N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1400

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

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

Scott C. Goebel, 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:

September 30, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Contrafund®

September 30, 2013 

1.807733.109

CON-QTLY-1113

Investments September 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 20.8%

Auto Components - 0.1%

Delphi Automotive PLC

2,507,618

$ 146,495

Automobiles - 1.0%

Honda Motor Co. Ltd.

1,870,900

71,511

Tesla Motors, Inc. (a)(e)

3,557,617

688,114

Toyota Motor Corp.

3,581,500

229,709

 

989,334

Distributors - 0.2%

LKQ Corp. (a)

4,647,218

148,060

Hotels, Restaurants & Leisure - 3.3%

Chipotle Mexican Grill, Inc. (a)(f)

1,708,093

732,259

Chuys Holdings, Inc. (a)

309,177

11,096

Dunkin' Brands Group, Inc. (f)

7,147,490

323,495

Las Vegas Sands Corp.

1,696,490

112,681

Marriott International, Inc. Class A

689,415

28,997

McDonald's Corp.

3,639,892

350,194

Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)

1,397,400

44,479

Noodles & Co. (e)

919,242

39,224

Paddy Power PLC (Ireland)

83,026

6,655

Starbucks Corp.

15,256,768

1,174,313

Tim Hortons, Inc. (Canada) (f)

8,429,732

488,901

Whitbread PLC

1,190,668

57,133

 

3,369,427

Household Durables - 0.2%

D.R. Horton, Inc.

4,558,928

88,580

Lennar Corp. Class A

1,277,767

45,233

Whirlpool Corp.

646,423

94,662

 

228,475

Internet & Catalog Retail - 4.3%

Amazon.com, Inc. (a)

6,806,491

2,127,981

ASOS PLC (a)

1,571,197

130,767

Liberty Media Corp.:

Interactive Series A (a)

2,958,966

69,447

Series A (a)

130,212

11,481

Netflix, Inc. (a)

934,156

288,850

priceline.com, Inc. (a)

942,262

952,580

Rakuten, Inc.

7,222,400

109,633

TripAdvisor, Inc. (a)(f)

8,444,453

640,427

 

4,331,166

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Leisure Equipment & Products - 0.1%

Polaris Industries, Inc.

748,475

$ 96,688

Media - 5.7%

CBS Corp. Class B

2,404,513

132,633

Charter Communications, Inc. Class A (a)

1,267,075

170,751

Comcast Corp. Class A

14,651,373

661,509

DIRECTV (a)

1,770,443

105,784

Discovery Communications, Inc. Class A (a)(f)

15,771,874

1,331,462

DreamWorks Animation SKG, Inc. Class A (a)

1,745,755

49,684

Legend Pictures LLC (a)(h)(i)

52,165

94,053

Liberty Global PLC Class A (a)

4,217,795

334,682

Liberty Media Corp. Class A (a)

2,988,358

439,737

Lions Gate Entertainment Corp. (a)

2,862,445

100,329

Omnicom Group, Inc.

1,787,044

113,370

Rightmove PLC

620,117

23,783

The Walt Disney Co.

30,870,820

1,990,859

Twenty-First Century Fox, Inc. Class A

2,520,500

84,437

Weinstein Co. Holdings LLC Class A-1 (a)(h)(i)

41,234

15,463

WPP PLC

2,529,900

51,990

 

5,700,526

Multiline Retail - 0.0%

Dollar Tree, Inc. (a)

135,128

7,724

Specialty Retail - 4.0%

Bed Bath & Beyond, Inc. (a)

5,476,420

423,656

Fast Retailing Co. Ltd.

179,600

67,736

Five Below, Inc. (a)(f)

3,897,518

170,516

GNC Holdings, Inc.

1,572,864

85,926

Home Depot, Inc.

4,065,473

308,366

O'Reilly Automotive, Inc. (a)

956,500

122,040

Restoration Hardware Holdings, Inc.

188,398

11,935

Ross Stores, Inc.

4,963,582

361,349

TJX Companies, Inc. (f)

40,972,469

2,310,438

Tractor Supply Co.

687,734

46,195

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

405,400

48,429

Urban Outfitters, Inc. (a)

1,729,187

63,582

 

4,020,168

Textiles, Apparel & Luxury Goods - 1.9%

Gildan Activewear, Inc.

275,800

12,799

Michael Kors Holdings Ltd. (a)

3,429,071

255,534

NIKE, Inc. Class B

15,882,467

1,153,702

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

Under Armour, Inc. Class A (sub. vtg.) (a)(e)

5,096,378

$ 404,907

VF Corp.

429,026

85,398

 

1,912,340

TOTAL CONSUMER DISCRETIONARY

20,950,403

CONSUMER STAPLES - 7.9%

Beverages - 2.0%

Anheuser-Busch InBev SA NV ADR

3,491,839

346,390

Boston Beer Co., Inc. Class A (a)

521,107

127,260

The Coca-Cola Co.

40,638,479

1,539,386

 

2,013,036

Food & Staples Retailing - 2.2%

Costco Wholesale Corp.

6,662,416

766,977

CVS Caremark Corp.

12,419,323

704,797

Sprouts Farmers Market LLC

1,844,966

81,898

Wal-Mart Stores, Inc.

8,056,380

595,850

Walgreen Co.

184,300

9,915

Whole Foods Market, Inc.

384,454

22,491

 

2,181,928

Food Products - 0.7%

Associated British Foods PLC

9,378,150

284,820

Boulder Brands, Inc. (a)

95,000

1,524

Green Mountain Coffee Roasters, Inc. (a)

1,374,500

103,541

Mondelez International, Inc.

9,769,757

306,966

WhiteWave Foods Co. (e)

2,679,800

53,516

 

750,367

Household Products - 1.9%

Colgate-Palmolive Co.

28,631,065

1,697,822

Procter & Gamble Co.

2,818,243

213,031

 

1,910,853

Personal Products - 1.1%

Estee Lauder Companies, Inc. Class A

15,261,412

1,066,773

Hengan International Group Co. Ltd.

900,000

10,525

L'Oreal SA

350,599

60,213

 

1,137,511

TOTAL CONSUMER STAPLES

7,993,695

Common Stocks - continued

Shares

Value (000s)

ENERGY - 5.5%

Energy Equipment & Services - 0.3%

Core Laboratories NV

70,000

$ 11,845

Oceaneering International, Inc.

1,065,101

86,529

Schlumberger Ltd.

2,359,191

208,458

Seadrill Ltd.

668,660

30,143

 

336,975

Oil, Gas & Consumable Fuels - 5.2%

Americas Petrogas, Inc. (a)(g)

3,562,500

4,358

Anadarko Petroleum Corp.

5,668,716

527,134

Birchcliff Energy Ltd. (a)

2,921,900

19,942

Birchcliff Energy Ltd. (a)(g)

686,500

4,685

Cabot Oil & Gas Corp.

3,050,722

113,853

Canadian Natural Resources Ltd.

673,436

21,163

Cobalt International Energy, Inc. (a)

3,705,304

92,114

Concho Resources, Inc. (a)

401,100

43,644

Concho Resources, Inc. (a)

500,820

54,494

Continental Resources, Inc. (a)

2,195,028

235,439

EOG Resources, Inc.

6,076,177

1,028,575

EQT Corp.

593,500

52,655

Frontline 2012 Ltd. (a)(g)

948,082

6,496

Laredo Petroleum Holdings, Inc. (a)

350,000

10,388

Madalena Energy, Inc. (g)

9,370,500

4,230

Murphy Oil Corp.

2,080,200

125,478

Noble Energy, Inc. (f)

35,123,618

2,353,634

Oasis Petroleum, Inc. (a)

1,330,041

65,345

Phillips 66 Partners LP

500,979

15,410

Pioneer Natural Resources Co.

822,225

155,236

Rosetta Resources, Inc. (a)

220,000

11,981

TAG Oil Ltd. (g)

1,365,935

5,941

Tourmaline Oil Corp. (a)

4,518,600

183,587

Tourmaline Oil Corp. (a)(g)

1,363,300

55,390

TransAtlantic Petroleum Ltd. (a)(g)

1,734,051

1,457

 

5,192,629

TOTAL ENERGY

5,529,604

FINANCIALS - 15.9%

Capital Markets - 1.2%

Ameriprise Financial, Inc.

2,460,761

224,126

BlackRock, Inc. Class A

1,816,065

491,464

Charles Schwab Corp.

6,056,236

128,029

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

Financial Engines, Inc.

201,891

$ 12,000

Morgan Stanley

9,406,323

253,500

Oaktree Capital Group LLC Class A

1,911,972

100,092

WisdomTree Investments, Inc. (a)

1,669,282

19,380

 

1,228,591

Commercial Banks - 4.8%

Bank of Ireland (a)

1,427,660,622

404,544

M&T Bank Corp.

2,278,622

255,023

Metro Bank PLC Class A (a)(f)(i)

2,671,250

43,245

PNC Financial Services Group, Inc.

6,331,903

458,746

Shinsei Bank Ltd.

20,068,000

48,979

U.S. Bancorp

24,016,581

878,527

Wells Fargo & Co.

67,893,526

2,805,360

 

4,894,424

Consumer Finance - 1.0%

American Express Co.

13,529,978

1,021,784

Portfolio Recovery Associates, Inc. (a)

220,000

13,187

 

1,034,971

Diversified Financial Services - 6.2%

Bank of America Corp.

9,699,973

133,860

Berkshire Hathaway, Inc. Class A (a)

25,623

4,366,415

Citigroup, Inc.

27,612,002

1,339,458

IntercontinentalExchange, Inc. (a)

860,047

156,030

JPMorgan Chase & Co.

4,239,135

219,121

ORIX Corp.

3,062,700

50,069

 

6,264,953

Insurance - 2.4%

ACE Ltd.

7,447,305

696,770

AIA Group Ltd.

71,783,800

337,359

Direct Line Insurance Group PLC

160,654

554

Fairfax Financial Holdings Ltd. (sub. vtg.)

142,822

57,758

Marsh & McLennan Companies, Inc.

5,508,692

239,904

Prudential PLC

2,820,190

52,467

The Chubb Corp.

7,283,898

650,161

The Travelers Companies, Inc.

4,251,895

360,433

 

2,395,406

Real Estate Investment Trusts - 0.2%

American Tower Corp.

2,733,525

202,636

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - 0.1%

Realogy Holdings Corp.

1,452,074

$ 62,468

TOTAL FINANCIALS

16,083,449

HEALTH CARE - 12.3%

Biotechnology - 4.8%

Actelion Ltd.

184,209

13,077

Agios Pharmaceuticals, Inc.

1,148,369

32,108

Alnylam Pharmaceuticals, Inc. (a)

377,625

24,172

Amgen, Inc.

5,031,166

563,189

Biogen Idec, Inc. (a)

8,994,914

2,165,615

BioMarin Pharmaceutical, Inc. (a)

947,899

68,457

Bluebird Bio, Inc. (f)

576,100

15,532

Bluebird Bio, Inc. (f)

1,017,341

24,685

Celgene Corp. (a)

858,135

132,093

Celldex Therapeutics, Inc. (a)

1,785,419

63,257

CSL Ltd.

877,728

52,405

Genmab A/S (a)

159,517

6,539

Gilead Sciences, Inc. (a)

15,802,940

993,057

Intercept Pharmaceuticals, Inc.

394,200

27,212

Pharmacyclics, Inc. (a)

269,167

37,258

Puma Biotechnology, Inc. (a)(f)

2,159,128

115,859

Raptor Pharmaceutical Corp. (a)

388,850

5,809

Regeneron Pharmaceuticals, Inc. (a)

911,364

285,138

Theravance, Inc. (a)

377,593

15,440

Vertex Pharmaceuticals, Inc. (a)

2,079,603

157,675

 

4,798,577

Health Care Equipment & Supplies - 1.0%

Boston Scientific Corp. (a)

23,952,815

281,206

CareFusion Corp. (a)

304,425

11,233

Covidien PLC

957,557

58,354

Medtronic, Inc.

4,179,766

222,573

ResMed, Inc. (e)

2,076,531

109,682

St. Jude Medical, Inc.

