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, 2020




Item 1.

Reports to Stockholders




Fidelity® Contrafund®



Annual Report

December 31, 2020

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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

Proxy Voting Results


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. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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, 2020 Past 1 year Past 5 years Past 10 years 
Fidelity® Contrafund® 32.58% 18.18% 15.40% 
Class K 32.68% 18.29% 15.52% 

$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, 2010.

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
$41,845Fidelity® Contrafund®
$36,700S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 18.40% in 2020, a highly volatile and unpredictable year that will be remembered by most investors for the impact of the coronavirus pandemic. The early-2020 outbreak and spread of COVID-19 resulted in stocks suffering one of the quickest declines on record, through March 23, followed by a historic rebound that culminated with the index closing the year at an all-time high. The crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response partially offset the economic disruption and fueled the market surge, as did resilient corporate earnings and the potential for a COVID-19 vaccine breakthrough. The rally slowed in early September, when the S&P 500 began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November (+11%) was a much different story, however, as investors reacted favorably to election results. The momentum continued in December (+4%), driven by regulatory approvals for two COVID-19 vaccines in the U.S. By sector for the full year, information technology (+44%) and consumer discretionary (+33%) led the way, boosted by a handful of large growth stocks. In contrast, energy shares (-34%) struggled along with global oil demand and pricing.

Comments from Portfolio Manager William Danoff:  For the year, the fund's share classes gained about 33%, outperforming the 18.40% result of the benchmark S&P 500® Index. The primary contributor to performance versus the benchmark were stock picks and an overweighting in the information technology sector, especially within the software & services industry. Security selection in communication services and consumer discretionary also helped. The biggest individual contributor was an overweight position in Amazon.com (+76%), the fund's largest holding. Also boosting value was our outsized stake in Netflix, which gained 67%. Netflix was among our largest holdings. Another notable relative contributor was an overweighting in Adobe (+52%), which was one of the fund's biggest holdings. In contrast, the largest detractor from performance versus the benchmark was stock selection and an overweighting in the diversified financials industry. Also hurting the fund's relative result was an underweighting in health care. The fund's position in cash was a notable detractor. The biggest individual relative detractor by far was an underweight position in Apple (+82%), which was among our largest holdings. A second notable relative detractor was our outsized stake in Berkshire Hathaway (+2%). Another notable relative detractor was an underweighting in Citigroup (-20%). This period we reduced our stake. Notable changes in positioning include decreased exposure to the financials sector and a higher allocation to consumer discretionary.

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, 2020

 % of fund's net assets 
Amazon.com, Inc. 9.1 
Facebook, Inc. Class A 8.5 
Microsoft Corp. 5.2 
Berkshire Hathaway, Inc. Class A 4.9 
Salesforce.com, Inc. 3.5 
Apple, Inc. 3.5 
UnitedHealth Group, Inc. 3.1 
Adobe, Inc. 2.8 
Netflix, Inc. 2.8 
Visa, Inc. Class A 2.6 
 46.0 

Top Five Market Sectors as of December 31, 2020

 % of fund's net assets 
Information Technology 34.1 
Communication Services 18.8 
Consumer Discretionary 14.4 
Health Care 13.2 
Financials 8.3 

Asset Allocation (% of fund's net assets)

As of December 31, 2020 * 
   Stocks 98.4% 
   Convertible Securities 1.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.6% 


 * Foreign investments - 9.4%

Schedule of Investments December 31, 2020

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 18.8%   
Entertainment - 4.3%   
Activision Blizzard, Inc. 11,433,106 $1,061,564 
Live Nation Entertainment, Inc. (a) 159,700 11,735 
Netflix, Inc. (a) 7,019,280 3,795,535 
Nintendo Co. Ltd. 91,227 58,562 
Sea Ltd. ADR (a) 249,266 49,616 
Spotify Technology SA (a) 528,201 166,204 
Take-Two Interactive Software, Inc. (a) 856,412 177,954 
The Walt Disney Co. 2,633,905 477,211 
  5,798,381 
Interactive Media & Services - 13.3%   
Alphabet, Inc.:   
Class A (a) 1,796,198 3,148,088 
Class C (a) 1,670,523 2,926,556 
Facebook, Inc. Class A (a) 42,297,279 11,553,925 
Match Group, Inc. (a)(b) 790,139 119,461 
Pinterest, Inc. Class A (a) 341,620 22,513 
Snap, Inc. Class A (a) 5,418,000 271,279 
Tencent Holdings Ltd. 1,595,853 114,828 
  18,156,650 
Media - 0.4%   
Charter Communications, Inc. Class A (a) 649,190 429,472 
Comcast Corp. Class A 2,671,526 139,988 
  569,460 
Wireless Telecommunication Services - 0.8%   
SoftBank Group Corp. 409,400 31,784 
T-Mobile U.S., Inc. 7,818,186 1,054,282 
  1,086,066 
TOTAL COMMUNICATION SERVICES  25,610,557 
CONSUMER DISCRETIONARY - 14.3%   
Automobiles - 0.3%   
BYD Co. Ltd. (H Shares) 1,645,176 43,122 
Harley-Davidson, Inc. 684,418 25,118 
Hyundai Motor Co. 469,100 82,752 
Tesla, Inc. (a) 82,991 58,564 
Toyota Motor Corp. 1,868,603 144,200 
XPeng, Inc. ADR (a)(b) 1,424,536 61,013 
  414,769 
Diversified Consumer Services - 0.0%   
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 144,435 26,837 
Hotels, Restaurants & Leisure - 0.8%   
Airbnb, Inc. 1,935,340 255,697 
Airbnb, Inc. Class A 823,600 120,904 
Chipotle Mexican Grill, Inc. (a) 262,111 363,472 
Domino's Pizza, Inc. 174,729 67,002 
DraftKings, Inc. Class A (a)(b) 928,071 43,211 
Evolution Gaming Group AB (c) 922,695 92,763 
Hilton Worldwide Holdings, Inc. 221,100 24,600 
Marriott International, Inc. Class A 199,709 26,346 
Penn National Gaming, Inc. (a) 524,279 45,282 
Starbucks Corp. 469,636 50,242 
  1,089,519 
Household Durables - 0.4%   
D.R. Horton, Inc. 2,415,908 166,504 
Garmin Ltd. 1,048,869 125,508 
Lennar Corp. Class A 2,248,776 171,424 
Mohawk Industries, Inc. (a) 212,004 29,882 
Sony Corp. 862,745 86,937 
Whirlpool Corp. 124,844 22,533 
  602,788 
Internet & Direct Marketing Retail - 10.1%   
Alibaba Group Holding Ltd. (a) 9,960,614 289,700 
Alibaba Group Holding Ltd. sponsored ADR (a) 1,293,297 300,989 
Amazon.com, Inc. (a) 3,781,672 12,316,648 
Coupang unit (d)(e) 2,489,211 18,669 
Doordash, Inc. (b) 289,000 41,255 
Doordash, Inc. 963,350 123,766 
eBay, Inc. 6,886,568 346,050 
HelloFresh AG (a) 522,048 40,382 
JD.com, Inc. Class A 2,668,292 117,518 
Meituan Class B (a) 2,126,242 80,799 
MercadoLibre, Inc. (a) 27,675 46,362 
Pinduoduo, Inc. ADR (a) 74,700 13,272 
Wayfair LLC Class A (a) 98,560 22,256 
Zalando SE (a)(c) 274,347 30,516 
ZOZO, Inc. 363,279 8,968 
  13,797,150 
Multiline Retail - 0.3%   
B&M European Value Retail SA 8,504,818 60,036 
Dollar General Corp. 1,556,947 327,426 
Target Corp. 74,970 13,234 
  400,696 
Specialty Retail - 1.3%   
Bed Bath & Beyond, Inc. 1,221,990 21,703 
Best Buy Co., Inc. 1,312,730 130,997 
Burlington Stores, Inc. (a) 41,500 10,854 
Cazoo Holdings Ltd. (d)(e) 579,926 8,426 
L Brands, Inc. 977,746 36,362 
Lowe's Companies, Inc. 1,274,176 204,518 
National Vision Holdings, Inc. (a) 256,200 11,603 
O'Reilly Automotive, Inc. (a) 230,521 104,327 
The Home Depot, Inc. 4,097,497 1,088,377 
TJX Companies, Inc. 1,852,938 126,537 
Williams-Sonoma, Inc. 107,000 10,897 
  1,754,601 
Textiles, Apparel & Luxury Goods - 1.1%   
adidas AG 104,355 37,965 
Allbirds, Inc. (a)(d)(e) 867,565 10,029 
Capri Holdings Ltd. (a) 320,900 13,478 
Deckers Outdoor Corp. (a) 622,506 178,522 
Kering SA 16,738 12,154 
lululemon athletica, Inc. (a) 383,450 133,452 
LVMH Moet Hennessy Louis Vuitton SE 21,852 13,679 
NIKE, Inc. Class B 7,128,534 1,008,474 
On Holding AG (d)(e) 2,600 29,222 
Tapestry, Inc. 499,373 15,521 
  1,452,496 
TOTAL CONSUMER DISCRETIONARY  19,538,856 
CONSUMER STAPLES - 3.3%   
Beverages - 0.7%   
Boston Beer Co., Inc. Class A (a) 15,945 15,854 
Constellation Brands, Inc. Class A (sub. vtg.) 491,083 107,572 
Monster Beverage Corp. (a) 1,066,442 98,625 
PepsiCo, Inc. 2,870,145 425,643 
The Coca-Cola Co. 6,046,387 331,584 
  979,278 
Food & Staples Retailing - 1.4%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 1,213,500 41,356 
Costco Wholesale Corp. 3,303,535 1,244,706 
Walmart, Inc. 3,808,744 549,030 
  1,835,092 
Household Products - 0.1%   
Colgate-Palmolive Co. 713,375 61,001 
Procter & Gamble Co. 340,479 47,374 
Unicharm Corp. 102,154 4,840 
  113,215 
Personal Products - 1.1%   
Estee Lauder Companies, Inc. Class A 5,143,358 1,369,110 
L'Oreal SA 202,822 77,387 
L'Oreal SA 203,839 77,775 
  1,524,272 
TOTAL CONSUMER STAPLES  4,451,857 
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
Hess Corp. 916,641 48,389 
Reliance Industries Ltd. 13,820,339 375,576 
  423,965 
FINANCIALS - 8.3%   
Banks - 1.5%   
Bank of America Corp. 28,148,694 853,187 
Citigroup, Inc. 324,333 19,998 
HDFC Bank Ltd. sponsored ADR (a) 598,553 43,251 
JPMorgan Chase & Co. 6,330,892 804,466 
Kotak Mahindra Bank Ltd. (a) 4,038,866 110,328 
M&T Bank Corp. 753,541 95,926 
Royal Bank of Canada 451,841 37,126 
  1,964,282 
Capital Markets - 1.3%   
BlackRock, Inc. Class A 926,212 668,299 
MarketAxess Holdings, Inc. 122,487 69,886 
Moody's Corp. 1,011,828 293,673 
Morgan Stanley 6,191,514 424,304 
MSCI, Inc. 436,928 195,101 
NASDAQ, Inc. 99,755 13,241 
S&P Global, Inc. 342,368 112,547 
  1,777,051 
Consumer Finance - 0.0%   
Capital One Financial Corp. 390,300 38,581 
Diversified Financial Services - 4.9%   
Berkshire Hathaway, Inc. Class A (a)(b) 19,254 6,696,830 
Insurance - 0.6%   
Admiral Group PLC 5,651,588 224,592 
American International Group, Inc. 1,932,363 73,159 
Arthur J. Gallagher & Co. 204,044 25,242 
Chubb Ltd. 489,951 75,413 
Direct Line Insurance Group PLC 3,336,713 14,556 
Fairfax Financial Holdings Ltd. (sub. vtg.) 88,293 30,093 
GoHealth, Inc. (a) 512,902 7,006 
Intact Financial Corp. 178,906 21,184 
Intact Financial Corp. rights 12/31/21 (a)(d)(e) 176,100 18,607 
Progressive Corp. 2,965,041 293,183 
Selectquote, Inc. (b) 293,312 6,086 
The Travelers Companies, Inc. 448,831 63,002 
  852,123 
Thrifts & Mortgage Finance - 0.0%   
Rocket Cos., Inc. (a)(b) 417,637 8,445 
TOTAL FINANCIALS  11,337,312 
HEALTH CARE - 13.0%   
Biotechnology - 2.8%   
23andMe, Inc. (a)(d)(e) 166,622 2,891 
AbbVie, Inc. 3,993,804 427,936 
Acceleron Pharma, Inc. (a) 315,625 40,381 
Allovir, Inc. (a) 328,290 12,619 
Allovir, Inc. 1,281,457 46,796 
Alnylam Pharmaceuticals, Inc. (a) 255,107 33,156 
Argenx SE ADR (a) 213,710 62,850 
Ascendis Pharma A/S sponsored ADR (a) 83,005 13,844 
BeiGene Ltd. ADR (a) 152,909 39,510 
Biohaven Pharmaceutical Holding Co. Ltd. (a) 168,092 14,407 
BioNTech SE ADR (a)(b) 200,200 16,320 
CSL Ltd. 109,022 23,801 
Exact Sciences Corp. (a) 99,800 13,223 
Generation Bio Co. 1,375,859 39,006 
Genmab A/S (a) 118,804 48,174 
Idorsia Ltd. (a) 3,303,249 95,323 
Innovent Biologics, Inc. (a)(c) 12,928,857 136,836 
Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(e) 105,983 0 
Kodiak Sciences, Inc. (a) 234,394 34,435 
Kymera Therapeutics, Inc. (a) 209,893 13,013 
Mirati Therapeutics, Inc. (a) 366,718 80,546 
Regeneron Pharmaceuticals, Inc. (a) 2,243,047 1,083,638 
Relay Therapeutics, Inc. (a) 524,192 21,785 
Replimune Group, Inc. (a) 823,221 31,406 
Sarepta Therapeutics, Inc. (a) 71,100 12,122 
Seagen, Inc. (a) 547,549 95,898 
Seer, Inc. 142,300 7,989 
Turning Point Therapeutics, Inc. (a) 661,442 80,597 
Vertex Pharmaceuticals, Inc. (a) 4,666,654 1,102,917 
Zai Lab Ltd. (a) 718,216 95,783 
Zai Lab Ltd. ADR (a) 422,550 57,188 
  3,784,390 
Health Care Equipment & Supplies - 2.7%   
Abbott Laboratories 4,726,780 517,535 
Alcon, Inc. (a) 178,319 11,765 
Danaher Corp. 4,886,331 1,085,450 
DexCom, Inc. (a) 1,485,719 549,300 
Edwards Lifesciences Corp. (a) 3,841,113 350,425 
Envista Holdings Corp. (a) 1,189,328 40,116 
Hologic, Inc. (a) 2,406,169 175,241 
Intuitive Surgical, Inc. (a) 684,654 560,115 
Masimo Corp. (a) 418,180 112,231 
Medtronic PLC 763,698 89,460 
ResMed, Inc. 250,402 53,225 
Sonova Holding AG Class B 98,943 25,734 
Stryker Corp. 207,329 50,804 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(c) 3,394,466 34,613 
West Pharmaceutical Services, Inc. 203,207 57,571 
  3,713,585 
Health Care Providers & Services - 3.5%   
Anthem, Inc. 198,610 63,772 
Guardant Health, Inc. (a) 300,683 38,752 
Henry Schein, Inc. (a) 776,340 51,906 
Humana, Inc. 734,883 301,500 
Owens & Minor, Inc. 1,522,058 41,172 
Patterson Companies, Inc. 2,823,676 83,666 
UnitedHealth Group, Inc. 12,131,703 4,254,346 
  4,835,114 
Health Care Technology - 0.2%   
Change Healthcare, Inc. (a) 198,323 3,699 
Veeva Systems, Inc. Class A (a) 1,087,210 295,993 
  299,692 
Life Sciences Tools & Services - 1.7%   
10X Genomics, Inc. (a) 216,950 30,720 
Adaptive Biotechnologies Corp. (a) 912,788 53,973 
Agilent Technologies, Inc. 96,100 11,387 
Bio-Rad Laboratories, Inc. Class A (a) 364,869 212,697 
Eurofins Scientific SA (a) 830,562 69,636 
IQVIA Holdings, Inc. (a) 711,773 127,528 
Mettler-Toledo International, Inc. (a) 635,366 724,114 
PerkinElmer, Inc. 352,379 50,566 
Sartorius Stedim Biotech 39,481 14,045 
Thermo Fisher Scientific, Inc. 1,996,233 929,805 
WuXi AppTec Co. Ltd. (H Shares) (c) 4,251,299 83,244 
  2,307,715 
Pharmaceuticals - 2.1%   
AstraZeneca PLC sponsored ADR 7,431,407 371,496 
Bristol-Myers Squibb Co. 3,238,367 200,876 
Eli Lilly & Co. 5,699,329 962,275 
Hansoh Pharmaceutical Group Co. Ltd. (a)(c) 13,214,081 64,089 
Horizon Therapeutics PLC (a) 3,607,761 263,908 
Jazz Pharmaceuticals PLC (a) 822,112 135,690 
Merck & Co., Inc. 1,956,252 160,021 
Roche Holding AG (participation certificate) 37,428 13,036 
Royalty Pharma PLC 4,023,695 201,386 
Supernus Pharmaceuticals, Inc. (a) 227,060 5,713 
UCB SA 681,578 70,342 
Zoetis, Inc. Class A 2,217,299 366,963 
  2,815,795 
TOTAL HEALTH CARE  17,756,291 
INDUSTRIALS - 3.8%   
Aerospace & Defense - 0.2%   
Axon Enterprise, Inc. (a) 101,553 12,443 
HEICO Corp. Class A 433,477 50,743 
Lockheed Martin Corp. 299,124 106,183 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 295,578 79,806 
Class C (a)(d)(e) 12,991 3,508 
  252,683 
Air Freight & Logistics - 0.5%   
C.H. Robinson Worldwide, Inc. 240,758 22,600 
United Parcel Service, Inc. Class B 3,667,373 617,586 
  640,186 
Airlines - 0.0%   
Ryanair Holdings PLC sponsored ADR (a) 109,600 12,054 
Building Products - 0.5%   
Carrier Global Corp. 1,740,024 65,634 
Fortune Brands Home & Security, Inc. 3,390,449 290,629 
The AZEK Co., Inc. 616,709 23,712 
Toto Ltd. 2,975,292 178,653 
Trane Technologies PLC 834,242 121,099 
  679,727 
Commercial Services & Supplies - 0.3%   
Cintas Corp. 766,028 270,760 
Clean TeQ Holdings Ltd. (a)(b)(f) 46,865,197 9,033 
TulCo LLC (a)(d)(e)(g) 140,771 78,276 
  358,069 
Electrical Equipment - 0.6%   
Acuity Brands, Inc. 493,286 59,732 
AMETEK, Inc. 462,538 55,939 
Vestas Wind Systems A/S 3,219,468 760,533 
  876,204 
Industrial Conglomerates - 0.2%   
General Electric Co. 20,329,675 219,560 
Honeywell International, Inc. 54,100 11,507 
  231,067 
Machinery - 0.5%   
Deere & Co. 1,056,450 284,238 
Fortive Corp. 628,245 44,492 
IDEX Corp. 209,119 41,657 
Illinois Tool Works, Inc. 511,126 104,208 
Ingersoll Rand, Inc. (a) 935,731 42,632 
Otis Worldwide Corp. 399,853 27,010 
PACCAR, Inc. 1,398,855 120,693 
Pentair PLC 224,698 11,929 
  676,859 
Professional Services - 0.5%   
Clarivate Analytics PLC (a) 10,093,593 299,881 
CoStar Group, Inc. (a) 260,414 240,695 
Equifax, Inc. 71,442 13,777 
Experian PLC 2,983,338 113,333 
Verisk Analytics, Inc. 240,393 49,903 
  717,589 
Road & Rail - 0.5%   
Canadian Pacific Railway Ltd. 791,860 274,672 
Uber Technologies, Inc. (a) 915,425 46,687 
Union Pacific Corp. 1,415,783 294,794 
  616,153 
Trading Companies & Distributors - 0.0%   
Fastenal Co. 481,316 23,503 
W.W. Grainger, Inc. 80,675 32,943 
  56,446 
TOTAL INDUSTRIALS  5,117,037 
INFORMATION TECHNOLOGY - 33.8%   
Electronic Equipment & Components - 1.3%   
Amphenol Corp. Class A 11,602,798 1,517,298 
Keysight Technologies, Inc. (a) 204,320 26,989 
Samsung SDI Co. Ltd. 212,300 122,495 
Vontier Corp. (a) 889,426 29,707 
Zebra Technologies Corp. Class A (a) 249,804 96,007 
  1,792,496 
IT Services - 8.7%   
Accenture PLC Class A 3,231,947 844,217 
Adyen BV (a)(c) 239,218 555,833 
ASAC II LP (a)(d)(e) 39,494,500 6,635 
MasterCard, Inc. Class A 5,032,210 1,796,197 
MongoDB, Inc. Class A (a) 1,523,634 547,046 
Okta, Inc. (a) 3,468,574 881,920 
PayPal Holdings, Inc. (a) 8,593,692 2,012,643 
Shopify, Inc. Class A (a) 822,921 929,217 
Snowflake Computing, Inc. (b) 445,347 125,321 
Snowflake Computing, Inc. Class B 88,269 23,597 
Square, Inc. (a) 1,194,405 259,950 
Twilio, Inc. Class A (a) 842,536 285,198 
Visa, Inc. Class A (b) 15,919,022 3,481,968 
Wix.com Ltd. (a) 20,425 5,105 
  11,754,847 
Semiconductors & Semiconductor Equipment - 5.9%   
Advanced Micro Devices, Inc. (a) 9,715,659 891,023 
Analog Devices, Inc. 1,197,706 176,937 
Applied Materials, Inc. 1,580,154 136,367 
ASML Holding NV 346,999 169,238 
Enphase Energy, Inc. (a) 1,106,657 194,185 
First Solar, Inc. (a) 327,751 32,421 
Inphi Corp. (a) 49,516 7,946 
KLA-Tencor Corp. 211,186 54,678 
Lam Research Corp. 1,458,655 688,879 
Lattice Semiconductor Corp. (a) 2,478,921 113,584 
Marvell Technology Group Ltd. 3,580,200 170,203 
MaxLinear, Inc. Class A (a) 93,338 3,565 
Microchip Technology, Inc. 85,600 11,822 
Monolithic Power Systems, Inc. 44,249 16,205 
NVIDIA Corp. 4,081,380 2,131,297 
NXP Semiconductors NV 792,682 126,044 
Qorvo, Inc. (a) 1,622,267 269,734 
Qualcomm, Inc. 14,366,095 2,188,531 
Semtech Corp. (a) 1,416,803 102,137 
Skyworks Solutions, Inc. 845,768 129,301 
Synaptics, Inc. (a)(f) 2,191,994 211,308 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,792,223 195,424 
Texas Instruments, Inc. 307,132 50,410 
  8,071,239 
Software - 14.3%   
Adobe, Inc. (a) 7,695,991 3,848,919 
ANSYS, Inc. (a) 39,968 14,540 
Atlassian Corp. PLC (a) 2,322,744 543,220 
Autodesk, Inc. (a) 88,000 26,870 
C3.Ai, Inc. (b) 90,300 12,529 
Cadence Design Systems, Inc. (a) 991,316 135,245 
Ceridian HCM Holding, Inc. (a) 558,156 59,477 
Cloudflare, Inc. (a) 8,228,351 625,272 
Coupa Software, Inc. (a) 1,010,948 342,620 
Crowdstrike Holdings, Inc. (a) 235,312 49,844 
Datadog, Inc. Class A (a) 1,656,363 163,052 
DocuSign, Inc. (a) 55,500 12,338 
Dropbox, Inc. Class A (a) 4,036,687 89,574 
Dynatrace, Inc. (a) 2,218,925 96,013 
Epic Games, Inc. (d)(e) 123,700 71,128 
Fair Isaac Corp. (a) 24,989 12,770 
Intuit, Inc. 1,028,598 390,713 
Microsoft Corp. 32,106,659 7,141,163 
Nuance Communications, Inc. (a) 1,206,546 53,197 
Palo Alto Networks, Inc. (a) 77,398 27,506 
Paycom Software, Inc. (a) 68,944 31,180 
Rapid7, Inc. (a) 130,756 11,789 
RingCentral, Inc. (a) 169,201 64,122 
Salesforce.com, Inc. (a) 21,691,628 4,827,038 
ServiceNow, Inc. (a) 907,249 499,377 
Slack Technologies, Inc. Class A (a) 2,009,883 84,897 
SVMK, Inc. (a) 682,593 17,440 
Tanium, Inc. Class B (a)(d)(e) 6,742,751 76,835 
Tenable Holdings, Inc. (a) 302,800 15,824 
Workday, Inc. Class A (a) 359,487 86,137 
Xero Ltd. (a) 418,397 47,359 
Zoom Video Communications, Inc. Class A (a) 28,656 9,666 
Zscaler, Inc. (a) 153,700 30,695 
  19,518,349 
Technology Hardware, Storage & Peripherals - 3.6%   
Apple, Inc. 35,765,139 4,745,676 
Dell Technologies, Inc. (a) 262,842 19,264 
Samsung Electronics Co. Ltd. 2,140,600 159,305 
  4,924,245 
TOTAL INFORMATION TECHNOLOGY  46,061,176 
MATERIALS - 2.4%   
Chemicals - 0.7%   
Air Products & Chemicals, Inc. 336,014 91,806 
Growmax Resources Corp. (a)(c)(e) 3,011,953 130 
LG Chemical Ltd. 43,079 32,614 
Sherwin-Williams Co. 1,068,768 785,448 
Westlake Chemical Corp. 193,052 15,753 
  925,751 
Containers & Packaging - 0.1%   
Silgan Holdings, Inc. 1,565,739 58,058 
WestRock Co. 643,260 28,001 
  86,059 
Metals & Mining - 1.6%   
Agnico Eagle Mines Ltd. (Canada) 1,099,977 77,419 
B2Gold Corp. 47,565,779 266,434 
Barrick Gold Corp. (Canada) 19,841,121 452,033 
Franco-Nevada Corp. 4,371,968 548,170 
Freeport-McMoRan, Inc. 5,822,542 151,503 
Gatos Silver, Inc. 2,900,078 37,788 
Ivanhoe Mines Ltd. (a) 44,739,786 241,115 
Ivanhoe Mines Ltd. (a)(c) 12,888,893 69,462 
Lundin Gold, Inc. (a) 2,311,578 19,849 
Newmont Corp. 3,820,445 228,806 
Northern Star Resources Ltd. 2,352,749 23,018 
Novagold Resources, Inc. (a) 7,154,439 69,246 
  2,184,843 
TOTAL MATERIALS  3,196,653 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
American Tower Corp. 509,631 114,392 
Equity Commonwealth 1,818,465 49,608 
Prologis (REIT), Inc. 567,307 56,538 
Simon Property Group, Inc. 331,035 28,231 
  248,769 
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Class A (a)(d)(e) 53,694 453 
TOTAL REAL ESTATE  249,222 
UTILITIES - 0.2%   
Electric Utilities - 0.2%   
Iberdrola SA 2,016,804 28,827 
NextEra Energy, Inc. 696,363 53,724 
PG&E Corp. (a) 17,468,679 217,660 
  300,211 
Independent Power and Renewable Electricity Producers - 0.0%   
The AES Corp. 1,390,055 32,666 
TOTAL UTILITIES  332,877 
TOTAL COMMON STOCKS   
(Cost $46,998,425)  134,075,803 
Preferred Stocks - 1.0%   
Convertible Preferred Stocks - 1.0%   
CONSUMER DISCRETIONARY - 0.1%   
Internet & Direct Marketing Retail - 0.0%   
Zomato Pvt Ltd. Series J7 (d)(e) 3,182 13,077 
Specialty Retail - 0.1%   
Aurora Innovation, Inc. Series B (a)(d)(e) 2,121,140 19,600 
Fanatics, Inc. Series E (d)(e) 1,673,822 28,940 
  48,540 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (a)(d)(e) 342,405 3,958 
Series B (a)(d)(e) 60,155 695 
Series C (a)(d)(e) 574,905 6,646 
Series Seed (a)(d)(e) 183,970 2,127 
  13,426 
TOTAL CONSUMER DISCRETIONARY  75,043 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (a)(d)(e) 154,611 65,759 
HEALTH CARE - 0.2%   
Biotechnology - 0.1%   
23andMe, Inc.:   
Series E (a)(d)(e) 664,987 11,538 
Series F (a)(d)(e) 3,348,986 58,105 
Series F1 (d)(e) 754,793 13,096 
Intarcia Therapeutics, Inc. Series CC (a)(d)(e) 2,100,446 0 
Nuvation Bio, Inc. Series A (a)(d) 35,794,400 70,157 
  152,896 
Health Care Providers & Services - 0.1%   
Get Heal, Inc. Series B (a)(d)(e) 35,877,127 1,032 
Mulberry Health, Inc.:   
Series A-8 (a)(d)(e) 7,960,894 77,662 
Series A-9 (a)(d)(e) 600,009 5,869 
Series A12 (d)(e) 683,461 6,626 
Series AA-9 (a)(d)(e) 49,783 483 
  91,672 
TOTAL HEALTH CARE  244,568 
INDUSTRIALS - 0.3%   
Aerospace & Defense - 0.3%   
Relativity Space, Inc. Series D (d)(e) 1,673,085 24,974 
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 558,215 150,718 
Series H (a)(d)(e) 120,282 32,476 
Series N (d)(e) 428,458 115,684 
  323,852 
Air Freight & Logistics - 0.0%   
Zipline International, Inc. Series E (d)(e) 1,317,166 42,978 
Commercial Services & Supplies - 0.0%   
ZenPayroll, Inc. Series D (a)(d)(e) 2,436,137 32,431 
TOTAL INDUSTRIALS  399,261 
INFORMATION TECHNOLOGY - 0.3%   
IT Services - 0.1%   
ByteDance Ltd. Series E1 (d)(e) 653,587 71,616 
Software - 0.2%   
Affirm, Inc.:   
Series F (a)(d) 2,371,275 104,573 
Series G (d) 2,344,983 103,414 
Series G1 (d) 431,811 19,043 
Carbon, Inc.:   
Series D (a)(d)(e) 915,425 34,859 
Series E (a)(d)(e) 81,735 3,152 
Delphix Corp. Series D (a)(d)(e) 3,712,687 28,254 
Nuro, Inc. Series C (d)(e) 3,293,118 42,990 
  336,285 
TOTAL INFORMATION TECHNOLOGY  407,901 
MATERIALS - 0.1%   
Metals & Mining - 0.1%   
High Power Exploration, Inc. Series A (a)(d)(e) 12,577,747 66,285 
REAL ESTATE - 0.0%   
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc.:   
Series E (a)(d)(e) 5,464,465 46,065 
Series F (a)(d)(e) 253,732 2,139 
  48,204 
TOTAL CONVERTIBLE PREFERRED STOCKS  1,307,021 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Specialty Retail - 0.0%   
Cazoo Holdings Ltd.:   
Series A (d)(e) 18,932 275 
Series B (d)(e) 331,469 4,816 
Series C (d)(e) 6,729 98 
Series D (d)(e) 1,184,131 17,205 
  22,394 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series G (a)(e) 46,145 19,626 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  42,020 
TOTAL PREFERRED STOCKS   
(Cost $1,159,369)  1,349,041 
 Principal Amount (000s) Value (000s) 
Preferred Securities - 0.0%   
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Intarcia Therapeutics, Inc. 6% 7/18/21
(Cost $9,273)(d)(e) 		9,273 12,349 
 Shares Value (000s) 
Money Market Funds - 1.1%   
Fidelity Cash Central Fund 0.11% (h) 1,128,296,591 1,128,522 
Fidelity Securities Lending Cash Central Fund 0.11% (h)(i) 453,788,479 453,834 
TOTAL MONEY MARKET FUNDS   
(Cost $1,582,354)  1,582,356 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $49,749,421)  137,019,549 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (724,291) 
NET ASSETS - 100%  $136,295,258 

