N-CSR 1 filing706.htm PRIMARY DOCUMENT

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


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-1400


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


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


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210
(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

December 31

 

 

Date of reporting period:

December 31, 2017


Item 1.

Reports to Stockholders






 




Fidelity® Contrafund®



Annual Report

December 31, 2017



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended December 31, 2017 Past 1 year Past 5 years Past 10 years 
Fidelity® Contrafund® 32.21% 16.42% 8.95% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Contrafund®, a class of the fund, on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$23,570Fidelity® Contrafund®
$22,603S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. equities gained 21.83% in 2017, as the S&P 500® index rose steadily and closed the year just shy of an all-time high after a particularly strong three-month finish. Early on, equities rallied on optimism for President Trump’s pro-business agenda but leveled off in March amid fading optimism and stalled efforts by Congress to repeal and replace the Affordable Care Act. Upward momentum soon returned and continued through year-end with consumer sentiment and other market indicators staying positive. The lone exception was a brief cooldown in August, when geopolitical tension escalated and uncertainty grew regarding the future of health care, tax reform and the debt ceiling. Sector-wise, information technology fared best by a wide margin, rising 39% amid strong earnings growth from several major index constituents. A 24% gain in materials was spurred by increased demand, especially from China. Consumer discretionary gained 23%, despite many brick-and-mortar retailers suffering from online competition, and financials edged the broader market on an uptick in bond yields. Conversely, the defensive energy and telecom services sectors returned about -1% each. Rising interest rates held back real estate (+11%), while consumer staples (+13%) and utilities (+12%) struggled due to investors’ general preference for risk assets.

Comments from Portfolio Manager William Danoff:  For the year, the fund's share classes gained about 32%, well ahead of the benchmark S&P 500® index. A more business-friendly administration in the White House, a rebound in China’s economy and an extremely low interest rate environment worldwide produced synchronous global economic expansion. This strength propelled the stock market higher, particularly growth and technology shares. Contrafund was well-positioned for this rebound, and performed very well for the year. The fund's outperformance of the benchmark primarily was driven by a sizable position – 42% of assets, on average – in the market-leading information technology sector. Here, notable individual contributors included social-media firm Facebook and Google parent Alphabet, our two largest holdings. Other top contributors from the tech sector were gaming company Activision Blizzard and publishing software developer Adobe Systems. Our No. 2 relative contributor in 2017 was the fund’s de-emphasis of industrial conglomerate General Electric, which struggled the past year as demand for utility-grade generators softened. I am pleased that, given the fund beat its benchmark by more than 10 percentage points, there were no major detractors, although not owning enough of a few outperforming benchmark names hurt modestly. These included aircraft manufacturer Boeing and pharmaceutical firm AbbVie.

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

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Facebook, Inc. Class A 7.2 
Berkshire Hathaway, Inc. Class A 5.2 
Amazon.com, Inc. 5.1 
Alphabet, Inc. Class A 3.5 
Alphabet, Inc. Class C 3.2 
Apple, Inc. 3.2 
Microsoft Corp. 3.1 
UnitedHealth Group, Inc. 2.8 
Visa, Inc. Class A 2.5 
Salesforce.com, Inc. 2.3 
 38.1 

Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Information Technology 41.6 
Financials 18.9 
Consumer Discretionary 14.1 
Health Care 9.2 
Industrials 7.0 

Asset Allocation (% of fund's net assets)

As of December 31, 2017* 
   Stocks 97.6% 
   Bonds 0.1% 
   Convertible Securities 1.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.2% 


 * Foreign investments - 7.5%


Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 14.0%   
Auto Components - 0.0%   
Aptiv PLC 461,281 $39,130 
Delphi Technologies PLC (a) 153,760 8,068 
  47,198 
Automobiles - 1.5%   
BYD Co. Ltd. (H Shares) (b) 7,553,000 65,617 
General Motors Co. 1,717,894 70,416 
Guangzhou Automobile Group Co. Ltd. (H Shares) 5,118,000 12,132 
Mahindra & Mahindra Ltd. 8,654,702 101,826 
Maruti Suzuki India Ltd. 1,533,074 233,648 
Tesla, Inc. (a)(b) 3,936,442 1,225,611 
Toyota Motor Corp. 963,400 61,397 
  1,770,647 
Diversified Consumer Services - 0.1%   
Chegg, Inc. (a) 1,890,785 30,858 
Weight Watchers International, Inc. (a) 2,001,841 88,642 
  119,500 
Hotels, Restaurants & Leisure - 1.6%   
Churchill Downs, Inc. 73,795 17,172 
Eldorado Resorts, Inc. (a) 403,827 13,387 
Hilton Worldwide Holdings, Inc. 4,135,969 330,298 
Las Vegas Sands Corp. 352,416 24,489 
Marriott International, Inc. Class A 5,092,258 691,172 
McDonald's Corp. 4,140,897 712,731 
Starbucks Corp. 1,628,818 93,543 
U.S. Foods Holding Corp. (a) 1,283,280 40,975 
Vail Resorts, Inc. 170,902 36,312 
  1,960,079 
Household Durables - 0.4%   
D.R. Horton, Inc. 489,263 24,987 
Lennar Corp. Class A 2,049,726 129,625 
Mohawk Industries, Inc. (a) 1,223,799 337,646 
Roku, Inc. Class A 240,936 12,476 
  504,734 
Internet & Direct Marketing Retail - 7.4%   
Amazon.com, Inc. (a) 5,292,465 6,189,379 
ASOS PLC (a) 114,477 10,379 
Blue Apron Holdings, Inc.:   
Class A 860,441 3,468 
Class B 3,463,673 13,819 
Netflix, Inc. (a) 10,101,885 1,939,158 
Priceline Group, Inc. (a) 435,601 756,961 
Start Today Co. Ltd. 2,801,200 85,149 
Takeaway.com Holding BV (a)(c) 556,400 33,967 
Zalando SE (a) 736,544 38,986 
  9,071,266 
Leisure Products - 0.1%   
Mattel, Inc. (b) 3,849,245 59,201 
Polaris Industries, Inc. 282,800 35,064 
  94,265 
Media - 0.9%   
Charter Communications, Inc. Class A (a) 558,040 187,479 
Liberty Global PLC Class A (a) 1,167,463 41,842 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a) 7,524,117 257,024 
Liberty SiriusXM Series C (a) 5,081,799 201,544 
Live Nation Entertainment, Inc. (a) 1,069,735 45,539 
Sirius XM Holdings, Inc. (b) 24,568,249 131,686 
The Walt Disney Co. 2,678,714 287,989 
Weinstein Co. Holdings LLC Class A-1 (a)(d)(e)(f) 41,234 0 
  1,153,103 
Multiline Retail - 0.2%   
B&M European Value Retail S.A. 10,861,792 62,121 
Dollar Tree, Inc. (a) 898,930 96,464 
Ollie's Bargain Outlet Holdings, Inc. (a) 1,492,501 79,476 
  238,061 
Specialty Retail - 1.3%   
Burlington Stores, Inc. (a) 101,477 12,485 
Five Below, Inc. (a) 378,529 25,104 
Home Depot, Inc. 5,598,282 1,061,042 
TJX Companies, Inc. 6,258,914 478,557 
  1,577,188 
Textiles, Apparel & Luxury Goods - 0.5%   
adidas AG 1,704,913 341,929 
Kering SA 140,003 66,017 
LVMH Moet Hennessy - Louis Vuitton SA 206,059 60,479 
NIKE, Inc. Class B 2,999,577 187,624 
  656,049 
TOTAL CONSUMER DISCRETIONARY  17,192,090 
CONSUMER STAPLES - 2.5%   
Beverages - 0.5%   
Constellation Brands, Inc. Class A (sub. vtg.) 701,895 160,432 
Kweichow Moutai Co. Ltd. (A Shares) 580,700 62,249 
Monster Beverage Corp. (a) 1,797,258 113,748 
The Coca-Cola Co. 4,081,865 187,276 
  523,705 
Food & Staples Retailing - 0.5%   
Costco Wholesale Corp. 1,098,532 204,459 
Performance Food Group Co. (a) 2,616,872 86,618 
Sysco Corp. 488,474 29,665 
Wal-Mart Stores, Inc. 3,259,634 321,889 
  642,631 
Food Products - 0.0%   
The Simply Good Foods Co. 1,453,963 20,734 
Household Products - 0.6%   
Colgate-Palmolive Co. 9,748,647 735,535 
Personal Products - 0.9%   
Estee Lauder Companies, Inc. Class A 8,185,407 1,041,511 
L'Oreal SA 232,429 51,502 
Shiseido Co. Ltd. 215,500 10,416 
Unilever NV (Certificaten Van Aandelen) (Bearer) 423,600 23,850 
  1,127,279 
TOTAL CONSUMER STAPLES  3,049,884 
ENERGY - 2.2%   
Oil, Gas & Consumable Fuels - 2.2%   
Andeavor 93,143 10,650 
Birchcliff Energy Ltd. (g) 20,925,111 73,246 
Birchcliff Energy Ltd. (a)(c)(g) 686,127 2,402 
Cabot Oil & Gas Corp. 916,075 26,200 
Canadian Natural Resources Ltd. 5,786,957 206,802 
Centennial Resource Development, Inc.:   
Class A (a)(g) 5,188,000 102,722 
Class A (a)(b)(g) 13,884,347 274,910 
Class A (e)(g) 2,340,926 46,350 
Concho Resources, Inc. (a) 557,731 83,782 
Continental Resources, Inc. (a) 4,454,752 235,968 
Diamondback Energy, Inc. (a) 1,924,391 242,954 
Encana Corp. 969,925 12,940 
EOG Resources, Inc. 5,452,517 588,381 
Growmax Resources Corp. (a)(c) 3,445,563 288 
Phillips 66 Co. 2,639,230 266,958 
Pioneer Natural Resources Co. 71,644 12,384 
PrairieSky Royalty Ltd. 2,752,474 70,202 
Reliance Industries Ltd. 24,199,564 349,139 
Valero Energy Corp. 1,169,574 107,496 
  2,713,774 
FINANCIALS - 18.9%   
Banks - 10.0%   
Bank Ireland Group PLC (a) 14,781,261 126,807 
Bank of America Corp. 72,809,398 2,149,333 
Citigroup, Inc. 36,040,820 2,681,797 
HDFC Bank Ltd. sponsored ADR 6,969,684 708,608 
JPMorgan Chase & Co. 21,393,467 2,287,817 
Kotak Mahindra Bank Ltd. 11,135,666 176,210 
M&T Bank Corp. 1,950,074 333,443 
Metro Bank PLC (a)(b)(g) 5,947,525 287,797 
PNC Financial Services Group, Inc. 2,869,202 413,997 
Royal Bank of Canada 871,182 71,143 
The Toronto-Dominion Bank 2,008,195 117,664 
U.S. Bancorp 13,395,139 717,712 
Wells Fargo & Co. 35,507,366 2,154,232 
  12,226,560 
Capital Markets - 2.3%   
Ashmore Group PLC 1,658,173 9,069 
Bank of New York Mellon Corp. 4,399,321 236,947 
BlackRock, Inc. Class A 585,999 301,034 
Brookfield Asset Management, Inc. Class A 633,498 27,578 
CBOE Holdings, Inc. 249,330 31,064 
Charles Schwab Corp. 11,360,770 583,603 
CME Group, Inc. 753,381 110,031 
Goldman Sachs Group, Inc. 121,821 31,035 
IntercontinentalExchange, Inc. 1,688,888 119,168 
Morgan Stanley 13,977,355 733,392 
MSCI, Inc. 1,571,223 198,823 
Oaktree Capital Group LLC Class A 2,369,843 99,770 
S&P Global, Inc. 1,814,956 307,454 
St. James's Place Capital PLC 1,549,863 25,655 
  2,814,623 
Consumer Finance - 0.1%   
Synchrony Financial 4,059,167 156,724 
Diversified Financial Services - 5.2%   
Berkshire Hathaway, Inc. Class A (a) 21,535 6,408,816 
Insurance - 1.3%   
Admiral Group PLC 4,091,264 110,587 
AIA Group Ltd. 8,301,800 70,821 
Chubb Ltd. 7,137,990 1,043,074 
Fairfax Financial Holdings Ltd. (sub. vtg.) 181,083 96,425 
Marsh & McLennan Companies, Inc. 2,308,474 187,887 
  1,508,794 
TOTAL FINANCIALS  23,115,517 
HEALTH CARE - 8.9%   
Biotechnology - 2.2%   
AbbVie, Inc. 2,478,244 239,671 
Agios Pharmaceuticals, Inc. (a) 1,060,610 60,635 
Alnylam Pharmaceuticals, Inc. (a) 433,100 55,025 
Amgen, Inc. 852,604 148,268 
AnaptysBio, Inc. 447,716 45,094 
Biogen, Inc. (a) 291,588 92,891 
bluebird bio, Inc. (a) 177,359 31,588 
Blueprint Medicines Corp. (a) 232,134 17,505 
Celgene Corp. (a) 1,334,244 139,242 
Exact Sciences Corp. (a) 316,719 16,640 
FibroGen, Inc. (a) 1,931,049 91,532 
Genmab A/S (a) 908,578 150,680 
Gilead Sciences, Inc. 7,114,588 509,689 
Insmed, Inc. (a) 987,886 30,802 
Intrexon Corp. (b) 1,755,782 20,227 
Juno Therapeutics, Inc. (a) 608,075 27,795 
NantKwest, Inc. (a)(b) 826,782 3,712 
Neurocrine Biosciences, Inc. (a) 3,028,126 234,952 
OvaScience, Inc. (a) 1,449,250 2,029 
Portola Pharmaceuticals, Inc. (a) 795,959 38,747 
Regeneron Pharmaceuticals, Inc. (a) 365,411 137,380 
Sage Therapeutics, Inc. (a) 205,191 33,797 
Vertex Pharmaceuticals, Inc. (a) 3,662,663 548,887 
  2,676,788 
Health Care Equipment & Supplies - 1.6%   
Baxter International, Inc. 6,286,643 406,369 
Becton, Dickinson & Co. 518,278 110,943 
Boston Scientific Corp. (a) 29,897,043 741,148 
Danaher Corp. 1,002,183 93,023 
Edwards Lifesciences Corp. (a) 284,557 32,072 
Intuitive Surgical, Inc. (a) 990,232 361,375 
Penumbra, Inc. (a) 475,311 44,727 
ResMed, Inc. 564,735 47,827 
Stryker Corp. 776,986 120,309 
  1,957,793 
Health Care Providers & Services - 3.3%   
Aetna, Inc. 730,738 131,818 
Anthem, Inc. 92,947 20,914 
Cigna Corp. 219,037 44,484 
HealthEquity, Inc. (a) 1,695,286 79,102 
Henry Schein, Inc. (a) 2,416,332 168,853 
Humana, Inc. 801,287 198,775 
National Vision Holdings, Inc. 757,104 30,746 
OptiNose, Inc. 539,390 10,194 
UnitedHealth Group, Inc. 15,550,291 3,428,217 
  4,113,103 
Health Care Technology - 0.1%   
Medidata Solutions, Inc. (a) 497,480 31,525 
NantHealth, Inc. (a) 8,726 27 
Veeva Systems, Inc. Class A (a) 2,249,125 124,332 
  155,884 
Life Sciences Tools & Services - 1.2%   
Agilent Technologies, Inc. 911,425 61,038 
Eurofins Scientific SA 80,681 49,138 
Mettler-Toledo International, Inc. (a)(g) 1,739,519 1,077,667 
PRA Health Sciences, Inc. (a) 830,077 75,595 
Thermo Fisher Scientific, Inc. 759,640 144,240 
Waters Corp. (a) 389,119 75,174 
  1,482,852 
Pharmaceuticals - 0.5%   
AstraZeneca PLC sponsored ADR 554,333 19,235 
Bristol-Myers Squibb Co. 2,415,687 148,033 
GW Pharmaceuticals PLC ADR (a) 68,246 9,009 
Johnson & Johnson 583,003 81,457 
Nektar Therapeutics (a) 3,788,992 226,279 
Teva Pharmaceutical Industries Ltd. sponsored ADR 4,657,942 88,268 
  572,281 
TOTAL HEALTH CARE  10,958,701 
INDUSTRIALS - 6.9%   
Aerospace & Defense - 1.0%   
General Dynamics Corp. 653,034 132,860 
Northrop Grumman Corp. 1,297,462 398,204 
Raytheon Co. 962,410 180,789 
Space Exploration Technologies Corp.:   
Class A (a)(e)(f) 295,578 39,903 
Class C (e)(f) 12,991 1,754 
The Boeing Co. 1,464,853 432,000 
  1,185,510 
Air Freight & Logistics - 0.5%   
Expeditors International of Washington, Inc. 169,129 10,941 
FedEx Corp. 1,483,395 370,166 
XPO Logistics, Inc. (a) 2,523,969 231,170 
  612,277 
Airlines - 1.0%   
Ryanair Holdings PLC sponsored ADR (a) 5,130,023 534,497 
Southwest Airlines Co. 11,022,876 721,447 
  1,255,944 
Building Products - 0.8%   
A.O. Smith Corp. 999,856 61,271 
Fortune Brands Home & Security, Inc. 1,242,720 85,052 
Jeld-Wen Holding, Inc. 4,046,404 159,307 
Masco Corp. 12,610,412 554,102 
Toto Ltd. 2,928,000 172,809 
  1,032,541 
Commercial Services & Supplies - 0.2%   
Cintas Corp. 999,272 155,717 
TulCo LLC (d)(e)(f) 125,827 44,039 
  199,756 
Construction & Engineering - 0.1%   
Jacobs Engineering Group, Inc. 924,109 60,954 
Electrical Equipment - 0.4%   
AMETEK, Inc. 660,527 47,868 
Fortive Corp. 5,903,654 427,129 
  474,997 
Industrial Conglomerates - 0.8%   
3M Co. 4,018,929 945,935 
ITT, Inc. 111,805 5,967 
Roper Technologies, Inc. 86,532 22,412 
  974,314 
Machinery - 1.3%   
Caterpillar, Inc. 1,576,543 248,432 
Deere & Co. 3,042,920 476,247 
Gardner Denver Holdings, Inc. 2,419,324 82,088 
IDEX Corp. 81,921 10,811 
Illinois Tool Works, Inc. 1,743,434 290,892 
Ingersoll-Rand PLC 997,971 89,009 
Oshkosh Corp. 122,649 11,148 
PACCAR, Inc. 1,821,301 129,458 
Parker Hannifin Corp. 1,182,314 235,966 
Rational AG 39,483 25,449 
Xylem, Inc. 507,782 34,631 
  1,634,131 
Professional Services - 0.3%   
Equifax, Inc. 249,476 29,418 
Manpower, Inc. 244,255 30,803 
Recruit Holdings Co. Ltd. 2,548,600 63,333 
RELX PLC 557,096 13,080 
TransUnion Holding Co., Inc. (a) 4,450,959 244,625 
  381,259 
Road & Rail - 0.4%   
CSX Corp. 7,293,748 401,229 
Union Pacific Corp. 743,753 99,737 
  500,966 
Trading Companies & Distributors - 0.1%   
Air Lease Corp. Class A (c) 1,414,358 68,016 
Fastenal Co. 228,275 12,484 
United Rentals, Inc. (a) 113,766 19,558 
  100,058 
TOTAL INDUSTRIALS  8,412,707 
INFORMATION TECHNOLOGY - 41.1%   
Communications Equipment - 0.4%   
Arista Networks, Inc. (a) 1,863,639 439,036 
Electronic Equipment & Components - 1.8%   
Amphenol Corp. Class A (g) 22,863,610 2,007,425 
CDW Corp. 2,104,464 146,239 
Corning, Inc. 170,210 5,445 
Dolby Laboratories, Inc. Class A 871,583 54,038 
Keyence Corp. 19,600 10,980 
  2,224,127 
Internet Software & Services - 15.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 2,327,884 401,397 
Alphabet, Inc.:   
Class A (a) 4,118,780 4,338,723 
Class C (a) 3,788,625 3,964,417 
CarGurus, Inc. Class A (b) 625,994 18,767 
Cloudera, Inc. (b) 1,616,953 26,712 
CoStar Group, Inc. (a) 14,889 4,421 
Dropbox, Inc. Class B (a)(e)(f) 5,464,028 77,808 
eBay, Inc. (a) 7,756,791 292,741 
Facebook, Inc. Class A (a) 49,685,082 8,767,436 
LogMeIn, Inc. 1,883,719 215,686 
New Relic, Inc. (a) 1,098,730 63,474 
Nutanix, Inc. Class B (c) 3,060,752 107,983 
Okta, Inc. 1,199,694 30,724 
Q2 Holdings, Inc. (a) 44,491 1,639 
Rightmove PLC 271,289 16,483 
Shopify, Inc. Class A (a) 466,460 47,169 
Tencent Holdings Ltd. 8,518,200 440,885 
  18,816,465 
IT Services - 6.1%   
Accenture PLC Class A 1,028,249 157,415 
ASAC II LP (a)(e)(f) 39,494,500 6,635 
EPAM Systems, Inc. (a) 679,330 72,980 
Fiserv, Inc. (a) 2,105,345 276,074 
FleetCor Technologies, Inc. (a) 10,633 2,046 
Global Payments, Inc. 2,013,835 201,867 
Leidos Holdings, Inc. 346,875 22,398 
MasterCard, Inc. Class A 11,597,630 1,755,417 
PayPal Holdings, Inc. (a) 25,043,707 1,843,718 
Square, Inc. (a) 1,509,271 52,326 
Visa, Inc. Class A 27,278,040 3,110,242 
  7,501,118 
Semiconductors & Semiconductor Equipment - 2.8%   
Analog Devices, Inc. 791,386 70,457 
Applied Materials, Inc. 11,389,500 582,231 
Broadcom Ltd. 1,944,125 499,446 
First Solar, Inc. (a) 713,233 48,157 
Lam Research Corp. 2,708,772 498,604 
NVIDIA Corp. 4,569,664 884,230 
Qualcomm, Inc. 1,316,152 84,260 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 5,174,027 205,150 
Texas Instruments, Inc. 5,006,384 522,867 
  3,395,402 
Software - 11.5%   
Activision Blizzard, Inc. 34,531,460 2,186,532 
Adobe Systems, Inc. (a) 13,085,352 2,293,077 
Atlassian Corp. PLC (a) 3,108,052 141,479 
CDK Global, Inc. 1,477,549 105,320 
Constellation Software, Inc. 131,414 79,666 
Electronic Arts, Inc. (a) 8,596,245 903,121 
Intuit, Inc. 796,168 125,619 
Micro Focus International PLC 1,692,548 57,655 
Microsoft Corp. 44,162,151 3,777,630 
Nintendo Co. Ltd. 175,400 63,161 
Parametric Technology Corp. (a) 928,547 56,428 
Paycom Software, Inc. (a)(b) 1,710,940 137,440 
Red Hat, Inc. (a) 2,054,235 246,714 
RingCentral, Inc. (a) 1,715,421 83,026 
Salesforce.com, Inc. (a) 26,966,406 2,756,776 
Snap, Inc. Class A (a)(b) 1,592,804 23,271 
Tanium, Inc. Class B (e)(f) 2,944,100 15,103 
Trion World, Inc. (a)(e)(f) 4,607,810 0 
Trion World, Inc. warrants 10/3/18 (a)(e)(f) 183,516 0 
Ultimate Software Group, Inc. (a) 1,116,550 243,665 
Workday, Inc. Class A (a) 7,527,460 765,844 
  14,061,527 
Technology Hardware, Storage & Peripherals - 3.2%   
Apple, Inc. 23,011,177 3,894,181 
Samsung Electronics Co. Ltd. 11,221 26,786 
  3,920,967 
TOTAL INFORMATION TECHNOLOGY  50,358,642 
MATERIALS - 2.6%   
Chemicals - 1.6%   
Air Products & Chemicals, Inc. 1,685,148 276,499 
DowDuPont, Inc. 11,482,761 817,802 
LyondellBasell Industries NV Class A 757,935 83,615 
Olin Corp. 1,272,798 45,286 
Sherwin-Williams Co. 1,396,767 572,730 
The Chemours Co. LLC 533,491 26,707 
Westlake Chemical Corp. 1,338,335 142,573 
  1,965,212 
Construction Materials - 0.0%   
Eagle Materials, Inc. 76,646 8,684 
Containers & Packaging - 0.2%   
WestRock Co. 3,176,176 200,766 
Metals & Mining - 0.8%   
ArcelorMittal SA Class A unit (a)(b) 1,676,835 54,179 
Arizona Mining, Inc. (a) 885,695 2,438 
B2Gold Corp. (a)(g) 49,817,232 153,772 
Franco-Nevada Corp. 4,241,442 338,978 
Freeport-McMoRan, Inc. (a) 1,027,361 19,479 
Ivanhoe Mines Ltd. (a)(g) 51,261,868 172,912 
Ivanhoe Mines Ltd. (a)(c)(g) 14,742,100 49,727 
Kirkland Lake Gold Ltd. 2,926,470 44,863 
Newcrest Mining Ltd. 5,816,660 103,567 
Novagold Resources, Inc. (a) 8,115,004 31,892 
Nucor Corp. 503,030 31,983 
Randgold Resources Ltd. sponsored ADR 366,081 36,202 
  1,039,992 
TOTAL MATERIALS  3,214,654 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
American Tower Corp. 838,884 119,684 
Real Estate Management & Development - 0.1%   
Five Point Holdings LLC Class A (a) 3,148,178 44,389 
WeWork Companies, Inc. Class A (a)(e)(f) 607,163 31,457 
  75,846 
TOTAL REAL ESTATE  195,530 
TELECOMMUNICATION SERVICES - 0.3%   
Wireless Telecommunication Services - 0.3%   
SoftBank Corp. 655,500 51,896 
T-Mobile U.S., Inc. (a) 5,547,574 352,326 
  404,222 
TOTAL COMMON STOCKS   
(Cost $58,130,785)  119,615,721 
Convertible Preferred Stocks - 1.1%   
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc.:   
Series D (a)(e)(f) 578,817 54,519 
Series E (a)(e)(f) 388,853 36,626 
Handy Technologies, Inc. Series C (a)(e)(f) 3,537,042 11,248 
  102,393 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (e)(f) 154,611 54,666 
HEALTH CARE - 0.2%   
Biotechnology - 0.2%   
23andMe, Inc.:   
Series E (a)(e)(f) 664,987 9,233 
Series F (e)(f) 3,348,986 46,498 
Intarcia Therapeutics, Inc. Series CC (a)(e)(f) 2,100,446 126,027 
  181,758 
Health Care Providers & Services - 0.0%   
Get Heal, Inc. Series B (a)(e)(f) 35,877,127 3,197 
Mulberry Health, Inc. Series A8 (a)(e)(f) 7,960,894 50,631 
  53,828 
TOTAL HEALTH CARE  235,586 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(e)(f) 558,215 75,359 
Series H (e)(f) 120,282 16,238 
  91,597 
INFORMATION TECHNOLOGY - 0.5%   
Internet Software & Services - 0.4%   
Dropbox, Inc.:   
Series A (a)(e)(f) 1,260,898 17,955 
Series C (a)(e)(f) 698,385 10,769 
Lyft, Inc. Series H (e)(f) 1,553,259 61,736 
Pinterest, Inc.:   
Series E, 8.00% (a)(e)(f) 54,841,080 327,950 
Series F, 8.00% (a)(e)(f) 3,455,720 20,665 
Series G, 8.00% (a)(e)(f) 4,301,275 25,722 
Uber Technologies, Inc. Series D, 8.00% (a)(e)(f) 2,040,465 71,253 
  536,050 
Software - 0.1%   
Carbon, Inc. Series D (f) 915,425 21,376 
Cloudflare, Inc. Series D 8.00% (a)(e)(f) 4,303,714 23,627 
Delphix Corp. Series D (a)(e)(f) 3,712,687 20,865 
  65,868 
TOTAL INFORMATION TECHNOLOGY  601,918 
REAL ESTATE - 0.2%   
Real Estate Management & Development - 0.2%   
WeWork Companies, Inc.:   
Series E (a)(e)(f) 5,464,465 283,114 
Series F (a)(e)(f) 253,732 13,146 
  296,260 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (e)(f) 2,124,227 3,314 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $945,661)  1,385,734 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.1%   
Convertible Bonds - 0.0%   
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Trion World, Inc. 10% 10/10/19 pay-in-kind (e)(f)(h) 1,956 773 
Nonconvertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Valeant Pharmaceuticals International, Inc.:   
6.125% 4/15/25 (c) 72,660 66,484 
9% 12/15/25 (c) 81,146 84,570 
  151,054 
TOTAL CORPORATE BONDS   
(Cost $147,201)  151,827 
 Shares Value (000s) 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund, 1.36% (i) 1,796,125,900 1,796,485 
Fidelity Securities Lending Cash Central Fund 1.36% (i)(j) 221,910,908 221,955 
TOTAL MONEY MARKET FUNDS   
(Cost $2,018,405)  2,018,440 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $61,242,052)  123,171,722 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (598,696) 
NET ASSETS - 100%  $122,573,026 

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

Legend

 (a) Non-income producing

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

 (c) 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 $413,437,000 or 0.3% of net assets.

 (d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (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 $1,628,180,000 or 1.3% of net assets.

 (f) Level 3 security

 (g) Affiliated company

 (h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. Series E 6/18/15 $7,200 
23andMe, Inc. Series F 8/31/17 $46,498 
Airbnb, Inc. Series D 4/16/14 $23,565 
Airbnb, Inc. Series E 6/29/15 $36,200 
Altiostar Networks, Inc. Series A1 1/10/17 $9,771 
ASAC II LP 10/10/13 $3,041 
Centennial Resource Development, Inc. Class A 12/28/16 $34,037 
Cloudflare, Inc. Series D 8.00% 11/5/14 - 6/24/15 $26,827 
Delphix Corp. Series D 7/10/15 $33,414 
Dropbox, Inc. Class B 5/2/12 $49,445 
Dropbox, Inc. Series A 5/29/12 $11,410 
Dropbox, Inc. Series C 1/30/14 $13,340 
Get Heal, Inc. Series B 11/7/16 $10,944 
Handy Technologies, Inc. Series C 10/14/15 $20,727 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $28,629 
Lyft, Inc. Series H 11/22/17 $61,736 
Mulberry Health, Inc. Series A8 1/20/16 $53,774 
Pinterest, Inc. Series E, 8.00% 10/23/13 $159,376 
Pinterest, Inc. Series F, 8.00% 5/15/14 $11,739 
Pinterest, Inc. Series G, 8.00% 2/27/15 $30,879 
Roofoods Ltd. Series F 9/12/17 $54,666 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $30,689 
Space Exploration Technologies Corp. Class C 9/11/17 $1,754 
Space Exploration Technologies Corp. Series G 1/20/15 $43,239 
Space Exploration Technologies Corp. Series H 8/4/17 $16,238 
Tanium, Inc. Class B 4/21/17 $14,615 
Trion World, Inc. 8/22/08 - 3/20/13 $25,151 
Trion World, Inc. warrants 10/3/18 10/10/13 $0 
Trion World, Inc. 10% 10/10/19 pay-in-kind 10/10/13 - 10/10/17 $1,953 
TulCo LLC 8/24/17 - 12/14/17 $44,039 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $31,654 
Weinstein Co. Holdings LLC Class A-1 10/19/05 $41,234 
WeWork Companies, Inc. Class A 6/23/15 $19,969 
WeWork Companies, Inc. Series E 6/23/15 $179,724 
WeWork Companies, Inc. Series F 12/1/16 $12,735 

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 $12,254 
Fidelity Securities Lending Cash Central Fund 13,046 
Total $25,300 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

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 Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Activision Blizzard, Inc. $1,415,505 $29,714 $305,883 $11,653 $205,174 $842,022 $-- 
Amphenol Corp. Class A 1,616,746 12,845 106,511 16,399 78,562 405,783 2,007,425 
B2Gold Corp. 133,433 -- 18,167 -- 3,230 35,276 153,772 
Birchcliff Energy Ltd. 154,808 9,926 15,759 1,384 (4,160) (71,569) 73,246 
Birchcliff Energy Ltd. 4,788 -- -- 45 -- (2,386) 2,402 
Centennial Resource Development, Inc. Class A 102,307 -- -- -- -- 415 102,722 
Centennial Resource Development, Inc. Class A 119,830 157,743 8,202 -- 1,999 3,540 274,910 
Centennial Resource Development, Inc. Class A 41,547 -- -- -- -- 4,803 46,350 
Ivanhoe Mines Ltd. 84,945 30,762 7,412 -- 5,923 58,694 172,912 
Ivanhoe Mines Ltd. 29,259 -- 2,331 -- (1,156) 23,955 49,727 
Metro Bank PLC 221,999 3,541 12,833 -- 9,282 65,808 287,797 
Mettler-Toledo International, Inc. 755,194 32,460 73,514 -- 46,598 316,929 1,077,667 
Ultimate Software Group, Inc. 341,510 17,628 162,118 -- 3,676 42,969 -- 
Total $5,021,871 $294,619 $712,730 $29,481 $349,128 $1,726,239 $4,248,930 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $17,294,483 $16,990,778 $201,312 $102,393 
Consumer Staples 3,104,550 2,974,532 75,352 54,666 
Energy 2,713,774 2,713,774 -- -- 
Financials 23,115,517 23,115,517 -- -- 
Health Care 11,194,287 10,958,701 -- 235,586 
Industrials 8,504,304 8,327,011 -- 177,293 
Information Technology 50,960,560 49,755,050 504,046 701,464 
Materials 3,214,654 3,214,654 -- -- 
Real Estate 491,790 164,073 -- 327,717 
Telecommunication Services 407,536 352,326 51,896 3,314 
Corporate Bonds 151,827 -- 151,054 773 
Money Market Funds 2,018,440 2,018,440 -- -- 
Total Investments in Securities: $123,171,722 $120,584,856 $983,660 $1,603,206 

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

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $1,782,615 
Net Realized Gain (Loss) on Investment Securities 25,264 
Net Unrealized Gain (Loss) on Investment Securities (240,419) 
Cost of Purchases 283,771 
Proceeds of Sales (219,215) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (28,810) 
Ending Balance $1,603,206 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2017 $(242,813) 

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

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  December 31, 2017 
Assets   
Investment in securities, at value (including securities loaned of $215,126) — See accompanying schedule:
Unaffiliated issuers (cost $57,544,676) 		$116,904,352  
Fidelity Central Funds (cost $2,018,405) 2,018,440  
Other affiliated issuers (cost $1,678,971) 4,248,930  
Total Investment in Securities (cost $61,242,052)  $123,171,722 
Receivable for investments sold  1,003,585 
Receivable for fund shares sold  92,976 
Dividends receivable  36,680 
Interest receivable  1,248 
Distributions receivable from Fidelity Central Funds  2,626 
Prepaid expenses  198 
Other receivables  5,184 
Total assets  124,314,219 
Liabilities   
Payable for investments purchased $216,149  
Payable for fund shares redeemed 1,204,690  
Accrued management fee 69,259  
Other affiliated payables 11,773  
Other payables and accrued expenses 17,533  
Collateral on securities loaned 221,789  
Total liabilities  1,741,193 
Net Assets  $122,573,026 
Net Assets consist of:   
Paid in capital  $59,140,983 
Distributions in excess of net investment income  (4,720) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  1,519,073 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  61,917,690 
Net Assets  $122,573,026 
Contrafund:   
Net Asset Value, offering price and redemption price per share ($89,874,001 ÷ 734,146 shares)  $122.42 
Class K:   
Net Asset Value, offering price and redemption price per share ($32,699,025 ÷ 267,265 shares)  $122.35 

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


Statement of Operations

Amounts in thousands  Year ended December 31, 2017 
Investment Income   
Dividends (including $29,481 earned from other affiliated issuers)  $915,431 
Interest  1,658 
Income from Fidelity Central Funds  25,300 
Total income  942,389 
Expenses   
Management fee   
Basic fee $622,082  
Performance adjustment 61,407  
Transfer agent fees 129,499  
Accounting and security lending fees 3,723  
Custodian fees and expenses 1,916  
Independent trustees' fees and expenses 448  
Appreciation in deferred trustee compensation account 5  
Registration fees 582  
Audit 241  
Legal 280  
Interest 17  
Miscellaneous 987  
Total expenses before reductions 821,187  
Expense reductions (2,631) 818,556 
Net investment income (loss)  123,833 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 11,047,559  
Redemptions in-kind with affiliated entities 960,358  
Fidelity Central Funds 52  
Other affiliated issuers 349,128  
Foreign currency transactions (834)  
Total net realized gain (loss)  12,356,263 
Change in net unrealized appreciation (depreciation) on:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $12,132) 17,222,225  
Fidelity Central Funds 3  
Other affiliated issuers 1,726,239  
Assets and liabilities in foreign currencies 205  
Total change in net unrealized appreciation (depreciation)  18,948,672 
Net gain (loss)  31,304,935 
Net increase (decrease) in net assets resulting from operations  $31,428,768 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended December 31, 2017 Year ended December 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $123,833 $338,180 
Net realized gain (loss) 12,356,263 5,749,130 
Change in net unrealized appreciation (depreciation) 18,948,672 (2,528,496) 
Net increase (decrease) in net assets resulting from operations 31,428,768 3,558,814 
Distributions to shareholders from net investment income (144,165) (330,490) 
Distributions to shareholders from net realized gain (7,201,343) (3,609,095) 
Total distributions (7,345,508) (3,939,585) 
Share transactions - net increase (decrease) (3,575,375) (6,837,671) 
Total increase (decrease) in net assets 20,507,885 (7,218,442) 
Net Assets   
Beginning of period 102,065,141 109,283,583 
End of period $122,573,026 $102,065,141 
Other Information   
Undistributed net investment income end of period $– $11,928 
Distributions in excess of net investment income end of period $(4,720) $– 

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


Financial Highlights

Fidelity Contrafund

Years ended December 31, 2017 2016 2015 2014 2013 
Selected Per–Share Data      
Net asset value, beginning of period $98.45 $98.92 $97.97 $96.14 $77.57 
Income from Investment Operations      
Net investment income (loss)A .10 .29 .33 .30 .33 
Net realized and unrealized gain (loss) 31.42 2.99 5.89 8.67 25.70 
Total from investment operations 31.52 3.28 6.22 8.97 26.03 
Distributions from net investment income (.12) (.29) (.31) (.25) (.13) 
Distributions from net realized gain (7.43) (3.46) (4.96) (6.89) (7.33) 
Total distributions (7.55) (3.75) (5.27) (7.14) (7.46) 
Net asset value, end of period $122.42 $98.45 $98.92 $97.97 $96.14 
Total ReturnB 32.21% 3.36% 6.46% 9.56% 34.15% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .74% .68% .71% .64% .67% 
Expenses net of fee waivers, if any .74% .68% .71% .64% .67% 
Expenses net of all reductions .74% .68% .70% .64% .66% 
Net investment income (loss) .08% .29% .33% .31% .37% 
Supplemental Data      
Net assets, end of period (in millions) $89,874 $73,035 $77,724 $75,057 $74,962 
Portfolio turnover rateE 29%F 41%F 35%F 45%F 46% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

 F Portfolio turnover rate excludes securities received or delivered in-kind.


