SUPPLEMENT TO THE 
CONTRAFUND
PROSPECTUS
DATED FEBRUARY 19, 1994
The following information 
supplements that found in the 
"Minimum Investments" table on 
page 10.
These minimums may vary for a 
Fidelity Payroll Deduction 
Program account in the fund. 
Refer to the program's materials 
for details.
The following information 
replaces the similar language 
found on page 20.
FDC collects the proceeds from 
each fund's 3% sales charge and 
may pay a portion of them to 
securities dealers who have sold 
fund shares, or to others, 
including banks and other 
financial institutions (qualified 
recipients), under special 
arrangements in connection with 
FDC's sales activities. The sales 
charge paid to qualified 
recipients is 2.25% of a funds 
offering price.
   The following information     
   replaces similar language found     
   in the following items in the     
   "Sales Charge Reductions and     
   Waivers" section beginning on     
   page 21.    
(7) If you are a current or former 
trustee or officer of a Fidelity 
fund or a current or retired 
officer, director. or regular 
employee of FMR Corp. or its 
direct or indirect subsidiaries (a 
Fidelity Trustee or employee), 
the spouse of a Fidelity Trustee 
or employee, a Fidelity Trustee 
or employee acting as custodian 
for a minor child, or a person 
acting as Trustee of a trust for the 
sole benefit of the minor child
of a Fidelity Trustee or 
employee.
(   10) If you are a registered     
   investment adviser (RIA)     
   purchasing for your discretionary     
   accounts, provided you execute     
   a Fidelity RIA load waiver     
   agreement which specifies     
   ceratin  aggregate minimum and     
   operating provisions. Except for     
   correspondents of National     
   Financial Services Corporation,     
   this waiver is available only for     
   shares purchased directly from     
   Fidelity, and is unavailable if the     
   RIA is part of an organization     
   principally engaged in the     
   brokerage business.    
(11) If you are a trust institution or 
bank trust department 
purchasing for your 
non-discretionary, 
non-retirement fiduciary 
accounts, provided you execute 
a Fidelity Trust load waiver 
agreement which specifies 
certain aggregate minimum and 
operating provisions. This 
waiver is available only for 
shares purchased either directly 
from Fidelity or through a 
bank-affiliated broker and is 
unavailable, if the trust 
department or institution is part 
of an organization not principally 
engaged in banking or trust 
activities.
   The following information     
   supplements that found in the     
   "Sales Charge Reductions and     
   Waivers" section beginning on     
   page 21.    
   (12) If you invest through a     
   non-prototype pension or     
   profit-sharing plan that maintains     
   all of its mutual fund    
   
   
   
   
   
   
   
SUPPLEMENT TO THE 
CONTRAFUND
PROSPECTUS
DATED FEBRUARY 19, 1994
The following information 
supplements that found in the 
"Minimum Investments" table on 
page 10.
These minimums may vary for a 
Fidelity Payroll Deduction 
Program account in the fund. 
Refer to the program's materials 
for details.
The following information 
replaces the similar language 
found on page 20.
FDC collects the proceeds from 
each fund's 3% sales charge and 
may pay a portion of them to 
securities dealers who have sold 
fund shares, or to others, 
including banks and other 
financial institutions (qualified 
recipients), under special 
arrangements in connection with 
FDC's sales activities. The sales 
charge paid to qualified 
recipients is 2.25% of a funds 
offering price.
   The following information     
   replaces similar language found     
   in the following items in the     
   "Sales Charge Reductions and     
   Waivers" section beginning on     
   page 21.    
(7) If you are a current or former 
trustee or officer of a Fidelity 
fund or a current or retired 
officer, director. or regular 
employee of FMR Corp. or its 
direct or indirect subsidiaries (a 
Fidelity Trustee or employee), 
the spouse of a Fidelity Trustee 
or employee, a Fidelity Trustee 
or employee acting as custodian 
for a minor child, or a person 
acting as Trustee of a trust for 
the sole benefit of the minor child
of a Fidelity Trustee or 
employee.
(   10) If you are a registered     
   investment adviser (RIA)     
   purchasing for your     
   discretionary accounts, provided     
   you execute a Fidelity RIA load     
   waiver agreement which     
   specifies ceratin  aggregate     
   minimum and operating     
   provisions. Except for     
   correspondents of National     
   Financial Services Corporation,     
   this waiver is available only for     
   shares purchased directly from     
   Fidelity, and is unavailable if the     
   RIA is part of an organization     
   principally engaged in the     
   brokerage business.    
(11) If you are a trust institution or 
bank trust department 
purchasing for your 
non-discretionary, 
non-retirement fiduciary 
accounts, provided you execute 
a Fidelity Trust load waiver 
agreement which specifies 
certain aggregate minimum and 
operating provisions. This 
waiver is available only for 
shares purchased either directly 
from Fidelity or through a 
bank-affiliated broker and is 
unavailable, if the trust 
department or institution is part 
of an organization not principally 
engaged in banking or trust 
activities.
   The following information     
   supplements that found in the     
   "Sales Charge Reductions and     
   Waivers" section beginning on     
   page 21.    
   (12) If you invest through a     
   non-prototype pension or     
   profit-sharing plan that     
   maintains all of its mutual fund    
   