229,657

12,319

Stryker Corp.

3,096,185

209,271

The Cooper Companies, Inc.

539,932

70,024

 

974,662

Health Care Providers & Services - 1.6%

AmerisourceBergen Corp.

3,424,500

209,237

CIGNA Corp.

2,978,539

228,931

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

Henry Schein, Inc. (a)

1,625,260

$ 168,539

Omnicare, Inc.

175,900

9,762

UnitedHealth Group, Inc.

13,237,214

947,917

 

1,564,386

Health Care Technology - 0.8%

Cerner Corp. (a)

15,173,840

797,385

Medidata Solutions, Inc. (a)

104,896

10,377

 

807,762

Life Sciences Tools & Services - 1.1%

Eurofins Scientific SA

57,716

14,547

Fluidigm Corp. (a)(i)

1,027,387

22,541

ICON PLC (a)

650,000

26,605

Illumina, Inc. (a)

482,095

38,968

Mettler-Toledo International, Inc. (a)(f)

2,457,845

590,104

PAREXEL International Corp. (a)

2,023,694

101,650

Thermo Fisher Scientific, Inc.

3,324,665

306,368

Waters Corp. (a)

469,032

49,816

 

1,150,599

Pharmaceuticals - 3.0%

AbbVie, Inc.

17,784,454

795,499

Bayer AG

6,198,128

730,849

Johnson & Johnson

8,673,589

751,913

Novo Nordisk A/S Series B

1,329,591

225,185

Perrigo Co.

1,372,387

169,325

Santarus, Inc. (a)

381,839

8,618

Teva Pharmaceutical Industries Ltd. sponsored ADR

1,010,192

38,165

Valeant Pharmaceuticals International, Inc. (Canada) (a)

3,387,470

353,201

 

3,072,755

TOTAL HEALTH CARE

12,368,741

INDUSTRIALS - 6.1%

Aerospace & Defense - 0.6%

Honeywell International, Inc.

2,414,067

200,464

Precision Castparts Corp.

506,709

115,145

The Boeing Co.

1,025,500

120,496

United Technologies Corp.

1,801,097

194,194

 

630,299

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Airlines - 0.1%

Ryanair Holdings PLC sponsored ADR

1,149,175

$ 57,160

Commercial Services & Supplies - 0.4%

Babcock International Group PLC

700,000

13,553

Edenred SA

5,631

183

Stericycle, Inc. (a)

3,146,208

363,072

 

376,808

Construction & Engineering - 0.0%

Jacobs Engineering Group, Inc. (a)

895,210

52,083

Electrical Equipment - 0.1%

Eaton Corp. PLC

704,258

48,481

Generac Holdings, Inc.

1,952,898

83,272

 

131,753

Industrial Conglomerates - 1.1%

3M Co.

2,673,096

319,194

Danaher Corp.

11,874,013

823,107

 

1,142,301

Machinery - 0.6%

Chart Industries, Inc. (a)

497,596

61,224

Illinois Tool Works, Inc.

4,481,361

341,793

Kubota Corp.

3,051,000

44,343

PACCAR, Inc.

314,354

17,497

Proto Labs, Inc. (a)

810,846

61,941

Snap-On, Inc.

787,999

78,406

 

605,204

Professional Services - 0.5%

Experian PLC

11,893,502

226,624

On Assignment, Inc. (a)

1,673,240

55,217

Verisk Analytics, Inc. (a)

2,863,944

186,042

 

467,883

Road & Rail - 2.1%

Canadian Pacific Railway Ltd. (e)

6,668,376

822,760

Hertz Global Holdings, Inc. (a)

3,093,987

68,563

J.B. Hunt Transport Services, Inc.

1,759,700

128,335

Union Pacific Corp.

7,000,188

1,087,409

 

2,107,067

Trading Companies & Distributors - 0.6%

Air Lease Corp.:

Class A (g)

1,624,500

44,934

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Trading Companies & Distributors - continued

Air Lease Corp.: - continued

Class A

4,347,311

$ 120,247

W.W. Grainger, Inc.

1,558,005

407,745

 

572,926

TOTAL INDUSTRIALS

6,143,484

INFORMATION TECHNOLOGY - 25.5%

Communications Equipment - 0.4%

F5 Networks, Inc. (a)

596,709

51,174

QUALCOMM, Inc.

5,923,594

399,013

 

450,187

Computers & Peripherals - 3.6%

Apple, Inc.

7,549,524

3,599,236

Electronic Equipment & Components - 0.8%

Amphenol Corp. Class A (f)

9,811,727

759,231

Ingram Micro, Inc. Class A (a)

2,557,772

58,957

 

818,188

Internet Software & Services - 11.5%

Akamai Technologies, Inc. (a)

2,195,300

113,497

Constant Contact, Inc. (a)(f)

1,626,102

38,522

Cornerstone OnDemand, Inc. (a)

2,440,086

125,518

CoStar Group, Inc. (a)

137,000

23,002

Dropbox, Inc. (a)(i)

5,464,028

54,640

eBay, Inc. (a)

15,171,590

846,423

Facebook, Inc. Class A (a)

31,800,508

1,597,658

Google, Inc. Class A (a)

7,035,100

6,162,117

Kakaku.com, Inc.

2,546,900

59,541

LinkedIn Corp. (a)

4,055,742

997,956

Marketo, Inc. (e)

133,900

4,269

Pandora Media, Inc. (a)(e)

1,374,000

34,529

Rocket Fuel, Inc.

467,291

25,112

Shutterstock, Inc.

1,027,157

74,695

Tencent Holdings Ltd.

1,388,700

72,838

Trulia, Inc.

1,353,204

63,641

Yahoo!, Inc. (a)

39,396,300

1,306,381

Zillow, Inc. (a)(e)

238,038

20,083

 

11,620,422

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - 5.1%

Accenture PLC Class A

7,052,866

$ 519,373

Alliance Data Systems Corp. (a)(e)

1,332,385

281,759

CGI Group, Inc. Class A (sub. vtg.) (a)

5,499,845

193,019

Fidelity National Information Services, Inc.

3,672,966

170,573

Fiserv, Inc. (a)

1,776,920

179,558

FleetCor Technologies, Inc. (a)

687,037

75,684

Gartner, Inc. Class A (a)

562,300

33,738

MasterCard, Inc. Class A

2,553,709

1,718,084

NeuStar, Inc. Class A (a)

250,000

12,370

Visa, Inc. Class A

10,343,534

1,976,649

 

5,160,807

Semiconductors & Semiconductor Equipment - 0.6%

Altera Corp.

538,553

20,013

ARM Holdings PLC sponsored ADR (e)

4,296,128

206,730

ASML Holding NV

502,986

49,675

Avago Technologies Ltd.

567,700

24,479

Microchip Technology, Inc. (e)

773,250

31,154

NXP Semiconductors NV (a)

2,028,383

75,476

Samsung Electronics Co. Ltd.

73,083

92,975

Skyworks Solutions, Inc. (a)

410,600

10,199

Xilinx, Inc.

1,124,906

52,713

 

563,414

Software - 3.5%

Activision Blizzard, Inc.

5,979,147

99,672

Adobe Systems, Inc. (a)

5,137,187

266,825

CommVault Systems, Inc. (a)

1,912,609

167,984

Concur Technologies, Inc. (a)(e)(f)

3,828,336

423,031

FireEye, Inc.

160,049

6,647

FleetMatics Group PLC

1,035,625

38,888

Infoblox, Inc. (a)

1,505,530

62,961

NetSuite, Inc. (a)(f)

3,925,400

423,708

QLIK Technologies, Inc. (a)

640,100

21,917

salesforce.com, Inc. (a)

15,892,984

825,005

ServiceNow, Inc. (a)

6,458,425

335,515

Splunk, Inc. (a)

4,626,003

277,745

Trion World Network, Inc. warrants 8/10/17 (a)(i)

124,282

0*

Ultimate Software Group, Inc. (a)

1,198,789

176,701

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

VMware, Inc. Class A (a)

408,500

$ 33,048

Workday, Inc. Class A

4,375,079

354,075

 

3,513,722

TOTAL INFORMATION TECHNOLOGY

25,725,976

MATERIALS - 2.8%

Chemicals - 1.7%

Eastman Chemical Co.

1,077,395

83,929

Ecolab, Inc.

4,199,715

414,764

Filtrona PLC

7,786,771

94,356

FMC Corp.

210,538

15,100

LyondellBasell Industries NV Class A

3,847,348

281,741

Monsanto Co.

2,704,833

282,303

PPG Industries, Inc.

1,780,941

297,524

Sherwin-Williams Co.

991,787

180,684

 

1,650,401

Containers & Packaging - 0.2%

Rock-Tenn Co. Class A

2,343,231

237,299

Metals & Mining - 0.7%

Anglo American PLC (United Kingdom)

404,300

9,936

B2Gold Corp. (a)(f)

51,467,699

128,413

B2Gold Corp. (a)(f)(g)

5,850,000

14,596

Dalradian Resources, Inc. (a)(g)

3,000,000

2,213

Franco-Nevada Corp. (f)

7,891,245

358,000

Franco-Nevada Corp. warrants 6/16/17 (f)(g)

342,250

2,077

Ivanhoe Mine Ltd. (a)(g)

16,077,337

34,650

Premier Gold Mines Ltd. (a)(f)

7,211,400

14,702

Premier Gold Mines Ltd. (a)(f)(g)

3,105,900

6,332

Tahoe Resources, Inc. (a)

2,079,903

37,436

Tahoe Resources, Inc. (a)(g)

5,376,500

96,772

Turquoise Hill Resources Ltd. (a)

2,953,830

13,048

 

718,175

Paper & Forest Products - 0.2%

International Paper Co.

4,575,817

204,997

TOTAL MATERIALS

2,810,872

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.0%

Iliad SA

133,273

$ 31,101

Jazztel PLC (a)

1,919,526

20,855

 

51,956

Wireless Telecommunication Services - 0.2%

RingCentral, Inc.

165,600

2,984

SoftBank Corp.

2,870,800

199,370

 

202,354

TOTAL TELECOMMUNICATION SERVICES

254,310

UTILITIES - 0.1%

Electric Utilities - 0.0%

ITC Holdings Corp.

187,669

17,615

Independent Power Producers & Energy Traders - 0.0%

The AES Corp.

1,086,294

14,437

Multi-Utilities - 0.1%

YTL Corp. Bhd

57,122,126

27,001

TOTAL UTILITIES

59,053

TOTAL COMMON STOCKS

(Cost $57,251,967)


97,919,587

Convertible Preferred Stocks - 0.1%

 

 

 

 

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

Glam Media, Inc. Series M-1, 8.00% (a)(i)

1,228,555

6,279

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Intarcia Therapeutics, Inc. (i)

2,100,446

28,629

INFORMATION TECHNOLOGY - 0.1%

Computers & Peripherals - 0.0%

Pure Storage, Inc. Series E (a)(i)

1,003,678

13,914

Internet Software & Services - 0.0%

Dropbox, Inc. Series A (a)(i)

1,260,898

12,609

Software - 0.1%

Mobileye N.V. Series F (a)(i)

1,660,543

57,953

Convertible Preferred Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Trion World Network, Inc.:

8.00% (a)(i)

333,435

$ 604

Series C, 8.00% (a)(i)

3,950,196

7,150

Series C-1, 8.00% (a)(i)

310,705

562

 

66,269

TOTAL INFORMATION TECHNOLOGY

92,792

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $163,115)


127,700

Nonconvertible Bonds - 0.0%

 

Principal
Amount
(000s) (d)

 

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

Glam Media, Inc. 9% 12/2/13 (i)

$ 2,693

2,693

FINANCIALS - 0.0%

Commercial Banks - 0.0%

Bank of Ireland 10% 7/30/16

EUR

14,286

20,331

TOTAL NONCONVERTIBLE BONDS

(Cost $21,510)


23,024

Money Market Funds - 3.2%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.10% (b)

2,649,655,161

$ 2,649,655

Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)

517,069,727

517,070

TOTAL MONEY MARKET FUNDS

(Cost $3,166,725)


3,166,725

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $60,603,317)

101,237,036

NET OTHER ASSETS (LIABILITIES) - (0.4)%

(364,920)

NET ASSETS - 100%

$ 100,872,116

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 are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(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) Affiliated company

(g) 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 $284,131,000 or 0.3% of net assets.