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 $1,067,486,000 or 0.8% 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 $1,746,248,000 or 1.3% 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) 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 $2,799 
23andMe, Inc. Series E 6/18/15 $7,200 
23andMe, Inc. Series F 8/31/17 $46,498 
23andMe, Inc. Series F1 12/9/20 $13,096 
Affirm, Inc. Series F 3/22/19 $31,261 
Affirm, Inc. Series G 9/11/20 $46,727 
Affirm, Inc. Series G1 4/29/20 $7,287 
Allbirds, Inc. 10/9/18 $9,515 
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 
Allbirds, Inc. Series Seed 10/9/18 $2,018 
ASAC II LP 10/10/13 $3,041 
Aurora Innovation, Inc. Series B 3/1/19 $19,600 
ByteDance Ltd. Series E1 11/18/20 $71,616 
Carbon, Inc. Series D 12/15/17 $21,376 
Carbon, Inc. Series E 3/22/19 $2,288 
Cazoo Holdings Ltd. 9/30/20 $7,951 
Cazoo Holdings Ltd. Series A 9/30/20 $260 
Cazoo Holdings Ltd. Series B 9/30/20 $4,544 
Cazoo Holdings Ltd. Series C 9/30/20 $92 
Cazoo Holdings Ltd. Series D 9/30/20 $16,234 
Coupang unit 6/12/20 $18,669 
Delphix Corp. Series D 7/10/15 $33,414 
Epic Games, Inc. 7/13/20 - 7/30/20 $71,128 
Fanatics, Inc. Series E 8/13/20 $28,940 
Get Heal, Inc. Series B 11/7/16 $10,944 
High Power Exploration, Inc. Series A 11/15/19 $66,285 
Intact Financial Corp. rights 12/31/21 11/13/20 $18,023 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $28,629 
Intarcia Therapeutics, Inc. 6% 7/18/21 1/3/20 $9,273 
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 A12 12/23/20 $6,626 
Mulberry Health, Inc. Series AA-9 3/23/18 $145 
Nuro, Inc. Series C 10/30/20 $42,990 
Nuvation Bio, Inc. Series A 6/17/19 $27,612 
On Holding AG 2/6/20 $23,693 
Relativity Space, Inc. Series D 11/20/20 $24,974 
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 
Space Exploration Technologies Corp. Series N 8/4/20 $115,684 
Tanium, Inc. Class B 4/21/17 - 9/18/20 $57,901 
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 
Zipline International, Inc. Series E 12/21/20 $42,978 
Zomato Pvt Ltd. Series J7 12/9/20 $12,960 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $3,153 
Fidelity Securities Lending Cash Central Fund 839 
Total $3,992 

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 $2,118,854 $11,978 $732,560 $14,243 $360,984 $(241,957) $-- 
Birchcliff Energy Ltd. 39,679 -- 12,323 261 (94,060) 66,704 -- 
Birchcliff Energy Ltd. 1,369 -- 924 -- (4,343) 3,898 -- 
Centennial Resource Development, Inc. Class A 92,428 -- 7,709 -- (311,412) 226,693 -- 
Clean TeQ Holdings Ltd. 5,734 1,450 141 -- (688) 2,678 9,033 
Synaptics, Inc. 31,550 118,184 3,345 -- 928 63,991 211,308 
Total $2,289,614 $131,612 $757,002 $14,504 $(48,591) $122,007 $220,341 

 (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, 2020, 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 $25,610,557 $25,405,383 $205,174 $-- 
Consumer Discretionary 19,636,293 18,239,387 1,233,123 163,783 
Consumer Staples 4,537,242 4,296,695 155,162 85,385 
Energy 423,965 423,965 -- -- 
Financials 11,337,312 11,318,705 -- 18,607 
Health Care 18,000,859 17,428,554 395,003 177,302 
Industrials 5,516,298 4,081,581 873,866 560,851 
Information Technology 46,469,077 45,327,148 806,460 335,469 
Materials 3,262,938 3,196,523 -- 66,415 
Real Estate 297,426 248,769 -- 48,657 
Utilities 332,877 332,877 -- -- 
Preferred Securities 12,349 -- -- 12,349 
Money Market Funds 1,582,356 1,582,356 -- -- 
Total Investments in Securities: $137,019,549 $131,881,943 $3,668,788 $1,468,818 

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 $1,115,451 
Net Realized Gain (Loss) on Investment Securities 5,604 
Net Unrealized Gain (Loss) on Investment Securities 3,235 
Cost of Purchases 573,017 
Proceeds of Sales (35,041) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (193,448) 
Ending Balance $1,468,818 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2020 $2,534 

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. Cost of purchases and proceeds of sales may include securities received and/or 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, 2020 
Assets   
Investment in securities, at value (including securities loaned of $436,421) — See accompanying schedule:
Unaffiliated issuers (cost $47,985,293) 		$135,216,852  
Fidelity Central Funds (cost $1,582,354) 1,582,356  
Other affiliated issuers (cost $181,774) 220,341  
Total Investment in Securities (cost $49,749,421)  $137,019,549 
Cash  639 
Restricted cash  9,492 
Receivable for investments sold  26,479 
Receivable for fund shares sold  65,509 
Dividends receivable  20,411 
Distributions receivable from Fidelity Central Funds  397 
Prepaid expenses  159 
Other receivables  17,224 
Total assets  137,159,859 
Liabilities   
Payable for fund shares redeemed $287,757  
Accrued management fee 79,763  
Other affiliated payables 12,272  
Other payables and accrued expenses 31,158  
Collateral on securities loaned 453,651  
Total liabilities  864,601 
Net Assets  $136,295,258 
Net Assets consist of:   
Paid in capital  $46,411,513 
Total accumulated earnings (loss)  89,883,745 
Net Assets  $136,295,258 
Net Asset Value and Maximum Offering Price   
Contrafund:   
Net Asset Value, offering price and redemption price per share ($113,099,730 ÷ 6,742,423 shares)  $16.77 
Class K:   
Net Asset Value, offering price and redemption price per share ($23,195,528 ÷ 1,379,846 shares)  $16.81 

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


Statement of Operations

Amounts in thousands  Year ended December 31, 2020 
Investment Income   
Dividends (including $14,504 earned from other affiliated issuers)  $757,269 
Interest  38 
Income from Fidelity Central Funds (including $839 from security lending)  3,992 
Total income  761,299 
Expenses   
Management fee   
Basic fee $652,005  
Performance adjustment 242,590  
Transfer agent fees 133,225  
Accounting fees 3,760  
Custodian fees and expenses 1,275  
Independent trustees' fees and expenses 695  
Registration fees 629  
Audit 243  
Legal 185  
Interest 77  
Miscellaneous 1,303  
Total expenses before reductions 1,035,987  
Expense reductions (3,718)  
Total expenses after reductions  1,032,269 
Net investment income (loss)  (270,970) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,074) 15,754,090  
Fidelity Central Funds (96)  
Other affiliated issuers (48,591)  
Foreign currency transactions (1,763)  
Total net realized gain (loss)  15,703,640 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,044) 19,472,167  
Fidelity Central Funds 1  
Other affiliated issuers 122,007  
Assets and liabilities in foreign currencies 456  
Total change in net unrealized appreciation (depreciation)  19,594,631 
Net gain (loss)  35,298,271 
Net increase (decrease) in net assets resulting from operations  $35,027,301 

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, 2020 Year ended December 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(270,970) $(4,338) 
Net realized gain (loss) 15,703,640 9,438,477 
Change in net unrealized appreciation (depreciation) 19,594,631 21,180,293 
Net increase (decrease) in net assets resulting from operations 35,027,301 30,614,432 
Distributions to shareholders (10,341,456) (5,019,205) 
Share transactions - net increase (decrease) (8,115,065) (14,000,174) 
Total increase (decrease) in net assets 16,570,780 11,595,053 
Net Assets   
Beginning of period 119,724,478 108,129,425 
End of period $136,295,258 $119,724,478 

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


Financial Highlights

Fidelity Contrafund

Years ended December 31, 2020 2019 2018 A 2017 A 2016 A 
Selected Per–Share Data      
Net asset value, beginning of period $13.71 $11.01 $12.24 $9.85 $9.89 
Income from Investment Operations      
Net investment income (loss)B (.04) –C –C .01 .03 
Net realized and unrealized gain (loss) 4.44 3.27 (.22) 3.14 .31 
Total from investment operations 4.40 3.27 (.22) 3.15 .34 
Distributions from net investment income – – – (.01) (.03) 
Distributions from net realized gain (1.34) (.57) (1.01) (.75) (.35) 
Total distributions (1.34) (.57) (1.01) (.76) (.38) 
Net asset value, end of period $16.77 $13.71 $11.01 $12.24 $9.85 
Total ReturnD 32.58% 29.98% (2.13)% 32.21% 3.36% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .86% .85% .82% .74% .68% 
Expenses net of fee waivers, if any .86% .85% .81% .74% .68% 
Expenses net of all reductions .85% .85% .81% .74% .68% 
Net investment income (loss) (.23)% (.02)% .01% .08% .29% 
Supplemental Data      
Net assets, end of period (in millions) $113,100 $97,098 $82,628 $89,874 $73,035 
Portfolio turnover rateG 32%H 26%H 32%H 29%H 41%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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 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, 2020 2019 2018 A 2017 A 2016 A 
Selected Per–Share Data      
Net asset value, beginning of period $13.73 $11.01 $12.24 $9.84 $9.88 
Income from Investment Operations      
Net investment income (loss)B (.02) .01 .01 .02 .04 
Net realized and unrealized gain (loss) 4.44 3.28 (.23) 3.14 .31 
Total from investment operations 4.42 3.29 (.22) 3.16 .35 
Distributions from net investment income – – – (.02) (.04) 
Distributions from net realized gain (1.34) (.57) (1.01) (.74) (.35) 
Total distributions (1.34) (.57) (1.01) (.76) (.39) 
Net asset value, end of period $16.81 $13.73 $11.01 $12.24 $9.84 
Total ReturnC 32.68% 30.17% (2.07)% 32.34% 3.48% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .78% .77% .73% .65% .58% 
Expenses net of fee waivers, if any .78% .76% .73% .65% .58% 
Expenses net of all reductions .78% .76% .72% .65% .58% 
Net investment income (loss) (.16)% .06% .10% .17% .39% 
Supplemental Data      
Net assets, end of period (in millions) $23,196 $22,626 $25,502 $32,699 $29,031 
Portfolio turnover rateF 32%G 26%G 32%G 29%G 41%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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 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, 2020
(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.

