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   811-01400


Fidelity Contrafund

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, 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, 2019




Item 1.

Reports to Stockholders




Fidelity® Contrafund®



Annual Report

December 31, 2019

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
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Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of 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


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 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one 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. © 2020 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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, 2019 Past 1 year Past 5 years Past 10 years 
Fidelity® Contrafund® 29.98% 13.10% 13.96% 
Class K 30.17% 13.22% 14.08% 

$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, 2009.

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 Fidelity® Contrafund®.


Period Ending Values
$36,928Fidelity® Contrafund®
$35,666S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. stocks continued to roll in 2019, with the S&P 500® index soaring 31.49% and marking history as the longest and strongest bull market ever, despite persistent, nagging concerns about global economic growth and trade. After a rough end to 2018, equities sharply reversed course to begin the new year amid upbeat company earnings and signs the Federal Reserve may pause on rates. The uptrend continued until May, when the index sunk as trade negotiations between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving even higher through year-end. Gains were robust and broad-based, with information technology (+50%) leading the way with its best calendar-year result in a decade, amid strong growth trends. Communication services (+33%) and financials (+32%) also stood out. In contrast, energy (+12%) was by far the weakest group – struggling amid sluggish oil prices – while several strong gainers nonetheless fell short of the broader market: industrials and real estate (+29% each), consumer discretionary and consumer staples (+28% each), utilities (+26%), materials (+25%), and health care (+21%).

Comments from Portfolio Manager William Danoff:  For the year, the fund's share classes gained roughly 30%, lagging the benchmark S&P 500® index. Versus the benchmark, security selection was the biggest detractor, especially in the information technology and financials sectors. The fund's modest position in cash hampered relative performance in a strong market. Our picks in consumer discretionary, industrials and real estate hurt to a lesser extent. The largest individual relative detractor was an underweighting in Apple (+89%), a maker of personal electronics and a sizable benchmark component the past year. The company had favorable financial results, driven by its wearables, home and accessories segment. Underexposure to Apple allowed us to invest in companies with better growth prospects. In financials, it hurt to overweight Berkshire Hathaway, as shares of the insurance-focused conglomerate gained 11% in 2019, lagging the benchmark. Rising interest rates pressured the stock, but we held steady our sizable position. Conversely, a considerable overweighting in the market-leading information technology sector notably contributed, as did underexposure to energy. My picks in health care and communication services also helped. The biggest individual contributor by a wide margin was a large investment in Facebook (+57%), as the social-media platform operator reported better-than-expected revenue, earnings and average revenue per user. Facebook was the fund's top holding.

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, 2019

 % of fund's net assets 
Facebook, Inc. Class A 7.5 
Amazon.com, Inc. 6.6 
Microsoft Corp. 5.6 
Berkshire Hathaway, Inc. Class A 5.6 
Visa, Inc. Class A 3.9 
Salesforce.com, Inc. 3.7 
UnitedHealth Group, Inc. 3.1 
Adobe, Inc. 2.9 
Alphabet, Inc. Class A 2.8 
MasterCard, Inc. Class A 2.6 
 44.3 

Top Five Market Sectors as of December 31, 2019

 % of fund's net assets 
Information Technology 32.0 
Communication Services 17.6 
Financials 13.6 
Health Care 13.5 
Consumer Discretionary 11.8 

Asset Allocation (% of fund's net assets)

As of December 31, 2019* 
   Stocks 99.3% 
   Convertible Securities 0.8% 
 Short-Term Investments and Net Other Assets (Liabilities)** (0.1)% 


 * Foreign investments - 8.2%

 ** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart

Schedule of Investments December 31, 2019

Showing Percentage of Net Assets

Common Stocks - 99.3%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 17.6%   
Entertainment - 3.8%   
Activision Blizzard, Inc. 12,649,733 $751,647 
Netflix, Inc. (a) 7,785,352 2,519,106 
Spotify Technology SA (a)(b) 420,970 62,956 
The Walt Disney Co. 8,368,119 1,210,281 
  4,543,990 
Interactive Media & Services - 13.0%   
Alphabet, Inc.:   
Class A (a) 2,475,480 3,315,633 
Class C (a) 2,230,870 2,982,718 
CarGurus, Inc. Class A (a) 923,065 32,473 
Facebook, Inc. Class A (a) 43,602,965 8,949,514 
Pinterest, Inc. Class A 16,789,593 312,958 
  15,593,296 
Media - 0.4%   
Charter Communications, Inc. Class A (a) 241,569 117,180 
Comcast Corp. Class A 702,325 31,584 
Discovery Communications, Inc. Class A (a) 1,199,224 39,263 
Liberty Media Corp. Liberty Formula One Group Series C (a) 5,893,200 270,881 
  458,908 
Wireless Telecommunication Services - 0.4%   
T-Mobile U.S., Inc. (a) 5,601,937 439,304 
TOTAL COMMUNICATION SERVICES  21,035,498 
CONSUMER DISCRETIONARY - 11.7%   
Automobiles - 0.1%   
Tesla, Inc. (a)(b) 198,611 83,085 
Toyota Motor Corp. 831,800 58,610 
  141,695 
Hotels, Restaurants & Leisure - 1.3%   
Chipotle Mexican Grill, Inc. (a) 609,118 509,899 
Churchill Downs, Inc. 86,940 11,928 
Evolution Gaming Group AB (c) 1,899,775 57,198 
Hilton Worldwide Holdings, Inc. 502,768 55,762 
McDonald's Corp. 3,954,990 781,546 
Starbucks Corp. 1,096,617 96,415 
  1,512,748 
Household Durables - 0.1%   
Garmin Ltd. 685,701 66,897 
Lennar Corp. Class A 196,421 10,958 
Mohawk Industries, Inc. (a) 556,698 75,922 
  153,777 
Internet & Direct Marketing Retail - 6.9%   
Alibaba Group Holding Ltd. 10,976,200 291,861 
Alibaba Group Holding Ltd. sponsored ADR (a) 248,785 52,767 
Amazon.com, Inc. (a) 4,243,947 7,842,135 
Meituan Dianping Class B (a) 2,174,800 28,440 
  8,215,203 
Multiline Retail - 0.0%   
Dollar General Corp. 211,087 32,925 
Specialty Retail - 1.7%   
AutoZone, Inc. (a) 50,041 59,614 
Burlington Stores, Inc. (a) 120,859 27,559 
John David Group PLC 7,412,719 82,223 
O'Reilly Automotive, Inc. (a) 497,035 217,831 
Ross Stores, Inc. 1,158,006 134,815 
Sally Beauty Holdings, Inc. (a) 1,515,918 27,666 
The Home Depot, Inc. 2,825,681 617,072 
TJX Companies, Inc. 13,003,587 793,999 
  1,960,779 
Textiles, Apparel & Luxury Goods - 1.6%   
adidas AG 1,966,970 639,400 
Allbirds, Inc. (a)(d)(e) 867,565 9,864 
Burberry Group PLC 944,991 27,601 
Deckers Outdoor Corp. (a) 333,702 56,349 
Hermes International SCA 43,098 32,206 
lululemon athletica, Inc. (a) 386,334 89,502 
NIKE, Inc. Class B 7,579,903 767,920 
Ralph Lauren Corp. 443,721 52,013 
VF Corp. 2,822,075 281,248 
  1,956,103 
TOTAL CONSUMER DISCRETIONARY  13,973,230 
CONSUMER STAPLES - 3.9%   
Beverages - 1.2%   
Budweiser Brewing Co. APAC Ltd. (a)(c) 11,209,800 37,834 
Keurig Dr. Pepper, Inc. 9,319,268 269,793 
PepsiCo, Inc. 3,067,901 419,290 
The Coca-Cola Co. 11,774,286 651,707 
  1,378,624 
Food & Staples Retailing - 0.9%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 2,023,303 64,210 
Costco Wholesale Corp. 3,075,698 904,009 
Grocery Outlet Holding Corp. 645,748 20,955 
Walmart, Inc. 697,988 82,949 
  1,072,123 
Food Products - 0.1%   
Mondelez International, Inc. 1,457,511 80,280 
The Simply Good Foods Co. (a) 1,515,765 43,260 
  123,540 
Household Products - 0.2%   
Procter & Gamble Co. 2,368,568 295,834 
Personal Products - 1.5%   
Estee Lauder Companies, Inc. Class A 7,549,695 1,559,314 
Kao Corp. 472,800 38,994 
L'Oreal SA 168,170 49,800 
L'Oreal SA 207,643 61,489 
Shiseido Co. Ltd. 1,866,700 132,554 
  1,842,151 
TOTAL CONSUMER STAPLES  4,712,272 
ENERGY - 1.2%   
Oil, Gas & Consumable Fuels - 1.2%   
Birchcliff Energy Ltd. (f) 19,893,692 39,679 
Birchcliff Energy Ltd. (c)(f) 686,127 1,369 
Canadian Natural Resources Ltd. 1,049,621 33,949 
Centennial Resource Development, Inc. Class A (a)(f) 20,006,000 92,428 
Continental Resources, Inc. 429,570 14,734 
EOG Resources, Inc. 1,613,347 135,134 
Hess Corp. 6,350,096 424,250 
Magnolia Oil & Gas Corp. Class A (a) 6,880,413 86,556 
Reliance Industries Ltd. 26,583,239 564,058 
  1,392,157 
FINANCIALS - 13.6%   
Banks - 5.5%   
Bank of America Corp. 61,264,155 2,157,724 
Citigroup, Inc. 18,478,013 1,476,208 
HDFC Bank Ltd. sponsored ADR 6,839,959 433,448 
JPMorgan Chase & Co. 14,696,786 2,048,732 
Kotak Mahindra Bank Ltd. 13,628,266 321,698 
PNC Financial Services Group, Inc. 764,928 122,105 
U.S. Bancorp 998,283 59,188 
  6,619,103 
Capital Markets - 0.7%   
Brookfield Asset Management, Inc.:   
(Canada) Class A 2,097,665 121,203 
Class A 1,209,184 69,891 
Charles Schwab Corp. 1,889,694 89,874 
CME Group, Inc. 1,799,054 361,106 
Moody's Corp. 354,059 84,057 
MSCI, Inc. 39,393 10,170 
S&P Global, Inc. 42,799 11,686 
XP, Inc. Class A (a)(b) 809,727 31,191 
  779,178 
Consumer Finance - 1.1%   
American Express Co. 10,709,383 1,333,211 
Diversified Financial Services - 5.6%   
AXA Equitable Holdings, Inc. 303,648 7,524 
Berkshire Hathaway, Inc. Class A (a) 19,615 6,661,058 
  6,668,582 
Insurance - 0.7%   
Admiral Group PLC 3,447,759 105,450 
AFLAC, Inc. 439,328 23,240 
Allstate Corp. 472,039 53,081 
American International Group, Inc. 6,149,580 315,658 
Chubb Ltd. 1,825,580 284,170 
Fairfax Financial Holdings Ltd. (sub. vtg.) 136,240 63,972 
Marsh & McLennan Companies, Inc. 250,276 27,883 
The Travelers Companies, Inc. 26,787 3,668 
  877,122 
TOTAL FINANCIALS  16,277,196 
HEALTH CARE - 13.3%   
Biotechnology - 1.9%   
23andMe, Inc. (a)(d)(e) 166,622 2,386 
AbbVie, Inc. 1,955,008 173,096 
Acceleron Pharma, Inc. (a) 89,977 4,771 
Allogene Therapeutics, Inc. (a)(b) 595,199 15,463 
Amgen, Inc. 355,581 85,720 
Argenx SE ADR (a) 122,893 19,727 
bluebird bio, Inc. (a) 569,239 49,951 
Bridgebio Pharma, Inc. 199,640 6,997 
CSL Ltd. 63,960 12,377 
Galapagos Genomics NV sponsored ADR (a) 82,661 17,097 
Gilead Sciences, Inc. 154,049 10,010 
Global Blood Therapeutics, Inc. (a) 162,202 12,893 
Idorsia Ltd. (a) 1,828,682 56,572 
Innovent Biolgics, Inc. (a)(c) 3,741,500 12,748 
Morphosys AG (a) 218,515 31,080 
Neurocrine Biosciences, Inc. (a) 335,241 36,035 
Regeneron Pharmaceuticals, Inc. (a) 740,461 278,028 
Turning Point Therapeutics, Inc. 562,113 35,014 
Vertex Pharmaceuticals, Inc. (a) 6,393,750 1,399,912 
  2,259,877 
Health Care Equipment & Supplies - 4.0%   
Abbott Laboratories 6,587,793 572,216 
Baxter International, Inc. 6,901,472 577,101 
Boston Scientific Corp. (a) 10,490,003 474,358 
Danaher Corp. 5,307,617 814,613 
DexCom, Inc. (a) 2,022,071 442,308 
Edwards Lifesciences Corp. (a) 3,336,231 778,309 
Haemonetics Corp. (a) 94,962 10,911 
Hoya Corp. 66,700 6,415 
Intuitive Surgical, Inc. (a) 809,721 478,667 
Masimo Corp. (a) 233,921 36,974 
ResMed, Inc. 329,888 51,123 
Sonova Holding AG Class B 511,980 117,177 
Stryker Corp. 1,905,271 399,993 
Zimmer Biomet Holdings, Inc. 404,386 60,528 
  4,820,693 
Health Care Providers & Services - 3.2%   
Anthem, Inc. 84,571 25,543 
Cigna Corp. 137,787 28,176 
Hapvida Participacoes e Investimentos SA (c) 3,718,300 59,065 
UnitedHealth Group, Inc. 12,505,706 3,676,427 
  3,789,211 
Health Care Technology - 0.2%   
Veeva Systems, Inc. Class A (a) 2,054,164 288,939 
Life Sciences Tools & Services - 1.6%   
10X Genomics, Inc. (a) 396,548 30,237 
Bio-Rad Laboratories, Inc. Class A (a) 206,644 76,464 
Bruker Corp. 210,973 10,753 
IQVIA Holdings, Inc. (a) 1,239,459 191,509 
Mettler-Toledo International, Inc. (a) 1,064,570 844,502 
PRA Health Sciences, Inc. (a) 89,690 9,969 
Thermo Fisher Scientific, Inc. 2,190,075 711,490 
Wuxi Biologics (Cayman), Inc. (a)(c) 1,095,500 13,869 
  1,888,793 
Pharmaceuticals - 2.4%   
Astellas Pharma, Inc. 740,300 12,637 
AstraZeneca PLC:   
(United Kingdom) 671,003 67,162 
sponsored ADR 16,185,904 807,029 
Bristol-Myers Squibb Co. 4,523,999 290,395 
Bristol-Myers Squibb Co. rights (a) 1,027,380 3,092 
Eli Lilly & Co. 1,996,336 262,378 
Hansoh Pharmaceutical Group Co. Ltd. (c) 18,724,000 62,235 
Merck & Co., Inc. 5,761,654 524,022 
Novartis AG sponsored ADR 3,166,649 299,850 
Roche Holding AG (participation certificate) 600,048 195,017 
Zoetis, Inc. Class A 2,814,672 372,522 
  2,896,339 
TOTAL HEALTH CARE  15,943,852 
INDUSTRIALS - 3.1%   
Aerospace & Defense - 0.7%   
Harris Corp. 1,345,961 266,325 
Lockheed Martin Corp. 241,185 93,913 
Northrop Grumman Corp. 549,095 188,872 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 295,578 63,254 
Class C (a)(d)(e) 12,991 2,780 
TransDigm Group, Inc. 395,551 221,509 
  836,653 
Airlines - 0.0%   
Southwest Airlines Co. 416,248 22,469 
United Continental Holdings, Inc. (a) 124,197 10,941 
  33,410 
Building Products - 0.1%   
Allegion PLC 78,972 9,835 
Masco Corp. 724,139 34,751 
Toto Ltd. 2,298,900 97,076 
  141,662 
Commercial Services & Supplies - 0.4%   
Cintas Corp. 1,277,612 343,780 
Clean TeQ Holdings Ltd. (a)(b)(f) 39,861,660 5,734 
Edenred SA 217,731 11,259 
TulCo LLC (a)(d)(e)(g) 140,771 73,551 
  434,324 
Electrical Equipment - 0.2%   
AMETEK, Inc. 1,215,816 121,265 
Generac Holdings, Inc. (a) 208,149 20,938 
Vestas Wind Systems A/S 979,508 98,937 
  241,140 
Industrial Conglomerates - 0.4%   
General Electric Co. 39,674,149 442,764 
Machinery - 0.6%   
Dover Corp. 62,664 7,223 
Fortive Corp. 7,195,129 549,636 
IDEX Corp. 68,222 11,734 
Ingersoll-Rand PLC 690,810 91,822 
PACCAR, Inc. 151,272 11,966 
  672,381 
Professional Services - 0.4%   
Clarivate Analytics PLC (a) 7,927,270 133,178 
CoStar Group, Inc. (a) 156,075 93,380 
Experian PLC 2,683,449 90,968 
FTI Consulting, Inc. (a) 1,308,662 144,817 
  462,343 
Road & Rail - 0.3%   
Canadian Pacific Railway Ltd. 182,391 46,496 
Keisei Electric Railway Co. 315,400 12,222 
Lyft, Inc. 323,908 13,935 
Union Pacific Corp. 1,828,306 330,539 
  403,192 
TOTAL INDUSTRIALS  3,667,869 
INFORMATION TECHNOLOGY - 31.9%   
Communications Equipment - 0.2%   
Motorola Solutions, Inc. 1,322,504 213,108 
Electronic Equipment & Components - 2.4%   
Amphenol Corp. Class A (f) 19,577,326 2,118,854 
CDW Corp. 1,382,584 197,488 
Keysight Technologies, Inc. (a) 1,681,771 172,600 
Zebra Technologies Corp. Class A (a) 1,295,997 331,049 
  2,819,991 
IT Services - 9.8%   
Accenture PLC Class A 1,599,221 336,748 
Adyen BV (a)(c) 179,649 147,305 
ASAC II LP (a)(d)(e) 39,494,500 6,635 
Endava PLC ADR (a) 135,534 6,316 
EPAM Systems, Inc. (a) 458,293 97,231 
Fidelity National Information Services, Inc. 456,910 63,552 
Fiserv, Inc. (a) 673,389 77,864 
Global Payments, Inc. 2,603,019 475,207 
MasterCard, Inc. Class A 10,261,002 3,063,833 
MongoDB, Inc. Class A (a)(b) 1,787,265 235,222 
Okta, Inc. (a) 3,276,421 378,001 
PayPal Holdings, Inc. (a) 16,432,110 1,777,461 
Shopify, Inc. Class A (a) 881,709 350,565 
StoneCo Ltd. Class A (a)(b) 997,655 39,796 
Visa, Inc. Class A 24,807,626 4,661,353 
  11,717,089 
Semiconductors & Semiconductor Equipment - 2.7%   
Advanced Micro Devices, Inc. (a) 9,852,874 451,853 
Analog Devices, Inc. 1,722,414 204,692 
ASML Holding NV 285,549 84,505 
Cirrus Logic, Inc. (a) 434,478 35,805 
Enphase Energy, Inc. (a)(b) 458,635 11,984 
KLA-Tencor Corp. 66,808 11,903 
Lam Research Corp. 1,015,921 297,055 
Marvell Technology Group Ltd. 1,975,345 52,465 
Microchip Technology, Inc. (b) 501,405 52,507 
NVIDIA Corp. 3,592,991 845,431 
NXP Semiconductors NV 1,825,216 232,277 
Qorvo, Inc. (a) 621,607 72,249 
Qualcomm, Inc. 7,074,006 624,140 
SolarEdge Technologies, Inc. (a) 525,500 49,970 
Synaptics, Inc. (a) 479,706 31,550 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 325,805 18,929 
Universal Display Corp. 119,799 24,687 
Xilinx, Inc. 1,873,439 183,166 
  3,285,168 
Software - 14.5%   
Adobe, Inc. (a) 10,440,092 3,443,247 
Atlassian Corp. PLC (a) 2,094,986 252,111 
Ceridian HCM Holding, Inc. (a)(b) 811,468 55,082 
Cloudflare, Inc. 6,547,014 106,107 
Coupa Software, Inc. (a) 1,146,761 167,714 
DocuSign, Inc. (a) 168,287 12,472 
Dropbox, Inc. Class A (a) 4,760,965 85,269 
Fortinet, Inc. (a) 109,815 11,724 
Intuit, Inc. 2,145,344 561,930 
Microsoft Corp. 42,397,644 6,686,108 
Netcompany Group A/S (a)(c) 438,480 20,865 
Paycom Software, Inc. (a) 764,134 202,312 
RingCentral, Inc. (a) 2,290,537 386,345 
Salesforce.com, Inc. (a) 27,286,307 4,437,845 
Slack Technologies, Inc. Class A (a)(b) 3,201,202 71,963 
Tanium, Inc. Class B (a)(d)(e) 2,944,100 28,676 
Workday, Inc. Class A (a) 4,994,158 821,289 
Xero Ltd. (a) 220,471 12,377 
  17,363,436 
Technology Hardware, Storage & Peripherals - 2.3%   
Apple, Inc. 9,178,943 2,695,397 
Samsung Electronics Co. Ltd. 1,682,300 81,230 
  2,776,627 
TOTAL INFORMATION TECHNOLOGY  38,175,419 
MATERIALS - 2.2%   
Chemicals - 0.6%   
Air Products & Chemicals, Inc. 574,595 135,024 
FMC Corp. 365,770 36,511 
Growmax Resources Corp. (a)(c)(e) 3,078,363 130 
PPG Industries, Inc. 359,000 47,923 
Sherwin-Williams Co. 826,357 482,212 
Westlake Chemical Corp. 892,911 62,638 
  764,438 
Construction Materials - 0.0%   
Vulcan Materials Co. 4,375 630 
Containers & Packaging - 0.0%   
Avery Dennison Corp. 98,299 12,859 
Metals & Mining - 1.6%   
Agnico Eagle Mines Ltd. (Canada) 905,752 55,787 
B2Gold Corp. 48,696,558 195,379 
Barrick Gold Corp. 1,228,159 22,831 
Barrick Gold Corp. (Canada) 25,339,747 470,675 
Franco-Nevada Corp. 4,428,484 457,291 
Ivanhoe Mines Ltd. (a) 45,803,384 149,909 
Ivanhoe Mines Ltd. (a)(c) 13,172,377 43,112 
Kirkland Lake Gold Ltd. 5,764,859 254,115 
Lundin Gold, Inc. (a) 2,026,371 12,999 
Newcrest Mining Ltd. 6,555,041 139,150 
Novagold Resources, Inc. (a) 7,330,141 65,593 
Royal Gold, Inc. 184,344 22,536 
Wheaton Precious Metals Corp. 855,934 25,469 
  1,914,846 
TOTAL MATERIALS  2,692,773 
REAL ESTATE - 0.7%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
American Tower Corp. 2,864,321 658,278 
Equity Commonwealth 370,335 12,158 
Equity Residential (SBI) 1,907,956 154,392 
Prologis, Inc. 388,091 34,594 
  859,422 
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Class A (a)(d)(e) 53,694 1,030 
TOTAL REAL ESTATE  860,452 
UTILITIES - 0.1%   
Electric Utilities - 0.1%   
NextEra Energy, Inc. 728,942 176,521 
TOTAL COMMON STOCKS   
(Cost $51,325,474)  118,907,239 
Preferred Stocks - 0.8%   
Convertible Preferred Stocks - 0.8%   
COMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(d)(e) 2,124,227 9,070 
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc.:   
Series D (a)(d)(e) 578,817 58,657 
Series E (a)(d)(e) 388,853 39,406 
ZenPayroll, Inc. Series D (d)(e) 2,436,137 32,431 
  130,494 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (a)(d)(e) 342,405 3,893 
Series B (a)(d)(e) 60,155 684 
Series C (a)(d)(e) 574,905 6,537 
Series Seed (a)(d)(e) 183,970 2,092 
Aurora Innovation, Inc. Series B (d)(e) 2,121,140 19,600 
  32,806 
TOTAL CONSUMER DISCRETIONARY  163,300 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Roofoods Ltd. Series F (a)(d)(e) 154,611 72,911 
HEALTH CARE - 0.2%   
Biotechnology - 0.2%   
23andMe, Inc.:   
Series E (a)(d)(e) 664,987 9,523 
Series F (a)(d)(e) 3,348,986 47,957 
Generation Bio Series B (a)(d)(e) 2,430,600 22,094 
Intarcia Therapeutics, Inc. Series CC (a)(d)(e) 2,100,446 84,942 
Nuvation Bio, Inc. Series A (d)(e)(h) 35,794,400 27,611 
  192,127 
Health Care Providers & Services - 0.0%   
Get Heal, Inc. Series B (a)(d)(e) 35,877,127 215 
Mulberry Health, Inc.:   
Series A-8 (a)(d)(e) 7,960,894 41,715 
Series A-9 (a)(d)(e) 600,009 3,144 
Series AA-9 (a)(d)(e) 49,783 261 
  45,335 
Pharmaceuticals - 0.0%   
Allovir, Inc. Series B (d)(e) 1,909,634 15,564 
TOTAL HEALTH CARE  253,026 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 558,215 119,458 
Series H (a)(d)(e) 120,282 25,740 
  145,198 
INFORMATION TECHNOLOGY - 0.1%   
Software - 0.1%   
Affirm, Inc. Series F (d)(e) 2,371,275 30,115 
Carbon, Inc.:   
Series D (a)(d)(e) 915,425 25,627 
Series E (d)(e) 139,606 3,908 
Delphix Corp. Series D (a)(d)(e) 3,712,687 26,212 
  85,862 
MATERIALS - 0.1%   
Metals & Mining - 0.1%   
High Power Exploration, Inc. Series A (d)(e) 12,577,747 66,285 
REAL ESTATE - 0.1%   
Real Estate Management & Development - 0.1%   
WeWork Companies, Inc.:   
Series E (a)(d)(e) 5,464,465 104,863 
Series F (a)(d)(e) 253,732 4,869 
  109,732 
TOTAL CONVERTIBLE PREFERRED STOCKS  905,384 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series G (e) 46,145 21,761 
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Petroleo Brasileiro SA - Petrobras sponsored ADR 1,477,906 23,558 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  45,319 
TOTAL PREFERRED STOCKS   
(Cost $857,560)  950,703 
Money Market Funds - 0.2%   
Fidelity Cash Central Fund 1.58% (i) 54,715,042 54,726 
Fidelity Securities Lending Cash Central Fund 1.58% (i)(j) 159,230,324 159,246 
TOTAL MONEY MARKET FUNDS   
(Cost $213,971)  213,972 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $52,397,005)  120,071,914 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (347,436) 
NET ASSETS - 100%  $119,724,478 

Values shown as $0 in the Schedule of Investments 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 $455,730,000 or 0.4% of net assets.

