees and expenses	546
Independent trustees' compensation	120
Registration fees	454
Audit	114
Legal	66
Miscellaneous	190
Total expenses before reductions	258,441
Expense reductions	(1,273)	257,168
Net investment income (loss)		54,358
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,382,123
Foreign currency transactions	(838)
Total net realized gain (loss)		1,381,285
Change in net unrealized appreciation (depreciation) on: Investment securities	(742,562)
Assets and liabilities in foreign currencies	(33)
Total change in net unrealized appreciation (depreciation)		(742,595)
Net gain (loss)		638,690
Net increase (decrease) in net assets resulting from operations		$ 693,048

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended December 31, 2015	Year ended December 31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 54,358	$ 34,475
Net realized gain (loss)	1,381,285	2,437,996
Change in net unrealized appreciation (depreciation)	(742,595)	(58,375)
Net increase (decrease) in net assets resulting from operations	693,048	2,414,096
Distributions to shareholders from net investment income	(46,051)	(31,791)
Distributions to shareholders from net realized gain	(1,142,480)	(2,046,943)
Total distributions	(1,188,531)	(2,078,734)
Share transactions - net increase (decrease)	(1,326,831)	2,177,978
Total increase (decrease) in net assets	(1,822,314)	2,513,340

Net Assets
Beginning of period	28,507,218	25,993,878
End of period (including undistributed net investment income of $1,473 and accumulated net investment loss of $531, respectively)	$ 26,684,904	$ 28,507,218

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

Annual Report

Financial Highlights - Fidelity Advisor New Insights Fund Class A

Years ended December 31,	2015	2014	2013	2012	2011
Selected Per-Share Data
Net asset value, beginning of period	$ 26.67	$ 26.32	$ 22.75	$ 19.72	$ 19.96
Income from Investment Operations
Net investment income (loss)^C	.05	.04	.01	.03	(.05)
Net realized and unrealized gain (loss)	.57	2.34	7.21	3.09	(.15)
Total from investment operations	.62	2.38	7.22	3.12	(.20)
Distributions from net investment income	(.02)	-	-	-	-
Distributions from net realized gain	(1.13)	(2.03)	(3.65)	(.09)	(.04)
Total distributions	(1.15)	(2.03)	(3.65)	(.09)	(.04)
Net asset value, end of period	$ 26.14	$ 26.67	$ 26.32	$ 22.75	$ 19.72
Total Return^{A, B}	2.39%	9.20%	32.36%	15.84%	(1.04)%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	.92%	.92%	.94%	1.01%	1.08%
Expenses net of fee waivers, if any	.91%	.92%	.94%	1.01%	1.08%
Expenses net of all reductions	.91%	.92%	.94%	1.00%	1.07%
Net investment income (loss)	.20%	.13%	.02%	.13%	(.23)%
Supplemental Data
Net assets, end of period (in millions)	$ 7,920	$ 8,475	$ 8,634	$ 6,459	$ 5,809
Portfolio turnover rate^E	47%	62%	79%	47%	58%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

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

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

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

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

Annual Report

Financial Highlights - Fidelity Advisor New Insights Fund Class T

Years ended December 31,	2015	2014	2013	2012	2011
Selected Per-Share Data
Net asset value, beginning of period	$ 26.10	$ 25.84	$ 22.44	$ 19.46	$ 19.74
Income from Investment Operations
Net investment income (loss)^C	(.01)	(.03)	(.06)	(.02)	(.10)
Net realized and unrealized gain (loss)	.55	2.31	7.11	3.04	(.14)
Total from investment operations	.54	2.28	7.05	3.02	(.24)
Distributions from net realized gain	(1.13)	(2.02)	(3.65)	(.04)	(.04)
Net asset value, end of period	$ 25.51	$ 26.10	$ 25.84	$ 22.44	$ 19.46
Total Return^{A, B}	2.14%	8.98%	32.05%	15.52%	(1.25)%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.17%	1.17%	1.18%	1.25%	1.32%
Expenses net of fee waivers, if any	1.16%	1.17%	1.18%	1.25%	1.32%
Expenses net of all reductions	1.16%	1.17%	1.18%	1.24%	1.32%
Net investment income (loss)	(0.05)%	(.11)%	(.22)%	(.11)%	(.48)%
Supplemental Data
Net assets, end of period (in millions)	$ 2,071	$ 2,219	$ 2,134	$ 1,795	$ 1,640
Portfolio turnover rate^E	47%	62%	79%	47%	58%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Fidelity Advisor New Insights Fund Class B

Years ended December 31,	2015	2014	2013	2012	2011
Selected Per-Share Data
Net asset value, beginning of period	$ 24.24	$ 24.27	$ 21.37	$ 18.60	$ 18.95
Income from Investment Operations
Net investment income (loss)^C	(.14)	(.16)	(.19)	(.14)	(.20)
Net realized and unrealized gain (loss)	.51	2.15	6.74	2.91	(.15)
Total from investment operations	.37	1.99	6.55	2.77	(.35)
Distributions from net realized gain	(1.13)	(2.02)	(3.65)	-	-
Net asset value, end of period	$ 23.48	$ 24.24	$ 24.27	$ 21.37	$ 18.60
Total Return^{A, B}	1.60%	8.36%	31.31%	14.89%	(1.85)%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.70%	1.71%	1.75%	1.82%	1.89%
Expenses net of fee waivers, if any	1.70%	1.71%	1.75%	1.82%	1.89%
Expenses net of all reductions	1.69%	1.71%	1.75%	1.81%	1.89%
Net investment income (loss)	(.59)%	(.66)%	(.79)%	(.68)%	(1.05)%
Supplemental Data
Net assets, end of period (in millions)	$ 107	$ 182	$ 213	$ 239	$ 309
Portfolio turnover rate^E	47%	62%	79%	47%	58%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Fidelity Advisor New Insights Fund Class C

Years ended December 31,	2015	2014	2013	2012	2011
Selected Per-Share Data
Net asset value, beginning of period	$ 24.45	$ 24.45	$ 21.49	$ 18.70	$ 19.03
Income from Investment Operations
Net investment income (loss)^C	(.14)	(.16)	(.18)	(.13)	(.19)
Net realized and unrealized gain (loss)	.52	2.18	6.79	2.92	(.14)
Total from investment operations	.38	2.02	6.61	2.79	(.33)
Distributions from net realized gain	(1.13)	(2.02)	(3.65)	-	-
Net asset value, end of period	$ 23.70	$ 24.45	$ 24.45	$ 21.49	$ 18.70
Total Return^{A, B}	1.63%	8.43%	31.41%	14.92%	(1.73)%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.67%	1.67%	1.69%	1.75%	1.83%
Expenses net of fee waivers, if any	1.66%	1.67%	1.69%	1.75%	1.83%
Expenses net of all reductions	1.66%	1.67%	1.69%	1.75%	1.82%
Net investment income (loss)	(.55)%	(.62)%	(.73)%	(.62)%	(.98)%
Supplemental Data
Net assets, end of period (in millions)	$ 3,841	$ 3,889	$ 3,459	$ 2,515	$ 2,133
Portfolio turnover rate^E	47%	62%	79%	47%	58%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Fidelity Advisor New Insights Fund Class I

Years ended December 31,	2015	2014	2013	2012	2011
Selected Per-Share Data
Net asset value, beginning of period	$ 27.15	$ 26.76	$ 23.02	$ 19.96	$ 20.14
Income from Investment Operations
Net investment income (loss)^B	.13	.11	.07	.09	.01
Net realized and unrealized gain (loss)	.57	2.39	7.32	3.12	(.15)
Total from investment operations	.70	2.50	7.39	3.21	(.14)
Distributions from net investment income	(.09)	(.07)	-	(.02)	-
Distributions from net realized gain	(1.13)	(2.04)	(3.65)	(.13)	(.04)
Total distributions	(1.22)	(2.11)	(3.65)	(.15)	(.04)
Net asset value, end of period	$ 26.63	$ 27.15	$ 26.76	$ 23.02	$ 19.96
Total Return^A	2.64%	9.51%	32.73%	16.11%	(.73)%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	.66%	.67%	.68%	.74%	.81%
Expenses net of fee waivers, if any	.66%	.67%	.68%	.74%	.81%
Expenses net of all reductions	.66%	.67%	.68%	.74%	.81%
Net investment income (loss)	.45%	.39%	.28%	.39%	.03%
Supplemental Data
Net assets, end of period (in millions)	$ 12,310	$ 13,449	$ 11,477	$ 9,898	$ 7,169
Portfolio turnover rate^D	47%	62%	79%	47%	58%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