Effective January 1, 2020:

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

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 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 - Investment 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, the 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. Preferred securities 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 $1,437,731 Market comparable Enterprise value/Sales multiple (EV/S) 1.5 – 34.7/7.5 Increase 
   Discount rate 25.0% - 65.7%/51.0% Decrease 
   Premium rate 92.6% - 483.5%/316.8% Increase 
   Discount for lack of marketability 10.0% - 20.0%/16.2% Decrease 
   Conversion ratio 1.0 Increase 
  Recovery value Recovery value 0.0% - 0.2%/0.2% Increase 
  Market approach Transaction price $0.03 - $575.00/$138.99 Increase 
Preferred Securities $12,349 Market comparable Premium Rate 20.0% Increase 
  Recovery value Recovery value 100.0% Increase 
  Interest Accrual Interest rate 6.0% 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, 2020, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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 certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Contrafund $5,950 

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, 2020, 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 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 $87,244,506 
Gross unrealized depreciation (467,724) 
Net unrealized appreciation (depreciation) $86,776,782 
Tax Cost $50,242,767 

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

Undistributed long-term capital gain $3,135,826 
Net unrealized appreciation (depreciation) on securities and other investments $86,777,292 

The tax character of distributions paid was as follows:

 December 31, 2020 December 31, 2019 
Long-term Capital Gains $10,341,456 $5,019,205 

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 Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

 $ Amount % of Net Assets 
Fidelity Contrafund 87,768 .06 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Contrafund 39,347,895 56,310,291 

Unaffiliated Redemptions In-Kind. During the period, 180,084 shares of the Fund were redeemed in-kind for investments and cash with a value of $2,741,984. The net realized gain of $1,990,002 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, 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 Fund had a net realized gain of $4,021,010 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.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 .73% 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 LLC (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 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. Effective February 1, 2020, the Board approved to change the fee for Class K from .046% to .044%.

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

 Amount % of Class-Level Average Net Assets 
Contrafund $123,678 .12 
Class K 9,547 .04 
 $133,225  

Accounting 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. For the period, the fees were equivalent to the following annual rates:

 % of Average Net Assets 
Fidelity 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 
Fidelity Contrafund $981 

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 LLC (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 Borrower $258,734 1.78% $77 

Interfund Trades. Funds 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, and amounted to $2,751,731 and 4,543,158, respectively.

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 13,204 shares of the Fund were redeemed in-kind for investments and cash with a value of $179,130. The Fund had a net realized gain of $122,459 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.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $702.

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Fidelity Contrafund $279 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Income Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Contrafund $142 $5 $3,204 

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 $3,236 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.

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 $478.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
December 31, 2020 		Year ended
December 31, 2019 
Distributions to shareholders   
Contrafund $8,564,833 $3,992,140 
Class K 1,776,623 1,027,065 
Total $10,341,456 $5,019,205 

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, 2020 Year ended December 31, 2019 Year ended December 31, 2020 Year ended December 31, 2019 
Contrafund     
Shares sold 595,726 507,277 $8,778,483 $6,458,090 
Reinvestment of distributions 497,404 286,215 8,005,656 3,742,055 
Shares redeemed (1,433,309) (1,218,146)(a),(b) (21,006,503) (15,635,943)(a),(b) 
Net increase (decrease) (340,179) (424,654) $(4,222,364) $(5,435,798) 
Class K     
Shares sold 262,661 236,454 $3,878,994 $3,005,530 
Reinvestment of distributions 110,301 78,740 1,776,528 1,026,783 
Shares redeemed (641,608)(c) (983,000)(a) (9,548,223)(c) (12,596,689)(a) 
Net increase (decrease) (268,646) (667,806) $(3,892,701) $(8,564,376) 

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

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

 (c) Amount includes in-kind redemptions (see the 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.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.


(Amounts in thousands except percentages)

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, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 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, 2020 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.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2021



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 305 funds. 

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

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 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. Robert A. Lawrence is an interested person and currently serves as Acting 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. David M. Thomas serves as Lead Independent Trustee 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+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee 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 Advisory Board of certain Fidelity® funds (2020), 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).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee 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 Advisory Board of certain Fidelity® funds (2020), 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).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + 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

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a 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).

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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2020 to December 31, 2020).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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, 2020 		Ending
Account Value
December 31, 2020 		Expenses Paid
During Period-B
July 1, 2020
to December 31, 2020 
Fidelity Contrafund     
Contrafund .84%    
Actual  $1,000.00 $1,210.10 $4.67 
Hypothetical-C  $1,000.00 $1,020.91 $4.27 
Class K .76%    
Actual  $1,000.00 $1,210.40 $4.22 
Hypothetical-C  $1,000.00 $1,021.32 $3.86 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 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 02/16/21 02/12/21 $0.400 
Class K 02/16/21 02/12/21 $0.400 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2020, $13,372,199,428, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 		% of
Votes 
Dennis J. Dirks 
Affirmative 72,344,109,590.115 94.971 
Withheld 3,830,453,053.232 5.029 
TOTAL 76,174,562,643.346 100.000 
Donald F. Donahue 
Affirmative 72,379,829,662.975 95.018 
Withheld 3,794,732,980.371 4.982 
TOTAL 76,174,562,643.346 100.000 
Bettina Doulton 
Affirmative 72,672,607,741.197 95.403 
Withheld 3,501,954,902.150 4.597 
TOTAL 76,174,562,643.346 100.000 
Vicki L. Fuller 
Affirmative 76,174,562,643.346 95.665 
Withheld 3,302,170,904.495 4.335 
TOTAL 76,174,562,643.346 100.000 
Patricia L. Kampling 
Affirmative 72,440,745,750.200 95.098 
Withheld 3,733,816,893.146 4.902 
TOTAL 76,174,562,643.346 100.000 
Alan J. Lacy 
Affirmative 71,928,556,631.631 94.426 
Withheld 4,246,006,011.716 5.574 
TOTAL 76,174,562,643.346 100.000 
Ned C. Lautenbach 
Affirmative 71,259,860,753.748 93.548 
Withheld 4,914,701,889.598 6.452 
TOTAL 76,174,562,643.346 100.000 
Robert A. Lawrence 
Affirmative 72,022,885,128.366 94.550 
Withheld 4,151,677,514.980 5.450 
TOTAL 76,174,562,643.346 100.000 
Joseph Mauriello 
Affirmative 71,805,724,118.522 94.265 
Withheld 4,368,838,524.824 5.735 
TOTAL 76,174,562,643.346 100.000 
Cornelia M. Small 
Affirmative 72,193,236,701.205 94.773 
Withheld 3,981,325,942.141 5.227 
TOTAL 76,174,562,643.346 100.000 
Garnett A. Smith 
Affirmative 71,883,892,217.388 94.367 
Withheld 4,290,670,425.958 5.633 
TOTAL 76,174,562,643.346 100.000 
David M. Thomas 
Affirmative 72,052,952,536.197 94.589 
Withheld 4,121,610,107.149 5.411 
TOTAL 76,174,562,643.346 100.000 
Susan Tomasky 
Affirmative 72,505,011,517.089 95.183 
Withheld 3,669,551,126.257 4.817 
TOTAL 76,174,562,643.346 100.000 
Michael E. Wiley 
Affirmative 72,036,408,999.313 94.568 
Withheld 4,138,153,644.034 5.432 
TOTAL 76,174,562,643.346 100.000 

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

 # of
Votes 		% of
Votes 
Affirmative 35,492,798,231.694 66.743 
Against 9,235,989,163.154 17.368 
Abstain 5,518,294,595.998 10.377 
Broker Non-Vote 2,930,927,382.220 5.512 
TOTAL 53,178,009,373.066 100.000 

PROPOSAL 5

For the fund, a shareholder proposal requesting that the Board of Trustees institute procedures to avoid holding investments in companies that, in management's judgement, substantially contribute to genocide or crimes against humanity.

 # of
Votes 		% of
Votes 
Affirmative 15,055,875,356.298 28.312 
Against 30,808,167,334.089 57.934 
Abstain 3,503,389,343.315 6.588 
Broker Non-Vote 3,810,577,339.365 7.166 
TOTAL 53,178,009,373.066 100.000 
Proposal 1 reflects trust wide proposal and voting results. 
Proposal 2 and 5 were not approved by shareholders. 





Fidelity Investments

CON-ANN-0221
1.540009.123

Fidelity Advisor® New Insights Fund



Annual Report

December 31, 2020

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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

Proxy Voting Results


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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, 2020 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 16.53% 14.37% 12.75% 
Class M (incl. 3.50% sales charge) 19.01% 14.62% 12.74% 
Class C (incl. contingent deferred sales charge) 21.74% 14.86% 12.58% 
Class I 23.96% 16.02% 13.71% 
Class Z 24.09% 16.17% 13.82% 

 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, 2010, 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
$33,203Fidelity Advisor® New Insights Fund - Class A
$36,700S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 18.40% in 2020, a highly volatile and unpredictable year that will be remembered by most investors for the impact of the coronavirus pandemic. The early-2020 outbreak and spread of COVID-19 resulted in stocks suffering one of the quickest declines on record, through March 23, followed by a historic rebound that culminated with the index closing the year at an all-time high. The crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response partially offset the economic disruption and fueled the market surge, as did resilient corporate earnings and the potential for a COVID-19 vaccine breakthrough. The rally slowed in early September, when the S&P 500 began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November (+11%) was a much different story, however, as investors reacted favorably to election results. The momentum continued in December (+4%), driven by regulatory approvals for two COVID-19 vaccines in the U.S. By sector for the full year, information technology (+44%) and consumer discretionary (+33%) led the way, boosted by a handful of large growth stocks. In contrast, energy shares (-34%) struggled along with global oil demand and pricing.

Comments from Co-Manager William Danoff:  For the year, the fund's share classes (excluding sales charges, if applicable) gained roughly 23% to 24%, outperforming the 18.40% result of the benchmark S&P 500® index. The primary contributor to performance versus the benchmark was our stock selection in the information technology sector, especially within the software & services industry. Security selection and an overweighting in consumer discretionary and stock picks in communication services also bolstered the fund's relative result. The biggest individual contributor was an overweight position in Amazon.com (+76%), the fund's largest holding. The fund's non-benchmark stake in Peloton Interactive gained about 452% and helped our relative result. Another notable relative contributor was an overweighting in Netflix (+67%), which was one of the fund's biggest holdings. In contrast, the primary detractor from performance versus the benchmark was security selection and an underweighting in the industrials sector, especially within the capital goods industry. Stock selection and an underweighting in financials also hindered the fund's relative result. The biggest individual relative detractor was an underweight position in Apple (+82%), which was among the largest holdings at year-end after we added to it. Also holding back performance was our outsized stake in General Electric, which returned roughly -7%. We decreased our position the past 12 months. Lastly, Bank of America returned -12% the past year and hurt relative performance. We reduced our stake in the company. Notable changes in positioning include decreased exposure to the financials sector and a higher allocation to information technology.

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.

Note to shareholders:  During the reporting period, Nidhi Gupta assumed co-management responsibilities for the fund, joining Will Danoff and replacing John Roth.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2020

 % of fund's net assets 
Amazon.com, Inc. 8.2 
Facebook, Inc. Class A 7.7 
Microsoft Corp. 5.1 
Alphabet, Inc. Class A 4.3 
Berkshire Hathaway, Inc. Class A 3.5 
Netflix, Inc. 3.4 
Salesforce.com, Inc. 3.2 
Adobe, Inc. 2.8 
NVIDIA Corp. 2.4 
Apple, Inc. 2.2 
 42.8 

Top Five Market Sectors as of December 31, 2020

 % of fund's net assets 
Information Technology 32.4 
Communication Services 18.5 
Consumer Discretionary 15.8 
Health Care 13.3 
Financials 7.6 

Asset Allocation (% of fund's net assets)

As of December 31, 2020 * 
   Stocks 98.4% 
   Convertible Securities 0.9% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.6% 