 (d) Restricted securities (including private placements) - 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 $1,093,560,000 or 0.9% of net assets.

 (e) Level 3 security

 (f) Affiliated company

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

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

 (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. 12/7/18 $2,799 
23andMe, Inc. Series E 6/18/15 $7,200 
23andMe, Inc. Series F 8/31/17 $46,498 
Affirm, Inc. Series F 3/22/19 $31,261 
Airbnb, Inc. Series D 4/16/14 $23,565 
Airbnb, Inc. Series E 6/29/15 $36,200 
Allbirds, Inc. 10/9/18 $9,515 
Allbirds, Inc. Series Seed 10/9/18 $2,018 
Allbirds, Inc. Series A 10/9/18 $3,755 
Allbirds, Inc. Series B 10/9/18 $660 
Allbirds, Inc. Series C 10/9/18 $6,305 
Allovir, Inc. Series B 5/8/19 $15,564 
Altiostar Networks, Inc. Series A1 1/10/17 $9,771 
ASAC II LP 10/10/13 $3,041 
Aurora Innovation, Inc. Series B 3/1/19 $19,600 
Carbon, Inc. Series D 12/15/17 $21,376 
Carbon, Inc. Series E 3/22/19 $3,908 
Delphix Corp. Series D 7/10/15 $33,414 
Generation Bio Series B 2/21/18 $22,230 
Get Heal, Inc. Series B 11/7/16 $10,944 
High Power Exploration, Inc. Series A 11/15/19 $66,285 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $28,629 
Mulberry Health, Inc. Series A-8 1/20/16 $53,774 
Mulberry Health, Inc. Series A-9 3/23/18 $4,281 
Mulberry Health, Inc. Series AA-9 3/23/18 $145 
Nuvation Bio, Inc. Series A 6/17/19 $27,612 
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 
TulCo LLC 8/24/17 - 9/7/18 $52,173 
WeWork Companies, Inc. Class A 6/23/15 $1,766 
WeWork Companies, Inc. Series E 6/23/15 $179,724 
WeWork Companies, Inc. Series F 12/1/16 $12,735 
ZenPayroll, Inc. Series D 7/16/19 $32,431 

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 $37,724 
Fidelity Securities Lending Cash Central Fund 6,389 
Total $44,113 

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

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(a) Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Amphenol Corp. Class A $1,831,879 $11,985 $291,699 $20,117 $124,412 $442,277 $2,118,854 
B2Gold Corp. 151,042 -- 9,671 421 5,629 48,379 -- 
Birchcliff Energy Ltd. 47,013 -- 2,625 1,373 (1,676) (3,033) 39,679 
Birchcliff Energy Ltd. 1,528 -- -- 46 -- (159) 1,369 
Centennial Resource Development, Inc. Class A 231,392 3,258 9,411 -- (2,824) (129,987) 92,428 
Churchill Capital Corp. Class A -- 63,958 865 -- 155 -- -- 
Clean TeQ Holdings Ltd. 11,088 76 542 -- (1,429) (3,459) 5,734 
Ivanhoe Mines Ltd. 84,386 -- 7,352 -- 5,460 67,415 -- 
Ivanhoe Mines Ltd. 24,268 -- 2,114 -- (1,770) 22,728 -- 
Metro Bank PLC 121,700 -- 62,162 -- (58,711) (827) -- 
Mettler-Toledo International, Inc. 785,722 33,206 258,689 -- 184,137 100,126 -- 
Total $3,290,018 $112,483 $645,130 $21,957 $253,383 $543,460 $2,258,064 

 (a) 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, 2019, 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:     
Communication Services $21,044,568 $21,035,498 $-- $9,070 
Consumer Discretionary 14,136,530 13,904,756 58,610 173,164 
Consumer Staples 4,806,944 4,540,724 171,548 94,672 
Energy 1,415,715 1,415,715 -- -- 
Financials 16,277,196 16,277,196 -- -- 
Health Care 16,196,878 15,666,650 274,816 255,412 
Industrials 3,813,067 3,229,081 299,203 284,783 
Information Technology 38,261,281 38,034,001 106,107 121,173 
Materials 2,759,058 2,692,643 -- 66,415 
Real Estate 970,184 859,422 -- 110,762 
Utilities 176,521 176,521 -- -- 
Money Market Funds 213,972 213,972 -- -- 
Total Investments in Securities: $120,071,914 $118,046,179 $910,284 $1,115,451 

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 $1,761,332 
Net Realized Gain (Loss) on Investment Securities (57,935) 
Net Unrealized Gain (Loss) on Investment Securities (198,044) 
Cost of Purchases 215,969 
Proceeds of Sales (29,898) 
Amortization/Accretion -- 
Transfers into Level 3 191 
Transfers out of Level 3 (576,164) 
Ending Balance $1,115,451 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2019 $(267,008) 

The information used in the above reconciliation 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, and proceeds of sales includes securities delivered through in-kind transactions. 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 reconciliation 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, 2019 
Assets   
Investment in securities, at value (including securities loaned of $156,889) — See accompanying schedule:
Unaffiliated issuers (cost $51,129,546) 		$117,599,878  
Fidelity Central Funds (cost $213,971) 213,972  
Other affiliated issuers (cost $1,053,488) 2,258,064  
Total Investment in Securities (cost $52,397,005)  $120,071,914 
Cash  395 
Foreign currency held at value (cost $1)  1 
Receivable for investments sold  288,391 
Receivable for fund shares sold  56,466 
Dividends receivable  59,727 
Distributions receivable from Fidelity Central Funds  2,085 
Prepaid expenses  163 
Other receivables  5,419 
Total assets  120,484,561 
Liabilities   
Payable for investments purchased   
Regular delivery $15,229  
Delayed delivery 13,806  
Payable for fund shares redeemed 459,876  
Accrued management fee 73,093  
Other affiliated payables 10,969  
Other payables and accrued expenses 28,036  
Collateral on securities loaned 159,074  
Total liabilities  760,083 
Net Assets  $119,724,478 
Net Assets consist of:   
Paid in capital  $51,650,577 
Total accumulated earnings (loss)  68,073,901 
Net Assets  $119,724,478 
Net Asset Value and Maximum Offering Price   
Contrafund:   
Net Asset Value, offering price and redemption price per share ($97,098,237÷ 7,082,602 shares)  $13.71 
Class K:   
Net Asset Value, offering price and redemption price per share ($22,626,241 ÷ 1,648,492 shares)  $13.73 

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


Statement of Operations

Amounts in thousands  Year ended December 31, 2019 
Investment Income   
Dividends (including $21,957 earned from other affiliated issuers)  $930,827 
Interest  124 
Income from Fidelity Central Funds (including $6,389 from security lending)  44,113 
Total income  975,064 
Expenses   
Management fee   
Basic fee $633,759  
Performance adjustment 210,306  
Transfer agent fees 131,169  
Accounting and security lending fees 3,686  
Custodian fees and expenses 1,133  
Independent trustees' fees and expenses 647  
Registration fees 369  
Audit 240  
Legal 188  
Interest 14  
Miscellaneous 805  
Total expenses before reductions 982,316  
Expense reductions (2,914)  
Total expenses after reductions  979,402 
Net investment income (loss)  (4,338) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 9,062,996  
Redemptions in-kind with affiliated entities 122,459  
Fidelity Central Funds 56  
Other affiliated issuers 253,383  
Foreign currency transactions (417)  
Total net realized gain (loss)  9,438,477 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $22,379) 20,636,802  
Fidelity Central Funds (56)  
Other affiliated issuers 543,460  
Assets and liabilities in foreign currencies 87  
Total change in net unrealized appreciation (depreciation)  21,180,293 
Net gain (loss)  30,618,770 
Net increase (decrease) in net assets resulting from operations  $30,614,432 

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, 2019 Year ended December 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(4,338) $44,957 
Net realized gain (loss) 9,438,477 13,728,208 
Change in net unrealized appreciation (depreciation) 21,180,293 (15,445,399) 
Net increase (decrease) in net assets resulting from operations 30,614,432 (1,672,234) 
Distributions to shareholders (5,019,205) (9,545,204) 
Share transactions - net increase (decrease) (14,000,174) (3,226,163) 
Total increase (decrease) in net assets 11,595,053 (14,443,601) 
Net Assets   
Beginning of period 108,129,425 122,573,026 
End of period $119,724,478 $108,129,425 

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


Financial Highlights

Fidelity Contrafund

Years ended December 31, 2019 2018 A 2017 A 2016 A 2015 A 
Selected Per–Share Data      
Net asset value, beginning of period $11.01 $12.24 $9.85 $9.89 $9.80 
Income from Investment Operations      
Net investment income (loss)B –C –C .01 .03 .03 
Net realized and unrealized gain (loss) 3.27 (.22) 3.14 .31 .59 
Total from investment operations 3.27 (.22) 3.15 .34 .62 
Distributions from net investment income – – (.01) (.03) (.03) 
Distributions from net realized gain (.57) (1.01) (.75) (.35) (.50) 
Total distributions (.57) (1.01) (.76) (.38) (.53) 
Net asset value, end of period $13.71 $11.01 $12.24 $9.85 $9.89 
Total ReturnD 29.98% (2.13)% 32.21% 3.36% 6.46% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .85% .82% .74% .68% .71% 
Expenses net of fee waivers, if any .85% .81% .74% .68% .71% 
Expenses net of all reductions .85% .81% .74% .68% .70% 
Net investment income (loss) (.02)% .01% .08% .29% .33% 
Supplemental Data      
Net assets, end of period (in millions) $97,098 $82,628 $89,874 $73,035 $77,724 
Portfolio turnover rateG 26%H 32%H 29%H 41%H 35%H 

 A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 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 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.

 H 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, 2019 2018 A 2017 A 2016 A 2015 A 
Selected Per–Share Data      
Net asset value, beginning of period $11.01 $12.24 $9.84 $9.88 $9.79 
Income from Investment Operations      
Net investment income (loss)B .01 .01 .02 .04 .04 
Net realized and unrealized gain (loss) 3.28 (.23) 3.14 .31 .59 
Total from investment operations 3.29 (.22) 3.16 .35 .63 
Distributions from net investment income – – (.02) (.04) (.04) 
Distributions from net realized gain (.57) (1.01) (.74) (.35) (.50) 
Total distributions (.57) (1.01) (.76) (.39) (.54) 
Net asset value, end of period $13.73 $11.01 $12.24 $9.84 $9.88 
Total ReturnC 30.17% (2.07)% 32.34% 3.48% 6.55% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .77% .73% .65% .58% .61% 
Expenses net of fee waivers, if any .76% .73% .65% .58% .61% 
Expenses net of all reductions .76% .72% .65% .58% .61% 
Net investment income (loss) .06% .10% .17% .39% .43% 
Supplemental Data      
Net assets, end of period (in millions) $22,626 $25,502 $32,699 $29,031 $31,560 
Portfolio turnover rateF 26%G 32%G 29%G 41%G 35%G 

 A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 B Calculated based on average shares outstanding during the period.

 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.

 G 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, 2019
(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 ranged from less than .005% to .01%.

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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, income approach and cost approach and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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, 2019, 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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected 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 of $4,798 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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, 2019, 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 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 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 $68,056,148 
Gross unrealized depreciation (752,655) 
Net unrealized appreciation (depreciation) $67,303,493 
Tax Cost $52,768,421 

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

Undistributed long-term capital gain $797,532 
Net unrealized appreciation (depreciation) on securities and other investments $67,303,546 

The tax character of distributions paid was as follows:

 December 31, 2019 December 31, 2018 
Long-term Capital Gains $5,019,205 $9,545,204 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). 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 $73,551 in this Subsidiary, representing .06% 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 and in-kind transactions, aggregated $30,208,539 and $37,095,545, respectively.

Unaffiliated Redemptions In-Kind. During the period, 502,341 shares of the Fund were redeemed in-kind for investments, including accrued interest, and cash with a value of $6,406,178. The net realized gain of $4,021,010 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 Unaffiliated Redemptions In-Kind. 

During the prior period, 507,507* shares of the Fund were redeemed in-kind for investments, including accrued interest, and cash with a value of $6,481,043. The Fund had a net realized gain of $4,188,360 on investments delivered through 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.

* Share activity prior to August 10, 2018 has been adjusted to reflect the impact of the 10 for 1 share split that occurred on that date.

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 .71% 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 $119,639 .13 
Class K 11,530 .05 
 $131,169  

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. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to the following annual rates:

 % of Average Net Assets 
Contrafund –(a) 

 (a) Amount represents less than .005%.

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Contrafund $771 

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 fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. 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 
Contrafund Borrower $69,014 2.41% $14 

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.

Affiliated Redemptions In-Kind. During the period, 13,204 shares of the Fund were redeemed in-kind for investments and cash with a value of $179,130. The net realized gain of $122,459 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 $314 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 from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $146. 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, and includes $80 from securities loaned to NFS, as affiliated borrower.

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 $2,001 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

 Expense reduction 
Contrafund $21 

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $889.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
December 31, 2019 		Year ended
December 31, 2018 
Distributions to shareholders   
Contrafund $3,992,140 $7,220,133 
Class K 1,027,065 2,325,071 
Total $5,019,205 $9,545,204 

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, 2019 Year ended December 31, 2018(a) Year ended December 31, 2019 Year ended December 31, 2018 
Contrafund     
Shares sold 507,277 905,916 $6,458,090 $11,723,977 
Reinvestment of distributions 286,215 589,812 3,742,055 6,814,704 
Shares redeemed (1,218,146)(b),(c) (1,329,932)(d) (15,635,943)(b),(c) (17,031,104)(d) 
Net increase (decrease) (424,654) 165,796 $(5,435,798) $1,507,577 
Class K     
Shares sold 236,454 421,063 $3,005,530 $5,450,387 
Reinvestment of distributions 78,740 200,953 1,026,783 2,325,013 
Shares redeemed (983,000)(b) (978,368)(d) (12,596,689)(b) (12,509,140)(d) 
Net increase (decrease) (667,806) (356,352) $(8,564,376) $(4,733,740) 

 (a) Share activity prior to August 10, 2018 has been adjusted to reflect the impact of the 10 for 1 share split that occurred on that date.

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

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

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

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.

Effective January 1, 2020, following any required regulatory notices and approvals:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. (FIIOC) converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

Report of Independent Registered Public Accounting Firm

To the Board of 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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 by correspondence with the custodian, issuers of privately offered securities 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 12, 2020



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.  Except for Michael E. Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 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 Investment Company Act of 1940 (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 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.

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 other equity 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.  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 Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), 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).

 * 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) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

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 Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida 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 Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

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.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

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) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). 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), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + 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 a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Member of the Advisory Board

Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

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 Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Member of the Advisory Board

Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

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.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

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 Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

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).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant 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). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).

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 LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), 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 Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

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).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

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, 2019 to December 31, 2019).

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.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2019 		Ending
Account Value
December 31, 2019 		Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 
Contrafund .84%    
Actual  $1,000.00 $1,076.30 $4.40 
Hypothetical-C  $1,000.00 $1,020.97 $4.28 
Class K .76%    
Actual  $1,000.00 $1,077.00 $3.98 
Hypothetical-C  $1,000.00 $1,021.37 $3.87 

 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 02/10/2020 02/07/2020 $0.097 
Class K 02/10/2020 02/07/2020 $0.097 

The fund hereby designates as a capital gain dividend with respect to the taxable year December 31, 2019, $5,299,684,685, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Contrafund

At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.

The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.





Fidelity Investments

CON-ANN-0220
1.540009.122

Fidelity Advisor® New Insights Fund



Annual Report

December 31, 2019

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

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Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of 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


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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, 2019 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 21.73% 10.14% 12.04% 
Class M (incl. 3.50% sales charge) 24.29% 10.38% 12.03% 
Class C (incl. contingent deferred sales charge) 27.15% 10.61% 11.87% 
Class I 29.42% 11.73% 13.00% 
Class Z 29.60% 11.87% 13.09% 

 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, 2009, 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
$31,170Fidelity Advisor® New Insights Fund - Class A
$35,666S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. stocks continued to roll in 2019, with the S&P 500® index soaring 31.49% and marking history as the longest and strongest bull market ever, despite persistent, nagging concerns about global economic growth and trade. After a rough end to 2018, equities sharply reversed course to begin the new year amid upbeat company earnings and signs the Federal Reserve may pause on rates. The uptrend continued until May, when the index sunk as trade negotiations between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving even higher through year-end. Gains were robust and broad-based, with information technology (+50%) leading the way with its best calendar-year result in a decade, amid strong growth trends. Communication services (+33%) and financials (+32%) also stood out. In contrast, energy (+12%) was by far the weakest group – struggling amid sluggish oil prices – while several strong gainers nonetheless fell short of the broader market: industrials and real estate (+29% each), consumer discretionary and consumer staples (+28% each), utilities (+26%), materials (+25%), and health care (+21%).

Comments from Co-Portfolio Managers William Danoff and John Roth:  For the year, the fund's share classes (excluding sales charges, if applicable) gained roughly 28% to 30%, lagging the benchmark S&P 500® index. Versus the benchmark, security selection was the largest detractor, especially in the information technology and financials sectors. Our picks in energy hurt to a lesser extent. The biggest individual relative detractor by a wide margin was largely avoiding Apple (+89%), a maker of personal electronics and a sizable benchmark component the past year.The company had favorable financial results, driven by its wearables, home and accessories segment. Underexposure to Apple allowed us to invest in companies with better growth prospects. In financials, it hurt to overweight Berkshire Hathaway, as shares of the insurance-focused conglomerate gained 11% in 2019, lagging the benchmark. Rising interest rates pressured the stock, but we held steady our sizable position. Conversely, security selection in health care contributed most versus the benchmark, followed by a considerable overweighting in the strong software & services industry within information technology. The biggest individual contributor was a large investment in Facebook (+56%), as the social-media platform operator reported better-than-expected revenue, earnings and average revenue per user. Facebook was the fund's top holding at year-end.

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, 2019

 % of fund's net assets 
Facebook, Inc. Class A 5.2 
Amazon.com, Inc. 4.8 
Microsoft Corp. 4.0 
Berkshire Hathaway, Inc. Class A 2.9 
Alphabet, Inc. Class A 2.8 
Salesforce.com, Inc. 2.8 
Adobe, Inc. 2.5 
Visa, Inc. Class A 2.4 
Bank of America Corp. 2.3 
General Electric Co. 2.3 
 32.0 

Top Five Market Sectors as of December 31, 2019

 % of fund's net assets 
Information Technology 23.6 
Financials 14.8 
Communication Services 13.5 
Health Care 12.7 
Consumer Discretionary 12.4 

Asset Allocation (% of fund's net assets)

As of December 31, 2019* 
   Stocks 98.6% 
   Convertible Securities 0.6% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.7% 