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

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

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

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

Annual Report

Financial Highlights - Fidelity Advisor New Insights Fund Class Z

Years ended December 31,	2015	2014	2013 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 27.17	$ 26.78	$ 27.42
Income from Investment Operations
Net investment income (loss)^D	.16	.15	.01
Net realized and unrealized gain (loss)	.58	2.39	3.00
Total from investment operations	.74	2.54	3.01
Distributions from net investment income	(.12)	(.10)	-
Distributions from net realized gain	(1.13)	(2.04)	(3.65)
Total distributions	(1.26)^J	(2.15)^I	(3.65)
Net asset value, end of period	$ 26.65	$ 27.17	$ 26.78
Total Return^{B, C}	2.78%	9.65%	11.50%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.53%	.54%	.55%^A
Expenses net of fee waivers, if any	.53%	.54%	.55%^A
Expenses net of all reductions	.53%	.53%	.55%^A
Net investment income (loss)	.58%	.52%	.14%^A
Supplemental Data
Net assets, end of period (in millions)	$ 436	$ 294	$ 77
Portfolio turnover rate^F	47%	62%	79%^A

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

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

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

^G For the period August 13, 2013 (commencement of sale of shares) to December 31, 2013.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^I Total distributions of $2.15 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $2.041 per share.

^J Total distributions of $1.26 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $1.134 per share.

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

Annual Report

Notes to Financial Statements

For the period ended December 31, 2015

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor New Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Class I (formerly Institutional Class) and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of

Annual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

Level 1 - quoted prices in active markets for identical investments

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

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

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value at 12/31/15	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input*
Corporate Bonds	$ 230	Replacement cost	Recovery rate	1.0%	Increase
Equities	$ 694,047	Discount cash flow	Discount rate	8.0%	Decrease
			Growth rate	3.0%	Increase
		Expected distribution	Recovery rate	0.0%	Increase
		Last transaction price	Transaction price	$0.99 - $89.00 / $63.43	Increase

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

Asset Type	Fair Value at 12/31/15	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input*
			Adjusted transaction price	$31.12	Increase
			Discount rate	50.0%	Decrease
		Market comparable	EV/EBITDA multiple	9.8 - 27.0 / 21.6	Increase
			EV/Sales multiple	1.2 - 7.8 / 5.2	Increase
			P/B multiple	2.0	Increase
			Discount rate	3.0% - 50.0% / 14.9%	Decrease
			P/E multiple	12.1 - 14.2 / 13.2	Increase
			Discount for lack of marketability	10.0% - 30.0% / 14.8%	Decrease
			Premium rate	30.0%	Increase
			EV/GP multiple	4.8	Increase
		Partnership NAV	Partnership NAV	$26.60	Increase
		Proposed transaction price	Transaction price	$1,831.90	Increase

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2015, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Foreign Currency - continued

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Annual Report

3. Significant Accounting Policies - continued

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Gross unrealized appreciation	$ 8,013,814
Gross unrealized depreciation	(967,211)
Net unrealized appreciation (depreciation) on securities	$ 7,046,603
Tax Cost	$ 20,366,612

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 1,680
Undistributed long-term capital gain	$ 230,266
Net unrealized appreciation (depreciation) on securities and other investments	$ 7,046,556

The tax character of distributions paid was as follows:

	December 31, 2015	December 31, 2014
Ordinary Income	$ 46,051	$ 46,491
Long-term Capital Gains	1,142,480	2,032,243
Total	$ 1,188,531	$ 2,078,734

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $12,891,360 and $15,138,883, respectively.

5. Fees and Other Transactions with Affiliates.

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .47% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 20,791	$ -
Class T	.25%	.25%	10,884	-
Class B	.75%	.25%	1,440	1,080
Class C	.75%	.25%	39,284	4,017
			$ 72,399	$ 5,097

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 1,387
Class T	191
Class B^A	43
Class C^A	236
	$ 1,857

^A When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$ 15,123	.18
Class T	3,921	.18
Class B	305	.21
Class C	7,128	.18
Class I	23,191	.18
Class Z	216	.05
	$ 49,884

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $200 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $41 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $13,247. Security lending income represents the income earned on investing cash

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

7. Security Lending - continued

collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $5,204, including $213 from securities loaned to FCM.

8. Expense Reductions.

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund' custody expenses by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund level operating expenses in the amount of $113 and a portion of class-level operating expenses as follows:

	Amount
Class A	$ 189
Class T	49
Class B	5
Class C	80
Class I	270
	$ 593

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2015	2014
From net investment income
Class A	$ 4,999	$ -
Class I	39,092	30,759
Class Z	1,960	1,032
Total	$ 46,051	$ 31,791

Annual Report

9. Distributions to Shareholders - continued

Years ended December 31,	2015	2014
From net realized gain
Class A	$ 336,609	$ 606,361
Class T	90,096	160,563
Class B	5,527	14,434
Class C	177,341	297,255
Class I	515,418	948,474
Class Z	17,489	19,856
Total	$ 1,142,480	$ 2,046,943

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares		Dollars
Years ended December 31,	2015	2014	2015	2014
Class A
Shares sold	43,674	56,480	$ 1,185,377	$ 1,535,803
Reinvestment of distributions	12,627	22,207	327,470	581,082
Shares redeemed	(71,066)	(89,074)	(1,931,743)	(2,443,351)
Net increase (decrease)	(14,765)	(10,387)	$ (418,896)	$ (326,466)
Class T
Shares sold	8,555	10,880	$ 226,885	$ 289,917
Reinvestment of distributions	3,329	5,820	84,272	149,046
Shares redeemed	(15,702)	(14,283)	(416,783)	(381,835)
Net increase (decrease)	(3,818)	2,417	$ (105,626)	$ 57,128
Class B
Shares sold	89	194	$ 2,138	$ 4,762
Reinvestment of distributions	210	541	4,926	12,886
Shares redeemed	(3,241)	(1,988)	(79,804)	(49,648)
Net increase (decrease)	(2,942)	(1,253)	$ (72,740)	$ (32,000)
Class C
Shares sold	20,651	25,077	$ 510,224	$ 628,846
Reinvestment of distributions	6,325	10,237	148,901	245,714
Shares redeemed	(23,947)	(17,713)	(594,182)	(446,482)
Net increase (decrease)	3,029	17,601	$ 64,943	$ 428,078
Class I
Shares sold	97,654	132,665	$ 2,700,232	$ 3,697,269
Reinvestment of distributions	18,139	30,790	478,968	819,710
Shares redeemed	(148,908)	(97,045)	(4,124,969)	(2,684,332)
Net increase (decrease)	(33,115)	66,410	$ (945,769)	$ 1,832,647

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

10. Share Transactions - continued

	Shares		Dollars
Years ended December 31,	2015	2014	2015	2014
Class Z
Shares sold	12,793	8,291	$ 356,386	$ 229,233
Reinvestment of distributions	730	772	19,260	20,561
Shares redeemed	(7,992)	(1,117)	(224,389)	(31,203)
Net increase (decrease)	5,531	7,946	$ 151,257	$ 218,591

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Contrafund and the Shareholders of Fidelity Advisor New Insights Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Advisor New Insights Fund (a fund of Fidelity Contrafund) at December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Advisor New Insights Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 19, 2016

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 170 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

Annual Report

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and sector funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity® funds' valuation-related activities, reporting and risk management. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Annual Report

Trustees and Officers - continued

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (1935)
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees
	Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).
Charles S. Morrison (1960)
Year of Election or Appointment: 2014 Trustee
	Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