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

(i) 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 $360,335,000 or 0.4% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Dropbox, Inc.

5/2/12

$ 49,445

Dropbox, Inc. Series A

5/29/12

$ 11,410

Fluidigm Corp.

10/9/07 - 1/6/11

$ 18,170

Security

Acquisition Date

Acquisition Cost (000s)

Glam Media, Inc.: Series M-1, 8.00%

3/19/08

$ 22,464

9% 12/2/13

12/2/11

$ 2,693

Intarcia Therapeutics, Inc.

11/14/12

$ 28,629

Legend Pictures LLC

9/23/10 - 12/18/12

$ 57,827

Metro Bank PLC Class A

12/8/09 - 5/21/12

$ 37,356

Mobileye N.V. Series F

8/15/13

$ 57,953

Pure Storage, Inc. Series E

8/22/13

$ 13,914

Trion World Network, Inc.: warrants 8/10/17

8/10/10

$ 0*

8.00%

3/20/13

$ 1,754

Series C, 8.00%

8/22/08

$ 21,691

Series C-1, 8.00%

8/10/10

$ 1,706

Weinstein Co. Holdings LLC Class A-1

10/19/05

$ 41,234

* Amount represents less than $1,000

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

$ 3,446

Fidelity Securities Lending Cash Central Fund

4,483

Total

$ 7,929

Other Affiliated Issuers

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

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Alliance Data Systems Corp.

$ 395,341

$ 10,274

$ 252,290

$ -

$ -

Allot Communications Ltd.

37,894

-

29,261

-

-

Amphenol Corp. Class A

609,379

104,456

80,855

4,211

759,231

B2Gold Corp.

112,214

8,956

-

-

128,413

B2Gold Corp. (144A)

20,937

-

-

-

14,596

Bluebird Bio, Inc.

-

13,251

-

-

15,532

Bluebird Bio, Inc. (formerly Bluebird Bio preferred stock)

9,615

-

-

-

24,685

CGA Mining Ltd. (Canada)

61,621

-

-

-

-

Chipotle Mexican Grill, Inc.

603,558

38,452

134,699

-

732,259

Concur Technologies, Inc.

218,282

68,750

17,976

-

423,031

Constant Contact, Inc.

14,762

10,027

-

-

38,522

D.R. Horton, Inc.

323,572

94,255

311,446

-

-

Discovery Communications, Inc. Class A

1,038,085

7,755

51,887

-

1,331,462

Dunkin' Brands Group, Inc.

237,154

-

-

4,074

323,495

Five Below, Inc.

17,220

131,072

-

-

170,516

FleetMatics Group PLC

44,071

91,073

91,602

-

-

Franco-Nevada Corp.

755,693

19,220

235,771

5,275

358,000

Franco-Nevada Corp. warrants 6/16/17

3,045

-

-

-

2,077

Medusa Mining Ltd.

69,126

-

35,206

-

-

Metro Bank PLC Class A

43,393

-

-

-

43,245

Mettler-Toledo International, Inc.

463,490

22,760

9,278

-

590,104

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

NetSuite, Inc.

$ 233,147

$ 57,239

$ 10,847

$ -

$ 423,708

Noble Energy, Inc.

1,778,823

9,748

-

14,162

2,353,634

Premier Gold Mines Ltd.

31,501

4,378

4,416

-

14,702

Premier Gold Mines Ltd. (144A)

16,256

-

1,328

-

6,332

Puma Biotechnology, Inc.

21,051

50,710

-

-

115,859

SolarWinds, Inc.

206,369

15,251

173,433

-

-

Tim Hortons, Inc. (Canada)

550,631

-

146,046

6,204

488,901

TJX Companies, Inc.

1,498,738

313,622

9,086

14,352

2,310,438

TripAdvisor, Inc.

252,835

130,304

-

-

640,427

Total

$ 9,667,803

$ 1,201,553

$ 1,595,427

$ 48,278

$ 11,309,169

Other Information

The following is a summary of the inputs used, as of September 30, 2013, 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 at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 20,956,682

$ 20,310,308

$ 530,579

$ 115,795

Consumer Staples

7,993,695

7,993,695

-

-

Energy

5,529,604

5,529,604

-

-

Financials

16,083,449

15,484,145

556,059

43,245

Health Care

12,397,370

12,118,871

249,870

28,629

Industrials

6,143,484

6,099,141

44,343

-

Information Technology

25,818,768

25,611,795

59,541

147,432

Materials

2,810,872

2,810,872

-

-

Telecommunication Services

254,310

54,940

199,370

-

Utilities

59,053

59,053

-

-

Corporate Bonds

23,024

-

20,331

2,693

Money Market Funds

3,166,725

3,166,725

-

-

Total Investments in Securities:

$ 101,237,036

$ 99,239,149

$ 1,660,093

$ 337,794

The following is a summary of transfers between Level 1 and Level 2 for the period ended September 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total (000s)

Level 1 to Level 2

$ 0

Level 2 to Level 1

$ 1,769,921

Income Tax Information

At September 30, 2013, the cost of investment securities for income tax purposes was $60,694,188,000. Net unrealized appreciation aggregated $40,542,848,000, of which $40,951,341,000 related to appreciated investment securities and $408,493,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

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. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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 each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

September 30, 2013 

1.808768.109

ANIF-QTLY-1113

Investments September 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 18.3%

Automobiles - 0.6%

Tesla Motors, Inc. (a)

786,024

$ 152,033

Distributors - 0.9%

LKQ Corp. (a)

6,602,200

210,346

Hotels, Restaurants & Leisure - 3.7%

Chipotle Mexican Grill, Inc. (a)

214,124

91,795

Domino's Pizza, Inc.

1,538,752

104,558

Dunkin' Brands Group, Inc.

1,709,800

77,386

Starbucks Corp.

4,342,206

334,220

Yum! Brands, Inc.

3,857,000

275,351

 

883,310

Household Durables - 0.7%

D.R. Horton, Inc.

4,337,812

84,284

Lennar Corp. Class A (e)

1,292,208

45,744

PulteGroup, Inc.

3,015,447

49,755

 

179,783

Internet & Catalog Retail - 5.0%

Amazon.com, Inc. (a)

1,993,446

623,231

Liberty Media Corp. Interactive Series A (a)

2,588,034

60,741

priceline.com, Inc. (a)

195,958

198,104

Rakuten, Inc.

4,606,500

69,925

TripAdvisor, Inc. (a)

3,453,789

261,935

 

1,213,936

Media - 3.3%

Charter Communications, Inc. Class A (a)

647,025

87,193

Discovery Communications, Inc. Class A (a)

1,788,400

150,977

Legend Pictures LLC (a)(h)(i)

11,303

20,379

Liberty Global PLC Class A (a)

760,905

60,378

Liberty Media Corp. Class A (a)

576,365

84,812

Lions Gate Entertainment Corp. (a)

269,758

9,455

News Corp. Class A (a)

8,210,858

131,866

Twenty-First Century Fox, Inc. Class A

2,483,353

83,192

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

2,082,300

174,039

Weinstein Co. Holdings LLC Class A-1 (a)(h)(i)

2,267

850

 

803,141

Specialty Retail - 1.5%

Cabela's, Inc. Class A (a)

1,029,700

64,902

Five Below, Inc. (a)(e)

953,807

41,729

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

TJX Companies, Inc.

3,367,196

$ 189,876

Tractor Supply Co.

966,024

64,888

 

361,395

Textiles, Apparel & Luxury Goods - 2.6%

China Hongxing Sports Ltd. (a)

6,000,000

550

Michael Kors Holdings Ltd. (a)

1,633,429

121,723

NIKE, Inc. Class B

3,151,589

228,931

PVH Corp.

495,389

58,798

Under Armour, Inc. Class A (sub. vtg.) (a)(e)

2,902,435

230,598

 

640,600

TOTAL CONSUMER DISCRETIONARY

4,444,544

CONSUMER STAPLES - 6.6%

Beverages - 1.5%

Anheuser-Busch InBev SA NV ADR

1,173,261

116,387

Beam, Inc.

1,366,900

88,370

Boston Beer Co., Inc. Class A (a)(e)

375,903

91,799

Constellation Brands, Inc. Class A (sub. vtg.) (a)

1,269,000

72,841

 

369,397

Food & Staples Retailing - 2.3%

Costco Wholesale Corp.

1,483,125

170,737

CVS Caremark Corp.

3,118,877

176,996

Kroger Co.

2,282,800

92,088

Whole Foods Market, Inc.

1,820,246

106,484

 

546,305

Food Products - 0.8%

Associated British Foods PLC

1,936,443

58,811

Mondelez International, Inc.

4,159,943

130,705

 

189,516

Household Products - 0.7%

Colgate-Palmolive Co.

2,888,749

171,303

Personal Products - 1.3%

Estee Lauder Companies, Inc. Class A

3,617,744

252,880

L'Oreal SA

339,501

58,307

 

311,187

TOTAL CONSUMER STAPLES

1,587,708

Common Stocks - continued

Shares

Value (000s)

ENERGY - 6.7%

Energy Equipment & Services - 1.5%

Oceaneering International, Inc.

865,699

$ 70,329

Schlumberger Ltd.

3,314,727

292,889

 

363,218

Oil, Gas & Consumable Fuels - 5.2%

Americas Petrogas, Inc. (a)(g)

836,000

1,023

Anadarko Petroleum Corp.

1,537,788

142,999

Birchcliff Energy Ltd. (a)

489,900

3,344

Birchcliff Energy Ltd. (a)(g)

585,400

3,995

Cabot Oil & Gas Corp.

3,722,580

138,927

Cobalt International Energy, Inc. (a)

915,872

22,769

Concho Resources, Inc. (a)

98,980

10,770

Continental Resources, Inc. (a)

246,022

26,388

EOG Resources, Inc.

1,553,680

263,007

GoviEx Uranium, Inc. (a)(i)

3,477,000

8,901

Madalena Energy, Inc. (g)

2,200,000

993

Marathon Petroleum Corp.

824,700

53,045

Noble Energy, Inc.

7,814,200

523,630

Rooster Energy Ltd. (a)(f)

9,425,000

6,222

TAG Oil Ltd. (g)

322,900

1,404

Tourmaline Oil Corp. (a)

1,107,200

44,985

Tourmaline Oil Corp. (a)(g)

303,400

12,327

TransAtlantic Petroleum Ltd. (a)(g)

325,400

273

 

1,265,002

TOTAL ENERGY

1,628,220

FINANCIALS - 17.9%

Capital Markets - 1.9%

Ameriprise Financial, Inc.

544,139

49,560

BlackRock, Inc. Class A

543,246

147,013

Charles Schwab Corp.

4,788,764

101,234

Morgan Stanley

4,412,877

118,927

Oaktree Capital Group LLC Class A

872,576

45,679

 

462,413

Commercial Banks - 4.6%

Bank of Ireland (a)

248,940,628

70,540

M&T Bank Corp. (e)

765,497

85,674

Metro Bank PLC Class A (a)(i)

239,350

3,875

PNC Financial Services Group, Inc.

2,496,889

180,900

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

U.S. Bancorp

5,096,314

$ 186,423

Wells Fargo & Co.

14,209,056

587,118

 

1,114,530

Diversified Financial Services - 4.9%

Bank of America Corp.

25,438,327

351,049

Berkshire Hathaway, Inc. Class A (a)

2,278

388,194

Citigroup, Inc.

9,374,770

454,770

 

1,194,013

Insurance - 5.4%

ACE Ltd.

1,795,195

167,958

Admiral Group PLC

472,628

9,434

AIA Group Ltd.

30,723,800

144,391

American International Group, Inc.

7,130,700

346,766

Direct Line Insurance Group PLC

44,968

155

Fairfax Financial Holdings Ltd. (sub. vtg.)