   
   
   
   
   
   
CON-94-2 (PAGE 1 OF 2) June 1, 1994
CON-94-2 (PAGE 1 OF 2) June 1, 1994
 
   assets in Fidelity mutual funds,     
   provided the plan executes a     
   Fidelity non-prototype sales     
   charge waiver request form     
   confirming its qualification.    
   (13) If you invest as part of a     
   payroll deduction program     
   through an employer who is a     
   member of the Fidelity     
   Retirement Client Advisory     
   Group or the Fidelity Retail     
   Advisory Group, provided the     
   employer enters into a Fidelity     
   payroll deduction load waiver     
   agreement which specifies     
   certain qualifying restrictions     
   and operating provisions.    
   The following language replaces     
   the similar language found at the     
   end of the "Sales Charge     
   Reductions and Waivers"     
   section beginning on page 21.    
   These waivers must be qualified     
   through FDC in advance. More     
   detailed information about     
   waivers (1), (2), (5), (9), (10),     
   and (13) is contained in the     
   Statement of Additional     
   Information. A representative  of     
   your plan or organization should     
   call Fidelity for more information.    
       
   assets in Fidelity mutual funds,     
   provided the plan executes a     
   Fidelity non-prototype sales     
   charge waiver request form     
   confirming its qualification.    
   (13) If you invest as part of a     
   payroll deduction program     
   through an employer who is a     
   member of the Fidelity     
   Retirement Client Advisory     
   Group or the Fidelity Retail     
   Advisory Group, provided the     
   employer enters into a Fidelity     
   payroll deduction load waiver     
   agreement which specifies     
   certain qualifying restrictions     
   and operating provisions.    
   The following language replaces     
   the similar language found at the     
   end of the "Sales Charge     
   Reductions and Waivers"     
   section beginning on page 21.    
   These waivers must be qualified     
   through FDC in advance. More     
   detailed information about     
   waivers (1), (2), (5), (9), (10),     
   and (13) is contained in the     
   Statement of Additional     
   Information. A representative  of     
   your plan or organization should     
   call Fidelity for more information.    
       
 (PAGE 2 OF 2) 
 (PAGE 2 OF 2) 
FIDELITY CONTRAFUND
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED FEBRUARY 19, 1994
 
The following language supplements that found in the "Performance" section,
beginning on page 10.
The fund may be compared in advertising to Certificates of Deposit (CDs) or
other investments issued by banks. The fund differs from bank investments
in several respects. The fund may offer greater liquidity or higher
potential returns than CDs; but unlike CDs, the fund does not guarantee
your principal or your return.
 
The following language replaces that found in item number (8) in the
section entitled "Additional Purchase and Redemption Information" 
beginning on page 12.
The fund's sales charge will not apply...(8) if you are a current or former
Trustee or officer of a Fidelity fund or a current or retired officer,
director, or regular employee of FMR Corp. or its direct or indirect
subsidiaries (a Fidelity Trustee or employee), the spouse of a Fidelity
Trustee or employee, a Fidelity Trustee or employee acting as custodian for
a minor child, or a person acting as trustee of a trust for the sole
benefit of the minor child of a Fidelity Trustee or employee;
 
The following language supplements that found in the section entitled
"Additional Purchase and Redemption Information"  beginning on page 12. 
The fund's sales charge will not apply...(11) if you are a registered
investment adviser (RIA) purchasing for your discretionary accounts,
provided you execute a Fidelity RIA load waiver agreement which specifies
certain aggregate minimum and operating provisions. This waiver is
available only for shares purchased directly from Fidelity, without a
broker, unless purchased through a brokerage firm which is a correspondent
of National Financial Services Corporation (NFSC). The waiver is
unavailable, however, if the RIA is part of an organization principally
engaged in the brokerage business, unless the brokerage firm in the
organization is an NFSC correspondent; (12) if you are a trust institution
or bank trust department purchasing for your non-discretionary,
non-retirement fiduciary accounts, provided you execute a Fidelity Trust
load waiver agreement which specifies certain aggregate minimum and
operating provisions. This waiver is available only for shares purchased
either directly from Fidelity or through a bank-affiliated broker, and is
unavailable if the trust de   partment or institution is part of an
organization not principally engaged in banking or trust activities; (13)
to shares purchased as part of a pension or profit-sharing plan as defined
in Section 401(a) of the Internal Revenue Code that maintains all of its
mutual fund assets in Fidelity mutual funds, provided the plan executes a
Fidelity non-prototype sales charge waiver request form confirming its
qualification; or (14) to shares purchased as part of a payroll deduction
program (including shares purchased in an amount not greater than $5,000 by
participants in the program within three months of the commencement of
their participation in the program from sources other than payroll
deduction) through an employer who has entered into a Fidelity payroll
deduction load waiver agreement and who (i) is a member of the Fidelity
Retirement Client Advisory Group and maintains an employee benefit plan
that either qualifies for exemption (1) above or is in the CORPORATEplan
for Retirement Program and has at least some of its plan assets in
Fidelity-managed products, or (ii) is a member of the Fidelity Retail
Advisory Group and has more than 500 employees.    
 
 
 
CONB-94-3 June 1, 1994