 * Foreign investments - 10.7%

Schedule of Investments December 31, 2019

Showing Percentage of Net Assets

Common Stocks - 98.6%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 13.5%   
Diversified Telecommunication Services - 0.6%   
Verizon Communications, Inc. 2,509,454 $154,080 
Entertainment - 2.8%   
Activision Blizzard, Inc. 687,876 40,874 
Netflix, Inc. (a) 1,535,119 496,718 
Spotify Technology SA (a) 62,568 9,357 
The Walt Disney Co. 1,084,215 156,810 
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 13,518,536 38,122 
  741,881 
Interactive Media & Services - 8.5%   
Alphabet, Inc.:   
Class A (a) 556,396 745,231 
Class C (a) 64,015 85,589 
Facebook, Inc. Class A (a) 6,659,522 1,366,883 
Pinterest, Inc. Class A 2,715,106 50,610 
  2,248,313 
Media - 1.2%   
Charter Communications, Inc. Class A (a) 36,201 17,560 
Comcast Corp. Class A 5,266,714 236,844 
Discovery Communications, Inc. Class A (a) 167,878 5,496 
Liberty Media Corp. Liberty Formula One Group Series C (a) 931,212 42,803 
  302,703 
Wireless Telecommunication Services - 0.4%   
Sprint Corp. (a) 12,110,172 63,094 
T-Mobile U.S., Inc. (a) 652,415 51,162 
  114,256 
TOTAL COMMUNICATION SERVICES  3,561,233 
CONSUMER DISCRETIONARY - 12.3%   
Automobiles - 0.8%   
Aston Martin Lagonda Global Holdings PLC (a)(e)(f) 3,987,714 27,456 
Fiat Chrysler Automobiles NV 4,811,016 70,674 
General Motors Co. 1,550,977 56,766 
Tesla, Inc. (a)(e) 97,819 40,921 
Toyota Motor Corp. 136,200 9,597 
  205,414 
Hotels, Restaurants & Leisure - 1.2%   
ARAMARK Holdings Corp. 777,381 33,738 
Chipotle Mexican Grill, Inc. (a) 89,668 75,062 
Churchill Downs, Inc. 12,255 1,681 
Dunkin' Brands Group, Inc. 517,291 39,076 
Evolution Gaming Group AB (f) 278,976 8,399 
Hilton Worldwide Holdings, Inc. 70,871 7,860 
McDonald's Corp. 521,628 103,079 
Starbucks Corp. 154,283 13,565 
Wynn Resorts Ltd. 182,591 25,356 
  307,816 
Household Durables - 0.7%   
Blu Homes, Inc. (a)(c)(d) 98,215,581 170 
D.R. Horton, Inc. 1,196,975 63,140 
Garmin Ltd. 110,548 10,785 
Lennar Corp. Class A 26,701 1,490 
Mohawk Industries, Inc. (a) 363,837 49,620 
NVR, Inc. (a) 16,117 61,380 
  186,585 
Internet & Direct Marketing Retail - 5.3%   
Alibaba Group Holding Ltd. 2,088,100 55,523 
Alibaba Group Holding Ltd. sponsored ADR (a) 35,501 7,530 
Amazon.com, Inc. (a) 687,834 1,271,007 
Meituan Dianping Class B (a) 300,800 3,934 
The Booking Holdings, Inc. (a) 31,478 64,647 
  1,402,641 
Leisure Products - 0.4%   
Peloton Interactive, Inc. 3,760,544 101,459 
Peloton Interactive, Inc. Class A (a)(e) 239,475 6,801 
  108,260 
Multiline Retail - 0.3%   
Dollar General Corp. 489,006 76,275 
Specialty Retail - 1.9%   
AutoZone, Inc. (a) 46,360 55,229 
Best Buy Co., Inc. 463,401 40,687 
Burlington Stores, Inc. (a) 23,114 5,271 
John David Group PLC 1,145,156 12,702 
National Vision Holdings, Inc. (a) 1,593,391 51,674 
O'Reilly Automotive, Inc. (a) 74,303 32,564 
Ross Stores, Inc. 177,091 20,617 
Sally Beauty Holdings, Inc. (a) 213,137 3,890 
The Home Depot, Inc. 254,063 55,482 
Tiffany & Co., Inc. 420,168 56,155 
TJX Companies, Inc. 2,912,825 177,857 
  512,128 
Textiles, Apparel & Luxury Goods - 1.7%   
adidas AG 317,311 103,148 
Allbirds, Inc. (a)(c)(d) 189,420 2,154 
Brunello Cucinelli SpA 1,802,600 63,814 
Burberry Group PLC 140,081 4,091 
China Hongxing Sports Ltd. (a)(d) 5,977,800 252 
Deckers Outdoor Corp. (a) 45,892 7,749 
Hermes International SCA 6,894 5,152 
lululemon athletica, Inc. (a) 61,871 14,334 
NIKE, Inc. Class B 759,626 76,958 
PVH Corp. 421,264 44,296 
Ralph Lauren Corp. 63,066 7,393 
Tapestry, Inc. 1,331,629 35,914 
Under Armour, Inc. Class A (sub. vtg.) (a)(e) 1,522,288 32,881 
VF Corp. 436,184 43,470 
  441,606 
TOTAL CONSUMER DISCRETIONARY  3,240,725 
CONSUMER STAPLES - 4.7%   
Beverages - 0.7%   
Budweiser Brewing Co. APAC Ltd. (a)(f) 1,902,400 6,421 
Diageo PLC sponsored ADR 180,499 30,400 
Keurig Dr. Pepper, Inc. 1,401,485 40,573 
PepsiCo, Inc. 431,202 58,932 
The Coca-Cola Co. 951,882 52,687 
  189,013 
Food & Staples Retailing - 1.9%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 289,926 9,201 
Costco Wholesale Corp. 488,047 143,447 
Grocery Outlet Holding Corp. (e) 139,184 4,517 
Kroger Co. 1,851,011 53,661 
Performance Food Group Co. (a) 1,016,153 52,312 
U.S. Foods Holding Corp. (a) 1,114,771 46,698 
Walmart, Inc. 1,553,038 184,563 
  494,399 
Food Products - 0.5%   
Danone SA 578,155 48,013 
Greencore Group PLC 18,257,692 64,789 
Mondelez International, Inc. 241,464 13,300 
  126,102 
Household Products - 0.4%   
Kimberly-Clark Corp. 264,374 36,365 
Procter & Gamble Co. 657,945 82,177 
  118,542 
Personal Products - 1.2%   
Estee Lauder Companies, Inc. Class A 1,055,784 218,062 
L'Oreal SA 23,812 7,051 
Shiseido Co. Ltd. 296,200 21,033 
Unilever NV 1,197,748 68,740 
  314,886 
TOTAL CONSUMER STAPLES  1,242,942 
ENERGY - 4.0%   
Energy Equipment & Services - 0.2%   
Borr Drilling Ltd. (a)(e) 2,934,120 25,320 
Oceaneering International, Inc. (a) 2,162,918 32,249 
Pacific Drilling SA (a) 1,328,764 5,421 
  62,990 
Oil, Gas & Consumable Fuels - 3.8%   
BP PLC sponsored ADR 2,250,643 84,939 
Cabot Oil & Gas Corp. 2,144,054 37,328 
Canadian Natural Resources Ltd. 234,800 7,594 
Centennial Resource Development, Inc. Class A (a) 4,306,160 19,894 
Cheniere Energy, Inc. (a) 759,300 46,370 
Concho Resources, Inc. (a) 25,680 2,249 
Continental Resources, Inc. 234,151 8,031 
Energy Transfer Equity LP 2,418,300 31,027 
EOG Resources, Inc. 55,720 4,667 
Exxon Mobil Corp. 3,805,322 265,535 
Golar LNG Ltd. 1,506,848 21,427 
GoviEx Uranium, Inc. (a) 848,865 105 
GoviEx Uranium, Inc. (a)(f) 23,200 3 
GoviEx Uranium, Inc. Class A (a)(f) 2,625,135 323 
Hess Corp. 2,579,270 172,321 
Kosmos Energy Ltd. 14,896,150 84,908 
Magnolia Oil & Gas Corp. Class A (a) 967,415 12,170 
Reliance Industries Ltd. 2,971,173 63,044 
The Williams Companies, Inc. 3,330,215 78,993 
Valero Energy Corp. 655,753 61,411 
  1,002,339 
TOTAL ENERGY  1,065,329 
FINANCIALS - 14.8%   
Banks - 5.6%   
Bank of America Corp. 17,410,874 613,211 
BB&T Corp. 1,222,870 68,872 
Citigroup, Inc. 984,769 78,673 
HDFC Bank Ltd. sponsored ADR 2,653,246 168,136 
JPMorgan Chase & Co. 1,378,989 192,231 
Kotak Mahindra Bank Ltd. 2,032,872 47,986 
PNC Financial Services Group, Inc. 918,433 146,609 
U.S. Bancorp 135,200 8,016 
Wells Fargo & Co. 2,880,215 154,956 
  1,478,690 
Capital Markets - 1.5%   
Brookfield Asset Management, Inc. (Canada) Class A 290,819 16,803 
Charles Schwab Corp. 263,000 12,508 
CME Group, Inc. 249,476 50,075 
Goldman Sachs Group, Inc. 317,169 72,927 
Moody's Corp. 49,100 11,657 
Morgan Stanley 1,211,894 61,952 
MSCI, Inc. 6,476 1,672 
Northern Trust Corp. 472,764 50,226 
S&P Global, Inc. 5,900 1,611 
The NASDAQ OMX Group, Inc. 646,490 69,239 
TPG Specialty Lending, Inc. 1,893,018 40,643 
XP, Inc. Class A (a) 120,400 4,638 
  393,951 
Consumer Finance - 1.0%   
American Express Co. 1,839,533 229,003 
Oportun Financial Corp. 981,015 22,181 
  251,184 
Diversified Financial Services - 3.7%   
AXA Equitable Holdings, Inc. 65,100 1,613 
Berkshire Hathaway, Inc.:   
Class A (a) 2,252 764,757 
Class B (a) 932,778 211,274 
  977,644 
Insurance - 2.8%   
Admiral Group PLC 617,853 18,897 
AFLAC, Inc. 62,568 3,310 
Allstate Corp. 70,339 7,910 
American International Group, Inc. 4,666,732 239,543 
Arch Capital Group Ltd. (a) 2,352,265 100,889 
Chubb Ltd. 921,334 143,415 
Fairfax Financial Holdings Ltd. (sub. vtg.) 35,867 16,842 
First American Financial Corp. 452,841 26,410 
FNF Group 1,011,671 45,879 
Hiscox Ltd. 1,442,243 27,204 
Marsh & McLennan Companies, Inc. 43,881 4,889 
MetLife, Inc. 1,387,711 70,732 
The Travelers Companies, Inc. 262,006 35,882 
  741,802 
Thrifts & Mortgage Finance - 0.2%   
Radian Group, Inc. 2,193,969 55,200 
TOTAL FINANCIALS  3,898,471 
HEALTH CARE - 12.5%   
Biotechnology - 1.8%   
23andMe, Inc. (a)(c)(d) 22,532 323 
AbbVie, Inc. 269,216 23,836 
Acceleron Pharma, Inc. (a) 20,544 1,089 
Allogene Therapeutics, Inc. (a)(e) 118,810 3,087 
Amgen, Inc. 753,134 181,558 
Argenx SE ADR (a) 12,653 2,031 
bluebird bio, Inc. (a) 87,277 7,659 
Bridgebio Pharma, Inc. 41,478 1,454 
CSL Ltd. 12,183 2,358 
Galapagos Genomics NV sponsored ADR (a) 15,348 3,174 
Global Blood Therapeutics, Inc. (a) 21,700 1,725 
Idorsia Ltd. (a) 333,066 10,304 
Innovent Biolgics, Inc. (a)(f) 523,000 1,782 
Light Sciences Oncology, Inc. (a)(d) 2,708,254 0 
Morphosys AG (a) 34,562 4,916 
Neurocrine Biosciences, Inc. (a) 73,246 7,873 
Olivo Labs (a)(c)(d) 630,333 0 
Regeneron Pharmaceuticals, Inc. (a) 100,643 37,789 
Turning Point Therapeutics, Inc. 110,989 6,914 
Vertex Pharmaceuticals, Inc. (a) 842,746 184,519 
  482,391 
Health Care Equipment & Supplies - 3.6%   
Abbott Laboratories 1,336,049 116,049 
Baxter International, Inc. 1,267,654 106,001 
Becton, Dickinson & Co. 373,151 101,486 
Boston Scientific Corp. (a) 1,909,708 86,357 
Danaher Corp. 1,245,922 191,224 
DexCom, Inc. (a) 309,382 67,674 
Edwards Lifesciences Corp. (a) 624,087 145,593 
Haemonetics Corp. (a) 13,251 1,523 
Hoya Corp. 7,900 760 
I-Pulse, Inc. (a)(c)(d) 58,562 178 
Intuitive Surgical, Inc. (a) 81,320 48,072 
Masimo Corp. (a) 32,618 5,156 
ResMed, Inc. 5,022 778 
Sonova Holding AG Class B 77,214 17,672 
Stryker Corp. 269,103 56,495 
Zimmer Biomet Holdings, Inc. 55,417 8,295 
  953,313 
Health Care Providers & Services - 2.9%   
Cigna Corp. 354,628 72,518 
CVS Health Corp. 897,514 66,676 
Hapvida Participacoes e Investimentos SA (f) 719,600 11,431 
Henry Schein, Inc. (a) 802,944 53,572 
UnitedHealth Group, Inc. 1,699,719 499,683 
Universal Health Services, Inc. Class B 468,580 67,222 
  771,102 
Health Care Technology - 0.3%   
Castlight Health, Inc. (a) 1,303,800 1,734 
Veeva Systems, Inc. Class A (a) 502,597 70,695 
  72,429 
Life Sciences Tools & Services - 2.0%   
10X Genomics, Inc. (a) 55,793 4,254 
Agilent Technologies, Inc. 676,373 57,701 
Bio-Rad Laboratories, Inc. Class A (a) 28,196 10,433 
Bruker Corp. 1,293,981 65,954 
IQVIA Holdings, Inc. (a) 82,805 12,794 
Mettler-Toledo International, Inc. (a) 140,863 111,744 
PRA Health Sciences, Inc. (a) 14,900 1,656 
Thermo Fisher Scientific, Inc. 780,511 253,565 
Wuxi Biologics (Cayman), Inc. (a)(f) 155,500 1,969 
  520,070 
Pharmaceuticals - 1.9%   
Astellas Pharma, Inc. 106,200 1,813 
AstraZeneca PLC:   
(United Kingdom) 95,131 9,522 
sponsored ADR 2,072,443 103,332 
Bristol-Myers Squibb Co. 1,925,930 123,625 
Bristol-Myers Squibb Co. rights (a) 146,657 441 
Catalent, Inc. (a) 741,321 41,736 
Hansoh Pharmaceutical Group Co. Ltd. (f) 3,147,000 10,460 
Merck & Co., Inc. 795,266 72,329 
Novartis AG sponsored ADR 435,324 41,221 
Roche Holding AG (participation certificate) 127,983 41,595 
Zoetis, Inc. Class A 429,259 56,812 
  502,886 
TOTAL HEALTH CARE  3,302,191 
INDUSTRIALS - 7.8%   
Aerospace & Defense - 2.1%   
General Dynamics Corp. 668,703 117,926 
Harris Corp. 193,836 38,354 
Huntington Ingalls Industries, Inc. 460,512 115,533 
Kratos Defense & Security Solutions, Inc. (a) 2,214,101 39,876 
Lockheed Martin Corp. 33,345 12,984 
Northrop Grumman Corp. 453,352 155,939 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 247,745 53,017 
Class C (a)(c)(d) 4,546 973 
TransDigm Group, Inc. 58,979 33,028 
  567,630 
Air Freight & Logistics - 0.1%   
XPO Logistics, Inc. (a) 394,070 31,407 
Airlines - 0.2%   
Ryanair Holdings PLC sponsored ADR (a) 560,025 49,064 
Southwest Airlines Co. 56,092 3,028 
United Continental Holdings, Inc. (a) 17,336 1,527 
  53,619 
Building Products - 0.5%   
Allegion PLC 13,849 1,725 
Fortune Brands Home & Security, Inc. 474,247 30,987 
Masco Corp. 103,516 4,968 
Toto Ltd. 2,271,900 95,936 
  133,616 
Commercial Services & Supplies - 0.6%   
Cintas Corp. 220,579 59,353 
Clean TeQ Holdings Ltd. (a) 70,040 10 
Edenred SA 31,284 1,618 
IAA Spinco, Inc. (a) 722,395 33,996 
KAR Auction Services, Inc. (e) 726,795 15,837 
Stericycle, Inc. (a) 512,311 32,691 
TulCo LLC (a)(b)(c)(d) 17,377 9,079 
  152,584 
Construction & Engineering - 0.1%   
AECOM (a) 580,446 25,035 
Electrical Equipment - 0.4%   
AMETEK, Inc. 202,735 20,221 
Generac Holdings, Inc. (a) 34,590 3,479 
Melrose Industries PLC 18,428,956 58,611 
Vestas Wind Systems A/S 136,134 13,750 
  96,061 
Industrial Conglomerates - 2.3%   
General Electric Co. 54,927,602 612,992 
Machinery - 0.6%   
Donaldson Co., Inc. 904,687 52,128 
Dover Corp. 14,247 1,642 
Fortive Corp. 894,432 68,326 
IDEX Corp. 17,659 3,037 
Ingersoll-Rand PLC 101,470 13,487 
PACCAR, Inc. 21,122 1,671 
Pentair PLC 501,751 23,015 
  163,306 
Professional Services - 0.3%   
Clarivate Analytics PLC (a) 1,285,553 21,597 
CoStar Group, Inc. (a) 23,846 14,267 
Experian PLC 406,214 13,770 
FTI Consulting, Inc. (a) 211,217 23,373 
  73,007 
Road & Rail - 0.6%   
Canadian Pacific Railway Ltd. 32,500 8,285 
Knight-Swift Transportation Holdings, Inc. Class A 1,466,937 52,575 
Lyft, Inc. 1,016,634 43,736 
Uber Technologies, Inc. 818,000 24,327 
Union Pacific Corp. 150,341 27,180 
  156,103 
TOTAL INDUSTRIALS  2,065,360 
INFORMATION TECHNOLOGY - 23.5%   
Communications Equipment - 0.8%   
Cisco Systems, Inc. 2,658,177 127,486 
Ericsson (B Shares) 4,994,205 43,638 
Motorola Solutions, Inc. 201,453 32,462 
  203,586 
Electronic Equipment & Components - 2.0%   
Amphenol Corp. Class A 3,957,647 428,336 
CDW Corp. 201,721 28,814 
Keysight Technologies, Inc. (a) 249,675 25,624 
Zebra Technologies Corp. Class A (a) 195,404 49,914 
  532,688 
IT Services - 7.1%   
Accenture PLC Class A 218,908 46,095 
Adyen BV (a)(f) 36,976 30,319 
Akamai Technologies, Inc. (a) 781,664 67,520 
ASAC II LP (a)(c)(d) 9,408,021 1,581 
Black Knight, Inc. (a) 999,070 64,420 
Endava PLC ADR (a) 31,434 1,465 
EPAM Systems, Inc. (a) 103,018 21,856 
Euronet Worldwide, Inc. (a) 216,958 34,184 
Fidelity National Information Services, Inc. 610,813 84,958 
Fiserv, Inc. (a) 523,667 60,552 
Global Payments, Inc. 392,936 71,734 
Leidos Holdings, Inc. 389,687 38,146 
MasterCard, Inc. Class A 975,889 291,391 
MongoDB, Inc. Class A (a) 283,203 37,272 
Okta, Inc. (a) 854,003 98,526 
PayPal Holdings, Inc. (a) 2,137,637 231,228 
Shopify, Inc. Class A (a) 177,442 70,550 
StoneCo Ltd. Class A (a)(e) 160,771 6,413 
Visa, Inc. Class A 3,319,636 623,760 
  1,881,970 
Semiconductors & Semiconductor Equipment - 2.4%   
Advanced Micro Devices, Inc. (a) 1,542,833 70,754 
Analog Devices, Inc. 634,174 75,365 
ASML Holding NV 40,799 12,074 
Cirrus Logic, Inc. (a) 73,400 6,049 
Enphase Energy, Inc. (a)(e) 65,900 1,722 
KLA-Tencor Corp. 9,365 1,669 
Lam Research Corp. 142,160 41,568 
Marvell Technology Group Ltd. 296,501 7,875 
Microchip Technology, Inc. 16,400 1,717 
NVIDIA Corp. 974,282 229,249 
NXP Semiconductors NV 285,972 36,393 
Qorvo, Inc. (a) 83,449 9,699 
Qualcomm, Inc. 986,990 87,082 
SolarEdge Technologies, Inc. (a) 71,865 6,834 
Synaptics, Inc. (a) 75,496 4,965 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 42,941 2,495 
Universal Display Corp. 16,500 3,400 
Xilinx, Inc. 257,096 25,136 
  624,046 
Software - 11.2%   
Adobe, Inc. (a) 1,967,456 648,887 
Atlassian Corp. PLC (a) 497,062 59,816 
Ceridian HCM Holding, Inc. (a) 114,468 7,770 
Coupa Software, Inc. (a) 228,391 33,402 
DocuSign, Inc. (a) 23,400 1,734 
Dropbox, Inc. Class A (a) 811,853 14,540 
Fortinet, Inc. (a) 15,100 1,612 
Intuit, Inc. 488,101 127,848 
Microsoft Corp. 6,750,515 1,064,556 
Netcompany Group A/S (a)(f) 996 47 
Paycom Software, Inc. (a) 122,560 32,449 
RingCentral, Inc. (a) 402,676 67,919 
Salesforce.com, Inc. (a) 4,534,784 737,537 
Slack Technologies, Inc. Class A (a) 442,700 9,952 
SurveyMonkey (a) 1,082,968 19,353 
Tanium, Inc. Class B (a)(c)(d) 692,100 6,741 
Workday, Inc. Class A (a) 674,923 110,991 
Xero Ltd. (a) 30,800 1,729 
  2,946,883 
Technology Hardware, Storage & Peripherals - 0.0%   
Apple, Inc. 6,100 1,791 
Samsung Electronics Co. Ltd. 231,900 11,197 
  12,988 
TOTAL INFORMATION TECHNOLOGY  6,202,161 
MATERIALS - 3.0%   
Chemicals - 0.9%   
Air Products & Chemicals, Inc. 81,474 19,146 
FMC Corp. 50,238 5,015 
International Flavors & Fragrances, Inc. (e) 438,098 56,523 
LG Chemical Ltd. 109,930 30,202 
Nutrien Ltd. 677,887 32,455 
PPG Industries, Inc. 64,722 8,640 
Sherwin-Williams Co. 121,252 70,755 
Westlake Chemical Corp. 87,874 6,164 
  228,900 
Construction Materials - 0.0%   
Vulcan Materials Co. 1,046 151 
Containers & Packaging - 0.1%   
Avery Dennison Corp. 223,634 29,256 
Metals & Mining - 2.0%   
Agnico Eagle Mines Ltd. (Canada) 134,998 8,315 
B2Gold Corp. 32,886,704 131,947 
Barrick Gold Corp. 167,978 3,123 
Barrick Gold Corp. (Canada) 3,620,379 67,247 
Franco-Nevada Corp. 1,427,336 147,389 
Ivanhoe Mines Ltd. (a) 7,901,718 25,861 
Kirkland Lake Gold Ltd. 1,088,219 47,969 
Lundin Gold, Inc. (a) 458,003 2,938 
Newcrest Mining Ltd. 2,701,993 57,358 
Novagold Resources, Inc. (a) 3,373,076 30,184 
Royal Gold, Inc. 25,705 3,142 
Wheaton Precious Metals Corp. 115,671 3,442 
  528,915 
TOTAL MATERIALS  787,222 
REAL ESTATE - 1.3%   
Equity Real Estate Investment Trusts (REITs) - 1.3%   
American Tower Corp. 557,050 128,021 
Equity Commonwealth 50,712 1,665 
Equity Residential (SBI) 265,516 21,486 
Gaming & Leisure Properties 616,108 26,523 
Prologis, Inc. 52,306 4,663 
Simon Property Group, Inc. 300,433 44,752 
Spirit Realty Capital, Inc. 718,789 35,350 
VEREIT, Inc. 2,639,848 24,392 
VICI Properties, Inc. 2,365,015 60,426 
  347,278 
UTILITIES - 1.2%   
Electric Utilities - 1.2%   
Alliant Energy Corp. 1,073,332 58,733 
Duke Energy Corp. 1,365,984 124,591 
IDACORP, Inc. 231,202 24,692 
NextEra Energy, Inc. 117,167 28,373 
Southern Co. 1,293,975 82,426 
  318,815 
TOTAL COMMON STOCKS   
(Cost $14,282,338)  26,031,727 
Preferred Stocks - 0.6%   
Convertible Preferred Stocks - 0.6%   
CONSUMER DISCRETIONARY - 0.1%   
Textiles, Apparel & Luxury Goods - 0.1%   
Allbirds, Inc.:   
Series A (a)(c)(d) 74,760 850 
Series B (a)(c)(d) 13,135 149 
Series C (a)(c)(d) 125,520 1,427 
Series D (c)(d) 94,365 1,073 
Series Seed (a)(c)(d) 40,165 457 
Bolt Threads, Inc. Series D (a)(c)(d) 1,324,673 18,519 
  22,475 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Roofoods Ltd. Series F (a)(c)(d) 21,314 10,051 
Sweetgreen, Inc.:   
Series C (c)(d) 14,103 208 
Series D (c)(d) 226,847 3,346 
Series I (c)(d) 534,650 7,886 
  21,491 
HEALTH CARE - 0.2%   
Biotechnology - 0.1%   
23andMe, Inc.:   
Series E (a)(c)(d) 166,247 2,381 
Series F (a)(c)(d) 462,756 6,627 
Intarcia Therapeutics, Inc. Series CC (a)(c)(d) 516,522 20,888 
  29,896 
Health Care Equipment & Supplies - 0.1%   
Butterfly Network, Inc. Series D (a)(c)(d) 2,225,827 25,886 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A-8 (a)(c)(d) 1,159,721 6,077 
TOTAL HEALTH CARE  61,859 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(c)(d) 145,254 31,084 
Series H (a)(c)(d) 42,094 9,008 
  40,092 
INFORMATION TECHNOLOGY - 0.1%   
Software - 0.1%   
Magic Leap, Inc. Series D (a)(c)(d) 555,556 15,000 
REAL ESTATE - 0.0%   
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Series F (a)(c)(d) 31,954 613 
TOTAL CONVERTIBLE PREFERRED STOCKS  161,530 
Nonconvertible Preferred Stocks - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Petroleo Brasileiro SA - Petrobras sponsored ADR 194,977 3,108 
TOTAL PREFERRED STOCKS   
(Cost $128,738)  164,638 
 Principal Amount (000s) Value (000s) 
Nonconvertible Bonds - 0.0%   
ENERGY - 0.0%   
Energy Equipment & Services - 0.0%   
Pacific Drilling SA 12% 4/1/24 pay-in-kind(f)(g)   
(Cost $682) 670 402 
 Shares Value (000s) 
Other - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d)   
(Cost $50,430) 50,430,153 23,289 
Money Market Funds - 1.2%   
Fidelity Cash Central Fund 1.58% (h) 206,976,938 207,018 
Fidelity Securities Lending Cash Central Fund 1.58% (h)(i) 108,223,125 108,234 
TOTAL MONEY MARKET FUNDS   
(Cost $315,252)  315,252 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $14,777,440)  26,535,308 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (130,352) 
NET ASSETS - 100%  $26,404,956 

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

 (a) Non-income producing

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

 (c) Restricted securities (including private placements) - 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 $297,157,000 or 1.1% of net assets.

 (d) Level 3 security

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

 (f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $99,012,000 or 0.4% of net assets.

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

 (h) 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.