144,600

58,477

Genworth Financial, Inc. Class A (a)

4,549,600

58,189

Marsh & McLennan Companies, Inc.

1,366,941

59,530

MetLife, Inc.

4,018,700

188,678

The Chubb Corp.

2,029,876

181,187

The Travelers Companies, Inc.

1,136,863

96,372

 

1,311,137

Real Estate Investment Trusts - 0.5%

American Tower Corp.

1,499,075

111,126

Real Estate Management & Development - 0.6%

Realogy Holdings Corp.

3,379,300

145,377

TOTAL FINANCIALS

4,338,596

HEALTH CARE - 13.6%

Biotechnology - 6.7%

Agios Pharmaceuticals, Inc.

1,174,162

29,547

Alexion Pharmaceuticals, Inc. (a)

829,300

96,331

Biogen Idec, Inc. (a)

2,752,086

662,592

BioMarin Pharmaceutical, Inc. (a)

906,745

65,485

Bluebird Bio, Inc.

138,498

3,734

Bluebird Bio, Inc.

245,632

5,960

CSL Ltd.

2,870,525

171,386

Gilead Sciences, Inc. (a)

7,946,320

499,347

KYTHERA Biopharmaceuticals, Inc. (f)

1,609,137

73,538

Light Sciences Oncology, Inc. (a)

2,708,254

160

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

OvaScience, Inc. (a)(f)

1,143,459

$ 11,332

RXi Pharmaceuticals Corp. warrants 2/4/15 (a)

228,571

51

Verastem, Inc. (a)

123,591

1,537

 

1,621,000

Health Care Equipment & Supplies - 1.2%

Align Technology, Inc. (a)

2,848,158

137,053

Boston Scientific Corp. (a)

6,471,315

75,973

High Power Exploration (a)

58,562

41

The Cooper Companies, Inc.

617,351

80,064

 

293,131

Health Care Providers & Services - 0.3%

DaVita, Inc. (a)

60,103

3,420

Henry Schein, Inc. (a)

715,685

74,217

 

77,637

Health Care Technology - 0.8%

Cerner Corp. (a)

3,613,430

189,886

Life Sciences Tools & Services - 2.5%

Eurofins Scientific SA

177,513

44,740

Fluidigm Corp. (a)(i)

112,607

2,471

Illumina, Inc. (a)

723,244

58,460

Mettler-Toledo International, Inc. (a)

558,123

134,000

PAREXEL International Corp. (a)

2,223,697

111,696

Thermo Fisher Scientific, Inc.

1,284,935

118,407

Waters Corp. (a)

1,298,599

137,924

 

607,698

Pharmaceuticals - 2.1%

AbbVie, Inc.

3,939,029

176,193

Eli Lilly & Co.

2,373,900

119,478

Novo Nordisk A/S Series B

323,510

54,791

Perrigo Co.

710,785

87,697

Valeant Pharmaceuticals International, Inc. (Canada) (a)

562,718

58,673

 

496,832

TOTAL HEALTH CARE

3,286,184

INDUSTRIALS - 7.4%

Airlines - 0.2%

Ryanair Holdings PLC sponsored ADR

1,093,895

54,410

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Building Products - 0.1%

Fortune Brands Home & Security, Inc.

811,300

$ 33,774

Electrical Equipment - 1.7%

Eaton Corp. PLC

1,792,942

123,426

Rockwell Automation, Inc.

1,364,600

145,930

Roper Industries, Inc.

1,059,400

140,762

 

410,118

Industrial Conglomerates - 0.7%

Danaher Corp.

2,556,168

177,194

Machinery - 0.2%

Proto Labs, Inc. (a)(e)

512,550

39,154

Professional Services - 1.0%

Verisk Analytics, Inc. (a)

3,711,156

241,077

Road & Rail - 2.9%

Canadian Pacific Railway Ltd. (e)

1,924,932

237,503

Hertz Global Holdings, Inc. (a)

3,450,335

76,459

J.B. Hunt Transport Services, Inc.

938,630

68,454

Kansas City Southern

1,248,500

136,536

Union Pacific Corp.

1,091,266

169,517

 

688,469

Trading Companies & Distributors - 0.6%

Air Lease Corp.:

Class A (g)

320,800

8,873

Class A

1,314,542

36,360

W.W. Grainger, Inc.

371,300

97,173

 

142,406

TOTAL INDUSTRIALS

1,786,602

INFORMATION TECHNOLOGY - 20.9%

Communications Equipment - 0.4%

F5 Networks, Inc. (a)

27,900

2,393

Nokia Corp. sponsored ADR (a)

14,287,227

93,010

 

95,403

Computers & Peripherals - 0.0%

Stratasys Ltd. (a)

109,400

11,078

Electronic Equipment & Components - 1.4%

Amphenol Corp. Class A

2,797,612

216,479

Trimble Navigation Ltd. (a)

4,205,950

124,959

 

341,438

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 9.8%

Akamai Technologies, Inc. (a)

1,874,600

$ 96,917

Cornerstone OnDemand, Inc. (a)

503,448

25,897

Dropbox, Inc. (a)(i)

1,289,836

12,898

eBay, Inc. (a)

3,280,599

183,025

Facebook, Inc. Class A (a)

10,813,359

543,263

Google, Inc. Class A (a)

1,052,546

921,940

LinkedIn Corp. (a)

1,452,173

357,322

Responsys, Inc. (a)

1,303,152

21,502

Rocket Fuel, Inc.

9,600

516

Shutterstock, Inc.

1,055,237

76,737

SPS Commerce, Inc. (a)(f)

913,600

61,138

Trulia, Inc. (e)

783,728

36,859

Zillow, Inc. (a)(e)

403,218

34,020

 

2,372,034

IT Services - 5.0%

Alliance Data Systems Corp. (a)(e)

341,733

72,266

CGI Group, Inc. Class A (sub. vtg.) (a)

660,705

23,188

Fidelity National Information Services, Inc.

1,740,530

80,830

Fiserv, Inc. (a)

760,916

76,891

FleetCor Technologies, Inc. (a)

583,175

64,243

Gartner, Inc. Class A (a)

979,600

58,776

MasterCard, Inc. Class A

526,277

354,069

Total System Services, Inc.

2,278,200

67,025

Visa, Inc. Class A

2,148,324

410,545

 

1,207,833

Software - 4.3%

Activision Blizzard, Inc.

1,455,453

24,262

Concur Technologies, Inc. (a)(e)

2,378,468

262,821

FireEye, Inc.

214,534

8,910

Infoblox, Inc. (a)

1,063,919

44,493

Mu Sigma, Inc. (i)

619,826

13,636

NetSuite, Inc. (a)

1,605,607

173,309

salesforce.com, Inc. (a)

3,065,988

159,155

ServiceNow, Inc. (a)

2,594,843

134,802

SolarWinds, Inc. (a)

42,889

1,504

Splunk, Inc. (a)

683,490

41,037

Trion World Network, Inc. warrants 8/10/17 (a)(i)

18,952

0*

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Ultimate Software Group, Inc. (a)

813,343

$ 119,887

Workday, Inc. Class A

560,451

45,357

 

1,029,173

TOTAL INFORMATION TECHNOLOGY

5,056,959

MATERIALS - 4.1%

Chemicals - 2.8%

Airgas, Inc.

788,300

83,599

Eastman Chemical Co.

1,109,450

86,426

Ecolab, Inc.

1,248,448

123,297

Filtrona PLC

2,767,986

33,541

Monsanto Co.

1,530,967

159,787

PPG Industries, Inc.

726,759

121,412

Sherwin-Williams Co.

354,636

64,608

 

672,670

Containers & Packaging - 0.4%

Rock-Tenn Co. Class A

1,011,520

102,437

Metals & Mining - 0.5%

Altius Minerals Corp. (a)

7,500

81

B2Gold Corp. (a)

13,023,232

32,493

B2Gold Corp. (a)(g)

660,000

1,647

Dalradian Resources, Inc. (a)

992,906

733

Dalradian Resources, Inc. (a)(g)

1,000,000

738

Franco-Nevada Corp.

1,348,161

61,162

Franco-Nevada Corp. warrants 6/16/17 (g)

62,150

377

Ivanhoe Mine Ltd. (a)(g)

3,792,299

8,173

Premier Gold Mines Ltd. (a)(g)

725,900

1,480

Tahoe Resources, Inc. (a)(g)

1,074,200

19,335

 

126,219

Paper & Forest Products - 0.4%

International Paper Co.

1,890,883

84,712

TOTAL MATERIALS

986,038

TELECOMMUNICATION SERVICES - 0.3%

Diversified Telecommunication Services - 0.3%

tw telecom, Inc. (a)

2,419,400

72,255

Common Stocks - continued

Shares

Value (000s)

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.0%

The AES Corp.

20,800

$ 276

Multi-Utilities - 0.1%

YTL Corp. Bhd

70,207,126

33,186

TOTAL UTILITIES

33,462

TOTAL COMMON STOCKS

(Cost $17,300,960)


23,220,568

Convertible Preferred Stocks - 0.3%

 

 

 

 

CONSUMER DISCRETIONARY - 0.1%

Household Durables - 0.1%

Blu Homes, Inc. Series A, 5.00% (i)

5,575,412

25,758

Media - 0.0%

Glam Media, Inc. Series M-1, 8.00% (a)(i)

165,366

845

TOTAL CONSUMER DISCRETIONARY

26,603

HEALTH CARE - 0.1%

Biotechnology - 0.0%

Intarcia Therapeutics, Inc. (i)

516,522

7,040

Health Care Technology - 0.0%

Castlight Health, Inc. Series D (a)(i)

1,325,100

10,548

Life Sciences Tools & Services - 0.1%

Living Proof, Inc. 8.00% (i)

10,369,703

18,400

TOTAL HEALTH CARE

35,988

INFORMATION TECHNOLOGY - 0.1%

Internet Software & Services - 0.0%

Dropbox, Inc. Series A (a)(i)

299,518

2,995

Software - 0.1%

Mobileye N.V. Series F (a)(i)

398,824

13,919

Trion World Network, Inc.:

8.00% (a)(i)

50,840

92

Convertible Preferred Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Trion World Network, Inc.: - continued

Series C, 8.00% (a)(i)

602,295

$ 1,090

Series C-1, 8.00% (a)(i)

47,380

86

 

15,187

TOTAL INFORMATION TECHNOLOGY

18,182

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $83,168)


80,773

Nonconvertible Bonds - 0.0%

 

Principal Amount (000s)(d)

 

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

Glam Media, Inc. 9% 12/2/13 (i)

$ 362

362

FINANCIALS - 0.0%

Commercial Banks - 0.0%

Bank of Ireland 10% 7/30/16

EUR

3,571

5,082

TOTAL NONCONVERTIBLE BONDS

(Cost $5,066)


5,444

Money Market Funds - 5.5%

Shares

 

Fidelity Cash Central Fund, 0.10% (b)

832,245,188

832,245

Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)

500,586,666

500,587

TOTAL MONEY MARKET FUNDS

(Cost $1,332,832)


1,332,832

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $18,722,026)

24,639,617

NET OTHER ASSETS (LIABILITIES) - (1.7)%

(411,709)

NET ASSETS - 100%

$ 24,227,908

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 are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(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) Affiliated company

(g) 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 $60,638,000 or 0.3% of net assets.

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

(i) 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 $144,145,000 or 0.6% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Blu Homes, Inc. Series A, 5.00%

6/10/13

$ 25,758

Castlight Health, Inc. Series D

4/25/12

$ 7,999

Dropbox, Inc.

5/2/12

$ 11,672

Dropbox, Inc. Series A

5/29/12

$ 2,710

Fluidigm Corp.

10/9/07 - 1/6/11

$ 1,992

Glam Media, Inc. Series M-1, 8.00%

3/19/08

$ 3,024

Glam Media, Inc. 9% 12/2/13

12/2/11

$ 362

GoviEx Uranium, Inc.

9/28/07 - 4/6/10

$ 7,499

Intarcia Therapeutics, Inc.