 * Foreign investments - 12.8%

Schedule of Investments December 31, 2020

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 18.5%   
Entertainment - 4.4%   
Activision Blizzard, Inc. 598,976 $55,615 
Cinemark Holdings, Inc. 949,100 16,524 
Live Nation Entertainment, Inc. (a) 27,100 1,991 
Netflix, Inc. (a) 1,547,519 836,790 
Nintendo Co. Ltd. 13,800 8,859 
Sea Ltd. ADR (a) 139,800 27,827 
Spotify Technology SA (a) 187,068 58,863 
Take-Two Interactive Software, Inc. (a) 209,600 43,553 
The Walt Disney Co. 152,400 27,612 
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 13,803,650 20,567 
  1,098,201 
Interactive Media & Services - 12.7%   
Alphabet, Inc.:   
Class A (a) 616,496 1,080,496 
Class C (a) 44,041 77,155 
Facebook, Inc. Class A (a) 7,007,765 1,914,241 
Match Group, Inc. (a) 117,250 17,727 
Snap, Inc. Class A (a) 1,336,600 66,924 
Tencent Holdings Ltd. 225,900 16,254 
  3,172,797 
Media - 0.5%   
Charter Communications, Inc. Class A (a) 135,001 89,310 
Comcast Corp. Class A 403,300 21,133 
  110,443 
Wireless Telecommunication Services - 0.9%   
SoftBank Group Corp. 60,500 4,697 
T-Mobile U.S., Inc. 1,637,663 220,839 
  225,536 
TOTAL COMMUNICATION SERVICES  4,606,977 
CONSUMER DISCRETIONARY - 15.6%   
Automobiles - 0.5%   
BYD Co. Ltd. (H Shares) 248,500 6,513 
General Motors Co. 922,377 38,408 
Harley-Davidson, Inc. 114,400 4,198 
Hyundai Motor Co. 72,600 12,807 
Tesla, Inc. (a) 35,955 25,372 
Toyota Motor Corp. 284,500 21,955 
XPeng, Inc. ADR (a)(e) 291,000 12,464 
  121,717 
Diversified Consumer Services - 0.0%   
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 23,400 4,348 
Hotels, Restaurants & Leisure - 0.7%   
Airbnb, Inc. Class A 132,600 19,466 
Chipotle Mexican Grill, Inc. (a) 33,868 46,965 
Domino's Pizza, Inc. 23,700 9,088 
DraftKings, Inc. Class A (a) 117,300 5,461 
Evolution Gaming Group AB (f) 166,676 16,757 
Hilton Worldwide Holdings, Inc. 344,800 38,362 
Marriott International, Inc. Class A 34,100 4,498 
Penn National Gaming, Inc. (a) 97,900 8,456 
Starbucks Corp. 80,800 8,644 
  157,697 
Household Durables - 0.8%   
Blu Investments LLC (c)(d) 98,215,581 30 
D.R. Horton, Inc. 938,675 64,693 
Garmin Ltd. 176,527 21,123 
Lennar Corp. Class A 365,300 27,847 
Mohawk Industries, Inc. (a) 32,700 4,609 
NVR, Inc. (a) 7,497 30,587 
Purple Innovation, Inc. (a) 498,160 16,409 
Sony Corp. 135,500 13,654 
Whirlpool Corp. 20,000 3,610 
  182,562 
Internet & Direct Marketing Retail - 10.0%   
Alibaba Group Holding Ltd. (a) 1,959,600 56,994 
Alibaba Group Holding Ltd. sponsored ADR (a) 603,701 140,499 
Amazon.com, Inc. (a) 629,034 2,048,724 
Coupang unit (c)(d) 334,606 2,510 
Doordash, Inc. 129,475 16,634 
Doordash, Inc. 40,800 5,824 
eBay, Inc. 1,065,500 53,541 
HelloFresh AG (a) 77,000 5,956 
JD.com, Inc. Class A 434,700 19,145 
Meituan Class B (a) 395,300 15,022 
MercadoLibre, Inc. (a) 17,200 28,814 
Overstock.com, Inc. (a)(e) 199,400 9,565 
Ozon Holdings PLC ADR 100,300 4,153 
Pinduoduo, Inc. ADR (a) 377,600 67,088 
Wayfair LLC Class A (a) 42,578 9,615 
Zalando SE (a)(f) 40,800 4,538 
ZOZO, Inc. 67,500 1,666 
  2,490,288 
Leisure Products - 0.1%   
Peloton Interactive, Inc. Class A (a) 188,519 28,602 
Multiline Retail - 0.5%   
B&M European Value Retail SA 1,298,578 9,167 
Dollar General Corp. 295,900 62,228 
Nordstrom, Inc. (e) 1,605,400 50,105 
Target Corp. 13,400 2,366 
  123,866 
Specialty Retail - 1.5%   
Bed Bath & Beyond, Inc. 235,546 4,183 
Best Buy Co., Inc. 205,600 20,517 
Burlington Stores, Inc. (a) 7,600 1,988 
Cazoo Holdings Ltd. (c)(d) 87,049 1,265 
Floor & Decor Holdings, Inc. Class A (a) 353,100 32,785 
L Brands, Inc. 160,300 5,962 
Lowe's Companies, Inc. 491,200 78,843 
National Vision Holdings, Inc. (a) 44,300 2,006 
O'Reilly Automotive, Inc. (a) 39,100 17,695 
The Home Depot, Inc. 774,163 205,633 
TJX Companies, Inc. 122,700 8,379 
Williams-Sonoma, Inc. 18,100 1,843 
  381,099 
Textiles, Apparel & Luxury Goods - 1.5%   
Allbirds, Inc. (a)(c)(d) 189,420 2,190 
Brunello Cucinelli SpA 1,802,600 78,712 
Capri Holdings Ltd. (a) 501,600 21,067 
China Hongxing Sports Ltd. (a)(d) 5,977,800 256 
Deckers Outdoor Corp. (a) 94,692 27,156 
Kering SA 3,048 2,213 
lululemon athletica, Inc.(a) 62,671 21,811 
LVMH Moet Hennessy Louis Vuitton SE 3,195 2,000 
NIKE, Inc. Class B 1,037,626 146,793 
PVH Corp. 306,190 28,748 
Tapestry, Inc. 1,562,129 48,551 
  379,497 
TOTAL CONSUMER DISCRETIONARY  3,869,676 
CONSUMER STAPLES - 2.5%   
Beverages - 0.3%   
Boston Beer Co., Inc. Class A (a) 3,200 3,182 
Constellation Brands, Inc. Class A (sub. vtg.) 76,600 16,779 
Monster Beverage Corp. (a) 359,528 33,249 
PepsiCo, Inc. 22,873 3,392 
The Coca-Cola Co. 223,200 12,240 
  68,842 
Food & Staples Retailing - 1.4%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 179,726 6,125 
Costco Wholesale Corp. 680,847 256,530 
Walmart, Inc. 554,326 79,906 
  342,561 
Household Products - 0.2%   
Colgate-Palmolive Co. 112,800 9,646 
Procter & Gamble Co. 417,445 58,083 
Unicharm Corp. 18,900 895 
  68,624 
Personal Products - 0.6%   
Estee Lauder Companies, Inc. Class A 515,284 137,163 
L'Oreal SA 29,812 11,375 
  148,538 
TOTAL CONSUMER STAPLES  628,565 
ENERGY - 0.6%   
Oil, Gas & Consumable Fuels - 0.6%   
Cheniere Energy, Inc. (a) 297,100 17,835 
Concho Resources, Inc. 25,680 1,498 
GoviEx Uranium, Inc. (a) 848,865 153 
GoviEx Uranium, Inc. (a)(f) 23,200 4 
GoviEx Uranium, Inc. Class A (a)(f) 2,625,135 474 
Hess Corp. 658,752 34,776 
Reliance Industries Ltd. 1,884,973 51,225 
Reliance Industries Ltd. sponsored GDR (f) 659,900 36,097 
Suncor Energy, Inc. 585,600 9,822 
  151,884 
FINANCIALS - 7.6%   
Banks - 1.4%   
Bank of America Corp. 4,656,978 141,153 
Comerica, Inc. 316,400 17,674 
HDFC Bank Ltd. sponsored ADR (a) 866,850 62,639 
JPMorgan Chase & Co. 273,400 34,741 
Kotak Mahindra Bank Ltd. (a) 753,872 20,593 
M&T Bank Corp. 123,500 15,722 
Royal Bank of Canada 78,100 6,417 
Wells Fargo & Co. 1,494,815 45,114 
  344,053 
Capital Markets - 1.7%   
BlackRock, Inc. Class A 154,100 111,189 
Goldman Sachs Group, Inc. 152,969 40,339 
MarketAxess Holdings, Inc. 42,215 24,086 
Moody's Corp. 143,300 41,591 
Morgan Stanley 1,565,994 107,318 
MSCI, Inc. 100,976 45,089 
NASDAQ, Inc. 286,090 37,976 
S&P Global, Inc. 50,600 16,634 
  424,222 
Consumer Finance - 0.1%   
Capital One Financial Corp. 393,000 38,848 
Diversified Financial Services - 3.5%   
Berkshire Hathaway, Inc. Class A (a) 2,495 867,798 
Insurance - 0.9%   
Admiral Group PLC 1,056,869 41,999 
American International Group, Inc. 299,400 11,335 
Arthur J. Gallagher & Co. 33,500 4,144 
Chubb Ltd. 282,607 43,499 
Direct Line Insurance Group PLC 502,200 2,191 
Fairfax Financial Holdings Ltd. (sub. vtg.) 33,167 11,305 
GoHealth, Inc. (a) 97,133 1,327 
Hiscox Ltd. (a) 1,687,943 22,944 
Intact Financial Corp. 33,200 3,931 
Intact Financial Corp. rights 12/31/21 (a)(c)(d) 32,500 3,434 
Progressive Corp. 464,700 45,950 
RenaissanceRe Holdings Ltd. 77,200 12,801 
Selectquote, Inc. (e) 54,700 1,135 
The Travelers Companies, Inc. 71,300 10,008 
  216,003 
Thrifts & Mortgage Finance - 0.0%   
Rocket Cos., Inc. (a)(e) 74,800 1,512 
TOTAL FINANCIALS  1,892,436 
HEALTH CARE - 13.1%   
Biotechnology - 2.4%   
23andMe, Inc. (a)(c)(d) 22,532 391 
AbbVie, Inc. 416,461 44,624 
Acceleron Pharma, Inc. (a) 63,031 8,064 
Allovir, Inc. (a) 73,600 2,829 
Alnylam Pharmaceuticals, Inc. (a) 87,500 11,372 
Argenx SE ADR (a) 76,085 22,376 
Ascendis Pharma A/S sponsored ADR (a) 40,400 6,738 
BeiGene Ltd. ADR (a) 17,900 4,625 
Biohaven Pharmaceutical Holding Co. Ltd. (a) 92,179 7,901 
BioNTech SE ADR (a)(e) 31,700 2,584 
CSL Ltd. 11,983 2,616 
Exact Sciences Corp. (a) 14,700 1,948 
Genmab A/S (a) 60,000 24,330 
Idorsia Ltd. (a) 623,158 17,983 
Innovent Biologics, Inc. (a)(f) 1,772,000 18,754 
Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(d) 26,062 0 
Kodiak Sciences, Inc. (a) 34,600 5,083 
Kymera Therapeutics, Inc. (a) 40,500 2,511 
Light Sciences Oncology, Inc. (a)(d) 2,708,254 0 
Mirati Therapeutics, Inc. (a) 67,533 14,833 
Novavax, Inc. (a) 25,300 2,821 
Olivo Labs (a)(c)(d) 630,333 0 
Regeneron Pharmaceuticals, Inc. (a) 362,424 175,091 
Relay Therapeutics, Inc. (a) 105,600 4,389 
Replimune Group, Inc. (a) 157,300 6,001 
Sarepta Therapeutics, Inc. (a) 12,200 2,080 
Seagen, Inc. (a) 230,000 40,282 
Seer, Inc. 26,300 1,476 
Turning Point Therapeutics, Inc. (a) 125,389 15,279 
Vertex Pharmaceuticals, Inc. (a) 497,446 117,566 
Zai Lab Ltd. (a) 121,000 16,137 
Zai Lab Ltd. ADR (a) 88,468 11,973 
  592,657 
Health Care Equipment & Supplies - 3.2%   
Abbott Laboratories 742,149 81,258 
Alcon, Inc. (a) 29,800 1,966 
Becton, Dickinson & Co. 37,751 9,446 
Boston Scientific Corp. (a) 632,008 22,721 
Danaher Corp. 1,027,622 228,276 
DexCom, Inc. (a) 259,738 96,030 
Edwards Lifesciences Corp. (a) 490,408 44,740 
Envista Holdings Corp. (a) 202,455 6,829 
Hologic, Inc. (a) 946,100 68,904 
I-Pulse, Inc. (a)(c)(d) 58,562 171 
Intuitive Surgical, Inc. (a) 177,320 145,065 
Masimo Corp. (a) 65,483 17,574 
Medtronic PLC 122,600 14,361 
ResMed, Inc. 66,022 14,034 
Sonova Holding AG Class B 21,685 5,640 
Stryker Corp. 35,300 8,650 
Tandem Diabetes Care, Inc. (a) 95,600 9,147 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(f) 659,500 6,725 
West Pharmaceutical Services, Inc. 34,369 9,737 
  791,274 
Health Care Providers & Services - 2.7%   
Anthem, Inc. 31,600 10,146 
Centene Corp. (a) 761,500 45,713 
Cigna Corp. 217,100 45,196 
Guardant Health, Inc. (a) 46,700 6,019 
Henry Schein, Inc. (a) 120,000 8,023 
Humana, Inc. 80,128 32,874 
Owens & Minor, Inc. 248,944 6,734 
Patterson Companies, Inc. 487,527 14,445 
UnitedHealth Group, Inc. 1,479,119 518,697 
  687,847 
Health Care Technology - 0.4%   
Castlight Health, Inc. (a) 1,303,800 1,695 
Change Healthcare, Inc. (a) 36,800 686 
Veeva Systems, Inc. Class A (a) 328,116 89,330 
  91,711 
Life Sciences Tools & Services - 1.8%   
10X Genomics, Inc. (a) 39,756 5,629 
Adaptive Biotechnologies Corp. (a) 154,500 9,136 
Agilent Technologies, Inc. 16,600 1,967 
Bio-Rad Laboratories, Inc. Class A (a) 88,223 51,429 
Bruker Corp. 621,817 33,659 
Eurofins Scientific SA (a) 168,650 14,140 
IQVIA Holdings, Inc. (a) 79,000 14,154 
Mettler-Toledo International, Inc. (a) 67,670 77,122 
PerkinElmer, Inc. 56,200 8,065 
Sartorius Stedim Biotech 44,200 15,724 
Thermo Fisher Scientific, Inc. 456,711 212,727 
WuXi AppTec Co. Ltd. (H Shares) (f) 831,200 16,276 
  460,028 
Pharmaceuticals - 2.6%   
AstraZeneca PLC:   
(United Kingdom) 133,600 13,322 
sponsored ADR 770,243 38,504 
Bristol-Myers Squibb Co. 1,028,630 63,806 
Eli Lilly & Co. 1,237,900 209,007 
Hansoh Pharmaceutical Group Co. Ltd. (a)(f) 2,401,000 11,645 
Horizon Therapeutics PLC (a) 754,700 55,206 
Jazz Pharmaceuticals PLC (a) 136,000 22,447 
Merck & Co., Inc. 223,166 18,255 
Roche Holding AG (participation certificate) 111,403 38,802 
Royalty Pharma PLC 784,200 39,249 
Sanofi SA 267,400 25,917 
Supernus Pharmaceuticals, Inc. (a) 45,926 1,155 
UCB SA 222,000 22,912 
Zoetis, Inc. Class A 492,459 81,502 
  641,729 
TOTAL HEALTH CARE  3,265,246 
INDUSTRIALS - 5.0%   
Aerospace & Defense - 0.5%   
Axon Enterprise, Inc. (a) 18,300 2,242 
HEICO Corp. Class A 76,300 8,932 
Lockheed Martin Corp. 25,027 8,884 
Northrop Grumman Corp. 71,730 21,858 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 247,745 66,891 
Class C (a)(c)(d) 4,546 1,227 
TransDigm Group, Inc. 33,500 20,731 
  130,765 
Air Freight & Logistics - 0.5%   
C.H. Robinson Worldwide, Inc. 41,000 3,849 
United Parcel Service, Inc. Class B 549,000 92,452 
XPO Logistics, Inc. (a) 214,870 25,613 
  121,914 
Airlines - 0.2%   
Ryanair Holdings PLC sponsored ADR (a) 355,725 39,123 
Wizz Air Holdings PLC (a)(f) 233,900 14,598 
  53,721 
Building Products - 0.8%   
Carrier Global Corp. 274,000 10,335 
Fortune Brands Home & Security, Inc. 983,537 84,309 
The AZEK Co., Inc. 112,695 4,333 
Toto Ltd. 1,314,100 78,906 
Trane Technologies PLC 141,929 20,602 
  198,485 
Commercial Services & Supplies - 0.3%   
Cintas Corp. 149,979 53,012 
Clean TeQ Holdings Ltd. (a) 84,297 16 
TulCo LLC (a)(b)(c)(d) 17,377 9,662 
  62,690 
Electrical Equipment - 0.6%   
Acuity Brands, Inc. 80,449 9,742 
AMETEK, Inc. 77,610 9,386 
Vestas Wind Systems A/S 587,612 138,811 
  157,939 
Industrial Conglomerates - 0.4%   
General Electric Co. 6,959,002 75,157 
Honeywell International, Inc. 9,300 1,978 
Roper Technologies, Inc. 53,200 22,934 
  100,069 
Machinery - 0.5%   
Deere& Co. 163,200 43,909 
IDEX Corp. 33,800 6,733 
Illinois Tool Works, Inc. 85,500 17,432 
Ingersoll Rand, Inc. (a) 151,500 6,902 
Otis Worldwide Corp. 58,300 3,938 
PACCAR, Inc. 231,603 19,983 
Pentair PLC 38,300 2,033 
Woodward, Inc. 87,700 10,658 
  111,588 
Professional Services - 0.6%   
Clarivate Analytics PLC (a) 2,246,353 66,739 
CoStar Group, Inc. (a) 56,058 51,813 
Equifax, Inc. 78,228 15,085 
Experian PLC 460,018 17,475 
Verisk Analytics, Inc. 40,267 8,359 
  159,471 
Road & Rail - 0.6%   
Canadian Pacific Railway Ltd. 177,800 61,673 
Uber Technologies, Inc. (a) 520,900 26,566 
Union Pacific Corp. 263,300 54,824 
  143,063 
Trading Companies & Distributors - 0.0%   
Fastenal Co. 75,900 3,706 
W.W. Grainger, Inc. 14,000 5,717 
  9,423 
TOTAL INDUSTRIALS  1,249,128 
INFORMATION TECHNOLOGY - 32.3%   
Electronic Equipment & Components - 0.7%   
Amphenol Corp. Class A 952,326 124,536 
Jabil, Inc. 10,641 453 
Keysight Technologies, Inc. (a) 33,483 4,423 
Samsung SDI Co. Ltd. 32,400 18,695 
Vontier Corp. (a) 82,932 2,770 
Zebra Technologies Corp. Class A (a) 28,964 11,132 
  162,009 
IT Services - 6.8%   
Accenture PLC Class A 413,008 107,882 
Adyen BV (a)(f) 57,552 133,724 
ASAC II LP (a)(c)(d) 9,408,021 1,581 
Black Knight, Inc. (a) 186,670 16,492 
Edenred SA 31,959 1,812 
Euronet Worldwide, Inc. (a) 148,458 21,515 
Gartner, Inc. (a) 98,400 15,763 
MasterCard, Inc. Class A 280,489 100,118 
MongoDB, Inc. Class A (a) 402,503 144,515 
Okta, Inc. (a) 867,803 220,648 
PayPal Holdings, Inc. (a) 1,055,537 247,207 
Shopify, Inc. Class A (a) 170,142 192,119 
Snowflake Computing, Inc. (e) 82,100 23,103 
Snowflake Computing, Inc. Class B 19,125 5,113 
Square, Inc. (a) 309,000 67,251 
Twilio, Inc. Class A (a) 117,700 39,841 
Visa, Inc. Class A 1,580,236 345,645 
Wix.com Ltd. (a) 3,700 925 
  1,685,254 
Semiconductors & Semiconductor Equipment - 7.8%   
Advanced Micro Devices, Inc. (a) 2,363,433 216,750 
Analog Devices, Inc. 171,105 25,277 
Applied Materials, Inc. 633,300 54,654 
Array Technologies, Inc. 186,700 8,054 
ASML Holding NV 48,999 23,898 
ASML Holding NV (Netherlands) 20,100 9,732 
Enphase Energy, Inc. (a) 192,223 33,729 
First Solar, Inc. (a) 57,200 5,658 
Inphi Corp. (a) 9,225 1,480 
KLA-Tencor Corp. 28,200 7,301 
Lam Research Corp. 363,260 171,557 
Lattice Semiconductor Corp. (a) 384,374 17,612 
Marvell Technology Group Ltd. 924,563 43,954 
MaxLinear, Inc. Class A (a) 17,300 661 
Microchip Technology, Inc. 14,700 2,030 
Micron Technology, Inc. (a) 1,186,000 89,163 
Monolithic Power Systems, Inc. 6,600 2,417 
NVIDIA Corp. 1,136,882 593,680 
NXP Semiconductors NV 141,385 22,482 
Qorvo, Inc. (a) 251,308 41,785 
Qualcomm, Inc. 2,703,790 411,895 
Semtech Corp. (a) 245,955 17,731 
Skyworks Solutions, Inc. 119,100 18,208 
SolarEdge Technologies, Inc. (a) 32,000 10,212 
Synaptics, Inc. (a) 349,032 33,647 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 570,800 62,240 
Texas Instruments, Inc. 31,000 5,088 
  1,930,895 
Software - 14.5%   
Adobe, Inc. (a) 1,414,456 707,398 
ANSYS, Inc. (a) 6,200 2,256 
Atlassian Corp. PLC (a) 599,741 140,261 
Autodesk, Inc. (a) 153,000 46,717 
C3.Ai, Inc. (e) 21,000 2,914 
Cadence Design Systems, Inc. (a) 138,664 18,918 
Ceridian HCM Holding, Inc. (a) 195,419 20,824 
Cloudflare, Inc. (a) 316,922 24,083 
Coupa Software, Inc. (a) 162,598 55,106 
Crowdstrike Holdings, Inc. (a) 34,600 7,329 
Datadog, Inc. Class A (a) 392,442 38,632 
DocuSign, Inc. (a) 8,200 1,823 
Dropbox, Inc. Class A (a) 717,453 15,920 
Dynatrace, Inc. (a) 506,944 21,935 
Epic Games, Inc. (c)(d) 23,900 13,743 
Fair Isaac Corp. (a) 4,200 2,146 
Five9, Inc. (a) 121,300 21,155 
Intuit, Inc. 245,601 93,292 
Microsoft Corp. 5,754,915 1,280,008 
Nuance Communications, Inc. (a) 191,600 8,448 
Palo Alto Networks, Inc. (a) 14,958 5,316 
Paycom Software, Inc. (a) 44,600 20,170 
Rapid7, Inc. (a) 270,700 24,406 
RingCentral, Inc. (a) 33,674 12,761 
Salesforce.com, Inc. (a) 3,554,784 791,046 
ServiceNow, Inc. (a) 249,400 137,277 
Slack Technologies, Inc. Class A (a) 336,600 14,218 
SVMK, Inc. (a) 513,368 13,117 
Tanium, Inc. Class B (a)(c)(d) 1,259,978 14,358 
Tenable Holdings, Inc. (a) 490,200 25,618 
Workday, Inc. Class A (a) 94,998 22,762 
Xero Ltd. (a) 57,100 6,463 
Zoom Video Communications, Inc. Class A (a) 11,720 3,953 
Zscaler, Inc. (a) 24,300 4,853 
  3,619,226 
Technology Hardware, Storage & Peripherals - 2.5%   
Apple, Inc. 4,133,400 548,461 
Dell Technologies, Inc. (a) 42,500 3,115 
Samsung Electronics Co. Ltd. 1,062,520 79,074 
  630,650 
TOTAL INFORMATION TECHNOLOGY  8,028,034 
MATERIALS - 2.9%   
Chemicals - 0.9%   
Air Products & Chemicals, Inc. 58,974 16,113 
FMC Corp. 15,538 1,786 
LG Chemical Ltd. 63,836 48,328 
Sherwin-Williams Co. 228,152 167,671 
Westlake Chemical Corp. 32,900 2,685 
  236,583 
Containers & Packaging - 0.1%   
Silgan Holdings, Inc. 282,487 10,475 
WestRock Co. 103,300 4,497 
  14,972 
Metals & Mining - 1.9%   
Agnico Eagle Mines Ltd. (Canada) 175,200 12,331 
B2Gold Corp. 17,161,504 96,128 
Barrick Gold Corp. (Canada) 2,504,279 57,054 
Franco-Nevada Corp. 1,104,636 138,503 
Freeport-McMoRan, Inc. 986,900 25,679 
Gatos Silver, Inc. 492,900 6,422 
Ivanhoe Mines Ltd. (a) 8,031,618 43,285 
Lundin Gold, Inc. (a) 521,803 4,481 
Newcrest Mining Ltd. 1,183,984 23,532 
Newmont Corp. 755,000 45,217 
Northern Star Resources Ltd. 361,000 3,532 
Novagold Resources, Inc. (a) 2,481,176 24,015 
  480,179 
TOTAL MATERIALS  731,734 
REAL ESTATE - 0.1%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Equity Commonwealth 269,812 7,360 
Gaming & Leisure Properties 4,888 207 
Prologis (REIT), Inc. 65,406 6,518 
Simon Property Group, Inc. 166,000 14,156 
  28,241 
UTILITIES - 0.2%   
Electric Utilities - 0.2%   
Iberdrola SA 293,904 4,201 
NextEra Energy, Inc. 185,468 14,309 
PG&E Corp. (a) 2,397,300 29,870 
  48,380 
Independent Power and Renewable Electricity Producers - 0.0%   
The AES Corp. 242,600 5,701 
TOTAL UTILITIES  54,081 
TOTAL COMMON STOCKS   
(Cost $10,422,422)  24,506,002 
Preferred Stocks - 0.8%   
Convertible Preferred Stocks - 0.8%   
CONSUMER DISCRETIONARY - 0.1%   
Internet & Direct Marketing Retail - 0.0%   
Zomato Pvt Ltd. Series J7 (c)(d) 587 2,412 
Specialty Retail - 0.0%   
Fanatics, Inc. Series E (c)(d) 257,870 4,459 
Textiles, Apparel & Luxury Goods - 0.1%   
Allbirds, Inc.:   
Series A (a)(c)(d) 74,760 864 
Series B (a)(c)(d) 13,135 152 
Series C (a)(c)(d) 125,520 1,451 
Series D (c)(d) 94,365 1,091 
Series Seed (a)(c)(d) 163,489 1,890 
Bolt Threads, Inc. Series D (a)(c)(d) 1,324,673 17,552 
  23,000 
TOTAL CONSUMER DISCRETIONARY  29,871 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Roofoods Ltd. Series F (a)(c)(d) 21,314 9,065 
Sweetgreen, Inc.:   
Series C (a)(c)(d) 14,103 209 
Series D (a)(c)(d) 226,847 3,369 
Series I (a)(c)(d) 534,650 7,940 
  20,583 
HEALTH CARE - 0.2%   
Biotechnology - 0.0%   
23andMe, Inc.:   
Series E (a)(c)(d) 166,247 2,884 
Series F (a)(c)(d) 462,756 8,029 
Series F1 (c)(d) 111,483 1,934 
Intarcia Therapeutics, Inc. Series CC (a)(c)(d) 516,522 0 
  12,847 
Health Care Equipment & Supplies - 0.2%   
Butterfly Network, Inc. Series D (a)(c) 2,225,827 38,885 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc.:   
Series A-8 (a)(c)(d) 1,159,721 11,314 
Series A12 (c)(d) 108,338 1,050 
  12,364 
TOTAL HEALTH CARE  64,096 
INDUSTRIALS - 0.3%   
Aerospace & Defense - 0.3%   
Space Exploration Technologies Corp.:   
Series G (a)(c)(d) 145,254 39,219 
Series H (a)(c)(d) 42,094 11,365 
Series N (c)(d) 66,208 17,876 
  68,460 
Air Freight & Logistics - 0.0%   
Zipline International, Inc. Series E (c)(d) 208,789 6,813 
TOTAL INDUSTRIALS  75,273 
INFORMATION TECHNOLOGY - 0.1%   
IT Services - 0.1%   
ByteDance Ltd. Series E1 (c)(d) 130,945 14,348 
Software - 0.0%   
Magic Leap, Inc. Series ED (c)(d) 555,556 1,961 
Nuro, Inc. Series C (c)(d) 491,080 6,411 
  8,372 
TOTAL INFORMATION TECHNOLOGY  22,720 
REAL ESTATE - 0.0%   
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Series F (a)(c)(d) 31,954 269 
TOTAL CONVERTIBLE PREFERRED STOCKS  212,812 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Specialty Retail - 0.0%   
Cazoo Holdings Ltd.:   
Series A (c)(d) 2,842 41 
Series B (c)(d) 49,755 723 
Series C (c)(d) 1,010 15 
Series D (c)(d) 177,742 2,583 
  3,362 
TOTAL PREFERRED STOCKS   
(Cost $185,209)  216,174 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.1%   
Convertible Bonds - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Textiles, Apparel & Luxury Goods - 0.1%   
Bolt Threads, Inc. 3% 2/7/23 (c)(d) 9,657 9,657 
Nonconvertible Bonds - 0.0%   
ENERGY - 0.0%   
Energy Equipment & Services - 0.0%   
Pacific Drilling SA 12% 4/1/24 pay-in-kind (f)(g)(h) 711 50 
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Magic Leap, Inc. 10% 6/30/22 (d) 5,624 8,436 
TOTAL NONCONVERTIBLE BONDS  8,486 
TOTAL CORPORATE BONDS   
(Cost $16,000)  18,143 
Preferred Securities - 0.0%   
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Intarcia Therapeutics, Inc. 6% 7/18/21
(Cost $2,280)(c)(d) 		2,280 3,037 
 Shares Value (000s) 
Other - 0.1%   
ENERGY - 0.1%   
Oil, Gas and Consumable Fuels - 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d)   
(Cost $50,430) 50,430,153 21,408 
Money Market Funds - 0.9%   
Fidelity Cash Central Fund 0.11% (i) 148,751,263 148,781 
Fidelity Securities Lending Cash Central Fund 0.11% (i)(j) 69,821,743 69,829 
TOTAL MONEY MARKET FUNDS   
(Cost $218,610)  218,610 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $10,894,951)  24,983,374 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (81,858) 
NET ASSETS - 100%  $24,901,516 

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 $388,296,000 or 1.7% 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 $259,642,000 or 1.0% of net assets.