 (i) 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. 12/7/18 $379 
23andMe, Inc. Series E 6/18/15 $1,800 
23andMe, Inc. Series F 8/31/17 $6,425 
Allbirds, Inc. 10/9/18 $2,077 
Allbirds, Inc. Series A 10/9/18 $820 
Allbirds, Inc. Series B 10/9/18 $144 
Allbirds, Inc. Series C 10/9/18 $1,377 
Allbirds, Inc. Series D 12/23/19 $1,216 
Allbirds, Inc. Series Seed 10/9/18 $440 
ASAC II LP 10/10/13 $725 
Blu Homes, Inc. 6/10/13 - 12/30/14 $32,763 
Bolt Threads, Inc. Series D 12/13/17 $21,247 
Butterfly Network, Inc. Series D 5/4/18 $22,859 
I-Pulse, Inc. 3/18/10 $94 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $7,040 
Magic Leap, Inc. Series D 10/6/17 $15,000 
Mulberry Health, Inc. Series A-8 1/20/16 $7,834 
Olivo Labs 2/8/17 $763 
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 
Sweetgreen, Inc. Series C 9/13/19 $241 
Sweetgreen, Inc. Series D 9/13/19 $3,879 
Sweetgreen, Inc. Series I 9/13/19 $9,143 
Tanium, Inc. Class B 4/21/17 $3,436 
TulCo LLC 8/24/17 $6,082 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $50,430 
WeWork Companies, Inc. Series F 12/1/16 $1,604 
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 $10,045 
Fidelity Securities Lending Cash Central Fund 1,893 
Total $11,938 

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2019, 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:     
Communication Services $3,561,233 $3,523,111 $-- $38,122 
Consumer Discretionary 3,263,200 3,127,093 111,056 25,051 
Consumer Staples 1,264,433 1,105,156 137,786 21,491 
Energy 1,068,437 1,068,437 -- -- 
Financials 3,898,471 3,876,290 22,181 -- 
Health Care 3,364,050 3,248,760 52,930 62,360 
Industrials 2,105,452 1,878,835 123,456 103,161 
Information Technology 6,217,161 6,150,201 43,638 23,322 
Materials 787,222 787,222 -- -- 
Real Estate 347,891 347,278 -- 613 
Utilities 318,815 318,815 -- -- 
Corporate Bonds 402 -- 402 -- 
Other 23,289 -- -- 23,289 
Money Market Funds 315,252 315,252 -- -- 
Total Investments in Securities: $26,535,308 $25,746,450 $491,449 $297,409 

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 $499,909 
Net Realized Gain (Loss) on Investment Securities (6,460) 
Net Unrealized Gain (Loss) on Investment Securities 31,889 
Cost of Purchases 14,504 
Proceeds of Sales (369) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (242,064) 
Ending Balance $297,409 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2019 $25,438 

The information used in the above reconciliation 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, and proceeds of sales includes securities delivered through in-kind transactions. 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 reconciliation 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 89.3% 
Canada 2.4% 
United Kingdom 1.5% 
Switzerland 1.1% 
India 1.0% 
Netherlands 1.0% 
Others (Individually Less Than 1%) 3.7% 
 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, 2019 
Assets   
Investment in securities, at value (including securities loaned of $106,320) — See accompanying schedule:
Unaffiliated issuers (cost $14,462,188) 		$26,220,056  
Fidelity Central Funds (cost $315,252) 315,252  
Total Investment in Securities (cost $14,777,440)  $26,535,308 
Restricted cash  2,962 
Receivable for investments sold  9,966 
Receivable for fund shares sold  11,717 
Dividends receivable  16,167 
Interest receivable  14 
Distributions receivable from Fidelity Central Funds  684 
Prepaid expenses  36 
Other receivables  1,111 
Total assets  26,577,965 
Liabilities   
Payable to custodian bank $3,297  
Payable for investments purchased 357  
Payable for fund shares redeemed 34,686  
Accrued management fee 14,364  
Distribution and service plan fees payable 3,867  
Other affiliated payables 3,554  
Other payables and accrued expenses 4,715  
Collateral on securities loaned 108,169  
Total liabilities  173,009 
Net Assets  $26,404,956 
Net Assets consist of:   
Paid in capital  $14,570,633 
Total accumulated earnings (loss)  11,834,323 
Net Assets  $26,404,956 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($6,156,381 ÷ 191,922 shares)(a)  $32.08 
Maximum offering price per share (100/94.25 of $32.08)  $34.04 
Class M:   
Net Asset Value and redemption price per share ($1,843,930 ÷ 60,005 shares)(a)  $30.73 
Maximum offering price per share (100/96.50 of $30.73)  $31.84 
Class C:   
Net Asset Value and offering price per share ($2,227,855 ÷ 82,412 shares)(a)  $27.03 
Class I:   
Net Asset Value, offering price and redemption price per share ($13,870,388 ÷ 421,547 shares)  $32.90 
Class Z:   
Net Asset Value, offering price and redemption price per share ($2,306,402 ÷ 70,042 shares)  $32.93 

 (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, 2019 
Investment Income   
Dividends  $303,452 
Non-Cash dividends  17,119 
Interest  1,519 
Income from Fidelity Central Funds (including $1,893 from security lending)  11,938 
Total income  334,028 
Expenses   
Management fee   
Basic fee $140,494  
Performance adjustment 27,860  
Transfer agent fees 41,823  
Distribution and service plan fees 49,037  
Accounting and security lending fees 1,929  
Custodian fees and expenses 313  
Independent trustees' fees and expenses 143  
Registration fees 313  
Audit 103  
Legal 50  
Interest 8  
Miscellaneous 180  
Total expenses before reductions 262,253  
Expense reductions (984)  
Total expenses after reductions  261,269 
Net investment income (loss)  72,759 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,825,584  
Redemptions in-kind with affiliated entities 50,654  
Fidelity Central Funds 56  
Foreign currency transactions (188)  
Total net realized gain (loss)  1,876,106 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $3,543) 4,638,463  
Fidelity Central Funds (53)  
Assets and liabilities in foreign currencies 10  
Total change in net unrealized appreciation (depreciation)  4,638,420 
Net gain (loss)  6,514,526 
Net increase (decrease) in net assets resulting from operations  $6,587,285 

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, 2019 Year ended December 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $72,759 $35,802 
Net realized gain (loss) 1,876,106 2,912,633 
Change in net unrealized appreciation (depreciation) 4,638,420 (3,878,808) 
Net increase (decrease) in net assets resulting from operations 6,587,285 (930,373) 
Distributions to shareholders (1,692,173) (3,115,953) 
Share transactions - net increase (decrease) (2,130,240) (88,504) 
Total increase (decrease) in net assets 2,764,872 (4,134,830) 
Net Assets   
Beginning of period 23,640,084 27,774,914 
End of period $26,404,956 $23,640,084 

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, 2019 2018 2017 2016 2015 
Selected Per–Share Data      
Net asset value, beginning of period $26.50 $31.38 $26.44 $26.14 $26.67 
Income from Investment Operations      
Net investment income (loss)A .06 .03 .04 .06 .05 
Net realized and unrealized gain (loss) 7.60 (1.26) 7.29 1.56 .57 
Total from investment operations 7.66 (1.23) 7.33 1.62 .62 
Distributions from net investment income (.04) – –B (.04) (.02) 
Distributions from net realized gain (2.04) (3.65) (2.39) (1.28) (1.13) 
Total distributions (2.08) (3.65) (2.39) (1.32) (1.15) 
Net asset value, end of period $32.08 $26.50 $31.38 $26.44 $26.14 
Total ReturnC,D 29.15% (4.42)% 27.98% 6.31% 2.39% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.08% 1.04% .94% .89% .92% 
Expenses net of fee waivers, if any 1.08% 1.04% .94% .89% .91% 
Expenses net of all reductions 1.07% 1.04% .93% .88% .91% 
Net investment income (loss) .20% .08% .12% .24% .20% 
Supplemental Data      
Net assets, end of period (in millions) $6,156 $4,747 $5,612 $6,873 $7,920 
Portfolio turnover rateG 27%H 36% 30% 42% 47% 

 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.

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

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


Fidelity Advisor New Insights Fund Class M

Years ended December 31, 2019 2018 2017 2016 2015 
Selected Per–Share Data      
Net asset value, beginning of period $25.49 $30.39 $25.73 $25.51 $26.10 
Income from Investment Operations      
Net investment income (loss)A (.01) (.05) (.04) –B (.01) 
Net realized and unrealized gain (loss) 7.29 (1.20) 7.09 1.50 .55 
Total from investment operations 7.28 (1.25) 7.05 1.50 .54 
Distributions from net investment income – – –B –B – 
Distributions from net realized gain (2.04) (3.65) (2.39) (1.28) (1.13) 
Total distributions (2.04) (3.65) (2.39) (1.28) (1.13) 
Net asset value, end of period $30.73 $25.49 $30.39 $25.73 $25.51 
Total ReturnC,D 28.79% (4.64)% 27.66% 6.01% 2.14% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.32% 1.29% 1.18% 1.14% 1.17% 
Expenses net of fee waivers, if any 1.32% 1.29% 1.18% 1.14% 1.16% 
Expenses net of all reductions 1.32% 1.29% 1.18% 1.13% 1.16% 
Net investment income (loss) (.05)% (.17)% (.13)% (.01)% (.05)% 
Supplemental Data      
Net assets, end of period (in millions) $1,844 $1,638 $1,926 $1,849 $2,071 
Portfolio turnover rateG 27%H 36% 30% 42% 47% 

 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.

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

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


Fidelity Advisor New Insights Fund Class C

Years ended December 31, 2019 2018 2017 2016 2015 
Selected Per–Share Data      
Net asset value, beginning of period $22.73 $27.63 $23.69 $23.70 $24.45 
Income from Investment Operations      
Net investment income (loss)A (.15) (.19) (.17) (.12) (.14) 
Net realized and unrealized gain (loss) 6.49 (1.06) 6.50 1.39 .52 
Total from investment operations 6.34 (1.25) 6.33 1.27 .38 
Distributions from net investment income – – –B –B – 
Distributions from net realized gain (2.04) (3.65) (2.39) (1.28) (1.13) 
Total distributions (2.04) (3.65) (2.39) (1.28) (1.13) 
Net asset value, end of period $27.03 $22.73 $27.63 $23.69 $23.70 
Total ReturnC,D 28.15% (5.11)% 26.99% 5.49% 1.63% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.83% 1.79% 1.68% 1.64% 1.67% 
Expenses net of fee waivers, if any 1.83% 1.79% 1.68% 1.64% 1.66% 
Expenses net of all reductions 1.83% 1.79% 1.68% 1.63% 1.66% 
Net investment income (loss) (.55)% (.67)% (.63)% (.51)% (.55)% 
Supplemental Data      
Net assets, end of period (in millions) $2,228 $2,932 $3,718 $3,521 $3,841 
Portfolio turnover rateG 27%H 36% 30% 42% 47% 

 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.

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

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


Fidelity Advisor New Insights Fund Class I

Years ended December 31, 2019 2018 2017 2016 2015 
Selected Per–Share Data      
Net asset value, beginning of period $27.14 $32.03 $26.95 $26.63 $27.15 
Income from Investment Operations      
Net investment income (loss)A .15 .11 .12 .13 .13 
Net realized and unrealized gain (loss) 7.77 (1.27) 7.44 1.59 .57 
Total from investment operations 7.92 (1.16) 7.56 1.72 .70 
Distributions from net investment income (.12) (.07) (.09) (.11) (.09) 
Distributions from net realized gain (2.04) (3.65) (2.39) (1.28) (1.13) 
Total distributions (2.16) (3.73)B (2.48) (1.40)C (1.22) 
Net asset value, end of period $32.90 $27.14 $32.03 $26.95 $26.63 
Total ReturnD 29.42% (4.14)% 28.30% 6.55% 2.64% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .82% .79% .68% .63% .66% 
Expenses net of fee waivers, if any .82% .79% .68% .63% .66% 
Expenses net of all reductions .82% .78% .67% .63% .66% 
Net investment income (loss) .46% .33% .38% .50% .45% 
Supplemental Data      
Net assets, end of period (in millions) $13,870 $12,581 $14,894 $11,662 $12,310 
Portfolio turnover rateG 27%H 36% 30% 42% 47% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $3.73 per share is comprised of distributions from net investment income of $.073 and distributions from net realized gain of $3.653 per share.

 C 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.

 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 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.

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

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


Fidelity Advisor New Insights Fund Class Z

Years ended December 31, 2019 2018 2017 2016 2015 
Selected Per–Share Data      
Net asset value, beginning of period $27.16 $32.06 $26.97 $26.65 $27.17 
Income from Investment Operations      
Net investment income (loss)A .18 .15 .16 .17 .16 
Net realized and unrealized gain (loss) 7.79 (1.28) 7.45 1.58 .58 
Total from investment operations 7.97 (1.13) 7.61 1.75 .74 
Distributions from net investment income (.17) (.12) (.13) (.15) (.12) 
Distributions from net realized gain (2.04) (3.65) (2.39) (1.28) (1.13) 
Total distributions (2.20)B (3.77) (2.52) (1.43) (1.26)C 
Net asset value, end of period $32.93 $27.16 $32.06 $26.97 $26.65 
Total ReturnD 29.60% (4.03)% 28.49% 6.68% 2.78% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .70% .66% .55% .50% .53% 
Expenses net of fee waivers, if any .70% .66% .55% .50% .53% 
Expenses net of all reductions .70% .66% .55% .50% .53% 
Net investment income (loss) .58% .46% .50% .63% .58% 
Supplemental Data      
Net assets, end of period (in millions) $2,306 $1,741 $1,626 $492 $436 
Portfolio turnover rateG 27%H 36% 30% 42% 47% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.20 per share is comprised of distributions from net investment income of $.165 and distributions from net realized gain of $2.035 per share.

 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 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 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.

 H 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, 2019
(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, 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. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

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 ranged from less than .005% to .01%.

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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, income approach and cost approach and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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 $ 274,120 Market comparable Enterprise value/Sales multiple (EV/S) 1.5 – 14.4 / 8.7 Increase 
   Discount rate 15.0% - 73.3% / 37.3% Decrease 
   Discount for lack of marketability 10.0% - 15.0% / 11.8% Decrease 
   Premium rate 25.0% - 94.7% / 56.2% Increase 
   Proxy discount 6.0% Decrease 
  Market approach Enterprise value/Sales multiple (EV/S) 3.1 – 3.4 / 3.2 Increase 
   Transaction price $9.85 - $214.00 / $157.04 Increase 
   Tender price $19.19 Increase 
   Discount for lack of marketability 20.0% - 50.0% / 20.8% Decrease 
  Recovery value Recovery value 0.0% - 0.2% / 0.2% Increase 
Other $ 23,289 Discounted cash flow Discount rate 16.5% Decrease 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

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, 2019, 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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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) for the Fund, certain independent Trustees have elected 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 of $927 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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, 2019, 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 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, certain foreign taxes, 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 $12,252,384 
Gross unrealized depreciation (573,965) 
Net unrealized appreciation (depreciation) $11,678,419 
Tax Cost $14,856,889 

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

Undistributed ordinary income $1,431 
Undistributed long-term capital gain $158,940 
Net unrealized appreciation (depreciation) on securities and other investments $11,678,422 

The tax character of distributions paid was as follows:

 December 31, 2019 December 31, 2018 
Ordinary Income $68,496 $ 38,429 
Long-term Capital Gains 1,623,677 3,077,524 
Total $1,692,173 $ 3,115,953 

Restricted Securities (including Private Placements). 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 $73,452 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 and in-kind transactions, aggregated $7,020,269 and $10,594,082, 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 relative investment performance of Class I of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .64% 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% $14,623 $141 
Class M .25% .25% 9,119 32 
Class C .75% .25% 25,295 1,863 
   $49,037 $2,036 

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 $928 
Class M 112 
Class C(a) 124 
 $1,164 

 (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 $10,068 .17 
Class M 3,107 .17 
Class C 4,438 .18 
Class I 23,245 .17 
Class Z 965 .05 
 $41,823  

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. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to the following annual rates:

 % of Average Net Assets 
Fidelity Advisor New Insights Fund .01 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Advisor New Insights Fund $207 

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 fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. 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 
Fidelity Advisor New Insights Fund Borrower $32,056 1.77% $8 

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.

Affiliated Redemptions In-Kind. During the period, 2,829 shares of the Fund were redeemed in-kind for investments and cash with a value of $95,416. The net realized gain of $50,654 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 $70 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 from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $46. 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, and includes $4 from securities loaned to NFS, as affiliated borrower.

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 $766 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $4. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

 Expense reduction 
Class C $2 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $194.

In addition, during the period, the investment adviser or an affiliate reimbursed the Fund $18 for an operational error which is included in the accompanying Statement of Operations.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
December 31, 2019 		Year ended
December 31, 2018 
Distributions to shareholders   
Class A $378,432 $611,052 
Class M 117,043 216,798 
Class C 167,143 442,026 
Class I 882,649 1,628,031 
Class Z 146,906 218,046 
Total $1,692,173 $3,115,953 

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, 2019 Year ended December 31, 2018 Year ended December 31, 2019 Year ended December 31, 2018 
Class A     
Shares sold 43,791 22,403 $1,342,089 $724,484 
Reinvestment of distributions 11,497 20,596 359,374 582,228 
Shares redeemed (42,495) (42,725) (1,322,076) (1,379,977) 
Net increase (decrease) 12,793 274 $379,387 $(73,265) 
Class M     
Shares sold 4,552 6,067 $133,820 $188,128 
Reinvestment of distributions 3,798 7,637 113,654 207,755 
Shares redeemed (12,624) (12,796) (376,096) (397,279) 
Net increase (decrease) (4,274) 908 $(128,622) $(1,396) 
Class C     
Shares sold 6,150 11,635 $161,475 $325,409 
Reinvestment of distributions 5,902 16,981 155,171 413,509 
Shares redeemed (58,619) (34,187) (1,534,269) (956,302) 
Net increase (decrease) (46,567) (5,571) $(1,217,623) $(217,384) 
Class I     
Shares sold 49,250 78,360 $1,557,439 $2,567,783 
Reinvestment of distributions 25,052 50,902 802,314 1,471,479 
Shares redeemed (116,402)(a) (130,620) (3,703,378)(a) (4,257,116) 
Net increase (decrease) (42,100) (1,358) $(1,343,625) $(217,854) 
Class Z     
Shares sold 24,307 25,301 $768,298 $843,488 
Reinvestment of distributions 3,924 6,579 125,908 189,757 
Shares redeemed (22,300) (18,489) (713,963) (611,850) 
Net increase (decrease) 5,931 13,391 $180,243 $421,395 

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

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.

Effective January 1, 2020, following any required regulatory notices and approvals:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".

Fidelity Investments Institutional Operations Company, Inc. (FIIOC) converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

Report of Independent Registered Public Accounting Firm

To the Board of 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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 by correspondence with the custodian, issuers of privately offered securities 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 11, 2020



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.  Except for Michael E. Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 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 Investment Company Act of 1940 (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 other equity 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.  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 Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), 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).

 * 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) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

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 Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida 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 Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

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.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

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) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). 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), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + 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 a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Member of the Advisory Board

Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

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 Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Member of the Advisory Board

Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

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.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

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 Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

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).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant 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). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).

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 LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), 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 Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

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).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

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, 2019 to December 31, 2019).

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, 2019 		Ending
Account Value
December 31, 2019 		Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 
Class A 1.05%    
Actual  $1,000.00 $1,062.10 $5.46 
Hypothetical-C  $1,000.00 $1,019.91 $5.35 
Class M 1.30%    
Actual  $1,000.00 $1,060.60 $6.75 
Hypothetical-C  $1,000.00 $1,018.65 $6.61 
Class C 1.79%    
Actual  $1,000.00 $1,057.90 $9.28 
Hypothetical-C  $1,000.00 $1,016.18 $9.10 
Class I .79%    
Actual  $1,000.00 $1,063.30 $4.11 
Hypothetical-C  $1,000.00 $1,021.22 $4.02 
Class Z .67%    
Actual  $1,000.00 $1,063.90 $3.49 
Hypothetical-C  $1,000.00 $1,021.83 $3.41 

 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 Dividends Capital Gains 
Fidelity Advisor New Insights Fund     
Class A 02/10/2020 02/07/2020 $0.003 $0.202 
Class M 02/10/2020 02/07/2020 $0.000 $0.202 
Class C 02/10/2020 02/07/2020 $0.000 $0.202 
Class I 02/10/2020 02/07/2020 $0.003 $0.202 
Class Z 02/10/2020 02/07/2020 $0.003 $0.202 
     

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2019 $1,835,924,511, or, if subsequently determined to be different, the net capital gain of such year.

Class A, 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 A, 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 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Advisor New Insights Fund

At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.

The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.





Fidelity Investments

ANIF-ANN-0220
1.796407.116

Fidelity® Series Opportunistic Insights Fund



Annual Report

December 31, 2019

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of 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


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. © 2020 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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, 2019 Past 1 year Past 5 years Life of fundA 
Fidelity® Series Opportunistic Insights Fund 30.53% 13.07% 16.19% 

 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 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
$28,897Fidelity® Series Opportunistic Insights Fund
$25,940Russell 3000® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. stocks continued to roll in 2019, with the S&P 500® index soaring 31.49% and marking history as the longest and strongest bull market ever, despite persistent, nagging concerns about global economic growth and trade. After a rough end to 2018, equities sharply reversed course to begin the new year amid upbeat company earnings and signs the Federal Reserve may pause on rates. The uptrend continued until May, when the index sunk as trade negotiations between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving even higher through year-end. Gains were robust and broad-based, with information technology (+50%) leading the way with its best calendar-year result in a decade, amid strong growth trends. Communication services (+33%) and financials (+32%) also stood out. In contrast, energy (+12%) was by far the weakest group – struggling amid sluggish oil prices – while several strong gainers nonetheless fell short of the broader market: industrials and real estate (+29% each), consumer discretionary and consumer staples (+28% each), utilities (+26%), materials (+25%), and health care (+21%).

Comments from Portfolio Manager William Danoff:  For the year, the fund gained 30.53%, roughly in line with the 31.02% advance of the benchmark Russell 3000® Index. Versus the benchmark, security selection was the biggest detractor, especially in the information technology sector. The fund's modest position in cash hampered relative performance in a strong market. Our picks in industrials, consumer discretionary, real estate and financials hurt to a lesser extent. The largest individual relative detractor by a wide margin was an underweighting in Apple, a maker of personal electronics and a sizable benchmark component the past year. The company had favorable financial results, driven by its wearables, home and accessories segment. Underexposure to Apple, which rose 89%, allowed us to invest in companies with better growth prospects. In financials, it hurt to overweight Berkshire Hathaway, as shares of the insurance-focused conglomerate gained 11% in 2019, lagging the benchmark. Rising interest rates pressured the stock, but we held steady our sizable position. Conversely, a considerable overweighting in the market-leading information technology sector notably contributed, as did underexposure to energy. My picks in communication services and health care also helped. The biggest individual contributor by far was a large investment in Facebook (+57%), as the social-media platform operator reported better-than-expected revenue, earnings and average revenue per user. Facebook was the fund's top holding.