11/14/12

$ 7,040

Legend Pictures LLC

9/23/10 - 12/18/12

$ 12,915

Living Proof, Inc. 8.00%

2/13/13

$ 18,400

Metro Bank PLC Class A

5/21/12

$ 3,791

Mobileye N.V. Series F

8/15/13

$ 13,919

Mu Sigma, Inc.

12/21/12

$ 15,000

Security

Acquisition Date

Acquisition Cost (000s)

Trion World Network, Inc. warrants 8/10/17

8/10/10

$ 0*

Trion World Network, Inc. 8.00%

3/20/13

$ 267

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

Weinstein Co. Holdings LLC Class A-1

10/19/05

$ 2,267

* Amount represents less than $1,000.

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

$ 627

Fidelity Securities Lending Cash Central Fund

1,485

Total

$ 2,112

Other Affiliated Issuers

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

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

KYTHERA Biopharmaceuticals, Inc.

$ 42,491

$ 1,838

$ -

$ -

$ 73,538

OvaScience, Inc.

9,131

717

-

-

11,332

Rooster Energy Ltd.

5,188

-

195

-

6,222

Skope Energy, Inc.

51

-

-

-

-

SPS Commerce, Inc.

37,270

-

5,456

-

61,138

Total

$ 94,131

$ 2,555

$ 5,651

$ -

$ 152,230

Other Information

The following is a summary of the inputs used, as of September 30, 2013, 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 table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 4,471,147

$ 4,352,840

$ 69,925

$ 48,382

Consumer Staples

1,587,708

1,587,708

-

-

Energy

1,628,220

1,619,319

-

8,901

Financials

4,338,596

4,264,181

70,540

3,875

Health Care

3,322,172

3,195,634

90,349

36,189

Industrials

1,786,602

1,786,602

-

-

Information Technology

5,075,141

5,030,425

-

44,716

Materials

986,038

986,038

-

-

Telecommunication Services

72,255

72,255

-

-

Utilities

33,462

33,462

-

-

Corporate Bonds

5,444

-

5,082

362

Money Market Funds

1,332,832

1,332,832

-

-

Total Investments in Securities:

$ 24,639,617

$ 24,261,296

$ 235,896

$ 142,425

Income Tax Information

At September 30, 2013, the cost of investment securities for income tax purposes was $18,823,039,000. Net unrealized appreciation aggregated $5,816,578,000, of which $6,002,501,000 related to appreciated investment securities and $185,923,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

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. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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 each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series Opportunistic
Insights Fund

September 30, 2013 

1.951057.100

O1T-QTLY-1113

Investments September 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%

Shares

Value

CONSUMER DISCRETIONARY - 17.6%

Auto Components - 0.1%

Delphi Automotive PLC

97,800

$ 5,713,476

Automobiles - 1.0%

Honda Motor Co. Ltd.

83,400

3,187,782

Tesla Motors, Inc. (a)

177,125

34,259,518

Toyota Motor Corp.

156,300

10,024,698

 

47,471,998

Distributors - 0.1%

LKQ Corp. (a)

110,500

3,520,530

Hotels, Restaurants & Leisure - 2.0%

Buffalo Wild Wings, Inc. (a)

21,200

2,357,864

Chipotle Mexican Grill, Inc. (a)

55,300

23,707,110

Chuys Holdings, Inc. (a)

5,900

211,751

Las Vegas Sands Corp.

83,100

5,519,502

Marriott International, Inc. Class A

28,800

1,211,328

Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)

64,700

2,059,401

Noodles & Co.

33,300

1,420,911

Starbucks Corp.

733,100

56,426,707

Whitbread PLC

46,774

2,244,413

 

95,158,987

Household Durables - 0.1%

Lennar Corp. Class A (d)

176,210

6,237,834

Whirlpool Corp.

8,500

1,244,740

 

7,482,574

Internet & Catalog Retail - 5.6%

Amazon.com, Inc. (a)

357,393

111,735,348

ASOS PLC (a)

142,900

11,893,231

Liberty Media Corp.:

Interactive Series A (a)

37,800

887,166

Series A (a)

3,210

283,026

Netflix, Inc. (a)

38,344

11,856,348

priceline.com, Inc. (a)

63,500

64,195,325

Rakuten, Inc.

451,200

6,849,006

TripAdvisor, Inc. (a)

787,200

59,701,248

 

267,400,698

Leisure Equipment & Products - 0.5%

Polaris Industries, Inc.

175,800

22,709,844

Media - 3.8%

CBS Corp. Class B

101,742

5,612,089

Charter Communications, Inc. Class A (a)

62,003

8,355,524

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

Comcast Corp. Class A

529,665

$ 23,914,375

DIRECTV (a)

81,472

4,867,952

Discovery Communications, Inc. Class A (a)

286,300

24,169,446

DreamWorks Animation SKG, Inc. Class A (a)

78,393

2,231,065

Liberty Global PLC Class A (a)

491,752

39,020,521

Liberty Media Corp. Class A (a)

382,828

56,333,140

Lions Gate Entertainment Corp. (a)

128,337

4,498,212

Omnicom Group, Inc.

54,914

3,483,744

Rightmove PLC

26,700

1,023,991

The Walt Disney Co.

71,700

4,623,933

Twenty-First Century Fox, Inc. Class A

112,576

3,771,296

WPP PLC

117,700

2,418,742

 

184,324,030

Specialty Retail - 2.5%

Bed Bath & Beyond, Inc. (a)

90,018

6,963,792

Five Below, Inc. (a)

180,800

7,910,000

GNC Holdings, Inc.

42,600

2,327,238

Home Depot, Inc.

505,941

38,375,625

O'Reilly Automotive, Inc. (a)

30,400

3,878,736

Restoration Hardware Holdings, Inc.

9,100

576,485

Ross Stores, Inc.

13,300

968,240

TJX Companies, Inc.

737,500

41,587,625

Tractor Supply Co.

31,000

2,082,270

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

17,700

2,114,442

Urban Outfitters, Inc. (a)

328,200

12,067,914

 

118,852,367

Textiles, Apparel & Luxury Goods - 1.9%

ECLAT Textile Co. Ltd.

91,800

805,862

Gildan Activewear, Inc.

10,000

464,055

Michael Kors Holdings Ltd. (a)

440,431

32,820,918

NIKE, Inc. Class B

619,800

45,022,272

Under Armour, Inc. Class A (sub. vtg.) (a)

153,000

12,155,850

VF Corp.

6,800

1,353,540

 

92,622,497

TOTAL CONSUMER DISCRETIONARY

845,257,001

CONSUMER STAPLES - 5.7%

Beverages - 1.0%

Anheuser-Busch InBev SA NV ADR

185,400

18,391,680

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Beverages - continued

Boston Beer Co., Inc. Class A (a)

120,332

$ 29,386,278

The Coca-Cola Co.

12,037

455,962

 

48,233,920

Food & Staples Retailing - 2.0%

Costco Wholesale Corp.

403,100

46,404,872

CVS Caremark Corp.

386,426

21,929,676

Sprouts Farmers Market LLC

78,200

3,471,298

Tesco PLC

205,100

1,192,011

Wal-Mart Stores, Inc.

279,852

20,697,854

Walgreen Co.

8,600

462,680

Whole Foods Market, Inc.

16,500

965,250

 

95,123,641

Food Products - 0.9%

Associated British Foods PLC

1,085,768

32,975,386

Boulder Brands, Inc. (a)

4,400

70,576

Green Mountain Coffee Roasters, Inc. (a)

56,000

4,218,480

Mondelez International, Inc.

196,710

6,180,628

WhiteWave Foods Co.

121,000

2,416,370

 

45,861,440

Household Products - 0.7%

Colgate-Palmolive Co.

490,500

29,086,650

Procter & Gamble Co.

55,913

4,226,464

 

33,313,114

Personal Products - 1.1%

Estee Lauder Companies, Inc. Class A

708,418

49,518,418

Hengan International Group Co. Ltd.

41,000

479,467

L'Oreal SA

15,578

2,675,433

 

52,673,318

TOTAL CONSUMER STAPLES

275,205,433

ENERGY - 4.4%

Energy Equipment & Services - 0.2%

Core Laboratories NV

2,815

476,326

Oceaneering International, Inc.

16,500

1,340,460

Schlumberger Ltd.

71,700

6,335,412

Seadrill Ltd.

31,200

1,406,496

 

9,558,694

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - 4.2%

Anadarko Petroleum Corp.

98,419

$ 9,151,983

Cabot Oil & Gas Corp.

169,000

6,307,080

Canadian Natural Resources Ltd.

28,400

892,489

Cobalt International Energy, Inc. (a)

145,754

3,623,444

Concho Resources, Inc. (a)

18,700

2,034,747

Continental Resources, Inc. (a)

74,000

7,937,240

EOG Resources, Inc.

730,710

123,694,589

EQT Corp.

21,600

1,916,352

Laredo Petroleum Holdings, Inc. (a)

16,300

483,784

Murphy Oil Corp.

569,100

34,328,112

Noble Energy, Inc.

23,900

1,601,539

Oasis Petroleum, Inc. (a)

62,100

3,050,973

Phillips 66 Partners LP

22,900

704,404

Pioneer Natural Resources Co.

21,300

4,021,440

Rosetta Resources, Inc. (a)

9,300

506,478

 

200,254,654

TOTAL ENERGY

209,813,348

FINANCIALS - 11.3%

Capital Markets - 1.3%

Ameriprise Financial, Inc.

107,000

9,745,560

BlackRock, Inc. Class A

129,202

34,964,645

Charles Schwab Corp.

267,900

5,663,406

Financial Engines, Inc.

9,300

552,792

Morgan Stanley

263,500

7,101,325

Oaktree Capital Group LLC Class A

94,690

4,957,022

WisdomTree Investments, Inc. (a)

70,400

817,344

 

63,802,094

Commercial Banks - 2.1%

M&T Bank Corp. (d)

299,200

33,486,464

PNC Financial Services Group, Inc.

109,043

7,900,165

Shinsei Bank Ltd.

819,000

1,998,896

U.S. Bancorp

117,400

4,294,492

Wells Fargo & Co.

1,245,096

51,447,367

 

99,127,384

Consumer Finance - 0.4%

American Express Co.

248,508

18,767,324

Portfolio Recovery Associates, Inc. (a)

8,500

509,490

 

19,276,814

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Diversified Financial Services - 5.5%

Bank of America Corp.

430,500

$ 5,940,900

Berkshire Hathaway, Inc. Class A (a)

859

146,382,190

Citigroup, Inc.

2,055,948

99,734,037

IntercontinentalExchange, Inc. (a)

37,100

6,730,682

JPMorgan Chase & Co.

71,600

3,701,004

ORIX Corp.

135,400

2,213,509

 

264,702,322

Insurance - 1.7%

ACE Ltd.

238,768

22,339,134

AIA Group Ltd.

472,400

2,220,114

Marsh & McLennan Companies, Inc.

481,200

20,956,260

The Chubb Corp.

224,062

19,999,774

The Travelers Companies, Inc.

193,800

16,428,426

 

81,943,708

Real Estate Investment Trusts - 0.1%

American Tower Corp.

25,722

1,906,772

Real Estate Management & Development - 0.2%

Realogy Holdings Corp.

262,140

11,277,263

TOTAL FINANCIALS

542,036,357

HEALTH CARE - 15.5%

Biotechnology - 9.8%

Actelion Ltd.

6,842

485,715

Agios Pharmaceuticals, Inc. (d)

54,197

1,515,348

Alnylam Pharmaceuticals, Inc. (a)

17,100

1,094,571

Amgen, Inc.

235,254

26,334,333

Biogen Idec, Inc. (a)

610,519

146,988,554

BioMarin Pharmaceutical, Inc. (a)

18,363

1,326,176

Bluebird Bio, Inc. (d)

26,100

703,656

Celgene Corp. (a)

40,485

6,231,856

Celldex Therapeutics, Inc. (a)

59,900

2,122,257

CSL Ltd.

25,262

1,508,283

Genmab A/S (a)

7,600

311,549

Gilead Sciences, Inc. (a)

3,354,976

210,826,692

Intercept Pharmaceuticals, Inc.