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


Fidelity Contrafund Class K

Years ended December 31, 2017 2016 2015 2014 2013 
Selected Per–Share Data      
Net asset value, beginning of period $98.38 $98.84 $97.90 $96.07 $77.51 
Income from Investment Operations      
Net investment income (loss)A .20 .38 .43 .40 .42 
Net realized and unrealized gain (loss) 31.43 3.01 5.88 8.68 25.70 
Total from investment operations 31.63 3.39 6.31 9.08 26.12 
Distributions from net investment income (.23) (.39) (.41) (.36) (.23) 
Distributions from net realized gain (7.43) (3.46) (4.96) (6.89) (7.33) 
Total distributions (7.66) (3.85) (5.37) (7.25) (7.56) 
Net asset value, end of period $122.35 $98.38 $98.84 $97.90 $96.07 
Total ReturnB 32.34% 3.48% 6.55% 9.68% 34.30% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .65% .58% .61% .54% .56% 
Expenses net of fee waivers, if any .65% .58% .61% .54% .56% 
Expenses net of all reductions .65% .58% .61% .54% .56% 
Net investment income (loss) .17% .39% .43% .41% .48% 
Supplemental Data      
Net assets, end of period (in millions) $32,699 $29,031 $31,560 $34,479 $35,982 
Portfolio turnover rateE 29%F 41%F 35%F 45%F 46% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

 F Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements

For the period ended December 31, 2017
(Amounts in thousands except percentages)

1. Organization.

Fidelity Contrafund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Contrafund and Class K, shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

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

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds $773 Recovery value Recovery value 39.5% Increase 
Equities 1,602,433 Market comparable Enterprise value/Sales multiple (EV/S) 0.8 - 13.1 / 6.4 Increase 
   Transaction price $60.00 Increase 
   Discount rate 28.0% Decrease 
   Discount for lack of marketability 15.0% - 25.0% / 17.8% Decrease 
   Liquidity preference $4.84 - $19.10 / $11.24 Increase 
   Premium rate 7.5% - 108.0% / 65.2% Increase 
  Market approach Transaction price $1.56 - $353.57 / $83.83 Increase 
  Recovery value Recovery value  0.0% - 0.2% / 0.2% Increase 
  Discount cash flow Discount rate 9.0% Decrease 
   Discount for lack of marketability 20.0% Decrease 
   Growth rate 3.0% Increase 

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


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2017, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $62,179,558 
Gross unrealized depreciation (577,254) 
Net unrealized appreciation (depreciation) $61,602,304 
Tax Cost $61,569,418 

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

Undistributed long-term capital gain $1,846,495 
Net unrealized appreciation (depreciation) on securities and other investments $61,602,486 

The tax character of distributions paid was as follows:

 December 31, 2017  December 31, 2016 
Ordinary Income $144,165 $ 330,490 
Long-term Capital Gains 7,201,343 3,609,095 
Total $7,345,508 $ 3,939,585 

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

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $44,039 in these Subsidiaries, representing .04% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $33,205,350 and $39,923,192, respectively.

Redemptions In-Kind. During the period, 34,843 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $3,859,301. The net realized gain of $2,473,373 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 32,360 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash, including accrued interest, with a value of $3,198,227. The Fund had a net realized gain of $1,930,771 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Contrafund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .60% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of
Class-Level Average
Net Assets 
Contrafund $114,650 .14 
Class K 14,849 .05 
 $129,499  

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $904 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $66,006 .83% $15 

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

Redemptions In-Kind. During the period, 12,089 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $1,457,574. The net realized gain of $960,358 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $351 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $10,928. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $13,046, including $211 from securities loaned to FCM.

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $40,835. The weighted average interest rate was 1.16%. The interest expense amounted to $2 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $1,682 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $8.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $941.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended December 31, 2017 Year ended December 31, 2016 
From net investment income   
Contrafund $84,830 $214,155 
Class K 59,335 116,335 
Total $144,165 $330,490 
From net realized gain   
Contrafund $5,246,866 $2,569,613 
Class K 1,954,477 1,039,482 
Total $7,201,343 $3,609,095 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended December 31, 2017 Year ended December 31, 2016 Year ended December 31, 2017 Year ended December 31, 2016 
Contrafund     
Shares sold 71,526 78,941 $8,237,249 $7,647,980 
Reinvestment of distributions 42,081 27,050 5,053,714 2,642,747 
Shares redeemed (121,285)(a) (149,912)(b) (13,776,639)(a) (14,712,987)(b) 
Net increase (decrease) (7,678) (43,921) $(485,676) $(4,422,260) 
Class K     
Shares sold 43,515 52,783 $4,990,930 $5,115,103 
Reinvestment of distributions 16,789 11,835 2,013,806 1,155,817 
Shares redeemed (88,136)(a) (88,812)(b) (10,094,435)(a) (8,686,331)(b) 
Net increase (decrease) (27,832) (24,194) $(3,089,699) $(2,415,411) 

 (a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).

 (b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).


12. Other.

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

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Contrafund and Shareholders of Fidelity Contrafund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Contrafund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 13, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 190 funds. 

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

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

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

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

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

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

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

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

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

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

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) of the Asolo Repertory Theatre.

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2001

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. Ms. Dorsey serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2008-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.  Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan. 

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).  Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan. 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Melissa M. Reilly (1971)

Year of Election or Appointment: 2014

Vice President of certain Equity Funds

Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Contrafund .81%    
Actual  $1,000.00 $1,132.00 $4.35 
Hypothetical-C  $1,000.00 $1,021.12 $4.13 
Class K .72%    
Actual  $1,000.00 $1,132.80 $3.87 
Hypothetical-C  $1,000.00 $1,021.58 $3.67 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

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

 C 5% return per year before expenses


Distributions (Unaudited)

The Board of Trustees of the Fidelity Contrafund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities.

 Pay Date Record Date Capital Gains 
Contrafund 02/12/2018 02/09/2018 $1.858 
Class K 02/12/2018 02/09/2018 $1.858 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $8,870,646,322, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Contrafund

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

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

At its July 2017 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase.

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

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

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

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

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

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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

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

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

Fidelity Contrafund


The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

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

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

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

Fidelity Contrafund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

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

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

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

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

The Board noted that the total expense ratio of each class ranked below the competitive median for 2016.

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

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

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

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

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

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

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

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

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

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





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

CON-ANN-0218
1.540009.120

Fidelity® Contrafund®

Class K



Annual Report

December 31, 2017



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended December 31, 2017 Past 1 year Past 5 years Past 10 years 
Class K 32.34% 16.54% 9.08% 

 The initial offering of Class K shares took place on May 9, 2008. Returns prior to May 9, 2008 are those of Fidelity® Contrafund®, the original class of the fund. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Contrafund® - Class K on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

See above for additional information regarding the performance of Class K.


Period Ending Values
$23,843Fidelity® Contrafund® - Class K
$22,603S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. equities gained 21.83% in 2017, as the S&P 500® index rose steadily and closed the year just shy of an all-time high after a particularly strong three-month finish. Early on, equities rallied on optimism for President Trump’s pro-business agenda but leveled off in March amid fading optimism and stalled efforts by Congress to repeal and replace the Affordable Care Act. Upward momentum soon returned and continued through year-end with consumer sentiment and other market indicators staying positive. The lone exception was a brief cooldown in August, when geopolitical tension escalated and uncertainty grew regarding the future of health care, tax reform and the debt ceiling. Sector-wise, information technology fared best by a wide margin, rising 39% amid strong earnings growth from several major index constituents. A 24% gain in materials was spurred by increased demand, especially from China. Consumer discretionary gained 23%, despite many brick-and-mortar retailers suffering from online competition, and financials edged the broader market on an uptick in bond yields. Conversely, the defensive energy and telecom services sectors returned about -1% each. Rising interest rates held back real estate (+11%), while consumer staples (+13%) and utilities (+12%) struggled due to investors’ general preference for risk assets.

Comments from Portfolio Manager William Danoff:  For the year, the fund's share classes gained about 32%, well ahead of the benchmark S&P 500® index. A more business-friendly administration in the White House, a rebound in China’s economy and an extremely low interest rate environment worldwide produced synchronous global economic expansion. This strength propelled the stock market higher, particularly growth and technology shares. Contrafund was well-positioned for this rebound, and performed very well for the year. The fund's outperformance of the benchmark primarily was driven by a sizable position – 42% of assets, on average – in the market-leading information technology sector. Here, notable individual contributors included social-media firm Facebook and Google parent Alphabet, our two largest holdings. Other top contributors from the tech sector were gaming company Activision Blizzard and publishing software developer Adobe Systems. Our No. 2 relative contributor in 2017 was the fund’s de-emphasis of industrial conglomerate General Electric, which struggled the past year as demand for utility-grade generators softened. I am pleased that, given the fund beat its benchmark by more than 10 percentage points, there were no major detractors, although not owning enough of a few outperforming benchmark names hurt modestly. These included aircraft manufacturer Boeing and pharmaceutical firm AbbVie.

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

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Facebook, Inc. Class A 7.2 
Berkshire Hathaway, Inc. Class A 5.2 
Amazon.com, Inc. 5.1 
Alphabet, Inc. Class A 3.5 
Alphabet, Inc. Class C 3.2 
Apple, Inc. 3.2 
Microsoft Corp. 3.1 
UnitedHealth Group, Inc. 2.8 
Visa, Inc. Class A 2.5 
Salesforce.com, Inc. 2.3 
 38.1 

Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Information Technology 41.6 
Financials 18.9 
Consumer Discretionary 14.1 
Health Care 9.2 
Industrials 7.0 

Asset Allocation (% of fund's net assets)

As of December 31, 2017* 
   Stocks 97.6% 
   Bonds 0.1% 
   Convertible Securities 1.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.2% 


 * Foreign investments - 7.5%


Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 14.0%   
Auto Components - 0.0%   
Aptiv PLC 461,281 $39,130 
Delphi Technologies PLC (a) 153,760 8,068 
  47,198 
Automobiles - 1.5%   
BYD Co. Ltd. (H Shares) (b) 7,553,000 65,617 
General Motors Co. 1,717,894 70,416 
Guangzhou Automobile Group Co. Ltd. (H Shares) 5,118,000 12,132 
Mahindra & Mahindra Ltd. 8,654,702 101,826 
Maruti Suzuki India Ltd. 1,533,074 233,648 
Tesla, Inc. (a)(b) 3,936,442 1,225,611 
Toyota Motor Corp. 963,400 61,397 
  1,770,647 
Diversified Consumer Services - 0.1%   
Chegg, Inc. (a) 1,890,785 30,858 
Weight Watchers International, Inc. (a) 2,001,841 88,642 
  119,500 
Hotels, Restaurants & Leisure - 1.6%   
Churchill Downs, Inc. 73,795 17,172 
Eldorado Resorts, Inc. (a) 403,827 13,387 
Hilton Worldwide Holdings, Inc. 4,135,969 330,298 
Las Vegas Sands Corp. 352,416 24,489 
Marriott International, Inc. Class A 5,092,258 691,172 
McDonald's Corp. 4,140,897 712,731 
Starbucks Corp. 1,628,818 93,543 
U.S. Foods Holding Corp. (a) 1,283,280 40,975 
Vail Resorts, Inc. 170,902 36,312 
  1,960,079 
Household Durables - 0.4%   
D.R. Horton, Inc. 489,263 24,987 
Lennar Corp. Class A 2,049,726 129,625 
Mohawk Industries, Inc. (a) 1,223,799 337,646 
Roku, Inc. Class A 240,936 12,476 
  504,734 
Internet & Direct Marketing Retail - 7.4%   
Amazon.com, Inc. (a) 5,292,465 6,189,379 
ASOS PLC (a) 114,477 10,379 
Blue Apron Holdings, Inc.:   
Class A 860,441 3,468 
Class B 3,463,673 13,819 
Netflix, Inc. (a) 10,101,885 1,939,158 
Priceline Group, Inc. (a) 435,601 756,961 
Start Today Co. Ltd. 2,801,200 85,149 
Takeaway.com Holding BV (a)(c) 556,400 33,967 
Zalando SE (a) 736,544 38,986 
  9,071,266 
Leisure Products - 0.1%   
Mattel, Inc. (b) 3,849,245 59,201 
Polaris Industries, Inc. 282,800 35,064 
  94,265 
Media - 0.9%   
Charter Communications, Inc. Class A (a) 558,040 187,479 
Liberty Global PLC Class A (a) 1,167,463 41,842 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a) 7,524,117 257,024 
Liberty SiriusXM Series C (a) 5,081,799 201,544 
Live Nation Entertainment, Inc. (a) 1,069,735 45,539 
Sirius XM Holdings, Inc. (b) 24,568,249 131,686 
The Walt Disney Co. 2,678,714 287,989 
Weinstein Co. Holdings LLC Class A-1 (a)(d)(e)(f) 41,234 0 
  1,153,103 
Multiline Retail - 0.2%   
B&M European Value Retail S.A. 10,861,792 62,121 
Dollar Tree, Inc. (a) 898,930 96,464 
Ollie's Bargain Outlet Holdings, Inc. (a) 1,492,501 79,476 
  238,061 
Specialty Retail - 1.3%   
Burlington Stores, Inc. (a) 101,477 12,485 
Five Below, Inc. (a) 378,529 25,104 
Home Depot, Inc. 5,598,282 1,061,042 
TJX Companies, Inc. 6,258,914 478,557 
  1,577,188 
Textiles, Apparel & Luxury Goods - 0.5%   
adidas AG 1,704,913 341,929 
Kering SA 140,003 66,017 
LVMH Moet Hennessy - Louis Vuitton SA 206,059 60,479 
NIKE, Inc. Class B 2,999,577 187,624 
  656,049 
TOTAL CONSUMER DISCRETIONARY  17,192,090 
CONSUMER STAPLES - 2.5%   
Beverages - 0.5%   
Constellation Brands, Inc. Class A (sub. vtg.) 701,895 160,432 
Kweichow Moutai Co. Ltd. (A Shares) 580,700 62,249 
Monster Beverage Corp. (a) 1,797,258 113,748 
The Coca-Cola Co. 4,081,865 187,276 
  523,705 
Food & Staples Retailing - 0.5%   
Costco Wholesale Corp. 1,098,532 204,459 
Performance Food Group Co. (a) 2,616,872 86,618 
Sysco Corp. 488,474 29,665 
Wal-Mart Stores, Inc. 3,259,634 321,889 
  642,631 
Food Products - 0.0%   
The Simply Good Foods Co. 1,453,963 20,734 
Household Products - 0.6%   
Colgate-Palmolive Co. 9,748,647 735,535 
Personal Products - 0.9%   
Estee Lauder Companies, Inc. Class A 8,185,407 1,041,511 
L'Oreal SA 232,429 51,502 
Shiseido Co. Ltd. 215,500 10,416 
Unilever NV (Certificaten Van Aandelen) (Bearer) 423,600 23,850 
  1,127,279 
TOTAL CONSUMER STAPLES  3,049,884 
ENERGY - 2.2%   
Oil, Gas & Consumable Fuels - 2.2%   
Andeavor 93,143 10,650 
Birchcliff Energy Ltd. (g) 20,925,111 73,246 
Birchcliff Energy Ltd. (a)(c)(g) 686,127 2,402 
Cabot Oil & Gas Corp. 916,075 26,200 
Canadian Natural Resources Ltd. 5,786,957 206,802 
Centennial Resource Development, Inc.:   
Class A (a)(g) 5,188,000 102,722 
Class A (a)(b)(g) 13,884,347 274,910 
Class A (e)(g) 2,340,926 46,350 
Concho Resources, Inc. (a) 557,731 83,782 
Continental Resources, Inc. (a) 4,454,752 235,968 
Diamondback Energy, Inc. (a) 1,924,391 242,954 
Encana Corp. 969,925 12,940 
EOG Resources, Inc. 5,452,517 588,381 
Growmax Resources Corp. (a)(c) 3,445,563 288 
Phillips 66 Co. 2,639,230 266,958 
Pioneer Natural Resources Co. 71,644 12,384 
PrairieSky Royalty Ltd. 2,752,474 70,202 
Reliance Industries Ltd. 24,199,564 349,139 
Valero Energy Corp. 1,169,574 107,496 
  2,713,774 
FINANCIALS - 18.9%   
Banks - 10.0%   
Bank Ireland Group PLC (a) 14,781,261 126,807 
Bank of America Corp. 72,809,398 2,149,333 
Citigroup, Inc. 36,040,820 2,681,797 
HDFC Bank Ltd. sponsored ADR 6,969,684 708,608 
JPMorgan Chase & Co. 21,393,467 2,287,817 
Kotak Mahindra Bank Ltd. 11,135,666 176,210 
M&T Bank Corp. 1,950,074 333,443 
Metro Bank PLC (a)(b)(g) 5,947,525 287,797 
PNC Financial Services Group, Inc. 2,869,202 413,997 
Royal Bank of Canada 871,182 71,143 
The Toronto-Dominion Bank 2,008,195 117,664 
U.S. Bancorp 13,395,139 717,712 
Wells Fargo & Co. 35,507,366 2,154,232 
  12,226,560 
Capital Markets - 2.3%   
Ashmore Group PLC 1,658,173 9,069 
Bank of New York Mellon Corp. 4,399,321 236,947 
BlackRock, Inc. Class A 585,999 301,034 
Brookfield Asset Management, Inc. Class A 633,498 27,578 
CBOE Holdings, Inc. 249,330 31,064 
Charles Schwab Corp. 11,360,770 583,603 
CME Group, Inc. 753,381 110,031 
Goldman Sachs Group, Inc. 121,821 31,035 
IntercontinentalExchange, Inc. 1,688,888 119,168 
Morgan Stanley 13,977,355 733,392 
MSCI, Inc. 1,571,223 198,823 
Oaktree Capital Group LLC Class A 2,369,843 99,770 
S&P Global, Inc. 1,814,956 307,454 
St. James's Place Capital PLC 1,549,863 25,655 
  2,814,623 
Consumer Finance - 0.1%   
Synchrony Financial 4,059,167 156,724 
Diversified Financial Services - 5.2%   
Berkshire Hathaway, Inc. Class A (a) 21,535 6,408,816 
Insurance - 1.3%   
Admiral Group PLC 4,091,264 110,587 
AIA Group Ltd. 8,301,800 70,821 
Chubb Ltd. 7,137,990 1,043,074 
Fairfax Financial Holdings Ltd. (sub. vtg.) 181,083 96,425 
Marsh & McLennan Companies, Inc. 2,308,474 187,887 
  1,508,794 
TOTAL FINANCIALS  23,115,517 
HEALTH CARE - 8.9%   
Biotechnology - 2.2%   
AbbVie, Inc. 2,478,244 239,671 
Agios Pharmaceuticals, Inc. (a) 1,060,610 60,635 
Alnylam Pharmaceuticals, Inc. (a) 433,100 55,025 
Amgen, Inc. 852,604 148,268 
AnaptysBio, Inc. 447,716 45,094 
Biogen, Inc. (a) 291,588 92,891 
bluebird bio, Inc. (a) 177,359 31,588 
Blueprint Medicines Corp. (a) 232,134 17,505 
Celgene Corp. (a) 1,334,244 139,242 
Exact Sciences Corp. (a) 316,719 16,640 
FibroGen, Inc. (a) 1,931,049 91,532 
Genmab A/S (a) 908,578 150,680 
Gilead Sciences, Inc. 7,114,588 509,689 
Insmed, Inc. (a) 987,886 30,802 
Intrexon Corp. (b) 1,755,782 20,227 
Juno Therapeutics, Inc. (a) 608,075 27,795 
NantKwest, Inc. (a)(b) 826,782 3,712 
Neurocrine Biosciences, Inc. (a) 3,028,126 234,952 
OvaScience, Inc. (a) 1,449,250 2,029 
Portola Pharmaceuticals, Inc. (a) 795,959 38,747 
Regeneron Pharmaceuticals, Inc. (a) 365,411 137,380 
Sage Therapeutics, Inc. (a) 205,191 33,797 
Vertex Pharmaceuticals, Inc. (a) 3,662,663 548,887 
  2,676,788 
Health Care Equipment & Supplies - 1.6%   
Baxter International, Inc. 6,286,643 406,369 
Becton, Dickinson & Co. 518,278 110,943 
Boston Scientific Corp. (a) 29,897,043 741,148 
Danaher Corp. 1,002,183 93,023 
Edwards Lifesciences Corp. (a) 284,557 32,072 
Intuitive Surgical, Inc. (a) 990,232 361,375 
Penumbra, Inc. (a) 475,311 44,727 
ResMed, Inc. 564,735 47,827 
Stryker Corp. 776,986 120,309 
  1,957,793 
Health Care Providers & Services - 3.3%   
Aetna, Inc. 730,738 131,818 
Anthem, Inc. 92,947 20,914 
Cigna Corp. 219,037 44,484 
HealthEquity, Inc. (a) 1,695,286 79,102 
Henry Schein, Inc. (a) 2,416,332 168,853 
Humana, Inc. 801,287 198,775 
National Vision Holdings, Inc. 757,104 30,746 
OptiNose, Inc. 539,390 10,194 
UnitedHealth Group, Inc. 15,550,291 3,428,217 
  4,113,103 
Health Care Technology - 0.1%   
Medidata Solutions, Inc. (a) 497,480 31,525 
NantHealth, Inc. (a) 8,726 27 
Veeva Systems, Inc. Class A (a) 2,249,125 124,332 
  155,884 
Life Sciences Tools & Services - 1.2%   
Agilent Technologies, Inc. 911,425 61,038 
Eurofins Scientific SA 80,681 49,138 
Mettler-Toledo International, Inc. (a)(g) 1,739,519 1,077,667 
PRA Health Sciences, Inc. (a) 830,077 75,595 
Thermo Fisher Scientific, Inc. 759,640 144,240 
Waters Corp. (a) 389,119 75,174 
  1,482,852 
Pharmaceuticals - 0.5%   
AstraZeneca PLC sponsored ADR 554,333 19,235 
Bristol-Myers Squibb Co. 2,415,687 148,033 
GW Pharmaceuticals PLC ADR (a) 68,246 9,009 
Johnson & Johnson 583,003 81,457 
Nektar Therapeutics (a) 3,788,992 226,279 
Teva Pharmaceutical Industries Ltd. sponsored ADR 4,657,942 88,268 
  572,281 
TOTAL HEALTH CARE  10,958,701 
INDUSTRIALS - 6.9%   
Aerospace & Defense - 1.0%   
General Dynamics Corp. 653,034 132,860 
Northrop Grumman Corp. 1,297,462 398,204 
Raytheon Co. 962,410 180,789 
Space Exploration Technologies Corp.:   
Class A (a)(e)(f) 295,578 39,903 
Class C (e)(f) 12,991 1,754 
The Boeing Co. 1,464,853 432,000 
  1,185,510 
Air Freight & Logistics - 0.5%   
Expeditors International of Washington, Inc. 169,129 10,941 
FedEx Corp. 1,483,395 370,166 
XPO Logistics, Inc. (a) 2,523,969 231,170 
  612,277 
Airlines - 1.0%   
Ryanair Holdings PLC sponsored ADR (a) 5,130,023 534,497 
Southwest Airlines Co. 11,022,876 721,447 
  1,255,944 
Building Products - 0.8%   
A.O. Smith Corp. 999,856 61,271 
Fortune Brands Home & Security, Inc. 1,242,720 85,052 
Jeld-Wen Holding, Inc. 4,046,404 159,307 
Masco Corp. 12,610,412 554,102 
Toto Ltd. 2,928,000 172,809 
  1,032,541 
Commercial Services & Supplies - 0.2%   
Cintas Corp. 999,272 155,717 
TulCo LLC (d)(e)(f) 125,827 44,039 
  199,756 
Construction & Engineering - 0.1%   
Jacobs Engineering Group, Inc. 924,109 60,954 
Electrical Equipment - 0.4%   
AMETEK, Inc. 660,527 47,868 
Fortive Corp. 5,903,654 427,129 
  474,997 
Industrial Conglomerates - 0.8%   
3M Co. 4,018,929 945,935 
ITT, Inc. 111,805 5,967 
Roper Technologies, Inc. 86,532 22,412 
  974,314 
Machinery - 1.3%   
Caterpillar, Inc. 1,576,543 248,432 
Deere & Co. 3,042,920 476,247 
Gardner Denver Holdings, Inc. 2,419,324 82,088 
IDEX Corp. 81,921 10,811 
Illinois Tool Works, Inc. 1,743,434 290,892 
Ingersoll-Rand PLC 997,971 89,009 
Oshkosh Corp. 122,649 11,148 
PACCAR, Inc. 1,821,301 129,458 
Parker Hannifin Corp. 1,182,314 235,966 
Rational AG 39,483 25,449 
Xylem, Inc. 507,782 34,631 
  1,634,131 
Professional Services - 0.3%   
Equifax, Inc. 249,476 29,418 
Manpower, Inc. 244,255 30,803 
Recruit Holdings Co. Ltd. 2,548,600 63,333 
RELX PLC 557,096 13,080 
TransUnion Holding Co., Inc. (a) 4,450,959 244,625 
  381,259 
Road & Rail - 0.4%   
CSX Corp. 7,293,748 401,229 
Union Pacific Corp. 743,753 99,737 
  500,966 
Trading Companies & Distributors - 0.1%   
Air Lease Corp. Class A (c) 1,414,358 68,016 
Fastenal Co. 228,275 12,484 
United Rentals, Inc. (a) 113,766 19,558 
  100,058 
TOTAL INDUSTRIALS  8,412,707 
INFORMATION TECHNOLOGY - 41.1%   
Communications Equipment - 0.4%   
Arista Networks, Inc. (a) 1,863,639 439,036 
Electronic Equipment & Components - 1.8%   
Amphenol Corp. Class A (g) 22,863,610 2,007,425 
CDW Corp. 2,104,464 146,239 
Corning, Inc. 170,210 5,445 
Dolby Laboratories, Inc. Class A 871,583 54,038 
Keyence Corp. 19,600 10,980 
  2,224,127 
Internet Software & Services - 15.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 2,327,884 401,397 
Alphabet, Inc.:   
Class A (a) 4,118,780 4,338,723 
Class C (a) 3,788,625 3,964,417 
CarGurus, Inc. Class A (b) 625,994 18,767 
Cloudera, Inc. (b) 1,616,953 26,712 
CoStar Group, Inc. (a) 14,889 4,421 
Dropbox, Inc. Class B (a)(e)(f) 5,464,028 77,808 
eBay, Inc. (a) 7,756,791 292,741 
Facebook, Inc. Class A (a) 49,685,082 8,767,436 
LogMeIn, Inc. 1,883,719 215,686 
New Relic, Inc. (a) 1,098,730 63,474 
Nutanix, Inc. Class B (c) 3,060,752 107,983 
Okta, Inc. 1,199,694 30,724 
Q2 Holdings, Inc. (a) 44,491 1,639 
Rightmove PLC 271,289 16,483 
Shopify, Inc. Class A (a) 466,460 47,169 
Tencent Holdings Ltd. 8,518,200 440,885 
  18,816,465 
IT Services - 6.1%   
Accenture PLC Class A 1,028,249 157,415 
ASAC II LP (a)(e)(f) 39,494,500 6,635 
EPAM Systems, Inc. (a) 679,330 72,980 
Fiserv, Inc. (a) 2,105,345 276,074 
FleetCor Technologies, Inc. (a) 10,633 2,046 
Global Payments, Inc. 2,013,835 201,867 
Leidos Holdings, Inc. 346,875 22,398 
MasterCard, Inc. Class A 11,597,630 1,755,417 
PayPal Holdings, Inc. (a) 25,043,707 1,843,718 
Square, Inc. (a) 1,509,271 52,326 
Visa, Inc. Class A 27,278,040 3,110,242 
  7,501,118 
Semiconductors & Semiconductor Equipment - 2.8%   
Analog Devices, Inc. 791,386 70,457 
Applied Materials, Inc. 11,389,500 582,231 
Broadcom Ltd. 1,944,125 499,446 
First Solar, Inc. (a) 713,233 48,157 
Lam Research Corp. 2,708,772 498,604 
NVIDIA Corp. 4,569,664 884,230 
Qualcomm, Inc. 1,316,152 84,260 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 5,174,027 205,150 
Texas Instruments, Inc. 5,006,384 522,867 
  3,395,402 
Software - 11.5%   
Activision Blizzard, Inc. 34,531,460 2,186,532 
Adobe Systems, Inc. (a) 13,085,352 2,293,077 
Atlassian Corp. PLC (a) 3,108,052 141,479 
CDK Global, Inc. 1,477,549 105,320 
Constellation Software, Inc. 131,414 79,666 
Electronic Arts, Inc. (a) 8,596,245 903,121 
Intuit, Inc. 796,168 125,619 
Micro Focus International PLC 1,692,548 57,655 
Microsoft Corp. 44,162,151 3,777,630 
Nintendo Co. Ltd. 175,400 63,161 
Parametric Technology Corp. (a) 928,547 56,428 
Paycom Software, Inc. (a)(b) 1,710,940 137,440 
Red Hat, Inc. (a) 2,054,235 246,714 
RingCentral, Inc. (a) 1,715,421 83,026 
Salesforce.com, Inc. (a) 26,966,406 2,756,776 
Snap, Inc. Class A (a)(b) 1,592,804 23,271 
Tanium, Inc. Class B (e)(f) 2,944,100 15,103 
Trion World, Inc. (a)(e)(f) 4,607,810 0 
Trion World, Inc. warrants 10/3/18 (a)(e)(f) 183,516 0 
Ultimate Software Group, Inc. (a) 1,116,550 243,665 
Workday, Inc. Class A (a) 7,527,460 765,844 
  14,061,527 
Technology Hardware, Storage & Peripherals - 3.2%   
Apple, Inc. 23,011,177 3,894,181 
Samsung Electronics Co. Ltd. 11,221 26,786 
  3,920,967 
TOTAL INFORMATION TECHNOLOGY  50,358,642 
MATERIALS - 2.6%   
Chemicals - 1.6%   
Air Products & Chemicals, Inc. 1,685,148 276,499 
DowDuPont, Inc. 11,482,761 817,802 
LyondellBasell Industries NV Class A 757,935 83,615 
Olin Corp. 1,272,798 45,286 
Sherwin-Williams Co. 1,396,767 572,730 
The Chemours Co. LLC 533,491 26,707 
Westlake Chemical Corp. 1,338,335 142,573 
  1,965,212 
Construction Materials - 0.0%   
Eagle Materials, Inc. 76,646 8,684 
Containers & Packaging - 0.2%   
WestRock Co. 3,176,176 200,766 
Metals & Mining - 0.8%   
ArcelorMittal SA Class A unit (a)(b) 1,676,835 54,179 
Arizona Mining, Inc. (a) 885,695 2,438 
B2Gold Corp. (a)(g) 49,817,232 153,772 
Franco-Nevada Corp. 4,241,442 338,978 
Freeport-McMoRan, Inc. (a) 1,027,361 19,479 
Ivanhoe Mines Ltd. (a)(g) 51,261,868 172,912 
Ivanhoe Mines Ltd. (a)(c)(g) 14,742,100 49,727 
Kirkland Lake Gold Ltd. 2,926,470 44,863 
Newcrest Mining Ltd. 5,816,660 103,567 
Novagold Resources, Inc. (a) 8,115,004 31,892 
Nucor Corp. 503,030 31,983 
Randgold Resources Ltd. sponsored ADR 366,081 36,202 
  1,039,992 
TOTAL MATERIALS  3,214,654 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
American Tower Corp. 838,884 119,684 
Real Estate Management & Development - 0.1%   
Five Point Holdings LLC Class A (a) 3,148,178 44,389 
WeWork Companies, Inc. Class A (a)(e)(f) 607,163 31,457 
  75,846 
TOTAL REAL ESTATE  195,530 
TELECOMMUNICATION SERVICES - 0.3%   
Wireless Telecommunication Services - 0.3%   
SoftBank Corp. 655,500 51,896 
T-Mobile U.S., Inc. (a) 5,547,574 352,326 
  404,222 
TOTAL COMMON STOCKS   
(Cost $58,130,785)  119,615,721 
Convertible Preferred Stocks - 1.1%   
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc.:   
Series D (a)(e)(f) 578,817 54,519 
Series E (a)(e)(f) 388,853 36,626 
Handy Technologies, Inc. Series C (a)(e)(f) 3,537,042 11,248 
  102,393 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (e)(f) 154,611 54,666 
HEALTH CARE - 0.2%   
Biotechnology - 0.2%   
23andMe, Inc.:   
Series E (a)(e)(f) 664,987 9,233 
Series F (e)(f) 3,348,986 46,498 
Intarcia Therapeutics, Inc. Series CC (a)(e)(f) 2,100,446 126,027 
  181,758 
Health Care Providers & Services - 0.0%   
Get Heal, Inc. Series B (a)(e)(f) 35,877,127 3,197 
Mulberry Health, Inc. Series A8 (a)(e)(f) 7,960,894 50,631 
  53,828 
TOTAL HEALTH CARE  235,586 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(e)(f) 558,215 75,359 
Series H (e)(f) 120,282 16,238 
  91,597 
INFORMATION TECHNOLOGY - 0.5%   
Internet Software & Services - 0.4%   
Dropbox, Inc.:   
Series A (a)(e)(f) 1,260,898 17,955 
Series C (a)(e)(f) 698,385 10,769 
Lyft, Inc. Series H (e)(f) 1,553,259 61,736 
Pinterest, Inc.:   
Series E, 8.00% (a)(e)(f) 54,841,080 327,950 
Series F, 8.00% (a)(e)(f) 3,455,720 20,665 
Series G, 8.00% (a)(e)(f) 4,301,275 25,722 
Uber Technologies, Inc. Series D, 8.00% (a)(e)(f) 2,040,465 71,253 
  536,050 
Software - 0.1%   
Carbon, Inc. Series D (f) 915,425 21,376 
Cloudflare, Inc. Series D 8.00% (a)(e)(f) 4,303,714 23,627 
Delphix Corp. Series D (a)(e)(f) 3,712,687 20,865 
  65,868 
TOTAL INFORMATION TECHNOLOGY  601,918 
REAL ESTATE - 0.2%   
Real Estate Management & Development - 0.2%   
WeWork Companies, Inc.:   
Series E (a)(e)(f) 5,464,465 283,114 
Series F (a)(e)(f) 253,732 13,146 
  296,260 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (e)(f) 2,124,227 3,314 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $945,661)  1,385,734 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.1%   
Convertible Bonds - 0.0%   
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Trion World, Inc. 10% 10/10/19 pay-in-kind (e)(f)(h) 1,956 773 
Nonconvertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Valeant Pharmaceuticals International, Inc.:   
6.125% 4/15/25 (c) 72,660 66,484 
9% 12/15/25 (c) 81,146 84,570 
  151,054 
TOTAL CORPORATE BONDS   
(Cost $147,201)  151,827 
 Shares Value (000s) 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund, 1.36% (i) 1,796,125,900 1,796,485 
Fidelity Securities Lending Cash Central Fund 1.36% (i)(j) 221,910,908 221,955 
TOTAL MONEY MARKET FUNDS   
(Cost $2,018,405)  2,018,440 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $61,242,052)  123,171,722 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (598,696) 
NET ASSETS - 100%  $122,573,026 

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

Legend

 (a) Non-income producing

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

 (c) 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 $413,437,000 or 0.3% of net assets.