⁺ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005 Trustee
	Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), and as a member of the Independent Directors Council (IDC) Governing Council (2010-2015). Mr. Dirks is a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008 Trustee
	Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as Chairman (2014-present) and a member (2010-present) of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes) and a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association and as a member of the Board of Directors for The Western Union Company (global money transfer, 2006-2011), The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), and Earth Fare, Inc. (retail grocery, 2010-2014).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees
	Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of Artis-Naples in Naples, Florida (2012-present), a member of the Council on Foreign Relations (1994-present), and a member of the Board of Governors, State University System of Florida (2013-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008 Trustee
	Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).
Robert W. Selander (1950)
Year of Election or Appointment: 2011 Trustee
	Mr. Selander also serves as Trustee of other Fidelity® funds. Mr. Selander serves as a Director of The Western Union Company (global money transfer, 2014-present) and a non-executive Chairman of Health Equity, Inc. (health savings custodian, 2015-present). Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity® funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (1944)
Year of Election or Appointment: 2005 Trustee
	Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (1939)
Year of Election or Appointment: 2001 Trustee Vice Chairman of the Independent Trustees
	Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008 Trustee
	Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Annual Report

Trustees and Officers - continued

Advisory Board Members and Officers:

Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003 Member of the Advisory Board
	Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Marc R. Bryant (1966)
Year of Election or Appointment: 2015 Secretary and Chief Legal Officer (CLO)
	Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
William C. Coffey (1969)
Year of Election or Appointment: 2009 Assistant Secretary
	Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010 Assistant Treasurer
	Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2008 Deputy Treasurer
	Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2010 Assistant Treasurer
	Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014 Chief Financial Officer
	Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015 Vice President
	Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Brian B. Hogan (1964)
Year of Election or Appointment: 2009 Vice President
	Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Chris Maher (1972)
Year of Election or Appointment: 2013 Assistant Treasurer
	Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John F. Papandrea (1972)
Year of Election or Appointment: 2016 Anti-Money Laundering (AML) Officer
	Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Melissa M. Reilly (1971)
Year of Election or Appointment: 2014 Vice President of certain Equity Funds
	Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2008 President and Treasurer
	Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).
Linda J. Wondrack (1964)
Year of Election or Appointment: 2014 Chief Compliance Officer
	Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc. (investment adviser firm), Fidelity Investments Money Management, Inc. (investment adviser firm), FMR Investment Management (U.K.) Limited (investment adviser firm), Fidelity Management & Research (Hong Kong) (investment adviser firm), Fidelity Management & Research Company (investment adviser firm), FIAM LLC (investment adviser firm), and Strategic Advisers, Inc. (investment adviser firm), Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Chief Compliance Officer of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2012-2016); Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011 Deputy Treasurer
	Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

Annual Report

Distributions (Unaudited)

The Board of Trustees of Advisor New Insights Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Class A	02/16/16	02/12/16	$0.002	$0.228

Class T	02/16/16	02/12/16	$0.002	$0.228

Class B	02/16/16	02/12/16	$0.002	$0.228

Class C	02/16/16	02/12/16	$0.002	$0.228

The fund hereby designates as a capital gain with respect to the taxable year ended December 31, 2015, $1,365,326,089, or, if subsequently determined to be different, the net capital gain of such year.

Class A designates 100% of the dividends distributed during the fiscal year as qualifiying for the dividends-received deduction for corporate shareholders.

Class A designates 100% of dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor New Insights Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Annual Report

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, and compliance capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and information security and to increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in September 2013.

Annual Report

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund, for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Advisor New Insights Fund

nif222787

The Board has discussed with FMR the fund's underperformance (based on the December 31, 2014 data presented herein) and has engaged with FMR to consider what steps might be taken to remediate the fund's underperformance. The Board noted that the fund's performance has improved since the period shown.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Annual Report

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Advisor New Insights Fund

nif222789

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2014. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and other Fidelity fund boards to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. Committee focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Annual Report

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below its competitive median for 2014.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus sector fund assets previously under FMR's management and currently managed by Fidelity SelectCo, LLC). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

Annual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) the various share classes employed by Fidelity and the attributes of each class, together with similar information on the distribution and servicing payments made by Fidelity or the funds to third-party participants in the distribution channels; (iii) fund profitability, and fund performance in relation to fund profitability; (iv) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (v) annual fund profitability margins, with particular focus on certain funds with negative margins; (vi) the realization of fall-out benefits in certain Fidelity business units; (vii) economies of scale and the way in which they are shared with fund shareholders; (viii) Fidelity's group fee structures, including the group fee schedule of breakpoints; (ix) the impact of cost containment measures on the funds; and (x) the transfer agent fee structure.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

(Fidelity Investment logo)(registered trademark)

ANIF-UANN-0216
1.796408.112

(Fidelity Investment logo)(registered trademark)

Fidelity Advisor ®

New Insights

Fund - Class I

(formerly Institutional Class)

Annual Report

December 31, 2015

(Fidelity Cover Art)

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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

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

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2015	Past 1 year	Past 5 years	Past 10 years
Class I	2.64%	11.45%	8.02%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® New Insights Fund - Class I on December 31, 2005. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

nfi446358

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

Annual Report

Management's Discussion of Fund Performance

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2015 to December 31, 2015).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio^B	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During Period^C July 1, 2015 to December 31, 2015
Class A	.94%
Actual		$ 1,000.00	$ 984.80	$ 4.70
Hypothetical^A		$ 1,000.00	$ 1,020.47	$ 4.79
Class T	1.19%
Actual		$ 1,000.00	$ 983.80	$ 5.95
Hypothetical^A		$ 1,000.00	$ 1,019.21	$ 6.06
Class B	1.73%
Actual		$ 1,000.00	$ 980.90	$ 8.64
Hypothetical^A		$ 1,000.00	$ 1,016.48	$ 8.79
Class C	1.69%
Actual		$ 1,000.00	$ 981.50	$ 8.44
Hypothetical^A		$ 1,000.00	$ 1,016.69	$ 8.59
Class I	.69%
Actual		$ 1,000.00	$ 986.20	$ 3.45
Hypothetical^A		$ 1,000.00	$ 1,021.73	$ 3.52
Class Z	.55%
Actual		$ 1,000.00	$ 986.90	$ 2.75
Hypothetical^A		$ 1,000.00	$ 1,022.43	$ 2.80

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

^C Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2015
	% of fund's net assets	% of fund's net assets 6 months ago
Facebook, Inc. Class A	4.8	3.5
Alphabet, Inc. Class A	3.3	0.8
Wells Fargo & Co.	2.8	2.8
Amazon.com, Inc.	2.4	0.6
Visa, Inc. Class A	2.3	1.9
Starbucks Corp.	2.1	1.8
JPMorgan Chase & Co.	1.7	1.8
Berkshire Hathaway, Inc. Class A	1.7	1.6
NIKE, Inc. Class B	1.7	1.3
Salesforce.com, Inc.	1.5	1.1
	24.3
Top Five Market Sectors as of December 31, 2015
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	28.1	22.2
Consumer Discretionary	19.3	16.7
Financials	17.0	18.4
Health Care	11.9	15.1
Industrials	7.0	6.4

Asset Allocation (% of fund's net assets)
As of December 31, 2015*			As of June 30, 2015**
	Stocks 97.2%			Stocks 95.4%
	Bonds 0.1%			Bonds 0.0%
	Convertible Securities 1.4%			Convertible Securities 1.3%
	Short-Term Investments and Net Other Assets (Liabilities) 1.3%			Short-Term Investments and Net Other Assets (Liabilities) 3.3%
* Foreign investments		12.5%	** Foreign investments		12.9%

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Percentages shown as 0.0% may reflect amounts less than 0.05%.