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, 2019

 % of fund's net assets 
Facebook, Inc. Class A 8.3 
Amazon.com, Inc. 6.0 
Microsoft Corp. 5.9 
Salesforce.com, Inc. 5.2 
Berkshire Hathaway, Inc. Class A 5.0 
Adobe, Inc. 3.7 
MasterCard, Inc. Class A 3.4 
Bank of America Corp. 3.0 
Visa, Inc. Class A 2.5 
JPMorgan Chase & Co. 2.0 
 45.0 

Top Five Market Sectors as of December 31, 2019

 % of fund's net assets 
Information Technology 33.5 
Communication Services 16.5 
Financials 14.5 
Health Care 11.7 
Consumer Discretionary 11.1 

Asset Allocation (% of fund's net assets)

As of December 31, 2019* 
   Stocks 97.9% 
   Convertible Securities 1.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.6% 


 * Foreign investments - 8.8%

Schedule of Investments December 31, 2019

Showing Percentage of Net Assets

Common Stocks - 97.9%   
 Shares Value 
COMMUNICATION SERVICES - 16.5%   
Entertainment - 3.0%   
Activision Blizzard, Inc. 122,370 $7,271,225 
Netflix, Inc. (a) 390,909 126,486,425 
Sea Ltd. ADR (a) 21,631 869,999 
Spotify Technology SA (a) 28,182 4,214,618 
The Walt Disney Co. 458,772 66,352,194 
  205,194,461 
Interactive Media & Services - 12.6%   
Alphabet, Inc.:   
Class A (a) 98,417 131,818,746 
Class C (a) 103,910 138,929,748 
CarGurus, Inc. Class A (a) 92,112 3,240,500 
Facebook, Inc. Class A (a) 2,789,554 572,555,953 
Pinterest, Inc. Class A 1,088,596 20,291,429 
  866,836,376 
Media - 0.5%   
Charter Communications, Inc. Class A (a) 15,797 7,662,809 
Comcast Corp. Class A 49,160 2,210,725 
Discovery Communications, Inc. Class A (a) 73,420 2,403,771 
Liberty Media Corp. Liberty Formula One Group Series C (a) 487,116 22,390,287 
  34,667,592 
Wireless Telecommunication Services - 0.4%   
T-Mobile U.S., Inc. (a) 375,831 29,472,667 
TOTAL COMMUNICATION SERVICES  1,136,171,096 
CONSUMER DISCRETIONARY - 11.0%   
Automobiles - 0.1%   
Tesla, Inc. (a) 8,008 3,349,987 
Toyota Motor Corp. 62,112 4,376,505 
  7,726,492 
Hotels, Restaurants & Leisure - 1.5%   
Chipotle Mexican Grill, Inc. (a) 40,454 33,864,448 
Churchill Downs, Inc. 5,303 727,572 
Evolution Gaming Group AB (b) 120,325 3,622,719 
Hilton Worldwide Holdings, Inc. 34,423 3,817,855 
McDonald's Corp. 273,872 54,119,846 
Starbucks Corp. 72,323 6,358,638 
  102,511,078 
Household Durables - 0.1%   
Blu Homes, Inc. (a)(c)(d) 21,093,998 36,484 
Garmin Ltd. 42,149 4,112,056 
Lennar Corp. Class A 11,647 649,786 
Mohawk Industries, Inc. (a) 38,237 5,214,762 
  10,013,088 
Internet & Direct Marketing Retail - 6.3%   
Alibaba Group Holding Ltd. 650,000 17,283,729 
Alibaba Group Holding Ltd. sponsored ADR (a) 15,239 3,232,192 
Amazon.com, Inc. (a) 222,877 411,841,036 
Meituan Dianping Class B (a) 129,420 1,692,427 
  434,049,384 
Multiline Retail - 0.0%   
Dollar General Corp. 12,583 1,962,696 
Specialty Retail - 1.4%   
AutoZone, Inc. (a) 3,095 3,687,104 
Burlington Stores, Inc. (a) 7,393 1,685,826 
John David Group PLC 478,527 5,307,917 
O'Reilly Automotive, Inc. (a) 30,222 13,245,094 
Ross Stores, Inc. 77,727 9,048,977 
Sally Beauty Holdings, Inc. (a) 92,517 1,688,435 
The Home Depot, Inc. 181,855 39,713,495 
TJX Companies, Inc. 391,512 23,905,723 
  98,282,571 
Textiles, Apparel & Luxury Goods - 1.6%   
adidas AG 142,590 46,351,540 
Burberry Group PLC 58,236 1,700,924 
China Hongxing Sports Ltd. (a)(d) 22,200 936 
Deckers Outdoor Corp. (a) 21,282 3,593,679 
Hermes International SCA 2,724 2,035,581 
lululemon athletica, Inc. (a) 25,534 5,915,462 
NIKE, Inc. Class B 319,843 32,403,294 
Ralph Lauren Corp. 27,038 3,169,394 
VF Corp. 128,147 12,771,130 
  107,941,940 
TOTAL CONSUMER DISCRETIONARY  762,487,249 
CONSUMER STAPLES - 3.9%   
Beverages - 1.1%   
Budweiser Brewing Co. APAC Ltd. (a)(b) 693,296 2,339,962 
Keurig Dr. Pepper, Inc. 577,181 16,709,390 
PepsiCo, Inc. 195,300 26,691,651 
The Coca-Cola Co. 578,450 32,017,208 
  77,758,211 
Food & Staples Retailing - 1.1%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 133,736 4,244,165 
Costco Wholesale Corp. 228,637 67,200,987 
Grocery Outlet Holding Corp. 39,726 1,289,109 
Walmart, Inc. 7,591 902,114 
  73,636,375 
Food Products - 0.1%   
Mondelez International, Inc. 105,865 5,831,044 
The Simply Good Foods Co. (a) 118,237 3,374,484 
  9,205,528 
Household Products - 0.0%   
Procter & Gamble Co. 5,839 729,291 
Personal Products - 1.6%   
Estee Lauder Companies, Inc. Class A 429,952 88,802,286 
Kao Corp. 34,318 2,830,381 
L'Oreal SA 13,125 3,886,690 
L'Oreal SA 10,503 3,110,241 
Shiseido Co. Ltd. 131,760 9,356,277 
  107,985,875 
TOTAL CONSUMER STAPLES  269,315,280 
ENERGY - 1.1%   
Oil, Gas & Consumable Fuels - 1.1%   
Birchcliff Energy Ltd. 1,294,134 2,581,192 
Canadian Natural Resources Ltd. 62,002 2,005,378 
Centennial Resource Development, Inc. Class A (a) 1,464,071 6,764,008 
Continental Resources, Inc. 53,295 1,828,019 
EOG Resources, Inc. 19,400 1,624,944 
Hess Corp. 355,268 23,735,455 
Magnolia Oil & Gas Corp. Class A (a) 421,192 5,298,595 
Reliance Industries Ltd. 1,485,325 31,516,450 
Tamarack Valley Energy Ltd. (a) 1,313,749 2,023,409 
  77,377,450 
FINANCIALS - 14.5%   
Banks - 6.9%   
Bank of America Corp. 5,801,562 204,331,014 
Citigroup, Inc. 811,070 64,796,382 
HDFC Bank Ltd. sponsored ADR 573,445 36,339,210 
JPMorgan Chase & Co. 1,002,924 139,807,606 
Kotak Mahindra Bank Ltd. 913,987 21,574,858 
PNC Financial Services Group, Inc. 45,719 7,298,124 
U.S. Bancorp 57,400 3,403,246 
  477,550,440 
Capital Markets - 0.8%   
Brookfield Asset Management, Inc.:   
(Canada) Class A 135,355 7,820,789 
Class A 129,801 7,502,498 
Charles Schwab Corp. 111,400 5,298,184 
CME Group, Inc. 110,961 22,272,092 
Moody's Corp. 21,000 4,985,610 
MSCI, Inc. 2,911 751,562 
S&P Global, Inc. 2,500 682,625 
Tradeweb Markets, Inc. Class A 4,367 202,410 
XP, Inc. Class A (a)(e) 48,000 1,848,960 
  51,364,730 
Consumer Finance - 1.1%   
American Express Co. 537,072 66,860,093 
Oportun Financial Corp. 245,860 5,558,895 
  72,418,988 
Diversified Financial Services - 5.0%   
AXA Equitable Holdings, Inc. 17,900 443,562 
Berkshire Hathaway, Inc. Class A (a) 1,020 346,381,800 
  346,825,362 
Insurance - 0.7%   
Admiral Group PLC 232,971 7,125,421 
AFLAC, Inc. 30,157 1,595,305 
Allstate Corp. 29,222 3,286,014 
American International Group, Inc. 398,295 20,444,482 
Chubb Ltd. 69,051 10,748,479 
Fairfax Financial Holdings Ltd. (sub. vtg.) 12,479 5,859,571 
Marsh & McLennan Companies, Inc. 16,598 1,849,183 
The Travelers Companies, Inc. 1,600 219,120 
  51,127,575 
TOTAL FINANCIALS  999,287,095 
HEALTH CARE - 11.6%   
Biotechnology - 1.9%   
23andMe, Inc. (a)(c)(d) 9,536 136,556 
AbbVie, Inc. 116,863 10,347,050 
Acceleron Pharma, Inc. (a) 6,822 361,702 
Allogene Therapeutics, Inc. (a)(e) 38,477 999,632 
Amgen, Inc. 21,603 5,207,835 
Argenx SE ADR (a) 7,434 1,193,306 
bluebird bio, Inc. (a) 31,822 2,792,381 
Bridgebio Pharma, Inc. 11,422 400,341 
Galapagos Genomics NV sponsored ADR (a) 5,615 1,161,350 
Global Blood Therapeutics, Inc. (a) 9,400 747,206 
Idorsia Ltd. (a)(e) 127,087 3,931,582 
Innovent Biolgics, Inc. (a)(b) 229,824 783,059 
Morphosys AG (a) 13,499 1,919,984 
Neurocrine Biosciences, Inc. (a) 47,448 5,100,186 
Regeneron Pharmaceuticals, Inc. (a) 50,781 19,067,250 
Turning Point Therapeutics, Inc. 37,437 2,331,951 
Vertex Pharmaceuticals, Inc. (a) 351,068 76,866,339 
  133,347,710 
Health Care Equipment & Supplies - 4.0%   
Abbott Laboratories 411,813 35,770,077 
Baxter International, Inc. 422,249 35,308,461 
Danaher Corp. 408,635 62,717,300 
DexCom, Inc. (a) 134,589 29,439,998 
Edwards Lifesciences Corp. (a) 184,712 43,091,462 
Haemonetics Corp. (a) 5,825 669,293 
Hoya Corp. 4,055 389,994 
Intuitive Surgical, Inc. (a) 41,750 24,680,513 
Masimo Corp. (a) 14,067 2,223,430 
ResMed, Inc. 32,020 4,962,139 
Sonova Holding AG Class B 23,710 5,426,498 
Stryker Corp. 119,800 25,150,812 
Zimmer Biomet Holdings, Inc. 23,980 3,589,326 
  273,419,303 
Health Care Providers & Services - 1.6%   
Cigna Corp. 8,424 1,722,624 
Hapvida Participacoes e Investimentos SA (b) 221,300 3,515,318 
UnitedHealth Group, Inc. 363,978 107,002,252 
  112,240,194 
Health Care Technology - 0.3%   
Veeva Systems, Inc. Class A (a) 167,218 23,520,884 
Life Sciences Tools & Services - 1.5%   
10X Genomics, Inc. (a) 24,127 1,839,684 
Bio-Rad Laboratories, Inc. Class A (a) 12,375 4,579,121 
Bruker Corp. 15,184 773,928 
IQVIA Holdings, Inc. (a) 79,883 12,342,722 
Mettler-Toledo International, Inc. (a) 52,056 41,294,984 
PRA Health Sciences, Inc. (a) 5,499 611,214 
Thermo Fisher Scientific, Inc. 126,560 41,115,547 
Wuxi Biologics (Cayman), Inc. (a)(b) 67,076 849,178 
  103,406,378 
Pharmaceuticals - 2.3%   
Astellas Pharma, Inc. 46,277 789,948 
AstraZeneca PLC:   
(United Kingdom) 44,684 4,472,509 
sponsored ADR 810,109 40,392,035 
Bristol-Myers Squibb Co. 270,440 17,359,544 
Bristol-Myers Squibb Co. rights (a) 63,228 190,316 
Eli Lilly & Co. 60,852 7,997,778 
Hansoh Pharmaceutical Group Co. Ltd. (b) 1,212,563 4,030,310 
Merck & Co., Inc. 361,049 32,837,407 
Novartis AG sponsored ADR 186,410 17,651,163 
Roche Holding AG (participation certificate) 17,021 5,531,873 
Zoetis, Inc. Class A 185,775 24,587,321 
  155,840,204 
TOTAL HEALTH CARE  801,774,673 
INDUSTRIALS - 3.2%   
Aerospace & Defense - 0.8%   
Harris Corp. 84,888 16,796,789 
Lockheed Martin Corp. 15,224 5,927,921 
Northrop Grumman Corp. 32,550 11,196,224 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 18,191 3,892,874 
Class C (a)(c)(d) 783 167,562 
TransDigm Group, Inc. 27,883 15,614,480 
  53,595,850 
Airlines - 0.0%   
Southwest Airlines Co. 24,647 1,330,445 
United Continental Holdings, Inc. (a) 7,591 668,691 
  1,999,136 
Building Products - 0.2%   
Allegion PLC 4,888 608,752 
Masco Corp. 44,198 2,121,062 
Toto Ltd. 188,020 7,939,542 
  10,669,356 
Commercial Services & Supplies - 0.4%   
Cintas Corp. 90,103 24,244,915 
Clean TeQ Holdings Ltd. (a) 44,093 6,343 
Edenred SA 13,518 699,021 
TulCo LLC (a)(c)(d)(f) 7,549 3,944,277 
  28,894,556 
Electrical Equipment - 0.2%   
AMETEK, Inc. 85,999 8,577,540 
Generac Holdings, Inc. (a) 11,985 1,205,571 
Vestas Wind Systems A/S 58,203 5,878,882 
  15,661,993 
Industrial Conglomerates - 0.3%   
General Electric Co. 2,058,496 22,972,815 
Machinery - 0.6%   
Dover Corp. 3,983 459,081 
Fortive Corp. 487,907 37,271,216 
IDEX Corp. 8,666 1,490,552 
Ingersoll-Rand PLC 5,200 691,184 
PACCAR, Inc. 9,255 732,071 
  40,644,104 
Professional Services - 0.5%   
Clarivate Analytics PLC (a) 598,508 10,054,934 
CoStar Group, Inc. (a) 9,998 5,981,803 
Experian PLC 171,938 5,828,609 
FTI Consulting, Inc. (a) 91,854 10,164,564 
  32,029,910 
Road & Rail - 0.2%   
Canadian Pacific Railway Ltd. 10,800 2,753,166 
Lyft, Inc. 26,924 1,158,270 
Union Pacific Corp. 59,904 10,830,044 
  14,741,480 
TOTAL INDUSTRIALS  221,209,200 
INFORMATION TECHNOLOGY - 32.5%   
Communications Equipment - 0.2%   
Motorola Solutions, Inc. 86,635 13,960,364 
Electronic Equipment & Components - 2.3%   
Amphenol Corp. Class A 1,182,906 128,025,916 
CDW Corp. 83,818 11,972,563 
Keysight Technologies, Inc. (a) 106,489 10,928,966 
Zebra Technologies Corp. Class A (a) 21,519 5,496,813 
  156,424,258 
IT Services - 9.5%   
Accenture PLC Class A 109,329 23,021,408 
Adyen BV (a)(b) 12,845 10,532,421 
ASAC II LP (a)(c)(d) 2,013,117 338,204 
Endava PLC ADR (a) 9,880 460,408 
EPAM Systems, Inc. (a) 41,030 8,704,925 
Fidelity National Information Services, Inc. 27,146 3,775,737 
Fiserv, Inc. (a) 39,933 4,617,453 
Global Payments, Inc. 188,069 34,333,877 
MasterCard, Inc. Class A 787,137 235,031,237 
MongoDB, Inc. Class A (a)(e) 119,464 15,722,657 
Okta, Inc. (a) 193,610 22,336,786 
PayPal Holdings, Inc. (a) 865,026 93,569,862 
Shopify, Inc. Class A (a) 66,338 26,375,811 
StoneCo Ltd. Class A (a)(e) 59,823 2,386,339 
Visa, Inc. Class A 911,447 171,260,891 
  652,468,016 
Semiconductors & Semiconductor Equipment - 2.9%   
Advanced Micro Devices, Inc. (a) 680,853 31,223,919 
Analog Devices, Inc. 73,934 8,786,317 
Applied Materials, Inc. 27,662 1,688,488 
ASML Holding NV 17,347 5,133,671 
Cirrus Logic, Inc. (a) 26,605 2,192,518 
Enphase Energy, Inc. (a)(e) 25,800 674,154 
KLA-Tencor Corp. 7,822 1,393,646 
Lam Research Corp. 35,051 10,248,912 
Marvell Technology Group Ltd. 118,656 3,151,503 
Microchip Technology, Inc. (e) 35,996 3,769,501 
NVIDIA Corp. 261,040 61,422,712 
NXP Semiconductors NV 125,653 15,990,601 
Qorvo, Inc. (a) 36,709 4,266,687 
Qualcomm, Inc. 444,537 39,221,500 
SolarEdge Technologies, Inc. (a) 30,406 2,891,307 
Synaptics, Inc. (a) 29,274 1,925,351 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 18,927 1,099,659 
Universal Display Corp. 7,100 1,463,097 
Xilinx, Inc. 71,446 6,985,275 
  203,528,818 
Software - 17.5%   
Adobe, Inc. (a) 776,962 256,249,837 
Atlassian Corp. PLC (a) 178,794 21,516,070 
Ceridian HCM Holding, Inc. (a) 50,871 3,453,123 
Cloudflare, Inc. 280,255 4,542,093 
Coupa Software, Inc. (a) 85,880 12,559,950 
DocuSign, Inc. (a) 20,815 1,542,600 
Dropbox, Inc. Class A (a) 317,666 5,689,398 
Fortinet, Inc. (a) 6,500 693,940 
Intuit, Inc. 167,590 43,896,849 
Microsoft Corp. 2,574,749 406,037,917 
Netcompany Group A/S (a)(b) 30,366 1,444,947 
Paycom Software, Inc. (a) 64,690 17,127,324 
RingCentral, Inc. (a) 142,556 24,044,921 
Salesforce.com, Inc. (a) 2,202,526 358,218,829 
Slack Technologies, Inc. Class A (a)(e) 186,800 4,199,264 
SurveyMonkey (a) 329,280 5,884,234 
Tanium, Inc. Class B (a)(c)(d) 188,500 1,835,990 
Workday, Inc. Class A (a) 247,230 40,656,974 
Xero Ltd. (a) 13,100 735,434 
  1,210,329,694 
Technology Hardware, Storage & Peripherals - 0.1%   
Apple, Inc. 2,600 763,490 
Samsung Electronics Co. Ltd. 97,100 4,688,467 
  5,451,957 
TOTAL INFORMATION TECHNOLOGY  2,242,163,107 
MATERIALS - 2.6%   
Chemicals - 0.9%   
Air Products & Chemicals, Inc. 36,474 8,571,025 
FMC Corp. 21,884 2,184,461 
Growmax Resources Corp. (a)(b)(d) 4,800 203 
PPG Industries, Inc. (e) 22,075 2,946,792 
Sherwin-Williams Co. 76,378 44,569,618 
Westlake Chemical Corp. 71,779 5,035,297 
  63,307,396 
Construction Materials - 0.0%   
Vulcan Materials Co. 311 44,781 
Containers & Packaging - 0.0%   
Avery Dennison Corp. 5,513 721,211 
Metals & Mining - 1.7%   
Agnico Eagle Mines Ltd. (Canada) 53,646 3,304,152 
B2Gold Corp. 1,646,929 6,607,755 
Barrick Gold Corp. 72,691 1,351,326 
Barrick Gold Corp. (Canada) 1,612,866 29,958,283 
Franco-Nevada Corp. 294,717 30,432,869 
Ivanhoe Mines Ltd. (a) 3,266,987 10,692,461 
Kirkland Lake Gold Ltd. 400,727 17,664,020 
Lundin Gold, Inc. (a) 126,664 812,530 
Newcrest Mining Ltd. 406,412 8,627,289 
Novagold Resources, Inc. (a) 462,134 4,135,380 
Royal Gold, Inc. 11,127 1,360,276 
Wheaton Precious Metals Corp. 50,540 1,503,882 
  116,450,223 
TOTAL MATERIALS  180,523,611 
REAL ESTATE - 0.8%   
Equity Real Estate Investment Trusts (REITs) - 0.8%   
American Tower Corp. 182,662 41,979,381 
Equity Commonwealth 22,150 727,185 
Equity Residential (SBI) 121,360 9,820,451 
Prologis, Inc. 22,879 2,039,434 
  54,566,451 
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Class A (a)(c)(d) 3,404 65,323 
TOTAL REAL ESTATE  54,631,774 
UTILITIES - 0.2%   
Electric Utilities - 0.2%   
NextEra Energy, Inc. 53,151 12,871,046 
TOTAL COMMON STOCKS   
(Cost $3,194,711,331)  6,757,811,581 
Preferred Stocks - 1.5%   
Convertible Preferred Stocks - 1.5%   
COMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(c)(d) 139,573 595,977 
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc.:   
Series D (a)(c)(d) 35,238 3,571,019 
Series E (a)(c)(d) 16,112 1,632,790 
  5,203,809 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Roofoods Ltd. Series F (a)(c)(d) 9,254 4,364,001 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
23andMe, Inc.:   
Series E (a)(c)(d) 46,180 661,298 
Series F (a)(c)(d) 200,299 2,868,282 
  3,529,580 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A-8 (a)(c)(d) 480,971 2,520,288 
TOTAL HEALTH CARE  6,049,868 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(c)(d) 36,460 7,802,440 
Series H (a)(c)(d) 7,256 1,552,784 
  9,355,224 
INFORMATION TECHNOLOGY - 1.0%   
Software - 1.0%   
Delphix Corp. Series D (a)(c)(d) 232,855 1,643,956 
Magic Leap, Inc.:   
Series B, 8.00% (a)(c)(d) 1,907,399 51,499,773 
Series C (a)(c)(d) 17,554 473,958 
Series D (a)(c)(d) 469,823 12,685,221 
  66,302,908 
REAL ESTATE - 0.1%   
Real Estate Management & Development - 0.1%   
WeWork Companies, Inc.:   
Series E (a)(c)(d) 347,358 6,665,800 
Series F (a)(c)(d) 16,235 311,550 
  6,977,350 
TOTAL CONVERTIBLE PREFERRED STOCKS  98,849,137 
Nonconvertible Preferred Stocks - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Petroleo Brasileiro SA - Petrobras sponsored ADR 85,899 1,369,230 
TOTAL PREFERRED STOCKS   
(Cost $68,061,851)  100,218,367 
Money Market Funds - 3.9%   
Fidelity Cash Central Fund 1.58% (g) 239,173,921 239,221,755 
Fidelity Securities Lending Cash Central Fund 1.58% (g)(h) 29,116,104 29,119,015 
TOTAL MONEY MARKET FUNDS   
(Cost $268,340,345)  268,340,770 
TOTAL INVESTMENT IN SECURITIES - 103.3%   
(Cost $3,531,113,527)  7,126,370,718 
NET OTHER ASSETS (LIABILITIES) - (3.3)%  (226,637,307) 
NET ASSETS - 100%  $6,899,733,411 

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 $27,118,117 or 0.4% of net assets.

 (c) Restricted securities (including private placements) - 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 $109,266,407 or 1.6% of net assets.