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

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

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. 12/7/18 $379 
23andMe, Inc. Series E 6/18/15 $1,800 
23andMe, Inc. Series F 8/31/17 $6,425 
23andMe, Inc. Series F1 12/9/20 $1,934 
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 - 1/23/20 $1,656 
ASAC II LP 10/10/13 $725 
Blu Investments LLC 5/21/20 $170 
Bolt Threads, Inc. Series D 12/13/17 $21,247 
Bolt Threads, Inc. 3% 2/7/23 2/7/20 $9,657 
Butterfly Network, Inc. Series D 5/4/18 $22,859 
ByteDance Ltd. Series E1 11/18/20 $14,348 
Cazoo Holdings Ltd. 9/30/20 $1,193 
Cazoo Holdings Ltd. Series A 9/30/20 $39 
Cazoo Holdings Ltd. Series B 9/30/20 $682 
Cazoo Holdings Ltd. Series C 9/30/20 $14 
Cazoo Holdings Ltd. Series D 9/30/20 $2,437 
Coupang unit 6/12/20 $2,510 
Epic Games, Inc. 7/13/20 - 7/30/20 $13,744 
Fanatics, Inc. Series E 8/13/20 $4,459 
I-Pulse, Inc. 3/18/10 $94 
Intact Financial Corp. rights 12/31/21 11/13/20 $3,326 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $7,040 
Intarcia Therapeutics, Inc. 6% 7/18/21 1/3/20 $2,280 
Magic Leap, Inc. Series ED 10/6/17 $15,000 
Mulberry Health, Inc. Series A-8 1/20/16 $7,834 
Mulberry Health, Inc. Series A12 12/23/20 $1,050 
Nuro, Inc. Series C 10/30/20 $6,411 
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 
Space Exploration Technologies Corp. Series N 8/4/20 $17,876 
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 - 9/18/20 $9,907 
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 
Zipline International, Inc. Series E 12/21/20 $6,813 
Zomato Pvt Ltd. Series J7 12/9/20 $2,391 

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 $910 
Fidelity Securities Lending Cash Central Fund 1,226 
Total $2,136 

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, 2020, 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 $4,606,977 $4,556,600 $29,810 $20,567 
Consumer Discretionary 3,902,909 3,627,080 236,345 39,484 
Consumer Staples 649,148 617,190 11,375 20,583 
Energy 151,884 151,884 -- -- 
Financials 1,892,436 1,889,002 -- 3,434 
Health Care 3,329,342 3,122,553 181,016 25,773 
Industrials 1,324,401 1,015,062 156,286 153,053 
Information Technology 8,050,754 7,849,783 148,569 52,402 
Materials 731,734 731,734 -- -- 
Real Estate 28,510 28,241 -- 269 
Utilities 54,081 54,081 -- -- 
Corporate Bonds 18,143 -- 50 18,093 
Preferred Securities 3,037 -- -- 3,037 
Other 21,408 -- -- 21,408 
Money Market Funds 218,610 218,610 -- -- 
Total Investments in Securities: $24,983,374 $23,861,820 $763,451 $358,103 

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 $297,409 
Net Realized Gain (Loss) on Investment Securities (31,571) 
Net Unrealized Gain (Loss) on Investment Securities 16,935 
Cost of Purchases 104,738 
Proceeds of Sales (3,522) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (25,886) 
Ending Balance $358,103 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2020 $(15,659) 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or 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 reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

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

United States of America 87.2% 
Canada 2.6% 
Cayman Islands 1.7% 
Ireland 1.0% 
Others (Individually Less Than 1%) 7.5% 
 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, 2020 
Assets   
Investment in securities, at value (including securities loaned of $66,127) — See accompanying schedule:
Unaffiliated issuers (cost $10,676,341) 		$24,764,764  
Fidelity Central Funds (cost $218,610) 218,610  
Total Investment in Securities (cost $10,894,951)  $24,983,374 
Cash  108 
Restricted cash  1,179 
Receivable for investments sold  29,144 
Receivable for fund shares sold  6,926 
Dividends receivable  6,152 
Interest receivable  439 
Distributions receivable from Fidelity Central Funds  85 
Prepaid expenses  31 
Other receivables  1,882 
Total assets  25,029,320 
Liabilities   
Payable for investments purchased $469  
Payable for fund shares redeemed 32,227  
Distributions payable 2  
Accrued management fee 13,307  
Distribution and service plan fees payable 3,792  
Other affiliated payables 3,331  
Other payables and accrued expenses 4,877  
Collateral on securities loaned 69,799  
Total liabilities  127,804 
Net Assets  $24,901,516 
Net Assets consist of:   
Paid in capital  $10,336,117 
Total accumulated earnings (loss)  14,565,399 
Net Assets  $24,901,516 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($6,752,941 ÷ 184,665 shares)(a)  $36.57 
Maximum offering price per share (100/94.25 of $36.57)  $38.80 
Class M:   
Net Asset Value and redemption price per share ($1,855,830 ÷ 53,309 shares)(a)  $34.81 
Maximum offering price per share (100/96.50 of $34.81)  $36.07 
Class C:   
Net Asset Value and offering price per share ($1,973,253 ÷ 65,587 shares)(a)  $30.09 
Class I:   
Net Asset Value, offering price and redemption price per share ($12,218,735 ÷ 324,170 shares)  $37.69 
Class Z:   
Net Asset Value, offering price and redemption price per share ($2,100,757 ÷ 55,615 shares)  $37.77 

 (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, 2020 
Investment Income   
Dividends  $191,407 
Interest  455 
Income from Fidelity Central Funds (including $1,226 from security lending)  2,136 
Total income  193,998 
Expenses   
Management fee   
Basic fee $128,574  
Performance adjustment 33,867  
Transfer agent fees 37,739  
Distribution and service plan fees 43,609  
Accounting fees 1,862  
Custodian fees and expenses 392  
Independent trustees' fees and expenses 140  
Registration fees 225  
Audit 115  
Legal 49  
Interest 6  
Miscellaneous 792  
Total expenses before reductions 247,370  
Expense reductions (1,471)  
Total expenses after reductions  245,899 
Net investment income (loss)  (51,901) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,234) 2,716,462  
Fidelity Central Funds 4  
Foreign currency transactions (361)  
Total net realized gain (loss)  2,716,105 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $458) 2,331,013  
Assets and liabilities in foreign currencies 151  
Total change in net unrealized appreciation (depreciation)  2,331,164 
Net gain (loss)  5,047,269 
Net increase (decrease) in net assets resulting from operations  $4,995,368 

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, 2020 Year ended December 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(51,901) $72,759 
Net realized gain (loss) 2,716,105 1,876,106 
Change in net unrealized appreciation (depreciation) 2,331,164 4,638,420 
Net increase (decrease) in net assets resulting from operations 4,995,368 6,587,285 
Distributions to shareholders (1,956,073) (1,692,173) 
Share transactions - net increase (decrease) (4,542,735) (2,130,240) 
Total increase (decrease) in net assets (1,503,440) 2,764,872 
Net Assets   
Beginning of period 26,404,956 23,640,084 
End of period $24,901,516 $26,404,956 

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, 2020 2019 2018 2017 2016 
Selected Per–Share Data      
Net asset value, beginning of period $32.08 $26.50 $31.38 $26.44 $26.14 
Income from Investment Operations      
Net investment income (loss)A (.10) .06 .03 .04 .06 
Net realized and unrealized gain (loss) 7.57 7.60 (1.26) 7.29 1.56 
Total from investment operations 7.47 7.66 (1.23) 7.33 1.62 
Distributions from net investment income –B (.04) – –B (.04) 
Distributions from net realized gain (2.97) (2.04) (3.65) (2.39) (1.28) 
Total distributions (2.98)C (2.08) (3.65) (2.39) (1.32) 
Net asset value, end of period $36.57 $32.08 $26.50 $31.38 $26.44 
Total ReturnD,E 23.64% 29.15% (4.42)% 27.98% 6.31% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.10% 1.08% 1.04% .94% .89% 
Expenses net of fee waivers, if any 1.10% 1.08% 1.04% .94% .89% 
Expenses net of all reductions 1.10% 1.07% 1.04% .93% .88% 
Net investment income (loss) (.30)% .20% .08% .12% .24% 
Supplemental Data      
Net assets, end of period (in millions) $6,753 $6,156 $4,747 $5,612 $6,873 
Portfolio turnover rateH 53% 27%I 36% 30% 42% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions per share do not sum due to rounding.

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

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

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 I 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, 2020 2019 2018 2017 2016 
Selected Per–Share Data      
Net asset value, beginning of period $30.73 $25.49 $30.39 $25.73 $25.51 
Income from Investment Operations      
Net investment income (loss)A (.17) (.01) (.05) (.04) –B 
Net realized and unrealized gain (loss) 7.22 7.29 (1.20) 7.09 1.50 
Total from investment operations 7.05 7.28 (1.25) 7.05 1.50 
Distributions from net investment income – – – –B –B 
Distributions from net realized gain (2.97) (2.04) (3.65) (2.39) (1.28) 
Total distributions (2.97) (2.04) (3.65) (2.39) (1.28) 
Net asset value, end of period $34.81 $30.73 $25.49 $30.39 $25.73 
Total ReturnC,D 23.33% 28.79% (4.64)% 27.66% 6.01% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.35% 1.32% 1.29% 1.18% 1.14% 
Expenses net of fee waivers, if any 1.35% 1.32% 1.29% 1.18% 1.14% 
Expenses net of all reductions 1.35% 1.32% 1.29% 1.18% 1.13% 
Net investment income (loss) (.54)% (.05)% (.17)% (.13)% (.01)% 
Supplemental Data      
Net assets, end of period (in millions) $1,856 $1,844 $1,638 $1,926 $1,849 
Portfolio turnover rateG 53% 27%H 36% 30% 42% 

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 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, 2020 2019 2018 2017 2016 
Selected Per–Share Data      
Net asset value, beginning of period $27.03 $22.73 $27.63 $23.69 $23.70 
Income from Investment Operations      
Net investment income (loss)A (.29) (.15) (.19) (.17) (.12) 
Net realized and unrealized gain (loss) 6.32 6.49 (1.06) 6.50 1.39 
Total from investment operations 6.03 6.34 (1.25) 6.33 1.27 
Distributions from net investment income – – – –B –B 
Distributions from net realized gain (2.97) (2.04) (3.65) (2.39) (1.28) 
Total distributions (2.97) (2.04) (3.65) (2.39) (1.28) 
Net asset value, end of period $30.09 $27.03 $22.73 $27.63 $23.69 
Total ReturnC,D 22.74% 28.15% (5.11)% 26.99% 5.49% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.86% 1.83% 1.79% 1.68% 1.64% 
Expenses net of fee waivers, if any 1.86% 1.83% 1.79% 1.68% 1.64% 
Expenses net of all reductions 1.86% 1.83% 1.79% 1.68% 1.63% 
Net investment income (loss) (1.05)% (.55)% (.67)% (.63)% (.51)% 
Supplemental Data      
Net assets, end of period (in millions) $1,973 $2,228 $2,932 $3,718 $3,521 
Portfolio turnover rateG 53% 27%H 36% 30% 42% 

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 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, 2020 2019 2018 2017 2016 
Selected Per–Share Data      
Net asset value, beginning of period $32.90 $27.14 $32.03 $26.95 $26.63 
Income from Investment Operations      
Net investment income (loss)A (.01) .15 .11 .12 .13 
Net realized and unrealized gain (loss) 7.78 7.77 (1.27) 7.44 1.59 
Total from investment operations 7.77 7.92 (1.16) 7.56 1.72 
Distributions from net investment income –B (.12) (.07) (.09) (.11) 
Distributions from net realized gain (2.97) (2.04) (3.65) (2.39) (1.28) 
Total distributions (2.98)C (2.16) (3.73)C (2.48) (1.40)C 
Net asset value, end of period $37.69 $32.90 $27.14 $32.03 $26.95 
Total ReturnD 23.96% 29.42% (4.14)% 28.30% 6.55% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .85% .82% .79% .68% .63% 
Expenses net of fee waivers, if any .85% .82% .79% .68% .63% 
Expenses net of all reductions .84% .82% .78% .67% .63% 
Net investment income (loss) (.04)% .46% .33% .38% .50% 
Supplemental Data      
Net assets, end of period (in millions) $12,219 $13,870 $12,581 $14,894 $11,662 
Portfolio turnover rateG 53% 27%H 36% 30% 42% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions per share do not sum due to rounding.

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 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, 2020 2019 2018 2017 2016 
Selected Per–Share Data      
Net asset value, beginning of period $32.93 $27.16 $32.06 $26.97 $26.65 
Income from Investment Operations      
Net investment income (loss)A .03 .18 .15 .16 .17 
Net realized and unrealized gain (loss) 7.79 7.79 (1.28) 7.45 1.58 
Total from investment operations 7.82 7.97 (1.13) 7.61 1.75 
Distributions from net investment income –B (.17) (.12) (.13) (.15) 
Distributions from net realized gain (2.97) (2.04) (3.65) (2.39) (1.28) 
Total distributions (2.98)C (2.20)C (3.77) (2.52) (1.43) 
Net asset value, end of period $37.77 $32.93 $27.16 $32.06 $26.97 
Total ReturnD 24.09% 29.60% (4.03)% 28.49% 6.68% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .73% .70% .66% .55% .50% 
Expenses net of fee waivers, if any .73% .70% .66% .55% .50% 
Expenses net of all reductions .72% .70% .66% .55% .50% 
Net investment income (loss) .08% .58% .46% .50% .63% 
Supplemental Data      
Net assets, end of period (in millions) $2,101 $2,306 $1,741 $1,626 $492 
Portfolio turnover rateG 53% 27%H 36% 30% 42% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions per share do not sum due to rounding.

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 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, 2020
(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. 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.

Effective January 1, 2020:

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

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 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 - Investment 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, the 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 and preferred securities 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 $ 312,131 Market comparable Enterprise value/Sales multiple (EV/S) 1.5 - 12.3 / 7.4 Increase 
   Discount rate 25.0% - 65.7% / 64.6% Decrease 
   Premium rate 129.6% Increase 
   Discount for lack of marketability 10.0% - 20.0% / 19.7% Decrease 
  Recovery value Recovery value 0.0% - 75,000.0% / 6,394.6% Increase 
  Market approach Transaction price $0.15 - $575.00 / $175.36 Increase 
   Discount rate 50.0% Decrease 
Corporate Bonds $ 18,093 Recovery value Recovery value 150.0% Increase 
  Market approach Transaction price $100.00 Increase 
Other $ 21,408 Discounted cash flow Discount rate 15.6% Decrease 
Preferred Securities $ 2,901 Market comparable Premium rate 20.0% Increase 
  Recovery value Recovery rate 100.0% Increase 
  Interest accrual Interest rate 6.0% 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, 2020, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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.

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 certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Advisor New Insights Fund $1,209 

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, 2020, 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, partnerships, deferred trustees compensation, net operating losses 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 $14,130,736 
Gross unrealized depreciation (160,574) 
Net unrealized appreciation (depreciation) $13,970,162 
Tax Cost $11,013,212 

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

Undistributed long-term capital gain $599,376 
Net unrealized appreciation (depreciation) on securities and other investments $13,970,317 

The tax character of distributions paid was as follows:

 December 31, 2020 December 31, 2019 
Ordinary Income $2,009 $ 68,496 
Long-term Capital Gains 1,954,064 1,623,677 
Total $1,956,073 $ 1,692,173 

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 Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

  $ Amount % of Net Assets 
Fidelity Advisor New Insights Fund 52,816 .21 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor New Insights Fund 12,728,449 19,203,938 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 .67% 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 Company LLC (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% $15,135 $152 
Class M .25% .25% 8,661 53 
Class C .75% .25% 19,813 1,035 
   $43,609 $1,240 

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 $896 
Class M 86 
Class C(a) 84 
 $1,066 

 (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 LLC (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. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044%.

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

 Amount % of Class-Level Average Net Assets 
Class A $10,141 .17 
Class M 2,869 .17 
Class C 3,445 .17 
Class I 20,390 .16 
Class Z 894 .04 
 $37,739  

Accounting 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. For the period, the fees 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 $519 

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 LLC (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 $63,879 .33% $6 

Interfund Trades. Funds 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, and amounted to $1,514,789 and $1,761,360 respectively.

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 2,829 shares of the Fund were redeemed in-kind for investments and cash with a value of $95,416. The Fund has a net realized gain of $50,654 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 Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $153.

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Fidelity Advisor New Insights Fund $58 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Income Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Advisor New Insights Fund $68 $4 $– 

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 $1,366 for the period.

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 $105.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
December 31, 2020 		Year ended
December 31, 2019 
Distributions to shareholders   
Class A $516,291 $378,432 
Class M 149,778 117,043 
Class C 185,833 167,143 
Class I 942,799 882,649 
Class Z 161,372 146,906 
Total $1,956,073 $1,692,173 

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, 2020 Year ended December 31, 2019 Year ended December 31, 2020 Year ended December 31, 2019 
Class A     
Shares sold 22,707 43,791 $749,949 $1,342,089 
Reinvestment of distributions 13,633 11,497 482,144 359,374 
Shares redeemed (43,597) (42,495) (1,427,098) (1,322,076) 
Net increase (decrease) (7,257) 12,793 $(195,005) $379,387 
Class M     
Shares sold 3,566 4,552 $111,287 $133,820 
Reinvestment of distributions 4,331 3,798 145,822 113,654 
Shares redeemed (14,593) (12,624) (448,541) (376,096) 
Net increase (decrease) (6,696) (4,274) $(191,432) $(128,622) 
Class C     
Shares sold 4,653 6,150 $124,710 $161,475 
Reinvestment of distributions 6,252 5,902 182,192 155,171 
Shares redeemed (27,730) (58,619) (762,152) (1,534,269) 
Net increase (decrease) (16,825) (46,567) $(455,250) $(1,217,623) 
Class I     
Shares sold 46,991 49,250 $1,551,556 $1,557,439 
Reinvestment of distributions 23,566 25,052 857,516 802,314 
Shares redeemed (167,934) (116,402)(a) (5,647,106) (3,703,378)(a) 
Net increase (decrease) (97,377) (42,100) $(3,238,034) $(1,343,625) 
Class Z     
Shares sold 12,015 24,307 $400,180 $768,298 
Reinvestment of distributions 3,733 3,924 136,140 125,908 
Shares redeemed (30,175) (22,300) (999,334) (713,963) 
Net increase (decrease) (14,427) 5,931 $(463,014) $180,243 

 (a) Amount includes in-kind redemptions (see the Prior Fiscal Year 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.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

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, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 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, 2020 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.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2021



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 305 funds. 

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

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

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

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

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting 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. David M. Thomas serves as Lead Independent Trustee 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+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trusts 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee 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 Advisory Board of certain Fidelity® funds (2020), 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).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee 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 Advisory Board of certain Fidelity® funds (2020), 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).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + 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

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a 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).

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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2020 to December 31, 2020).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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, 2020 		Ending
Account Value
December 31, 2020 		Expenses Paid
During Period-B
July 1, 2020
to December 31, 2020 
Fidelity Advisor New Insights Fund     
Class A 1.11%    
Actual  $1,000.00 $1,211.00 $6.17 
Hypothetical-C  $1,000.00 $1,019.56 $5.63 
Class M 1.36%    
Actual  $1,000.00 $1,209.30 $7.55 
Hypothetical-C  $1,000.00 $1,018.30 $6.90 
Class C 1.87%    
Actual  $1,000.00 $1,206.50 $10.37 
Hypothetical-C  $1,000.00 $1,015.74 $9.48 
Class I .86%    
Actual  $1,000.00 $1,212.70 $4.78 
Hypothetical-C  $1,000.00 $1,020.81 $4.37 
Class Z .74%    
Actual  $1,000.00 $1,213.20 $4.12 
Hypothetical-C  $1,000.00 $1,021.42 $3.76 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

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

 Pay Date Record Date Capital Gains 
Fidelity Advisor New Insights Fund    
Class A 02/16/2021 02/12/2021 $0.906 
Class M 02/16/2021 02/12/2021 $0.906 
Class C 02/16/2021 02/12/2021 $0.906 
Class I 02/16/2021 02/12/2021 $0.906 
Class Z 02/16/2021 02/12/2021 $0.906 
    

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2020, $2,725,178,263, 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 2021 of amounts for use in preparing 2020 income tax returns.