 (d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (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 $1,628,180,000 or 1.3% of net assets.

 (f) Level 3 security

 (g) Affiliated company

 (h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. Series E 6/18/15 $7,200 
23andMe, Inc. Series F 8/31/17 $46,498 
Airbnb, Inc. Series D 4/16/14 $23,565 
Airbnb, Inc. Series E 6/29/15 $36,200 
Altiostar Networks, Inc. Series A1 1/10/17 $9,771 
ASAC II LP 10/10/13 $3,041 
Centennial Resource Development, Inc. Class A 12/28/16 $34,037 
Cloudflare, Inc. Series D 8.00% 11/5/14 - 6/24/15 $26,827 
Delphix Corp. Series D 7/10/15 $33,414 
Dropbox, Inc. Class B 5/2/12 $49,445 
Dropbox, Inc. Series A 5/29/12 $11,410 
Dropbox, Inc. Series C 1/30/14 $13,340 
Get Heal, Inc. Series B 11/7/16 $10,944 
Handy Technologies, Inc. Series C 10/14/15 $20,727 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $28,629 
Lyft, Inc. Series H 11/22/17 $61,736 
Mulberry Health, Inc. Series A8 1/20/16 $53,774 
Pinterest, Inc. Series E, 8.00% 10/23/13 $159,376 
Pinterest, Inc. Series F, 8.00% 5/15/14 $11,739 
Pinterest, Inc. Series G, 8.00% 2/27/15 $30,879 
Roofoods Ltd. Series F 9/12/17 $54,666 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $30,689 
Space Exploration Technologies Corp. Class C 9/11/17 $1,754 
Space Exploration Technologies Corp. Series G 1/20/15 $43,239 
Space Exploration Technologies Corp. Series H 8/4/17 $16,238 
Tanium, Inc. Class B 4/21/17 $14,615 
Trion World, Inc. 8/22/08 - 3/20/13 $25,151 
Trion World, Inc. warrants 10/3/18 10/10/13 $0 
Trion World, Inc. 10% 10/10/19 pay-in-kind 10/10/13 - 10/10/17 $1,953 
TulCo LLC 8/24/17 - 12/14/17 $44,039 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $31,654 
Weinstein Co. Holdings LLC Class A-1 10/19/05 $41,234 
WeWork Companies, Inc. Class A 6/23/15 $19,969 
WeWork Companies, Inc. Series E 6/23/15 $179,724 
WeWork Companies, Inc. Series F 12/1/16 $12,735 

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 $12,254 
Fidelity Securities Lending Cash Central Fund 13,046 
Total $25,300 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

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 Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Activision Blizzard, Inc. $1,415,505 $29,714 $305,883 $11,653 $205,174 $842,022 $-- 
Amphenol Corp. Class A 1,616,746 12,845 106,511 16,399 78,562 405,783 2,007,425 
B2Gold Corp. 133,433 -- 18,167 -- 3,230 35,276 153,772 
Birchcliff Energy Ltd. 154,808 9,926 15,759 1,384 (4,160) (71,569) 73,246 
Birchcliff Energy Ltd. 4,788 -- -- 45 -- (2,386) 2,402 
Centennial Resource Development, Inc. Class A 102,307 -- -- -- -- 415 102,722 
Centennial Resource Development, Inc. Class A 119,830 157,743 8,202 -- 1,999 3,540 274,910 
Centennial Resource Development, Inc. Class A 41,547 -- -- -- -- 4,803 46,350 
Ivanhoe Mines Ltd. 84,945 30,762 7,412 -- 5,923 58,694 172,912 
Ivanhoe Mines Ltd. 29,259 -- 2,331 -- (1,156) 23,955 49,727 
Metro Bank PLC 221,999 3,541 12,833 -- 9,282 65,808 287,797 
Mettler-Toledo International, Inc. 755,194 32,460 73,514 -- 46,598 316,929 1,077,667 
Ultimate Software Group, Inc. 341,510 17,628 162,118 -- 3,676 42,969 -- 
Total $5,021,871 $294,619 $712,730 $29,481 $349,128 $1,726,239 $4,248,930 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $17,294,483 $16,990,778 $201,312 $102,393 
Consumer Staples 3,104,550 2,974,532 75,352 54,666 
Energy 2,713,774 2,713,774 -- -- 
Financials 23,115,517 23,115,517 -- -- 
Health Care 11,194,287 10,958,701 -- 235,586 
Industrials 8,504,304 8,327,011 -- 177,293 
Information Technology 50,960,560 49,755,050 504,046 701,464 
Materials 3,214,654 3,214,654 -- -- 
Real Estate 491,790 164,073 -- 327,717 
Telecommunication Services 407,536 352,326 51,896 3,314 
Corporate Bonds 151,827 -- 151,054 773 
Money Market Funds 2,018,440 2,018,440 -- -- 
Total Investments in Securities: $123,171,722 $120,584,856 $983,660 $1,603,206 

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

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $1,782,615 
Net Realized Gain (Loss) on Investment Securities 25,264 
Net Unrealized Gain (Loss) on Investment Securities (240,419) 
Cost of Purchases 283,771 
Proceeds of Sales (219,215) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (28,810) 
Ending Balance $1,603,206 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2017 $(242,813) 

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

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  December 31, 2017 
Assets   
Investment in securities, at value (including securities loaned of $215,126) — See accompanying schedule:
Unaffiliated issuers (cost $57,544,676) 		$116,904,352  
Fidelity Central Funds (cost $2,018,405) 2,018,440  
Other affiliated issuers (cost $1,678,971) 4,248,930  
Total Investment in Securities (cost $61,242,052)  $123,171,722 
Receivable for investments sold  1,003,585 
Receivable for fund shares sold  92,976 
Dividends receivable  36,680 
Interest receivable  1,248 
Distributions receivable from Fidelity Central Funds  2,626 
Prepaid expenses  198 
Other receivables  5,184 
Total assets  124,314,219 
Liabilities   
Payable for investments purchased $216,149  
Payable for fund shares redeemed 1,204,690  
Accrued management fee 69,259  
Other affiliated payables 11,773  
Other payables and accrued expenses 17,533  
Collateral on securities loaned 221,789  
Total liabilities  1,741,193 
Net Assets  $122,573,026 
Net Assets consist of:   
Paid in capital  $59,140,983 
Distributions in excess of net investment income  (4,720) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  1,519,073 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  61,917,690 
Net Assets  $122,573,026 
Contrafund:   
Net Asset Value, offering price and redemption price per share ($89,874,001 ÷ 734,146 shares)  $122.42 
Class K:   
Net Asset Value, offering price and redemption price per share ($32,699,025 ÷ 267,265 shares)  $122.35 

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


Statement of Operations

Amounts in thousands  Year ended December 31, 2017 
Investment Income   
Dividends (including $29,481 earned from other affiliated issuers)  $915,431 
Interest  1,658 
Income from Fidelity Central Funds  25,300 
Total income  942,389 
Expenses   
Management fee   
Basic fee $622,082  
Performance adjustment 61,407  
Transfer agent fees 129,499  
Accounting and security lending fees 3,723  
Custodian fees and expenses 1,916  
Independent trustees' fees and expenses 448  
Appreciation in deferred trustee compensation account 5  
Registration fees 582  
Audit 241  
Legal 280  
Interest 17  
Miscellaneous 987  
Total expenses before reductions 821,187  
Expense reductions (2,631) 818,556 
Net investment income (loss)  123,833 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 11,047,559  
Redemptions in-kind with affiliated entities 960,358  
Fidelity Central Funds 52  
Other affiliated issuers 349,128  
Foreign currency transactions (834)  
Total net realized gain (loss)  12,356,263 
Change in net unrealized appreciation (depreciation) on:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $12,132) 17,222,225  
Fidelity Central Funds 3  
Other affiliated issuers 1,726,239  
Assets and liabilities in foreign currencies 205  
Total change in net unrealized appreciation (depreciation)  18,948,672 
Net gain (loss)  31,304,935 
Net increase (decrease) in net assets resulting from operations  $31,428,768 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended December 31, 2017 Year ended December 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $123,833 $338,180 
Net realized gain (loss) 12,356,263 5,749,130 
Change in net unrealized appreciation (depreciation) 18,948,672 (2,528,496) 
Net increase (decrease) in net assets resulting from operations 31,428,768 3,558,814 
Distributions to shareholders from net investment income (144,165) (330,490) 
Distributions to shareholders from net realized gain (7,201,343) (3,609,095) 
Total distributions (7,345,508) (3,939,585) 
Share transactions - net increase (decrease) (3,575,375) (6,837,671) 
Total increase (decrease) in net assets 20,507,885 (7,218,442) 
Net Assets   
Beginning of period 102,065,141 109,283,583 
End of period $122,573,026 $102,065,141 
Other Information   
Undistributed net investment income end of period $– $11,928 
Distributions in excess of net investment income end of period $(4,720) $– 

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


Financial Highlights

Fidelity Contrafund

Years ended December 31, 2017 2016 2015 2014 2013 
Selected Per–Share Data      
Net asset value, beginning of period $98.45 $98.92 $97.97 $96.14 $77.57 
Income from Investment Operations      
Net investment income (loss)A .10 .29 .33 .30 .33 
Net realized and unrealized gain (loss) 31.42 2.99 5.89 8.67 25.70 
Total from investment operations 31.52 3.28 6.22 8.97 26.03 
Distributions from net investment income (.12) (.29) (.31) (.25) (.13) 
Distributions from net realized gain (7.43) (3.46) (4.96) (6.89) (7.33) 
Total distributions (7.55) (3.75) (5.27) (7.14) (7.46) 
Net asset value, end of period $122.42 $98.45 $98.92 $97.97 $96.14 
Total ReturnB 32.21% 3.36% 6.46% 9.56% 34.15% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .74% .68% .71% .64% .67% 
Expenses net of fee waivers, if any .74% .68% .71% .64% .67% 
Expenses net of all reductions .74% .68% .70% .64% .66% 
Net investment income (loss) .08% .29% .33% .31% .37% 
Supplemental Data      
Net assets, end of period (in millions) $89,874 $73,035 $77,724 $75,057 $74,962 
Portfolio turnover rateE 29%F 41%F 35%F 45%F 46% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

 F Portfolio turnover rate excludes securities received or delivered in-kind.


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


Fidelity Contrafund Class K

Years ended December 31, 2017 2016 2015 2014 2013 
Selected Per–Share Data      
Net asset value, beginning of period $98.38 $98.84 $97.90 $96.07 $77.51 
Income from Investment Operations      
Net investment income (loss)A .20 .38 .43 .40 .42 
Net realized and unrealized gain (loss) 31.43 3.01 5.88 8.68 25.70 
Total from investment operations 31.63 3.39 6.31 9.08 26.12 
Distributions from net investment income (.23) (.39) (.41) (.36) (.23) 
Distributions from net realized gain (7.43) (3.46) (4.96) (6.89) (7.33) 
Total distributions (7.66) (3.85) (5.37) (7.25) (7.56) 
Net asset value, end of period $122.35 $98.38 $98.84 $97.90 $96.07 
Total ReturnB 32.34% 3.48% 6.55% 9.68% 34.30% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .65% .58% .61% .54% .56% 
Expenses net of fee waivers, if any .65% .58% .61% .54% .56% 
Expenses net of all reductions .65% .58% .61% .54% .56% 
Net investment income (loss) .17% .39% .43% .41% .48% 
Supplemental Data      
Net assets, end of period (in millions) $32,699 $29,031 $31,560 $34,479 $35,982 
Portfolio turnover rateE 29%F 41%F 35%F 45%F 46% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

 F Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements

For the period ended December 31, 2017
(Amounts in thousands except percentages)

1. Organization.

Fidelity Contrafund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Contrafund and Class K, shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

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

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds $773 Recovery value Recovery value 39.5% Increase 
Equities 1,602,433 Market comparable Enterprise value/Sales multiple (EV/S) 0.8 - 13.1 / 6.4 Increase 
   Transaction price $60.00 Increase 
   Discount rate 28.0% Decrease 
   Discount for lack of marketability 15.0% - 25.0% / 17.8% Decrease 
   Liquidity preference $4.84 - $19.10 / $11.24 Increase 
   Premium rate 7.5% - 108.0% / 65.2% Increase 
  Market approach Transaction price $1.56 - $353.57 / $83.83 Increase 
  Recovery value Recovery value  0.0% - 0.2% / 0.2% Increase 
  Discount cash flow Discount rate 9.0% Decrease 
   Discount for lack of marketability 20.0% Decrease 
   Growth rate 3.0% Increase 

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


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2017, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $62,179,558 
Gross unrealized depreciation (577,254) 
Net unrealized appreciation (depreciation) $61,602,304 
Tax Cost $61,569,418 

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

Undistributed long-term capital gain $1,846,495 
Net unrealized appreciation (depreciation) on securities and other investments $61,602,486 

The tax character of distributions paid was as follows:

 December 31, 2017  December 31, 2016 
Ordinary Income $144,165 $ 330,490 
Long-term Capital Gains 7,201,343 3,609,095 
Total $7,345,508 $ 3,939,585 

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

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $44,039 in these Subsidiaries, representing .04% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $33,205,350 and $39,923,192, respectively.

Redemptions In-Kind. During the period, 34,843 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $3,859,301. The net realized gain of $2,473,373 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 32,360 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash, including accrued interest, with a value of $3,198,227. The Fund had a net realized gain of $1,930,771 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Contrafund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .60% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of
Class-Level Average
Net Assets 
Contrafund $114,650 .14 
Class K 14,849 .05 
 $129,499  

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $904 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $66,006 .83% $15 

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

Redemptions In-Kind. During the period, 12,089 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $1,457,574. The net realized gain of $960,358 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $351 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $10,928. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $13,046, including $211 from securities loaned to FCM.

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $40,835. The weighted average interest rate was 1.16%. The interest expense amounted to $2 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $1,682 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $8.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $941.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended December 31, 2017 Year ended December 31, 2016 
From net investment income   
Contrafund $84,830 $214,155 
Class K 59,335 116,335 
Total $144,165 $330,490 
From net realized gain   
Contrafund $5,246,866 $2,569,613 
Class K 1,954,477 1,039,482 
Total $7,201,343 $3,609,095 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended December 31, 2017 Year ended December 31, 2016 Year ended December 31, 2017 Year ended December 31, 2016 
Contrafund     
Shares sold 71,526 78,941 $8,237,249 $7,647,980 
Reinvestment of distributions 42,081 27,050 5,053,714 2,642,747 
Shares redeemed (121,285)(a) (149,912)(b) (13,776,639)(a) (14,712,987)(b) 
Net increase (decrease) (7,678) (43,921) $(485,676) $(4,422,260) 
Class K     
Shares sold 43,515 52,783 $4,990,930 $5,115,103 
Reinvestment of distributions 16,789 11,835 2,013,806 1,155,817 
Shares redeemed (88,136)(a) (88,812)(b) (10,094,435)(a) (8,686,331)(b) 
Net increase (decrease) (27,832) (24,194) $(3,089,699) $(2,415,411) 

 (a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).

 (b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).


12. Other.

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

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Contrafund and Shareholders of Fidelity Contrafund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Contrafund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 13, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 190 funds. 

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

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

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

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

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

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

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

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

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

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

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) of the Asolo Repertory Theatre.

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2001

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. Ms. Dorsey serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2008-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.  Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan. 

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).  Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan. 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Melissa M. Reilly (1971)

Year of Election or Appointment: 2014

Vice President of certain Equity Funds

Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Contrafund .81%    
Actual  $1,000.00 $1,132.00 $4.35 
Hypothetical-C  $1,000.00 $1,021.12 $4.13 
Class K .72%    
Actual  $1,000.00 $1,132.80 $3.87 
Hypothetical-C  $1,000.00 $1,021.58 $3.67 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

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

 C 5% return per year before expenses


Distributions (Unaudited)

The Board of Trustees of the Fidelity Contrafund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities.

 Pay Date Record Date Capital Gains 
Contrafund 02/12/2018 02/09/2018 $1.858 
Class K 02/12/2018 02/09/2018 $1.858 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $8,870,646,322, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Contrafund

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

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

At its July 2017 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase.

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

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

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

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

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

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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

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

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

Fidelity Contrafund


The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

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

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

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

Fidelity Contrafund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

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

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

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

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

The Board noted that the total expense ratio of each class ranked below the competitive median for 2016.

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

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

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

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

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

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

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

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

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

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





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

CON-K-ANN-0218
1.863188.109

Fidelity Advisor® New Insights Fund

Class A, Class M (formerly Class T), Class C, Class I and Class Z



Annual Report

December 31, 2017



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended December 31, 2017 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 20.62% 13.67% 7.30% 
Class M (incl. 3.50% sales charge) 23.19% 13.93% 7.29% 
Class C (incl. contingent deferred sales charge) 25.99% 14.17% 7.13% 
Class I 28.30% 15.32% 8.21% 
Class Z 28.49% 15.46% 8.28% 

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

 The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® New Insights Fund - Class A on December 31, 2007, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$20,239Fidelity Advisor® New Insights Fund - Class A
$22,603S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. equities gained 21.83% in 2017, as the S&P 500® index rose steadily and closed the year just shy of an all-time high after a particularly strong three-month finish. Early on, equities rallied on optimism for President Trump’s pro-business agenda but leveled off in March amid fading optimism and stalled efforts by Congress to repeal and replace the Affordable Care Act. Upward momentum soon returned and continued through year-end with consumer sentiment and other market indicators staying positive. The lone exception was a brief cooldown in August, when geopolitical tension escalated and uncertainty grew regarding the future of health care, tax reform and the debt ceiling. Sector-wise, information technology fared best by a wide margin, rising 39% amid strong earnings growth from several major index constituents. A 24% gain in materials was spurred by increased demand, especially from China. Consumer discretionary gained 23%, despite many brick-and-mortar retailers suffering from online competition, and financials edged the broader market on an uptick in bond yields. Conversely, the defensive energy and telecom services sectors returned about -1% each. Rising interest rates held back real estate (+11%), while consumer staples (+13%) and utilities (+12%) struggled due to investors’ general preference for risk assets.

Comments from Co-Portfolio Managers William Danoff and John Roth:  For the year, the fund's share classes (excluding sales charges, if applicable) gained about 27% to 29%, well ahead of the benchmark S&P 500® index. A more business-friendly administration in the White House, a rebound in China’s economy and an extremely low interest rate environment worldwide produced synchronous global economic expansion. This strength propelled the stock market higher, particularly growth and technology shares. The fund was well-positioned for this rebound, and performed very well for the year. The fund's outperformance of the benchmark primarily was driven by a sizable position – 34% of assets, on average – in the market-leading information technology sector. Here, notable individual contributors included social-media firm Facebook and Google parent Alphabet, our two largest holdings this year. Another big contributor from the tech sector was gaming company Activision Blizzard. Our top relative contributor in 2017 was the fund’s de-emphasis of industrial conglomerate General Electric, which struggled the past year as demand for utility-grade generators softened. I’ll also note that our foreign investments contributed overall, aided in part by a broadly weaker dollar. Conversely, notable detractors included underexposure to personal-electronics maker Apple and aircraft manufacturer Boeing, as well as the fund's stake in cash in a strong market.

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

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Facebook, Inc. Class A 4.9 
Amazon.com, Inc. 4.4 
Alphabet, Inc. Class A 3.2 
Bank of America Corp. 2.4 
Berkshire Hathaway, Inc. Class A 2.4 
Microsoft Corp. 2.3 
UnitedHealth Group, Inc. 2.0 
Visa, Inc. Class A 2.0 
Adobe Systems, Inc. 1.7 
Citigroup, Inc. 1.5 
 26.8 

Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Information Technology 31.9 
Financials 16.3 
Consumer Discretionary 14.8 
Health Care 9.9 
Industrials 8.1 

Asset Allocation (% of fund's net assets)

As of December 31, 2017* 
   Stocks 95.3% 
   Bonds 0.1% 
   Convertible Securities 1.3% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.2% 


 * Foreign investments - 10.8%


Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 95.0%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 14.4%   
Auto Components - 0.2%   
Magna International, Inc. Class A (sub. vtg.) 941,700 $53,370 
Automobiles - 1.1%   
BYD Co. Ltd. (H Shares) 1,299,500 11,289 
Fiat Chrysler Automobiles NV 6,473,600 115,489 
Tesla, Inc. (a) 587,808 183,014 
Toyota Motor Corp. 133,300 8,495 
  318,287 
Distributors - 0.1%   
Pool Corp. 222,400 28,834 
Diversified Consumer Services - 0.1%   
Chegg, Inc. (a)(b) 368,000 6,006 
Weight Watchers International, Inc. (a) 267,060 11,825 
  17,831 
Hotels, Restaurants & Leisure - 2.2%   
ARAMARK Holdings Corp. 5,251,200 224,436 
Dunkin' Brands Group, Inc. 552,300 35,607 
Eldorado Resorts, Inc. (a) 55,300 1,833 
Hilton Worldwide Holdings, Inc. 574,033 45,842 
Las Vegas Sands Corp. 48,100 3,342 
Marriott International, Inc. Class A 729,300 98,988 
McDonald's Corp. 572,000 98,453 
U.S. Foods Holding Corp. (a) 2,162,500 69,049 
Vail Resorts, Inc. 24,627 5,232 
Whitbread PLC 755,482 40,801 
  623,583 
Household Durables - 1.2%   
D.R. Horton, Inc. 2,006,424 102,468 
Lennar Corp. Class A 287,000 18,150 
Mohawk Industries, Inc. (a) 257,124 70,941 
NVR, Inc. (a) 17,200 60,341 
Roku, Inc. Class A 37,500 1,942 
Toll Brothers, Inc. 1,426,600 68,505 
  322,347 
Internet & Direct Marketing Retail - 6.2%   
Amazon.com, Inc. (a) 1,042,040 1,218,635 
ASOS PLC (a) 20,500 1,859 
Blue Apron Holdings, Inc.:   
Class A 222,107 895 
Class B 888,430 3,545 
Netflix, Inc. (a) 1,944,000 373,170 
Priceline Group, Inc. (a) 64,717 112,461 
Start Today Co. Ltd. 414,156 12,589 
Takeaway.com Holding BV (a)(c) 84,600 5,165 
Zalando SE (a) 127,800 6,765 
  1,735,084 
Leisure Products - 0.1%   
Mattel, Inc. (b) 1,930,153 29,686 
Polaris Industries, Inc. 41,000 5,084 
  34,770 
Media - 0.6%   
Charter Communications, Inc. Class A (a) 89,947 30,219 
Liberty Global PLC Class A (a) 166,363 5,962 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a) 986,200 33,689 
Liberty SiriusXM Series A (a) 536,080 21,261 
Live Nation Entertainment, Inc. (a) 151,400 6,445 
Sirius XM Holdings, Inc. (b) 4,042,800 21,669 
The Walt Disney Co. 121,200 13,030 
Weinstein Co. Holdings LLC Class A-1 (a)(d)(e)(f) 2,267 0 
WME Entertainment Parent, LLC Class A (a)(d)(e)(f) 12,765,400 31,914 
  164,189 
Multiline Retail - 0.5%   
B&M European Value Retail S.A. 1,394,941 7,978 
Dollar General Corp. 695,000 64,642 
Dollar Tree, Inc. (a) 133,200 14,294 
Ollie's Bargain Outlet Holdings, Inc. (a) 906,610 48,277 
  135,191 
Specialty Retail - 1.4%   
AutoZone, Inc. (a) 106,634 75,856 
Burlington Stores, Inc. (a) 15,800 1,944 
Five Below, Inc. (a) 53,100 3,522 
Home Depot, Inc. 743,400 140,897 
Tiffany & Co., Inc. 788,100 81,923 
TJX Companies, Inc. 925,567 70,769 
  374,911 
Textiles, Apparel & Luxury Goods - 0.7%   
adidas AG 251,001 50,339 
Brunello Cucinelli SpA 1,809,352 58,637 
China Hongxing Sports Ltd. (a)(f) 6,000,000 258 
Hermes International SCA 77,200 41,335 
Kering SA 24,000 11,317 
LVMH Moet Hennessy - Louis Vuitton SA 29,298 8,599 
Under Armour, Inc. Class A (sub. vtg.) (a)(b) 914,200 13,192 
  183,677 
TOTAL CONSUMER DISCRETIONARY  3,992,074 
CONSUMER STAPLES - 3.7%   
Beverages - 0.6%   
Constellation Brands, Inc. Class A (sub. vtg.) 101,600 23,223 
Fever-Tree Drinks PLC 1,093,633 33,621 
Kweichow Moutai Co. Ltd. (A Shares) 81,600 8,747 
Molson Coors Brewing Co. Class B 923,000 75,751 
Monster Beverage Corp. (a) 261,000 16,519 
The Coca-Cola Co. 141,700 6,501 
  164,362 
Food & Staples Retailing - 1.6%   
Costco Wholesale Corp. 633,125 117,837 
Kroger Co. 1,536,100 42,166 
Performance Food Group Co. (a) 481,500 15,938 
Wal-Mart Stores, Inc. 2,537,800 250,608 
  426,549 
Food Products - 0.3%   
Associated British Foods PLC 1,036,892 39,479 
Greencore Group PLC 15,646,423 48,524 
The Simply Good Foods Co. 261,300 3,726 
  91,729 
Personal Products - 1.2%   
Coty, Inc. Class A 2,225,600 44,267 
Estee Lauder Companies, Inc. Class A 1,827,502 232,531 
L'Oreal SA 223,101 49,435 
Shiseido Co. Ltd. 34,200 1,653 
Unilever NV (Certificaten Van Aandelen) (Bearer) 60,000 3,378 
  331,264 
TOTAL CONSUMER STAPLES  1,013,904 
ENERGY - 6.6%   
Energy Equipment & Services - 0.4%   
Borr Drilling Ltd. 15,662,000 66,001 
Oceaneering International, Inc. 1,829,917 38,684 
  104,685 
Oil, Gas & Consumable Fuels - 6.2%   
Anadarko Petroleum Corp. 1,800,446 96,576 
Andeavor 14,500 1,658 
Birchcliff Energy Ltd. 2,772,774 9,706 
Birchcliff Energy Ltd. (a)(c) 585,400 2,049 
Cabot Oil & Gas Corp. 4,060,480 116,130 
Canadian Natural Resources Ltd. 976,800 34,907 
Centennial Resource Development, Inc.:   
Class A (a) 1,224,500 24,245 
Class A (a) 2,395,018 47,421 
Class A (e) 555,400 10,997 
Cheniere Energy, Inc. (a) 546,200 29,407 
Chevron Corp. 1,717,700 215,039 
Cimarex Energy Co. 94,300 11,506 
Concho Resources, Inc. (a) 83,300 12,513 
Concho Resources, Inc. (a) 25,680 3,858 
ConocoPhillips Co. 3,290,700 180,627 
Continental Resources, Inc. (a) 704,119 37,297 
Diamondback Energy, Inc. (a) 958,667 121,032 
EOG Resources, Inc. 711,400 76,767 
Golar LNG Ltd. 1,608,700 47,955 
GoviEx Uranium, Inc. (a) 851,865 183 
GoviEx Uranium, Inc. (a)(c) 23,200 5 
GoviEx Uranium, Inc. Class A (a)(c) 2,625,135 564 
Noble Energy, Inc. 1,454,861 42,395 
Phillips 66 Co. 386,400 39,084 
Pioneer Natural Resources Co. 388,000 67,066 
PrairieSky Royalty Ltd. 378,400 9,651 
Reliance Industries Ltd. 3,273,950 47,235 
Southwestern Energy Co. (a) 1,797,800 10,032 
The Williams Companies, Inc. 7,912,800 241,261 
Valero Energy Corp. 189,974 17,461 
Whiting Petroleum Corp. (a) 500,000 13,240 
Williams Partners LP 4,115,300 159,591 
  1,727,458 
TOTAL ENERGY  1,832,143 
FINANCIALS - 16.2%   
Banks - 8.8%   
Bank of America Corp. 22,792,527 672,835 
Citigroup, Inc. 5,651,500 420,528 
First Republic Bank 650,200 56,333 
HDFC Bank Ltd. sponsored ADR 1,954,472 198,711 
JPMorgan Chase & Co. 2,896,800 309,784 
Kotak Mahindra Bank Ltd. 1,515,995 23,989 
M&T Bank Corp. 284,712 48,683 
Metro Bank PLC (a) 1,189,532 57,561 
PNC Financial Services Group, Inc. 1,410,265 203,487 
Royal Bank of Canada 145,400 11,874 
SunTrust Banks, Inc. 1,243,800 80,337 
The Toronto-Dominion Bank 294,900 17,279 
U.S. Bancorp 3,809,214 204,098 
Wells Fargo & Co. 2,288,500 138,843 
  2,444,342 
Capital Markets - 1.7%   
Ashmore Group PLC 325,300 1,779 
Bank of New York Mellon Corp. 639,039 34,419 
BlackRock, Inc. Class A 58,000 29,795 
Brookfield Asset Management, Inc. Class A 142,600 6,208 
CBOE Holdings, Inc. 62,200 7,749 
Charles Schwab Corp. 1,567,300 80,512 
CME Group, Inc. 112,100 16,372 
Goldman Sachs Group, Inc. 29,700 7,566 
IntercontinentalExchange, Inc. 216,400 15,269 
KKR & Co. LP 2,607,228 54,908 
Morgan Stanley 1,986,400 104,226 
MSCI, Inc. 260,209 32,927 
S&P Global, Inc. 197,190 33,404 
The NASDAQ OMX Group, Inc. 421,400 32,376 
  457,510 
Consumer Finance - 0.1%   
Synchrony Financial 713,500 27,548 
Diversified Financial Services - 2.4%   
Berkshire Hathaway, Inc. Class A (a) 2,240 666,624 
Insurance - 3.2%   
Admiral Group PLC 606,269 16,387 
AIA Group Ltd. 8,224,200 70,159 
American International Group, Inc. 2,592,100 154,437 
Arch Capital Group Ltd. (a) 451,800 41,010 
Chubb Ltd. 1,826,388 266,890 
Fairfax Financial Holdings Ltd. (sub. vtg.) 67,300 35,837 
First American Financial Corp. 1,014,400 56,847 
FNF Group 2,216,500 86,975 
MetLife, Inc. 2,086,900 105,514 
The Travelers Companies, Inc. 356,300 48,329 
  882,385 
Thrifts & Mortgage Finance - 0.0%   
Radian Group, Inc. 451,789 9,311 
TOTAL FINANCIALS  4,487,720 
HEALTH CARE - 9.5%   
Biotechnology - 1.6%   
AbbVie, Inc. 355,600 34,390 
Agios Pharmaceuticals, Inc. (a) 828,962 47,392 
Alnylam Pharmaceuticals, Inc. (a) 59,500 7,559 
Amgen, Inc. 585,199 101,766 
AnaptysBio, Inc. 86,300 8,692 
Biogen, Inc. (a) 41,500 13,221 
bluebird bio, Inc. (a) 40,000 7,124 
Blueprint Medicines Corp. (a) 52,500 3,959 
Celgene Corp. (a) 110,500 11,532 
Exact Sciences Corp. (a) 53,700 2,821 
FibroGen, Inc. (a) 271,103 12,850 
Genmab A/S (a) 144,695 23,997 
Gilead Sciences, Inc. 706,200 50,592 
Insmed, Inc. (a) 178,000 5,550 
Intrexon Corp. (b) 482,746 5,561 
Juno Therapeutics, Inc. (a) 87,200 3,986 
Neurocrine Biosciences, Inc. (a) 174,760 13,560 
Olivo Labs (e)(f) 630,333 296 
Portola Pharmaceuticals, Inc. (a) 111,200 5,413 
Regeneron Pharmaceuticals, Inc. (a) 49,400 18,572 
Sage Therapeutics, Inc. (a) 46,600 7,675 
Vertex Pharmaceuticals, Inc. (a) 496,000 74,331 
  460,839 
Health Care Equipment & Supplies - 1.9%   
Baxter International, Inc. 937,900 60,626 
Becton, Dickinson & Co. 450,204 96,371 
Boston Scientific Corp. (a) 7,709,873 191,128 
Danaher Corp. 621,700 57,706 
DexCom, Inc. (a) 736,700 42,279 
Edwards Lifesciences Corp. (a) 43,000 4,847 
I-Pulse, Inc. (a)(f) 58,562 305 
Intuitive Surgical, Inc. (a) 194,800 71,090 
Penumbra, Inc. (a) 58,300 5,486 
ResMed, Inc. 19,900 1,685 
  531,523 
Health Care Providers & Services - 2.8%   
Aetna, Inc. 110,300 19,897 
Anthem, Inc. 14,400 3,240 
Cigna Corp. 42,500 8,631 
HealthEquity, Inc. (a) 31,100 1,451 
Henry Schein, Inc. (a) 1,000,962 69,947 
Humana, Inc. 116,000 28,776 
National Vision Holdings, Inc. 704,200 28,598 
UnitedHealth Group, Inc. 2,524,300 556,507 
Universal Health Services, Inc. Class B 500,200 56,698 
  773,745 
Health Care Technology - 0.3%   
Castlight Health, Inc. (a) 1,325,100 4,969 
Cerner Corp. (a) 768,530 51,791 
Medidata Solutions, Inc. (a) 66,377 4,206 
Veeva Systems, Inc. Class A (a) 366,300 20,249 
  81,215 
Life Sciences Tools & Services - 2.4%   
Agilent Technologies, Inc. 1,553,820 104,059 
Bruker Corp. 847,200 29,076 
Eurofins Scientific SA 400,375 243,846 
Mettler-Toledo International, Inc. (a) 244,500 151,473 
PRA Health Sciences, Inc. (a) 151,300 13,779 
Thermo Fisher Scientific, Inc. 484,369 91,972 
Waters Corp. (a) 155,891 30,117 
  664,322 
Pharmaceuticals - 0.5%   
GlaxoSmithKline PLC 3,932,300 69,638 
GW Pharmaceuticals PLC ADR (a) 14,300 1,888 
Johnson & Johnson 95,500 13,343 
Nektar Therapeutics (a) 519,800 31,042 
Teva Pharmaceutical Industries Ltd. sponsored ADR 633,200 11,999 
  127,910 
TOTAL HEALTH CARE  2,639,554 
INDUSTRIALS - 8.0%   
Aerospace & Defense - 1.9%   
General Dynamics Corp. 853,500 173,645 
Northrop Grumman Corp. 653,954 200,705 
Space Exploration Technologies Corp.:   
Class A (a)(e)(f) 247,745 33,446 
Class C (e)(f) 4,546 614 
Teledyne Technologies, Inc. (a) 255,400 46,266 
The Boeing Co. 202,400 59,690 
  514,366 
Air Freight & Logistics - 0.5%   
C.H. Robinson Worldwide, Inc. 854,200 76,101 
Expeditors International of Washington, Inc. 26,000 1,682 
FedEx Corp. 90,400 22,558 
XPO Logistics, Inc. (a) 386,000 35,354 
  135,695 
Airlines - 1.1%   
Ryanair Holdings PLC sponsored ADR (a) 1,865,149 194,330 
Southwest Airlines Co. 1,610,800 105,427 
  299,757 
Building Products - 1.3%   
A.O. Smith Corp. 197,090 12,078 
Fortune Brands Home & Security, Inc. 1,291,528 88,392 
Jeld-Wen Holding, Inc. 597,000 23,504 
Masco Corp. 1,953,000 85,815 
Toto Ltd. 2,600,300 153,468 
  363,257 
Commercial Services & Supplies - 0.4%   
Cintas Corp. 166,876 26,004 
KAR Auction Services, Inc. 990,600 50,035 
Stericycle, Inc. (a) 439,500 29,882 
TulCo LLC (d)(e)(f) 17,377 6,082 
  112,003 
Construction & Engineering - 0.0%   
Jacobs Engineering Group, Inc. 124,100 8,186 
Electrical Equipment - 0.2%   
AMETEK, Inc. 71,400 5,174 
Fortive Corp. 858,034 62,079 
  67,253 
Industrial Conglomerates - 0.3%   
3M Co. 319,800 75,271 
ITT, Inc. 25,200 1,345 
Roper Technologies, Inc. 12,800 3,315 
  79,931 
Machinery - 1.1%   
Caterpillar, Inc. 229,200 36,117 
Deere & Co. 440,500 68,943 
Gardner Denver Holdings, Inc. 362,500 12,300 
IDEX Corp. 13,000 1,716 
Illinois Tool Works, Inc. 303,500 50,639 
Ingersoll-Rand PLC 136,700 12,192 
Oshkosh Corp. 18,800 1,709 
PACCAR, Inc. 340,800 24,224 
Parker Hannifin Corp. 170,000 33,929 
Pentair PLC 535,700 37,831 
Rational AG 55,300 35,644 
  315,244 
Professional Services - 0.2%   
Manpower, Inc. 37,100 4,679 
Recruit Holdings Co. Ltd. 371,800 9,239 
TransUnion Holding Co., Inc. (a) 803,862 44,180 
  58,098 
Road & Rail - 0.4%   
CSX Corp. 884,600 48,662 
Genesee & Wyoming, Inc. Class A (a) 556,500 43,813 
Union Pacific Corp. 106,000 14,215 
  106,690 
Trading Companies & Distributors - 0.6%   
Air Lease Corp. Class A (c) 320,800 15,427 
Bunzl PLC 1,547,300 43,286 
Fastenal Co. 52,083 2,848 
United Rentals, Inc. (a) 628,500 108,045 
  169,606 
TOTAL INDUSTRIALS  2,230,086 
INFORMATION TECHNOLOGY - 31.2%   
Communications Equipment - 1.1%   
Arista Networks, Inc. (a) 278,804 65,681 
Cisco Systems, Inc. 5,930,300 227,130 
  292,811 
Electronic Equipment & Components - 1.8%   
Amphenol Corp. Class A 4,692,469 411,999 
CDW Corp. 1,101,828 76,566 
Corning, Inc. 38,729 1,239 
Dolby Laboratories, Inc. Class A 127,242 7,889 
  497,693 
Internet Software & Services - 10.7%   
Akamai Technologies, Inc. (a) 1,215,000 79,024 
Alibaba Group Holding Ltd. sponsored ADR (a) 276,200 47,625 
Alphabet, Inc.:   
Class A (a) 849,658 895,030 
Class C (a) 262,500 274,680 
CarGurus, Inc. Class A (b) 105,800 3,172 
Cloudera, Inc. 382,184 6,314 
CoStar Group, Inc. (a) 3,300 980 
Dropbox, Inc. Class B (a)(e)(f) 1,289,836 18,367 
eBay, Inc. (a) 1,171,500 44,212 
Facebook, Inc. Class A (a) 7,671,261 1,353,676 
GoDaddy, Inc. (a) 1,283,800 64,549 
LogMeIn, Inc. 586,944 67,205 
New Relic, Inc. (a) 117,100 6,765 
Nutanix, Inc. Class B(c) 783,938 27,657 
Okta, Inc. 215,300 5,514 
Q2 Holdings, Inc. (a) 5,197 192 
Shopify, Inc. Class A (a) 94,500 9,556 
SurveyMonkey (a)(e)(f) 2,069,881 26,453 
Tencent Holdings Ltd. 957,500 49,558 
  2,980,529 
IT Services - 5.4%   
Accenture PLC Class A 174,640 26,736 
ASAC II LP (a)(e)(f) 9,408,021 1,581 
EPAM Systems, Inc. (a) 101,700 10,926 
Fidelity National Information Services, Inc. 416,230 39,163 
First Data Corp. Class A (a) 6,794,403 113,534 
Fiserv, Inc. (a) 613,457 80,443 
FleetCor Technologies, Inc. (a) 185,500 35,696 
Global Payments, Inc. 275,392 27,605 
Leidos Holdings, Inc. 1,167,300 75,373 
MasterCard, Inc. Class A 865,248 130,964 
PayPal Holdings, Inc. (a) 5,268,021 387,832 
Square, Inc. (a) 197,600 6,851 
Visa, Inc. Class A 4,837,667 551,591 
  1,488,295 
Semiconductors & Semiconductor Equipment - 2.4%   
Analog Devices, Inc. 151,100 13,452 
Applied Materials, Inc. 1,434,100 73,311 
Broadcom Ltd. 142,786 36,682 
First Solar, Inc. (a) 101,900 6,880 
KLA-Tencor Corp. 245,194 25,763 
Lam Research Corp. 209,841 38,625 
NVIDIA Corp. 678,300 131,251 
Qualcomm, Inc. 4,093,700 262,079 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 230,400 9,135 
Texas Instruments, Inc. 645,139 67,378 
  664,556 
Software - 9.1%   
Activision Blizzard, Inc. 6,264,134 396,645 
Adobe Systems, Inc. (a) 2,605,286 456,550 
ANSYS, Inc. (a) 402,900 59,464 
Atlassian Corp. PLC (a) 546,750 24,888 
Black Knight, Inc. (a) 679,650 30,007 
CDK Global, Inc. 224,594 16,009 
Constellation Software, Inc. 18,700 11,336 
Electronic Arts, Inc. (a) 1,563,506 164,262 
Intuit, Inc. 393,054 62,016 
Micro Focus International PLC 246,800 8,407 
Microsoft Corp. 7,325,931 626,660 
Nintendo Co. Ltd. 22,300 8,030 
Parametric Technology Corp. (a) 130,500 7,930 
Paycom Software, Inc. (a) 254,981 20,483 
Red Hat, Inc. (a) 287,568 34,537 
RingCentral, Inc. (a) 176,600 8,547 
Salesforce.com, Inc. (a) 4,095,900 418,724 
Tanium, Inc. Class B (e)(f) 692,100 3,550 
Trion World, Inc. (a)(e)(f) 702,569 0 
Trion World, Inc. warrants 10/3/18 (a)(e)(f) 27,981 0 
Ultimate Software Group, Inc. (a) 386,903 84,434 
Workday, Inc. Class A (a) 979,302 99,634 
  2,542,113 
Technology Hardware, Storage & Peripherals - 0.7%   
Apple, Inc. 1,182,654 200,141 
Samsung Electronics Co. Ltd. 1,121 2,676 
  202,817 
TOTAL INFORMATION TECHNOLOGY  8,668,814 
MATERIALS - 2.5%   
Chemicals - 1.2%   
Air Products & Chemicals, Inc. 268,200 44,006 
DowDuPont, Inc. 1,632,100 116,238 
LyondellBasell Industries NV Class A 110,000 12,135 
Olin Corp. 185,000 6,582 
Potash Corp. of Saskatchewan, Inc. 1,809,300 37,107 
Sherwin-Williams Co. 245,200 100,542 
The Chemours Co. LLC 137,200 6,868 
Westlake Chemical Corp. 194,700 20,741 
  344,219 
Construction Materials - 0.0%   
Eagle Materials, Inc. 15,800 1,790 
Containers & Packaging - 0.1%   
WestRock Co. 518,006 32,743 
Metals & Mining - 1.2%   
ArcelorMittal SA Class A unit (a) 268,300 8,669 
Arizona Mining, Inc. (a) 200,710 552 
B2Gold Corp. (a) 32,219,132 99,451 
Franco-Nevada Corp. 1,350,761 107,953 
Freeport-McMoRan, Inc. (a) 164,600 3,121 
Ivanhoe Mines Ltd. (a) 7,931,000 26,752 
Kirkland Lake Gold Ltd. 545,552 8,363 
Newcrest Mining Ltd. 2,598,575 46,268 
Novagold Resources, Inc. (a) 3,369,572 13,242 
Nucor Corp. 83,800 5,328 
Randgold Resources Ltd. sponsored ADR 54,100 5,350 
  325,049 
TOTAL MATERIALS  703,801 
REAL ESTATE - 0.6%   
Equity Real Estate Investment Trusts (REITs) - 0.4%   
American Tower Corp. 839,775 119,811 
Real Estate Management & Development - 0.2%   
Five Point Holdings LLC Class A (a) 552,300 7,787 
Realogy Holdings Corp. 1,812,200 48,023 
  55,810 
TOTAL REAL ESTATE  175,621 
TELECOMMUNICATION SERVICES - 0.7%   
Diversified Telecommunication Services - 0.5%   
Verizon Communications, Inc. 2,679,200 141,810 
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (a) 912,500 57,953 
TOTAL TELECOMMUNICATION SERVICES  199,763 
UTILITIES - 1.6%   
Electric Utilities - 1.6%   
Alliant Energy Corp. 1,739,000 74,099 
Duke Energy Corp. 1,073,400 90,284 
Exelon Corp. 2,076,800 81,847 
IDACORP, Inc. 400,000 36,544 
Southern Co. 1,079,600 51,918 
Xcel Energy, Inc. 1,942,200 93,439 
  428,131 
TOTAL COMMON STOCKS   
(Cost $15,446,980)  26,371,611 
Preferred Stocks - 1.6%   
Convertible Preferred Stocks - 1.3%   
CONSUMER DISCRETIONARY - 0.2%   
Household Durables - 0.0%   
Blu Homes, Inc. Series A, 5.00% (a)(e)(f) 7,091,632 142 
Leisure Products - 0.1%   
Peloton Interactive, Inc. Series E (e)(f) 692,463 16,127 
Textiles, Apparel & Luxury Goods - 0.1%   
Bolt Threads, Inc. Series D (e)(f) 1,324,673 21,247 
resTORbio, Inc. Series B (e) 1,198,179 12,629 
  33,876 
TOTAL CONSUMER DISCRETIONARY  50,145 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (e)(f) 21,314 7,536 
FINANCIALS - 0.1%   
Consumer Finance - 0.1%   
Oportun Finance Corp. Series H (a)(e)(f) 10,791,166 31,942 
HEALTH CARE - 0.2%   
Biotechnology - 0.2%   
23andMe, Inc.:   
Series E (a)(e)(f) 166,247 2,308 
Series F (e)(f) 462,756 6,425 
Intarcia Therapeutics, Inc. Series CC (a)(e)(f) 516,522 30,991 
  39,724 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A8 (a)(e)(f) 1,159,721 7,376 
TOTAL HEALTH CARE  47,100 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(e)(f) 145,254 19,609 
Series H (e)(f) 42,094 5,683 
  25,292 
INFORMATION TECHNOLOGY - 0.7%   
Internet Software & Services - 0.6%   
Dropbox, Inc.:   
Series A (a)(e)(f) 299,518 4,265 
Series C (a)(e)(f) 161,770 2,494 
Lyft, Inc. Series H (e)(f) 697,377 27,718 
Pinterest, Inc.:   
Series E, 8.00% (a)(e)(f) 13,203,155 78,955 
Series F, 8.00% (a)(e)(f) 8,808,645 52,676 
Series G, 8.00% (a)(e)(f) 1,676,465 10,025 
  176,133 
Software - 0.1%   
Magic Leap, Inc. Series D (e)(f) 555,556 15,000 
TOTAL INFORMATION TECHNOLOGY  191,133 
REAL ESTATE - 0.0%   
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Series F (a)(e)(f) 35,018 1,814 
TOTAL CONVERTIBLE PREFERRED STOCKS  354,962 
Nonconvertible Preferred Stocks - 0.3%   
CONSUMER DISCRETIONARY - 0.2%   
Automobiles - 0.2%   
Porsche Automobil Holding SE (Germany) 750,798 62,861 
HEALTH CARE - 0.1%   
Health Care Equipment & Supplies - 0.1%   
Sartorius AG (non-vtg.) 357,200 34,090 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  96,951 
TOTAL PREFERRED STOCKS   
(Cost $359,359)  451,913 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.1%   
Convertible Bonds - 0.0%   
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Trion World, Inc. 10% 10/10/19 pay-in-kind (e)(f)(g) 298 118 
Nonconvertible Bonds - 0.1%   
ENERGY - 0.0%   
Energy Equipment & Services - 0.0%   
Pacific Drilling SA 5.375% 6/1/20(c)(h) 39,145 16,049 
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Valeant Pharmaceuticals International, Inc.:   
6.125% 4/15/25 (c) 9,840 9,004 
9% 12/15/25 (c) 11,048 11,514 
  20,518 
TOTAL NONCONVERTIBLE BONDS  36,567 
TOTAL CORPORATE BONDS   
(Cost $47,121)  36,685 
 Shares Value (000s) 
Other - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%    
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f)   
(Cost $50,430) 50,430,153 38,831 
Money Market Funds - 3.2%   
Fidelity Cash Central Fund, 1.36% (i) 851,482,933 851,653 
Fidelity Securities Lending Cash Central Fund 1.36% (i)(j) 37,525,055 37,533 
TOTAL MONEY MARKET FUNDS   
(Cost $889,146)  889,186 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $16,793,036)  27,788,226 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (13,312) 
NET ASSETS - 100%  $27,774,914 