 (d) Level 3 security

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

 (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. 12/7/18 $160,205 
23andMe, Inc. Series E 6/18/15 $500,004 
23andMe, Inc. Series F 8/31/17 $2,780,992 
Airbnb, Inc. Series D 4/16/14 $1,434,646 
Airbnb, Inc. Series E 6/29/15 $1,499,937 
Altiostar Networks, Inc. Series A1 1/10/17 $642,036 
ASAC II LP 10/10/13 $155,030 
Blu Homes, Inc. 6/10/13 - 12/30/14 $7,036,662 
Delphix Corp. Series D 7/10/15 $2,095,695 
Magic Leap, Inc. Series B, 8.00% 10/17/14 $22,049,532 
Magic Leap, Inc. Series C 12/23/15 $404,321 
Magic Leap, Inc. Series D 10/6/17 $12,685,221 
Mulberry Health, Inc. Series A-8 1/20/16 $3,248,839 
Roofoods Ltd. Series F 9/12/17 $3,271,942 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $1,883,269 
Space Exploration Technologies Corp. Class C 9/11/17 $105,705 
Space Exploration Technologies Corp. Series G 1/20/15 $2,824,191 
Space Exploration Technologies Corp. Series H 8/4/17 $979,560 
Tanium, Inc. Class B 4/21/17 $935,771 
TulCo LLC 8/24/17 - 12/14/17 $2,643,700 
WeWork Companies, Inc. Class A 6/23/15 $111,956 
WeWork Companies, Inc. Series E 6/23/15 $11,424,455 
WeWork Companies, Inc. Series F 12/1/16 $814,871 

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 $3,275,286 
Fidelity Securities Lending Cash Central Fund 416,143 
Total $3,691,429 

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2019, 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:     
Communication Services $1,136,767,073 $1,136,171,096 $-- $595,977 
Consumer Discretionary 767,691,058 758,073,324 4,376,505 5,241,229 
Consumer Staples 273,679,281 257,128,622 12,186,658 4,364,001 
Energy 78,746,680 78,746,680 -- -- 
Financials 999,287,095 993,728,200 5,558,895 -- 
Health Care 807,824,541 790,843,787 10,794,330 6,186,424 
Industrials 230,564,424 193,557,454 19,647,033 17,359,937 
Information Technology 2,308,466,015 2,235,446,820 4,542,093 68,477,102 
Materials 180,523,611 180,523,408 -- 203 
Real Estate 61,609,124 54,566,451 -- 7,042,673 
Utilities 12,871,046 12,871,046 -- -- 
Money Market Funds 268,340,770 268,340,770 -- -- 
Total Investments in Securities: $7,126,370,718 $6,959,997,658 $57,105,514 $109,267,546 

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

Investments in Securities:  
Beginning Balance $159,227,146 
Net Realized Gain (Loss) on Investment Securities 742,897 
Net Unrealized Gain (Loss) on Investment Securities (1,617,658) 
Cost of Purchases 43,495 
Proceeds of Sales (1,900,314) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (47,228,020) 
Ending Balance $109,267,546 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2019 $(1,617,658) 

The information used in the above reconciliation 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, and cost of purchases includes securities received through in-kind transactions. 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 reconciliation 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, 2019 
Assets   
Investment in securities, at value (including securities loaned of $28,893,057) — See accompanying schedule:
Unaffiliated issuers (cost $3,262,773,182) 		$6,858,029,948  
Fidelity Central Funds (cost $268,340,345) 268,340,770  
Total Investment in Securities (cost $3,531,113,527)  $7,126,370,718 
Cash  24,025 
Receivable for investments sold  66,707,925 
Receivable for fund shares sold  581,612 
Dividends receivable  3,630,764 
Distributions receivable from Fidelity Central Funds  174,712 
Other receivables  59 
Total assets  7,197,489,815 
Liabilities   
Payable for investments purchased $945,026  
Payable for fund shares redeemed 266,153,316  
Other payables and accrued expenses 1,541,800  
Collateral on securities loaned 29,116,262  
Total liabilities  297,756,404 
Net Assets  $6,899,733,411 
Net Assets consist of:   
Paid in capital  $3,179,503,117 
Total accumulated earnings (loss)  3,720,230,294 
Net Assets  $6,899,733,411 
Net Asset Value, offering price and redemption price per share ($6,899,733,411 ÷ 381,189,603 shares)  $18.10 

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


Statement of Operations

  Year ended December 31, 2019 
Investment Income   
Dividends  $53,532,928 
Interest  6,517 
Income from Fidelity Central Funds (including $416,143 from security lending)  3,691,429 
Total income  57,230,874 
Expenses   
Custodian fees and expenses $151,408  
Independent trustees' fees and expenses 38,619  
Commitment fees 18,729  
Total expenses before reductions 208,756  
Expense reductions (4,521)  
Total expenses after reductions  204,235 
Net investment income (loss)  57,026,639 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $302) 657,312,953  
Fidelity Central Funds 1,557  
Foreign currency transactions (29,490)  
Total net realized gain (loss)  657,285,020 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,466,148) 1,160,099,776  
Fidelity Central Funds (2,463)  
Assets and liabilities in foreign currencies 3,140  
Total change in net unrealized appreciation (depreciation)  1,160,100,453 
Net gain (loss)  1,817,385,473 
Net increase (decrease) in net assets resulting from operations  $1,874,412,112 

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


Statement of Changes in Net Assets

 Year ended December 31, 2019 Year ended December 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $57,026,639 $53,444,231 
Net realized gain (loss) 657,285,020 550,014,746 
Change in net unrealized appreciation (depreciation) 1,160,100,453 (798,571,625) 
Net increase (decrease) in net assets resulting from operations 1,874,412,112 (195,112,648) 
Distributions to shareholders (609,089,624) (711,874,214) 
Share transactions   
Proceeds from sales of shares 803,412,059 445,429,036 
Net asset value of shares issued in exchange for the net assets of Fidelity Adviser Series Opportunistic Insights Fund (note 10) – 950,529,936 
Reinvestment of distributions 609,089,624 711,874,214 
Cost of shares redeemed (2,197,322,705) (1,098,802,568) 
Net increase (decrease) in net assets resulting from share transactions (784,821,022) 1,009,030,618 
Total increase (decrease) in net assets 480,501,466 102,043,756 
Net Assets   
Beginning of period 6,419,231,945 6,317,188,189 
End of period $6,899,733,411 $6,419,231,945 
Other Information   
Shares   
Sold 44,110,643 24,530,405 
Issued in exchange for the shares of Fidelity Adviser Series Opportunistic Insights Fund (note 10) – 48,177,012 
Issued in reinvestment of distributions 34,528,724 44,695,191 
Redeemed (120,371,574) (59,234,656) 
Net increase (decrease) (41,732,207) 58,167,952 

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


Financial Highlights

Fidelity Series Opportunistic Insights Fund

      
Years ended December 31, 2019 2018 2017 2016 2015 
Selected Per–Share Data      
Net asset value, beginning of period $15.18 $17.32 $14.69 $14.89 $14.89 
Income from Investment Operations      
Net investment income (loss)A .15 .15 .09 –B –B 
Net realized and unrealized gain (loss) 4.43 (.42) 4.75 .19 1.04 
Total from investment operations 4.58 (.27) 4.84 .19 1.04 
Distributions from net investment income (.15) (.13) (.10) –B –B 
Distributions from net realized gain (1.51) (1.75) (2.10) (.38) (1.04) 
Total distributions (1.66) (1.87)C (2.21)D (.39)E (1.04) 
Net asset value, end of period $18.10 $15.18 $17.32 $14.69 $14.89 
Total ReturnF 30.53% (1.87)% 32.96% 1.33% 7.10% 
Ratios to Average Net AssetsG,H      
Expenses before reductions - %I - %I .27% .83% .90% 
Expenses net of fee waivers, if any - %I - %I .27% .83% .90% 
Expenses net of all reductions - %I - %I .27% .82% .90% 
Net investment income (loss) .81% .80% .50% .03% .02% 
Supplemental Data      
Net assets, end of period (000 omitted) $6,899,733 $6,419,232 $6,317,188 $2,240,033 $2,329,415 
Portfolio turnover rate 27%J 32%K 37% 40% 35% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $1.87 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $1.746 per share.

 D 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.

 E 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.

 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 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.

 I Amount represents less than .005%.

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

 K The portfolio turnover rate does not include the assets acquired in the merger.

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


Notes to Financial Statements

For the period ended December 31, 2019

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. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. 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 ranged from less than .005% to .01%.

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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, income approach and cost approach and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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 $ 109,267,546 Market comparable Enterprise value/Sales multiple (EV/S)
 		1.3 - 14.4 / 4.8 Increase 
   Discount rate 15.0% - 73.3% / 46.7%
 		Decrease
 
   Discount for lack of marketability
 		25.0%
 		Decrease 
   Premium rate
 		52.9% - 75.7% / 68.2%
 		Increase 
   Conversion ratio
 		4.0
 		Increase 
  Market approach Enterprise value/Sales multiple (EV/S)
 		3.1 - 3.4 / 3.2
 		Increase 
   Transaction Price $0.07 - $214.00 / $59.13
 		Increase 
   Tender price
 		$19.19
 		Increase 
   Discount for lack of marketability
 		20.0% - 50.0% / 20.0%
 		Decrease 
  Recovery value Recovery value
 		0.0% - 0.2% / 0.2%
 		Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

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, 2019, 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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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, 2019, 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, certain foreign taxes, 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 $3,630,506,079 
Gross unrealized depreciation (52,746,147) 
Net unrealized appreciation (depreciation) $3,577,759,932 
Tax Cost $3,548,610,786 

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

Undistributed ordinary income $2,927,463 
Undistributed long-term capital gain $140,968,975 
Net unrealized appreciation (depreciation) on securities and other investments $3,577,811,244 

The tax character of distributions paid was as follows:

 December 31, 2019 December 31, 2018 
Ordinary Income $57,754,377 $ 49,441,657 
Long-term Capital Gains 551,335,247 662,432,557 
Total $609,089,624 $ 711,874,214 

Restricted Securities (including Private Placements). 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 $3,944,277 in this Subsidiary, representing .06% 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 and in-kind transactions, aggregated $1,827,044,564 and $3,138,003,993, 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 does not pay a management fee. Under the management contract, the investment adviser or an affiliate 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.

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Series Opportunistic Insights Fund $52,705 

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.

Affiliated Exchanges In-Kind. During the period, the Fund received investments, including cash valued at $275,319,852 in exchange for 14,544,102 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

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 $18,729 and is reflected in Commitment fees 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 from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $10,941. 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, and includes $3,852 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

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 by $4,521.

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 and accounts managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Effective January 1, 2020, following any required regulatory notices and approvals:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

10. Prior Fiscal Year Merger Information.

On September 21, 2018, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Series Opportunistic Insights Fund ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). The acquisition was accomplished by an exchange of shares of the Fund for shares then outstanding of the Target Fund at its net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Fund's net assets of $950,529,936, including securities of $952,974,757 and unrealized appreciation of $472,604,632, was combined with the Fund's net assets of $6,749,766,909 for total net assets after the acquisition of $7,700,296,845.

Pro forma results of operations of the combined entity for the entire period ended December 31, 2018, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income (loss) $58,636,464 
Total net realized gain (loss) 616,028,215 
Total change in net unrealized appreciation (depreciation) (706,891,222) 
Net increase (decrease) in net assets resulting from operations $(32,226,543) 

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's accompanying Statement of Operations since September 21, 2018.

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 by correspondence with the custodian, issuers of privately offered securities 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 14, 2020



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.  Except for Michael E. Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 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 Investment Company Act of 1940 (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 other equity 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.  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 Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), 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).

 * 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) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

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 Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida 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 Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

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.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

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) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). 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), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + 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 a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Member of the Advisory Board

Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

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 Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Member of the Advisory Board

Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

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.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

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 Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

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).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant 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). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).

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 LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), 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 Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

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).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

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, 2019 to December 31, 2019).

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, 2019 		Ending
Account Value
December 31, 2019 		Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 
Actual - %-C $1,000.00 $1,065.20 $--D 
Hypothetical-E  $1,000.00 $1,025.21 $--D 

 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 Amount represents less than $.005.

 E 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Series Opportunistic Insights Fund voted to pay on February 18, 2020, to shareholders of record at the opening of business on February 14, 2020, a distribution of $0.384 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.008 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2019, $657,001,639, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 80% of the dividends distributed in December, 2019 as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 89% of the dividends distributed in December, 2019 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 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Series Opportunistic Insights Fund

At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.

The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.





Fidelity Investments

O1T-ANN-0220
1.951052.107

Fidelity® Contrafund® K6



Annual Report

December 31, 2019

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
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Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of 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


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. © 2020 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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, 2019 Past 1 year Life of fundA 
Fidelity® Contrafund® K6 31.00% 15.60% 

 A From May 25, 2017

$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
$14,584Fidelity® Contrafund® K6
$14,083S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. stocks continued to roll in 2019, with the S&P 500® index soaring 31.49% and marking history as the longest and strongest bull market ever, despite persistent, nagging concerns about global economic growth and trade. After a rough end to 2018, equities sharply reversed course to begin the new year amid upbeat company earnings and signs the Federal Reserve may pause on rates. The uptrend continued until May, when the index sunk as trade negotiations between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving even higher through year-end. Gains were robust and broad-based, with information technology (+50%) leading the way with its best calendar-year result in a decade, amid strong growth trends. Communication services (+33%) and financials (+32%) also stood out. In contrast, energy (+12%) was by far the weakest group – struggling amid sluggish oil prices – while several strong gainers nonetheless fell short of the broader market: industrials and real estate (+29% each), consumer discretionary and consumer staples (+28% each), utilities (+26%), materials (+25%), and health care (+21%).

Comments from Portfolio Manager William Danoff:  For the year, the fund gained 31.00%, roughly in line with the benchmark S&P 500® index. Versus the benchmark, a considerable overweighting in the market-leading information technology sector notably contributed, as did underexposure to energy. My picks in health care and communication services also helped. The biggest individual contributor by a wide margin was a large investment in Facebook (+57%), as the social-media platform operator reported better-than-expected revenue and earnings. Facebook was the fund's top holding. It also helped to overweight payments processors MasterCard (+59%) and Visa (+43%). Both have benefited as people everywhere spend more money on credit and debit cards and less with cash and checks. Conversely, security selection was the biggest detractor, especially in the information technology and financials sectors. The fund's modest position in cash hampered relative performance in a strong market. The largest individual relative detractor was an underweighting in Apple (+89%), a maker of personal electronics and a sizable benchmark component the past year.The company had favorable financial results, driven by its wearables, home and accessories segment. Underexposure to Apple allowed us to invest in companies with better growth prospects. In financials, it hurt to overweight Berkshire Hathaway, as shares of the insurance-focused conglomerate gained 11% in 2019, lagging the benchmark. Rising interest rates pressured the stock, but we held steady our sizable position.

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, 2019

 % of fund's net assets 
Facebook, Inc. Class A 7.6 
Amazon.com, Inc. 6.1 
Microsoft Corp. 5.7 
Berkshire Hathaway, Inc. Class A 5.6 
Visa, Inc. Class A 4.0 
Salesforce.com, Inc. 3.8 
UnitedHealth Group, Inc. 3.2 
Adobe, Inc. 2.9 
MasterCard, Inc. Class A 2.6 
Alphabet, Inc. Class A 2.6 
 44.1 

Top Five Market Sectors as of December 31, 2019

 % of fund's net assets 
Information Technology 32.1 
Communication Services 17.2 
Financials 13.7 
Health Care 13.5 
Consumer Discretionary 11.3 

Asset Allocation (% of fund's net assets)

As of December 31, 2019* 
   Stocks 98.8% 
   Convertible Securities 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.0% 


 * Foreign investments - 7.8%

Schedule of Investments December 31, 2019

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value 
COMMUNICATION SERVICES - 17.2%   
Entertainment - 3.9%   
Activision Blizzard, Inc. 1,280,209 $76,070,019 
Netflix, Inc. (a) 795,812 257,500,889 
Spotify Technology SA (a)(b) 39,974 5,978,112 
The Walt Disney Co. 847,776 122,613,843 
  462,162,863 
Interactive Media & Services - 12.6%   
Alphabet, Inc.:   
Class A (a) 230,058 308,137,385 
Class C (a) 206,832 276,538,521 
CarGurus, Inc. Class A (a) 90,150 3,171,477 
Facebook, Inc. Class A (a) 4,381,382 899,278,650 
Pinterest, Inc. Class A 160,516 2,992,018 
  1,490,118,051 
Media - 0.4%   
Charter Communications, Inc. Class A (a) 23,009 11,161,206 
Comcast Corp. Class A 65,340 2,938,340 
Discovery Communications, Inc. Class A (a) 112,711 3,690,158 
Liberty Media Corp. Liberty Formula One Group Series C (a) 609,376 28,009,968 
  45,799,672 
Wireless Telecommunication Services - 0.3%   
T-Mobile U.S., Inc. (a) 550,664 43,183,071 
TOTAL COMMUNICATION SERVICES  2,041,263,657 
CONSUMER DISCRETIONARY - 11.2%   
Automobiles - 0.1%   
Tesla, Inc. (a) 18,788 7,859,584 
Toyota Motor Corp. 80,700 5,686,244 
  13,545,828 
Hotels, Restaurants & Leisure - 1.3%   
Chipotle Mexican Grill, Inc. (a) 61,703 51,652,198 
Churchill Downs, Inc. 8,125 1,114,750 
Evolution Gaming Group AB (c) 180,863 5,445,383 
Hilton Worldwide Holdings, Inc. 46,822 5,193,028 
McDonald's Corp. 386,636 76,403,140 
Starbucks Corp. 105,251 9,253,668 
  149,062,167 
Household Durables - 0.1%   
Garmin Ltd. 65,824 6,421,789 
Lennar Corp. Class A 18,068 1,008,014 
Mohawk Industries, Inc. (a) 52,423 7,149,449 
  14,579,252 
Internet & Direct Marketing Retail - 6.4%   
Alibaba Group Holding Ltd. 1,112,000 29,568,471 
Alibaba Group Holding Ltd. sponsored ADR (a) 23,809 5,049,889 
Amazon.com, Inc. (a) 391,906 724,179,583 
Meituan Dianping Class B (a) 204,700 2,676,864 
  761,474,807 
Multiline Retail - 0.0%   
Dollar General Corp. 19,631 3,062,043 
Specialty Retail - 1.6%   
AutoZone, Inc. (a) 4,673 5,566,992 
Burlington Stores, Inc. (a) 11,392 2,597,718 
John David Group PLC 708,654 7,860,532 
O'Reilly Automotive, Inc. (a) 50,349 22,065,953 
Ross Stores, Inc. 112,196 13,061,858 
Sally Beauty Holdings, Inc. (a) 145,084 2,647,783 
The Home Depot, Inc. 277,718 60,648,057 
TJX Companies, Inc. 1,288,340 78,666,040 
  193,114,933 
Textiles, Apparel & Luxury Goods - 1.7%   
adidas AG 199,285 64,781,308 
Allbirds, Inc. (a)(d)(e) 33,995 386,523 
Burberry Group PLC 84,957 2,481,376 
Deckers Outdoor Corp. (a) 32,013 5,405,715 
Hermes International SCA 3,850 2,877,015 
lululemon athletica, Inc. (a) 27,964 6,478,420 
NIKE, Inc. Class B 767,208 77,725,842 
Ralph Lauren Corp. 41,458 4,859,707 
VF Corp. 285,908 28,493,591 
  193,489,497 
TOTAL CONSUMER DISCRETIONARY  1,328,328,527 
CONSUMER STAPLES - 4.0%   
Beverages - 1.2%   
Budweiser Brewing Co. APAC Ltd. (a)(c) 1,076,300 3,632,649 
Keurig Dr. Pepper, Inc. 941,423 27,254,196 
PepsiCo, Inc. 309,683 42,324,376 
The Coca-Cola Co. 1,192,795 66,021,203 
  139,232,424 
Food & Staples Retailing - 0.9%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 192,883 6,121,219 
Costco Wholesale Corp. 310,414 91,236,883 
Grocery Outlet Holding Corp. 59,676 1,936,486 
Walmart, Inc. 63,575 7,555,253 
  106,849,841 
Food Products - 0.1%   
Mondelez International, Inc. 137,574 7,577,576 
The Simply Good Foods Co. (a) 141,809 4,047,229 
  11,624,805 
Household Products - 0.3%   
Procter & Gamble Co. 235,429 29,405,082 
Personal Products - 1.5%   
Estee Lauder Companies, Inc. Class A 764,182 157,834,150 
Kao Corp. 42,900 3,538,182 
L'Oreal SA 13,940 4,128,035 
L'Oreal SA 15,356 4,547,354 
Shiseido Co. Ltd. 177,800 12,625,577 
  182,673,298 
TOTAL CONSUMER STAPLES  469,785,450 
ENERGY - 1.1%   
Oil, Gas & Consumable Fuels - 1.1%   
Birchcliff Energy Ltd. 1,462,816 2,917,634 
Canadian Natural Resources Ltd. 100,826 3,261,093 
Centennial Resource Development, Inc. Class A (a) 1,938,328 8,955,075 
Continental Resources, Inc. 38,259 1,312,284 
EOG Resources, Inc. 157,503 13,192,451 
Hess Corp. 620,796 41,475,381 
Magnolia Oil & Gas Corp. Class A (a) 666,576 8,385,526 
Reliance Industries Ltd. 2,543,782 53,975,379 
  133,474,823 
FINANCIALS - 13.7%   
Banks - 5.6%   
Bank of America Corp. 6,201,944 218,432,468 
Citigroup, Inc. 1,863,212 148,852,007 
HDFC Bank Ltd. sponsored ADR 678,162 42,975,126 
JPMorgan Chase & Co. 1,489,573 207,646,476 
Kotak Mahindra Bank Ltd. 1,304,072 30,782,898 
PNC Financial Services Group, Inc. 73,785 11,778,300 
U.S. Bancorp 95,904 5,686,148 
  666,153,423 
Capital Markets - 0.7%   
Brookfield Asset Management, Inc.:   
(Canada) Class A 200,043 11,558,451 
Class A 117,172 6,772,542 
Charles Schwab Corp. 184,528 8,776,152 
CME Group, Inc. 181,560 36,442,723 
Moody's Corp. 34,460 8,181,149 
MSCI, Inc. 4,286 1,106,559 
S&P Global, Inc. 4,189 1,143,806 
XP, Inc. Class A (a) 78,469 3,022,626 
  77,004,008 
Consumer Finance - 1.1%   
American Express Co. 1,080,394 134,498,249 
Diversified Financial Services - 5.6%   
AXA Equitable Holdings, Inc. 28,938 717,084 
Berkshire Hathaway, Inc. Class A (a) 1,932 656,087,880 
  656,804,964 
Insurance - 0.7%   
Admiral Group PLC 330,996 10,123,517 
AFLAC, Inc. 39,989 2,115,418 
Allstate Corp. 45,770 5,146,837 
American International Group, Inc. 620,773 31,864,278 
Chubb Ltd. 184,295 28,687,360 
Fairfax Financial Holdings Ltd. (sub. vtg.) 13,022 6,114,539 
Marsh & McLennan Companies, Inc. 23,027 2,565,438 
The Travelers Companies, Inc. 2,518 344,840 
  86,962,227 
TOTAL FINANCIALS  1,621,422,871 
HEALTH CARE - 13.5%   
Biotechnology - 1.9%   
23andMe, Inc. (a)(d)(e) 6,779 97,075 
AbbVie, Inc. 189,051 16,738,576 
Acceleron Pharma, Inc. (a) 9,491 503,213 
Allogene Therapeutics, Inc. (a)(b) 57,732 1,499,877 
Amgen, Inc. 33,731 8,131,532 
Argenx SE ADR (a) 11,712 1,880,010 
bluebird bio, Inc. (a) 54,374 4,771,319 
Bridgebio Pharma, Inc. 15,359 538,333 
CSL Ltd. 4,801 929,064 
Galapagos Genomics NV sponsored ADR (a) 7,991 1,652,779 
Gilead Sciences, Inc. 13,061 848,704 
Global Blood Therapeutics, Inc. (a) 16,015 1,273,032 
Idorsia Ltd. (a) 135,894 4,204,036 
Innovent Biolgics, Inc. (a)(c) 355,500 1,211,263 
Morphosys AG (a) 19,516 2,775,791 
Neurocrine Biosciences, Inc. (a) 30,033 3,228,247 
Regeneron Pharmaceuticals, Inc. (a) 74,635 28,023,950 
Turning Point Therapeutics, Inc. 52,692 3,282,185 
Vertex Pharmaceuticals, Inc. (a) 645,410 141,312,520 
  222,901,506 
Health Care Equipment & Supplies - 4.1%   
Abbott Laboratories 674,426 58,580,642 
Baxter International, Inc. 692,260 57,886,781 
Boston Scientific Corp. (a) 1,061,805 48,014,822 
Danaher Corp. 537,728 82,530,493 
DexCom, Inc. (a) 204,644 44,763,829 
Edwards Lifesciences Corp. (a) 343,243 80,075,159 
Haemonetics Corp. (a) 9,137 1,049,841 
Hoya Corp. 6,000 577,056 
Intuitive Surgical, Inc. (a) 81,946 48,442,378 
Masimo Corp. (a) 21,793 3,444,602 
ResMed, Inc. 31,086 4,817,397 
Sonova Holding AG Class B 48,971 11,207,973 
Stryker Corp. 189,314 39,744,581 
Zimmer Biomet Holdings, Inc. 39,105 5,853,236 
  486,988,790 
Health Care Providers & Services - 3.2%   
Anthem, Inc. 7,968 2,406,575 
Cigna Corp. 12,817 2,620,948 
Hapvida Participacoes e Investimentos SA (c) 313,800 4,984,667 
UnitedHealth Group, Inc. 1,268,990 373,057,680 
  383,069,870 
Health Care Technology - 0.2%   
Veeva Systems, Inc. Class A (a) 195,450 27,491,997 
Life Sciences Tools & Services - 1.6%   
10X Genomics, Inc. (a) 36,329 2,770,086 
Bio-Rad Laboratories, Inc. Class A (a) 19,988 7,396,160 
Bruker Corp. 22,780 1,161,097 
IQVIA Holdings, Inc. (a) 118,614 18,327,049 
Mettler-Toledo International, Inc. (a) 108,497 86,068,500 
PRA Health Sciences, Inc. (a) 8,945 994,237 
Thermo Fisher Scientific, Inc. 221,067 71,818,036 
Wuxi Biologics (Cayman), Inc. (a)(c) 100,000 1,265,993 
  189,801,158 
Pharmaceuticals - 2.5%   
Astellas Pharma, Inc. 69,400 1,184,657 
AstraZeneca PLC:   
(United Kingdom) 62,995 6,305,292 
sponsored ADR 1,633,561 81,449,351 
Bristol-Myers Squibb Co. 457,942 29,395,297 
Bristol-Myers Squibb Co. rights (a) 98,386 296,142 
Eli Lilly & Co. 196,280 25,797,080 
Hansoh Pharmaceutical Group Co. Ltd. (c) 1,815,000 6,032,686 
Merck & Co., Inc. 583,151 53,037,583 
Novartis AG sponsored ADR 320,532 30,351,175 
Roche Holding AG (participation certificate) 57,994 18,848,213 
Zoetis, Inc. Class A 296,396 39,228,011 
  291,925,487 
TOTAL HEALTH CARE  1,602,178,808 
INDUSTRIALS - 2.9%   
Aerospace & Defense - 0.6%   
Harris Corp. 135,980 26,906,363 
Lockheed Martin Corp. 22,946 8,934,713 
Northrop Grumman Corp. 53,123 18,272,718 
TransDigm Group, Inc. 38,924 21,797,440 
  75,911,234 
Airlines - 0.0%   
Southwest Airlines Co. 39,502 2,132,318 
United Continental Holdings, Inc. (a) 11,624 1,023,958 
  3,156,276 
Building Products - 0.1%   
Allegion PLC 7,499 933,925 
Masco Corp. 69,636 3,341,832 
Toto Ltd. 222,700 9,403,978 
  13,679,735 
Commercial Services & Supplies - 0.3%   
Cintas Corp. 128,920 34,689,794 
Clean TeQ Holdings Ltd. (a)(b) 3,269,289 470,316 
Edenred SA 20,846 1,077,954 
TulCo LLC (a)(d)(e)(f) 1,552 810,904 
  37,048,968 
Electrical Equipment - 0.2%   
AMETEK, Inc. 115,691 11,539,020 
Generac Holdings, Inc. (a) 20,678 2,080,000 
Vestas Wind Systems A/S 94,278 9,522,691 
  23,141,711 
Industrial Conglomerates - 0.4%   
General Electric Co. 4,014,891 44,806,184 
Machinery - 0.6%   
Dover Corp. 6,191 713,575 
Fortive Corp. 728,241 55,630,330 
IDEX Corp. 5,942 1,022,024 
Ingersoll-Rand PLC 65,234 8,670,903 
PACCAR, Inc. 14,392 1,138,407 
  67,175,239 
Professional Services - 0.4%   
Clarivate Analytics PLC (a) 767,384 12,892,051 
CoStar Group, Inc. (a) 15,083 9,024,159 
Experian PLC 259,640 8,801,661 
FTI Consulting, Inc. (a) 124,785 13,808,708 
  44,526,579 
Road & Rail - 0.3%   
Canadian Pacific Railway Ltd. 17,964 4,579,433 
Keisei Electric Railway Co. 28,700 1,112,107 
Lyft, Inc. 28,994 1,247,322 
Union Pacific Corp. 184,902 33,428,433 
  40,367,295 
TOTAL INDUSTRIALS  349,813,221 
INFORMATION TECHNOLOGY - 32.1%   
Communications Equipment - 0.2%   
Motorola Solutions, Inc. 131,229 21,146,241 
Electronic Equipment & Components - 2.4%   
Amphenol Corp. Class A 1,976,109 213,874,277 
CDW Corp. 132,058 18,863,165 
Keysight Technologies, Inc. (a) 170,334 17,481,378 
Zebra Technologies Corp. Class A (a) 131,137 33,497,635 
  283,716,455 
IT Services - 9.8%   
Accenture PLC Class A 161,824 34,075,280 
Adyen BV (a)(c) 17,666 14,485,461 
Endava PLC ADR (a) 12,467 580,962 
EPAM Systems, Inc. (a) 44,735 9,490,978 
Fidelity National Information Services, Inc. 43,590 6,062,933 
Fiserv, Inc. (a) 64,431 7,450,157 
Global Payments, Inc. 258,294 47,154,153 
MasterCard, Inc. Class A 1,044,807 311,968,922 
MongoDB, Inc. Class A (a)(b) 167,075 21,988,741 
Okta, Inc. (a) 331,911 38,292,572 
PayPal Holdings, Inc. (a) 1,523,307 164,776,118 
Shopify, Inc. Class A (a) 67,382 26,790,903 
StoneCo Ltd. Class A (a)(b) 95,342 3,803,192 
Visa, Inc. Class A 2,521,640 473,816,156 
  1,160,736,528 
Semiconductors & Semiconductor Equipment - 2.8%   
Advanced Micro Devices, Inc. (a) 997,249 45,733,839 
Analog Devices, Inc. 165,189 19,631,061 
ASML Holding NV 27,362 8,097,510 
Cirrus Logic, Inc. (a) 42,979 3,541,899 
Enphase Energy, Inc. (a)(b) 45,921 1,199,916 
KLA-Tencor Corp. 6,358 1,132,805 
Lam Research Corp. 102,545 29,984,158 
Marvell Technology Group Ltd. 174,547 4,635,968 
Microchip Technology, Inc. (b) 41,584 4,354,676 
NVIDIA Corp. 362,709 85,345,428 
NXP Semiconductors NV 184,417 23,468,907 
Qorvo, Inc. (a) 58,870 6,842,460 
Qualcomm, Inc. 711,950 62,815,349 
SolarEdge Technologies, Inc. (a) 51,718 4,917,865 
Synaptics, Inc. (a)(b) 46,263 3,042,718 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 29,530 1,715,693 
Universal Display Corp. 11,628 2,396,182 
Xilinx, Inc. 189,624 18,539,538 
  327,395,972 
Software - 14.6%   
Adobe, Inc. (a) 1,038,992 342,669,952 
Atlassian Corp. PLC (a) 200,493 24,127,328 
Ceridian HCM Holding, Inc. (a) 78,167 5,305,976 
Cloudflare, Inc. 83,500 1,353,285 
Coupa Software, Inc. (a) 116,133 16,984,451 
DocuSign, Inc. (a) 16,179 1,199,026 
Dropbox, Inc. Class A (a) 453,300 8,118,603 
Fortinet, Inc. (a) 10,784 1,151,300 
Intuit, Inc. 216,772 56,779,090 
Microsoft Corp. 4,269,841 673,353,926 
Netcompany Group A/S (a)(c) 38,189 1,817,200 
Paycom Software, Inc. (a) 77,156 20,427,823 
RingCentral, Inc. (a) 227,467 38,366,859 
Salesforce.com, Inc. (a) 2,780,601 452,236,947 
Slack Technologies, Inc. Class A (a)(b) 309,582 6,959,403 
Workday, Inc. Class A (a) 495,524 81,488,922 
Xero Ltd. (a) 21,182 1,189,157 
  1,733,529,248 
Technology Hardware, Storage & Peripherals - 2.3%   
Apple, Inc. 929,459 272,935,635 
Samsung Electronics Co. Ltd. 139,800 6,750,234 
  279,685,869 
TOTAL INFORMATION TECHNOLOGY  3,806,210,313 
MATERIALS - 2.2%   
Chemicals - 0.7%   
Air Products & Chemicals, Inc. 56,462 13,268,005 
FMC Corp. 35,034 3,497,094 
Growmax Resources Corp. (a)(c)(e) 206,700 8,755 
PPG Industries, Inc. 34,845 4,651,459 
Sherwin-Williams Co. 83,783 48,890,732 
Westlake Chemical Corp. 85,723 6,013,468 
  76,329,513 
Construction Materials - 0.0%   
Vulcan Materials Co. 446 64,220 
Containers & Packaging - 0.0%   
Avery Dennison Corp. 9,368 1,225,522 
Metals & Mining - 1.5%   
Agnico Eagle Mines Ltd. (Canada) 86,960 5,356,021 
B2Gold Corp. 3,471,730 13,929,162 
Barrick Gold Corp. 111,733 2,077,116 
Barrick Gold Corp. (Canada) 2,512,658 46,671,527 
Franco-Nevada Corp. 439,422 45,375,300 
Ivanhoe Mines Ltd. (a) 3,339,908 10,931,122 
Ivanhoe Mines Ltd. (a)(c) 883,372 2,891,172 
Kirkland Lake Gold Ltd. 583,462 25,718,967 
Lundin Gold, Inc. (a) 187,807 1,204,753 
Newcrest Mining Ltd. 635,002 13,479,783 
Novagold Resources, Inc. (a) 676,822 6,056,503 
Royal Gold, Inc. 16,681 2,039,252 
Wheaton Precious Metals Corp. 81,265 2,418,143 
  178,148,821 
TOTAL MATERIALS  255,768,076 
REAL ESTATE - 0.7%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
American Tower Corp. 289,347 66,497,728 
Equity Commonwealth 34,850 1,144,126 
Equity Residential (SBI) 181,174 14,660,600 
Prologis, Inc. 36,825 3,282,581 
  85,585,035 
UTILITIES - 0.2%   
Electric Utilities - 0.2%   
NextEra Energy, Inc. 74,743 18,099,765 
TOTAL COMMON STOCKS   
(Cost $9,655,967,590)  11,711,930,546 
Preferred Stocks - 0.2%   
Convertible Preferred Stocks - 0.2%   
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
ZenPayroll, Inc. Series D (d)(e) 184,203 2,452,184 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (a)(d)(e) 13,415 152,529 
Series B (a)(d)(e) 2,355 26,776 
Series C (a)(d)(e) 22,525 256,109 
Series Seed (a)(d)(e) 7,210 81,978 
Aurora Innovation, Inc. Series B (d)(e) 119,040 1,099,965 
  1,617,357 
TOTAL CONSUMER DISCRETIONARY  4,069,541 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (a)(d)(e) 1,222 576,271 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series F (a)(d)(e) 26,649 381,614 
Generation Bio Series B (a)(d)(e) 48,000 436,320 
Nuvation Bio, Inc. Series A (d)(e)(g) 2,568,600 1,981,367 
  2,799,301 
Pharmaceuticals - 0.0%   
Allovir, Inc. Series B (d)(e) 117,590 958,359 
TOTAL HEALTH CARE  3,757,660 
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Affirm, Inc. Series F (d)(e) 141,842 1,801,393 
Carbon, Inc.:   
Series D (a)(d)(e) 9,678 270,930 
Series E (d)(e) 8,344 233,585 
  2,305,908 
MATERIALS - 0.1%   
Metals & Mining - 0.1%   
High Power Exploration, Inc. Series A (d)(e) 1,052,269 5,545,458 
TOTAL CONVERTIBLE PREFERRED STOCKS  16,254,838 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series G (e) 3,143 1,482,176 
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Petroleo Brasileiro SA - Petrobras sponsored ADR 140,566 2,240,622 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  3,722,798 
TOTAL PREFERRED STOCKS   
(Cost $19,715,980)  19,977,636 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund 1.58% (h) 180,302,678 180,338,739 
Fidelity Securities Lending Cash Central Fund 1.58% (h)(i) 20,594,423 20,596,483 
TOTAL MONEY MARKET FUNDS   
(Cost $200,934,229)  200,935,222 
TOTAL INVESTMENT IN SECURITIES - 100.7%   
(Cost $9,876,617,799)  11,932,843,404 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (82,965,036) 
NET ASSETS - 100%  $11,849,878,368 