Annual Report

Investments December 31, 2015

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 19.0%
Auto Components - 0.1%
Magna International, Inc. Class A (sub. vtg.)	631,100		$ 25,596
Automobiles - 1.3%
Fuji Heavy Industries Ltd.	140,800		5,800
General Motors Co.	1,299,600		44,199
Maruti Suzuki India Ltd. (a)	37,618		2,618
Tesla Motors, Inc. (a)(e)	1,192,124		286,122
			338,739
Diversified Consumer Services - 0.1%
Bright Horizons Family Solutions, Inc. (a)	296,300		19,793
ServiceMaster Global Holdings, Inc. (a)	42,500		1,668
			21,461
Hotels, Restaurants & Leisure - 4.9%
ARAMARK Holdings Corp.	4,706,900		151,798
Boyd Gaming Corp. (a)	82,000		1,629
Chipotle Mexican Grill, Inc. (a)	306,824		147,229
Domino's Pizza, Inc.	1,325,418		147,453
Dunkin' Brands Group, Inc. (e)	792,500		33,753
Hilton Worldwide Holdings, Inc.	700,700		14,995
Marriott International, Inc. Class A (e)	1,569,136		105,195
Royal Caribbean Cruises Ltd.	15,900		1,609
Starbucks Corp.	9,446,898		567,097
Vail Resorts, Inc.	9,950		1,274
Whitbread PLC	2,297,934		149,089
			1,321,121
Household Durables - 0.8%
D.R. Horton, Inc.	4,644,424		148,761
Lennar Corp. Class A	467,500		22,865
Mohawk Industries, Inc. (a)	161,424		30,572
Tempur Sealy International, Inc. (a)	214,300		15,100
			217,298
Internet & Catalog Retail - 4.2%
Amazon.com, Inc. (a)	944,940		638,675
Etsy, Inc.	764,751		6,317
Expedia, Inc.	112,300		13,959
Netflix, Inc. (a)	1,624,000		185,753
Priceline Group, Inc. (a)	188,017		239,712
TripAdvisor, Inc. (a)	347,787		29,649
Wayfair LLC Class A (a)	233,269		11,108
			1,125,173
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Leisure Products - 0.0%
Hasbro, Inc.	167,744		$ 11,299
Media - 2.5%
Altice NV Class A (a)	234,647		3,379
Charter Communications, Inc. Class A (a)(e)	248,300		45,464
Comcast Corp. Class A	564,700		31,866
Interpublic Group of Companies, Inc.	33,100		771
Legend Pictures LLC (a)(g)(h)	13,925		25,509
Liberty Broadband Corp. Class A (a)	119,625		6,179
Liberty Global PLC:
Class A (a)	1,831,005		77,561
LiLAC Class A (a)	117,735		4,871
Liberty Media Corp. Class A (a)	59,300		2,328
Lions Gate Entertainment Corp. (e)	768,866		24,904
Naspers Ltd. Class N	316,500		43,261
Rightmove PLC	766,722		46,625
Sirius XM Holdings, Inc. (a)	1,766,300		7,189
Starz Series A (a)	245,500		8,224
The Walt Disney Co.	3,124,838		328,358
Weinstein Co. Holdings LLC Class A-1 unit (a)(g)(h)	2,267		678
			657,167
Multiline Retail - 0.2%
Dollar Tree, Inc. (a)	421,200		32,525
Dollarama, Inc.	463,100		26,755
Ollie's Bargain Outlet Holdings, Inc. (a)	600		10
			59,290
Specialty Retail - 2.5%
AutoZone, Inc. (a)	108,834		80,745
Foot Locker, Inc.	266,200		17,327
Home Depot, Inc.	804,300		106,369
L Brands, Inc.	119,200		11,422
O'Reilly Automotive, Inc. (a)	406,216		102,943
Signet Jewelers Ltd.	172,754		21,368
Tiffany & Co., Inc.	349,700		26,679
TJX Companies, Inc.	3,657,532		259,356
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	239,600		44,326
			670,535
Textiles, Apparel & Luxury Goods - 2.4%
Brunello Cucinelli SpA (e)	1,809,352		31,984
China Hongxing Sports Ltd. (a)	6,000,000		243
Coach, Inc.	53,000		1,735
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Hermes International SCA	269,900		$ 91,441
NIKE, Inc. Class B	7,020,178		438,761
Under Armour, Inc. Class A (sub. vtg.) (a)	785,138		63,290
			627,454
TOTAL CONSUMER DISCRETIONARY			5,075,133
CONSUMER STAPLES - 6.3%
Beverages - 1.1%
Boston Beer Co., Inc. Class A (a)(e)	376,003		75,919
Coca-Cola Bottling Co. Consolidated	8,487		1,549
Constellation Brands, Inc. Class A (sub. vtg.)	1,436,000		204,544
Kweichow Moutai Co. Ltd.	49,400		1,655
Monster Beverage Corp.	19,700		2,935
The Coca-Cola Co.	461,700		19,835
			306,437
Food & Staples Retailing - 1.7%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	382,200		16,824
Costco Wholesale Corp.	1,118,525		180,642
CVS Health Corp.	1,801,925		176,174
Kroger Co.	193,100		8,077
Tesco PLC	26,488,500		58,203
			439,920
Food Products - 1.4%
Associated British Foods PLC	3,689,092		181,753
Mead Johnson Nutrition Co. Class A	842,500		66,515
Mondelez International, Inc.	1,929,743		86,530
Pinnacle Foods, Inc.	655,500		27,833
Post Holdings, Inc. (a)	79,700		4,917
The Hain Celestial Group, Inc. (a)	234,200		9,459
The Kraft Heinz Co.	33,600		2,445
			379,452
Household Products - 0.7%
Colgate-Palmolive Co.	2,877,049		191,669
Spectrum Brands Holdings, Inc.	16,100		1,639
			193,308
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 1.4%
Estee Lauder Companies, Inc. Class A	3,352,744		$ 295,243
L'Oreal SA	445,101		75,121
			370,364
TOTAL CONSUMER STAPLES			1,689,481
ENERGY - 5.2%
Energy Equipment & Services - 1.1%
Oceaneering International, Inc.	1,798,799		67,491
Schlumberger Ltd.	3,128,823		218,235
			285,726
Oil, Gas & Consumable Fuels - 4.1%
Anadarko Petroleum Corp.	2,142,246		104,070
Antero Resources Corp. (a)(e)	3,359,456		73,236
Birchcliff Energy Ltd. (a)	353,000		1,031
Birchcliff Energy Ltd. (a)(f)	585,400		1,709
Cabot Oil & Gas Corp.	3,589,580		63,500
Canadian Natural Resources Ltd.	403,400		8,810
Chevron Corp.	2,134,300		192,002
Cimarex Energy Co.	103,800		9,278
Concho Resources, Inc. (a)	25,680		2,385
Diamondback Energy, Inc.	440,300		29,456
EOG Resources, Inc.	2,008,960		142,214
Exxon Mobil Corp.	2,366,000		184,430
Golar LNG Ltd.	1,200,000		18,948
Marathon Petroleum Corp.	521,800		27,050
Memorial Resource Development Corp. (a)	1,226,100		19,802
Noble Energy, Inc.	1,454,861		47,909
Phillips 66 Co.	171,600		14,037
Pioneer Natural Resources Co.	511,200		64,094
Tesoro Corp.	253,200		26,680
Valero Energy Corp.	649,800		45,947
Williams Partners LP	1,000,000		27,850
			1,104,438
TOTAL ENERGY			1,390,164
FINANCIALS - 16.9%
Banks - 8.5%
Bank of America Corp.	16,540,427		278,375
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Banks - continued
Bank of Ireland (a)	248,940,628		$ 91,982
Citigroup, Inc.	3,109,700		160,927
First Republic Bank	650,200		42,952
HDFC Bank Ltd. sponsored ADR	1,983,672		122,194
JPMorgan Chase & Co.	6,903,000		455,805
Kotak Mahindra Bank Ltd.	539,207		5,885
Metro Bank PLC Class A (a)(h)	419,395		7,289
PNC Financial Services Group, Inc.	1,177,489		112,226
SunTrust Banks, Inc.	650,000		27,846
U.S. Bancorp	5,154,114		219,926
Virgin Money Holdings Uk PLC	159,281		894
Wells Fargo & Co.	13,581,256		738,277
			2,264,578
Capital Markets - 1.7%
BlackRock, Inc. Class A	401,046		136,564
Charles Schwab Corp.	1,875,964		61,775
Goldman Sachs Group, Inc.	94,816		17,089
KKR & Co. LP	2,723,728		42,463
Morgan Stanley	4,221,177		134,276
Oaktree Capital Group LLC Class A	1,290,176		61,567
			453,734
Consumer Finance - 0.2%
Credit Acceptance Corp. (a)(e)	25,500		5,458
LendingClub Corp. (e)	878,700		9,710
Synchrony Financial (a)	909,439		27,656
			42,824
Diversified Financial Services - 1.9%
Berkshire Hathaway, Inc. Class A (a)	2,240		443,072
IntercontinentalExchange, Inc.	96,736		24,790
McGraw Hill Financial, Inc.	506,690		49,950
MSCI, Inc. Class A	22,900		1,652
			519,464
Insurance - 3.6%
ACE Ltd.	1,323,595		154,662
AIA Group Ltd.	27,856,000		166,442
American International Group, Inc.	4,814,100		298,330
Fairfax Financial Holdings Ltd. (sub. vtg.)	159,000		75,485
FNF Group	760,000		26,349
James River Group Holdings Ltd.	42,400		1,422
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
The Chubb Corp.	1,540,778		$ 204,369
The Travelers Companies, Inc.	326,563		36,856
			963,915
Real Estate Investment Trusts - 0.6%
American Tower Corp.	1,263,175		122,465
Equity Residential (SBI)	527,900		43,071
Public Storage	32,600		8,075
			173,611
Real Estate Management & Development - 0.4%
Realogy Holdings Corp. (a)	2,627,600		96,354
TOTAL FINANCIALS			4,514,480
HEALTH CARE - 11.7%
Biotechnology - 2.2%
Agios Pharmaceuticals, Inc. (a)(e)	846,562		54,959
Alexion Pharmaceuticals, Inc. (a)	43,700		8,336
Amgen, Inc.	582,799		94,606
Anacor Pharmaceuticals, Inc. (a)	45,000		5,084
Baxalta, Inc.	43,000		1,678
Biogen, Inc. (a)	90,786		27,812
bluebird bio, Inc. (a)	104,300		6,698
Celgene Corp. (a)	617,800		73,988
Cellectis SA sponsored ADR	14,018		435
Cidara Therapeutics, Inc.	54,248		931
Genmab A/S (a)	48,800		6,489
Gilead Sciences, Inc.	2,362,528		239,064
Incyte Corp. (a)	44,700		4,848
Intrexon Corp. (a)(e)	794,681		23,960
Light Sciences Oncology, Inc. (a)	2,708,254		0
Myriad Genetics, Inc. (a)(e)	171,700		7,411
NantKwest, Inc. (a)	982		17
Neurocrine Biosciences, Inc. (a)	64,760		3,663