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

Legend

 (a) Non-income producing

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

 (c) 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 $87,434,000 or 0.3% of net assets.

 (d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (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 $527,211,000 or 1.9% of net assets.

 (f) Level 3 security

 (g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (h) Non-income producing - Security is in default.

 (i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. Series E 6/18/15 $1,800 
23andMe, Inc. Series F 8/31/17 $6,425 
ASAC II LP 10/10/13 $725 
Blu Homes, Inc. Series A, 5.00% 6/10/13 - 12/30/14 $32,763 
Bolt Threads, Inc. Series D  12/13/17 $21,247 
Centennial Resource Development, Inc. Class A 12/28/16 $8,076 
Dropbox, Inc. Class B 5/2/12 $11,672 
Dropbox, Inc. Series A 5/29/12 $2,710 
Dropbox, Inc. Series C 1/30/14 $3,090 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $7,040 
Lyft, Inc. Series H  11/22/17 $27,718 
Magic Leap, Inc. Series D 10/6/17 $15,000 
Mulberry Health, Inc. Series A8 1/20/16 $7,834 
Olivo Labs 2/8/17 $763 
Oportun Finance Corp. Series H 2/6/15 $30,726 
Peloton Interactive, Inc. Series E 3/31/17 $15,000 
Pinterest, Inc. Series E, 8.00% 10/23/13 $38,370 
Pinterest, Inc. Series F, 8.00% 5/15/14 $29,923 
Pinterest, Inc. Series G, 8.00% 2/27/15 $12,035 
resTORbio, Inc. Series B  11/29/17 $10,000 
Roofoods Ltd. Series F 9/12/17 $7,536 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $25,597 
Space Exploration Technologies Corp. Class C 9/11/17 $614 
Space Exploration Technologies Corp. Series G 1/20/15 $11,251 
Space Exploration Technologies Corp. Series H 8/4/17 $5,682 
SurveyMonkey 12/15/14 $34,050 
Tanium, Inc. Class B 4/21/17 $3,436 
Trion World, Inc. 8/22/08 - 3/20/13 $3,834 
Trion World, Inc. warrants 10/3/18 10/10/13 $0 
Trion World, Inc. 10% 10/10/19 pay-in-kind 10/10/13 - 10/10/17 $298 
TulCo LLC 8/24/17 $6,082 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $50,430 
Weinstein Co. Holdings LLC Class A-1 10/19/05 $2,299 
WeWork Companies, Inc. Series F 12/1/16 $1,758 
WME Entertainment Parent, LLC Class A 8/16/16 $25,816 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $6,638 
Fidelity Securities Lending Cash Central Fund 3,377 
Total $10,015 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

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 Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Amplify Snack Brands, Inc. $33,334 $1,860 $28,662 $-- $(25,138) $18,606 $-- 
Total $33,334 $1,860 $28,662 $-- $(25,138) $18,606 $-- 

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $4,105,080 $3,990,835 $44,557 $69,688 
Consumer Staples 1,021,440 961,091 52,813 7,536 
Energy 1,832,143 1,832,143 -- -- 
Financials 4,519,662 4,487,720 -- 31,942 
Health Care 2,720,744 2,603,405 69,638 47,701 
Industrials 2,255,378 2,189,944 -- 65,434 
Information Technology 8,859,947 8,561,275 57,588 241,084 
Materials 703,801 703,801 -- -- 
Real Estate 177,435 175,621 -- 1,814 
Telecommunication Services 199,763 199,763 -- -- 
Utilities 428,131 428,131 -- -- 
Corporate Bonds 36,685 -- 36,567 118 
Other 38,831 -- -- 38,831 
Money Market Funds 889,186 889,186 -- -- 
Total Investments in Securities: $27,788,226 $27,022,915 $261,163 $504,148 

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

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $482,803 
Net Realized Gain (Loss) on Investment Securities (23,245) 
Net Unrealized Gain (Loss) on Investment Securities (50,830) 
Cost of Purchases 200,674 
Proceeds of Sales (105,254) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $504,148 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2017 $(64,933) 

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

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.2% 
Canada 1.8% 
United Kingdom 1.2% 
Ireland 1.1% 
India 1.0% 
Switzerland 1.0% 
Others (Individually Less Than 1%) 4.7% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  December 31, 2017 
Assets   
Investment in securities, at value (including securities loaned of $35,580) — See accompanying schedule:
Unaffiliated issuers (cost $15,903,890) 		$26,899,040  
Fidelity Central Funds (cost $889,146) 889,186  
Total Investment in Securities (cost $16,793,036)  $27,788,226 
Restricted cash  351 
Receivable for investments sold  96,380 
Receivable for fund shares sold  13,609 
Dividends receivable  12,196 
Interest receivable  1,117 
Distributions receivable from Fidelity Central Funds  1,042 
Prepaid expenses  46 
Other receivables  937 
Total assets  27,913,904 
Liabilities   
Payable to custodian bank $298  
Payable for investments purchased 36,360  
Payable for fund shares redeemed 40,796  
Accrued management fee 13,414  
Distribution and service plan fees payable 5,059  
Other affiliated payables 4,000  
Other payables and accrued expenses 1,597  
Collateral on securities loaned 37,466  
Total liabilities  138,990 
Net Assets  $27,774,914 
Net Assets consist of:   
Paid in capital  $16,238,644 
Distributions in excess of net investment income  (20,743) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  562,297 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  10,994,716 
Net Assets  $27,774,914 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($5,611,608 ÷ 178,855 shares)  $31.38 
Maximum offering price per share (100/94.25 of $31.38)  $33.29 
Class M:   
Net Asset Value and redemption price per share ($1,925,602 ÷ 63,371 shares)  $30.39 
Maximum offering price per share (100/96.50 of $30.39)  $31.49 
Class C:   
Net Asset Value and offering price per share ($3,717,633 ÷ 134,550 shares)(a)  $27.63 
Class I:   
Net Asset Value, offering price and redemption price per share ($14,894,212 ÷ 465,005 shares)  $32.03 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,625,859 ÷ 50,720 shares)  $32.06 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


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


Statement of Operations

Amounts in thousands  Year ended December 31, 2017 
Investment Income   
Dividends  $263,693 
Interest  4,780 
Income from Fidelity Central Funds  10,015 
Total income  278,488 
Expenses   
Management fee   
Basic fee $143,817  
Performance adjustment (13,635)  
Transfer agent fees 45,168  
Distribution and service plan fees 60,390  
Accounting and security lending fees 1,950  
Custodian fees and expenses 512  
Independent trustees' fees and expenses 104  
Registration fees 294  
Audit 120  
Legal 71  
Miscellaneous 214  
Total expenses before reductions 239,005  
Expense reductions (711) 238,294 
Net investment income (loss)  40,194 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 2,676,216  
Fidelity Central Funds 22  
Other affiliated issuers (25,138)  
Foreign currency transactions (309)  
Total net realized gain (loss)  2,650,791 
Change in net unrealized appreciation (depreciation) on:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $546) 3,764,443  
Fidelity Central Funds (11)  
Other affiliated issuers 18,606  
Assets and liabilities in foreign currencies 109  
Total change in net unrealized appreciation (depreciation)  3,783,147 
Net gain (loss)  6,433,938 
Net increase (decrease) in net assets resulting from operations  $6,474,132 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended December 31, 2017 Year ended December 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $40,194 $59,840 
Net realized gain (loss) 2,650,791 1,325,816 
Change in net unrealized appreciation (depreciation) 3,783,147 103,608 
Net increase (decrease) in net assets resulting from operations 6,474,132 1,489,264 
Distributions to shareholders from net investment income (45,645) (60,850) 
Distributions to shareholders from net realized gain (2,034,583) (1,185,388) 
Total distributions (2,080,228) (1,246,238) 
Share transactions - net increase (decrease) (1,016,987) (2,529,933) 
Total increase (decrease) in net assets 3,376,917 (2,286,907) 
Net Assets   
Beginning of period 24,397,997 26,684,904 
End of period $27,774,914 $24,397,997 
Other Information   
Undistributed net investment income end of period $– $2,020 
Distributions in excess of net investment income end of period $(20,743) $– 

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


Financial Highlights

Fidelity Advisor New Insights Fund Class A

Years ended December 31, 2017 2016 2015 2014 2013 
Selected Per–Share Data      
Net asset value, beginning of period $26.44 $26.14 $26.67 $26.32 $22.75 
Income from Investment Operations      
Net investment income (loss)A .04 .06 .05 .04 .01 
Net realized and unrealized gain (loss) 7.29 1.56 .57 2.34 7.21 
Total from investment operations 7.33 1.62 .62 2.38 7.22 
Distributions from net investment income –B (.04) (.02) – – 
Distributions from net realized gain (2.39) (1.28) (1.13) (2.03) (3.65) 
Total distributions (2.39) (1.32) (1.15) (2.03) (3.65) 
Net asset value, end of period $31.38 $26.44 $26.14 $26.67 $26.32 
Total ReturnC,D 27.98% 6.31% 2.39% 9.20% 32.36% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .94% .89% .92% .92% .94% 
Expenses net of fee waivers, if any .94% .89% .91% .92% .94% 
Expenses net of all reductions .93% .88% .91% .92% .94% 
Net investment income (loss) .12% .24% .20% .13% .02% 
Supplemental Data      
Net assets, end of period (in millions) $5,612 $6,873 $7,920 $8,475 $8,634 
Portfolio turnover rateG 30% 42% 47% 62% 79% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

 D Total returns do not include the effect of the sales charges.

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

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

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


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


Fidelity Advisor New Insights Fund Class M

Years ended December 31, 2017 2016 2015 2014 2013 
Selected Per–Share Data      
Net asset value, beginning of period $25.73 $25.51 $26.10 $25.84 $22.44 
Income from Investment Operations      
Net investment income (loss)A (.04) –B (.01) (.03) (.06) 
Net realized and unrealized gain (loss) 7.09 1.50 .55 2.31 7.11 
Total from investment operations 7.05 1.50 .54 2.28 7.05 
Distributions from net investment income –B –B – – – 
Distributions from net realized gain (2.39) (1.28) (1.13) (2.02) (3.65) 
Total distributions (2.39) (1.28) (1.13) (2.02) (3.65) 
Net asset value, end of period $30.39 $25.73 $25.51 $26.10 $25.84 
Total ReturnC,D 27.66% 6.01% 2.14% 8.98% 32.05% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.18% 1.14% 1.17% 1.17% 1.18% 
Expenses net of fee waivers, if any 1.18% 1.14% 1.16% 1.17% 1.18% 
Expenses net of all reductions 1.18% 1.13% 1.16% 1.17% 1.18% 
Net investment income (loss) (.13)% (.01)% (.05)% (.11)% (.22)% 
Supplemental Data      
Net assets, end of period (in millions) $1,926 $1,849 $2,071 $2,219 $2,134 
Portfolio turnover rateG 30% 42% 47% 62% 79% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

 D Total returns do not include the effect of the sales charges.

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

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

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


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


Fidelity Advisor New Insights Fund Class C

Years ended December 31, 2017 2016 2015 2014 2013 
Selected Per–Share Data      
Net asset value, beginning of period $23.69 $23.70 $24.45 $24.45 $21.49 
Income from Investment Operations      
Net investment income (loss)A (.17) (.12) (.14) (.16) (.18) 
Net realized and unrealized gain (loss) 6.50 1.39 .52 2.18 6.79 
Total from investment operations 6.33 1.27 .38 2.02 6.61 
Distributions from net investment income –B –B – – – 
Distributions from net realized gain (2.39) (1.28) (1.13) (2.02) (3.65) 
Total distributions (2.39) (1.28) (1.13) (2.02) (3.65) 
Net asset value, end of period $27.63 $23.69 $23.70 $24.45 $24.45 
Total ReturnC,D 26.99% 5.49% 1.63% 8.43% 31.41% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.68% 1.64% 1.67% 1.67% 1.69% 
Expenses net of fee waivers, if any 1.68% 1.64% 1.66% 1.67% 1.69% 
Expenses net of all reductions 1.68% 1.63% 1.66% 1.67% 1.69% 
Net investment income (loss) (.63)% (.51)% (.55)% (.62)% (.73)% 
Supplemental Data      
Net assets, end of period (in millions) $3,718 $3,521 $3,841 $3,889 $3,459 
Portfolio turnover rateG 30% 42% 47% 62% 79% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

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

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


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


Fidelity Advisor New Insights Fund Class I

Years ended December 31, 2017 2016 2015 2014 2013 
Selected Per–Share Data      
Net asset value, beginning of period $26.95 $26.63 $27.15 $26.76 $23.02 
Income from Investment Operations      
Net investment income (loss)A .12 .13 .13 .11 .07 
Net realized and unrealized gain (loss) 7.44 1.59 .57 2.39 7.32 
Total from investment operations 7.56 1.72 .70 2.50 7.39 
Distributions from net investment income (.09) (.11) (.09) (.07) – 
Distributions from net realized gain (2.39) (1.28) (1.13) (2.04) (3.65) 
Total distributions (2.48) (1.40)B (1.22) (2.11) (3.65) 
Net asset value, end of period $32.03 $26.95 $26.63 $27.15 $26.76 
Total ReturnC 28.30% 6.55% 2.64% 9.51% 32.73% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .68% .63% .66% .67% .68% 
Expenses net of fee waivers, if any .68% .63% .66% .67% .68% 
Expenses net of all reductions .67% .63% .66% .67% .68% 
Net investment income (loss) .38% .50% .45% .39% .28% 
Supplemental Data      
Net assets, end of period (in millions) $14,894 $11,662 $12,310 $13,449 $11,477 
Portfolio turnover rateF 30% 42% 47% 62% 79% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.40 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $1.281 per share.

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

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

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

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


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


Fidelity Advisor New Insights Fund Class Z

Years ended December 31, 2017 2016 2015 2014 2013 A 
Selected Per–Share Data      
Net asset value, beginning of period $26.97 $26.65 $27.17 $26.78 $27.42 
Income from Investment Operations      
Net investment income (loss)B .16 .17 .16 .15 .01 
Net realized and unrealized gain (loss) 7.45 1.58 .58 2.39 3.00 
Total from investment operations 7.61 1.75 .74 2.54 3.01 
Distributions from net investment income (.13) (.15) (.12) (.10) – 
Distributions from net realized gain (2.39) (1.28) (1.13) (2.04) (3.65) 
Total distributions (2.52) (1.43) (1.26)C (2.15)D (3.65) 
Net asset value, end of period $32.06 $26.97 $26.65 $27.17 $26.78 
Total ReturnE,F 28.49% 6.68% 2.78% 9.65% 11.50% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .55% .50% .53% .54% .55%I 
Expenses net of fee waivers, if any .55% .50% .53% .54% .55%I 
Expenses net of all reductions .55% .50% .53% .53% .55%I 
Net investment income (loss) .50% .63% .58% .52% .14%I 
Supplemental Data      
Net assets, end of period (in millions) $1,626 $492 $436 $294 $77 
Portfolio turnover rateJ 30% 42% 47% 62% 79% 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

 I Annualized

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


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


Notes to Financial Statements

For the period ended December 31, 2017
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor New Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M (formerly Class T), Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All prior fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period January 1, 2016 through June 24, 2016.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds $118 Recovery value Recovery value 39.5% Increase 
Equities $465,199 Market comparable Enterprise value/Sales multiple (EV/S) 0.8 - 13.1 / 6.5 Increase 
   Transaction price $60.00 Increase 
   Discount rate  0.9% - 25.0% / 14.1% Decrease 
   Price/Earnings multiple (P/E) 15.2 Increase 
   Enterprise value/Gross profit (EV/GP) 5.1 Increase 
   Discount for lack of marketability 15.0% - 20.0% / 15.4% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 22.9 Increase 
   Liquidity preference $4.84 - $19.10 / $12.20 Increase 
   Premium rate 108.0% Increase 
  Market approach Transaction price $2.50 - $353.57 / $83.20 Increase 
   Discount rate  39% - 50.0% / 44.0% Decrease 
  Recovery value Recovery value  0.0% - 0.2% / 0.2% Increase 
  Book value Book value multiple 1.0 Increase 
  Discount cash flow Discount rate 9.0% Decrease 
   Discount for lack of marketability 20.0% Decrease 
   Growth rate 3.0% Increase 
Other $38,831 Market approach Discount rate 23.0% Decrease 

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


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2017, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

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

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $11,343,107 
Gross unrealized depreciation (388,277) 
Net unrealized appreciation (depreciation) $10,954,830 
Tax Cost $16,833,396 

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

Undistributed long-term capital gain $600,621 
Net unrealized appreciation (depreciation) on securities and other investments $10,936,009 

The tax character of distributions paid was as follows:

 December 31, 2017 December 31, 2016 
Ordinary Income $45,645 $ 60,850 
Long-term Capital Gains 2,034,583 1,185,388 
Total $2,080,228 $ 1,246,238 

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

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $77,178 in these Subsidiaries, representing .28% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $7,800,711 and $11,414,486, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of Class I of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .49% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

 Distribution
Fee 		Service
Fee 		Total Fees Retained
by FDC 
Class A -% .25% $14,495 $– 
Class M .25% .25% 9,395 – 
Class C .75% .25% 36,500 1,648 
   $60,390 $1,648 

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

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

 Retained
by FDC 
Class A $1,031 
Class M 141 
Class C(a) 149 
 $1,321 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


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

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

 Amount % of
Class-Level Average
Net Assets 
Class A $10,452 .18 
Class M 3,357 .18 
Class C 6,550 .18 
Class I 24,339 .17 
Class Z 470 .05 
 $45,168  

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $233 for the period.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $82 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,357. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $3,377, including $123 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $487 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $223.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended December 31, 2017 Year ended December 31, 2016 
From net investment income   
Class A $26 $9,732 
Class M 10 160 
Class B – 8 
Class C 28 321 
Class I 39,275 48,005 
Class Z 6,306 2,624 
Total $45,645 $60,850 
From net realized gain   
Class A $427,236 $335,159 
Class M 145,488 91,690 
Class B – 950 
Class C 306,428 189,033 
Class I 1,050,323 546,373 
Class Z 105,108 22,183 
Total $2,034,583 $1,185,388 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended December 31, 2017 Year ended December 31, 2016 Year ended December 31, 2017 Year ended December 31, 2016 
Class A     
Shares sold 21,157 31,092 $628,417 $804,383 
Reinvestment of distributions 13,511 12,732 413,099 330,633 
Shares redeemed (115,780) (86,801) (3,360,118) (2,268,773) 
Net increase (decrease) (81,112) (42,977) $(2,318,602) $(1,133,757) 
Class M     
Shares sold 5,607 6,672 $162,678 $168,809 
Reinvestment of distributions 4,649 3,415 138,255 86,299 
Shares redeemed (18,763) (19,407) (539,042) (495,009) 
Net increase (decrease) (8,507) (9,320) $(238,109) $(239,901) 
Class B     
Shares sold – 17 $– $362 
Reinvestment of distributions – 41 – 854 
Shares redeemed – (4,619) – (105,628) 
Net increase (decrease) – (4,561) $– $(104,412) 
Class C     
Shares sold 11,284 13,063 $299,290 $305,241 
Reinvestment of distributions 10,179 6,915 275,929 161,406 
Shares redeemed (35,552) (33,439) (942,119) (790,437) 
Net increase (decrease) (14,089) (13,461) $(366,900) $(323,790) 
Class I     
Shares sold 138,420 79,363 $4,117,210 $2,114,950 
Reinvestment of distributions 31,259 19,665 981,809 522,588 
Shares redeemed (137,376) (128,588) (4,201,843) (3,416,498) 
Net increase (decrease) 32,303 (29,560) $897,176 $(778,960) 
Class Z     
Shares sold 35,679 5,437 $1,107,419 $146,103 
Reinvestment of distributions 3,070 921 97,071 24,588 
Shares redeemed (6,280) (4,458) (195,042) (119,804) 
Net increase (decrease) 32,469 1,900 $1,009,448 $50,887 

11. Other.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor New Insights Fund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 20, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 190 funds. 

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

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

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

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

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

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

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

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

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

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

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) of the Asolo Repertory Theatre.

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2001

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. Ms. Dorsey serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2008-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.  Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan. 

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).  Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan. 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Melissa M. Reilly (1971)

Year of Election or Appointment: 2014

Vice President of certain Equity Funds

Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Class A 1.01%    
Actual  $1,000.00 $1,125.00 $5.41 
Hypothetical-C  $1,000.00 $1,020.11 $5.14 
Class M 1.25%    
Actual  $1,000.00 $1,123.90 $6.69 
Hypothetical-C  $1,000.00 $1,018.90 $6.36 
Class C 1.75%    
Actual  $1,000.00 $1,120.60 $9.35 
Hypothetical-C  $1,000.00 $1,016.38 $8.89 
Class I .74%    
Actual  $1,000.00 $1,126.40 $3.97 
Hypothetical-C  $1,000.00 $1,021.48 $3.77 
Class Z .59%    
Actual  $1,000.00 $1,127.40 $3.16 
Hypothetical-C  $1,000.00 $1,022.23 $3.01 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

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

 C 5% return per year before expenses


Distributions (Unaudited)

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

 Pay Date Record Date Capital Gains 
Insert Fund Name    
Class A 02/12/2018 02/09/2018 $0.684 
Class M 02/12/2018 02/09/2018 $0.684 
Class C 02/12/2018 02/09/2018 $0.684 
Class I 02/12/2018 02/09/2018 $0.684 
Class Z 02/12/2018 02/09/2018 $0.684 
    

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017 $2,565,438,931, or, if subsequently determined to be different, the net capital gain of such year.

Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor New Insights Fund

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

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

At its July 2017 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase.

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

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

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

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

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

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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

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

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

Fidelity Advisor New Insights Fund


The Board has discussed the fund's underperformance (based on the December 31, 2016 data presented herein) with FMR, including the fund's investment strategy, the portfolio management team, and broader trends in the market that may have impacted the fund's performance, and has engaged with FMR to consider what steps might be taken to remediate the fund's underperformance. The Board noted that the fund's performance has improved since the period shown. The Board noted that there was a portfolio management change for the fund in September 2013.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

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

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

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

Fidelity Advisor New Insights Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

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

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

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

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

The Board noted that the total expense ratio of each class ranked below the competitive median for 2016.

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

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

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

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

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

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

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

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

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

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





Fidelity Investments

ANIF-ANN-0218
1.796407.114

Fidelity® Series Opportunistic Insights Fund



Annual Report

December 31, 2017



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended December 31, 2017 Past 1 year Past 5 years Life of fundA 
Fidelity® Series Opportunistic Insights Fund 32.96% 17.61% 17.40% 

 A From December 6, 2012


$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Series Opportunistic Insights Fund, a class of the fund, on December 6, 2012, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period.


Period Ending Values
$22,560Fidelity® Series Opportunistic Insights Fund
$20,894Russell 3000® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. equities gained 21.83% in 2017, as the S&P 500® index rose steadily and closed the year just shy of an all-time high after a particularly strong three-month finish. Early on, equities rallied on optimism for President Trump’s pro-business agenda but leveled off in March amid fading optimism and stalled efforts by Congress to repeal and replace the Affordable Care Act. Upward momentum soon returned and continued through year-end with consumer sentiment and other market indicators staying positive. The lone exception was a brief cooldown in August, when geopolitical tension escalated and uncertainty grew regarding the future of health care, tax reform and the debt ceiling. Sector-wise, information technology fared best by a wide margin, rising 39% amid strong earnings growth from several major index constituents. A 24% gain in materials was spurred by increased demand, especially from China. Consumer discretionary gained 23%, despite many brick-and-mortar retailers suffering from online competition, and financials edged the broader market on an uptick in bond yields. Conversely, the defensive energy and telecom services sectors returned about -1% each. Rising interest rates held back real estate (+11%), while consumer staples (+13%) and utilities (+12%) struggled due to investors’ general preference for risk assets.