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 $41,775,229 or 0.4% 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 $17,549,340 or 0.1% 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) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (h) 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.

 (i) 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. 12/7/18 $113,887 
23andMe, Inc. Series F 8/31/17 $370,000 
Affirm, Inc. Series F 3/22/19 $1,869,917 
Allbirds, Inc. 10/9/18 $372,829 
Allbirds, Inc. Series A 10/9/18 $147,124 
Allbirds, Inc. Series B 10/9/18 $25,828 
Allbirds, Inc. Series C 10/9/18 $247,035 
Allbirds, Inc. Series Seed 10/9/18 $79,073 
Allovir, Inc. Series B 5/8/19 $958,359 
Aurora Innovation, Inc. Series B 3/1/19 $1,099,965 
Carbon, Inc. Series D 12/15/17 $225,990 
Carbon, Inc. Series E 3/22/19 $233,585 
Generation Bio Series B 2/21/18 $438,994 
High Power Exploration, Inc. Series A 11/15/19 $5,545,458 
Nuvation Bio, Inc. Series A 6/17/19 $1,981,366 
Roofoods Ltd. Series F 9/12/17 $432,063 
TulCo LLC 8/24/17 - 9/7/18 $651,224 
ZenPayroll, Inc. Series D 7/16/19 $2,452,184 

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 $3,260,402 
Fidelity Securities Lending Cash Central Fund 455,410 
Total $3,715,812 

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2019, 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:     
Communication Services $2,041,263,657 $2,041,263,657 $-- $-- 
Consumer Discretionary 1,332,398,068 1,322,255,760 5,686,244 4,456,064 
Consumer Staples 471,843,897 453,621,691 16,163,759 2,058,447 
Energy 135,715,445 135,715,445 -- -- 
Financials 1,621,422,871 1,621,422,871 -- -- 
Health Care 1,605,936,468 1,575,743,571 26,338,162 3,854,735 
Industrials 349,813,221 320,161,880 28,840,437 810,904 
Information Technology 3,808,516,221 3,804,857,028 1,353,285 2,305,908 
Materials 261,313,534 255,759,321 -- 5,554,213 
Real Estate 85,585,035 85,585,035 -- -- 
Utilities 18,099,765 18,099,765 -- -- 
Money Market Funds 200,935,222 200,935,222 -- -- 
Total Investments in Securities: $11,932,843,404 $11,835,421,246 $78,381,887 $19,040,271 

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2019 
Assets   
Investment in securities, at value (including securities loaned of $20,351,588) — See accompanying schedule:
Unaffiliated issuers (cost $9,675,683,570) 		$11,731,908,182  
Fidelity Central Funds (cost $200,934,229) 200,935,222  
Total Investment in Securities (cost $9,876,617,799)  $11,932,843,404 
Foreign currency held at value (cost $62,460)  62,480 
Receivable for fund shares sold  4,615,847 
Dividends receivable  5,562,578 
Distributions receivable from Fidelity Central Funds  252,544 
Other receivables  36,242 
Total assets  11,943,373,095 
Liabilities   
Payable for investments purchased   
Regular delivery $53,608,945  
Delayed delivery 990,683  
Payable for fund shares redeemed 12,157,333  
Accrued management fee 4,129,532  
Other payables and accrued expenses 2,013,059  
Collateral on securities loaned 20,595,175  
Total liabilities  93,494,727 
Net Assets  $11,849,878,368 
Net Assets consist of:   
Paid in capital  $10,143,178,022 
Total accumulated earnings (loss)  1,706,700,346 
Net Assets  $11,849,878,368 
Net Asset Value, offering price and redemption price per share ($11,849,878,368 ÷ 819,207,839 shares)  $14.47 

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


Statement of Operations

  Year ended December 31, 2019 
Investment Income   
Dividends  $68,059,456 
Interest  4,037 
Income from Fidelity Central Funds (including $455,410 from security lending)  3,715,812 
Total income  71,779,305 
Expenses   
Management fee $38,383,147  
Independent trustees' fees and expenses 43,749  
Interest 964  
Commitment fees 18,972  
Total expenses before reductions 38,446,832  
Expense reductions (170,698)  
Total expenses after reductions  38,276,134 
Net investment income (loss)  33,503,171 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (83,356,010)  
Fidelity Central Funds 7,697  
Foreign currency transactions (57,669)  
Total net realized gain (loss)  (83,405,982) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,891,797) 2,179,282,603  
Fidelity Central Funds (7,076)  
Assets and liabilities in foreign currencies 5,992  
Total change in net unrealized appreciation (depreciation)  2,179,281,519 
Net gain (loss)  2,095,875,537 
Net increase (decrease) in net assets resulting from operations  $2,129,378,708 

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


Statement of Changes in Net Assets

 Year ended December 31, 2019 Year ended December 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $33,503,171 $15,932,488 
Net realized gain (loss) (83,405,982) (166,051,981) 
Change in net unrealized appreciation (depreciation) 2,179,281,519 (231,639,929) 
Net increase (decrease) in net assets resulting from operations 2,129,378,708 (381,759,422) 
Distributions to shareholders (33,955,303) (16,756,255) 
Share transactions   
Proceeds from sales of shares 6,458,763,019 4,821,074,389 
Reinvestment of distributions 33,955,303 16,756,255 
Cost of shares redeemed (2,016,350,128) (896,982,428) 
Net increase (decrease) in net assets resulting from share transactions 4,476,368,194 3,940,848,216 
Total increase (decrease) in net assets 6,571,791,599 3,542,332,539 
Net Assets   
Beginning of period 5,278,086,769 1,735,754,230 
End of period $11,849,878,368 $5,278,086,769 
Other Information   
Shares   
Sold 492,901,979 395,688,596 
Issued in reinvestment of distributions 2,403,065 1,459,604 
Redeemed (152,457,426) (73,613,786) 
Net increase (decrease) 342,847,618 323,534,414 

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


Financial Highlights

Fidelity Contrafund K6

    
Years ended December 31, 2019 2018 2017 A 
Selected Per–Share Data    
Net asset value, beginning of period $11.08 $11.36 $10.00 
Income from Investment Operations    
Net investment income (loss)B .05 .05 .02 
Net realized and unrealized gain (loss) 3.38 (.29) 1.36 
Total from investment operations 3.43 (.24) 1.38 
Distributions from net investment income (.04) (.04) (.02) 
Total distributions (.04) (.04) (.02) 
Net asset value, end of period $14.47 $11.08 $11.36 
Total ReturnC,D 31.00% (2.15)% 13.77% 
Ratios to Average Net AssetsE,F    
Expenses before reductions .45% .45% .45%G 
Expenses net of fee waivers, if any .45% .45% .45%G 
Expenses net of all reductions .45% .45% .45%G 
Net investment income (loss) .39% .39% .38%G 
Supplemental Data    
Net assets, end of period (000 omitted) $11,849,878 $5,278,087 $1,735,754 
Portfolio turnover rateH 39%I 54%I 48%G,I 

 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, 2019

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 ranged from less than .005% to .01%.

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. 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. 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.

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, 2019 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, 2019, 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, certain foreign taxes, passive foreign investment companies (PFIC), market discount, redemptions in kind, partnerships, capital loss carryforwards 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 $2,071,767,848 
Gross unrealized depreciation (75,428,921) 
Net unrealized appreciation (depreciation) $1,996,338,927 
Tax Cost $9,936,504,477 

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

Undistributed ordinary income $2,098,110 
Capital loss carryforward $(289,728,340) 
Net unrealized appreciation (depreciation) on securities and other investments $1,996,343,639 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. 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 $(267,209,635) 
Long-term (22,518,705) 
Total capital loss carryforward $(289,728,340) 

The tax character of distributions paid was as follows:

 December 31, 2019 December 31, 2018 
Ordinary Income $33,955,303 $ 16,756,255 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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 $810,904 in this Subsidiary, representing .01% 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 and in-kind transactions, aggregated $5,046,198,721 and $3,158,403,703, respectively.

Unaffiliated Redemptions In-Kind. During the period, 21,758,678 shares of the Fund were redeemed in-kind for investments and cash with a value of $289,664,260. The net realized gain of $87,998,269 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. The Fund recognized no gain or loss for federal income tax purposes.

Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $3,118,494,832 in exchange for 234,737,161 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets

Prior Fiscal Year Unaffiliated Exchanges In-Kind. During the prior period, the Fund received investments, including accrued interest, and cash valued at $3,041,775,876 in exchange for 249,933,175 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

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. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Contrafund K6 $77,776 

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 fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. 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 
Fidelity Contrafund K6 Borrower $12,950,000 2.68% $964 

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 $18,972 and is reflected in Commitment fees 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 from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $11,264. 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, and includes $6,790 from securities loaned to NFS, as affiliated borrower.

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 $166,684 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 by $4,014.

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.

Effective January 1, 2020, following any required regulatory notices and approvals:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Report of Independent Registered Public Accounting Firm

To the Board of 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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2019 and 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, 2019, 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, 2019 and the financial highlights for each of the two years in the period ended December 31, 2019 and 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 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, 2019 by correspondence with the custodian, issuers of privately offered securities 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 11, 2020



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.  Except for Michael E. Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 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 Investment Company Act of 1940 (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 other equity 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.  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 Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), 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).

 * 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) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

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 Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida 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 Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

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.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

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) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). 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), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + 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 a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Member of the Advisory Board

Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

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 Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Member of the Advisory Board

Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

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.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

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 Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

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).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant 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). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).

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 LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), 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 Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

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).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

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, 2019 to December 31, 2019).

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, 2019 		Ending
Account Value
December 31, 2019 		Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 
Actual .45% $1,000.00 $1,081.60 $2.36 
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 dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% 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 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Contrafund K6

At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.

The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.





Fidelity Investments

CONK6-ANN-0220
1.9883979.102



Fidelity Flex℠ Funds

Fidelity Flex℠ Opportunistic Insights Fund



Annual Report

December 31, 2019

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of 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


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 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) 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. © 2020 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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, 2019 Past 1 year Life of fundA 
Fidelity Flex℠ Opportunistic Insights Fund 30.56% 17.32% 

 A From March 8, 2017

$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
$15,681Fidelity Flex℠ Opportunistic Insights Fund
$14,258Russell 3000® Index

Management's Discussion of Fund Performance

Market Recap:  U.S. stocks continued to roll in 2019, with the S&P 500® index soaring 31.49% and marking history as the longest and strongest bull market ever, despite persistent, nagging concerns about global economic growth and trade. After a rough end to 2018, equities sharply reversed course to begin the new year amid upbeat company earnings and signs the Federal Reserve may pause on rates. The uptrend continued until May, when the index sunk as trade negotiations between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving even higher through year-end. Gains were robust and broad-based, with information technology (+50%) leading the way with its best calendar-year result in a decade, amid strong growth trends. Communication services (+33%) and financials (+32%) also stood out. In contrast, energy (+12%) was by far the weakest group – struggling amid sluggish oil prices – while several strong gainers nonetheless fell short of the broader market: industrials and real estate (+29% each), consumer discretionary and consumer staples (+28% each), utilities (+26%), materials (+25%), and health care (+21%).

Comments from Portfolio Manager William Danoff:  For the year, the fund gained 30.56%, roughly in line with the 31.02% advance of the benchmark Russell 3000® Index. Versus the benchmark, security selection was the biggest detractor, especially in the information technology sector. The fund's position in cash hampered relative performance in a strong market. Our picks in financials, consumer discretionary and industrials hurt to a lesser extent. The largest individual relative detractor by a wide margin was largely avoiding Apple, a maker of personal electronics and a sizable benchmark component the past year. The company had favorable financial results, driven by its wearables, home and accessories segment. Underexposure to Apple, which rose 89%, allowed us to invest in companies with better growth prospects. Apple was not held at year-end. In financials, it hurt to overweight Berkshire Hathaway, as shares of the insurance-focused conglomerate gained 11% in 2019, lagging the benchmark. Rising interest rates pressured the stock, but we held steady our sizable position. Conversely, a considerable overweighting in the market-leading information technology sector notably contributed, as did underexposure to energy. My picks in health care and communication services also helped. The biggest individual contributor by far was a large investment in Facebook (+55%), as the social-media platform operator reported better-than-expected revenue, earnings and average revenue per user. Facebook was the fund's top holding.