Regeneron Pharmaceuticals, Inc. (a)	68,100		36,969
Ultragenyx Pharmaceutical, Inc. (a)	31,800		3,567
			600,515
Health Care Equipment & Supplies - 2.2%
Align Technology, Inc. (a)	502,658		33,100
Becton, Dickinson & Co.	330,896		50,988
Boston Scientific Corp. (a)	5,694,824		105,013
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
C.R. Bard, Inc.	157,138		$ 29,768
DENTSPLY International, Inc.	446,689		27,181
DexCom, Inc. (a)	743,938		60,929
Edwards Lifesciences Corp. (a)	957,556		75,628
I-Pulse, Inc. (a)(h)	58,562		504
Intuitive Surgical, Inc. (a)	6,000		3,277
Medtronic PLC	1,190,300		91,558
Sirona Dental Systems, Inc. (a)	15,100		1,655
Teleflex, Inc.	127,300		16,734
The Cooper Companies, Inc.	592,851		79,561
			575,896
Health Care Providers & Services - 2.3%
Aetna, Inc.	518,948		56,109
Cigna Corp.	385,200		56,366
Henry Schein, Inc. (a)	1,352,981		214,028
Teladoc, Inc. (e)	220,320		3,957
UnitedHealth Group, Inc.	2,109,200		248,126
Universal Health Services, Inc. Class B	223,700		26,730
VCA, Inc. (a)	30,000		1,650
			606,966
Health Care Technology - 0.3%
Castlight Health, Inc. (a)	1,325,100		5,658
Cerner Corp. (a)	1,283,430		77,224
Medidata Solutions, Inc. (a)	38,800		1,912
			84,794
Life Sciences Tools & Services - 1.9%
Eurofins Scientific SA	451,984		158,091
Illumina, Inc. (a)	272,451		52,296
Mettler-Toledo International, Inc. (a)	414,209		140,471
Thermo Fisher Scientific, Inc.	790,169		112,085
Waters Corp. (a)	370,312		49,837
			512,780
Pharmaceuticals - 2.8%
Astellas Pharma, Inc.	5,410,700		77,025
Bristol-Myers Squibb Co.	2,835,500		195,054
Eli Lilly & Co.	681,000		57,381
Intra-Cellular Therapies, Inc. (a)	102,525		5,515
Jiangsu Hengrui Medicine Co. Ltd.	206,200		1,555
Johnson & Johnson	1,362,356		139,941
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Novo Nordisk A/S Series B	1,380,701		$ 79,940
Perrigo Co. PLC	352,485		51,005
Sino Biopharmaceutical Ltd.	1,782,000		1,611
Teva Pharmaceutical Industries Ltd. sponsored ADR	2,045,100		134,240
			743,267
TOTAL HEALTH CARE			3,124,218
INDUSTRIALS - 6.9%
Aerospace & Defense - 1.5%
Esterline Technologies Corp. (a)	305,800		24,770
General Dynamics Corp.	643,500		88,391
Space Exploration Technologies Corp. Class A (a)(h)	50,886		4,529
Teledyne Technologies, Inc. (a)	269,600		23,914
The Boeing Co.	1,385,564		200,339
TransDigm Group, Inc. (a)	251,772		57,517
			399,460
Air Freight & Logistics - 0.4%
C.H. Robinson Worldwide, Inc.	318,200		19,735
FedEx Corp.	561,010		83,585
			103,320
Airlines - 1.3%
Alaska Air Group, Inc.	108,900		8,768
InterGlobe Aviation Ltd. (a)	15,177		281
Ryanair Holdings PLC sponsored ADR	2,393,200		206,916
Southwest Airlines Co.	3,204,200		137,973
			353,938
Building Products - 0.7%
ASSA ABLOY AB (B Shares)	77,800		1,629
Fortune Brands Home & Security, Inc.	1,354,789		75,191
Toto Ltd.	3,057,000		107,399
			184,219
Construction & Engineering - 0.0%
Jacobs Engineering Group, Inc. (a)	117,100		4,912
Electrical Equipment - 0.2%
Acuity Brands, Inc.	204,192		47,740
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 0.8%
Danaher Corp.	1,127,868		$ 104,756
General Electric Co.	3,351,874		104,411
			209,167
Machinery - 0.0%
PACCAR, Inc.	35,700		1,692
Rational AG	27,692		12,570
			14,262
Professional Services - 0.7%
Equifax, Inc.	568,698		63,336
Robert Half International, Inc.	249,500		11,761
Verisk Analytics, Inc. (a)	1,376,595		105,833
			180,930
Road & Rail - 0.4%
Canadian Pacific Railway Ltd. (e)	630,232		80,495
Genesee & Wyoming, Inc. Class A (a)	173,134		9,296
J.B. Hunt Transport Services, Inc.	303,230		22,245
			112,036
Trading Companies & Distributors - 0.9%
Air Lease Corp.:
Class A (f)	320,800		10,740
Class A	2,333,511		78,126
HD Supply Holdings, Inc. (a)	780,200		23,429
United Rentals, Inc. (a)	1,602,600		116,253
			228,548
TOTAL INDUSTRIALS			1,838,532
INFORMATION TECHNOLOGY - 27.3%
Communications Equipment - 0.3%
Juniper Networks, Inc.	370,700		10,231
Motorola Solutions, Inc.	280,900		19,228
Palo Alto Networks, Inc. (a)	8,900		1,568
Qualcomm Technologies, Inc.	663,800		33,180
			64,207
Electronic Equipment & Components - 1.9%
Amphenol Corp. Class A	7,419,672		387,529
CDW Corp.	1,140,000		47,926
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Fitbit, Inc.	185,200		$ 5,480
IPG Photonics Corp. (a)	857,676		76,470
			517,405
Internet Software & Services - 11.1%
Akamai Technologies, Inc. (a)	1,648,600		86,766
Alibaba Group Holding Ltd. sponsored ADR (a)	440,100		35,767
Alphabet, Inc.:
Class A (a)	1,147,954		893,120
Class C	534,398		405,544
Dropbox, Inc. (a)(h)	1,289,836		17,322
eBay, Inc. (a)	1,561,500		42,910
Endurance International Group Holdings, Inc. (a)	3,512,300		38,389
Facebook, Inc. Class A (a)	12,348,459		1,292,376
GoDaddy, Inc. (a)	1,418,900		45,490
LinkedIn Corp. Class A (a)	73,066		16,446
LogMeIn, Inc. (a)	206,625		13,865
NetEase, Inc. sponsored ADR	9,200		1,667
Shutterstock, Inc. (a)(e)	390,350		12,624
Stamps.com, Inc. (a)	148,600		16,288
SurveyMonkey (h)	2,069,881		31,773
Tencent Holdings Ltd.	215,400		4,218
Twitter, Inc. (a)	67,200		1,555
VeriSign, Inc. (a)(e)	34,900		3,049
			2,959,169
IT Services - 6.4%
Alliance Data Systems Corp. (a)	162,059		44,821
ASAC II LP (a)(h)	9,408,021		250,265
Cognizant Technology Solutions Corp. Class A (a)	1,481,200		88,902
Fidelity National Information Services, Inc.	416,230		25,224
First Data Corp.	4,890,003		70,504
First Data Corp. Class A (a)	2,739,900		43,893
Fiserv, Inc. (a)	1,323,892		121,083
FleetCor Technologies, Inc. (a)	219,200		31,330
Gartner, Inc. Class A (a)	17,800		1,614
Global Payments, Inc.	134,700		8,689
IBM Corp.	81,900		11,271
MasterCard, Inc. Class A	2,512,935		244,659
PayPal Holdings, Inc. (a)	2,753,721		99,685
Total System Services, Inc.	893,560		44,499
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - continued
Vantiv, Inc. (a)	55,200		$ 2,618
Visa, Inc. Class A	8,030,896		622,796
			1,711,853
Semiconductors & Semiconductor Equipment - 1.1%
Analog Devices, Inc.	788,300		43,609
ARM Holdings PLC	843,500		12,857
Avago Technologies Ltd.	1,130,345		164,070
Broadcom Corp. Class A	869,800		50,292
Inphi Corp. (a)	225,937		6,105
NXP Semiconductors NV (a)	96,700		8,147
Skyworks Solutions, Inc.	150,700		11,578
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	135,300		3,078
			299,736
Software - 5.4%
Activision Blizzard, Inc.	1,485,953		57,521
Adobe Systems, Inc. (a)	1,941,861		182,418
Atlassian Corp. PLC	75,500		2,271
Electronic Arts, Inc. (a)	1,373,900		94,414
Fleetmatics Group PLC (a)	157,700		8,010
Intuit, Inc.	429,000		41,399
Manhattan Associates, Inc. (a)	38,800		2,567
Microsoft Corp.	6,385,713		354,279
Mobileye NV (a)(e)	1,188,420		50,246
NetSuite, Inc. (a)(e)	483,689		40,930
RealPage, Inc. (a)	71,100		1,596
Red Hat, Inc. (a)	372,903		30,880
Salesforce.com, Inc. (a)	5,210,512		408,504
ServiceNow, Inc. (a)	313,800		27,163
Trion World Network, Inc.:
warrants 8/10/17 (a)(h)	18,952		0
warrants 10/3/18 (a)(h)	27,736		0
Tyler Technologies, Inc. (a)	28,300		4,933
Ultimate Software Group, Inc. (a)	446,866		87,367
Workday, Inc. Class A (a)	596,000		47,489
			1,441,987
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 1.1%
Apple, Inc.	2,732,300		$ 287,602
Pure Storage, Inc. Class A (a)(e)	194,800		3,033
			290,635
TOTAL INFORMATION TECHNOLOGY			7,284,992
MATERIALS - 3.5%
Chemicals - 2.6%
Airgas, Inc.	475,000		65,702
Ecolab, Inc.	612,513		70,059
LyondellBasell Industries NV Class A	1,061,000		92,201
Monsanto Co.	747,467		73,640
PPG Industries, Inc.	2,165,864		214,031
Sherwin-Williams Co.	714,036		185,364
The Dow Chemical Co.	35,600		1,833
			702,830
Construction Materials - 0.2%
Martin Marietta Materials, Inc.	300,834		41,088
Containers & Packaging - 0.4%
Ball Corp.	45,000		3,273
Sealed Air Corp.	581,500		25,935
WestRock Co.	1,861,418		84,918
			114,126
Metals & Mining - 0.3%
B2Gold Corp. (a)	26,434,432		26,746
Franco-Nevada Corp.	773,961		35,406
GoviEx Uranium, Inc. (a)	851,865		28
GoviEx Uranium, Inc. (a)(f)	23,200		1
GoviEx Uranium, Inc. Class A (f)	2,625,135		85
Ivanhoe Mines Ltd. (a)	953,200		420
Newcrest Mining Ltd. (a)	966,740		9,148
Novagold Resources, Inc. (a)	840,100		3,527
			75,361
TOTAL MATERIALS			933,405
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
T-Mobile U.S., Inc. (a)	356,600		13,950
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 0.1%
Electric Utilities - 0.1%
IDACORP, Inc.	400,000		$ 27,200
TOTAL COMMON STOCKS (Cost $18,907,920)		25,891,555
Preferred Stocks - 1.6%