Comments from Portfolio Manager William Danoff:  For the year, the fund gained 32.96%, well ahead of the 21.13% advance of the benchmark Russell 3000® Index. A more business-friendly administration in the White House, an extremely low interest rate environment worldwide and synchronous global economic expansion propelled the stock market higher. The fund performed very well against this backdrop, with active positioning adding value in nearly all market sectors. Our outperformance of the benchmark primarily was driven by a sizable commitment – about 43% of assets, on average – to the market-leading information technology sector. Here, notable individual contributors included social-media firm Facebook and Google parent Alphabet. Other winners from tech were cloud-computing firm Salesforce.com, publishing software developer Adobe Systems and gaming company Activision Blizzard. Our sizable stake in Amazon.com also meaningfully aided results, as did sidestepping industrial conglomerate General Electric. Given the fund beat its benchmark by roughly 12 percentage points, there were no major detractors, although not owning enough of a few strong benchmark names hurt modestly. These included aircraft manufacturer Boeing and pharmaceutical firm AbbVie. Our largest relative detractor was an overweighting in Henry Schein, a distributor of health care products.

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

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Facebook, Inc. Class A 8.2 
Amazon.com, Inc. 5.0 
Berkshire Hathaway, Inc. Class A 4.0 
Bank of America Corp. 3.5 
Salesforce.com, Inc. 3.1 
JPMorgan Chase & Co. 2.9 
Alphabet, Inc. Class A 2.7 
Alphabet, Inc. Class C 2.5 
Citigroup, Inc. 2.4 
UnitedHealth Group, Inc. 2.2 
 36.5 

Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Information Technology 40.9 
Financials 20.2 
Consumer Discretionary 14.7 
Health Care 8.8 
Industrials 6.9 

Asset Allocation (% of fund's net assets)

As of December 31, 2017* 
   Stocks 97.0% 
   Bonds 0.1% 
   Convertible Securities 2.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.6% 


 * Foreign investments - 7.9%


Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 97.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 14.6%   
Auto Components - 0.0%   
Aptiv PLC 26,100 $2,214,063 
Delphi Technologies PLC (a) 8,700 456,489 
  2,670,552 
Automobiles - 1.2%   
BYD Co. Ltd. (H Shares) 412,000 3,579,251 
General Motors Co. 29,900 1,225,601 
Guangzhou Automobile Group Co. Ltd. (H Shares) 284,000 673,209 
Mahindra & Mahindra Ltd. 516,850 6,080,922 
Maruti Suzuki India Ltd. 90,105 13,732,473 
Tesla, Inc. (a) 143,016 44,528,032 
Toyota Motor Corp. 51,900 3,307,587 
  73,127,075 
Diversified Consumer Services - 0.2%   
Chegg, Inc. (a) 99,400 1,622,208 
Weight Watchers International, Inc. (a) 293,700 13,005,036 
  14,627,244 
Hotels, Restaurants & Leisure - 2.0%   
Churchill Downs, Inc. 4,600 1,070,420 
Eldorado Resorts, Inc. (a) 20,900 692,835 
Hilton Worldwide Holdings, Inc. 222,704 17,785,141 
Las Vegas Sands Corp. 18,300 1,271,667 
Marriott International, Inc. Class A 467,484 63,451,603 
McDonald's Corp. 223,400 38,451,608 
U.S. Foods Holding Corp. (a) 66,500 2,123,345 
Vail Resorts, Inc. 11,040 2,345,669 
  127,192,288 
Household Durables - 0.5%   
D.R. Horton, Inc. 29,300 1,496,351 
Lennar Corp. Class A 107,800 6,817,272 
Mohawk Industries, Inc. (a) 71,107 19,618,421 
Roku, Inc. Class A 14,300 740,454 
  28,672,498 
Internet & Direct Marketing Retail - 7.2%   
Amazon.com, Inc. (a) 267,717 313,087,000 
ASOS PLC (a) 8,800 797,831 
Blue Apron Holdings, Inc.:   
Class A 48,023 193,533 
Class B 192,093 766,393 
Netflix, Inc. (a) 519,699 99,761,420 
Priceline Group, Inc. (a) 17,550 30,497,337 
Start Today Co. Ltd. 164,500 5,000,333 
Takeaway.com Holding BV (a)(b) 34,300 2,093,959 
Zalando SE (a) 44,347 2,347,348 
  454,545,154 
Leisure Products - 0.1%   
Mattel, Inc. (c) 206,100 3,169,818 
Polaris Industries, Inc. 15,500 1,921,845 
  5,091,663 
Media - 1.3%   
Charter Communications, Inc. Class A (a) 42,805 14,380,768 
Liberty Broadband Corp.:   
Class A (a) 12,484 1,061,764 
Class C (a) 59,474 5,064,806 
Liberty Global PLC Class A (a) 65,821 2,359,025 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a)(c) 536,943 18,341,973 
Liberty SiriusXM Series A (a) 16,500 654,390 
Liberty SiriusXM Series C (a) 690,196 27,373,173 
Live Nation Entertainment, Inc. (a) 57,900 2,464,803 
Sirius XM Holdings, Inc. (c) 1,442,312 7,730,792 
The Walt Disney Co. 28,300 3,042,533 
  82,474,027 
Multiline Retail - 0.6%   
B&M European Value Retail S.A. 569,520 3,257,219 
Dollar Tree, Inc. (a) 50,400 5,408,424 
Ollie's Bargain Outlet Holdings, Inc. (a) 498,919 26,567,437 
  35,233,080 
Specialty Retail - 1.1%   
Burlington Stores, Inc. (a) 6,000 738,180 
Five Below, Inc. (a) 20,100 1,333,032 
Home Depot, Inc. 321,500 60,933,895 
TJX Companies, Inc. 120,627 9,223,140 
  72,228,247 
Textiles, Apparel & Luxury Goods - 0.4%   
adidas AG 98,170 19,688,477 
Kering SA 7,689 3,625,679 
LVMH Moet Hennessy - Louis Vuitton SA 11,094 3,256,149 
  26,570,305 
TOTAL CONSUMER DISCRETIONARY  922,432,133 
CONSUMER STAPLES - 2.2%   
Beverages - 0.4%   
Constellation Brands, Inc. Class A (sub. vtg.) 39,100 8,937,087 
Kweichow Moutai Co. Ltd. (A Shares) 31,000 3,323,091 
Monster Beverage Corp. (a) 101,100 6,398,619 
The Coca-Cola Co. 55,200 2,532,576 
  21,191,373 
Food & Staples Retailing - 0.7%   
Costco Wholesale Corp. 113,900 21,199,068 
Performance Food Group Co. (a) 153,400 5,077,540 
Wal-Mart Stores, Inc. 171,110 16,897,113 
  43,173,721 
Food Products - 0.0%   
The Simply Good Foods Co. 84,000 1,197,840 
Household Products - 0.0%   
Colgate-Palmolive Co. 9,341 704,778 
Personal Products - 1.1%   
Estee Lauder Companies, Inc. Class A 522,108 66,433,022 
L'Oreal SA 11,478 2,543,305 
Shiseido Co. Ltd. 13,000 628,338 
Unilever NV (Certificaten Van Aandelen) (Bearer) 21,100 1,187,993 
  70,792,658 
TOTAL CONSUMER STAPLES  137,060,370 
ENERGY - 2.2%   
Oil, Gas & Consumable Fuels - 2.2%   
Andeavor 5,500 628,870 
Birchcliff Energy Ltd. 1,033,500 3,617,661 
Cabot Oil & Gas Corp. 50,800 1,452,880 
Canadian Natural Resources Ltd. 350,600 12,528,999 
Cenovus Energy, Inc. 191,800 1,751,682 
Centennial Resource Development, Inc.:   
Class A (a) 278,900 5,522,220 
Class A (a)(c) 778,459 15,413,488 
Class A (d) 129,800 2,570,040 
Concho Resources, Inc. (a) 31,500 4,731,930 
Continental Resources, Inc. (a) 227,749 12,063,865 
Diamondback Energy, Inc. (a) 77,218 9,748,773 
Encana Corp. 50,000 667,064 
EOG Resources, Inc. 179,224 19,340,062 
Phillips 66 Co. 144,400 14,606,060 
Pioneer Natural Resources Co. 3,700 639,545 
PrairieSky Royalty Ltd. 145,200 3,703,351 
Reliance Industries Ltd. 1,324,279 19,106,002 
Tamarack Valley Energy Ltd. (a) 1,103,700 2,511,203 
Valero Energy Corp. 64,600 5,937,386 
  136,541,081 
FINANCIALS - 20.1%   
Banks - 11.5%   
Bank of America Corp. 7,512,196 221,760,026 
Citigroup, Inc. 2,059,827 153,271,727 
HDFC Bank Ltd. sponsored ADR 421,741 42,878,407 
JPMorgan Chase & Co. 1,745,710 186,686,227 
Kotak Mahindra Bank Ltd. 666,239 10,542,523 
M&T Bank Corp. 110,233 18,848,741 
Metro Bank PLC (a) 7,079 342,548 
PNC Financial Services Group, Inc. 164,300 23,706,847 
Royal Bank of Canada 47,700 3,895,310 
The Toronto-Dominion Bank 113,200 6,632,601 
U.S. Bancorp 284,500 15,243,510 
Wells Fargo & Co. 758,994 46,048,166 
  729,856,633 
Capital Markets - 3.5%   
Ashmore Group PLC 87,479 478,463 
Bank of New York Mellon Corp. 237,300 12,780,978 
BlackRock, Inc. Class A 39,553 20,318,772 
Brookfield Asset Management, Inc. Class A 33,900 1,475,742 
CBOE Holdings, Inc. 26,500 3,301,635 
Charles Schwab Corp. 613,900 31,536,043 
CME Group, Inc. 44,600 6,513,830 
Goldman Sachs Group, Inc. 92,500 23,565,300 
IntercontinentalExchange, Inc. 104,500 7,373,520 
Morgan Stanley 1,507,100 79,077,537 
MSCI, Inc. 89,475 11,322,167 
Oaktree Capital Group LLC Class A 202,090 8,507,989 
S&P Global, Inc. 75,116 12,724,650 
St. James's Place Capital PLC 86,200 1,426,855 
  220,403,481 
Consumer Finance - 0.2%   
Synchrony Financial 266,300 10,281,843 
Diversified Financial Services - 4.0%   
Berkshire Hathaway, Inc. Class A (a) 861 256,233,609 
Insurance - 0.9%   
Admiral Group PLC 208,444 5,634,242 
Chubb Ltd. 250,805 36,650,135 
Fairfax Financial Holdings Ltd. (sub. vtg.) 11,700 6,230,134 
Marsh & McLennan Companies, Inc. 90,178 7,339,587 
  55,854,098 
TOTAL FINANCIALS  1,272,629,664 
HEALTH CARE - 8.6%   
Biotechnology - 2.2%   
AbbVie, Inc. 132,800 12,843,088 
Aduro Biotech, Inc. (a) 14,752 110,640 
Agios Pharmaceuticals, Inc. (a) 60,997 3,487,198 
Alnylam Pharmaceuticals, Inc. (a) 22,400 2,845,920 
Amgen, Inc. 12,862 2,236,702 
AnaptysBio, Inc. 26,000 2,618,720 
Biogen, Inc. (a) 15,800 5,033,406 
bluebird bio, Inc. (a) 9,300 1,656,330 
Blueprint Medicines Corp. (a) 12,200 920,002 
Celgene Corp. (a) 91,500 9,548,940 
Exact Sciences Corp. (a) 16,400 861,656 
FibroGen, Inc. (a) 105,037 4,978,754 
Genmab A/S (a) 47,213 7,829,899 
Gilead Sciences, Inc. 272,100 19,493,244 
Insmed, Inc. (a) 53,800 1,677,484 
Intrexon Corp. (c) 97,567 1,123,972 
Juno Therapeutics, Inc. (a) 33,000 1,508,430 
NantKwest, Inc. (a) 40,442 181,585 
Neurocrine Biosciences, Inc. (a) 183,842 14,264,301 
OvaScience, Inc. (a) 1,137,174 1,592,044 
Portola Pharmaceuticals, Inc. (a) 42,800 2,083,504 
Regeneron Pharmaceuticals, Inc. (a) 24,300 9,135,828 
Sage Therapeutics, Inc. (a) 10,600 1,745,926 
Vertex Pharmaceuticals, Inc. (a) 193,800 29,042,868 
  136,820,441 
Health Care Equipment & Supplies - 1.8%   
Baxter International, Inc. 359,500 23,238,080 
Becton, Dickinson & Co. 36,618 7,838,449 
Boston Scientific Corp. (a) 1,807,688 44,812,586 
Danaher Corp. 89,334 8,291,982 
Edwards Lifesciences Corp. (a) 16,400 1,848,444 
Intuitive Surgical, Inc. (a) 53,754 19,616,985 
Penumbra, Inc. (a) 29,798 2,803,992 
ResMed, Inc. 33,104 2,803,578 
  111,254,096 
Health Care Providers & Services - 2.9%   
Aetna, Inc. 42,400 7,648,536 
Anthem, Inc. 5,500 1,237,555 
Cigna Corp. 12,947 2,629,406 
HealthEquity, Inc. (a) 98,759 4,608,095 
Henry Schein, Inc. (a) 199,694 13,954,617 
Humana, Inc. 44,281 10,984,788 
National Vision Holdings, Inc. 43,300 1,758,413 
OptiNose, Inc. 28,700 542,430 
UnitedHealth Group, Inc. 637,366 140,513,708 
  183,877,548 
Health Care Technology - 0.1%   
Medidata Solutions, Inc. (a) 25,184 1,595,910 
Veeva Systems, Inc. Class A (a) 131,910 7,291,985 
  8,887,895 
Life Sciences Tools & Services - 1.1%   
Agilent Technologies, Inc. 90,755 6,077,862 
Eurofins Scientific SA 5,300 3,227,932 
Mettler-Toledo International, Inc. (a) 76,106 47,149,189 
PRA Health Sciences, Inc. (a) 45,152 4,111,993 
Thermo Fisher Scientific, Inc. 31,100 5,905,268 
Waters Corp. (a) 12,865 2,485,389 
  68,957,633 
Pharmaceuticals - 0.5%   
AstraZeneca PLC sponsored ADR 35,700 1,238,790 
Bristol-Myers Squibb Co. 194,132 11,896,409 
GW Pharmaceuticals PLC ADR (a) 3,500 462,035 
Johnson & Johnson 39,200 5,477,024 
Nektar Therapeutics (a) 196,100 11,711,092 
Teva Pharmaceutical Industries Ltd. sponsored ADR (c) 242,800 4,601,060 
  35,386,410 
TOTAL HEALTH CARE  545,184,023 
INDUSTRIALS - 6.8%   
Aerospace & Defense - 1.0%   
General Dynamics Corp. 36,717 7,470,074 
Northrop Grumman Corp. 75,420 23,147,152 
Raytheon Co. 29,300 5,504,005 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 16,000 2,160,000 
Class C (d)(e) 687 92,745 
The Boeing Co. 79,700 23,504,327 
  61,878,303 
Air Freight & Logistics - 0.6%   
Expeditors International of Washington, Inc. 9,900 640,431 
FedEx Corp. 93,000 23,207,220 
XPO Logistics, Inc. (a) 140,458 12,864,548 
  36,712,199 
Airlines - 0.7%   
Ryanair Holdings PLC sponsored ADR (a) 244,257 25,449,137 
Southwest Airlines Co. 338,600 22,161,370 
  47,610,507 
Building Products - 1.0%   
A.O. Smith Corp. 57,374 3,515,879 
Fortune Brands Home & Security, Inc. 123,369 8,443,374 
Jeld-Wen Holding, Inc. 220,700 8,688,959 
Masco Corp. 710,805 31,232,772 
Toto Ltd. 170,900 10,086,399 
  61,967,383 
Commercial Services & Supplies - 0.2%   
Cintas Corp. 58,793 9,161,713 
TulCo LLC (d)(e)(f) 6,639 2,323,650 
  11,485,363 
Construction & Engineering - 0.0%   
Jacobs Engineering Group, Inc. 47,500 3,133,100 
Electrical Equipment - 0.5%   
AMETEK, Inc. 36,400 2,637,908 
Fortive Corp. 374,260 27,077,711 
  29,715,619 
Industrial Conglomerates - 0.5%   
3M Co. 133,652 31,457,671 
ITT, Inc. 5,874 313,495 
Roper Technologies, Inc. 4,800 1,243,200 
  33,014,366 
Machinery - 1.5%   
Caterpillar, Inc. 86,200 13,583,396 
Deere & Co. 172,941 27,066,996 
Gardner Denver Holdings, Inc. 125,000 4,241,250 
IDEX Corp. 4,400 580,668 
Illinois Tool Works, Inc. 108,234 18,058,843 
Ingersoll-Rand PLC 58,900 5,253,291 
Oshkosh Corp. 7,200 654,408 
PACCAR, Inc. 107,841 7,665,338 
Parker Hannifin Corp. 68,000 13,571,440 
Rational AG 2,700 1,740,310 
Xylem, Inc. 30,500 2,080,100 
  94,496,040 
Professional Services - 0.4%   
Equifax, Inc. 32,791 3,866,715 
Manpower, Inc. 13,400 1,689,874 
Recruit Holdings Co. Ltd. 146,900 3,650,499 
RELX PLC 33,700 791,246 
TransUnion Holding Co., Inc. (a) 255,885 14,063,440 
  24,061,774 
Road & Rail - 0.4%   
CSX Corp. 360,600 19,836,606 
Union Pacific Corp. 40,300 5,404,230 
  25,240,836 
Trading Companies & Distributors - 0.0%   
Fastenal Co. 11,817 646,272 
United Rentals, Inc. (a) 6,663 1,145,436 
  1,791,708 
TOTAL INDUSTRIALS  431,107,198 
INFORMATION TECHNOLOGY - 39.3%   
Communications Equipment - 0.4%   
Arista Networks, Inc. (a) 113,998 26,855,649 
Electronic Equipment & Components - 2.0%   
Amphenol Corp. Class A 1,292,402 113,472,896 
CDW Corp. 129,500 8,998,955 
Corning, Inc. 9,800 313,502 
Dolby Laboratories, Inc. Class A 45,800 2,839,600 
Keyence Corp. 1,200 672,234 
  126,297,187 
Internet Software & Services - 14.9%   
Alibaba Group Holding Ltd. sponsored ADR (a) 130,332 22,473,147 
Alphabet, Inc.:   
Class A (a) 158,961 167,449,517 
Class C (a) 150,043 157,004,995 
CarGurus, Inc. Class A (c) 32,900 986,342 
Cloudera, Inc. 86,640 1,431,293 
CoStar Group, Inc. (a) 800 237,560 
eBay, Inc. (a) 472,998 17,850,945 
Facebook, Inc. Class A (a) 2,926,494 516,409,130 
LogMeIn, Inc. 106,739 12,221,616 
New Relic, Inc. (a) 37,100 2,143,267 
Nutanix, Inc. Class B (b) 171,960 6,066,749 
Okta, Inc. 26,893 688,730 
Q2 Holdings, Inc. (a) 2,344 86,376 
Rightmove PLC 19,809 1,203,530 
Shopify, Inc. Class A (a) 25,100 2,538,155 
SurveyMonkey (a)(d)(e) 458,038 5,853,726 
Tencent Holdings Ltd. 524,900 27,167,750 
  941,812,828 
IT Services - 5.5%   
Accenture PLC Class A 63,257 9,684,014 
ASAC II LP (a)(d)(e) 1,788,160 300,411 
EPAM Systems, Inc. (a) 35,755 3,841,160 
FleetCor Technologies, Inc. (a) 600 115,458 
Global Payments, Inc. 115,696 11,597,367 
Leidos Holdings, Inc. 10,057 649,380 
MasterCard, Inc. Class A 739,810 111,977,642 
PayPal Holdings, Inc. (a) 1,409,234 103,747,807 
Square, Inc. (a) 87,900 3,047,493 
Visa, Inc. Class A 902,960 102,955,499 
  347,916,231 
Semiconductors & Semiconductor Equipment - 3.1%   
Analog Devices, Inc. 88,786 7,904,618 
Applied Materials, Inc. 841,249 43,004,649 
Broadcom Ltd. 103,986 26,714,003 
First Solar, Inc. (a) 38,800 2,619,776 
Lam Research Corp. 77,806 14,321,750 
NVIDIA Corp. 266,708 51,607,998 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 423,357 16,786,105 
Texas Instruments, Inc. 284,455 29,708,480 
  192,667,379 
Software - 11.4%   
Activision Blizzard, Inc. 1,108,789 70,208,519 
Adobe Systems, Inc. (a) 783,369 137,277,584 
Atlassian Corp. PLC (a) 177,185 8,065,461 
CDK Global, Inc. 84,440 6,018,883 
Constellation Software, Inc. 7,500 4,546,659 
Electronic Arts, Inc. (a) 548,500 57,625,410 
Intuit, Inc. 100,091 15,792,358 
Micro Focus International PLC 95,300 3,246,326 
Microsoft Corp. 1,437,500 122,963,750 
Nintendo Co. Ltd. 9,400 3,384,908 
Parametric Technology Corp. (a) 49,500 3,008,115 
Paycom Software, Inc. (a)(c) 91,507 7,350,757 
Red Hat, Inc. (a) 116,962 14,047,136 
RingCentral, Inc. (a) 99,049 4,793,972 
Salesforce.com, Inc. (a) 1,909,086 195,165,862 
Snap, Inc. Class A (a)(c) 111,677 1,631,601 
Tanium, Inc. Class B (d)(e) 165,100 846,963 
Ultimate Software Group, Inc. (a) 107,610 23,483,730 
Workday, Inc. Class A (a) 405,335 41,238,783 
  720,696,777 
Technology Hardware, Storage & Peripherals - 2.0%   
Apple, Inc. 731,021 123,710,684 
Xaar PLC 175,812 877,685 
  124,588,369 
TOTAL INFORMATION TECHNOLOGY  2,480,834,420 
MATERIALS - 2.6%   
Chemicals - 1.7%   
Air Products & Chemicals, Inc. 57,800 9,483,824 
DowDuPont, Inc. 658,920 46,928,282 
LyondellBasell Industries NV Class A 41,900 4,622,408 
Olin Corp. 71,300 2,536,854 
Sherwin-Williams Co. 88,114 36,130,265 
Westlake Chemical Corp. 67,000 7,137,510 
  106,839,143 
Construction Materials - 0.0%   
Eagle Materials, Inc. 4,800 543,840 
Containers & Packaging - 0.2%   
WestRock Co. 171,500 10,840,515 
Metals & Mining - 0.7%   
ArcelorMittal SA Class A unit (a)(c) 102,100 3,298,851 
Arizona Mining, Inc. (a) 49,537 136,355 
B2Gold Corp. (a) 1,135,802 3,505,896 
Franco-Nevada Corp. 216,000 17,262,816 
Freeport-McMoRan, Inc. (a) 51,900 984,024 
Ivanhoe Mines Ltd. (a) 2,741,800 9,248,395 
Kirkland Lake Gold Ltd. 166,376 2,550,569 
Newcrest Mining Ltd. 145,015 2,582,036 
Novagold Resources, Inc. (a) 385,155 1,513,656 
Nucor Corp. 31,900 2,028,202 
Randgold Resources Ltd. sponsored ADR 20,300 2,007,467 
  45,118,267 
TOTAL MATERIALS  163,341,765 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
American Tower Corp. 38,900 5,549,863 
Real Estate Management & Development - 0.1%   
Five Point Holdings LLC Class A (a) 182,600 2,574,660 
WeWork Companies, Inc. Class A (a)(d)(e) 33,900 1,756,359 
  4,331,019 
TOTAL REAL ESTATE  9,880,882 
TELECOMMUNICATION SERVICES - 0.4%   
Wireless Telecommunication Services - 0.4%   
SoftBank Corp. 41,200 3,261,828 
T-Mobile U.S., Inc. (a) 338,481 21,496,928 
  24,758,756 
TOTAL COMMON STOCKS   
(Cost $3,404,887,272)  6,123,770,292 
Convertible Preferred Stocks - 2.3%   
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc.:   
Series D (a)(d)(e) 30,930 2,913,297 
Series E (a)(d)(e) 13,964 1,315,269 
  4,228,566 
Household Durables - 0.0%   
Blu Homes, Inc. Series A, 5.00% (a)(d)(e) 1,349,024 26,980 
TOTAL CONSUMER DISCRETIONARY  4,255,546 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (d)(e) 8,137 2,877,004 
FINANCIALS - 0.1%   
Consumer Finance - 0.1%   
Oportun Finance Corp. Series H (a)(d)(e) 2,372,991 7,024,053 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
23andMe, Inc.:   
Series E (a)(d)(e) 41,008 569,363 
Series F (d)(e) 176,099 2,444,994 
  3,014,357 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A8 (a)(d)(e) 418,866 2,663,988 
TOTAL HEALTH CARE  5,678,345 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 32,066 4,328,910 
Series H (d)(e) 6,366 859,410 
  5,188,320 
INFORMATION TECHNOLOGY - 1.6%   
Internet Software & Services - 0.7%   
Dropbox, Inc. Series C (a)(d)(e) 394,740 6,086,891 
Lyft, Inc. Series H (d)(e) 79,253 3,149,998 
Pinterest, Inc.:   
Series E, 8.00% (a)(d)(e) 2,594,015 15,512,210 
Series F, 8.00% (a)(d)(e) 2,122,845 12,694,613 
Series G, 8.00% (a)(d)(e) 369,335 2,208,623 
Uber Technologies, Inc. Series D, 8.00% (a)(d)(e) 111,031 3,877,203 
  43,529,538 
Software - 0.9%   
Cloudflare, Inc. Series D 8.00% (a)(d)(e) 246,150 1,351,364 
Delphix Corp. Series D (a)(d)(e) 204,875 1,151,398 
Magic Leap, Inc.:   
Series B, 8.00% (a)(d)(e) 1,675,597 45,241,119 
Series C (a)(d)(e) 15,286 412,722 
Series D (d)(e) 412,286 11,131,722 
  59,288,325 
TOTAL INFORMATION TECHNOLOGY  102,817,863 
REAL ESTATE - 0.3%   
Real Estate Management & Development - 0.3%   
WeWork Companies, Inc.:   
Series E (a)(d)(e) 305,106 15,807,542 
Series F (a)(d)(e) 14,184 734,873 
  16,542,415 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (d)(e) 122,552 191,181 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $102,842,548)  144,574,727 
 Principal Amount Value 
Nonconvertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Valeant Pharmaceuticals International, Inc.:   
6.125% 4/15/25 (b) 3,730,000 3,412,950 
9% 12/15/25 (b) 4,193,000 4,369,945 
   
TOTAL NONCONVERTIBLE BONDS   
(Cost $7,484,157)  7,782,895 
   
 Shares Value 
Money Market Funds - 1.5%   
Fidelity Cash Central Fund, 1.36% (g) 58,785,259 58,797,016 
Fidelity Securities Lending Cash Central Fund 1.36% (g)(h) 36,004,493 36,011,694 
TOTAL MONEY MARKET FUNDS   
(Cost $94,803,968)  94,808,710 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $3,610,017,945)  6,370,936,624 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (53,748,435) 
NET ASSETS - 100%  $6,317,188,189 

Legend

 (a) Non-income producing

 (b) 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 $15,943,603 or 0.3% of net assets.

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

 (d) 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 $160,478,621 or 2.5% of net assets.

 (e) Level 3 security

 (f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series E 6/18/15 $444,005 
23andMe, Inc. Series F 8/31/17 $2,444,994 
Airbnb, Inc. Series D 4/16/14 $1,259,254 
Airbnb, Inc. Series E 6/29/15 $1,299,970 
Altiostar Networks, Inc. Series A1 1/10/17 $563,739 
ASAC II LP 10/10/13 $137,706 
Blu Homes, Inc. Series A, 5.00% 6/10/13 - 12/30/14 $6,232,491 
Centennial Resource Development, Inc. Class A 12/28/16 $1,887,292 
Cloudflare, Inc. Series D 8.00% 11/5/14 - 6/24/15 $1,533,709 
Delphix Corp. Series D 7/10/15 $1,843,875 
Dropbox, Inc. Series C 1/30/14 $7,540,008 
Lyft, Inc. Series H 11/22/17 $3,149,998 
Magic Leap, Inc. Series B, 8.00% 10/17/14 $19,369,901 
Magic Leap, Inc. Series C 12/23/15 $352,082 
Magic Leap, Inc. Series D 10/6/17 $11,131,722 
Mulberry Health, Inc. Series A8 1/20/16 $2,829,335 
Oportun Finance Corp. Series H 2/6/15 $6,756,617 
Pinterest, Inc. Series E, 8.00% 10/23/13 $7,538,571 
Pinterest, Inc. Series F, 8.00% 5/15/14 $7,211,381 
Pinterest, Inc. Series G, 8.00% 2/27/15 $2,651,490 
Roofoods Ltd. Series F 9/12/17 $2,877,004 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $1,655,886 
Space Exploration Technologies Corp. Class C 9/11/17 $92,745 
Space Exploration Technologies Corp. Series G 1/20/15 $2,483,832 
Space Exploration Technologies Corp. Series H 8/4/17 $859,410 
SurveyMonkey 12/15/14 $7,534,725 
Tanium, Inc. Class B 4/21/17 $819,606 
TulCo LLC 8/24/17 - 12/14/17 $2,323,650 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $1,722,429 
WeWork Companies, Inc. Class A 6/23/15 $1,114,956 
WeWork Companies, Inc. Series E 6/23/15 $10,034,805 
WeWork Companies, Inc. Series F 12/1/16 $711,927 

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 $833,648 
Fidelity Securities Lending Cash Central Fund 1,324,376 
Total $2,158,024 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $926,687,679 $911,522,753 $10,909,380 $4,255,546 
Consumer Staples 139,937,374 133,329,072 3,731,298 2,877,004 
Energy 136,541,081 136,541,081 -- -- 
Financials 1,279,653,717 1,272,629,664 -- 7,024,053 
Health Care 550,862,368 545,184,023 -- 5,678,345 
Industrials 436,295,518 426,530,803 -- 9,764,715 
Information Technology 2,583,652,283 2,443,280,662 30,552,658 109,818,963 
Materials 163,341,765 163,341,765 -- -- 
Real Estate 26,423,297 8,124,523 -- 18,298,774 
Telecommunication Services 24,949,937 21,496,928 3,261,828 191,181 
Corporate Bonds 7,782,895 -- 7,782,895 -- 
Money Market Funds 94,808,710 94,808,710 -- -- 
Total Investments in Securities: $6,370,936,624 $6,156,789,984 $56,238,059 $157,908,581 

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

Investments in Securities:  
Equities - Information Technology  
Beginning Balance $116,935,278 
Net Realized Gain (Loss) on Investment Securities 2,683,051 
Net Unrealized Gain (Loss) on Investment Securities (15,710,613) 
Cost of Purchases 15,101,326 
Proceeds of Sales (7,640,255) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (1,549,824) 
Ending Balance $109,818,963 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2017 $(14,908,999) 
Equities - Other Investments in Securities  
Beginning Balance $47,407,675 
Net Realized Gain (Loss) on Investment Securities (1,400,362) 
Net Unrealized Gain (Loss) on Investment Securities (3,423,680) 
Cost of Purchases 9,842,077 
Proceeds of Sales (4,336,092) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $48,089,618 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2017 $(4,435,838) 

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

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2017 
Assets   
Investment in securities, at value (including securities loaned of $34,857,774) — See accompanying schedule:
Unaffiliated issuers (cost $3,515,213,977) 		$6,276,127,914  
Fidelity Central Funds (cost $94,803,968) 94,808,710  
Total Investment in Securities (cost $3,610,017,945)  $6,370,936,624 
Receivable for investments sold  13,985,556 
Receivable for fund shares sold  41,620 
Dividends receivable  1,625,174 
Interest receivable  63,260 
Distributions receivable from Fidelity Central Funds  27,358 
Other receivables  23,060 
Total assets  6,386,702,652 
Liabilities   
Payable for investments purchased $12,595,444  
Payable for fund shares redeemed 19,604,749  
Other payables and accrued expenses 1,308,625  
Collateral on securities loaned 36,005,645  
Total liabilities  69,514,463 
Net Assets  $6,317,188,189 
Net Assets consist of:   
Paid in capital  $3,426,792,572 
Distributions in excess of net investment income  (958,007) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  131,655,969 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  2,759,697,655 
Net Assets  $6,317,188,189 
Series Opportunistic Insights:   
Net Asset Value, offering price and redemption price per share ($6,317,188,189 ÷ 364,753,858 shares)  $17.32 

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


Statement of Operations

  Year ended December 31, 2017 
Investment Income   
Dividends  $45,800,829 
Interest  79,655 
Income from Fidelity Central Funds  2,158,024 
Total income  48,038,508 
Expenses   
Management fee   
Basic fee $13,921,609  
Performance adjustment (307,065)  
Transfer agent fees 1,540,827  
Accounting and security lending fees 481,323  
Custodian fees and expenses 201,249  
Independent trustees' fees and expenses 24,505  
Audit 44,043  
Legal 2,351  
Interest 18,331  
Miscellaneous 37,917  
Total expenses before reductions 15,965,090  
Expense reductions (155,540) 15,809,550 
Net investment income (loss)  32,228,958 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 808,951,152  
Fidelity Central Funds 28,635  
Foreign currency transactions (60,361)  
Total net realized gain (loss)  808,919,426 
Change in net unrealized appreciation (depreciation) on:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,226,531) 910,385,031  
Fidelity Central Funds (22,430)  
Assets and liabilities in foreign currencies 9,579  
Total change in net unrealized appreciation (depreciation)  910,372,180 
Net gain (loss)  1,719,291,606 
Net increase (decrease) in net assets resulting from operations  $1,751,520,564 

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


Statement of Changes in Net Assets

 Year ended December 31, 2017 Year ended December 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $32,228,958 $7,053,059 
Net realized gain (loss) 808,919,426 126,036,623 
Change in net unrealized appreciation (depreciation) 910,372,180 (51,918,142) 
Net increase (decrease) in net assets resulting from operations 1,751,520,564 81,171,540 
Distributions to shareholders from net investment income (33,809,799) (7,171,425) 
Distributions to shareholders from net realized gain (687,222,461) (147,965,723) 
Total distributions (721,032,260) (155,137,148) 
Share transactions - net increase (decrease) (449,052,236) (10,970,970) 
Total increase (decrease) in net assets 581,436,068 (84,936,578) 
Net Assets   
Beginning of period 5,735,752,121 5,820,688,699 
End of period $6,317,188,189 $5,735,752,121 
Other Information   
Distributions in excess of net investment income end of period $(958,007) $– 

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


Financial Highlights

Fidelity Series Opportunistic Insights Fund

Years ended December 31, 2017 2016 2015 2014 2013 
Selected Per–Share Data      
Net asset value, beginning of period $14.69 $14.89 $14.89 $13.98 $10.02 
Income from Investment Operations      
Net investment income (loss)A .09 –B –B (.01) –B 
Net realized and unrealized gain (loss) 4.75 .19 1.04 1.48 4.11 
Total from investment operations 4.84 .19 1.04 1.47 4.11 
Distributions from net investment income (.10) –B –B – – 
Distributions from net realized gain (2.10) (.38) (1.04) (.56) (.15) 
Total distributions (2.21)C (.39)D (1.04) (.56) (.15) 
Net asset value, end of period $17.32 $14.69 $14.89 $14.89 $13.98 
Total ReturnE,F 32.96% 1.33% 7.10% 10.47% 41.14% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .27% .83% .90% .84% .78% 
Expenses net of fee waivers, if any .27% .83% .90% .84% .78% 
Expenses net of all reductions .27% .82% .90% .84% .77% 
Net investment income (loss) .50% .03% .02% (.04)% (.04)% 
Supplemental Data      
Net assets, end of period (000 omitted) $6,317,188 $2,240,033 $2,329,415 $2,596,300 $2,594,672 
Portfolio turnover rateI 37% 40% 35% 46% 52% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $2.21 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $2.103 per share.

 D Total distributions of $.39 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.383 per share.

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

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

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

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

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


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


Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

Fidelity Series Opportunistic Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective August 28, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were exchanged for shares of Series Opportunistic Insights.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

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

Asset Type Fair Value Valuation
Technique(s) 		Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities 157,908,581 Market
comparable 		Enterprise value/Sales multiple (EV/S) 0.8 – 13.1/6.6 Increase 
   Discount rate 0.9% - 25.0%/14.0% Decrease 
   Price/Earnings multiple (P/E) 15.2 Increase 
   Discount for lack of marketability 15.0% - 25.0%/16.7% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 22.9 Increase 
   Liquidity preference $4.84 - $19.10/$14.42 Increase 
   Premium rate 7.5% - 108.0%/67.9% Increase 
  Market
approach 		Transaction price $1.56 - $353.57/$55.42 Increase 
  Recovery
value 		Recovery value 0.0% - 0.2%/0.2% Increase 
  Discount
cash flow 		Discount rate 9.0% Decrease 
   Discount for lack of marketability 20.0% Decrease 
   Growth rate 3.0% Increase 

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


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2017, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $2,797,117,521 
Gross unrealized depreciation (48,209,956) 
Net unrealized appreciation (depreciation) $2,748,907,565 
Tax Cost $3,622,029,059 

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

Undistributed long-term capital gain $146,639,829 
Net unrealized appreciation (depreciation) on securities and other investments $2,748,913,072 

The Fund intends to elect to defer to its next fiscal year $3,930,754 of capital losses recognized during the period November 1, 2017 to December 31, 2017.