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 		% of
Votes 
Dennis J. Dirks 
Affirmative 72,344,109,590.115 94.971 
Withheld 3,830,453,053.232 5.029 
TOTAL 76,174,562,643.346 100.000 
Donald F. Donahue 
Affirmative 72,379,829,662.975 95.018 
Withheld 3,794,732,980.371 4.982 
TOTAL 76,174,562,643.346 100.000 
Bettina Doulton 
Affirmative 72,672,607,741.197 95.403 
Withheld 3,501,954,902.150 4.597 
TOTAL 76,174,562,643.346 100.000 
Vicki L. Fuller 
Affirmative 76,174,562,643.346 95.665 
Withheld 3,302,170,904.495 4.335 
TOTAL 76,174,562,643.346 100.000 
Patricia L. Kampling 
Affirmative 72,440,745,750.200 95.098 
Withheld 3,733,816,893.146 4.902 
TOTAL 76,174,562,643.346 100.000 
Alan J. Lacy 
Affirmative 71,928,556,631.631 94.426 
Withheld 4,246,006,011.716 5.574 
TOTAL 76,174,562,643.346 100.000 
Ned C. Lautenbach 
Affirmative 71,259,860,753.748 93.548 
Withheld 4,914,701,889.598 6.452 
TOTAL 76,174,562,643.346 100.000 
Robert A. Lawrence 
Affirmative 72,022,885,128.366 94.550 
Withheld 4,151,677,514.980 5.450 
TOTAL 76,174,562,643.346 100.000 
Joseph Mauriello 
Affirmative 71,805,724,118.522 94.265 
Withheld 4,368,838,524.824 5.735 
TOTAL 76,174,562,643.346 100.000 
Cornelia M. Small 
Affirmative 72,193,236,701.205 94.773 
Withheld 3,981,325,942.141 5.227 
TOTAL 76,174,562,643.346 100.000 
Garnett A. Smith 
Affirmative 71,883,892,217.388 94.367 
Withheld 4,290,670,425.958 5.633 
TOTAL 76,174,562,643.346 100.000 
David M. Thomas 
Affirmative 72,052,952,536.197 94.589 
Withheld 4,121,610,107.149 5.411 
TOTAL 76,174,562,643.346 100.000 
Susan Tomasky 
Affirmative 72,505,011,517.089 95.183 
Withheld 3,669,551,126.257 4.817 
TOTAL 76,174,562,643.346 100.000 
Michael E. Wiley 
Affirmative 72,036,408,999.313 94.568 
Withheld 4,138,153,644.034 5.432 
TOTAL 76,174,562,643.346 100.000 

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

 # of
Votes 		% of
Votes 
Affirmative 4,356,798,573.240 29.831 
Against 1,753,947,282.462 12.009 
Abstain 407,863,863.938 2.793 
Broker Non-Vote 8,086,186,737.580 55.367 
TOTAL 14,604,796,457.221 100.000 
Proposal 1 reflects trust wide proposal and voting results. 
Proposal 2 was not approved by shareholders. 





Fidelity Investments

ANIF-ANN-0221
1.796407.117

Fidelity® Series Opportunistic Insights Fund



Annual Report

December 31, 2020

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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

Proxy Voting Results


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. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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, 2020 Past 1 year Past 5 years Life of fundA 
Fidelity® Series Opportunistic Insights Fund 31.18% 17.75% 17.94% 

 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
$37,906Fidelity® Series Opportunistic Insights Fund
$31,358Russell 3000® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 18.40% in 2020, a highly volatile and unpredictable year that will be remembered by most investors for the impact of the coronavirus pandemic. The early-2020 outbreak and spread of COVID-19 resulted in stocks suffering one of the quickest declines on record, through March 23, followed by a historic rebound that culminated with the index closing the year at an all-time high. The crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response partially offset the economic disruption and fueled the market surge, as did resilient corporate earnings and the potential for a COVID-19 vaccine breakthrough. The rally slowed in early September, when the S&P 500 began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November (+11%) was a much different story, however, as investors reacted favorably to election results. The momentum continued in December (+4%), driven by regulatory approvals for two COVID-19 vaccines in the U.S. By sector for the full year, information technology (+44%) and consumer discretionary (+33%) led the way, boosted by a handful of large growth stocks. In contrast, energy shares (-34%) struggled along with global oil demand and pricing.

Comments from Portfolio Manager William Danoff:  For the year, the fund gained 31.18%, outperforming the 20.89% result of the benchmark Russell 3000® Index. The primary contributor to performance versus the benchmark was an overweighting and security selection in the information technology sector, especially within the software & services industry. Security selection in communication services and an underweighting in energy also helped. The top individual contributor was an overweight position in Amazon.com (+77%). Amazon.com was among our largest holdings. Also bolstering performance was our overweighting in Adobe, which gained 52%. Adobe was among the fund's biggest holdings. Another notable relative contributor was an outsized stake in Facebook (+34%), the fund's largest holding. Conversely, the biggest detractor from performance versus the benchmark was our stock selection in the financials sector, especially within the diversified financials industry. An underweighting in health care and stock picks in materials nicked the fund's relative result. Lastly, the fund's position in cash was a notable detractor. The biggest individual relative detractor was an underweight position in Apple (+82%). This period we increased our stake. Also hampering performance was our overweighting in Berkshire Hathaway, which gained roughly 2%. Berkshire Hathaway was one of our biggest holdings. Another notable relative detractor was an outsized stake in Bank of America (-12%). This period we reduced our stake. Notable changes in positioning include decreased exposure to the financials sector and a higher allocation to consumer discretionary.

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, 2020

 % of fund's net assets 
Facebook, Inc. Class A 8.8 
Amazon.com, Inc. 7.8 
Microsoft Corp. 5.2 
Salesforce.com, Inc. 4.7 
Berkshire Hathaway, Inc. Class A 4.6 
Adobe, Inc. 3.4 
Netflix, Inc. 2.5 
NVIDIA Corp. 2.0 
Alphabet, Inc. Class C 1.8 
Qualcomm, Inc. 1.7 
 42.5 

Top Five Market Sectors as of December 31, 2020

 % of fund's net assets 
Information Technology 32.2 
Communication Services 17.2 
Consumer Discretionary 13.5 
Health Care 10.9 
Financials 8.2 

Asset Allocation (% of fund's net assets)

As of December 31, 2020 * 
   Stocks 92.2% 
   Bonds 0.1% 
   Convertible Securities 0.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 7.0% 


 * Foreign investments - 10.3%

Schedule of Investments December 31, 2020

Showing Percentage of Net Assets

Common Stocks - 92.2%   
 Shares Value 
COMMUNICATION SERVICES - 17.2%   
Entertainment - 3.3%   
Activision Blizzard, Inc. 75,770 $7,035,245 
Live Nation Entertainment, Inc. (a) 10,000 734,800 
Netflix, Inc. (a) 349,809 189,152,221 
Nintendo Co. Ltd. 5,300 3,402,290 
Sea Ltd. ADR (a) 13,100 2,607,555 
Spotify Technology SA (a) 33,882 10,661,310 
Take-Two Interactive Software, Inc. (a) 46,600 9,683,014 
The Walt Disney Co. 144,572 26,193,555 
  249,469,990 
Interactive Media & Services - 12.6%   
Alphabet, Inc.:   
Class A (a) 71,517 125,343,555 
Class C (a) 77,110 135,087,467 
Facebook, Inc. Class A (a) 2,475,754 676,276,956 
Match Group, Inc. (a) 46,232 6,989,816 
Pinterest, Inc. Class A (a) 15,596 1,027,776 
Snap, Inc. Class A (a) 313,200 15,681,924 
Tencent Holdings Ltd. 93,300 6,713,289 
  967,120,783 
Media - 0.4%   
Charter Communications, Inc. Class A (a) 38,197 25,269,225 
Comcast Corp. Class A 145,200 7,608,480 
  32,877,705 
Wireless Telecommunication Services - 0.9%   
SoftBank Group Corp. 21,800 1,692,445 
T-Mobile U.S., Inc. 514,837 69,425,769 
  71,118,214 
TOTAL COMMUNICATION SERVICES  1,320,586,692 
CONSUMER DISCRETIONARY - 13.5%   
Automobiles - 0.3%   
BYD Co. Ltd. (H Shares) 101,500 2,660,423 
Harley-Davidson, Inc. 43,200 1,585,440 
Hyundai Motor Co. 26,700 4,710,011 
Tesla, Inc. (a) 4,100 2,893,247 
Toyota Motor Corp. 105,100 8,110,580 
XPeng, Inc. ADR (a)(b) 90,100 3,858,983 
  23,818,684 
Diversified Consumer Services - 0.0%   
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 9,300 1,728,033 
Hotels, Restaurants & Leisure - 1.1%   
Airbnb, Inc. 102,700 13,568,724 
Airbnb, Inc. Class A 44,900 6,591,320 
Chipotle Mexican Grill, Inc. (a) 21,254 29,473,134 
Domino's Pizza, Inc. 10,200 3,911,292 
DraftKings, Inc. Class A (a) 52,300 2,435,088 
Evolution Gaming Group AB (c) 74,225 7,462,177 
Hilton Worldwide Holdings, Inc. 13,700 1,524,262 
Marriott International, Inc. Class A 12,200 1,609,424 
McDonald's Corp. 58,472 12,546,922 
Penn National Gaming, Inc. (a) 30,700 2,651,559 
Starbucks Corp. 29,100 3,113,118 
  84,887,020 
Household Durables - 0.5%   
Blu Investments LLC (d)(e) 21,093,998 6,539 
D.R. Horton, Inc. 143,700 9,903,804 
Garmin Ltd. 63,699 7,622,222 
Lennar Corp. Class A 132,629 10,110,309 
Mohawk Industries, Inc. (a) 12,200 1,719,590 
Sony Corp. 50,600 5,098,865 
Whirlpool Corp. 7,800 1,407,822 
  35,869,151 
Internet & Direct Marketing Retail - 8.9%   
Alibaba Group Holding Ltd. (a) 602,500 17,523,430 
Alibaba Group Holding Ltd. sponsored ADR (a) 70,820 16,481,939 
Amazon.com, Inc. (a) 182,277 593,663,430 
Doordash, Inc. (b) 14,800 2,112,700 
Doordash, Inc. 54,195 6,962,703 
eBay, Inc. 381,200 19,155,300 
HelloFresh AG (a) 27,800 2,150,390 
JD.com, Inc. Class A 158,200 6,967,512 
Meituan Class B (a) 183,720 6,981,524 
MercadoLibre, Inc. (a) 1,800 3,015,396 
Pinduoduo, Inc. ADR (a) 4,700 835,049 
Wayfair LLC Class A (a) 5,400 1,219,374 
Zalando SE (a)(c) 15,200 1,690,718 
ZOZO, Inc. 20,900 515,947 
  679,275,412 
Multiline Retail - 0.3%   
B&M European Value Retail SA 492,500 3,476,575 
Dollar General Corp. 91,100 19,158,330 
Target Corp. 5,000 882,650 
  23,517,555 
Specialty Retail - 1.4%   
Bed Bath & Beyond, Inc. 73,800 1,310,688 
Best Buy Co., Inc. 76,200 7,603,998 
Burlington Stores, Inc. (a) 2,200 575,410 
Cazoo Holdings Ltd. (d)(e) 33,832 491,568 
L Brands, Inc. 58,000 2,157,020 
Lowe's Companies, Inc. 76,100 12,214,811 
National Vision Holdings, Inc. (a) 16,100 729,169 
O'Reilly Automotive, Inc. (a) 14,700 6,652,779 
The Home Depot, Inc. 262,255 69,660,173 
TJX Companies, Inc. 44,500 3,038,905 
Williams-Sonoma, Inc. 6,600 672,144 
  105,106,665 
Textiles, Apparel & Luxury Goods - 1.0%   
adidas AG 31,690 11,528,979 
Capri Holdings Ltd. (a) 19,900 835,800 
China Hongxing Sports Ltd. (a)(e) 22,200 952 
Deckers Outdoor Corp. (a) 39,584 11,351,900 
Kering SA 971 705,090 
lululemon athletica, Inc. (a) 26,034 9,060,613 
LVMH Moet Hennessy Louis Vuitton SE 1,176 736,178 
NIKE, Inc. Class B 308,443 43,635,431 
Tapestry, Inc. 28,100 873,348 
  78,728,291 
TOTAL CONSUMER DISCRETIONARY  1,032,930,811 
CONSUMER STAPLES - 2.9%   
Beverages - 0.7%   
Boston Beer Co., Inc. Class A (a) 1,500 1,491,435 
Constellation Brands, Inc. Class A (sub. vtg.) 27,800 6,089,590 
Monster Beverage Corp. (a) 63,200 5,844,736 
PepsiCo, Inc. 175,900 26,085,970 
The Coca-Cola Co. 262,450 14,392,758 
  53,904,489 
Food & Staples Retailing - 1.5%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 88,936 3,030,909 
Costco Wholesale Corp. 212,237 79,966,657 
Walmart, Inc. 204,200 29,435,430 
  112,432,996 
Household Products - 0.1%   
Colgate-Palmolive Co. 40,400 3,454,604 
Procter & Gamble Co. 20,200 2,810,628 
Unicharm Corp. 5,900 279,529 
  6,544,761 
Personal Products - 0.6%   
Estee Lauder Companies, Inc. Class A 143,452 38,185,488 
L'Oreal SA 13,125 5,007,872 
L'Oreal SA 12,803 4,885,013 
  48,078,373 
TOTAL CONSUMER STAPLES  220,960,619 
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
Hess Corp. 52,168 2,753,949 
Reliance Industries Ltd. 769,125 20,901,449 
Tamarack Valley Energy Ltd. (a) 1,313,749 1,310,756 
  24,966,154 
FINANCIALS - 8.2%   
Banks - 1.5%   
Bank of America Corp. 2,260,762 68,523,696 
HDFC Bank Ltd. sponsored ADR (a) 33,700 2,435,162 
JPMorgan Chase & Co. 171,524 21,795,555 
Kotak Mahindra Bank Ltd. (a) 378,887 10,349,909 
M&T Bank Corp. 46,300 5,893,990 
Royal Bank of Canada 29,500 2,423,918 
  111,422,230 
Capital Markets - 1.4%   
BlackRock, Inc. Class A 53,100 38,313,774 
MarketAxess Holdings, Inc. 7,400 4,222,144 
Moody's Corp. 58,410 16,952,918 
Morgan Stanley 360,100 24,677,653 
MSCI, Inc. 24,211 10,810,938 
NASDAQ, Inc. 5,300 703,522 
S&P Global, Inc. 20,000 6,574,600 
  102,255,549 
Consumer Finance - 0.0%   
Capital One Financial Corp. 23,200 2,293,320 
Diversified Financial Services - 4.6%   
Berkshire Hathaway, Inc. Class A (a) 1,022 355,466,930 
Insurance - 0.7%   
Admiral Group PLC 394,393 15,673,000 
American International Group, Inc. 108,500 4,107,810 
Arthur J. Gallagher & Co. 11,012 1,362,295 
Chubb Ltd. 29,100 4,479,072 
Direct Line Insurance Group PLC 194,700 849,345 
Fairfax Financial Holdings Ltd. (sub. vtg.) 10,500 3,578,777 
GoHealth, Inc. (a) 30,859 421,534 
Intact Financial Corp. 10,500 1,243,271 
Intact Financial Corp. rights 12/31/21 (a)(d)(e) 9,400 993,244 
Progressive Corp. 175,400 17,343,552 
Selectquote, Inc. (b) 16,000 332,000 
The Travelers Companies, Inc. 24,800 3,481,176 
  53,865,076 
TOTAL FINANCIALS  625,303,105 
HEALTH CARE - 10.8%   
Biotechnology - 2.0%   
23andMe, Inc. (a)(d)(e) 9,536 165,450 
AbbVie, Inc. 246,629 26,426,297 
Acceleron Pharma, Inc. (a) 20,622 2,638,379 
Allovir, Inc. (a) 16,900 649,636 
Alnylam Pharmaceuticals, Inc. (a) 14,500 1,884,565 
Argenx SE ADR (a) 12,834 3,774,351 
Ascendis Pharma A/S sponsored ADR(a) 4,800 800,544 
BeiGene Ltd. ADR (a) 6,200 1,602,018 
Biohaven Pharmaceutical Holding Co. Ltd. (a) 9,900 848,529 
BioNTech SE ADR (a)(b) 11,500 937,480 
CSL Ltd. 1,900 414,803 
Exact Sciences Corp. (a) 5,300 702,197 
Genmab A/S (a) 7,400 3,000,655 
Idorsia Ltd. (a) 217,334 6,271,666 
Innovent Biologics, Inc. (a)(c) 602,324 6,374,847 
Kodiak Sciences, Inc. (a) 12,400 1,821,684 
Kymera Therapeutics, Inc. (a) 12,100 750,200 
Mirati Therapeutics, Inc. (a) 19,678 4,322,076 
Regeneron Pharmaceuticals, Inc. (a) 91,281 44,098,764 
Relay Therapeutics, Inc. (a) 30,100 1,250,956 
Replimune Group, Inc. (a) 47,000 1,793,050 
Sarepta Therapeutics, Inc. (a) 4,388 748,110 
Seagen, Inc. (a) 33,500 5,867,190 
Seer, Inc. 7,600 426,664 
Turning Point Therapeutics, Inc. (a) 42,737 5,207,503 
Vertex Pharmaceuticals, Inc. (a) 104,250 24,638,445 
Zai Lab Ltd. (a) 42,000 5,601,227 
Zai Lab Ltd. ADR (a) 25,590 3,463,351 
  156,480,637 
Health Care Equipment & Supplies - 2.8%   
Abbott Laboratories 202,713 22,195,046 
Alcon, Inc. (a) 10,800 712,584 
Danaher Corp. 367,135 81,555,369 
DexCom, Inc. (a) 46,789 17,298,829 
Edwards Lifesciences Corp. (a) 236,408 21,567,502 
Envista Holdings Corp. (a) 66,212 2,233,331 
Hologic, Inc. (a) 145,200 10,574,916 
Intuitive Surgical, Inc. (a) 35,250 28,838,025 
Masimo Corp. (a) 25,255 6,777,937 
Medtronic PLC 45,300 5,306,442 
ResMed, Inc. 25,520 5,424,531 
Sonova Holding AG Class B 2,600 676,243 
Stryker Corp. 13,017 3,189,686 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(c) 194,000 1,978,175 
West Pharmaceutical Services, Inc. 13,200 3,739,692 
  212,068,308 
Health Care Providers & Services - 2.0%   
Anthem, Inc. 11,900 3,820,971 
Guardant Health, Inc. (a) 17,016 2,193,022 
Henry Schein, Inc. (a) 44,900 3,002,014 
Humana, Inc. 41,500 17,026,205 
Owens & Minor, Inc. 87,400 2,364,170 
Patterson Companies, Inc. 166,624 4,937,069 
UnitedHealth Group, Inc. 351,778 123,361,509 
  156,704,960 
Health Care Technology - 0.4%   
Change Healthcare, Inc. (a) 11,100 207,015 
Veeva Systems, Inc. Class A (a) 112,818 30,714,701 
  30,921,716 
Life Sciences Tools & Services - 1.7%   
10X Genomics, Inc. (a) 15,427 2,184,463 
Adaptive Biotechnologies Corp. (a) 51,829 3,064,649 
Agilent Technologies, Inc. 6,000 710,940 
Bio-Rad Laboratories, Inc. Class A (a) 23,675 13,801,105 
Eurofins Scientific SA (a) 47,680 3,997,579 
IQVIA Holdings, Inc. (a) 41,500 7,435,555 
Mettler-Toledo International, Inc. (a) 30,656 34,938,030 
PerkinElmer, Inc. 20,600 2,956,100 
Sartorius Stedim Biotech 2,600 924,936 
Thermo Fisher Scientific, Inc. 113,760 52,987,133 
WuXi AppTec Co. Ltd. (H Shares) (c) 246,000 4,816,903 
  127,817,393 
Pharmaceuticals - 1.9%   
AstraZeneca PLC sponsored ADR 324,309 16,212,207 
Bristol-Myers Squibb Co. 172,140 10,677,844 
Eli Lilly & Co. 194,852 32,898,812 
Hansoh Pharmaceutical Group Co. Ltd. (a)(c) 920,563 4,464,804 
Horizon Therapeutics PLC (a) 213,419 15,611,600 
Jazz Pharmaceuticals PLC (a) 51,000 8,417,550 
Merck & Co., Inc. 145,349 11,889,548 
Royalty Pharma PLC 223,300 11,176,165 
Supernus Pharmaceuticals, Inc. (a) 14,200 357,272 
UCB SA 41,700 4,303,648 
Zoetis, Inc. Class A 159,775 26,442,763 
  142,452,213 
TOTAL HEALTH CARE  826,445,227 
INDUSTRIALS - 4.0%   
Aerospace & Defense - 0.2%   
Axon Enterprise, Inc. (a) 6,600 808,698 
HEICO Corp. Class A 23,500 2,750,910 
Lockheed Martin Corp. 12,200 4,330,756 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 18,191 4,911,570 
Class C (a)(d)(e) 783 211,410 
  13,013,344 
Air Freight & Logistics - 0.5%   
C.H. Robinson Worldwide, Inc. 15,600 1,464,372 
United Parcel Service, Inc. Class B 211,015 35,534,926 
  36,999,298 
Airlines - 0.0%   
Ryanair Holdings PLC sponsored ADR (a) 5,500 604,890 
Building Products - 0.6%   
Carrier Global Corp. 101,800 3,839,896 
Fortune Brands Home & Security, Inc. 200,058 17,148,972 
The AZEK Co., Inc. 31,743 1,220,518 
Toto Ltd. 227,320 13,649,547 
Trane Technologies PLC 51,358 7,455,127 
  43,314,060 
Commercial Services & Supplies - 0.3%   
Cintas Corp. 60,444 21,364,536 
Clean TeQ Holdings Ltd. (a) 53,068 10,228 
TulCo LLC (a)(d)(e)(f) 7,549 4,197,621 
  25,572,385 
Electrical Equipment - 0.6%   
Acuity Brands, Inc. 29,024 3,514,516 
AMETEK, Inc. 27,800 3,362,132 
Vestas Wind Systems A/S 184,203 43,514,174 
  50,390,822 
Industrial Conglomerates - 0.2%   
General Electric Co. 1,112,096 12,010,637 
Honeywell International, Inc. 3,400 723,180 
  12,733,817 
Machinery - 0.5%   
Deere & Co. 61,100 16,438,955 
IDEX Corp. 11,948 2,380,042 
Illinois Tool Works, Inc. 30,500 6,218,340 
Ingersoll Rand, Inc. (a) 53,900 2,455,684 
Otis Worldwide Corp. 22,000 1,486,100 
PACCAR, Inc. 85,781 7,401,185 
Pentair PLC 14,800 785,732 
  37,166,038 
Professional Services - 0.7%   
Clarivate Analytics PLC (a) 728,525 21,644,478 
CoStar Group, Inc. (a) 22,282 20,594,807 
Equifax, Inc. 4,300 829,212 
Experian PLC 194,031 7,370,975 
Verisk Analytics, Inc. 14,200 2,947,778 
  53,387,250 
Road & Rail - 0.4%   
Canadian Pacific Railway Ltd. 46,800 16,233,486 
Uber Technologies, Inc. (a) 48,400 2,468,400 
Union Pacific Corp. 72,300 15,054,306 
  33,756,192 
Trading Companies & Distributors - 0.0%   
Fastenal Co. 27,000 1,318,410 
W.W. Grainger, Inc. 5,100 2,082,534 
  3,400,944 
TOTAL INDUSTRIALS  310,339,040 
INFORMATION TECHNOLOGY - 32.0%   
Electronic Equipment & Components - 1.5%   
Amphenol Corp. Class A 761,806 99,621,371 
Keysight Technologies, Inc. (a) 10,900 1,439,781 
Samsung SDI Co. Ltd. 12,500 7,212,389 
Vontier Corp. (a) 29,482 984,699 
Zebra Technologies Corp. Class A (a) 6,600 2,536,578 
  111,794,818 
IT Services - 6.9%   
Accenture PLC Class A 156,329 40,834,698 
Adyen BV (a)(c) 16,086 37,376,493 
ASAC II LP (a)(d)(e) 2,013,117 338,204 
Edenred SA 13,809 782,926 
MasterCard, Inc. Class A 314,537 112,270,837 
MongoDB, Inc. Class A (a)(b) 105,061 37,721,101 
Okta, Inc. (a) 207,510 52,761,493 
PayPal Holdings, Inc. (a) 348,326 81,577,949 
Shopify, Inc. Class A (a) 63,788 72,027,471 
Snowflake Computing, Inc. (b) 25,600 7,203,840 
Snowflake Computing, Inc. Class B 4,983 1,332,105 
Square, Inc. (a) 72,800 15,844,192 
Twilio, Inc. Class A (a) 47,700 16,146,450 
Visa, Inc. Class A 232,847 50,930,624 
Wix.com Ltd. (a) 1,200 299,952 
  527,448,335 
Semiconductors & Semiconductor Equipment - 6.5%   
Advanced Micro Devices, Inc. (a) 688,853 63,174,709 
Analog Devices, Inc. 63,500 9,380,855 
Applied Materials, Inc. 87,900 7,585,770 
ASML Holding NV 20,947 10,216,271 
Enphase Energy, Inc. (a) 37,226 6,532,046 
First Solar, Inc. (a) 19,300 1,909,156 
Inphi Corp. (a) 2,700 433,269 
KLA-Tencor Corp. 11,600 3,003,356 
Lam Research Corp. 62,151 29,352,053 
Lattice Semiconductor Corp. (a) 145,665 6,674,370 
Marvell Technology Group Ltd. 220,875 10,500,398 
MaxLinear, Inc. Class A (a) 5,400 206,226 
Microchip Technology, Inc. 5,300 731,983 
Monolithic Power Systems, Inc. 2,500 915,575 
NVIDIA Corp. 287,240 149,996,728 
NXP Semiconductors NV 69,753 11,091,425 
Qorvo, Inc. (a) 94,800 15,762,396 
Qualcomm, Inc. 864,037 131,627,397 
Semtech Corp. (a) 86,505 6,236,145 
Skyworks Solutions, Inc. 47,400 7,246,512 
Synaptics, Inc. (a) 128,092 12,348,069 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 102,300 11,154,792 
Texas Instruments, Inc. 14,800 2,429,124 
  498,508,625 
Software - 16.3%   
Adobe, Inc. (a) 517,162 258,643,059 
ANSYS, Inc. (a) 2,300 836,740 
Atlassian Corp. PLC (a) 198,744 46,480,259 
Autodesk, Inc. (a) 5,000 1,526,700 
C3.Ai, Inc. (b) 4,800 666,000 
Cadence Design Systems, Inc. (a) 54,200 7,394,506 
Ceridian HCM Holding, Inc. (a) 26,700 2,845,152 
Cloudflare, Inc. (a) 381,655 29,001,963 
Coupa Software, Inc. (a) 53,106 17,998,154 
Crowdstrike Holdings, Inc. (a) 14,700 3,113,754 
Datadog, Inc. Class A (a) 91,439 9,001,255 
DocuSign, Inc. (a) 3,000 666,900 
Dropbox, Inc. Class A (a) 275,766 6,119,248 
Dynatrace, Inc. (a) 124,100 5,369,807 
Epic Games, Inc. (d)(e) 7,100 4,082,500 
Fair Isaac Corp. (a) 1,500 766,560 
Intuit, Inc. 105,890 40,222,317 
Microsoft Corp. 1,787,649 397,608,891 
Nuance Communications, Inc. (a) 69,300 3,055,437 
Palo Alto Networks, Inc. (a) 4,700 1,670,333 
Paycom Software, Inc. (a) 4,000 1,809,000 
Rapid7, Inc. (a) 7,562 681,790 
RingCentral, Inc. (a) 20,631 7,818,530 
Salesforce.com, Inc. (a) 1,614,026 359,169,206 
ServiceNow, Inc. (a) 51,339 28,258,526 
Slack Technologies, Inc. Class A (a) 104,100 4,397,184 
SVMK, Inc. (a) 151,980 3,883,089 
Tanium, Inc. Class B (a)(d)(e) 408,212 4,651,657 
Tenable Holdings, Inc. (a) 18,200 951,132 
Xero Ltd. (a) 23,900 2,705,262 
Zoom Video Communications, Inc. Class A (a) 900 303,588 
Zscaler, Inc. (a) 8,800 1,757,448 
  1,253,455,947 
Technology Hardware, Storage & Peripherals - 0.8%   
Apple, Inc. 411,400 54,588,666 
Dell Technologies, Inc. (a) 15,300 1,121,337 
Samsung Electronics Co. Ltd. 123,400 9,183,530 
  64,893,533 
TOTAL INFORMATION TECHNOLOGY  2,456,101,258 
MATERIALS - 2.8%   
Chemicals - 1.0%   
Air Products & Chemicals, Inc. 28,874 7,888,954 
FMC Corp. 7,584 871,629 
Growmax Resources Corp. (a)(c)(e) 4,800 207 
LG Chemical Ltd. 2,641 1,999,425 
Sherwin-Williams Co. 90,178 66,272,714 
Westlake Chemical Corp. 11,200 913,920 
  77,946,849 
Containers & Packaging - 0.1%   
Silgan Holdings, Inc. 95,362 3,536,023 
WestRock Co. 36,357 1,582,620 
  5,118,643 
Metals & Mining - 1.7%   
Agnico Eagle Mines Ltd. (Canada) 65,600 4,617,098 
B2Gold Corp. 1,646,929 9,225,080 
Barrick Gold Corp. (Canada) 1,344,266 30,625,905 
Franco-Nevada Corp. 297,517 37,303,569 
Freeport-McMoRan, Inc. 374,600 9,747,092 
Gatos Silver, Inc. 168,000 2,189,040 
Ivanhoe Mines Ltd. (a) 3,314,587 17,863,200 
Lundin Gold, Inc. (a) 144,564 1,241,327 
Newcrest Mining Ltd. 101,333 2,014,003 
Newmont Corp. 221,404 13,259,886 
Northern Star Resources Ltd. 139,800 1,367,713 
Novagold Resources, Inc. (a) 461,834 4,469,946 
  133,923,859 
TOTAL MATERIALS  216,989,351 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
American Tower Corp. 49,062 11,012,457 
Equity Commonwealth 108,591 2,962,362 
Prologis (REIT), Inc. 29,579 2,947,843 
Simon Property Group, Inc. 15,300 1,304,784 
  18,227,446 
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Class A (a)(d)(e) 3,404 28,696 
TOTAL REAL ESTATE  18,256,142 
UTILITIES - 0.3%   
Electric Utilities - 0.3%   
Iberdrola SA 118,822 1,698,359 
NextEra Energy, Inc. 93,404 7,206,119 
PG&E Corp. (a) 1,019,200 12,699,232 
  21,603,710 
Independent Power and Renewable Electricity Producers - 0.0%   
The AES Corp. 85,550 2,010,425 
TOTAL UTILITIES  23,614,135 
TOTAL COMMON STOCKS   
(Cost $2,685,191,997)  7,076,492,534 
Preferred Stocks - 0.7%   
Convertible Preferred Stocks - 0.7%   
CONSUMER DISCRETIONARY - 0.0%   
Internet & Direct Marketing Retail - 0.0%   
Zomato Pvt Ltd. Series J7 (d)(e) 170 698,656 
Specialty Retail - 0.0%   
Fanatics, Inc. Series E (d)(e) 95,908 1,658,249 
TOTAL CONSUMER DISCRETIONARY  2,356,905 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Roofoods Ltd. Series F (a)(d)(e) 9,254 3,935,911 
HEALTH CARE - 0.1%   
Biotechnology - 0.0%   
23andMe, Inc.:   
Series E (a)(d)(e) 46,180 801,223 
Series F (a)(d)(e) 200,299 3,475,188 
Series F1 (d)(e) 40,321 699,569 
  4,975,980 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc.:   
Series A-8 (a)(d)(e) 480,971 4,692,091 
Series A12 (d)(e) 34,291 332,430 
  5,024,521 
TOTAL HEALTH CARE  10,000,501 
INDUSTRIALS - 0.3%   
Aerospace & Defense - 0.3%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 36,460 9,844,200 
Series H (a)(d)(e) 7,256 1,959,120 
Series N (d)(e) 24,552 6,629,040 
  18,432,360 
Air Freight & Logistics - 0.0%   
Zipline International, Inc. Series E (d)(e) 66,084 2,156,281 
TOTAL INDUSTRIALS  20,588,641 
INFORMATION TECHNOLOGY - 0.1%   
IT Services - 0.0%   
ByteDance Ltd. Series E1 (d)(e) 37,932 4,156,368 
Software - 0.1%   
Delphix Corp. Series D (a)(d)(e) 232,855 1,772,027 
Magic Leap, Inc.:   
Series B, 8.00% (a)(d)(e) 1,907,399 19 
Series C (a)(d)(e) 17,554 0 
Series ED (d)(e) 469,823 1,658,475 
Nuro, Inc. Series C (d)(e) 190,290 2,484,160 
  5,914,681 
TOTAL INFORMATION TECHNOLOGY  10,071,049 
REAL ESTATE - 0.1%   
Real Estate Management & Development - 0.1%   
WeWork Companies, Inc.:   
Series E (a)(d)(e) 347,358 2,928,228 
Series F (a)(d)(e) 16,235 136,861 
  3,065,089 
TOTAL CONVERTIBLE PREFERRED STOCKS  50,018,096 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Specialty Retail - 0.0%   
Cazoo Holdings Ltd.:   
Series A (d)(e) 1,104 16,041 
Series B (d)(e) 19,337 280,961 
Series C (d)(e) 393 5,710 
Series D (d)(e) 69,079 1,003,696 
  1,306,408 
TOTAL PREFERRED STOCKS   
(Cost $83,120,829)  51,324,504 
 Principal Amount Value 
Nonconvertible Bonds - 0.1%   
INFORMATION TECHNOLOGY - 0.1%   
Software - 0.1%   
Magic Leap, Inc. 10% 6/30/22
(Cost $4,756,362)(e) 		4,756,362 7,134,543 
 Shares Value 
Money Market Funds - 3.2%   
Fidelity Cash Central Fund 0.11% (g) 217,999,691 218,043,291 
Fidelity Securities Lending Cash Central Fund 0.11% (g)(h) 28,996,528 28,999,428 
TOTAL MONEY MARKET FUNDS   
(Cost $247,042,293)  247,042,719 
TOTAL INVESTMENT IN SECURITIES - 96.2%   
(Cost $3,020,111,481)  7,381,994,300 
NET OTHER ASSETS (LIABILITIES) - 3.8%  291,295,341 
NET ASSETS - 100%  $7,673,289,641 