Convertible Preferred Stocks - 1.4%
CONSUMER DISCRETIONARY - 0.1%
Household Durables - 0.1%
Blu Homes, Inc. Series A, 5.00% (a)(h)	7,091,632		28,650
Media - 0.0%
Mode Media Corp. Series M-1, 8.00% (a)(h)	165,366		164
TOTAL CONSUMER DISCRETIONARY			28,814
CONSUMER STAPLES - 0.1%
Food & Staples Retailing - 0.1%
Blue Apron, Inc. Series D (h)	1,110,537		15,958
FINANCIALS - 0.1%
Consumer Finance - 0.1%
Oportun Finance Corp. Series H (h)	10,791,166		32,913
HEALTH CARE - 0.2%
Biotechnology - 0.1%
23andMe, Inc. Series E (h)	166,247		1,800
Intarcia Therapeutics, Inc. Series CC (a)(h)	516,522		16,074
			17,874
Life Sciences Tools & Services - 0.1%
Living Proof, Inc. 8.00% (a)(h)	10,369,703		28,724
TOTAL HEALTH CARE			46,598
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
Space Exploration Technologies Corp. Series G (h)	145,254		12,928
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
INFORMATION TECHNOLOGY - 0.8%
Internet Software & Services - 0.7%
Dropbox, Inc.:
Series A (a)(h)	299,518		$ 4,023
Series C (a)(h)	161,770		2,173
Pinterest, Inc.:
Series E, 8.00% (a)(h)	13,203,155		99,789
Series F, 8.00% (a)(h)	8,808,645		66,576
Series G, 8.00% (h)	1,676,455		12,671
			185,232
IT Services - 0.0%
Nutanix, Inc. Series E (a)(h)	783,938		11,704
Software - 0.1%
Cloudera, Inc. Series F (a)(h)	312,284		10,252
Trion World Network, Inc.:
Series C, 8.00% (a)(h)	602,295		404
Series C-1, 8.00% (a)(h)	47,380		32
Series D, 8.00% (a)(h)	50,840		34
Twilio, Inc. Series E (h)	751,240		11,066
			21,788
TOTAL INFORMATION TECHNOLOGY			218,724
TOTAL CONVERTIBLE PREFERRED STOCKS			355,935
Nonconvertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Volkswagen AG	426,900		61,636
TOTAL PREFERRED STOCKS (Cost $287,255)		417,571

Corporate Bonds - 0.1%
		Principal Amount (000s) (d)		Value (000s)
Convertible Bonds - 0.0%
INFORMATION TECHNOLOGY - 0.0%
Software - 0.0%
Trion World Network, Inc. 15% 10/10/19 pay-in-kind (h)		$ 230		$ 230
Nonconvertible Bonds - 0.1%
ENERGY - 0.1%
Energy Equipment & Services - 0.1%
Pacific Drilling SA 5.375% 6/1/20 (f)		39,145		16,245
FINANCIALS - 0.0%
Banks - 0.0%
Bank of Ireland 10% 7/30/16	EUR	3,571		4,033
TOTAL NONCONVERTIBLE BONDS				20,278
TOTAL CORPORATE BONDS (Cost $26,452)			20,508

Money Market Funds - 4.0%
	Shares
Fidelity Cash Central Fund, 0.33% (b)	429,397,325		429,397
Fidelity Securities Lending Cash Central Fund, 0.35% (b)(c)	654,183,980		654,184
TOTAL MONEY MARKET FUNDS (Cost $1,083,581)		1,083,581
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $20,305,208)			27,413,215
NET OTHER ASSETS (LIABILITIES) - (2.7)%			(728,311)
NET ASSETS - 100%		$ 26,684,904

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(d) Amount is stated in United States dollars unless otherwise noted.