The tax character of distributions paid was as follows:

 December 31, 2017 December 31, 2016 
Ordinary Income $39,986,589 $ 10,247,886 
Long-term Capital Gains 681,045,671 144,889,262 
Total $721,032,260 $ 155,137,148 

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

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $2,323,650 in this Subsidiary, representing .00% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,249,571,344 and $3,251,352,679, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Effective June 1, 2017, under the management contract approved by the Board and shareholders, Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. In addition, the investment adviser pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Prior to June 1, 2017, the investment adviser and its affiliates provided the Fund with investment management related services for which the Fund paid a monthly management fee. The management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate was based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreased as assets under management increased and increased as assets under management decreased. In addition, the management fee was subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee was based on the relative investment performance of Series Opportunistic Insights as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective June 1, 2017, fees for these services are no longer charged to the classes. Prior to June 1, 2017, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of Series Opportunistic Insights. FIIOC received no fees for providing transfer agency services to Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

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

 Amount % of
Class-Level Average
Net Assets 
Series Opportunistic Insights $1,540,827 .04 

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. Effective June 1, 2017, these fees are paid by the investment adviser or an affiliate.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $74,337 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $74,828,000 1.26% $18,331 

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $19,438 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $1,324,376. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $101,924 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,208.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $52,408.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
December 31, 2017 		Year ended December 31, 2016 
From net investment income   
Series Opportunistic Insights $33,809,799 $599,365 
Class F – 6,572,060 
Total $33,809,799 $7,171,425 
From net realized gain   
Series Opportunistic Insights $673,643,675 $58,072,304 
Class F 13,578,786 89,893,419 
Total $687,222,461 $147,965,723 

10. Share Transactions.

Transactions for each class of shares were as follows:

 Shares Shares Dollars Dollars 
 Year ended December 31, 2017 Year ended December 31, 2016 Year ended December 31, 2017 Year ended December 31, 2016 
Series Opportunistic Insights     
Shares sold 230,824,270 13,833,020 $4,087,845,532 $201,333,298 
Reinvestment of distributions 40,736,258 4,094,660 707,453,474 58,671,669 
Shares redeemed (59,247,027) (21,930,662) (1,056,827,348) (319,402,166) 
Net increase (decrease) 212,313,501 (4,002,982) $3,738,471,658 $(59,397,199) 
Class F     
Shares sold 16,795,285 35,422,507 $276,622,082 $516,456,216 
Reinvestment of distributions 863,790 6,698,176 13,578,786 96,465,479 
Shares redeemed (255,199,500) (38,722,931) (4,477,724,762) (564,495,466) 
Net increase (decrease) (237,540,425) 3,397,752 $(4,187,523,894) $48,426,229 

11. Other.

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

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Contrafund and Shareholders of Fidelity Series Opportunistic Insights Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series Opportunistic Insights Fund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017,including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 13, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 190 funds. 

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

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

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

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

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

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

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

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

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

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

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) of the Asolo Repertory Theatre.

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2001

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. Ms. Dorsey serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2008-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.  Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan. 

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).  Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan. 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Melissa M. Reilly (1971)

Year of Election or Appointment: 2014

Vice President of certain Equity Funds

Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Series Opportunistic Insights - %    
Actual  $1,000.00 $1,136.70 $- 
Hypothetical-C  $1,000.00 $1,025.21 $- 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

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

 C 5% return per year before expenses


Distributions (Unaudited)

The Board of Trustees of Fidelity Series Opportunistic Insights Fund voted to pay to shareholders of record on February 12, 2018, to shareholders of record at the opening of business on February 9, 2018, a distribution of $0.422 per share derived from capital gains realized from sales of portfolio securities.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $807,160,906, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Series Opportunistic Insights Fund designates 100% of the dividends distributed in December 2017, as qualifying for the dividends–received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Opportunistic Insights Fund

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

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

At its July 2017 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered that the Advisory Contracts currently in place had become effective on June 1, 2017 in connection with shareholders of certain other Fidelity funds that invest in the fund (referred to herein as Freedom Funds) voting to approve new management contracts for the Freedom Funds. The Board noted the Advisory Contracts implemented a new fee structure pursuant to which the fund does not pay a management fee to FMR. The Board also approved certain amendments to the sub-advisory agreements for the fund to ensure consistency in the sub-advisory fees paid under the new fee structure compared to the sub-advisory fees paid under the prior fee structure. The Board noted that the amendments will not result in any changes to the nature, extent, and quality of services provided to the fund.

In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

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

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered that the fund does not pay FMR a management fee for investment advisory services. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, brokerage expenses, and extraordinary expenses (such as litigation expenses).

The Board further considered that, effective June 1, 2017, FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.014% through February 28, 2021.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

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

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

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions, economies of scale cannot be realized by the fund.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

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





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

O1T-ANN-0218
1.951052.105

Fidelity Advisor® Series Opportunistic Insights Fund



Annual Report

December 31, 2017



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended December 31, 2017 Past 1 year Past 5 years Life of fundA 
Fidelity Advisor® Series Opportunistic Insights Fund 34.44% 17.99% 17.85% 

 A From December 6, 2012


$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Series Opportunistic Insights Fund on December 6, 2012, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period.


Period Ending Values
$22,996Fidelity Advisor® Series Opportunistic Insights Fund
$20,894Russell 3000® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. equities gained 21.83% in 2017, as the S&P 500® index rose steadily and closed the year just shy of an all-time high after a particularly strong three-month finish. Early on, equities rallied on optimism for President Trump’s pro-business agenda but leveled off in March amid fading optimism and stalled efforts by Congress to repeal and replace the Affordable Care Act. Upward momentum soon returned and continued through year-end with consumer sentiment and other market indicators staying positive. The lone exception was a brief cooldown in August, when geopolitical tension escalated and uncertainty grew regarding the future of health care, tax reform and the debt ceiling. Sector-wise, information technology fared best by a wide margin, rising 39% amid strong earnings growth from several major index constituents. A 24% gain in materials was spurred by increased demand, especially from China. Consumer discretionary gained 23%, despite many brick-and-mortar retailers suffering from online competition, and financials edged the broader market on an uptick in bond yields. Conversely, the defensive energy and telecom services sectors returned about -1% each. Rising interest rates held back real estate (+11%), while consumer staples (+13%) and utilities (+12%) struggled due to investors’ general preference for risk assets.

Comments from Portfolio Manager William Danoff:  For the year, the fund gained 34.44%, well ahead of the 21.13% advance of the benchmark Russell 3000® Index. A more business-friendly administration in the White House, an extremely low interest rate environment worldwide and synchronous global economic expansion propelled the stock market higher. The fund performed very well against this backdrop, with active positioning adding value in nearly all market sectors. Our outperformance of the benchmark primarily was driven by a sizable commitment – about 44% of assets, on average – to the market-leading information technology sector. Here, notable individual contributors included social-media firm Facebook and Google parent Alphabet. Other winners from tech were cloud-computing firm Salesforce.com, publishing software developer Adobe Systems and gaming company Activision Blizzard. Our sizable stake in Amazon.com also meaningfully aided results, as did shying away from industrial conglomerate General Electric. Given the fund beat its benchmark by roughly 13 percentage points, there were no major detractors, although not owning enough of a few outperforming benchmark names hurt modestly. These included aircraft manufacturer Boeing and pharmaceutical firm AbbVie. It also hurt to overweight Henry Schein, a distributor of health care products.

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

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Amazon.com, Inc. 7.3 
Facebook, Inc. Class A 7.3 
Alphabet, Inc. Class A 4.2 
Salesforce.com, Inc. 4.1 
Berkshire Hathaway, Inc. Class A 3.8 
Alphabet, Inc. Class C 3.6 
Netflix, Inc. 2.9 
Citigroup, Inc. 2.4 
Adobe Systems, Inc. 2.3 
Bank of America Corp. 2.2 
 40.1 

Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Information Technology 42.9 
Consumer Discretionary 17.3 
Financials 16.3 
Health Care 8.0 
Industrials 7.4 

Asset Allocation (% of fund's net assets)

As of December 31, 2017* 
   Stocks 97.2% 
   Convertible Securities 2.3% 
   Bonds 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.4% 


 * Foreign investments - 7.5%


Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 97.2%   
 Shares Value 
CONSUMER DISCRETIONARY - 17.2%   
Auto Components - 0.0%   
Aptiv PLC 3,600 $305,388 
Delphi Technologies PLC (a) 1,200 62,964 
  368,352 
Automobiles - 0.8%   
BYD Co. Ltd. (H Shares) 57,000 495,188 
Guangzhou Automobile Group Co. Ltd. (H Shares) 40,000 94,818 
Tesla, Inc. (a) 18,289 5,694,280 
Toyota Motor Corp. 7,100 452,483 
  6,736,769 
Diversified Consumer Services - 0.2%   
Chegg, Inc. (a)(b) 13,700 223,584 
Weight Watchers International, Inc. (a) 44,042 1,950,180 
  2,173,764 
Hotels, Restaurants & Leisure - 2.0%   
Churchill Downs, Inc. 1,000 232,700 
Eldorado Resorts, Inc. (a) 2,900 96,135 
Hilton Worldwide Holdings, Inc. 30,263 2,416,803 
Las Vegas Sands Corp. 2,500 173,725 
Marriott International, Inc. Class A 60,100 8,157,373 
McDonald's Corp. 30,200 5,198,024 
U.S. Foods Holding Corp. (a) 9,100 290,563 
Vail Resorts, Inc. 2,400 509,928 
  17,075,251 
Household Durables - 0.5%   
D.R. Horton, Inc. 4,000 204,280 
Lennar Corp. Class A 15,000 948,600 
Mohawk Industries, Inc. (a) 10,100 2,786,590 
Roku, Inc. Class A 1,900 98,382 
  4,037,852 
Internet & Direct Marketing Retail - 10.9%   
Amazon.com, Inc. (a) 53,493 62,558,457 
ASOS PLC (a) 1,300 117,861 
Blue Apron Holdings, Inc.:   
Class A 6,003 24,192 
Class B 24,012 95,801 
Netflix, Inc. (a) 130,027 24,959,983 
Priceline Group, Inc. (a) 2,500 4,344,350 
Start Today Co. Ltd. 24,157 734,304 
Takeaway.com Holding BV (a)(c) 5,200 317,452 
Zalando SE (a) 6,943 367,503 
  93,519,903 
Leisure Products - 0.1%   
Mattel, Inc. (b) 28,100 432,178 
Polaris Industries, Inc. 2,100 260,379 
  692,557 
Media - 1.0%   
Charter Communications, Inc. Class A (a) 285 95,749 
Liberty Broadband Corp.:   
Class A (a) 1,716 145,946 
Class C (a) 5,551 472,723 
Liberty Global PLC Class A (a) 8,000 286,720 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a)(b) 73,656 2,516,089 
Liberty SiriusXM Series A (a) 2,400 95,184 
Liberty SiriusXM Series C (a) 84,204 3,339,531 
Live Nation Entertainment, Inc. (a) 8,000 340,560 
Sirius XM Holdings, Inc. (b) 215,700 1,156,152 
The Walt Disney Co. 3,900 419,289 
  8,867,943 
Multiline Retail - 0.6%   
B&M European Value Retail S.A. 80,801 462,120 
Dollar Tree, Inc. (a) 6,900 740,439 
Ollie's Bargain Outlet Holdings, Inc. (a) 67,300 3,583,725 
  4,786,284 
Specialty Retail - 0.7%   
Burlington Stores, Inc. (a) 800 98,424 
Five Below, Inc. (a) 2,700 179,064 
Home Depot, Inc. 30,400 5,761,712 
TJX Companies, Inc. 813 62,162 
  6,101,362 
Textiles, Apparel & Luxury Goods - 0.4%   
adidas AG 14,203 2,848,482 
Kering SA 1,200 565,849 
LVMH Moet Hennessy - Louis Vuitton SA 1,509 442,900 
  3,857,231 
TOTAL CONSUMER DISCRETIONARY  148,217,268 
CONSUMER STAPLES - 1.8%   
Beverages - 0.3%   
Constellation Brands, Inc. Class A (sub. vtg.) 5,200 1,188,564 
Kweichow Moutai Co. Ltd. (A Shares) 4,600 493,104 
Monster Beverage Corp. (a) 13,800 873,402 
The Coca-Cola Co. 7,600 348,688 
  2,903,758 
Food & Staples Retailing - 0.5%   
Costco Wholesale Corp. 9,458 1,760,323 
Performance Food Group Co. (a) 20,500 678,550 
Wal-Mart Stores, Inc. 23,200 2,291,000 
  4,729,873 
Food Products - 0.0%   
The Simply Good Foods Co. 11,900 169,694 
Household Products - 0.1%   
Colgate-Palmolive Co. 8,157 615,446 
Personal Products - 0.9%   
Estee Lauder Companies, Inc. Class A 54,244 6,902,007 
L'Oreal SA 1,322 292,930 
Shiseido Co. Ltd. 1,800 87,001 
Unilever NV (Certificaten Van Aandelen) (Bearer) 2,900 163,279 
  7,445,217 
TOTAL CONSUMER STAPLES  15,863,988 
ENERGY - 2.4%   
Oil, Gas & Consumable Fuels - 2.4%   
Andeavor 800 91,472 
Birchcliff Energy Ltd. 153,900 538,711 
Cabot Oil & Gas Corp. 8,000 228,800 
Canadian Natural Resources Ltd. 51,500 1,840,398 
Cenovus Energy, Inc. 26,900 245,674 
Centennial Resource Development, Inc.:   
Class A (a) 40,200 795,960 
Class A (a)(b) 118,875 2,353,725 
Class A (d) 18,800 372,240 
Concho Resources, Inc. (a) 4,300 645,946 
Continental Resources, Inc. (a) 32,200 1,705,634 
Diamondback Energy, Inc. (a) 10,600 1,338,250 
Encana Corp. 6,900 92,055 
EOG Resources, Inc. 35,515 3,832,424 
Phillips 66 Co. 19,900 2,012,885 
Pioneer Natural Resources Co. 500 86,425 
PrairieSky Royalty Ltd. 19,800 505,002 
Reliance Industries Ltd. 186,293 2,687,738 
Tamarack Valley Energy Ltd. (a) 159,600 363,131 
Valero Energy Corp. 9,011 828,201 
  20,564,671 
FINANCIALS - 16.2%   
Banks - 8.2%   
Bank of America Corp. 641,350 18,932,652 
Citigroup, Inc. 282,773 21,041,139 
HDFC Bank Ltd. sponsored ADR 58,888 5,987,143 
JPMorgan Chase & Co. 124,800 13,346,112 
Kotak Mahindra Bank Ltd. 44,137 698,421 
M&T Bank Corp. 15,300 2,616,147 
Metro Bank PLC (a) 2,900 140,329 
PNC Financial Services Group, Inc. 23,100 3,333,099 
Royal Bank of Canada 6,400 522,641 
The Toronto-Dominion Bank 15,400 902,315 
U.S. Bancorp 39,900 2,137,842 
Wells Fargo & Co. 21,704 1,316,782 
  70,974,622 
Capital Markets - 2.9%   
Ashmore Group PLC 13,013 71,174 
Bank of New York Mellon Corp. 33,400 1,798,924 
BlackRock, Inc. Class A 7,247 3,722,856 
Brookfield Asset Management, Inc. Class A 4,600 200,248 
CBOE Holdings, Inc. 3,900 485,901 
Charles Schwab Corp. 86,100 4,422,957 
CME Group, Inc. 6,400 934,720 
Goldman Sachs Group, Inc. 3,000 764,280 
IntercontinentalExchange, Inc. 16,900 1,192,464 
Morgan Stanley 115,900 6,081,273 
MSCI, Inc. 15,425 1,951,880 
Oaktree Capital Group LLC Class A 28,108 1,183,347 
S&P Global, Inc. 11,253 1,906,258 
St. James's Place Capital PLC 12,000 198,634 
  24,914,916 
Consumer Finance - 0.2%   
Synchrony Financial 37,600 1,451,736 
Diversified Financial Services - 3.8%   
Berkshire Hathaway, Inc. Class A (a) 111 33,033,601 
Insurance - 1.1%   
Admiral Group PLC 30,900 835,227 
Chubb Ltd. 35,965 5,255,565 
Fairfax Financial Holdings Ltd. (sub. vtg.) 1,600 851,984 
Marsh & McLennan Companies, Inc. 27,008 2,198,181 
  9,140,957 
TOTAL FINANCIALS  139,515,832 
HEALTH CARE - 7.8%   
Biotechnology - 2.2%   
AbbVie, Inc. 18,800 1,818,148 
Agios Pharmaceuticals, Inc. (a) 7,600 434,492 
Alnylam Pharmaceuticals, Inc. (a) 3,100 393,855 
AnaptysBio, Inc. 3,600 362,592 
Biogen, Inc. (a) 2,400 764,568 
bluebird bio, Inc. (a) 1,300 231,530 
Blueprint Medicines Corp. (a) 1,700 128,197 
Celgene Corp. (a) 10,500 1,095,780 
Exact Sciences Corp. (a) 2,400 126,096 
FibroGen, Inc. (a) 14,731 698,249 
Genmab A/S (a) 6,677 1,107,327 
Gilead Sciences, Inc. 37,400 2,679,336 
Insmed, Inc. (a) 8,300 258,794 
Juno Therapeutics, Inc. (a) 4,500 205,695 
Neurocrine Biosciences, Inc. (a) 27,874 2,162,744 
OvaScience, Inc. (a) 149,980 209,972 
Portola Pharmaceuticals, Inc. (a) 5,900 287,212 
Regeneron Pharmaceuticals, Inc. (a) 4,700 1,767,012 
Sage Therapeutics, Inc. (a) 1,500 247,065 
Vertex Pharmaceuticals, Inc. (a) 26,409 3,957,653 
  18,936,317 
Health Care Equipment & Supplies - 1.5%   
Baxter International, Inc. 50,500 3,264,320 
Becton, Dickinson & Co. 5,094 1,090,422 
Boston Scientific Corp. (a) 159,500 3,954,005 
Danaher Corp. 9,820 911,492 
Edwards Lifesciences Corp. (a) 2,100 236,691 
Intuitive Surgical, Inc. (a) 6,600 2,408,604 
Penumbra, Inc. (a) 4,800 451,680 
ResMed, Inc. 5,600 474,264 
  12,791,478 
Health Care Providers & Services - 2.3%   
Aetna, Inc. 6,200 1,118,418 
Anthem, Inc. 700 157,507 
Cigna Corp. 2,491 505,897 
HealthEquity, Inc. (a) 15,425 719,731 
Henry Schein, Inc. (a) 25,786 1,801,926 
Humana, Inc. 6,019 1,493,133 
National Vision Holdings, Inc. 5,900 239,599 
OptiNose, Inc. 3,900 73,710 
UnitedHealth Group, Inc. 63,534 14,006,706 
  20,116,627 
Health Care Technology - 0.1%   
Medidata Solutions, Inc. (a) 312 19,771 
Veeva Systems, Inc. Class A (a) 19,900 1,100,072 
  1,119,843 
Life Sciences Tools & Services - 1.1%   
Agilent Technologies, Inc. 14,100 944,277 
Eurofins Scientific SA 1,300 791,757 
Mettler-Toledo International, Inc. (a) 10,060 6,232,371 
PRA Health Sciences, Inc. (a) 7,000 637,490 
Thermo Fisher Scientific, Inc. 2,400 455,712 
Waters Corp. (a) 1,313 253,658 
  9,315,265 
Pharmaceuticals - 0.6%   
AstraZeneca PLC sponsored ADR 4,900 170,030 
Bristol-Myers Squibb Co. 29,168 1,787,415 
GW Pharmaceuticals PLC ADR (a) 500 66,005 
Johnson & Johnson 5,700 796,404 
Nektar Therapeutics (a) 26,800 1,600,496 
Teva Pharmaceutical Industries Ltd. sponsored ADR (b) 32,700 619,665 
  5,040,015 
TOTAL HEALTH CARE  67,319,545 
INDUSTRIALS - 7.3%   
Aerospace & Defense - 1.1%   
General Dynamics Corp. 5,600 1,139,320 
Northrop Grumman Corp. 11,100 3,406,701 
Raytheon Co. 4,200 788,970 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 2,191 295,785 
Class C (d)(e) 96 12,960 
The Boeing Co. 11,200 3,302,992 
  8,946,728 
Air Freight & Logistics - 0.5%   
Expeditors International of Washington, Inc. 1,300 84,097 
FedEx Corp. 9,800 2,445,492 
XPO Logistics, Inc. (a) 20,474 1,875,214 
  4,404,803 
Airlines - 0.8%   
Ryanair Holdings PLC sponsored ADR (a) 35,235 3,671,135 
Southwest Airlines Co. 51,000 3,337,950 
  7,009,085 
Building Products - 1.0%   
A.O. Smith Corp. 8,400 514,752 
Fortune Brands Home & Security, Inc. 17,470 1,195,647 
Jeld-Wen Holding, Inc. 32,100 1,263,777 
Masco Corp. 103,863 4,563,740 
Toto Ltd. 23,600 1,392,856 
  8,930,772 
Commercial Services & Supplies - 0.2%   
Cintas Corp. 9,500 1,480,385 
TulCo LLC (d)(e)(f) 910 318,500 
  1,798,885 
Construction & Engineering - 0.1%   
Jacobs Engineering Group, Inc. 6,400 422,144 
Electrical Equipment - 0.5%   
AMETEK, Inc. 4,900 355,103 
Fortive Corp. 50,160 3,629,076 
  3,984,179 
Industrial Conglomerates - 0.5%   
3M Co. 17,923 4,218,537 
ITT, Inc. 1,000 53,370 
Roper Technologies, Inc. 600 155,400 
  4,427,307 
Machinery - 1.7%   
Caterpillar, Inc. 11,800 1,859,444 
Deere & Co. 24,600 3,850,146 
Gardner Denver Holdings, Inc. 17,200 583,596 
IDEX Corp. 700 92,379 
Illinois Tool Works, Inc. 22,493 3,752,957 
Ingersoll-Rand PLC 8,800 784,872 
Oshkosh Corp. 1,000 90,890 
PACCAR, Inc. 14,800 1,051,984 
Parker Hannifin Corp. 9,600 1,915,968 
Rational AG 600 386,736 
Xylem, Inc. 4,900 334,180 
  14,703,152 
Professional Services - 0.5%   
Equifax, Inc. 8,922 1,052,082 
Manpower, Inc. 2,200 277,442 
Recruit Holdings Co. Ltd. 20,800 516,885 
RELX PLC 5,100 119,743 
TransUnion Holding Co., Inc. (a) 40,400 2,220,384 
  4,186,536 
Road & Rail - 0.4%   
CSX Corp. 50,300 2,767,003 
Union Pacific Corp. 5,600 750,960 
  3,517,963 
Trading Companies & Distributors - 0.0%   
Fastenal Co. 1,700 92,973 
United Rentals, Inc. (a) 1,300 223,483 
  316,456 
TOTAL INDUSTRIALS  62,648,010 
INFORMATION TECHNOLOGY - 41.3%   
Communications Equipment - 0.5%   
Arista Networks, Inc. (a) 17,400 4,099,092 
Electronic Equipment & Components - 1.9%   
Amphenol Corp. Class A 159,914 14,040,449 
CDW Corp. 19,941 1,385,700 
Corning, Inc. 2,700 86,373 
Dolby Laboratories, Inc. Class A 7,000 434,000 
Keyence Corp. 200 112,039 
  16,058,561 
Internet Software & Services - 16.8%   
Alibaba Group Holding Ltd. sponsored ADR (a) 18,800 3,241,684 
Alphabet, Inc.:   
Class A (a) 34,339 36,172,703 
Class C (a) 29,600 30,973,440 
CarGurus, Inc. Class A (b) 5,200 155,896 
Cloudera, Inc. 13,118 216,709 
CoStar Group, Inc. (a) 300 89,085 
eBay, Inc. (a) 68,700 2,592,738 
Facebook, Inc. Class A (a) 354,506 62,556,129 
LogMeIn, Inc. 16,040 1,836,580 
New Relic, Inc. (a) 5,700 329,289 
Nutanix, Inc. Class B (c) 24,249 855,505 
Okta, Inc. 6,000 153,660 
Q2 Holdings, Inc. (a) 300 11,055 
Rightmove PLC 3,339 202,867 
Shopify, Inc. Class A (a) 4,000 404,487 
SurveyMonkey (a)(d)(e) 62,998 805,114 
Tencent Holdings Ltd. 74,700 3,866,319 
  144,463,260 
IT Services - 4.8%   
ASAC II LP (a)(d)(e) 224,957 37,793 
EPAM Systems, Inc. (a) 5,300 569,379 
FleetCor Technologies, Inc. (a) 300 57,729 
Global Payments, Inc. 17,100 1,714,104 
Leidos Holdings, Inc. 1,300 83,941 
MasterCard, Inc. Class A 69,890 10,578,550 
PayPal Holdings, Inc. (a) 206,162 15,177,646 
Square, Inc. (a) 12,802 443,845 
Visa, Inc. Class A 111,140 12,672,183 
  41,335,170 
Semiconductors & Semiconductor Equipment - 2.8%   
Analog Devices, Inc. 7,700 685,531 
Applied Materials, Inc. 104,900 5,362,488 
Broadcom Ltd. 7,900 2,029,510 
First Solar, Inc. (a) 5,200 351,104 
Lam Research Corp. 10,400 1,914,328 
NVIDIA Corp. 39,012 7,548,822 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 58,300 2,311,595 
Texas Instruments, Inc. 41,400 4,323,816 
  24,527,194 
Software - 12.7%   
Activision Blizzard, Inc. 135,651 8,589,421 
Adobe Systems, Inc. (a) 112,580 19,728,519 
Atlassian Corp. PLC (a) 30,035 1,367,193 
CDK Global, Inc. 13,200 940,896 
Constellation Software, Inc. 1,100 666,843 
Electronic Arts, Inc. (a) 81,109 8,521,312 
Intuit, Inc. 14,513 2,289,861 
Micro Focus International PLC 12,900 439,429 
Microsoft Corp. 205,100 17,544,254 
Nintendo Co. Ltd. 1,300 468,126 
Parametric Technology Corp. (a) 6,700 407,159 
Paycom Software, Inc. (a)(b) 14,900 1,196,917 
Red Hat, Inc. (a) 16,700 2,005,670 
RingCentral, Inc. (a) 16,000 774,400 
Salesforce.com, Inc. (a) 341,526 34,914,203 
Snap, Inc. Class A (a)(b) 16,186 236,477 
Tanium, Inc. Class B (d)(e) 23,400 120,042 
Ultimate Software Group, Inc. (a) 14,651 3,197,288 
Workday, Inc. Class A (a) 58,300 5,931,442 
  109,339,452 
Technology Hardware, Storage & Peripherals - 1.8%   
Apple, Inc. 91,741 15,525,329 
Xaar PLC 24,188 120,751 
  15,646,080 
TOTAL INFORMATION TECHNOLOGY  355,468,809 
MATERIALS - 2.6%   
Chemicals - 1.7%   
Air Products & Chemicals, Inc. 7,900 1,296,232 
DowDuPont, Inc. 92,349 6,577,096 
LyondellBasell Industries NV Class A 5,600 617,792 
Olin Corp. 9,600 341,568 
Sherwin-Williams Co. 11,331 4,646,163 
Westlake Chemical Corp. 9,000 958,770 
  14,437,621 
Construction Materials - 0.0%   
Eagle Materials, Inc. 800 90,640 
Containers & Packaging - 0.2%   
WestRock Co. 23,700 1,498,077 
Metals & Mining - 0.7%   
ArcelorMittal SA Class A unit (a)(b) 13,800 445,878 
Arizona Mining, Inc. (a) 18,810 51,776 
B2Gold Corp. (a) 160,600 495,726 
Franco-Nevada Corp. 31,700 2,533,478 
Freeport-McMoRan, Inc. (a) 7,600 144,096 
Ivanhoe Mines Ltd. (a) 424,222 1,430,948 
Kirkland Lake Gold Ltd. 23,600 361,792 
Newcrest Mining Ltd. 23,651 421,113 
Novagold Resources, Inc. (a) 54,238 213,155 
Nucor Corp. 4,300 273,394 
Randgold Resources Ltd. sponsored ADR 2,700 267,003 
  6,638,359 
TOTAL MATERIALS  22,664,697 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
American Tower Corp. 5,600 798,952 
Real Estate Management & Development - 0.1%   
Five Point Holdings LLC Class A (a) 25,900 365,190 
WeWork Companies, Inc. Class A (a)(d)(e) 4,695 243,248 
  608,438 
TOTAL REAL ESTATE  1,407,390 
TELECOMMUNICATION SERVICES - 0.4%   
Wireless Telecommunication Services - 0.4%   
SoftBank Corp. 6,100 482,941 
T-Mobile U.S., Inc. (a) 50,700 3,219,957 
  3,702,898 
TOTAL COMMON STOCKS   
(Cost $462,270,418)  837,373,108 
Convertible Preferred Stocks - 2.3%   
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc.:   
Series D (a)(d)(e) 4,308 405,771 
Series E (a)(d)(e) 2,148 202,320 
  608,091 
Household Durables - 0.0%   
Blu Homes, Inc. Series A, 5.00% (a)(d)(e) 174,063 3,481 
TOTAL CONSUMER DISCRETIONARY  611,572 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (d)(e) 1,117 394,938 
FINANCIALS - 0.1%   
Consumer Finance - 0.1%   
Oportun Finance Corp. Series H (a)(d)(e) 331,477 981,172 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
23andMe, Inc.:   
Series E (a)(d)(e) 5,172 71,809 
Series F (d)(e) 24,200 335,998 
  407,807 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A8 (a)(d)(e) 62,105 394,988 
TOTAL HEALTH CARE  802,795 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 4,394 593,190 
Series H (d)(e) 890 120,150 
  713,340 
INFORMATION TECHNOLOGY - 1.6%   
Internet Software & Services - 0.7%   
Dropbox, Inc. Series C (a)(d)(e) 53,923 831,493 
Lyft, Inc. Series H (d)(e) 10,869 432,000 
Pinterest, Inc.:   
Series E, 8.00% (a)(d)(e) 318,795 1,906,394 
Series F, 8.00% (a)(d)(e) 331,500 1,982,370 
Series G, 8.00% (a)(d)(e) 51,970 310,781 
Uber Technologies, Inc. Series D, 8.00% (a)(d)(e) 15,399 537,733 
  6,000,771 
Software - 0.9%   
Cloudflare, Inc. Series D 8.00% (a)(d)(e) 34,105 187,236 
Delphix Corp. Series D (a)(d)(e) 27,980 157,248 
Magic Leap, Inc.:   
Series B, 8.00% (a)(d)(e) 231,802 6,258,654 
Series C (a)(d)(e) 2,268 61,236 
Series D (d)(e) 57,537 1,553,499 
  8,217,873 
TOTAL INFORMATION TECHNOLOGY  14,218,644 
REAL ESTATE - 0.3%   
Real Estate Management & Development - 0.3%   
WeWork Companies, Inc.:   
Series E (a)(d)(e) 42,252 2,189,076 
Series F (a)(d)(e) 2,051 106,262 
  2,295,338 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (d)(e) 17,021 26,553 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $14,237,427)  20,044,352 
 Principal Amount Value 
Nonconvertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Valeant Pharmaceuticals International, Inc.:   
6.125% 4/15/25 (c) 510,000 466,650 
9% 12/15/25 (c) 572,000 596,138 
(Cost $1,021,975)  1,062,788 
 Shares Value 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund, 1.36% (g) 7,125,140 7,126,565 
Fidelity Securities Lending Cash Central Fund 1.36% (g)(h) 6,928,848 6,930,233 
TOTAL MONEY MARKET FUNDS   
(Cost $14,055,893)  14,056,798 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $491,585,713)  872,537,046 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (11,152,818) 
NET ASSETS - 100%  $861,384,228 

Legend

 (a) Non-income producing

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

 (c) 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 $2,235,745 or 0.3% of net assets.

 (d) 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 $22,250,034 or 2.6% of net assets.