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, 2019

 % of fund's net assets 
Facebook, Inc. Class A 8.3 
Amazon.com, Inc. 6.2 
Microsoft Corp. 6.1 
Salesforce.com, Inc. 5.6 
Berkshire Hathaway, Inc. Class A 4.8 
Adobe, Inc. 3.7 
MasterCard, Inc. Class A 3.4 
Bank of America Corp. 3.0 
Visa, Inc. Class A 2.5 
Netflix, Inc. 2.1 
 45.7 

Top Five Market Sectors as of December 31, 2019

 % of fund's net assets 
Information Technology 33.6 
Communication Services 16.6 
Financials 14.3 
Health Care 11.8 
Consumer Discretionary 11.1 

Asset Allocation (% of fund's net assets)

As of December 31, 2019 * 
   Stocks 99.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.9% 


 * Foreign investments - 8.3%

Schedule of Investments December 31, 2019

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value 
COMMUNICATION SERVICES - 16.6%   
Entertainment - 3.2%   
Activision Blizzard, Inc. 473 $28,106 
Netflix, Inc. (a) 1,846 597,310 
Sea Ltd. ADR (a) 100 4,022 
Spotify Technology SA (a) 92 13,759 
The Walt Disney Co. 1,884 272,483 
  915,680 
Interactive Media & Services - 12.3%   
Alphabet, Inc.:   
Class A (a) 404 541,114 
Class C (a) 427 570,908 
CarGurus, Inc. Class A (a) 424 14,916 
Facebook, Inc. Class A (a) 11,461 2,352,363 
  3,479,301 
Media - 0.6%   
Charter Communications, Inc. Class A (a) 79 38,321 
Comcast Corp. Class A 21 944 
Discovery Communications, Inc. Class A (a) 300 9,822 
Liberty Media Corp. Liberty Formula One Group Series C (a) 2,443 112,293 
  161,380 
Wireless Telecommunication Services - 0.5%   
T-Mobile U.S., Inc. (a) 1,617 126,805 
TOTAL COMMUNICATION SERVICES  4,683,166 
CONSUMER DISCRETIONARY - 11.1%   
Automobiles - 0.1%   
Toyota Motor Corp. 200 14,092 
Hotels, Restaurants & Leisure - 1.5%   
Chipotle Mexican Grill, Inc. (a) 170 142,309 
Evolution Gaming Group AB (b) 400 12,043 
Hilton Worldwide Holdings, Inc. 155 17,191 
McDonald's Corp. 1,140 225,275 
Starbucks Corp. 309 27,167 
  423,985 
Household Durables - 0.1%   
Mohawk Industries, Inc. (a) 172 23,457 
Internet & Direct Marketing Retail - 6.5%   
Alibaba Group Holding Ltd. 2,800 74,453 
Alibaba Group Holding Ltd. sponsored ADR (a) 52 11,029 
Amazon.com, Inc. (a) 942 1,740,665 
Meituan Dianping Class B (a) 500 6,539 
  1,832,686 
Multiline Retail - 0.0%   
Dollar General Corp. 58 9,047 
Specialty Retail - 1.4%   
AutoZone, Inc. (a) 10 11,913 
Burlington Stores, Inc. (a) 34 7,753 
John David Group PLC 1,700 18,857 
O'Reilly Automotive, Inc. (a) 125 54,783 
Ross Stores, Inc. 328 38,186 
Sally Beauty Holdings, Inc. (a) 400 7,300 
The Home Depot, Inc. 747 163,130 
TJX Companies, Inc. 1,535 93,727 
  395,649 
Textiles, Apparel & Luxury Goods - 1.5%   
adidas AG 592 192,441 
Burberry Group PLC 300 8,762 
Deckers Outdoor Corp. (a) 98 16,548 
Hermes International SCA 9 6,725 
lululemon athletica, Inc. (a) 100 23,167 
NIKE, Inc. Class B 1,168 118,330 
Ralph Lauren Corp. 96 11,253 
VF Corp. 511 50,926 
  428,152 
TOTAL CONSUMER DISCRETIONARY  3,127,068 
CONSUMER STAPLES - 4.1%   
Beverages - 1.1%   
Budweiser Brewing Co. APAC Ltd. (a)(b) 2,900 9,788 
Keurig Dr. Pepper, Inc. 2,498 72,317 
PepsiCo, Inc. 823 112,479 
The Coca-Cola Co. 2,391 132,342 
  326,926 
Food & Staples Retailing - 1.1%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 622 19,739 
Costco Wholesale Corp. 939 275,991 
Grocery Outlet Holding Corp. 128 4,154 
Walmart, Inc. 13 1,545 
  301,429 
Food Products - 0.1%   
Mondelez International, Inc. 222 12,228 
The Simply Good Foods Co. (a) 394 11,245 
  23,473 
Household Products - 0.0%   
Procter & Gamble Co. 54 6,745 
Personal Products - 1.8%   
Estee Lauder Companies, Inc. Class A 2,175 449,225 
Kao Corp. 100 8,248 
L'Oreal SA 14 4,146 
Shiseido Co. Ltd. 522 37,067 
  498,686 
TOTAL CONSUMER STAPLES  1,157,259 
ENERGY - 1.1%   
Oil, Gas & Consumable Fuels - 1.1%   
Birchcliff Energy Ltd. 5,087 10,146 
Canadian Natural Resources Ltd. 255 8,248 
Centennial Resource Development, Inc. Class A (a) 5,614 25,937 
Continental Resources, Inc. 214 7,340 
Hess Corp. 1,460 97,543 
Magnolia Oil & Gas Corp. Class A (a) 1,966 24,732 
Reliance Industries Ltd. 6,213 131,831 
Tamarack Valley Energy Ltd. (a) 3,734 5,751 
  311,528 
FINANCIALS - 14.3%   
Banks - 6.9%   
Bank of America Corp. 23,836 839,504 
Citigroup, Inc. 3,266 260,921 
HDFC Bank Ltd. sponsored ADR 2,370 150,187 
JPMorgan Chase & Co. 4,160 579,904 
Kotak Mahindra Bank Ltd. 3,830 90,408 
PNC Financial Services Group, Inc. 89 14,207 
U.S. Bancorp 200 11,858 
  1,946,989 
Capital Markets - 0.8%   
Brookfield Asset Management, Inc.:   
(Canada) Class A 636 36,748 
Class A 505 29,189 
Charles Schwab Corp. 600 28,536 
CME Group, Inc. 468 93,937 
Moody's Corp. 62 14,719 
XP, Inc. Class A (a) 200 7,704 
  210,833 
Consumer Finance - 1.1%   
American Express Co. 2,575 320,562 
Diversified Financial Services - 4.8%   
AXA Equitable Holdings, Inc. 100 2,478 
Berkshire Hathaway, Inc. Class A (a) 4 1,358,360 
  1,360,838 
Insurance - 0.7%   
Admiral Group PLC 854 26,120 
AFLAC, Inc. 75 3,968 
Allstate Corp. 134 15,068 
American International Group, Inc. 1,678 86,132 
Chubb Ltd. 280 43,585 
Fairfax Financial Holdings Ltd. (sub. vtg.) 48 22,539 
Marsh & McLennan Companies, Inc. 99 11,030 
  208,442 
TOTAL FINANCIALS  4,047,664 
HEALTH CARE - 11.8%   
Biotechnology - 2.0%   
23andMe, Inc. (a)(c)(d) 35 501 
AbbVie, Inc. 300 26,562 
Acceleron Pharma, Inc. (a) 100 5,302 
Amgen, Inc. 71 17,116 
Argenx SE ADR (a) 100 16,052 
bluebird bio, Inc. (a) 137 12,022 
Idorsia Ltd. (a) 630 19,490 
Innovent Biolgics, Inc. (a)(b) 1,000 3,407 
Neurocrine Biosciences, Inc. (a) 180 19,348 
Regeneron Pharmaceuticals, Inc. (a) 206 77,349 
Turning Point Therapeutics, Inc. 100 6,229 
Vertex Pharmaceuticals, Inc. (a) 1,635 357,983 
  561,361 
Health Care Equipment & Supplies - 4.1%   
Abbott Laboratories 1,735 150,702 
Baxter International, Inc. 1,837 153,610 
Danaher Corp. 1,701 261,069 
DexCom, Inc. (a) 551 120,526 
Edwards Lifesciences Corp. (a) 940 219,293 
Hoya Corp. 17 1,635 
Intuitive Surgical, Inc. (a) 172 101,678 
Masimo Corp. (a) 44 6,955 
ResMed, Inc. 149 23,091 
Sonova Holding AG Class B 87 19,912 
Stryker Corp. 517 108,539 
  1,167,010 
Health Care Providers & Services - 1.6%   
Cigna Corp. 39 7,975 
Hapvida Participacoes e Investimentos SA (b) 700 11,119 
UnitedHealth Group, Inc. 1,495 439,500 
  458,594 
Health Care Technology - 0.4%   
Veeva Systems, Inc. Class A (a) 687 96,633 
Life Sciences Tools & Services - 1.5%   
10X Genomics, Inc. (a) 106 8,083 
Bio-Rad Laboratories, Inc. Class A (a) 57 21,092 
Bruker Corp. 100 5,097 
IQVIA Holdings, Inc. (a) 328 50,679 
Mettler-Toledo International, Inc. (a) 214 169,762 
Thermo Fisher Scientific, Inc. 533 173,156 
Wuxi Biologics (Cayman), Inc. (a)(b) 500 6,330 
  434,199 
Pharmaceuticals - 2.2%   
Astellas Pharma, Inc. 200 3,414 
AstraZeneca PLC:   
(United Kingdom) 174 17,416 
sponsored ADR 3,459 172,466 
Bristol-Myers Squibb Co. 839 53,855 
Bristol-Myers Squibb Co. rights (a) 200 602 
Eli Lilly & Co. 299 39,298 
Hansoh Pharmaceutical Group Co. Ltd. (b) 4,000 13,295 
Merck & Co., Inc. 1,322 120,236 
Novartis AG sponsored ADR 815 77,172 
Roche Holding AG (participation certificate) 92 29,900 
Zoetis, Inc. Class A 760 100,586 
  628,240 
TOTAL HEALTH CARE  3,346,037 
INDUSTRIALS - 3.0%   
Aerospace & Defense - 0.7%   
Harris Corp. 328 64,901 
Lockheed Martin Corp. 72 28,035 
Northrop Grumman Corp. 141 48,500 
TransDigm Group, Inc. 117 65,520 
  206,956 
Airlines - 0.0%   
Southwest Airlines Co. 101 5,452 
Building Products - 0.2%   
Masco Corp. 177 8,494 
Toto Ltd. 772 32,599 
  41,093 
Commercial Services & Supplies - 0.4%   
Cintas Corp. 371 99,829 
Clean TeQ Holdings Ltd. (a) 8,100 1,165 
Edenred SA 100 5,171 
  106,165 
Electrical Equipment - 0.1%   
AMETEK, Inc. 267 26,631 
Generac Holdings, Inc. (a) 22 2,213 
  28,844 
Industrial Conglomerates - 0.3%   
General Electric Co. 8,699 97,081 
Machinery - 0.6%   
Fortive Corp. 2,005 153,162 
IDEX Corp. 55 9,460 
  162,622 
Professional Services - 0.5%   
Clarivate Analytics PLC (a) 2,575 43,260 
CoStar Group, Inc. (a) 41 24,530 
Experian PLC 632 21,424 
FTI Consulting, Inc. (a) 416 46,035 
  135,249 
Road & Rail - 0.2%   
Canadian Pacific Railway Ltd. 100 25,492 
Lyft, Inc. 8 344 
Union Pacific Corp. 237 42,847 
  68,683 
TOTAL INDUSTRIALS  852,145 
INFORMATION TECHNOLOGY - 33.6%   
Communications Equipment - 0.2%   
Motorola Solutions, Inc. 365 58,816 
Electronic Equipment & Components - 2.4%   
Amphenol Corp. Class A 5,254 568,640 
CDW Corp. 335 47,851 
Keysight Technologies, Inc. (a) 458 47,005 
Zebra Technologies Corp. Class A (a) 61 15,582 
  679,078 
IT Services - 9.7%   
Accenture PLC Class A 403 84,860 
Adyen BV (a)(b) 52 42,638 
Endava PLC ADR (a) 100 4,660 
EPAM Systems, Inc. (a) 181 38,401 
Fidelity National Information Services, Inc. 101 14,048 
Fiserv, Inc. (a) 117 13,529 
Global Payments, Inc. 792 144,588 
MasterCard, Inc. Class A 3,234 965,640 
MongoDB, Inc. Class A (a) 605 79,624 
Okta, Inc. (a) 816 94,142 
PayPal Holdings, Inc. (a) 4,342 469,674 
Shopify, Inc. Class A (a) 208 82,700 
StoneCo Ltd. Class A (a) 261 10,411 
Visa, Inc. Class A 3,745 703,686 
  2,748,601 
Semiconductors & Semiconductor Equipment - 2.5%   
Advanced Micro Devices, Inc. (a) 2,830 129,784 
Analog Devices, Inc. 313 37,197 
Applied Materials, Inc. 101 6,165 
ASML Holding NV 54 15,981 
Enphase Energy, Inc. (a) 100 2,613 
Lam Research Corp. 42 12,281 
Marvell Technology Group Ltd. 500 13,280 
Microchip Technology, Inc. 185 19,373 
NVIDIA Corp. 1,072 252,242 
NXP Semiconductors NV 276 35,124 
Qualcomm, Inc. 1,672 147,521 
SolarEdge Technologies, Inc. (a) 73 6,942 
Synaptics, Inc. (a) 100 6,577 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 100 5,810 
Xilinx, Inc. 294 28,744 
  719,634 
Software - 18.7%   
Adobe, Inc. (a) 3,192 1,052,754 
Atlassian Corp. PLC (a) 759 91,338 
Ceridian HCM Holding, Inc. (a) 200 13,576 
Coupa Software, Inc. (a) 353 51,626 
Dropbox, Inc. Class A (a) 1,164 20,847 
Intuit, Inc. 860 225,260 
Microsoft Corp. 10,977 1,731,073 
Netcompany Group A/S (a)(b) 200 9,517 
Paycom Software, Inc. (a) 279 73,868 
RingCentral, Inc. (a) 725 122,286 
Salesforce.com, Inc. (a) 9,718 1,580,536 
Slack Technologies, Inc. Class A (a) 600 13,488 
SurveyMonkey (a) 1,422 25,411 
Tanium, Inc. Class B (a)(c)(d) 100 974 
Workday, Inc. Class A (a) 1,568 257,858 
Xero Ltd. (a) 100 5,614 
  5,276,026 
Technology Hardware, Storage & Peripherals - 0.1%   
Samsung Electronics Co. Ltd. 440 21,245 
TOTAL INFORMATION TECHNOLOGY  9,503,400 
MATERIALS - 2.5%   
Chemicals - 0.8%   
Air Products & Chemicals, Inc. 83 19,504 
Sherwin-Williams Co. 322 187,900 
Westlake Chemical Corp. 312 21,887 
  229,291 
Metals & Mining - 1.7%   
Agnico Eagle Mines Ltd. (Canada) 100 6,159 
B2Gold Corp. 4,102 16,458 
Barrick Gold Corp. 300 5,577 
Barrick Gold Corp. (Canada) 6,831 126,883 
Franco-Nevada Corp. 1,356 140,022 
Ivanhoe Mines Ltd. (a) 13,229 43,297 
Kirkland Lake Gold Ltd. 1,253 55,232 
Lundin Gold, Inc. (a) 411 2,637 
Newcrest Mining Ltd. 1,623 34,453 
Novagold Resources, Inc. (a) 2,336 20,904 
Royal Gold, Inc. 52 6,357 
Wheaton Precious Metals Corp. 200 5,951 
  463,930 
TOTAL MATERIALS  693,221 
REAL ESTATE - 0.8%   
Equity Real Estate Investment Trusts (REITs) - 0.8%   
American Tower Corp. 750 172,365 
Equity Commonwealth 100 3,283 
Equity Residential (SBI) 511 41,350 
Prologis, Inc. 100 8,914 
  225,912 
UTILITIES - 0.2%   
Electric Utilities - 0.2%   
NextEra Energy, Inc. 242 58,603 
TOTAL COMMON STOCKS   
(Cost $21,529,049)  28,006,003 
Preferred Stocks - 0.0%   
Convertible Preferred Stocks - 0.0%   
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (a)(c)(d) 8 3,773 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series F (a)(c)(d) 144 2,062 
TOTAL CONVERTIBLE PREFERRED STOCKS  5,835 
Nonconvertible Preferred Stocks - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Petroleo Brasileiro SA - Petrobras sponsored ADR 400 6,376 
TOTAL PREFERRED STOCKS   
(Cost $11,391)  12,211 
Money Market Funds - 0.8%   
Fidelity Cash Central Fund 1.58% (e)   
(Cost $216,301) 216,258 216,301 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $21,756,741)  28,234,515 
NET OTHER ASSETS (LIABILITIES) - 0.1%  21,020 
NET ASSETS - 100%  $28,255,535 

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 $108,137 or 0.4% 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 $7,310 or 0.0% 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. 12/7/18 $588 
23andMe, Inc. Series F 8/31/17 $1,999 
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 $12,767 
Fidelity Securities Lending Cash Central Fund 833 
Total $13,600 

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2019, 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:     
Communication Services $4,683,166 $4,683,166 $-- $-- 
Consumer Discretionary 3,127,068 3,112,976 14,092 -- 
Consumer Staples 1,161,032 1,111,944 45,315 3,773 
Energy 317,904 317,904 -- -- 
Financials 4,047,664 4,047,664 -- -- 
Health Care 3,348,099 3,294,806 50,730 2,563 
Industrials 852,145 798,122 54,023 -- 
Information Technology 9,503,400 9,502,426 -- 974 
Materials 693,221 693,221 -- -- 
Real Estate 225,912 225,912 -- -- 
Utilities 58,603 58,603 -- -- 
Money Market Funds 216,301 216,301 -- -- 
Total Investments in Securities: $28,234,515 $28,063,045 $164,160 $7,310 

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2019 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $21,540,440) 		$28,018,214  
Fidelity Central Funds (cost $216,301) 216,301  
Total Investment in Securities (cost $21,756,741)  $28,234,515 
Cash  42,205 
Foreign currency held at value (cost $9,627)  10,273 
Receivable for fund shares sold  11,072 
Dividends receivable  14,212 
Distributions receivable from Fidelity Central Funds  401 
Other receivables  417 
Total assets  28,313,095 
Liabilities   
Payable for fund shares redeemed $50,579  
Other payables and accrued expenses 6,981  
Total liabilities  57,560 
Net Assets  $28,255,535 
Net Assets consist of:   
Paid in capital  $22,118,306 
Total accumulated earnings (loss)  6,137,229 
Net Assets  $28,255,535 
Net Asset Value, offering price and redemption price per share ($28,255,535 ÷ 1,851,016 shares)  $15.26 

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


Statement of Operations

  Year ended December 31, 2019 
Investment Income   
Dividends  $168,774 
Income from Fidelity Central Funds (including $833 from security lending)  13,600 
Total income  182,374 
Expenses   
Independent trustees' fees and expenses $115  
Commitment fees 53  
Total expenses  168 
Net investment income (loss)  182,206 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,279) (43,495)  
Fidelity Central Funds 13  
Foreign currency transactions (988)  
Total net realized gain (loss)  (44,470) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $4,268) 5,246,885  
Fidelity Central Funds (13)  
Assets and liabilities in foreign currencies 646  
Total change in net unrealized appreciation (depreciation)  5,247,518 
Net gain (loss)  5,203,048 
Net increase (decrease) in net assets resulting from operations  $5,385,254 

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


Statement of Changes in Net Assets

 Year ended December 31, 2019 Year ended December 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $182,206 $217,342 
Net realized gain (loss) (44,470) (142,429) 
Change in net unrealized appreciation (depreciation) 5,247,518 (67,632) 
Net increase (decrease) in net assets resulting from operations 5,385,254 7,281 
Distributions to shareholders (314,958) (218,856) 
Share transactions   
Proceeds from sales of shares 19,745,275 26,074,979 
Reinvestment of distributions 314,958 218,856 
Cost of shares redeemed (13,598,178) (23,860,154) 
Net increase (decrease) in net assets resulting from share transactions 6,462,055 2,433,681 
Total increase (decrease) in net assets 11,532,351 2,222,106 
Net Assets   
Beginning of period 16,723,184 14,501,078 
End of period $28,255,535 $16,723,184 
Other Information   
Shares   
Sold 1,382,903 1,992,788 
Issued in reinvestment of distributions 20,667 18,043 
Redeemed (967,508) (1,785,728) 
Net increase (decrease) 436,062 225,103 

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


Financial Highlights

Fidelity Flex Opportunistic Insights Fund

    
Years ended December 31, 2019 2018 2017 A 
Selected Per–Share Data    
Net asset value, beginning of period $11.82 $12.19 $10.00 
Income from Investment Operations    
Net investment income (loss)B .12 .11 .07 
Net realized and unrealized gain (loss) 3.49 (.33) 2.17 
Total from investment operations 3.61 (.22) 2.24 
Distributions from net investment income (.10) (.15) (.04) 
Distributions from net realized gain (.07) – (.01) 
Total distributions (.17) (.15) (.05) 
Net asset value, end of period $15.26 $11.82 $12.19 
Total ReturnC,D 30.56% (1.85)% 22.37% 
Ratios to Average Net AssetsE    
Expenses before reductions - %F - %F - %F,G 
Expenses net of fee waivers, if any - %F - %F - %F,G 
Expenses net of all reductions - %F - %F - %F,G 
Net investment income (loss) .82% .81% .78%G 
Supplemental Data    
Net assets, end of period (000 omitted) $28,256 $16,723 $14,501 
Portfolio turnover rateH 67% 93% 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 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.

 F Amount represents less than .005%.

 G Annualized

 H 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, 2019

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 ranged from less than .005% to .01%.

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. 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. 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.

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, 2019 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. 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, 2019, 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, certain foreign taxes, 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 $6,569,006 
Gross unrealized depreciation (194,120) 
Net unrealized appreciation (depreciation) $6,374,886 
Tax Cost $21,859,629 

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

Undistributed ordinary income $6,458 
Net unrealized appreciation (depreciation) on securities and other investments $6,375,519 

The Fund intends to elect to defer to its next fiscal year $237,764 of capital losses recognized during the period November 1, 2019 to December 31, 2019.

The tax character of distributions paid was as follows:

 December 31, 2019 December 31, 2018 
Ordinary Income $179,453 $ 218,856 
Long-term Capital Gains 135,505 – 
Total $314,958 $ 218,856 

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 $21,158,374 and $14,392,953, 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. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Flex Opportunistic Insights Fund $292 

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 $53 and is reflected in Commitment fees 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 from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. At period end, there were no security loans outstanding. 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. During the period, there were no securities loaned to NFS.

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 28% of the total outstanding shares of the Fund.

Effective January 1, 2020, following any required regulatory notices and approvals:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2019 and 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, 2019, 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, 2019 and the financial highlights for each of the two years in the period ended December 31, 2019 and 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 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, 2019 by correspondence with the custodian and issuers of privately offered securities. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2020



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.  Except for Michael E. Wiley, each of the Trustees oversees 302 funds. Mr. Wiley oversees 199 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 Investment Company Act of 1940 (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 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).

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 other equity 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.  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 Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), 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).

 * 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) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

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 Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida 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 Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

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.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

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) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). 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), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + 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 a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Member of the Advisory Board

Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

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 Fidelity Management & Research Company LLC (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 as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Member of the Advisory Board

Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

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.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

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 Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

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).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant 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). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); 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).

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 LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), 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 Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

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).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

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, 2019 to December 31, 2019).

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, 2019 		Ending
Account Value
December 31, 2019 		Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 
Actual - %-C $1,000.00 $1,070.20 $--D 
Hypothetical-E  $1,000.00 $1,025.21 $--D 

 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 Amount represents less than $.005.

 E 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2019, $133,178, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 81% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 90% 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 2020 of amounts for use in preparing 2019 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Flex Opportunistic Insights Fund

At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.

The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.





Fidelity Investments

ZPI-ANN-0220
1.9881595.102


Item 2.

Code of Ethics


As of the end of the period, December 31, 2019, 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 Contrafund, Fidelity Contrafund K6, Fidelity Flex Opportunistic Insights Fund and Fidelity Series Opportunistic Insights Fund (the “Funds”):


Services Billed by PwC


December 31, 2019 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Advisor New Insights Fund

 $77,000  

$6,300

 $104,100

 $2,700

Fidelity Contrafund

 $203,000  

$7,400

  $15,500

 $3,200

Fidelity Contrafund K6

$134,000

$5,900

$5,200

$2,500

Fidelity Flex Opportunistic Insights Fund

$58,000

$4,800

$4,400

$2,100

Fidelity Series Opportunistic Insights Fund

$78,000  

$5,900

 $6,500

$2,500







December 31, 2018 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Advisor New Insights Fund

 $81,000  

$6,900

 $66,800

 $3,400

Fidelity Contrafund

 $179,000  

$11,900

  $17,700

 $6,000

Fidelity Contrafund K6

$66,000

$5,600

$5,700

$2,800

Fidelity Flex Opportunistic Insights Fund

$52,000

$4,500

$5,000

$2,200

Fidelity Series Opportunistic Insights Fund

$76,000  

$4,300

 $4,400

$2,200











A Amounts may reflect rounding.


The following table(s) present(s) 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 Fund(s) 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 Fund(s) (“Fund Service Providers”):


Services Billed by PwC




December 31, 2019A

December 31, 2018A

Audit-Related Fees

 $7,705,000

 $7,930,000

Tax Fees

$10,000

$20,000

All Other Fees

$-

$-


A Amounts may reflect rounding.


“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 Fund(s), 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 Fund(s) are as follows:


Billed By

December 31, 2019A

December 31, 2018A

PwC

$12,535,000

$11,275,000


A Amounts may reflect rounding.


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(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(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(s) 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 periodically.




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 Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).



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 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.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.


Item 13.

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 25, 2020


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 25, 2020



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

February 25, 2020