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

(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is wholly-owned by the Fund.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
23andMe, Inc. Series E	6/18/15	$ 1,800
ASAC II LP	10/10/13	$ 94,080
Blu Homes, Inc. Series A, 5.00%	6/10/13 - 12/30/14	$ 32,763
Blue Apron, Inc. Series D	5/18/15	$ 14,800
Cloudera, Inc. Series F	2/5/14	$ 4,547
Dropbox, Inc.	5/2/12	$ 11,672
Dropbox, Inc. Series A	5/29/12	$ 2,710
Dropbox, Inc. Series C	1/30/14	$ 3,090
I-Pulse, Inc.	3/18/10	$ 94
Intarcia Therapeutics, Inc. Series CC	11/14/12	$ 7,040
Legend Pictures LLC	9/23/10 - 6/10/15	$ 18,474
Living Proof, Inc. 8.00%	2/13/13	$ 18,400
Metro Bank PLC Class A	5/21/12 - 12/6/13	$ 7,616
Mode Media Corp. Series M-1, 8.00%	3/19/08	$ 3,508
Nutanix, Inc. Series E	8/26/14	$ 10,502
Security	Acquisition Date	Acquisition Cost (000s)
Oportun Finance Corp. Series H	2/6/15	$ 30,726
Pinterest, Inc. Series E, 8.00%	10/23/13	$ 38,370
Pinterest, Inc. Series F, 8.00%	5/15/14	$ 29,923
Pinterest, Inc. Series G, 8.00%	2/27/15	$ 12,035
Space Exploration Technologies Corp. Class A	10/16/15	$ 4,529
Space Exploration Technologies Corp. Series G	1/20/15	$ 11,251
SurveyMonkey	12/15/14	$ 34,050
Trion World Network, Inc. warrants 8/10/17	8/10/10	$ 0
Trion World Network, Inc. warrants 10/3/18	10/10/13	$ 0
Security	Acquisition Date	Acquisition Cost (000s)
Trion World Network, Inc. Series C, 8.00%	8/22/08	$ 3,307
Trion World Network, Inc. Series C-1, 8.00%	8/10/10	$ 260
Trion World Network, Inc. Series D, 8.00%	3/20/13	$ 267
Trion World Network, Inc. 15% 10/10/19 pay-in-kind	10/10/13 - 10/10/15	$ 230
Twilio, Inc. Series E	4/24/15	$ 8,497
Weinstein Co. Holdings LLC Class A-1 unit	10/19/05	$ 2,299

Values shown as $0 may reflect amounts less than $500.

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	$ 1,319
Fidelity Securities Lending Cash Central Fund	5,204
Total	$ 6,523

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 5,165,583	$ 4,965,040	$ 145,299	$ 55,244
Consumer Staples	1,705,439	1,629,623	59,858	15,958
Energy	1,390,164	1,390,164	-	-
Financials	4,547,393	4,334,864	172,327	40,202
Health Care	3,170,816	2,957,094	166,620	47,102
Industrials	1,851,460	1,712,124	121,879	17,457
Information Technology	7,503,716	6,898,053	87,579	518,084
Materials	933,405	924,257	9,148	-
Telecommunication Services	13,950	13,950	-	-
Utilities	27,200	27,200	-	-
Corporate Bonds	20,508	-	20,278	230
Money Market Funds	1,083,581	1,083,581	-	-
Total Investments in Securities:	$ 27,413,215	$ 25,935,950	$ 782,988	$ 694,277

Valuation Inputs at Reporting Date:

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)
Investments in Securities:
Equities - Information Technology
Beginning Balance	$ 334,440
Net Realized Gain (Loss) on Investment Securities	-
Net Unrealized Gain (Loss) on Investment Securities	224,939
Cost of Purchases	20,532
Proceeds of Sales	(61,827)
Amortization/Accretion	-
Transfers into Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 518,084
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2015	$ 205,618
Other Investments in Securities
Beginning Balance	$ 138,746
Net Realized Gain (Loss) on Investment Securities	-
Net Unrealized Gain (Loss) on Investment Securities	(29,746)
Cost of Purchases	68,699
Proceeds of Sales	-
Amortization/Accretion	-
Transfers into Level 3	-
Transfers out of Level 3	(1,506)
Ending Balance	$ 176,193
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2015	$ (29,746)

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	87.5%
United Kingdom	2.1%
Ireland	1.8%
Canada	1.2%
Others (Individually Less Than 1%)	7.4%
	100.0%

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		December 31, 2015

Assets
Investment in securities, at value (including securities loaned of $639,318) - See accompanying schedule: Unaffiliated issuers (cost $19,221,627)	$ 26,329,634
Fidelity Central Funds (cost $1,083,581)	1,083,581
Total Investments (cost $20,305,208)		$ 27,413,215
Receivable for investments sold		13,187
Receivable for fund shares sold		26,087
Dividends receivable		17,124
Interest receivable		351
Distributions receivable from Fidelity Central Funds		851
Prepaid expenses		58
Other receivables		706
Total assets		27,471,579

Liabilities
Payable for investments purchased	$ 40,740
Payable for fund shares redeemed	70,106
Accrued management fee	10,798
Distribution and service plan fees payable	5,860
Other affiliated payables	4,207
Other payables and accrued expenses	780
Collateral on securities loaned, at value	654,184
Total liabilities		786,675

Net Assets		$ 26,684,904
Net Assets consist of:
Paid in capital		$ 19,406,938
Undistributed net investment income		1,473
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		168,532
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		7,107,961
Net Assets		$ 26,684,904

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)		December 31, 2015

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($7,920,180 ÷ 302,944 shares)		$ 26.14

Maximum offering price per share (100/94.25 of $26.14)		$ 27.73
Class T:
Net Asset Value and redemption price per share ($2,070,979 ÷ 81,198 shares)		$ 25.51

Maximum offering price per share (100/96.50 of $25.51)		$ 26.44
Class B:
Net Asset Value and offering price per share ($107,098 ÷ 4,561 shares)^A		$ 23.48

Class C:
Net Asset Value and offering price per share ($3,841,115 ÷ 162,100 shares)^A		$ 23.70

Class I:
Net Asset Value, offering price and redemption price per share ($12,309,779 ÷ 462,262 shares)		$ 26.63

Class Z:
Net Asset Value, offering price and redemption price per share ($435,753 ÷ 16,351 shares)		$ 26.65

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Annual Report

Statement of Operations

Amounts in thousands	Year ended December 31, 2015

Investment Income
Dividends		$ 304,033
Interest		970
Income from Fidelity Central Funds		6,523
Total income		311,526

Expenses
Management fee
Basic fee	$ 154,042
Performance adjustment	(21,482)
Transfer agent fees	49,884
Distribution and service plan fees	72,399
Accounting and security lending fees	2,108
Custodian fees and expenses	546
Independent trustees' compensation	120
Registration fees	454
Audit	114
Legal	66
Miscellaneous	190
Total expenses before reductions	258,441
Expense reductions	(1,273)	257,168
Net investment income (loss)		54,358
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,382,123
Foreign currency transactions	(838)
Total net realized gain (loss)		1,381,285
Change in net unrealized appreciation (depreciation) on: Investment securities	(742,562)
Assets and liabilities in foreign currencies	(33)
Total change in net unrealized appreciation (depreciation)		(742,595)
Net gain (loss)		638,690
Net increase (decrease) in net assets resulting from operations		$ 693,048

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended December 31, 2015	Year ended December 31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 54,358	$ 34,475
Net realized gain (loss)	1,381,285	2,437,996
Change in net unrealized appreciation (depreciation)	(742,595)	(58,375)
Net increase (decrease) in net assets resulting from operations	693,048	2,414,096
Distributions to shareholders from net investment income	(46,051)	(31,791)
Distributions to shareholders from net realized gain	(1,142,480)	(2,046,943)
Total distributions	(1,188,531)	(2,078,734)
Share transactions - net increase (decrease)	(1,326,831)	2,177,978
Total increase (decrease) in net assets	(1,822,314)	2,513,340