 (e) Level 3 security

 (f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series E 6/18/15 $55,999 
23andMe, Inc. Series F 8/31/17 $335,998 
Airbnb, Inc. Series D 4/16/14 $175,392 
Airbnb, Inc. Series E 6/29/15 $199,967 
Altiostar Networks, Inc. Series A1 1/10/17 $78,297 
ASAC II LP 10/10/13 $17,324 
Blu Homes, Inc. Series A, 5.00% 6/10/13 - 12/30/14 $804,171 
Centennial Resource Development, Inc. Class A 12/28/16 $273,352 
Cloudflare, Inc. Series D 8.00% 11/5/14 - 6/24/15 $212,499 
Delphix Corp. Series D 7/10/15 $251,820 
Dropbox, Inc. Series C 1/30/14 $1,029,994 
Lyft, Inc. Series H 11/22/17 $432,000 
Magic Leap, Inc. Series B, 8.00% 10/17/14 $2,679,631 
Magic Leap, Inc. Series C 12/23/15 $52,239 
Magic Leap, Inc. Series D 10/6/17 $1,553,499 
Mulberry Health, Inc. Series A8 1/20/16 $419,504 
Oportun Finance Corp. Series H 2/6/15 $943,814 
Pinterest, Inc. Series E, 8.00% 10/23/13 $926,463 
Pinterest, Inc. Series F, 8.00% 5/15/14 $1,126,117 
Pinterest, Inc. Series G, 8.00% 2/27/15 $373,097 
Roofoods Ltd. Series F 9/12/17 $394,938 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $227,383 
Space Exploration Technologies Corp. Class C 9/11/17 $12,960 
Space Exploration Technologies Corp. Series G 1/20/15 $340,359 
Space Exploration Technologies Corp. Series H 8/4/17 $120,150 
SurveyMonkey 12/15/14 $1,036,317 
Tanium, Inc. Class B 4/21/17 $116,165 
TulCo LLC 8/24/17 - 12/14/17 $318,500 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $238,886 
WeWork Companies, Inc. Class A 6/23/15 $154,417 
WeWork Companies, Inc. Series E 6/23/15 $1,389,650 
WeWork Companies, Inc. Series F 12/1/16 $102,944 

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 $53,933 
Fidelity Securities Lending Cash Central Fund 187,814 
Total $241,747 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $148,828,840 $146,730,896 $1,486,372 $611,572 
Consumer Staples 16,258,926 15,407,779 456,209 394,938 
Energy 20,564,671 20,564,671 -- -- 
Financials 140,497,004 139,515,832 -- 981,172 
Health Care 68,122,340 67,319,545 -- 802,795 
Industrials 63,361,350 62,020,765 -- 1,340,585 
Information Technology 369,687,453 350,171,415 4,334,445 15,181,593 
Materials 22,664,697 22,664,697 -- -- 
Real Estate 3,702,728 1,164,142 -- 2,538,586 
Telecommunication Services 3,729,451 3,219,957 482,941 26,553 
Corporate Bonds 1,062,788 -- 1,062,788 -- 
Money Market Funds 14,056,798 14,056,798 -- -- 
Total Investments in Securities: $872,537,046 $842,836,497 $7,822,755 $21,877,794 

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

Investments in Securities:  
Equities - Information Technology  
Beginning Balance $16,182,421 
Net Realized Gain (Loss) on Investment Securities 372,101 
Net Unrealized Gain (Loss) on Investment Securities (2,175,351) 
Cost of Purchases 2,101,664 
Proceeds of Sales (1,071,254) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (227,988) 
Ending Balance $15,181,593 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2017 $(2,065,271) 
Other Investments in Securities  
Beginning Balance $6,547,685 
Net Realized Gain (Loss) on Investment Securities (194,663) 
Net Unrealized Gain (Loss) on Investment Securities (455,143) 
Cost of Purchases 1,355,883 
Proceeds of Sales (557,561) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $6,696,201 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2017 $(597,266) 

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

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2017 
Assets   
Investment in securities, at value (including securities loaned of $6,710,357) — See accompanying schedule:
Unaffiliated issuers (cost $477,529,820) 		$858,480,248  
Fidelity Central Funds (cost $14,055,893) 14,056,798  
Total Investment in Securities (cost $491,585,713)  $872,537,046 
Receivable for investments sold  1,904,488 
Receivable for fund shares sold  3,616 
Dividends receivable  219,636 
Interest receivable  8,645 
Distributions receivable from Fidelity Central Funds  9,352 
Other receivables  3,086 
Total assets  874,685,869 
Liabilities   
Payable for investments purchased $1,737,163  
Payable for fund shares redeemed 4,473,328  
Other payables and accrued expenses 158,862  
Collateral on securities loaned 6,932,288  
Total liabilities  13,301,641 
Net Assets  $861,384,228 
Net Assets consist of:   
Paid in capital  $461,600,996 
Undistributed net investment income  398 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  18,939,558 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  380,843,276 
Net Assets, for 49,354,200 shares outstanding  $861,384,228 
Net Asset Value, offering price and redemption price per share ($861,384,228 ÷ 49,354,200 shares)  $17.45 

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


Statement of Operations

  Year ended December 31, 2017 
Investment Income   
Dividends  $5,517,994 
Interest  11,031 
Income from Fidelity Central Funds  241,747 
Total income  5,770,772 
Expenses   
Management fee   
Basic fee $1,982,848  
Performance adjustment 82,708  
Transfer agent fees 614,397  
Accounting and security lending fees 125,277  
Custodian fees and expenses 91,989  
Independent trustees' fees and expenses 3,437  
Audit 40,395  
Legal 1,183  
Interest 3,831  
Miscellaneous 5,457  
Total expenses before reductions 2,951,522  
Expense reductions (21,493) 2,930,029 
Net investment income (loss)  2,840,743 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 120,706,048  
Fidelity Central Funds (2,148)  
Foreign currency transactions (5,343)  
Total net realized gain (loss)  120,698,557 
Change in net unrealized appreciation (depreciation) on:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $108,877) 132,224,259  
Fidelity Central Funds 197  
Assets and liabilities in foreign currencies 1,359  
Total change in net unrealized appreciation (depreciation)  132,225,815 
Net gain (loss)  252,924,372 
Net increase (decrease) in net assets resulting from operations  $255,765,115 

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


Statement of Changes in Net Assets

 Year ended December 31, 2017 Year ended December 31, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,840,743 $(844,855) 
Net realized gain (loss) 120,698,557 14,601,202 
Change in net unrealized appreciation (depreciation) 132,225,815 (2,221,727) 
Net increase (decrease) in net assets resulting from operations 255,765,115 11,534,620 
Distributions to shareholders from net investment income (3,049,964) – 
Distributions to shareholders from net realized gain (102,885,981) (22,648,925) 
Total distributions (105,935,945) (22,648,925) 
Share transactions   
Proceeds from sales of shares 60,803,160 119,713,092 
Reinvestment of distributions 105,935,945 22,648,925 
Cost of shares redeemed (282,134,253) (171,368,367) 
Net increase (decrease) in net assets resulting from share transactions (115,395,148) (29,006,350) 
Total increase (decrease) in net assets 34,434,022 (40,120,655) 
Net Assets   
Beginning of period 826,950,206 867,070,861 
End of period $861,384,228 $826,950,206 
Other Information   
Undistributed net investment income end of period $398 $– 
Shares   
Sold 3,505,355 8,179,394 
Issued in reinvestment of distributions 6,061,152 1,627,479 
Redeemed (16,147,105) (11,696,628) 
Net increase (decrease) (6,580,598) (1,889,755) 

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


Financial Highlights

Fidelity Advisor Series Opportunistic Insights Fund

Years ended December 31, 2017 2016 2015 2014 2013 
Selected Per–Share Data      
Net asset value, beginning of period $14.78 $14.99 $15.02 $13.99 $10.05 
Income from Investment Operations      
Net investment income (loss)A .06 (.01) (.01) (.01) (.01) 
Net realized and unrealized gain (loss) 5.03 .20 1.14 1.46 4.14 
Total from investment operations 5.09 .19 1.13 1.45 4.13 
Distributions from net investment income (.07) – – – – 
Distributions from net realized gain (2.35) (.40) (1.16) (.42) (.19) 
Total distributions (2.42) (.40) (1.16) (.42) (.19) 
Net asset value, end of period $17.45 $14.78 $14.99 $15.02 $13.99 
Total ReturnB 34.44% 1.45% 7.62% 10.34% 41.23% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .34% .88% .94% .88% .82% 
Expenses net of fee waivers, if any .34% .88% .94% .88% .82% 
Expenses net of all reductions .34% .88% .93% .87% .80% 
Net investment income (loss) .33% (.10)% (.04)% (.07)% (.07)% 
Supplemental Data      
Net assets, end of period (000 omitted) $861,384 $826,950 $867,071 $870,334 $808,847 
Portfolio turnover rateE 33% 41% 47% 47% 52% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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


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


Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

Fidelity Advisor Series Opportunistic Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

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

Asset Type Fair Value Valuation
Technique(s) 		Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $21,877,794 Market comparable Enterprise value/Sales multiple (EV/S) 0.8 - 13.1 / 6.5 Increase 
   Discount rate 0.9% - 25.0% / 14.1% Decrease 
   Price/Earnings multiple (P/E) 15.2 Increase 
   Discount for lack of marketability 15.0% - 25.0% / 16.7% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 22.9 Increase 
   Liquidity preference $4.84 - $19.10 / $14.21 Increase 
   Premium rate 7.5% - 108.0% / 68.4% Increase 
  Market approach Transaction price $1.56 - $353.57 / $55.26 Increase 
  Recovery value Recovery value  0.0% - 0.2% / 0.2% Increase 
  Discount cash flow Discount rate 9.0% Decrease 
   Discount for lack of marketability 20.0% Decrease 
   Growth rate 3.0% Increase 

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


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2017, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to passive foreign investment companies (PFIC), market discount, foreign currency transactions, partnerships, losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $385,295,818 
Gross unrealized depreciation (6,123,674) 
Net unrealized appreciation (depreciation) $379,172,144 
Tax Cost $493,364,902 

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

Undistributed long-term capital gain $21,118,386 
Net unrealized appreciation (depreciation) on securities and other investments $379,172,964 

The Fund intends to elect to defer to its next fiscal year $399,240 of capital losses recognized during the period November 1, 2017 to December 31, 2017.

The tax character of distributions paid was as follows:

 December 31, 2017 December 31, 2016 
Ordinary Income $5,446,364 $– 
Long-term Capital Gains 100,489,581 22,648,925 
Total $105,935,945 $ 22,648,925 

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

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $318,500 in this Subsidiary, representing .04% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $282,782,978 and $495,655,678, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Effective June 1, 2017, under the management contract approved by the Board and shareholders, Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. In addition, the investment adviser pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Prior to June 1, 2017, the investment adviser and its affiliates provided the Fund with investment management related services for which the Fund paid a monthly management fee. The management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate was based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreased as assets under management increased and increased as assets under management decreased. In addition, the management fee was subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee was based on the Fund's relative investment performance as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. Effective June 1, 2017, fees for these services are no longer charged to the classes. Prior to June 1, 2017, FIIOC received account fees and asset-based fees that varied according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to a rate of .07% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. Effective June 1, 2017, these fees are paid by the investment adviser or an affiliate.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $8,614 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $11,155,300 1.24% $3,831 

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,763 and is reflected in Miscellaneous expenses on the Statement of Operations.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $5,360. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $187,814, including $7,434 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $13,926 for the period

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $7,567.

9. Other.

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

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Series Opportunistic Insights Fund(one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 13, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 190 funds. 

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

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

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

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

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

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

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

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

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

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

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) of the Asolo Repertory Theatre.

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2001

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. Ms. Dorsey serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2008-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.  Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan. 

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).  Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan. 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Melissa M. Reilly (1971)

Year of Election or Appointment: 2014

Vice President of certain Equity Funds

Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Actual .01% $1,000.00 $1,136.70 $.05 
Hypothetical-C  $1,000.00 $1,025.16 $.05 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

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

 C 5% return per year before expenses


Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Series Opportunistic Insights Fund voted to pay on February 12, 2018, to shareholders of record at the opening of business on February 9, 2018, a distribution of $0.446 per share derived from capital gains realized from sales of portfolio securities.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $118,853,020, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Series Opportunistic Insights Fund

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

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

At its July 2017 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered that the Advisory Contracts currently in place had become effective on June 1, 2017 in connection with shareholders of certain other Fidelity funds that invest in the fund (referred to herein as Freedom Funds) voting to approve new management contracts for the Freedom Funds. The Board noted the Advisory Contracts implemented a new fee structure pursuant to which the fund does not pay a management fee to FMR. The Board also approved certain amendments to the sub-advisory agreements for the fund to ensure consistency in the sub-advisory fees paid under the new fee structure compared to the sub-advisory fees paid under the prior fee structure. The Board noted that the amendments will not result in any changes to the nature, extent, and quality of services provided to the fund.

In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

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

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, brokerage expenses, and extraordinary expenses (such as litigation expenses).

The Board further considered that, effective June 1, 2017, FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.014% through February 28, 2021.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

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

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

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions, economies of scale cannot be realized by the fund.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

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





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

AO1TI-ANN-0218
1.950951.105

Fidelity® Contrafund® K6



Annual Report

December 31, 2017



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Performance: The Bottom Line

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

Average annual total returns for Fidelity® Contrafund® K6 will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Contrafund® K6 on May 25, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$11,377Fidelity® Contrafund® K6
$11,202S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. equities gained 21.83% in 2017, as the S&P 500® index rose steadily and closed the year just shy of an all-time high after a particularly strong three-month finish. Early on, equities rallied on optimism for President Trump’s pro-business agenda but leveled off in March amid fading optimism and stalled efforts by Congress to repeal and replace the Affordable Care Act. Upward momentum soon returned and continued through year-end with consumer sentiment and other market indicators staying positive. The lone exception was a brief cooldown in August, when geopolitical tension escalated and uncertainty grew regarding the future of health care, tax reform and the debt ceiling. Sector-wise, information technology fared best by a wide margin, rising 39% amid strong earnings growth from several major index constituents. A 24% gain in materials was spurred by increased demand, especially from China. Consumer discretionary gained 23%, despite many brick-and-mortar retailers suffering from online competition, and financials edged the broader market on an uptick in bond yields. Conversely, the defensive energy and telecom services sectors returned about -1% each. Rising interest rates held back real estate (+11%), while consumer staples (+13%) and utilities (+12%) struggled due to investors’ general preference for risk assets.

Comments from Portfolio Manager William Danoff:  From its inception on May 25, 2017, through December 31, 2017, the fund gained 13.77%, outpacing the 12.02% advance of the benchmark S&P 500®. A more business-friendly administration in the White House, an extremely low interest rate environment worldwide and synchronous global economic expansion propelled the stock market higher, particularly growth and technology shares. Contrafund was well-positioned for this environment and performed well for the period, driven largely by a sizable stake – 44% of assets, on average – in the surging information technology sector. Here, notable individual relative contributors included online payment processor PayPal Holdings and China's Alibaba Group Holding, an online retailer and non-benchmark stock. Other winners from tech included mobile-payment processor Square and social-media giant Facebook. The top contributor this period was the fund’s de-emphasis of industrial conglomerate General Electric, which has struggled. Conversely, the biggest relative detractors were out-of-index investments in electric car maker Tesla and Veeva Systems, a provider of cloud computing for the life sciences industry. Unfavorable positioning in several health care names, including big pharma AbbVie, also hurt, as did a modest cash position in a strong up market.

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

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Facebook, Inc. Class A 7.2 
Berkshire Hathaway, Inc. Class A 5.2 
Amazon.com, Inc. 5.1 
Alphabet, Inc. Class A 3.6 
Alphabet, Inc. Class C 3.2 
Microsoft Corp. 3.1 
Apple, Inc. 3.1 
UnitedHealth Group, Inc. 2.8 
Visa, Inc. Class A 2.5 
Salesforce.com, Inc. 2.3 
 38.1 

Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Information Technology 41.0 
Financials 18.8 
Consumer Discretionary 13.9 
Health Care 9.0 
Industrials 6.8 

Asset Allocation (% of fund's net assets)

As of December 31, 2017* 
   Stocks 97.0% 
   Bonds 0.1% 
   Convertible Securities 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.8% 


 * Foreign investments - 7.2%


Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 97.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 13.9%   
Auto Components - 0.0%   
Aptiv PLC 6,462 $548,171 
Delphi Technologies PLC (a) 2,154 113,020 
  661,191 
Automobiles - 1.4%   
BYD Co. Ltd. (H Shares) 107,000 929,563 
General Motors Co. 24,212 992,450 
Guangzhou Automobile Group Co. Ltd. (H Shares) 74,000 175,414 
Mahindra & Mahindra Ltd. 94,670 1,113,826 
Maruti Suzuki India Ltd. 16,769 2,555,683 
Tesla, Inc. (a) 53,737 16,731,015 
Toyota Motor Corp. 13,500 860,355 
  23,358,306 
Diversified Consumer Services - 0.1%   
Chegg, Inc. (a) 26,510 432,643 
Weight Watchers International, Inc. (a) 28,251 1,250,954 
  1,683,597 
Hotels, Restaurants & Leisure - 1.6%   
Churchill Downs, Inc. 1,056 245,731 
Eldorado Resorts, Inc. (a) 5,476 181,529 
Hilton Worldwide Holdings, Inc. 58,539 4,674,925 
Las Vegas Sands Corp. 4,820 334,942 
Marriott International, Inc. Class A 72,160 9,794,277 
McDonald's Corp. 58,739 10,110,157 
Starbucks Corp. 23,400 1,343,862 
U.S. Foods Holding Corp. (a) 17,743 566,534 
Vail Resorts, Inc. 2,411 512,265 
  27,764,222 
Household Durables - 0.4%   
D.R. Horton, Inc. 6,742 344,314 
Lennar Corp. Class A 29,039 1,836,426 
Mohawk Industries, Inc. (a) 17,311 4,776,105 
Roku, Inc. Class A 3,297 170,719 
  7,127,564 
Internet & Direct Marketing Retail - 7.4%   
Amazon.com, Inc. (a) 75,032 87,747,673 
ASOS PLC (a) 1,507 136,629 
Blue Apron Holdings, Inc. Class A 11,144 44,910 
Netflix, Inc. (a) 143,250 27,498,270 
Priceline Group, Inc. (a) 6,056 10,523,753 
Start Today Co. Ltd. 39,600 1,203,728 
Takeaway.com Holding BV (a)(b) 7,766 474,102 
Zalando SE (a) 10,440 552,604 
  128,181,669 
Leisure Products - 0.1%   
Mattel, Inc. 53,585 824,137 
Polaris Industries, Inc. 3,960 491,000 
  1,315,137 
Media - 0.9%   
Charter Communications, Inc. Class A (a) 7,955 2,672,562 
Liberty Global PLC Class A (a) 16,224 581,468 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a) 106,710 3,645,214 
Liberty SiriusXM Series C (a) 71,706 2,843,860 
Live Nation Entertainment, Inc. (a) 15,199 647,021 
Sirius XM Holdings, Inc. 346,438 1,856,908 
The Walt Disney Co. 37,981 4,083,337 
  16,330,370 
Multiline Retail - 0.2%   
B&M European Value Retail S.A. 153,164 875,981 
Dollar Tree, Inc. (a) 12,720 1,364,983 
Ollie's Bargain Outlet Holdings, Inc. (a) 21,161 1,126,823 
  3,367,787 
Specialty Retail - 1.3%   
Burlington Stores, Inc. (a) 1,394 171,504 
Five Below, Inc. (a) 5,296 351,231 
Home Depot, Inc. 79,384 15,045,650 
TJX Companies, Inc. 88,690 6,781,237 
  22,349,622 
Textiles, Apparel & Luxury Goods - 0.5%   
adidas AG 24,041 4,821,541 
Kering SA 1,998 942,139 
LVMH Moet Hennessy - Louis Vuitton SA 2,906 852,927 
NIKE, Inc. Class B 42,352 2,649,118 
  9,265,725 
TOTAL CONSUMER DISCRETIONARY  241,405,190 
CONSUMER STAPLES - 2.5%   
Beverages - 0.4%   
Constellation Brands, Inc. Class A (sub. vtg.) 9,990 2,283,414 
Kweichow Moutai Co. Ltd. (A Shares) 6,400 686,058 
Monster Beverage Corp. (a) 25,461 1,611,427 
The Coca-Cola Co. 57,866 2,654,892 
  7,235,791 
Food & Staples Retailing - 0.6%   
Costco Wholesale Corp. 15,606 2,904,589 
Performance Food Group Co. (a) 37,054 1,226,487 
Sysco Corp. 7,230 439,078 
Wal-Mart Stores, Inc. 46,175 4,559,781 
  9,129,935 
Food Products - 0.0%   
The Simply Good Foods Co. 20,617 293,998 
Household Products - 0.6%   
Colgate-Palmolive Co. 138,173 10,425,153 
Personal Products - 0.9%   
Estee Lauder Companies, Inc. Class A 115,998 14,759,586 
L'Oreal SA (a) 2,932 649,675 
Shiseido Co. Ltd. 3,000 145,001 
Unilever NV (Certificaten Van Aandelen) (Bearer) 5,900 332,188 
  15,886,450 
TOTAL CONSUMER STAPLES  42,971,327 
ENERGY - 2.1%   
Oil, Gas & Consumable Fuels - 2.1%   
Andeavor 1,237 141,439 
Birchcliff Energy Ltd. 301,920 1,056,840 
Cabot Oil & Gas Corp. 12,379 354,039 
Canadian Natural Resources Ltd. 80,164 2,864,731 
Centennial Resource Development, Inc. Class A (a) 247,227 4,895,095 
Concho Resources, Inc. (a) 7,921 1,189,893 
Continental Resources, Inc. (a) 63,109 3,342,884 
Diamondback Energy, Inc. (a) 27,212 3,435,515 
Encana Corp. 12,756 170,181 
EOG Resources, Inc. 77,333 8,345,004 
Growmax Resources Corp. (a)(b) 44,000 3,675 
Phillips 66 Co. 37,362 3,779,166 
Pioneer Natural Resources Co. 1,037 179,245 
PrairieSky Royalty Ltd. 39,052 996,028 
Reliance Industries Ltd. 264,706 3,819,039 
Valero Energy Corp. 16,550 1,521,111 
  36,093,885 
FINANCIALS - 18.8%   
Banks - 10.0%   
Bank Ireland Group PLC (a) 206,272 1,769,593 
Bank of America Corp. 1,032,249 30,471,990 
Citigroup, Inc. 510,980 38,022,022 
HDFC Bank Ltd. sponsored ADR 98,765 10,041,438 
JPMorgan Chase & Co. 303,291 32,433,940 
Kotak Mahindra Bank Ltd. (a) 121,807 1,927,466 
M&T Bank Corp. 27,659 4,729,412 
Metro Bank PLC (a) 83,871 4,058,465 
PNC Financial Services Group, Inc. 40,726 5,876,355 
Royal Bank of Canada 11,844 967,213 
The Toronto-Dominion Bank 27,620 1,618,308 
U.S. Bancorp 189,925 10,176,182 
Wells Fargo & Co. 503,393 30,540,853 
  172,633,237 
Capital Markets - 2.3%   
Ashmore Group PLC 23,829 130,332 
Bank of New York Mellon Corp. 62,396 3,360,649 
BlackRock, Inc. Class A 8,315 4,271,499 
Brookfield Asset Management, Inc. Class A 9,034 393,270 
CBOE Holdings, Inc. 3,575 445,409 
Charles Schwab Corp. 160,836 8,262,145 
CME Group, Inc. 10,612 1,549,883 
Goldman Sachs Group, Inc. 1,726 439,716 
IntercontinentalExchange, Inc. 23,912 1,687,231 
Morgan Stanley 198,116 10,395,147 
MSCI, Inc. 22,312 2,823,360 
Oaktree Capital Group LLC Class A 29,929 1,260,011 
S&P Global, Inc. 25,687 4,351,378 
St. James's Place Capital PLC 21,897 362,458 
  39,732,488 
Consumer Finance - 0.1%   
Synchrony Financial 58,589 2,262,121 
Diversified Financial Services - 5.2%   
Berkshire Hathaway, Inc. Class A (a) 305 90,768,003 
Insurance - 1.2%   
Admiral Group PLC 57,651 1,558,307 
AIA Group Ltd. 117,200 999,812 
Chubb Ltd. 101,186 14,786,310 
Fairfax Financial Holdings Ltd. (sub. vtg.) 2,529 1,346,667 
Marsh & McLennan Companies, Inc. 32,775 2,667,557 
  21,358,653 
TOTAL FINANCIALS  326,754,502 
HEALTH CARE - 8.9%   
Biotechnology - 2.2%   
AbbVie, Inc. 35,120 3,396,455 
Agios Pharmaceuticals, Inc. (a) 13,596 777,283 
Alnylam Pharmaceuticals, Inc. (a) 5,964 757,726 
Amgen, Inc. 12,083 2,101,234 
AnaptysBio, Inc. 6,229 627,385 
Biogen, Inc. (a) 4,107 1,308,367 
bluebird bio, Inc. (a) 2,514 447,743 
Blueprint Medicines Corp. (a) 3,272 246,742 
Celgene Corp. (a) 18,887 1,971,047 
Exact Sciences Corp. (a) 4,567 239,950 
FibroGen, Inc. (a) 27,418 1,299,613 
Genmab A/S (a) 12,828 2,127,421 
Gilead Sciences, Inc. 100,949 7,231,986 
Insmed, Inc. (a) 13,916 433,901 
Intrexon Corp. (c) 24,531 282,597 
Juno Therapeutics, Inc. (a) 8,462 386,798 
NantKwest, Inc. (a) 11,506 51,662 
Neurocrine Biosciences, Inc. (a) 42,297 3,281,824 
OvaScience, Inc. (a) 18,198 25,477 
Portola Pharmaceuticals, Inc. (a) 11,246 547,455 
Regeneron Pharmaceuticals, Inc. (a) 5,167 1,942,585 
Sage Therapeutics, Inc. (a) 2,846 468,765 
Vertex Pharmaceuticals, Inc. (a) 51,886 7,775,636 
  37,729,652 
Health Care Equipment & Supplies - 1.6%   
Baxter International, Inc. 89,094 5,759,036 
Becton, Dickinson & Co. 7,389 1,581,689 
Boston Scientific Corp. (a) 415,331 10,296,055 
Danaher Corp. 14,186 1,316,745 
Edwards Lifesciences Corp. (a) 4,124 464,816 
Intuitive Surgical, Inc. (a) 14,064 5,132,516 
Penumbra, Inc. (a) 6,597 620,778 
ResMed, Inc. 7,984 676,165 
Stryker Corp. 11,022 1,706,646 
  27,554,446 
Health Care Providers & Services - 3.3%   
Aetna, Inc. 10,693 1,928,910 
Anthem, Inc. 1,294 291,163 
Cigna Corp. 3,090 627,548 
HealthEquity, Inc. (a) 24,333 1,135,378 
Henry Schein, Inc. (a) 34,321 2,398,351 
Humana, Inc. 11,348 2,815,098 
National Vision Holdings, Inc. 10,753 436,679 
OptiNose, Inc. 7,383 139,539 
UnitedHealth Group, Inc. 220,424 48,594,675 
  58,367,341 
Health Care Technology - 0.1%   
Medidata Solutions, Inc. (a) 7,079 448,596 
NantHealth, Inc. (a) 111 339 
Veeva Systems, Inc. Class A (a) 31,684 1,751,492 
  2,200,427 
Life Sciences Tools & Services - 1.2%   
Agilent Technologies, Inc. 12,922 865,386 
Eurofins Scientific SA 1,191 725,371 
Mettler-Toledo International, Inc. (a) 24,664 15,279,841 
PRA Health Sciences, Inc. (a) 11,656 1,061,512 
Thermo Fisher Scientific, Inc. 10,986 2,086,022 
Waters Corp. (a) 5,557 1,073,557 
  21,091,689 
Pharmaceuticals - 0.5%   
AstraZeneca PLC sponsored ADR 7,942 275,587 
Bristol-Myers Squibb Co. 34,064 2,087,442 
GW Pharmaceuticals PLC ADR (a) 897 118,413 
Johnson & Johnson 8,206 1,146,542 
Nektar Therapeutics (a) 53,672 3,205,292 
Teva Pharmaceutical Industries Ltd. sponsored ADR 65,988 1,250,473 
  8,083,749 
TOTAL HEALTH CARE  155,027,304 
INDUSTRIALS - 6.8%   
Aerospace & Defense - 0.9%   
General Dynamics Corp. 9,319 1,895,951 
Northrop Grumman Corp. 18,424 5,654,510 
Raytheon Co. 13,689 2,571,479 
The Boeing Co. 20,723 6,111,420 
  16,233,360 
Air Freight & Logistics - 0.5%   
Expeditors International of Washington, Inc. 2,290 148,140 
FedEx Corp. 20,569 5,132,788 
XPO Logistics, Inc. (a) 35,810 3,279,838 
  8,560,766 
Airlines - 1.0%   
Ryanair Holdings PLC sponsored ADR (a) 72,285 7,531,374 
Southwest Airlines Co. 156,300 10,229,835 
  17,761,209 
Building Products - 0.8%   
A.O. Smith Corp. 14,122 865,396 
Fortune Brands Home & Security, Inc. 17,521 1,199,137 
Jeld-Wen Holding, Inc. 57,354 2,258,027 
Masco Corp. 178,808 7,856,824 
Toto Ltd. 41,300 2,437,497 
  14,616,881 
Commercial Services & Supplies - 0.2%   
Cintas Corp. 14,149 2,204,839 
TulCo LLC (d)(e)(f) 996 348,600 
  2,553,439 
Construction & Engineering - 0.1%   
Jacobs Engineering Group, Inc. 12,877 849,367 
Electrical Equipment - 0.4%   
AMETEK, Inc. 9,181 665,347 
Fortive Corp. 83,701 6,055,767 
  6,721,114 
Industrial Conglomerates - 0.8%   
3M Co. 57,024 13,421,739 
ITT, Inc. 1,824 97,347 
Roper Technologies, Inc. 1,262 326,858 
  13,845,944 
Machinery - 1.3%   
Caterpillar, Inc. 22,400 3,529,792 
Deere & Co. 43,113 6,747,616 
Gardner Denver Holdings, Inc. 34,322 1,164,545 
IDEX Corp. 1,259 166,150 
Illinois Tool Works, Inc. 24,688 4,119,193 
Ingersoll-Rand PLC 14,171 1,263,911 
Oshkosh Corp. 1,686 153,241 
PACCAR, Inc. 25,689 1,825,974 
Parker Hannifin Corp. 16,804 3,353,742 
Rational AG 603 388,669 
Xylem, Inc. 7,202 491,176 
  23,204,009 
Professional Services - 0.3%   
Equifax, Inc. 3,577 421,800 
Manpower, Inc. 3,807 480,101 
Recruit Holdings Co. Ltd. 35,900 892,123 
RELX PLC 7,865 184,663 
TransUnion Holding Co., Inc. (a) 63,088 3,467,316 
  5,446,003 
Road & Rail - 0.4%   
CSX Corp. 103,420 5,689,134 
Union Pacific Corp. 10,562 1,416,364 
  7,105,498 
Trading Companies & Distributors - 0.1%   
Air Lease Corp. Class A (b) 18,063 868,650 
Fastenal Co. 3,261 178,344 
United Rentals, Inc. (a) 1,568 269,555 
  1,316,549 
TOTAL INDUSTRIALS  118,214,139 
INFORMATION TECHNOLOGY - 40.9%   
Communications Equipment - 0.4%   
Arista Networks, Inc. (a) 26,410 6,221,668 
Electronic Equipment & Components - 1.8%   
Amphenol Corp. Class A 324,174 28,462,477 
CDW Corp. 29,962 2,082,059 
Corning, Inc. 3,993 127,736 
Dolby Laboratories, Inc. Class A 13,161 815,982 
Keyence Corp. 200 112,039 
  31,600,293 
Internet Software & Services - 15.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 32,973 5,685,534 
Alphabet, Inc.:   
Class A (a) 58,434 61,554,376 
Class C (a) 53,711 56,203,190 
CarGurus, Inc. Class A 9,193 275,606 
Cloudera, Inc. 23,324 385,312 
CoStar Group, Inc. (a) 336 99,775 
eBay, Inc. (a) 110,004 4,151,551 
Facebook, Inc. Class A (a) 704,420 124,301,956 
LogMeIn, Inc. 26,753 3,063,219 
New Relic, Inc. (a) 15,503 895,608 
Nutanix, Inc. Class A (a) 37,200 1,312,416 
Okta, Inc. 16,620 425,638 
Q2 Holdings, Inc. (a) 524 19,309 
Rightmove PLC 3,863 234,703 
Shopify, Inc. Class A (a) 6,657 673,167 
Tencent Holdings Ltd. 120,400 6,231,658 
  265,513,018 
IT Services - 6.1%   
Accenture PLC Class A 14,549 2,227,306 
EPAM Systems, Inc. (a) 9,718 1,044,005 
Fiserv, Inc. (a) 29,855 3,914,886 
FleetCor Technologies, Inc. (a) 320 61,578 
Global Payments, Inc. 28,575 2,864,358 
Leidos Holdings, Inc. 4,819 311,163 
MasterCard, Inc. Class A 164,442 24,889,941 
PayPal Holdings, Inc. (a) 355,080 26,140,990 
Square, Inc. (a) 21,419 742,597 
Visa, Inc. Class A 386,720 44,093,814 
  106,290,638 
Semiconductors & Semiconductor Equipment - 2.7%   
Analog Devices, Inc. 11,247 1,001,320 
Applied Materials, Inc. 158,477 8,101,344 
Broadcom Ltd. 26,813 6,888,260 
First Solar, Inc. (a) 9,966 672,904 
Lam Research Corp. 37,835 6,964,288 
NVIDIA Corp. 64,781 12,535,124 
Qualcomm, Inc. 19,039 1,218,877 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 72,749 2,884,498 
Texas Instruments, Inc. 70,887 7,403,438 
  47,670,053 
Software - 11.5%   
Activision Blizzard, Inc. 489,510 30,995,773 
Adobe Systems, Inc. (a) 185,469 32,501,588 
Atlassian Corp. PLC (a) 44,079 2,006,476 
CDK Global, Inc. 21,721 1,548,273 
Constellation Software, Inc. 1,846 1,119,084 
Electronic Arts, Inc. (a) 121,902 12,807,024 
Intuit, Inc. 11,519 1,817,468 
Micro Focus International PLC 23,833 811,854 
Microsoft Corp. 626,105 53,557,022 
Nintendo Co. Ltd. 2,400 864,232 
Parametric Technology Corp. (a) 13,140 798,518 
Paycom Software, Inc. (a) 24,073 1,933,784 
Red Hat, Inc. (a) 29,138 3,499,474 
RingCentral, Inc. (a) 24,931 1,206,660 
Salesforce.com, Inc. (a) 382,312 39,083,756 
Snap, Inc. Class A (a) 22,125 323,246 
Ultimate Software Group, Inc. (a) 15,823 3,453,053 
Workday, Inc. Class A (a) 106,676 10,853,216 
  199,180,501 
Technology Hardware, Storage & Peripherals - 3.1%   
Apple, Inc. 314,951 53,299,158 
Samsung Electronics Co. Ltd. 112 267,362 
  53,566,520 
TOTAL INFORMATION TECHNOLOGY  710,042,691 
MATERIALS - 2.6%   
Chemicals - 1.6%   
Air Products & Chemicals, Inc. 23,886 3,919,215 
DowDuPont, Inc. 163,670 11,656,577 
LyondellBasell Industries NV Class A 10,781 1,189,360 
Olin Corp. 17,910 637,238 
Sherwin-Williams Co. 19,783 8,111,821 
The Chemours Co. LLC 7,597 380,306 
Westlake Chemical Corp. 18,968 2,020,661 
  27,915,178 
Construction Materials - 0.0%   
Eagle Materials, Inc. 1,442 163,379 
Containers & Packaging - 0.2%   
WestRock Co. 45,049 2,847,547 
Metals & Mining - 0.8%   
ArcelorMittal SA Class A unit (a)(c) 24,256 783,711 
Arizona Mining, Inc. (a) 22,890 63,007 
B2Gold Corp. (a) 702,589 2,168,692 
Franco-Nevada Corp. 60,180 4,809,612 
Freeport-McMoRan, Inc. (a) 13,763 260,946 
Ivanhoe Mines Ltd. (a) 690,328 2,328,553 
Ivanhoe Mines Ltd. (a)(b) 187,745 633,285 
Kirkland Lake Gold Ltd. 41,520 636,508 
Newcrest Mining Ltd. 82,022 1,460,427 
Novagold Resources, Inc. (a) 114,471 449,870 
Nucor Corp. 7,257 461,400 
Randgold Resources Ltd. sponsored ADR 5,230 517,195 
  14,573,206 
TOTAL MATERIALS  45,499,310 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
American Tower Corp. 11,931 1,702,196 
Real Estate Management & Development - 0.1%   
Five Point Holdings LLC Class A (a) 44,337 625,152 
TOTAL REAL ESTATE  2,327,348 
TELECOMMUNICATION SERVICES - 0.3%   
Wireless Telecommunication Services - 0.3%   
SoftBank Corp. 9,200 728,369 
T-Mobile U.S., Inc. (a) 78,664 4,995,951 
  5,724,320 
TOTAL COMMON STOCKS   
(Cost $1,577,469,675)  1,684,060,016 
Convertible Preferred Stocks - 0.1%   
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (e)(f) 1,222 432,063 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series F (e)(f) 26,649 370,000 
INFORMATION TECHNOLOGY - 0.1%   
Internet Software & Services - 0.1%   
Lyft, Inc. Series H (e)(f) 16,404 651,995 
Software - 0.0%   
Carbon, Inc. Series D (f) 9,678 225,990 
TOTAL INFORMATION TECHNOLOGY  877,985 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $1,680,048)  1,680,048 
 Principal Amount Value 
Nonconvertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Valeant Pharmaceuticals International, Inc.:   
6.125% 4/15/25 (b) 770,000 704,550 
9% 12/15/25 (b) 870,000 906,714 
(Cost $1,549,288)  1,611,264 
 Shares Value 
Money Market Funds - 2.0%   
Fidelity Cash Central Fund, 1.36% (g) 34,264,902 34,271,755 
Fidelity Securities Lending Cash Central Fund 1.36% (g)(h) 711,510 711,652 
TOTAL MONEY MARKET FUNDS   
(Cost $34,983,335)  34,983,407 
TOTAL INVESTMENT IN SECURITIES - 99.2%   
(Cost $1,615,682,346)  1,722,334,735 
NET OTHER ASSETS (LIABILITIES) - 0.8%  13,419,495 
NET ASSETS - 100%  $1,735,754,230 

Legend

 (a) Non-income producing

 (b) 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 $3,590,976 or 0.2% of net assets.

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

 (d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (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 $1,802,658 or 0.1% of net assets.