34,427

2,376,496

Intrexon Corp. (a)

1,156,174

24,650,786

Pharmacyclics, Inc. (a)

11,750

1,626,435

Puma Biotechnology, Inc. (a)

134,181

7,200,152

Raptor Pharmaceutical Corp. (a)

18,100

270,414

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

Regeneron Pharmaceuticals, Inc. (a)

90,273

$ 28,243,714

Theravance, Inc. (a)

29,100

1,189,899

Vertex Pharmaceuticals, Inc. (a)

85,000

6,444,700

 

471,451,586

Health Care Equipment & Supplies - 0.9%

Boston Scientific Corp. (a)

1,066,200

12,517,188

CareFusion Corp. (a)

12,980

478,962

Covidien PLC

67,700

4,125,638

Medtronic, Inc.

106,679

5,680,657

ResMed, Inc. (d)

96,900

5,118,258

Stryker Corp.

51,834

3,503,460

The Cooper Companies, Inc.

27,587

3,577,758

Trinity Biotech PLC sponsored ADR

390,433

8,495,822

 

43,497,743

Health Care Providers & Services - 1.6%

AmerisourceBergen Corp.

131,275

8,020,903

CIGNA Corp.

84,900

6,525,414

Henry Schein, Inc. (a)

237,800

24,659,860

MWI Veterinary Supply, Inc. (a)

16,283

2,432,029

Omnicare, Inc.

8,100

449,550

UnitedHealth Group, Inc.

490,307

35,110,884

 

77,198,640

Health Care Technology - 0.7%

Cerner Corp. (a)

602,310

31,651,391

Medidata Solutions, Inc. (a)

4,800

474,864

 

32,126,255

Life Sciences Tools & Services - 1.1%

Eurofins Scientific SA

2,600

655,294

ICON PLC (a)

22,900

937,297

Illumina, Inc. (a)

22,400

1,810,592

Mettler-Toledo International, Inc. (a)

91,193

21,894,527

PAREXEL International Corp. (a)

89,200

4,480,516

Thermo Fisher Scientific, Inc.

177,200

16,328,980

Waters Corp. (a)

41,030

4,357,796

 

50,465,002

Pharmaceuticals - 1.4%

AbbVie, Inc.

776,500

34,732,845

Astellas Pharma, Inc.

7,300

372,884

Bayer AG

63,100

7,440,399

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Johnson & Johnson

6,900

$ 598,161

Novo Nordisk A/S Series B

13,000

2,201,737

Santarus, Inc. (a)

17,700

399,489

Teva Pharmaceutical Industries Ltd. sponsored ADR

45,600

1,722,768

Valeant Pharmaceuticals International, Inc. (Canada) (a)

179,900

18,757,594

 

66,225,877

TOTAL HEALTH CARE

740,965,103

INDUSTRIALS - 6.0%

Aerospace & Defense - 0.4%

Honeywell International, Inc.

93,673

7,778,606

Precision Castparts Corp.

21,700

4,931,108

The Boeing Co.

41,400

4,864,500

United Technologies Corp.

29,300

3,159,126

 

20,733,340

Air Freight & Logistics - 0.2%

XPO Logistics, Inc. (a)(d)

338,805

7,341,904

Airlines - 0.0%

Ryanair Holdings PLC sponsored ADR

47,723

2,373,742

Commercial Services & Supplies - 0.0%

Babcock International Group PLC

25,200

487,924

Construction & Engineering - 0.1%

Jacobs Engineering Group, Inc. (a)

41,625

2,421,743

Electrical Equipment - 0.6%

Eaton Corp. PLC

39,200

2,698,528

Generac Holdings, Inc.

597,627

25,482,815

 

28,181,343

Industrial Conglomerates - 0.8%

3M Co.

111,877

13,359,233

Danaher Corp.

360,950

25,021,054

 

38,380,287

Machinery - 0.5%

Chart Industries, Inc. (a)

22,400

2,756,096

Illinois Tool Works, Inc.

218,005

16,627,241

Kubota Corp.

128,000

1,860,360

Proto Labs, Inc. (a)

37,400

2,856,986

 

24,100,683

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Professional Services - 1.0%

Experian PLC

44,699

$ 851,715

On Assignment, Inc. (a)

15,600

514,800

Verisk Analytics, Inc. (a)

743,100

48,271,776

 

49,638,291

Road & Rail - 2.3%

Canadian Pacific Railway Ltd.

397,900

49,093,841

Hertz Global Holdings, Inc. (a)

324,487

7,190,632

J.B. Hunt Transport Services, Inc.

23,800

1,735,734

Union Pacific Corp.

332,300

51,619,482

 

109,639,689

Trading Companies & Distributors - 0.1%

Air Lease Corp. Class A

142,800

3,949,848

W.W. Grainger, Inc.

3,400

889,814

 

4,839,662

TOTAL INDUSTRIALS

288,138,608

INFORMATION TECHNOLOGY - 31.5%

Communications Equipment - 0.2%

F5 Networks, Inc. (a)

20,600

1,766,656

QUALCOMM, Inc.

103,900

6,998,704

 

8,765,360

Computers & Peripherals - 1.7%

Apple, Inc.

172,824

82,393,842

Electronic Equipment & Components - 0.6%

Amphenol Corp. Class A

308,702

23,887,361

Ingram Micro, Inc. Class A (a)

95,450

2,200,123

 

26,087,484

Internet Software & Services - 16.7%

Akamai Technologies, Inc. (a)

100,700

5,206,190

Cornerstone OnDemand, Inc. (a)

20,992

1,079,828

CoStar Group, Inc. (a)

5,600

940,240

eBay, Inc. (a)

583,350

32,545,097

Facebook, Inc. Class A (a)

5,939,719

298,411,479

Google, Inc. Class A (a)

270,653

237,067,669

Kakaku.com, Inc.

97,400

2,276,989

LinkedIn Corp. (a)

406,800

100,097,208

Marketo, Inc.

5,593

178,305

Pandora Media, Inc. (a)(d)

64,500

1,620,885

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Rocket Fuel, Inc.

22,550

$ 1,211,837

Shutterstock, Inc.

48,100

3,497,832

Tencent Holdings Ltd.

62,900

3,299,130

Textura Corp.

3,200

137,856

Trulia, Inc.

31,500

1,481,445

Yahoo!, Inc. (a)

3,283,925

108,894,953

Zillow, Inc. (a)

11,380

960,131

 

798,907,074

IT Services - 6.0%

Accenture PLC Class A

230,247

16,955,389

Alliance Data Systems Corp. (a)

42,201

8,924,245

CGI Group, Inc. Class A (sub. vtg.) (a)

236,300

8,293,039

EPAM Systems, Inc. (a)

31,327

1,080,782

Fidelity National Information Services, Inc.

482,253

22,395,829

Fiserv, Inc. (a)

9,200

929,660

FleetCor Technologies, Inc. (a)

103,402

11,390,764

Gartner, Inc. Class A (a)

8,200

492,000

MasterCard, Inc. Class A

206,551

138,963,382

NeuStar, Inc. Class A (a)

8,500

420,580

Visa, Inc. Class A

398,311

76,117,232

 

285,962,902

Semiconductors & Semiconductor Equipment - 0.7%

Altera Corp.

24,700

917,852

ARM Holdings PLC sponsored ADR

111,190

5,350,463

ASML Holding NV

104,400

10,310,544

Avago Technologies Ltd.

22,900

987,448

KLA-Tencor Corp.

9,000

547,650

Linear Technology Corp.

11,425

453,116

Microchip Technology, Inc. (d)

33,200

1,337,628

NXP Semiconductors NV (a)

63,700

2,370,277

Samsung Electronics Co. Ltd.

4,144

5,271,928

Semtech Corp. (a)

37,600

1,127,624

Skyworks Solutions, Inc. (a)

18,600

462,024

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

231,200

3,921,152

Xilinx, Inc.

29,800

1,396,428

 

34,454,134

Software - 5.6%

Activision Blizzard, Inc.

27,500

458,425

Adobe Systems, Inc. (a)

205,900

10,694,446

CA Technologies, Inc.

29,200

866,364

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

CommVault Systems, Inc. (a)

577,900

$ 50,756,957

Concur Technologies, Inc. (a)(d)

273,878

30,263,519

Diligent Board Member Services, Inc. (a)

427,239

2,022,607

FireEye, Inc.

7,523

312,430

FleetMatics Group PLC

43,356

1,628,018

Infoblox, Inc. (a)

56,050

2,344,011

NetSuite, Inc. (a)

329,420

35,557,595

QLIK Technologies, Inc. (a)

25,189

862,471

salesforce.com, Inc. (a)

712,332

36,977,154

ServiceNow, Inc. (a)

833,138

43,281,519

Splunk, Inc. (a)

175,506

10,537,380

SS&C Technologies Holdings, Inc. (a)

5,200

198,120

Ultimate Software Group, Inc. (a)

212,577

31,333,850

VMware, Inc. Class A (a)

16,100

1,302,490

Workday, Inc. Class A

129,800

10,504,714

 

269,902,070

TOTAL INFORMATION TECHNOLOGY

1,506,472,866

MATERIALS - 3.3%

Chemicals - 2.8%

Eastman Chemical Co.

5,700

444,030

Ecolab, Inc.

500,737

49,452,786

Filtrona PLC

223,500

2,708,254

FMC Corp.

10,135

726,882

LyondellBasell Industries NV Class A

138,454

10,138,986

Monsanto Co.

114,069

11,905,382

PPG Industries, Inc.

228,700

38,206,622

Sherwin-Williams Co.

94,500

17,216,010

 

130,798,952

Containers & Packaging - 0.2%

Rock-Tenn Co. Class A

89,242

9,037,537

Metals & Mining - 0.2%

Anglo American PLC (United Kingdom)

19,100

469,381

B2Gold Corp. (a)

265,667

662,846

Franco-Nevada Corp.

199,006

9,028,251

Premier Gold Mines Ltd. (a)

25,200

51,376

Tahoe Resources, Inc. (a)

21,600

388,781

 

10,600,635

Common Stocks - continued

Shares

Value

MATERIALS - continued

Paper & Forest Products - 0.1%

International Paper Co.

119,000

$ 5,331,200

TOTAL MATERIALS

155,768,324

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.0%

Iliad SA

6,172

1,440,339

Jazztel PLC (a)

77,700

844,190

 

2,284,529

Wireless Telecommunication Services - 0.2%

RingCentral, Inc.

7,800

140,556

SoftBank Corp.

125,400

8,708,717

 

8,849,273

TOTAL TELECOMMUNICATION SERVICES

11,133,802

UTILITIES - 0.0%

Electric Utilities - 0.0%

ITC Holdings Corp.

8,100

760,266

Independent Power Producers & Energy Traders - 0.0%

The AES Corp.