Net Assets
Beginning of period	28,507,218	25,993,878
End of period (including undistributed net investment income of $1,473 and accumulated net investment loss of $531, respectively)	$ 26,684,904	$ 28,507,218

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

Annual Report

Financial Highlights - Fidelity Advisor New Insights Fund Class A

Years ended December 31,	2015	2014	2013	2012	2011
Selected Per-Share Data
Net asset value, beginning of period	$ 26.67	$ 26.32	$ 22.75	$ 19.72	$ 19.96
Income from Investment Operations
Net investment income (loss)^C	.05	.04	.01	.03	(.05)
Net realized and unrealized gain (loss)	.57	2.34	7.21	3.09	(.15)
Total from investment operations	.62	2.38	7.22	3.12	(.20)
Distributions from net investment income	(.02)	-	-	-	-
Distributions from net realized gain	(1.13)	(2.03)	(3.65)	(.09)	(.04)
Total distributions	(1.15)	(2.03)	(3.65)	(.09)	(.04)
Net asset value, end of period	$ 26.14	$ 26.67	$ 26.32	$ 22.75	$ 19.72
Total Return^{A, B}	2.39%	9.20%	32.36%	15.84%	(1.04)%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	.92%	.92%	.94%	1.01%	1.08%
Expenses net of fee waivers, if any	.91%	.92%	.94%	1.01%	1.08%
Expenses net of all reductions	.91%	.92%	.94%	1.00%	1.07%
Net investment income (loss)	.20%	.13%	.02%	.13%	(.23)%
Supplemental Data
Net assets, end of period (in millions)	$ 7,920	$ 8,475	$ 8,634	$ 6,459	$ 5,809
Portfolio turnover rate^E	47%	62%	79%	47%	58%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Fidelity Advisor New Insights Fund Class T

Years ended December 31,	2015	2014	2013	2012	2011
Selected Per-Share Data
Net asset value, beginning of period	$ 26.10	$ 25.84	$ 22.44	$ 19.46	$ 19.74
Income from Investment Operations
Net investment income (loss)^C	(.01)	(.03)	(.06)	(.02)	(.10)
Net realized and unrealized gain (loss)	.55	2.31	7.11	3.04	(.14)
Total from investment operations	.54	2.28	7.05	3.02	(.24)
Distributions from net realized gain	(1.13)	(2.02)	(3.65)	(.04)	(.04)
Net asset value, end of period	$ 25.51	$ 26.10	$ 25.84	$ 22.44	$ 19.46
Total Return^{A, B}	2.14%	8.98%	32.05%	15.52%	(1.25)%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.17%	1.17%	1.18%	1.25%	1.32%
Expenses net of fee waivers, if any	1.16%	1.17%	1.18%	1.25%	1.32%
Expenses net of all reductions	1.16%	1.17%	1.18%	1.24%	1.32%
Net investment income (loss)	(0.05)%	(.11)%	(.22)%	(.11)%	(.48)%
Supplemental Data
Net assets, end of period (in millions)	$ 2,071	$ 2,219	$ 2,134	$ 1,795	$ 1,640
Portfolio turnover rate^E	47%	62%	79%	47%	58%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Fidelity Advisor New Insights Fund Class B

Years ended December 31,	2015	2014	2013	2012	2011
Selected Per-Share Data
Net asset value, beginning of period	$ 24.24	$ 24.27	$ 21.37	$ 18.60	$ 18.95
Income from Investment Operations
Net investment income (loss)^C	(.14)	(.16)	(.19)	(.14)	(.20)
Net realized and unrealized gain (loss)	.51	2.15	6.74	2.91	(.15)
Total from investment operations	.37	1.99	6.55	2.77	(.35)
Distributions from net realized gain	(1.13)	(2.02)	(3.65)	-	-
Net asset value, end of period	$ 23.48	$ 24.24	$ 24.27	$ 21.37	$ 18.60
Total Return^{A, B}	1.60%	8.36%	31.31%	14.89%	(1.85)%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.70%	1.71%	1.75%	1.82%	1.89%
Expenses net of fee waivers, if any	1.70%	1.71%	1.75%	1.82%	1.89%
Expenses net of all reductions	1.69%	1.71%	1.75%	1.81%	1.89%
Net investment income (loss)	(.59)%	(.66)%	(.79)%	(.68)%	(1.05)%
Supplemental Data
Net assets, end of period (in millions)	$ 107	$ 182	$ 213	$ 239	$ 309
Portfolio turnover rate^E	47%	62%	79%	47%	58%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Fidelity Advisor New Insights Fund Class C

Years ended December 31,	2015	2014	2013	2012	2011
Selected Per-Share Data
Net asset value, beginning of period	$ 24.45	$ 24.45	$ 21.49	$ 18.70	$ 19.03
Income from Investment Operations
Net investment income (loss)^C	(.14)	(.16)	(.18)	(.13)	(.19)
Net realized and unrealized gain (loss)	.52	2.18	6.79	2.92	(.14)
Total from investment operations	.38	2.02	6.61	2.79	(.33)
Distributions from net realized gain	(1.13)	(2.02)	(3.65)	-	-
Net asset value, end of period	$ 23.70	$ 24.45	$ 24.45	$ 21.49	$ 18.70
Total Return^{A, B}	1.63%	8.43%	31.41%	14.92%	(1.73)%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.67%	1.67%	1.69%	1.75%	1.83%
Expenses net of fee waivers, if any	1.66%	1.67%	1.69%	1.75%	1.83%
Expenses net of all reductions	1.66%	1.67%	1.69%	1.75%	1.82%
Net investment income (loss)	(.55)%	(.62)%	(.73)%	(.62)%	(.98)%
Supplemental Data
Net assets, end of period (in millions)	$ 3,841	$ 3,889	$ 3,459	$ 2,515	$ 2,133
Portfolio turnover rate^E	47%	62%	79%	47%	58%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Fidelity Advisor New Insights Fund Class I

Years ended December 31,	2015	2014	2013	2012	2011
Selected Per-Share Data
Net asset value, beginning of period	$ 27.15	$ 26.76	$ 23.02	$ 19.96	$ 20.14
Income from Investment Operations
Net investment income (loss)^B	.13	.11	.07	.09	.01
Net realized and unrealized gain (loss)	.57	2.39	7.32	3.12	(.15)
Total from investment operations	.70	2.50	7.39	3.21	(.14)
Distributions from net investment income	(.09)	(.07)	-	(.02)	-
Distributions from net realized gain	(1.13)	(2.04)	(3.65)	(.13)	(.04)
Total distributions	(1.22)	(2.11)	(3.65)	(.15)	(.04)
Net asset value, end of period	$ 26.63	$ 27.15	$ 26.76	$ 23.02	$ 19.96
Total Return^A	2.64%	9.51%	32.73%	16.11%	(.73)%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	.66%	.67%	.68%	.74%	.81%
Expenses net of fee waivers, if any	.66%	.67%	.68%	.74%	.81%
Expenses net of all reductions	.66%	.67%	.68%	.74%	.81%
Net investment income (loss)	.45%	.39%	.28%	.39%	.03%
Supplemental Data
Net assets, end of period (in millions)	$ 12,310	$ 13,449	$ 11,477	$ 9,898	$ 7,169
Portfolio turnover rate^D	47%	62%	79%	47%	58%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

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

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

Annual Report

Financial Highlights - Fidelity Advisor New Insights Fund Class Z

Years ended December 31,	2015	2014	2013 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 27.17	$ 26.78	$ 27.42
Income from Investment Operations
Net investment income (loss)^D	.16	.15	.01
Net realized and unrealized gain (loss)	.58	2.39	3.00
Total from investment operations	.74	2.54	3.01
Distributions from net investment income	(.12)	(.10)	-
Distributions from net realized gain	(1.13)	(2.04)	(3.65)
Total distributions	(1.26)^J	(2.15)^I	(3.65)
Net asset value, end of period	$ 26.65	$ 27.17	$ 26.78
Total Return^{B, C}	2.78%	9.65%	11.50%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	.53%	.54%	.55%^A
Expenses net of fee waivers, if any	.53%	.54%	.55%^A
Expenses net of all reductions	.53%	.53%	.55%^A
Net investment income (loss)	.58%	.52%	.14%^A
Supplemental Data
Net assets, end of period (in millions)	$ 436	$ 294	$ 77
Portfolio turnover rate^F	47%	62%	79%^A