 (f) Level 3 security

 (g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series F 8/31/17 $370,000 
Lyft, Inc. Series H 11/22/17 $651,995 
Roofoods Ltd. Series F 9/12/17 $432,063 
TulCo LLC 8/24/17 $348,600 

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 $129,119 
Fidelity Securities Lending Cash Central Fund 1,014 
Total $130,133 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $241,405,190 $238,762,345 $2,642,845 $-- 
Consumer Staples 43,403,390 41,989,464 981,863 432,063 
Energy 36,093,885 36,093,885 -- -- 
Financials 326,754,502 326,754,502 -- -- 
Health Care 155,397,304 155,027,304 -- 370,000 
Industrials 118,214,139 117,865,539 -- 348,600 
Information Technology 710,920,676 702,946,801 7,095,890 877,985 
Materials 45,499,310 45,499,310 -- -- 
Real Estate 2,327,348 2,327,348 -- -- 
Telecommunication Services 5,724,320 4,995,951 728,369 -- 
Corporate Bonds 1,611,264 -- 1,611,264 -- 
Money Market Funds 34,983,407 34,983,407 -- -- 
Total Investments in Securities: $1,722,334,735 $1,707,245,856 $13,060,231 $2,028,648 

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2017 
Assets   
Investment in securities, at value (including securities loaned of $689,283) — See accompanying schedule:
Unaffiliated issuers (cost $1,580,699,011) 		$1,687,351,328  
Fidelity Central Funds (cost $34,983,335) 34,983,407  
Total Investment in Securities (cost $1,615,682,346)  $1,722,334,735 
Cash  48,307 
Foreign currency held at value (cost $129)  129 
Receivable for investments sold  1,939,542 
Receivable for fund shares sold  257,276,479 
Dividends receivable  412,427 
Interest receivable  13,074 
Distributions receivable from Fidelity Central Funds  34,761 
Other receivables  3,476 
Total assets  1,982,062,930 
Liabilities   
Payable for investments purchased $243,522,486  
Payable for fund shares redeemed 1,471,055  
Accrued management fee 525,288  
Other payables and accrued expenses 78,271  
Collateral on securities loaned 711,600  
Total liabilities  246,308,700 
Net Assets  $1,735,754,230 
Net Assets consist of:   
Paid in capital  $1,638,915,460 
Distributions in excess of net investment income  (977) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (9,735,918) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  106,575,665 
Net Assets, for 152,825,807 shares outstanding  $1,735,754,230 
Net Asset Value, offering price and redemption price per share ($1,735,754,230 ÷ 152,825,807 shares)  $11.36 

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


Statement of Operations

  For the period
May 25, 2017 (commencement of operations) to
December 31, 2017 
Investment Income   
Dividends  $3,825,990 
Interest  6,690 
Income from Fidelity Central Funds  130,133 
Total income  3,962,813 
Expenses   
Management fee $2,151,326  
Independent trustees' fees and expenses 1,368  
Total expenses before reductions 2,152,694  
Expense reductions (7,137) 2,145,557 
Net investment income (loss)  1,817,256 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (9,711,060)  
Fidelity Central Funds (30)  
Foreign currency transactions (6,457)  
Total net realized gain (loss)  (9,717,547) 
Change in net unrealized appreciation (depreciation) on:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $78,272) 106,574,045  
Fidelity Central Funds 72  
Assets and liabilities in foreign currencies 1,548  
Total change in net unrealized appreciation (depreciation)  106,575,665 
Net gain (loss)  96,858,118 
Net increase (decrease) in net assets resulting from operations  $98,675,374 

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


Statement of Changes in Net Assets

 For the period
May 25, 2017 (commencement of operations) to
December 31, 2017 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $1,817,256 
Net realized gain (loss) (9,717,547) 
Change in net unrealized appreciation (depreciation) 106,575,665 
Net increase (decrease) in net assets resulting from operations 98,675,374 
Distributions to shareholders from net investment income (2,026,235) 
Share transactions  
Proceeds from sales of shares 1,746,357,993 
Reinvestment of distributions 2,026,235 
Cost of shares redeemed (109,279,137) 
Net increase (decrease) in net assets resulting from share transactions 1,639,105,091 
Total increase (decrease) in net assets 1,735,754,230 
Net Assets  
Beginning of period – 
End of period $1,735,754,230 
Other Information  
Distributions in excess of net investment income end of period $(977) 
Shares  
Sold 162,722,156 
Issued in reinvestment of distributions 179,313 
Redeemed (10,075,662) 
Net increase (decrease) 152,825,807 

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


Financial Highlights

Fidelity Contrafund K6

Years ended December 31, 2017 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .02 
Net realized and unrealized gain (loss) 1.36 
Total from investment operations 1.38 
Distributions from net investment income (.02) 
Total distributions (.02) 
Net asset value, end of period $11.36 
Total ReturnC,D 13.77% 
Ratios to Average Net AssetsE,F  
Expenses before reductions .45%G 
Expenses net of fee waivers, if any .45%G 
Expenses net of all reductions .45%G 
Net investment income (loss) .38%G 
Supplemental Data  
Net assets, end of period (000 omitted) $1,735,754 
Portfolio turnover rateH,I 48%G 

 A For the period May 25, 2017 (commencement of operations) to December 31, 2017.

 B Calculated based on average shares outstanding during the period.

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

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

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

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

 G Annualized

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

 I Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

Fidelity Contrafund K6 (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2017, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $118,082,909 
Gross unrealized depreciation (13,592,204) 
Net unrealized appreciation (depreciation) $104,490,705 
Tax Cost $1,617,844,030 

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

Capital loss carryforward $(7,573,626) 
Net unrealized appreciation (depreciation) on securities and other investments $104,492,570 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration  
Short-term $(7,573,626) 
Total capital loss carryforward $(7,573,626) 

The Fund indends to elect to defer to its next fiscal year $1,902 of ordinary losses recognized during the period November 1, 2017 to December 31, 2017.

The tax character of distributions paid was as follows:

 December 31, 2017 
Ordinary Income $2,026,235 
Total $2,026,235 

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

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $348,600 in this Subsidiary, representing .02% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $350,621,232 and $198,495,745, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $4,343 for the period.

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

Exchanges In-Kind. During the period, an affiliated entity completed an exchange in-kind with the Fund. The affiliated entity delivered investments and cash valued at $1,457,573,987 in exchange for 136,093,357 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

6. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $149,760. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $1,014, including $227 from securities loaned to FCM.

7. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $6,966 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's management fee by $171.

8. Other.

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

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Contrafund and Shareholders of Fidelity Contrafund K6:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Contrafund K6 (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2017, and the related statement of operations and changes in net assets, including the related notes, and the financial highlights for the period May 25, 2017 (commencement of operations) through December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, and the results of its operations, changes in its net assets, and the financial highlights for the period May 25, 2017 (commencement of operations) through December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 16, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 190 funds. 

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

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at1-800-835-5092.

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

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

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

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

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

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

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

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

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) of the Asolo Repertory Theatre.

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2001

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. Ms. Dorsey serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2008-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.  Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan. 

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).  Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan. 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Melissa M. Reilly (1971)

Year of Election or Appointment: 2014

Vice President of certain Equity Funds

Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Actual .45% $1,000.00 $1,136.60 $2.42 
Hypothetical-C  $1,000.00 $1,022.94 $2.29 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

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

 C 5% return per year before expenses


Distributions (Unaudited)

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

CONK6-ANN-0218
1.9883979.100



Fidelity Flex℠ Funds

Fidelity Flex℠ Opportunistic Insights Fund



Annual Report

December 31, 2017



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Performance: The Bottom Line

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

Average annual total returns for Fidelity Flex℠ Opportunistic Insights Fund will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Flex℠ Opportunistic Insights Fund on March 8, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period.


Period Ending Values
$12,237Fidelity Flex℠ Opportunistic Insights Fund
$11,484Russell 3000® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. equities gained 21.83% in 2017, as the S&P 500® index rose steadily and closed the year just shy of an all-time high after a particularly strong three-month finish. Early on, equities rallied on optimism for President Trump’s pro-business agenda but leveled off in March amid fading optimism and stalled efforts by Congress to repeal and replace the Affordable Care Act. Upward momentum soon returned and continued through year-end with consumer sentiment and other market indicators staying positive. The lone exception was a brief cooldown in August, when geopolitical tension escalated and uncertainty grew regarding the future of health care, tax reform and the debt ceiling. Sector-wise, information technology fared best by a wide margin, rising 39% amid strong earnings growth from several major index constituents. A 24% gain in materials was spurred by increased demand, especially from China. Consumer discretionary gained 23%, despite many brick-and-mortar retailers suffering from online competition, and financials edged the broader market on an uptick in bond yields. Conversely, the defensive energy and telecom services sectors returned about -1% each. Rising interest rates held back real estate (+11%), while consumer staples (+13%) and utilities (+12%) struggled due to investors’ general preference for risk assets.

Comments from Portfolio Manager William Danoff:  Since its inception on March 8, 2017, through December 31, 2017, the fund gained 22.37%, well ahead of the 14.84% advance of the benchmark Russell 3000® Index. A more business-friendly administration in the White House, an extremely low interest rate environment worldwide and synchronous global economic expansion propelled the stock market higher. The fund performed very well against this backdrop, with active positioning adding value in nearly all market sectors. Our outperformance of the benchmark primarily was driven by a sizable commitment – about 43% of assets, on average – to the market-leading information technology sector. Here, notable individual contributors included social-media firm Facebook and Google parent Alphabet. Other winners from tech were online payment processor PayPal Holdings and publishing software developer Adobe Systems. Our sizable stake in Amazon.com also meaningfully aided results, as did avoiding industrial conglomerate General Electric. Conversely, our largest detractor was an overweighting in Henry Schein, a distributor of health care products. Our investments here returned -19% for the period. It also hurt to not own enough of a few strong-performing benchmark names. These included pharmaceutical firm AbbVie and aircraft manufacturer Boeing.

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

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Facebook, Inc. Class A 8.3 
Amazon.com, Inc. 5.0 
Berkshire Hathaway, Inc. Class A 4.1 
Bank of America Corp. 3.5 
Salesforce.com, Inc. 3.1 
JPMorgan Chase & Co. 3.0 
Alphabet, Inc. Class A 2.7 
Alphabet, Inc. Class C 2.5 
Citigroup, Inc. 2.4 
UnitedHealth Group, Inc. 2.2 
 36.8 

Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Information Technology 40.3 
Financials 20.1 
Consumer Discretionary 15.1 
Health Care 8.6 
Industrials 6.7 

Asset Allocation (% of fund's net assets)

As of December 31, 2017* 
   Stocks 97.8% 
   Bonds 0.1% 
   Convertible Securities 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.0% 


 * Foreign investments - 7.8%


Investments December 31, 2017

Showing Percentage of Net Assets

Common Stocks - 97.8%   
 Shares Value 
CONSUMER DISCRETIONARY - 15.1%   
Auto Components - 0.0%   
Aptiv PLC 55 $4,666 
Delphi Technologies PLC (a) 18 944 
  5,610 
Automobiles - 1.3%   
BYD Co. Ltd. (H Shares) 1,080 9,383 
General Motors Co. 63 2,582 
Mahindra & Mahindra Ltd. 1,198 14,095 
Maruti Suzuki India Ltd. 209 31,853 
Tesla, Inc. (a) 387 120,492 
Toyota Motor Corp. 100 6,373 
  184,778 
Diversified Consumer Services - 0.2%   
Chegg, Inc. (a) 158 2,579 
Weight Watchers International, Inc. (a) 681 30,155 
  32,734 
Hotels, Restaurants & Leisure - 2.0%   
Churchill Downs, Inc. 4 931 
Hilton Worldwide Holdings, Inc. 460 36,736 
Las Vegas Sands Corp. 42 2,919 
Marriott International, Inc. Class A 1,083 146,996 
McDonald's Corp. 508 87,437 
U.S. Foods Holding Corp. (a) 200 6,386 
Vail Resorts, Inc. 23 4,887 
  286,292 
Household Durables - 0.4%   
D.R. Horton, Inc. 61 3,115 
Lennar Corp. Class A 249 15,747 
Mohawk Industries, Inc. (a) 165 45,524 
  64,386 
Internet & Direct Marketing Retail - 7.7%   
Amazon.com, Inc. (a) 620 725,071 
ASOS PLC (a) 24 2,176 
Netflix, Inc. (a) 1,204 231,120 
Priceline Group, Inc. (a) 77 133,806 
Start Today Co. Ltd. 354 10,761 
Takeaway.com Holding BV (a)(b) 72 4,395 
Zalando SE (a) 93 4,923 
  1,112,252 
Leisure Products - 0.1%   
Mattel, Inc. 500 7,690 
Polaris Industries, Inc. 22 2,728 
  10,418 
Media - 1.4%   
Charter Communications, Inc. Class A (a) 130 43,675 
Liberty Broadband Corp.:   
Class A (a) 16 1,361 
Class C (a) 129 10,986 
Liberty Global PLC Class A (a) 267 9,569 
Liberty Media Corp.:   
Liberty Formula One Group Series C (a) 1,244 42,495 
Liberty SiriusXM Series A (a) 14 555 
Liberty SiriusXM Series C (a) 1,599 63,416 
Live Nation Entertainment, Inc. (a) 70 2,980 
Sirius XM Holdings, Inc. 3,015 16,160 
The Walt Disney Co. 40 4,300 
  195,497 
Multiline Retail - 0.5%   
B&M European Value Retail S.A. 1,191 6,812 
Dollar Tree, Inc. (a) 100 10,731 
Ollie's Bargain Outlet Holdings, Inc. (a) 1,099 58,522 
  76,065 
Specialty Retail - 1.1%   
Five Below, Inc. (a) 47 3,117 
Home Depot, Inc. 716 135,703 
TJX Companies, Inc. 271 20,721 
  159,541 
Textiles, Apparel & Luxury Goods - 0.4%   
adidas AG 227 45,526 
Kering SA 13 6,130 
LVMH Moet Hennessy - Louis Vuitton SA 23 6,751 
  58,407 
TOTAL CONSUMER DISCRETIONARY  2,185,980 
CONSUMER STAPLES - 2.1%   
Beverages - 0.3%   
Constellation Brands, Inc. Class A (sub. vtg.) 84 19,200 
Kweichow Moutai Co. Ltd. (A Shares) 100 10,720 
Monster Beverage Corp. (a) 234 14,810 
The Coca-Cola Co. 115 5,276 
  50,006 
Food & Staples Retailing - 0.6%   
Costco Wholesale Corp. 249 46,344 
Performance Food Group Co. (a) 321 10,625 
Wal-Mart Stores, Inc. 381 37,624 
  94,593 
Food Products - 0.0%   
The Simply Good Foods Co. 79 1,127 
Household Products - 0.1%   
Colgate-Palmolive Co. 137 10,337 
Personal Products - 1.1%   
Estee Lauder Companies, Inc. Class A 1,208 153,706 
TOTAL CONSUMER STAPLES  309,769 
ENERGY - 2.0%   
Oil, Gas & Consumable Fuels - 2.0%   
Birchcliff Energy Ltd. 2,160 7,561 
Cabot Oil & Gas Corp. 200 5,720 
Canadian Natural Resources Ltd. 790 28,231 
Cenovus Energy, Inc. 401 3,662 
Centennial Resource Development, Inc. Class A (a) 2,564 50,767 
Concho Resources, Inc. (a) 63 9,464 
Continental Resources, Inc. (a) 476 25,214 
Diamondback Energy, Inc. (a) 123 15,529 
Encana Corp. 100 1,334 
EOG Resources, Inc. 387 41,761 
Phillips 66 Co. 290 29,334 
PrairieSky Royalty Ltd. 353 9,003 
Reliance Industries Ltd. 3,069 44,278 
Tamarack Valley Energy Ltd. (a) 1,776 4,041 
Valero Energy Corp. 200 18,382 
  294,281 
FINANCIALS - 20.1%   
Banks - 11.6%   
Bank of America Corp. 17,341 511,906 
Citigroup, Inc. 4,750 353,448 
HDFC Bank Ltd. sponsored ADR 963 97,908 
JPMorgan Chase & Co. 4,028 430,754 
Kotak Mahindra Bank Ltd. (a) 1,544 24,432 
M&T Bank Corp. 255 43,602 
Metro Bank PLC (a) 2 97 
PNC Financial Services Group, Inc. 380 54,830 
Royal Bank of Canada 83 6,778 
The Toronto-Dominion Bank 191 11,191 
U.S. Bancorp 697 37,345 
Wells Fargo & Co. 1,785 108,296 
  1,680,587 
Capital Markets - 3.4%   
Ashmore Group PLC 300 1,641 
Bank of New York Mellon Corp. 496 26,715 
BlackRock, Inc. Class A 86 44,179 
Brookfield Asset Management, Inc. Class A 200 8,706 
CBOE Holdings, Inc. 98 12,210 
Charles Schwab Corp. 1,364 70,069 
CME Group, Inc. 120 17,526 
Goldman Sachs Group, Inc. 227 57,831 
IntercontinentalExchange, Inc. 256 18,063 
Morgan Stanley 3,488 183,015 
MSCI, Inc. 187 23,663 
S&P Global, Inc. 174 29,476 
St. James's Place Capital PLC 180 2,980 
  496,074 
Consumer Finance - 0.1%   
Synchrony Financial 601 23,205 
Diversified Financial Services - 4.1%   
Berkshire Hathaway, Inc. Class A (a) 2 595,200 
Insurance - 0.9%   
Admiral Group PLC 436 11,785 
Chubb Ltd. 589 86,071 
Fairfax Financial Holdings Ltd. (sub. vtg.) 24 12,780 
Marsh & McLennan Companies, Inc. 175 14,243 
  124,879 
TOTAL FINANCIALS  2,919,945 
HEALTH CARE - 8.5%   
Biotechnology - 1.9%   
AbbVie, Inc. 307 29,690 
Aduro Biotech, Inc. (a) 12 90 
Amgen, Inc. 56 9,738 
AnaptysBio, Inc. 60 6,043 
Biogen, Inc. (a) 37 11,787 
Celgene Corp. (a) 267 27,864 
Exact Sciences Corp. (a) 18 946 
FibroGen, Inc. (a) 249 11,803 
Genmab A/S (a) 99 16,418 
Gilead Sciences, Inc. 610 43,700 
Insmed, Inc. (a) 100 3,118 
Intrexon Corp.  204 2,350 
Juno Therapeutics, Inc. (a) 51 2,331 
Neurocrine Biosciences, Inc. (a) 173 13,423 
OvaScience, Inc. (a) 1,500 2,100 
Portola Pharmaceuticals, Inc. (a) 100 4,868 
Regeneron Pharmaceuticals, Inc. (a) 61 22,934 
Vertex Pharmaceuticals, Inc. (a) 449 67,287 
  276,490 
Health Care Equipment & Supplies - 1.8%   
Baxter International, Inc. 832 53,780 
Becton, Dickinson & Co. 124 26,543 
Boston Scientific Corp. (a) 3,925 97,301 
Danaher Corp. 229 21,256 
Edwards Lifesciences Corp. (a) 38 4,283 
Intuitive Surgical, Inc. (a) 148 54,011 
Penumbra, Inc. (a) 52 4,893 
ResMed, Inc. 58 4,912 
  266,979 
Health Care Providers & Services - 3.0%   
Aetna, Inc. 133 23,992 
Cigna Corp. 27 5,483 
HealthEquity, Inc. (a) 206 9,612 
Henry Schein, Inc. (a) 570 39,832 
Humana, Inc. 98 24,311 
National Vision Holdings, Inc. 100 4,061 
OptiNose, Inc. 100 1,890 
UnitedHealth Group, Inc. 1,470 324,076 
  433,257 
Health Care Technology - 0.1%   
Veeva Systems, Inc. Class A (a) 276 15,257 
Life Sciences Tools & Services - 1.1%   
Agilent Technologies, Inc. 233 15,604 
Eurofins Scientific SA 9 5,481 
Mettler-Toledo International, Inc. (a) 176 109,036 
PRA Health Sciences, Inc. (a) 94 8,561 
Thermo Fisher Scientific, Inc. 86 16,330 
Waters Corp. (a) 27 5,216 
  160,228 
Pharmaceuticals - 0.6%   
AstraZeneca PLC sponsored ADR 100 3,470 
Bristol-Myers Squibb Co. 497 30,456 
Johnson & Johnson 82 11,457 
Nektar Therapeutics (a) 443 26,456 
Teva Pharmaceutical Industries Ltd. sponsored ADR 600 11,370 
  83,209 
TOTAL HEALTH CARE  1,235,420 
INDUSTRIALS - 6.7%   
Aerospace & Defense - 1.0%   
General Dynamics Corp. 122 24,821 
Northrop Grumman Corp. 170 52,175 
Raytheon Co. 61 11,459 
The Boeing Co. 179 52,789 
  141,244 
Air Freight & Logistics - 0.5%   
FedEx Corp. 203 50,657 
XPO Logistics, Inc. (a) 294 26,927 
  77,584 
Airlines - 0.8%   
Ryanair Holdings PLC sponsored ADR (a) 579 60,326 
Southwest Airlines Co. 838 54,847 
  115,173 
Building Products - 1.0%   
A.O. Smith Corp. 120 7,354 
Fortune Brands Home & Security, Inc. 258 17,658 
Jeld-Wen Holding, Inc. 511 20,118 
Masco Corp. 1,612 70,831 
Toto Ltd. 403 23,785 
  139,746 
Commercial Services & Supplies - 0.2%   
Cintas Corp. 136 21,193 
Construction & Engineering - 0.0%   
Jacobs Engineering Group, Inc. 100 6,596 
Electrical Equipment - 0.5%   
AMETEK, Inc. 64 4,638 
Fortive Corp. 867 62,727 
  67,365 
Industrial Conglomerates - 0.5%   
3M Co. 310 72,965 
ITT, Inc. 100 5,337 
  78,302 
Machinery - 1.4%   
Caterpillar, Inc. 162 25,528 
Deere & Co. 381 59,630 
Gardner Denver Holdings, Inc. 289 9,806 
Illinois Tool Works, Inc. 233 38,876 
Ingersoll-Rand PLC 145 12,933 
Oshkosh Corp. 9 818 
PACCAR, Inc. 225 15,993 
Parker Hannifin Corp. 150 29,937 
Rational AG 5 3,223 
Xylem, Inc. 46 3,137 
  199,881 
Professional Services - 0.4%   
Equifax, Inc. 134 15,801 
Manpower, Inc. 18 2,270 
Recruit Holdings Co. Ltd. 272 6,759 
RELX PLC 28 657 
TransUnion Holding Co., Inc. (a) 593 32,591 
  58,078 
Road & Rail - 0.4%   
CSX Corp. 855 47,034 
Union Pacific Corp. 100 13,410 
  60,444 
Trading Companies & Distributors - 0.0%   
Fastenal Co. 100 5,469 
TOTAL INDUSTRIALS  971,075 
INFORMATION TECHNOLOGY - 40.2%   
Communications Equipment - 0.4%   
Arista Networks, Inc. (a) 277 65,256 
Electronic Equipment & Components - 2.1%   
Amphenol Corp. Class A 3,011 264,366 
CDW Corp. 310 21,542 
Corning, Inc. 200 6,398 
Dolby Laboratories, Inc. Class A 106 6,572 
  298,878 
Internet Software & Services - 15.0%   
Alibaba Group Holding Ltd. sponsored ADR (a) 344 59,316 
Alphabet, Inc.:   
Class A (a) 371 390,811 
Class C (a) 349 365,194 
CarGurus, Inc. Class A 100 2,998 
Cloudera, Inc. 100 1,652 
eBay, Inc. (a) 1,019 38,457 
Facebook, Inc. Class A (a) 6,773 1,195,156 
LogMeIn, Inc. 247 28,282 
New Relic, Inc. (a) 78 4,506 
Nutanix, Inc. Class A (a) 354 12,489 
Okta, Inc. 50 1,281 
Rightmove PLC 26 1,580 
Shopify, Inc. Class A (a) 58 5,865 
Tencent Holdings Ltd. 1,293 66,923 
  2,174,510 
IT Services - 5.6%   
Accenture PLC Class A 132 20,208 
EPAM Systems, Inc. (a) 100 10,743 
Global Payments, Inc. 268 26,864 
MasterCard, Inc. Class A 1,714 259,431 
PayPal Holdings, Inc. (a) 3,266 240,443 
Square, Inc. (a) 347 12,030 
Visa, Inc. Class A 2,092 238,530 
  808,249 
Semiconductors & Semiconductor Equipment - 3.5%   
Analog Devices, Inc. 217 19,320 
Applied Materials, Inc. 2,220 113,486 
Broadcom Ltd. 258 66,280 
First Solar, Inc. (a) 90 6,077 
Lam Research Corp. 292 53,748 
NVIDIA Corp. 640 123,840 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,467 58,167 
Texas Instruments, Inc. 627 65,484 
  506,402 
Software - 11.6%   
Activision Blizzard, Inc. 2,547 161,276 
Adobe Systems, Inc. (a) 1,815 318,061 
Atlassian Corp. PLC (a) 370 16,842 
CDK Global, Inc. 152 10,835 
Constellation Software, Inc. 16 9,700 
Electronic Arts, Inc. (a) 1,409 148,030 
Intuit, Inc. 222 35,027 
Micro Focus International PLC 166 5,655 
Microsoft Corp. 3,314 283,480 
Nintendo Co. Ltd. 4 1,440 
Parametric Technology Corp. (a) 68 4,132 
Paycom Software, Inc. (a) 180 14,459 
Red Hat, Inc. (a) 295 35,430 
RingCentral, Inc. (a) 229 11,084 
Salesforce.com, Inc. (a) 4,424 452,266 
Snap, Inc. Class A (a) 240 3,506 
Tanium, Inc. Class B (c)(d) 100 513 
Ultimate Software Group, Inc. (a) 315 68,742 
Workday, Inc. Class A (a) 954 97,060 
  1,677,538 
Technology Hardware, Storage & Peripherals - 2.0%   
Apple, Inc. 1,749 295,983 
Xaar PLC 368 1,837 
  297,820 
TOTAL INFORMATION TECHNOLOGY  5,828,653 
MATERIALS - 2.5%   
Chemicals - 1.7%   
Air Products & Chemicals, Inc. 134 21,987 
DowDuPont, Inc. 1,504 107,115 
LyondellBasell Industries NV Class A 97 10,701 
Olin Corp. 149 5,301 
Sherwin-Williams Co. 200 82,008 
Westlake Chemical Corp. 155 16,512 
  243,624 
Containers & Packaging - 0.2%   
WestRock Co. 382 24,146 
Metals & Mining - 0.6%   
ArcelorMittal SA Class A unit (a) 200 6,462 
Arizona Mining, Inc. (a) 605 1,665 
B2Gold Corp. (a) 2,374 7,328 
Franco-Nevada Corp. 501 40,040 
Freeport-McMoRan, Inc. (a) 200 3,792 
Ivanhoe Mines Ltd. (a) 2,863 9,657 
Kirkland Lake Gold Ltd. 354 5,427 
Newcrest Mining Ltd. 303 5,395 
Novagold Resources, Inc. (a) 584 2,295 
Nucor Corp. 100 6,358 
Randgold Resources Ltd. sponsored ADR 31 3,066 
  91,485 
TOTAL MATERIALS  359,255 
REAL ESTATE - 0.1%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
American Tower Corp. 91 12,983 
Real Estate Management & Development - 0.0%   
Five Point Holdings LLC Class A (a) 318 4,484 
TOTAL REAL ESTATE  17,467 
TELECOMMUNICATION SERVICES - 0.5%   
Wireless Telecommunication Services - 0.5%   
SoftBank Corp. 152 12,034 
T-Mobile U.S., Inc. (a) 838 53,221 
  65,255 
TOTAL COMMON STOCKS   
(Cost $12,896,109)  14,187,100 
Convertible Preferred Stocks - 0.1%   
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (c)(d) 8 2,829 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series F (c)(d) 144 1,999 
INFORMATION TECHNOLOGY - 0.1%   
Internet Software & Services - 0.1%   
Lyft, Inc. Series H (c)(d) 126 5,008 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $9,836)  9,836 
 Principal Amount Value 
Nonconvertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Valeant Pharmaceuticals International, Inc.:   
6.125% 4/15/25 (b) 10,000 9,150 
9% 12/15/25 (b) 9,000 9,380 
(Cost $17,587)  18,530 
 Shares Value 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund, 1.36% (e)   
(Cost $243,183) 243,134 243,183 
TOTAL INVESTMENT IN SECURITIES - 99.7%   
(Cost $13,166,715)  14,458,649 
NET OTHER ASSETS (LIABILITIES) - 0.3%  42,429 
NET ASSETS - 100%  $14,501,078 

Legend

 (a) Non-income producing

 (b) 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 $22,925 or 0.2% of net assets.

 (c) 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 $10,349 or 0.1% of net assets.

 (d) Level 3 security

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series F 8/31/17 $1,999 
Lyft, Inc. Series H 11/22/17 $5,008 
Roofoods Ltd. Series F 9/12/17 $2,829 
Tanium, Inc. Class B 4/21/17 $496 

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 $1,823 
Total $1,823 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $2,185,980 $2,163,473 $22,507 $-- 
Consumer Staples 312,598 309,769 -- 2,829 
Energy 294,281 294,281 -- -- 
Financials 2,919,945 2,919,945 -- -- 
Health Care 1,237,419 1,235,420 -- 1,999 
Industrials 971,075 971,075 -- -- 
Information Technology 5,833,661 5,759,777 68,363 5,521 
Materials 359,255 359,255 -- -- 
Real Estate 17,467 17,467 -- -- 
Telecommunication Services 65,255 53,221 12,034 -- 
Corporate Bonds 18,530 -- 18,530 -- 
Money Market Funds 243,183 243,183 -- -- 
Total Investments in Securities: $14,458,649 $14,326,866 $121,434 $10,349 

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2017 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $12,923,532) 		$14,215,466  
Fidelity Central Funds (cost $243,183) 243,183  
Total Investment in Securities (cost $13,166,715)  $14,458,649 
Cash  25,302 
Receivable for investments sold  15,245 
Receivable for fund shares sold  9,409 
Dividends receivable  3,499 
Interest receivable  162 
Distributions receivable from Fidelity Central Funds  284 
Other receivables  22 
Total assets  14,512,572 
Liabilities   
Payable for investments purchased $5,762  
Payable for fund shares redeemed 5,331  
Other payables and accrued expenses 401  
Total liabilities  11,494 
Net Assets  $14,501,078 
Net Assets consist of:   
Paid in capital  $13,226,409 
Distributions in excess of net investment income  (310) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (16,558) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,291,537 
Net Assets, for 1,189,851 shares outstanding  $14,501,078 
Net Asset Value, offering price and redemption price per share ($14,501,078 ÷ 1,189,851 shares)  $12.19 

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


Statement of Operations

  For the period
March 8, 2017 (commencement of operations) to
December 31, 2017 
Investment Income   
Dividends  $42,875 
Interest  87 
Income from Fidelity Central Funds  1,823 
Total income  44,785 
Expenses   
Independent trustees' fees and expenses $18  
Miscellaneous 9  
Total expenses before reductions 27  
Expense reductions (22) 5 
Net investment income (loss)  44,780 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (8,675)  
Foreign currency transactions 103  
Total net realized gain (loss)  (8,572) 
Change in net unrealized appreciation (depreciation) on:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $401) 1,291,533  
Assets and liabilities in foreign currencies 4  
Total change in net unrealized appreciation (depreciation)  1,291,537 
Net gain (loss)  1,282,965 
Net increase (decrease) in net assets resulting from operations  $1,327,745 

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


Statement of Changes in Net Assets

 For the period
March 8, 2017 (commencement of operations) to
December 31, 2017 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $44,780 
Net realized gain (loss) (8,572) 
Change in net unrealized appreciation (depreciation) 1,291,537 
Net increase (decrease) in net assets resulting from operations 1,327,745 
Distributions to shareholders from net investment income (45,175) 
Distributions to shareholders from net realized gain (9,267) 
Total distributions (54,442) 
Share transactions  
Proceeds from sales of shares 13,802,111 
Reinvestment of distributions 54,442 
Cost of shares redeemed (628,778) 
Net increase (decrease) in net assets resulting from share transactions 13,227,775 
Total increase (decrease) in net assets 14,501,078 
Net Assets  
Beginning of period – 
End of period $14,501,078 
Other Information  
Distributions in excess of net investment income end of period $(310) 
Shares  
Sold 1,237,605 
Issued in reinvestment of distributions 4,451 
Redeemed (52,205) 
Net increase (decrease) 1,189,851 

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


Financial Highlights

Fidelity Flex Opportunistic Insights Fund

Year ended December 31, 2017 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .07 
Net realized and unrealized gain (loss) 2.17 
Total from investment operations 2.24 
Distributions from net investment income (.04) 
Distributions from net realized gain (.01) 
Total distributions (.05) 
Net asset value, end of period $12.19 
Total ReturnC,D 22.37% 
Ratios to Average Net AssetsE,F  
Expenses before reductions - %G,H 
Expenses net of fee waivers, if any - %G,H 
Expenses net of all reductions - %G,H 
Net investment income (loss) .78%G 
Supplemental Data  
Net assets, end of period (000 omitted) $14,501 
Portfolio turnover rateI 28%G 

 A For the period March 8, 2017 (commencement of operations) to December 31, 2017.

 B Calculated based on average shares outstanding during the period.

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

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

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

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

 G Annualized

 H Amount represents less than .005%.

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


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


Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

Fidelity Flex Opportunistic Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts offered by Fidelity.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2017, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $1,424,118 
Gross unrealized depreciation (145,657) 
Net unrealized appreciation (depreciation) $1,278,461 
Tax Cost $13,180,188 

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

Net unrealized appreciation (depreciation) on securities and other investments $1,278,465 

The Fund intends to elect to defer to its next fiscal year $320 of ordinary losses recognized during the period November 1, 2017 to December 31, 2107.

The Fund intends to elect to defer to its next fiscal year $3,075 of capital losses recognized during the period November 1, 2017 to December 31, 2107.

The tax character of distributions paid was as follows:

 December 31, 2017(a) 
Ordinary Income $54,442 

 (a) For the period March 8, 2017 (commencement of operations) to December 31, 2017.


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

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $14,595,616 and $1,663,060, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $321 for the period.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $9 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $22 for the period.

8. Other.

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

At the end of the period, the investment adviser or its affiliates were the owners of record of 42% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Contrafund and Shareholders of Fidelity Flex Opportunistic Insights Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Flex Opportunistic Insights Fund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the “Fund”) as of December 31, 2017, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period March 8, 2017 (commencement of operations) through December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, and the results of its operations, changes in its net assets, and the financial highlights for the period March 8, 2017 (commencement of operations) through December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 16, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 190 funds. 

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

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

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

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

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

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

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

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-present), and Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

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

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

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) of the Asolo Repertory Theatre.

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

William S. Stavropoulos (1939)

Year of Election or Appointment: 2001

Trustee

Vice Chairman of the Independent Trustees

Mr. Stavropoulos also serves as Trustee of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

William C. Coffey (1969)

Year of Election or Appointment: 2009

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2010

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. Ms. Dorsey serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2008-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Brian B. Hogan (1964)

Year of Election or Appointment: 2009

Vice President

Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present) and President of the Equity Division of FMR (investment adviser firm, 2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.  Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan. 

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).  Mr. Colm A. Hogan is not related to Mr. Brian B. Hogan. 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Melissa M. Reilly (1971)

Year of Election or Appointment: 2014

Vice President of certain Equity Funds

Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period
July 1, 2017
to December 31, 2017-B 
Actual - %-C $1,000.00 $1,142.60 $- 
Hypothetical-D  $1,000.00 $1,025.21 $- 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

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

 C Amount represents less than .005%.

 D 5% return per year before expenses


Distributions (Unaudited)

The fund designates 69% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 77% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

ZPI-ANN-0218
1.9881595.100




Item 2.

Code of Ethics


As of the end of the period, December 31, 2017, Fidelity Contrafund (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR.   Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.  


Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Advisor New Insights Fund, Fidelity Advisor Series Opportunistic Insights Fund, Fidelity Contrafund, Fidelity Contrafund K6, Fidelity Flex Opportunistic Insights Fund and Fidelity Series Opportunistic Insights Fund (the “Funds”):


Services Billed by PwC


December 31, 2017 FeesA,B

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Advisor New Insights Fund

 $87,000  

$7,000

 $69,000

 $3,400

Fidelity Advisor Series Opportunistic Insights Fund

 $70,000  

$6,200

 $4,600

$3,000

Fidelity Contrafund

 $167,000  

$13,400

  $32,700

 $6,400

Fidelity Contrafund K6

$65,000

$3,400

$3,800

$1,600

Fidelity Flex Opportunistic Insights Fund

$52,000

$3,600

$4,600

$1,700

Fidelity Series Opportunistic Insights Fund

$77,000  

$6,800

 $4,600

$3,300

 

 

 

 

 


December 31, 2016 FeesA,B,C

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Advisor New Insights Fund

 $87,000  

$6,900

 $6,700

 $3,200

Fidelity Advisor Series Opportunistic Insights Fund

 $73,000  

$6,000

 $5,400

$2,800

Fidelity Contrafund

 $217,000  

$14,800

  $20,000

 $7,000

Fidelity Contrafund K6

$-

$-

$-

$-

Fidelity Flex Opportunistic Insights Fund

$-

$-

$-

$-

Fidelity Series Opportunistic Insights Fund

$79,000  

$6,600

 $4,800

$3,100

 

 

 

 

 

 

 

 

 

 

A Amounts may reflect rounding.

B Fidelity Contrafund K6 commenced operations on May 25, 2017 and Fidelity Flex Opportunistic Insights Fund commenced operations on March 8, 2017.

C Certain amounts have been reclassified to align with current period presentation.


The following table presents fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):


Services Billed by PwC



 

December 31, 2017A,B

December 31, 2016A,B

Audit-Related Fees

 $8,470,00

 $6,240,000

Tax Fees

$160,000

$10,000

All Other Fees

$-

$-


A Amounts may reflect rounding.

B May include amounts billed prior to the Fidelity Contrafund K6 and Fidelity Flex Opportunistic Insights Fund’s commencement of operations.


“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  


Assurance services must be performed by an independent public accountant.


* * *


The aggregate non-audit fees billed by PwC for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:


Billed By

December 31, 2017A,B

December 31, 2016A,B,C

PwC

$10,895,000

$7,720,000


A Amounts may reflect rounding.

B May include amounts billed prior to the Fidelity Contrafund K6 and Fidelity Flex Opportunistic Insights Fund’s commencement of operations.

C Certain amounts have been reclassified to align with current period presentation.


The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Funds, taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.


All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.



Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trust’s 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.


Item 12.

Exhibits


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)

(2)

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.

(a)

(3)

Not applicable.

(b)

 

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




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/Stacie M. Smith

 

Stacie M. Smith

 

President and Treasurer

 

 

Date:

February 26, 2018



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/ Stacie M. Smith

 

Stacie M. Smith

 

President and Treasurer

 

 

Date:

February 26, 2018



By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

February 26, 2018