38,900

516,981

TOTAL UTILITIES

1,277,247

TOTAL COMMON STOCKS

(Cost $3,548,385,014)


4,576,068,089

Convertible Preferred Stocks - 0.2%

 

 

 

 

CONSUMER DISCRETIONARY - 0.1%

Household Durables - 0.1%

Blu Homes, Inc. Series A, 5.00% (e)

1,007,372

4,654,059

INFORMATION TECHNOLOGY - 0.1%

Computers & Peripherals - 0.0%

Pure Storage, Inc. Series E (a)(e)

46,313

642,037

Convertible Preferred Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 0.1%

Mobileye N.V. Series F (a)(e)

74,319

$ 2,593,733

TOTAL INFORMATION TECHNOLOGY

3,235,770

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $7,889,829)


7,889,829

Money Market Funds - 5.8%

 

 

 

 

Fidelity Cash Central Fund, 0.10% (b)

200,464,080

200,464,080

Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)

75,931,625

75,931,625

TOTAL MONEY MARKET FUNDS

(Cost $276,395,705)


276,395,705

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $3,832,670,548)

4,860,353,623

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(69,624,468)

NET ASSETS - 100%

$ 4,790,729,155

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 are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

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

(e) 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 $7,889,829 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

Blu Homes, Inc. Series A, 5.00%

6/10/13

$ 4,654,059

Mobileye N.V. Series F

8/15/13

$ 2,593,733

Pure Storage, Inc. Series E

8/22/13

$ 642,037

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

Fidelity Cash Central Fund

$ 157,724

Fidelity Securities Lending Cash Central Fund

468,526

Total

$ 626,250

Other Information

The following is a summary of the inputs used, as of September 30, 2013, 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 at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 849,911,060

$ 822,776,773

$ 22,480,228

$ 4,654,059

Consumer Staples

275,205,433

275,205,433

-

-

Energy

209,813,348

209,813,348

-

-

Financials

542,036,357

537,823,952

4,212,405

-

Health Care

740,965,103

713,739,696

27,225,407

-

Industrials

288,138,608

286,278,248

1,860,360

-

Information Technology

1,509,708,636

1,504,195,877

2,276,989

3,235,770

Materials

155,768,324

155,768,324

-

-

Telecommunication Services

11,133,802

2,425,085

8,708,717

-

Utilities

1,277,247

1,277,247

-

-

Money Market Funds

276,395,705

276,395,705

-

-

Total Investments in Securities:

$ 4,860,353,623

$ 4,785,699,688

$ 66,764,106

$ 7,889,829

The following is a summary of transfers between Level 1 and Level 2 for the period ended September 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 0

Level 2 to Level 1

$ 58,665,447

Income Tax Information

At September 30, 2013, the cost of investment securities for income tax purposes was $3,834,284,586. Net unrealized appreciation aggregated $1,026,069,037, of which $1,051,714,124 related to appreciated investment securities and $25,645,087 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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. 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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

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

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor
Series Opportunistic Insights
Fund

September 30, 2013 

1.950956.100

AO1TI-QTLY-1113

Investments September 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%

Shares

Value

CONSUMER DISCRETIONARY - 17.8%

Auto Components - 0.1%

Delphi Automotive PLC

12,100

$ 706,882

Automobiles - 1.0%

Honda Motor Co. Ltd.

10,500

401,339

Tesla Motors, Inc. (a)

21,801

4,216,749

Toyota Motor Corp.

19,300

1,237,855

 

5,855,943

Distributors - 0.1%

LKQ Corp. (a)

14,000

446,040

Hotels, Restaurants & Leisure - 2.0%

Buffalo Wild Wings, Inc. (a)

2,700

300,294

Chipotle Mexican Grill, Inc. (a)

7,000

3,000,900

Chuys Holdings, Inc. (a)

700

25,123

Las Vegas Sands Corp.

10,300

684,126

Marriott International, Inc. Class A

3,500

147,210

Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)

8,000

254,640

Noodles & Co. (d)

4,200

179,214

Starbucks Corp.

90,500

6,965,785

Whitbread PLC

5,808

278,692

 

11,835,984

Household Durables - 0.2%

Lennar Corp. Class A

21,690

767,826

Whirlpool Corp.

1,000

146,440

 

914,266

Internet & Catalog Retail - 5.6%

Amazon.com, Inc. (a)

44,107

13,789,612

ASOS PLC (a)

17,600

1,464,807

Liberty Media Corp.:

Interactive Series A (a)

4,800

112,656

Series A (a)

400

35,268

Netflix, Inc. (a)

4,756

1,470,603

priceline.com, Inc. (a)

7,800

7,885,410

Rakuten, Inc.

55,600

843,982

TripAdvisor, Inc. (a)

99,900

7,576,416

 

33,178,754

Leisure Equipment & Products - 0.5%

Polaris Industries, Inc.

21,700

2,803,206

Media - 3.9%

CBS Corp. Class B

12,558

692,699

Charter Communications, Inc. Class A (a)

7,797

1,050,724

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

Comcast Corp. Class A

65,335

$ 2,949,875

DIRECTV (a)

10,028

599,173

Discovery Communications, Inc. Class A (a)

35,600

3,005,352

DreamWorks Animation SKG, Inc. Class A (a)

9,707

276,261

Liberty Global PLC Class A (a)

60,548

4,804,484

Liberty Media Corp. Class A (a)

47,172

6,941,360

Lions Gate Entertainment Corp. (a)

15,863

555,998

Omnicom Group, Inc.

6,885

436,784

Rightmove PLC

3,400

130,396

The Walt Disney Co.

8,800

567,512

Twenty-First Century Fox, Inc. Class A

14,024

469,804

WPP PLC

14,500

297,976

 

22,778,398

Specialty Retail - 2.5%

Bed Bath & Beyond, Inc. (a)

11,282

872,776

Five Below, Inc. (a)

22,300

975,625

GNC Holdings, Inc.

5,200

284,076

Home Depot, Inc.

62,459

4,737,515

O'Reilly Automotive, Inc. (a)

3,800

484,842

Restoration Hardware Holdings, Inc.

1,100

69,685

Ross Stores, Inc.

1,600

116,480

TJX Companies, Inc.

91,000

5,131,490

Tractor Supply Co.

3,800

255,246

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

2,200

262,812

Urban Outfitters, Inc. (a)

40,400

1,485,508

 

14,676,055

Textiles, Apparel & Luxury Goods - 1.9%

ECLAT Textile Co. Ltd.

12,240

107,448

Gildan Activewear, Inc.

1,300

60,327

Michael Kors Holdings Ltd. (a)

54,269

4,044,126

NIKE, Inc. Class B

76,400

5,549,696

Under Armour, Inc. Class A (sub. vtg.) (a)

18,900

1,501,605

VF Corp.

800

159,240

 

11,422,442

TOTAL CONSUMER DISCRETIONARY

104,617,970

CONSUMER STAPLES - 5.8%

Beverages - 1.0%

Anheuser-Busch InBev SA NV ADR

22,800

2,261,760

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Beverages - continued

Boston Beer Co., Inc. Class A (a)

15,131

$ 3,695,142

The Coca-Cola Co.

1,463

55,418

 

6,012,320

Food & Staples Retailing - 2.0%

Costco Wholesale Corp.

50,700

5,836,584

CVS Caremark Corp.

49,074

2,784,950

Sprouts Farmers Market LLC

9,700

430,583

Tesco PLC

25,900

150,527

Wal-Mart Stores, Inc.

34,548

2,555,170

Walgreen Co.

1,100

59,180

Whole Foods Market, Inc.

2,100

122,850

 

11,939,844

Food Products - 1.0%

Associated British Foods PLC

133,932

4,067,590

Boulder Brands, Inc. (a)

600

9,624

Green Mountain Coffee Roasters, Inc. (a)

6,900

519,777

Mondelez International, Inc.

24,290

763,192

WhiteWave Foods Co.

15,200

303,544

 

5,663,727

Household Products - 0.7%

Colgate-Palmolive Co.

60,800

3,605,440

Procter & Gamble Co.

6,887

520,588

 

4,126,028

Personal Products - 1.1%

Estee Lauder Companies, Inc. Class A

87,382

6,108,002

Hengan International Group Co. Ltd.

5,000

58,472

L'Oreal SA

1,922

330,093

 

6,496,567

TOTAL CONSUMER STAPLES

34,238,486

ENERGY - 4.4%

Energy Equipment & Services - 0.2%

Core Laboratories NV

385

65,146

Oceaneering International, Inc.

2,100

170,604

Schlumberger Ltd.

8,900

786,404

Seadrill Ltd.

3,900

175,812

 

1,197,966

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - 4.2%

Anadarko Petroleum Corp.

12,081

$ 1,123,412

Cabot Oil & Gas Corp.

21,000

783,720

Canadian Natural Resources Ltd.

3,600

113,132

Cobalt International Energy, Inc. (a)

17,946

446,138

Concho Resources, Inc. (a)

2,300

250,263

Continental Resources, Inc. (a)

9,100

976,066

EOG Resources, Inc.

90,190

15,267,363

EQT Corp.

2,700

239,544

Laredo Petroleum Holdings, Inc. (a)

2,000

59,360

Murphy Oil Corp.

70,500

4,252,560

Noble Energy, Inc.

3,000

201,030

Oasis Petroleum, Inc. (a)

7,700

378,301

Phillips 66 Partners LP

2,800

86,128

Pioneer Natural Resources Co.

2,700

509,760

Rosetta Resources, Inc. (a)

1,200

65,352

 

24,752,129

TOTAL ENERGY

25,950,095

FINANCIALS - 11.5%

Capital Markets - 1.3%

Ameriprise Financial, Inc.

13,200

1,202,256

BlackRock, Inc. Class A

15,898

4,302,317

Charles Schwab Corp.

33,000

697,620

Financial Engines, Inc.

1,200

71,328

Morgan Stanley

32,500

875,875

Oaktree Capital Group LLC Class A

11,900

622,965

WisdomTree Investments, Inc. (a)

9,100

105,651

 

7,878,012

Commercial Banks - 2.1%

M&T Bank Corp. (d)

37,600

4,208,192

PNC Financial Services Group, Inc.

13,757

996,695

Shinsei Bank Ltd.

105,000

256,269

U.S. Bancorp

14,500

530,410

Wells Fargo & Co.

153,604

6,346,917

 

12,338,483

Consumer Finance - 0.4%

American Express Co.

30,692

2,317,860

Portfolio Recovery Associates, Inc. (a)

1,100

65,934

 

2,383,794

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Diversified Financial Services - 5.7%

Bank of America Corp.

53,400

$ 736,920

Berkshire Hathaway, Inc. Class A (a)

111

18,915,510

Citigroup, Inc.

253,352

12,290,106

IntercontinentalExchange, Inc. (a)

4,654

844,329

JPMorgan Chase & Co.

8,800

454,872

ORIX Corp.

17,500

286,089

 

33,527,826

Insurance - 1.7%

ACE Ltd.

29,432

2,753,658

AIA Group Ltd.

61,400

288,558

Marsh & McLennan Companies, Inc.

60,800

2,647,840

The Chubb Corp.

27,638

2,466,968

The Travelers Companies, Inc.

24,400

2,068,388

 

10,225,412

Real Estate Investment Trusts - 0.1%

American Tower Corp.

3,178

235,585

Real Estate Management & Development - 0.2%

Realogy Holdings Corp.

32,360

1,392,127

TOTAL FINANCIALS

67,981,239

HEALTH CARE - 15.7%

Biotechnology - 10.0%

Actelion Ltd.

857

60,839

Agios Pharmaceuticals, Inc. (d)

6,700

187,332

Alnylam Pharmaceuticals, Inc. (a)

2,100

134,421

Amgen, Inc.

29,046

3,251,409

Biogen Idec, Inc. (a)

75,881

18,269,110

BioMarin Pharmaceutical, Inc. (a)

2,220

160,328

Bluebird Bio, Inc. (d)

3,300

88,968

Celgene Corp. (a)

4,982

766,879

Celldex Therapeutics, Inc. (a)

7,400

262,182

CSL Ltd.

3,272

195,357

Genmab A/S (a)

900

36,894

Gilead Sciences, Inc. (a)

422,824

26,570,260

Intercept Pharmaceuticals, Inc.

4,273

294,965

Intrexon Corp. (a)

149,947

3,197,020

Pharmacyclics, Inc. (a)

1,450

200,709

Puma Biotechnology, Inc. (a)

16,986

911,469

Raptor Pharmaceutical Corp. (a)

2,300

34,362

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

Regeneron Pharmaceuticals, Inc. (a)

11,146

$ 3,487,249

Theravance, Inc. (a)

3,700

151,293

Vertex Pharmaceuticals, Inc. (a)

10,500

796,110

 

59,057,156

Health Care Equipment & Supplies - 0.9%

Boston Scientific Corp. (a)

131,200

1,540,288

CareFusion Corp. (a)

1,611

59,446

Covidien PLC

8,300

505,802

Medtronic, Inc.

13,121

698,693

ResMed, Inc. (d)

11,900

628,558

Stryker Corp.

6,400

432,576

The Cooper Companies, Inc.

3,451

447,560

Trinity Biotech PLC sponsored ADR

50,808

1,105,582

 

5,418,505

Health Care Providers & Services - 1.6%

AmerisourceBergen Corp.

16,125

985,238

CIGNA Corp.