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 $64,164,324 or 0.8% 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 $71,402,963 or 0.9% of net assets.

 (e) Level 3 security

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

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. 12/7/18 $160,205 
23andMe, Inc. Series E 6/18/15 $500,004 
23andMe, Inc. Series F 8/31/17 $2,780,992 
23andMe, Inc. Series F1 12/9/20 $699,569 
ASAC II LP 10/10/13 $155,030 
Blu Investments LLC 5/21/20 $36,484 
ByteDance Ltd. Series E1 11/18/20 $4,156,368 
Cazoo Holdings Ltd. 9/30/20 $463,836 
Cazoo Holdings Ltd. Series A 9/30/20 $15,136 
Cazoo Holdings Ltd. Series B 9/30/20 $265,110 
Cazoo Holdings Ltd. Series C 9/30/20 $5,388 
Cazoo Holdings Ltd. Series D 9/30/20 $947,071 
Delphix Corp. Series D 7/10/15 $2,095,695 
Epic Games, Inc. 7/13/20 - 7/30/20 $4,082,500 
Fanatics, Inc. Series E 8/13/20 $1,658,249 
Intact Financial Corp. rights 12/31/21 11/13/20 $962,030 
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 ED 10/6/17 $12,685,221 
Mulberry Health, Inc. Series A-8 1/20/16 $3,248,839 
Mulberry Health, Inc. Series A12 12/23/20 $332,430 
Nuro, Inc. Series C 10/30/20 $2,484,160 
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 
Space Exploration Technologies Corp. Series N 8/4/20 $6,629,040 
Tanium, Inc. Class B 4/21/17 - 9/18/20 $3,439,433 
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 
Zipline International, Inc. Series E 12/21/20 $2,156,281 
Zomato Pvt Ltd. Series J7 12/9/20 $692,405 

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 $546,901 
Fidelity Securities Lending Cash Central Fund 66,340 
Total $613,241 

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, 2020, 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 $1,320,586,692 $1,308,778,668 $11,808,024 $-- 
Consumer Discretionary 1,036,594,124 950,631,496 81,800,256 4,162,372 
Consumer Staples 224,896,530 211,067,734 9,892,885 3,935,911 
Energy 24,966,154 24,966,154 -- -- 
Financials 625,303,105 624,309,861 -- 993,244 
Health Care 836,445,728 810,729,986 15,549,791 10,165,951 
Industrials 330,927,681 250,133,290 50,885,149 29,909,242 
Information Technology 2,466,172,307 2,408,320,299 38,708,598 19,143,410 
Materials 216,989,351 216,989,144 -- 207 
Real Estate 21,321,231 18,227,446 -- 3,093,785 
Utilities 23,614,135 23,614,135 -- -- 
Corporate Bonds 7,134,543 -- -- 7,134,543 
Money Market Funds 247,042,719 247,042,719 -- -- 
Total Investments in Securities: $7,381,994,300 $7,094,810,932 $208,644,703 $78,538,665 

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

Investments in Securities:  
Beginning Balance $109,267,546 
Net Realized Gain (Loss) on Investment Securities (6,714,893) 
Net Unrealized Gain (Loss) on Investment Securities (49,767,639) 
Cost of Purchases 32,846,081 
Proceeds of Sales (1,888,621) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (5,203,809) 
Ending Balance $78,538,665 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2020 $(56,813,874) 

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. Cost of purchases and proceeds of sales may include securities received and/or 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 89.7% 
Canada 2.6% 
Cayman Islands 1.2% 
Ireland 1.0% 
Others (Individually Less Than 1%) 5.5% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2020 
Assets   
Investment in securities, at value (including securities loaned of $27,714,315) — See accompanying schedule:
Unaffiliated issuers (cost $2,773,069,188) 		$7,134,951,581  
Fidelity Central Funds (cost $247,042,293) 247,042,719  
Total Investment in Securities (cost $3,020,111,481)  $7,381,994,300 
Cash  38,853 
Restricted cash  512,789 
Receivable for investments sold  1,435,086 
Receivable for fund shares sold  328,790,332 
Dividends receivable  1,793,683 
Interest receivable  235,172 
Distributions receivable from Fidelity Central Funds  30,625 
Total assets  7,714,830,840 
Liabilities   
Payable for fund shares redeemed $11,078,002  
Other payables and accrued expenses 1,466,747  
Collateral on securities loaned 28,996,450  
Total liabilities  41,541,199 
Net Assets  $7,673,289,641 
Net Assets consist of:   
Paid in capital  $3,142,485,810 
Total accumulated earnings (loss)  4,530,803,831 
Net Assets  $7,673,289,641 
Net Asset Value, offering price and redemption price per share ($7,673,289,641 ÷ 378,943,872 shares)  $20.25 

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


Statement of Operations

  Year ended December 31, 2020 
Investment Income   
Dividends  $41,478,951 
Interest  235,176 
Income from Fidelity Central Funds (including $66,340 from security lending)  613,241 
Total income  42,327,368 
Expenses   
Custodian fees and expenses $176,662  
Independent trustees' fees and expenses 39,731  
Miscellaneous 16,077  
Total expenses before reductions 232,470  
Expense reductions (1,381)  
Total expenses after reductions  231,089 
Net investment income (loss)  42,096,279 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $219,425) 1,074,588,256  
Fidelity Central Funds (6,069)  
Foreign currency transactions (89,746)  
Total net realized gain (loss)  1,074,492,441 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $85,092) 766,710,719  
Fidelity Central Funds 1  
Assets and liabilities in foreign currencies (26,048)  
Total change in net unrealized appreciation (depreciation)  766,684,672 
Net gain (loss)  1,841,177,113 
Net increase (decrease) in net assets resulting from operations  $1,883,273,392 

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


Statement of Changes in Net Assets

 Year ended December 31, 2020 Year ended December 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $42,096,279 $57,026,639 
Net realized gain (loss) 1,074,492,441 657,285,020 
Change in net unrealized appreciation (depreciation) 766,684,672 1,160,100,453 
Net increase (decrease) in net assets resulting from operations 1,883,273,392 1,874,412,112 
Distributions to shareholders (1,072,699,853) (609,089,624) 
Share transactions   
Proceeds from sales of shares 708,743,743 803,412,059 
Reinvestment of distributions 1,072,699,854 609,089,624 
Cost of shares redeemed (1,818,460,906) (2,197,322,705) 
Net increase (decrease) in net assets resulting from share transactions (37,017,309) (784,821,022) 
Total increase (decrease) in net assets 773,556,230 480,501,466 
Net Assets   
Beginning of period 6,899,733,411 6,419,231,945 
End of period $7,673,289,641 $6,899,733,411 
Other Information   
Shares   
Sold 36,100,721 44,110,643 
Issued in reinvestment of distributions 54,583,007 34,528,724 
Redeemed (92,929,459) (120,371,574) 
Net increase (decrease) (2,245,731) (41,732,207) 

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


Financial Highlights

Fidelity Series Opportunistic Insights Fund

      
Years ended December 31, 2020 2019 2018 2017 2016 
Selected Per–Share Data      
Net asset value, beginning of period $18.10 $15.18 $17.32 $14.69 $14.89 
Income from Investment Operations      
Net investment income (loss)A .12 .15 .15 .09 –B 
Net realized and unrealized gain (loss) 5.36 4.43 (.42) 4.75 .19 
Total from investment operations 5.48 4.58 (.27) 4.84 .19 
Distributions from net investment income (.16) (.15) (.13) (.10) –B 
Distributions from net realized gain (3.18) (1.51) (1.75) (2.10) (.38) 
Total distributions (3.33)C (1.66) (1.87)C (2.21)C (.39)C 
Net asset value, end of period $20.25 $18.10 $15.18 $17.32 $14.69 
Total ReturnD,E 31.18% 30.53% (1.87)% 32.96% 1.33% 
Ratios to Average Net AssetsF,G      
Expenses before reductions - %H - %H - %H .27% .83% 
Expenses net of fee waivers, if any - %H - %H - %H .27% .83% 
Expenses net of all reductions - %H - %H - %H .27% .82% 
Net investment income (loss) .61% .81% .80% .50% .03% 
Supplemental Data      
Net assets, end of period (000 omitted) $7,673,290 $6,899,733 $6,419,232 $6,317,188 $2,240,033 
Portfolio turnover rateI 33% 27%J 32%K 37% 40% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions per share do not sum due to rounding.

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

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

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Amount represents less than .005%.

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 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, 2020

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.

Effective January 1, 2020:

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".