10,700

822,402

Henry Schein, Inc. (a)

29,300

3,038,410

MWI Veterinary Supply, Inc. (a)

2,017

301,259

Omnicare, Inc.

1,000

55,500

UnitedHealth Group, Inc.

60,493

4,331,904

 

9,534,713

Health Care Technology - 0.7%

Cerner Corp. (a)

74,290

3,903,940

Medidata Solutions, Inc. (a)

600

59,358

 

3,963,298

Life Sciences Tools & Services - 1.1%

Eurofins Scientific SA

300

75,611

ICON PLC (a)

2,800

114,604

Illumina, Inc. (a)

2,800

226,324

Mettler-Toledo International, Inc. (a)

11,955

2,870,276

PAREXEL International Corp. (a)

11,200

562,576

Thermo Fisher Scientific, Inc.

21,900

2,018,085

Waters Corp. (a)

5,070

538,485

 

6,405,961

Pharmaceuticals - 1.4%

AbbVie, Inc.

95,800

4,285,134

Astellas Pharma, Inc.

1,000

51,080

Bayer AG

7,800

919,732

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Johnson & Johnson

800

$ 69,352

Novo Nordisk A/S Series B

1,600

270,983

Santarus, Inc. (a)

2,200

49,654

Teva Pharmaceutical Industries Ltd. sponsored ADR

5,700

215,346

Valeant Pharmaceuticals International, Inc. (Canada) (a)

22,200

2,314,723

 

8,176,004

TOTAL HEALTH CARE

92,555,637

INDUSTRIALS - 6.1%

Aerospace & Defense - 0.4%

Honeywell International, Inc.

11,527

957,202

Precision Castparts Corp.

2,700

613,548

The Boeing Co.

5,100

599,250

United Technologies Corp.

3,600

388,152

 

2,558,152

Air Freight & Logistics - 0.2%

XPO Logistics, Inc. (a)(d)

41,753

904,788

Airlines - 0.0%

Ryanair Holdings PLC sponsored ADR

5,890

292,969

Commercial Services & Supplies - 0.0%

Babcock International Group PLC

3,200

61,959

Construction & Engineering - 0.1%

Jacobs Engineering Group, Inc. (a)

5,100

296,718

Electrical Equipment - 0.6%

Eaton Corp. PLC

4,900

337,316

Generac Holdings, Inc.

75,400

3,215,056

 

3,552,372

Industrial Conglomerates - 0.8%

3M Co.

13,823

1,650,604

Danaher Corp.

44,550

3,088,206

 

4,738,810

Machinery - 0.5%

Chart Industries, Inc. (a)

2,800

344,512

Illinois Tool Works, Inc.

26,920

2,053,188

Kubota Corp.

17,000

247,079

Proto Labs, Inc. (a)

4,600

351,394

 

2,996,173

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Professional Services - 1.1%

Experian PLC

5,801

$ 110,535

On Assignment, Inc. (a)

2,000

66,000

Verisk Analytics, Inc. (a)

93,000

6,041,280

 

6,217,815

Road & Rail - 2.3%

Canadian Pacific Railway Ltd.

49,200

6,070,412

Hertz Global Holdings, Inc. (a)

40,013

886,688

J.B. Hunt Transport Services, Inc.

3,000

218,790

Union Pacific Corp.

41,400

6,431,076

 

13,606,966

Trading Companies & Distributors - 0.1%

Air Lease Corp. Class A

17,950

496,497

W.W. Grainger, Inc.

400

104,684

 

601,181

TOTAL INDUSTRIALS

35,827,903

INFORMATION TECHNOLOGY - 31.7%

Communications Equipment - 0.2%

F5 Networks, Inc. (a)

2,500

214,400

QUALCOMM, Inc.

12,800

862,208

 

1,076,608

Computers & Peripherals - 1.7%

Apple, Inc.

21,348

10,177,659

Electronic Equipment & Components - 0.6%

Amphenol Corp. Class A

38,100

2,948,178

Ingram Micro, Inc. Class A (a)

11,750

270,838

 

3,219,016

Internet Software & Services - 16.8%

Akamai Technologies, Inc. (a)

12,400

641,080

Cornerstone OnDemand, Inc. (a)

2,600

133,744

CoStar Group, Inc. (a)

700

117,530

eBay, Inc. (a)

71,850

4,008,512

Facebook, Inc. Class A (a)

742,081

37,282,146

Google, Inc. Class A (a)

33,647

29,471,744

Kakaku.com, Inc.

12,000

280,532

LinkedIn Corp. (a)

50,200

12,352,212

Marketo, Inc.

700

22,316

Pandora Media, Inc. (a)(d)

7,900

198,527

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Rocket Fuel, Inc.

2,800

$ 150,472

Shutterstock, Inc.

5,900

429,048

Tencent Holdings Ltd.

7,900

414,358

Textura Corp.

400

17,232

Trulia, Inc.

3,900

183,417

Yahoo!, Inc. (a)

405,175

13,435,603

Zillow, Inc. (a)(d)

1,400

118,118

 

99,256,591

IT Services - 6.0%

Accenture PLC Class A

28,453

2,095,279

Alliance Data Systems Corp. (a)

5,147

1,088,436

CGI Group, Inc. Class A (sub. vtg.) (a)

29,100

1,021,276

EPAM Systems, Inc. (a)

3,973

137,069

Fidelity National Information Services, Inc.

60,447

2,807,159

Fiserv, Inc. (a)

1,200

121,260

FleetCor Technologies, Inc. (a)

12,798

1,409,828

Gartner, Inc. Class A (a)

1,000

60,000

MasterCard, Inc. Class A

25,449

17,121,578

NeuStar, Inc. Class A (a)

1,000

49,480

Visa, Inc. Class A

49,189

9,400,018

 

35,311,383

Semiconductors & Semiconductor Equipment - 0.7%

Altera Corp.

3,000

111,480

ARM Holdings PLC sponsored ADR

13,754

661,842

ASML Holding NV

13,000

1,283,880

Avago Technologies Ltd.

2,800

120,736

KLA-Tencor Corp.

1,100

66,935

Linear Technology Corp.

1,475

58,499

Microchip Technology, Inc. (d)

4,200

169,218

NXP Semiconductors NV (a)

7,900

293,959

Samsung Electronics Co. Ltd.

511

650,086

Semtech Corp. (a)

4,700

140,953

Skyworks Solutions, Inc. (a)

2,300

57,132

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

30,100

510,496

Xilinx, Inc.

3,700

173,382

 

4,298,598

Software - 5.7%

Activision Blizzard, Inc.

3,500

58,345

Adobe Systems, Inc. (a)

25,400

1,319,276

CA Technologies, Inc.

3,700

109,779

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

CommVault Systems, Inc. (a)

73,200

$ 6,429,156

Concur Technologies, Inc. (a)(d)

33,800

3,734,900

Diligent Board Member Services, Inc. (a)

55,651

263,459

FireEye, Inc.

927

38,498

FleetMatics Group PLC

5,344

200,667

Infoblox, Inc. (a)

6,950

290,649

NetSuite, Inc. (a)

40,600

4,382,364

QLIK Technologies, Inc. (a)

3,080

105,459

salesforce.com, Inc. (a)

87,768

4,556,037

ServiceNow, Inc. (a)

102,811

5,341,031

Splunk, Inc. (a)

21,594

1,296,504

SS&C Technologies Holdings, Inc. (a)

700

26,670

Ultimate Software Group, Inc. (a)

26,596

3,920,250

VMware, Inc. Class A (a)

2,000

161,800

Workday, Inc. Class A

16,000

1,294,880

 

33,529,724

TOTAL INFORMATION TECHNOLOGY

186,869,579

MATERIALS - 3.3%

Chemicals - 2.8%

Eastman Chemical Co.

700

54,530

Ecolab, Inc.

62,263

6,149,094

Filtrona PLC

29,100

352,618

FMC Corp.

1,300

93,236

LyondellBasell Industries NV Class A

17,074

1,250,329

Monsanto Co.

14,131

1,474,852

PPG Industries, Inc.

28,200

4,711,092

Sherwin-Williams Co.

11,700

2,131,506

 

16,217,257

Containers & Packaging - 0.2%

Rock-Tenn Co. Class A

11,000

1,113,970

Metals & Mining - 0.2%

Anglo American PLC (United Kingdom)

2,400

58,980

B2Gold Corp. (a)

34,500

86,078

Franco-Nevada Corp.

24,600

1,116,022

Premier Gold Mines Ltd. (a)

3,100

6,320

Tahoe Resources, Inc. (a)

2,800

50,398

 

1,317,798

Common Stocks - continued

Shares

Value

MATERIALS - continued

Paper & Forest Products - 0.1%

International Paper Co.

14,700

$ 658,560

TOTAL MATERIALS

19,307,585

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.0%

Iliad SA

766

178,759

Jazztel PLC (a)

9,600

104,301

 

283,060

Wireless Telecommunication Services - 0.2%

RingCentral, Inc.

1,000

18,020

SoftBank Corp.

15,500

1,076,436

 

1,094,456

TOTAL TELECOMMUNICATION SERVICES

1,377,516

UTILITIES - 0.0%

Electric Utilities - 0.0%

ITC Holdings Corp.

1,000

93,860

Independent Power Producers & Energy Traders - 0.0%

The AES Corp.

4,800

63,792

TOTAL UTILITIES

157,652

TOTAL COMMON STOCKS

(Cost $437,718,148)


568,883,662

Convertible Preferred Stocks - 0.2%

 

 

 

 

CONSUMER DISCRETIONARY - 0.1%

Household Durables - 0.1%

Blu Homes, Inc. Series A, 5.00% (e)

127,173

587,539

INFORMATION TECHNOLOGY - 0.1%

Computers & Peripherals - 0.0%

Pure Storage, Inc. Series E (a)(e)

5,754

79,768

Convertible Preferred Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 0.1%

Mobileye N.V. Series F (a)(e)

9,333

$ 325,722

TOTAL INFORMATION TECHNOLOGY

405,490

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $993,029)


993,029

Money Market Funds - 5.1%

 

 

 

 

Fidelity Cash Central Fund, 0.10% (b)

19,667,837

19,667,837

Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)

10,704,189

10,704,189

TOTAL MONEY MARKET FUNDS

(Cost $30,372,026)


30,372,026

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $469,083,203)

600,248,717

NET OTHER ASSETS (LIABILITIES) - (1.8)%

(10,631,703)

NET ASSETS - 100%

$ 589,617,014

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 are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

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

(e) 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 $993,029 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

Blu Homes, Inc. Series A, 5.00%

6/10/13

$ 587,539

Mobileye N.V. Series F

8/15/13

$ 325,722

Pure Storage, Inc. Series E

8/22/13

$ 79,768

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

Fidelity Cash Central Fund

$ 17,680

Fidelity Securities Lending Cash Central Fund

62,772

Total

$ 80,452

Other Information

The following is a summary of the inputs used, as of September 30, 2013, 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 at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 105,205,509

$ 101,836,818

$ 2,781,152

$ 587,539

Consumer Staples

34,238,486

34,238,486

-

-

Energy

25,950,095

25,950,095

-

-

Financials

67,981,239

67,438,881

542,358

-

Health Care

92,555,637

89,036,554

3,519,083

-

Industrials

35,827,903

35,580,824

247,079

-

Information Technology

187,275,069

186,589,047

280,532

405,490

Materials

19,307,585

19,307,585

-

-

Telecommunication Services

1,377,516

301,080

1,076,436

-

Utilities

157,652

157,652

-

-

Money Market Funds

30,372,026

30,372,026

-

-

Total Investments in Securities:

$ 600,248,717

$ 590,809,048

$ 8,446,640

$ 993,029

The following is a summary of transfers between Level 1 and Level 2 for the period ended September 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 0

Level 2 to Level 1

$ 7,602,395

Income Tax Information

At September 30, 2013, the cost of investment securities for income tax purposes was $469,274,748. Net unrealized appreciation aggregated $130,973,969, of which $134,009,642 related to appreciated investment securities and $3,035,673 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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. 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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

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

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Contrafund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Contrafund

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

November 29, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

November 29, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 29, 2013