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 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 - Investment 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, the 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) 
Equity $ 70,410,671 Market comparable Enterprise value/Sales multiple (EV/S) 1.5-7.3/3.4 Increase 
   Discount rate 25.0% - 65.7% / 47.8% Decrease 
   Premium rate 92.6% Increase 
   Discount for lack of marketability  10.0% - 20.0% / 15.8% Decrease 
  Recovery value Recovery value 0.0% - 750,000.0%/2,451.2% Increase 
  Market approach Transaction price $0.15 - $575.00/$171.67 Increase
 
   Discount rate 50.0% Decrease
 
Corporate Bonds $7,134,543 Recovery value Recovery value 150.0% 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, 2020, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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, 2020, 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, market discount, passive foreign investment companies (PFIC), partnerships 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 $4,395,590,700 
Gross unrealized depreciation (60,364,605) 
Net unrealized appreciation (depreciation) $4,335,226,095 
Tax Cost $3,046,768,205 

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

Undistributed ordinary income $20,144,903 
Undistributed long-term capital gain $176,287,078 
Net unrealized appreciation (depreciation) on securities and other investments $4,335,251,359 

The tax character of distributions paid was as follows:

 December 31, 2020 December 31, 2019 
Ordinary Income $49,680,521 $ 57,754,377 
Long-term Capital Gains 1,023,019,332 551,335,247 
Total $1,072,699,853 $ 609,089,624 

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 Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

 $ Amount % of Net Assets 
Fidelity Series Opportunistic Insights Fund 4,710,410 .06 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Series Opportunistic Insights Fund 2,230,458,358 3,792,475,623 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 $61,881 

Interfund Trades. Funds 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, and amounted to $144,581,675 and $266,410,514, respectively.

Prior Fiscal Year Affiliated Exchanges In-Kind. During the prior period, the fund received investments and 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.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $41,964.

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Fidelity Series Opportunistic Insights Fund $16,050 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Income Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Series Opportunistic Insights Fund $11,727 $1,054 $– 

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 $1,381.

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.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

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, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 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, 2020 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.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2021



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 305 funds. 

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

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

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

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

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting 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. David M. Thomas serves as Lead Independent Trustee 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+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee 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 Advisory Board of certain Fidelity® funds (2020), 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).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee 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 Advisory Board of certain Fidelity® funds (2020), 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).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + 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

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a 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).

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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2020 to December 31, 2020).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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, 2020 		Ending
Account Value
December 31, 2020 		Expenses Paid
During Period-B
July 1, 2020
to December 31, 2020 
Fidelity Series Opportunistic Insights Fund - %C    
Actual  $1,000.00 $1,208.20 $-D 
Hypothetical-E  $1,000.00 $1,025.14 $-D 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 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 16th, 2021, to shareholders of record at the opening of business on February 12th, 2021, a distribution of $0.497 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.015 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2020, $1,058,092,838, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 7% and 78% of the dividends distributed in February and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 8% and 87% of the dividends distributed in February and December, respectively 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 designates 36% and 3% of the dividends distributed in February and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 		% of
Votes 
Dennis J. Dirks 
Affirmative 72,344,109,590.115 94.971 
Withheld 3,830,453,053.232 5.029 
TOTAL 76,174,562,643.346 100.000 
Donald F. Donahue 
Affirmative 72,379,829,662.975 95.018 
Withheld 3,794,732,980.371 4.982 
TOTAL 76,174,562,643.346 100.000 
Bettina Doulton 
Affirmative 72,672,607,741.197 95.403 
Withheld 3,501,954,902.150 4.597 
TOTAL 76,174,562,643.346 100.000 
Vicki L. Fuller 
Affirmative 76,174,562,643.346 95.665 
Withheld 3,302,170,904.495 4.335 
TOTAL 76,174,562,643.346 100.000 
Patricia L. Kampling 
Affirmative 72,440,745,750.200 95.098 
Withheld 3,733,816,893.146 4.902 
TOTAL 76,174,562,643.346 100.000 
Alan J. Lacy 
Affirmative 71,928,556,631.631 94.426 
Withheld 4,246,006,011.716 5.574 
TOTAL 76,174,562,643.346 100.000 
Ned C. Lautenbach 
Affirmative 71,259,860,753.748 93.548 
Withheld 4,914,701,889.598 6.452 
TOTAL 76,174,562,643.346 100.000 
Robert A. Lawrence 
Affirmative 72,022,885,128.366 94.550 
Withheld 4,151,677,514.980 5.450 
TOTAL 76,174,562,643.346 100.000 
Joseph Mauriello 
Affirmative 71,805,724,118.522 94.265 
Withheld 4,368,838,524.824 5.735 
TOTAL 76,174,562,643.346 100.000 
Cornelia M. Small 
Affirmative 72,193,236,701.205 94.773 
Withheld 3,981,325,942.141 5.227 
TOTAL 76,174,562,643.346 100.000 
Garnett A. Smith 
Affirmative 71,883,892,217.388 94.367 
Withheld 4,290,670,425.958 5.633 
TOTAL 76,174,562,643.346 100.000 
David M. Thomas 
Affirmative 72,052,952,536.197 94.589 
Withheld 4,121,610,107.149 5.411 
TOTAL 76,174,562,643.346 100.000 
Susan Tomasky 
Affirmative 72,505,011,517.089 95.183 
Withheld 3,669,551,126.257 4.817 
TOTAL 76,174,562,643.346 100.000 
Michael E. Wiley 
Affirmative 72,036,408,999.313 94.568 
Withheld 4,138,153,644.034 5.432 
TOTAL 76,174,562,643.346 100.000 

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

 # of
Votes 		% of
Votes 
Affirmative 5,991,586,522.137 100.00 
Against 0.000 0.00 
Abstain 0.000 0.00 
Broker Non-Vote 0.000 0.00 
TOTAL 5,991,586,522.137 100.000 
Proposal 1 reflects trust wide proposal and voting results. 





Fidelity Investments

O1T-ANN-0221
1.951052.108

Fidelity® Contrafund® K6



Annual Report

December 31, 2020

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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

Proxy Voting Results


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. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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, 2020 Past 1 year Life of fundA 
Fidelity® Contrafund® K6 30.83% 19.62% 

 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
$19,080Fidelity® Contrafund® K6
$16,674S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 18.40% in 2020, a highly volatile and unpredictable year that will be remembered by most investors for the impact of the coronavirus pandemic. The early-2020 outbreak and spread of COVID-19 resulted in stocks suffering one of the quickest declines on record, through March 23, followed by a historic rebound that culminated with the index closing the year at an all-time high. The crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response partially offset the economic disruption and fueled the market surge, as did resilient corporate earnings and the potential for a COVID-19 vaccine breakthrough. The rally slowed in early September, when the S&P 500 began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November (+11%) was a much different story, however, as investors reacted favorably to election results. The momentum continued in December (+4%), driven by regulatory approvals for two COVID-19 vaccines in the U.S. By sector for the full year, information technology (+44%) and consumer discretionary (+33%) led the way, boosted by a handful of large growth stocks. In contrast, energy shares (-34%) struggled along with global oil demand and pricing.

Comments from Portfolio Manager William Danoff:  For the year, the fund gained 30.83%, outperforming the 18.40% result of the benchmark S&P 500® index. The primary contributor to performance versus the benchmark were stock picks and an overweighting in the information technology sector, especially within the software & services industry. Security selection in communication services and consumer discretionary also helped. The biggest individual contributor was an overweight position in Amazon.com (+76%), the fund's largest holding. Also boosting value was our outsized stake in Netflix, which gained 67%. Netflix was among our largest holdings. Another notable relative contributor was an overweighting in Facebook (+33%), which was one of the fund's biggest holdings. In contrast, the largest detractor from performance versus the benchmark was stock selection and an overweighting in the diversified financials industry. The fund's position in cash was a notable detractor. The biggest individual relative detractor by far was an underweight position in Apple (+82%), which was among our largest holdings. A second notable relative detractor was our outsized stake in Berkshire Hathaway (+2%). Another notable relative detractor was an underweighting in Citigroup (-20%). This period we reduced our stake. Notable changes in positioning include decreased exposure to the financials sector and a higher allocation to consumer discretionary.

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, 2020

 % of fund's net assets 
Amazon.com, Inc. 8.7 
Facebook, Inc. Class A 7.8 
Microsoft Corp. 5.0 
Berkshire Hathaway, Inc. Class A 4.5 
Salesforce.com, Inc. 3.4 
Apple, Inc. 3.4 
UnitedHealth Group, Inc. 3.3 
Adobe, Inc. 2.8 
Netflix, Inc. 2.7 
Visa, Inc. Class A 2.5 
 44.1 

Top Five Market Sectors as of December 31, 2020

 % of fund's net assets 
Information Technology 32.8 
Communication Services 17.7 
Health Care 14.3 
Consumer Discretionary 13.6 
Financials 8.2 

Asset Allocation (% of fund's net assets)

As of December 31, 2020* 
   Stocks 96.3% 
   Convertible Securities 0.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.2% 


 * Foreign investments – 8.5%

Schedule of Investments December 31, 2020

Showing Percentage of Net Assets

Common Stocks - 96.3%   
 Shares Value 
COMMUNICATION SERVICES - 17.7%   
Entertainment - 4.1%   
Activision Blizzard, Inc. 1,372,437 $127,430,775 
Live Nation Entertainment, Inc. (a) 20,500 1,506,340 
Netflix, Inc. (a) 871,658 471,331,630 
Nintendo Co. Ltd. 11,376 7,302,726 
Sea Ltd. ADR (a) 31,500 6,270,075 
Spotify Technology SA (a) 66,533 20,935,274 
Take-Two Interactive Software, Inc. (a) 100,992 20,985,128 
The Walt Disney Co. 338,141 61,264,386 
  717,026,334 
Interactive Media & Services - 12.4%   
Alphabet, Inc.:   
Class A (a) 217,281 380,815,372 
Class C (a) 198,298 347,394,300 
Facebook, Inc. Class A (a) 4,977,649 1,359,694,601 
Match Group, Inc. (a) 98,069 14,827,052 
Pinterest, Inc. Class A (a) 41,772 2,752,775 
Snap, Inc. Class A (a) 671,663 33,630,166 
Tencent Holdings Ltd. 188,470 13,561,132 
  2,152,675,398 
Media - 0.4%   
Charter Communications, Inc. Class A (a) 80,682 53,375,177 
Comcast Corp. Class A 332,000 17,396,800 
  70,771,977 
Wireless Telecommunication Services - 0.8%   
SoftBank Group Corp. 51,000 3,959,389 
T-Mobile U.S., Inc. 969,352 130,717,117 
  134,676,506 
TOTAL COMMUNICATION SERVICES  3,075,150,215 
CONSUMER DISCRETIONARY - 13.6%   
Automobiles - 0.3%   
BYD Co. Ltd. (H Shares) 196,500 5,150,475 
Harley-Davidson, Inc. 85,100 3,123,170 
Hyundai Motor Co. 58,700 10,354,969 
Tesla, Inc. (a) 10,642 7,509,740 
Toyota Motor Corp. 236,200 18,227,583 
XPeng, Inc. ADR (a) 179,500 7,687,985 
  52,053,922 
Diversified Consumer Services - 0.0%   
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 17,700 3,288,837 
Hotels, Restaurants & Leisure - 0.6%   
Airbnb, Inc. Class A 105,700 15,516,760 
Chipotle Mexican Grill, Inc. (a) 32,373 44,891,963 
Domino's Pizza, Inc. 23,912 9,169,296 
DraftKings, Inc. Class A (a)(b) 112,427 5,234,601 
Evolution Gaming Group AB (c) 106,219 10,678,680 
Hilton Worldwide Holdings, Inc. 27,400 3,048,524 
Marriott International, Inc. Class A 24,800 3,271,616 
Penn National Gaming, Inc. (a) 63,400 5,475,858 
Starbucks Corp. 59,100 6,322,518 
  103,609,816 
Household Durables - 0.4%   
D.R. Horton, Inc. 300,530 20,712,528 
Garmin Ltd. 129,678 15,517,269 
Lennar Corp. Class A 279,759 21,326,029 
Mohawk Industries, Inc. (a) 26,300 3,706,985 
Sony Corp. 107,556 10,838,212 
Whirlpool Corp. 15,400 2,779,546 
  74,880,569 
Internet & Direct Marketing Retail - 9.7%   
Alibaba Group Holding Ltd. (a) 1,231,133 35,806,925 
Alibaba Group Holding Ltd. sponsored ADR (a) 166,389 38,723,712 
Amazon.com, Inc. (a) 462,315 1,505,727,589 
Coupang unit (d)(e) 281,219 2,109,143 
Doordash, Inc. 36,500 5,210,375 
Doordash, Inc. 105,530 13,557,967 
eBay, Inc. 848,307 42,627,427 
HelloFresh AG (a) 64,800 5,012,421 
JD.com, Inc. Class A 308,870 13,603,384 
Meituan Class B (a) 262,599 9,978,996 
MercadoLibre, Inc. (a) 3,400 5,695,748 
Pinduoduo, Inc. ADR (a) 9,400 1,670,098 
Wayfair LLC Class A (a) 12,200 2,754,882 
Zalando SE (a)(c) 34,100 3,792,993 
ZOZO, Inc. 44,700 1,103,485 
  1,687,375,145 
Multiline Retail - 0.3%   
B&M European Value Retail SA 998,207 7,046,378 
Dollar General Corp. 196,017 41,222,375 
Target Corp. 9,010 1,590,535 
  49,859,288 
Specialty Retail - 1.3%   
Bed Bath & Beyond, Inc. 148,019 2,628,817 
Best Buy Co., Inc. 162,734 16,239,226 
Burlington Stores, Inc. (a) 5,300 1,386,215 
Cazoo Holdings Ltd. (d)(e) 69,974 1,016,700 
L Brands, Inc. 121,500 4,518,585 
Lowe's Companies, Inc. 159,000 25,521,090 
National Vision Holdings, Inc. (a) 32,200 1,458,338 
O'Reilly Automotive, Inc. (a) 28,229 12,775,599 
The Home Depot, Inc. 515,862 137,023,264 
TJX Companies, Inc. 237,835 16,241,752 
Williams-Sonoma, Inc. 13,300 1,354,472 
  220,164,058 
Textiles, Apparel & Luxury Goods - 1.0%   
adidas AG 12,690 4,616,685 
Allbirds, Inc. (a)(d)(e) 33,995 392,982 
Capri Holdings Ltd. (a) 39,900 1,675,800 
Deckers Outdoor Corp. (a) 77,303 22,168,954 
Kering SA 2,009 1,458,833 
lululemon athletica, Inc. (a) 36,971 12,867,017 
LVMH Moet Hennessy Louis Vuitton SE 2,779 1,739,658 
NIKE, Inc. Class B 900,478 127,390,623 
On Holding AG (d)(e) 282 3,169,434 
Tapestry, Inc. 61,700 1,917,636 
  177,397,622 
TOTAL CONSUMER DISCRETIONARY  2,368,629,257 
CONSUMER STAPLES - 3.1%   
Beverages - 0.7%   
Boston Beer Co., Inc. Class A (a) 2,019 2,007,472 
Constellation Brands, Inc. Class A (sub. vtg.) 62,400 13,668,720 
Monster Beverage Corp. (a) 126,277 11,678,097 
PepsiCo, Inc. 355,607 52,736,518 
The Coca-Cola Co. 776,030 42,557,485 
  122,648,292 
Food & Staples Retailing - 1.3%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 143,818 4,901,269 
Costco Wholesale Corp. 399,733 150,611,400 
Walmart, Inc. 459,967 66,304,243 
  221,816,912 
Household Products - 0.1%   
Colgate-Palmolive Co. 88,200 7,541,982 
Procter & Gamble Co. 42,100 5,857,794 
Unicharm Corp. 12,600 596,961 
  13,996,737 
Personal Products - 1.0%   
Estee Lauder Companies, Inc. Class A 610,403 162,483,175 
L'Oreal SA 15,708 5,993,422 
L'Oreal SA 23,820 9,088,573 
  177,565,170 
TOTAL CONSUMER STAPLES  536,027,111 
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
Hess Corp. 109,134 5,761,184 
Reliance Industries Ltd. 1,423,582 38,686,724 
  44,447,908 
FINANCIALS - 8.2%   
Banks - 1.5%   
Bank of America Corp. 3,613,252 109,517,668 
Citigroup, Inc. 37,907 2,337,346 
HDFC Bank Ltd. sponsored ADR (a) 75,000 5,419,500 
JPMorgan Chase & Co. 812,717 103,271,949 
Kotak Mahindra Bank Ltd. (a) 518,572 14,165,630 
M&T Bank Corp. 96,663 12,305,200 
Royal Bank of Canada 56,900 4,675,286 
  251,692,579 
Capital Markets - 1.6%   
BlackRock, Inc. Class A 185,210 133,636,423 
MarketAxess Holdings, Inc. 15,230 8,689,629 
Moody's Corp. 125,628 36,462,271 
Morgan Stanley 794,800 54,467,644 
MSCI, Inc. 54,519 24,344,369 
NASDAQ, Inc. 12,400 1,645,976 
S&P Global, Inc. 42,518 13,976,942 
  273,223,254 
Consumer Finance - 0.0%   
Capital One Financial Corp. 50,100 4,952,385 
Diversified Financial Services - 4.5%   
Berkshire Hathaway, Inc. Class A (a) 2,256 784,670,640 
Insurance - 0.6%   
Admiral Group PLC 711,972 28,293,447 
American International Group, Inc. 245,800 9,305,988 
Arthur J. Gallagher & Co. 25,406 3,142,976 
Chubb Ltd. 63,000 9,696,960 
Direct Line Insurance Group PLC 400,800 1,748,420 
Fairfax Financial Holdings Ltd. (sub. vtg.) 320 109,067 
GoHealth, Inc. (a) 67,900 927,514 
Intact Financial Corp. 22,151 2,622,829 
Intact Financial Corp. rights 12/31/21 (a)(d)(e) 21,800 2,303,480 
Progressive Corp. 380,553 37,629,081 
Selectquote, Inc. (b) 36,900 765,675 
The Travelers Companies, Inc. 57,700 8,099,349 
  104,644,786 
Thrifts & Mortgage Finance - 0.0%   
Rocket Cos., Inc. (a)(b) 52,277 1,057,041 
TOTAL FINANCIALS  1,420,240,685 
HEALTH CARE - 14.2%   
Biotechnology - 2.8%   
23andMe, Inc. (a)(d)(e) 6,779 117,616 
AbbVie, Inc. 512,711 54,936,984 
Acceleron Pharma, Inc. (a) 37,926 4,852,252 
Allovir, Inc. (a) 40,111 1,541,867 
Allovir, Inc. 78,908 2,881,562 
Alnylam Pharmaceuticals, Inc. (a) 31,465 4,089,506 
Argenx SE ADR (a) 23,697 6,969,051 
Ascendis Pharma A/S sponsored ADR (a) 9,862 1,644,784 
BeiGene Ltd. ADR (a) 18,257 4,717,426 
Biohaven Pharmaceutical Holding Co. Ltd. (a) 19,832 1,699,801 
BioNTech SE ADR (a)(b) 25,200 2,054,304 
CSL Ltd. 12,650 2,761,718 
Exact Sciences Corp. (a) 12,600 1,669,374 
Generation Bio Co. 30,875 875,306 
Genmab A/S (a) 14,079 5,708,949 
Idorsia Ltd. (a) 391,729 11,304,229 
Innovent Biologics, Inc. (a)(c) 1,601,798 16,953,031 
Kodiak Sciences, Inc. (a) 29,000 4,260,390 
Kymera Therapeutics, Inc. (a) 24,708 1,531,896 
Mirati Therapeutics, Inc. (a) 47,059 10,336,039 
Regeneron Pharmaceuticals, Inc. (a) 281,290 135,894,012 
Relay Therapeutics, Inc. (a) 62,612 2,602,155 
Replimune Group, Inc. (a) 102,800 3,921,820 
Sarepta Therapeutics, Inc. (a) 8,800 1,500,312 
Seagen, Inc. (a) 67,821 11,878,170 
Seer, Inc. 17,800 999,292 
Turning Point Therapeutics, Inc. (a) 79,056 9,632,974 
Ultragenyx Pharmaceutical, Inc. (a) 140,100 19,394,043 
Vertex Pharmaceuticals, Inc. (a) 599,000 141,567,660 
Zai Lab Ltd. (a) 86,800 11,575,869 
Zai Lab Ltd. ADR (a) 48,540 6,569,404 
  486,441,796 
Health Care Equipment & Supplies - 2.8%   
Abbott Laboratories 586,068 64,168,585 
Alcon, Inc. (a) 22,100 1,458,158 
Danaher Corp. 700,715 155,656,830 
DexCom, Inc. (a) 187,674 69,386,831 
Edwards Lifesciences Corp. (a) 492,980 44,974,565 
Envista Holdings Corp. (a) 148,371 5,004,554 
Hologic, Inc. (a) 298,938 21,771,655 
Intuitive Surgical, Inc. (a) 87,023 71,193,516 
Masimo Corp. (a) 51,967 13,946,903 
Medtronic PLC 96,500 11,304,010 
ResMed, Inc. 31,177 6,626,983 
Sonova Holding AG Class B 12,033 3,129,706 
Stryker Corp. 25,600 6,273,024 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(c) 420,267 4,285,369 
West Pharmaceutical Services, Inc. 25,580 7,247,070 
  486,427,759 
Health Care Providers & Services - 4.2%   
Anthem, Inc. 165,100 53,011,959 
Guardant Health, Inc. (a) 36,700 4,729,896 
Henry Schein, Inc. (a) 96,400 6,445,304 
Humana, Inc. 196,746 80,718,981 
Owens & Minor, Inc. 186,481 5,044,311 
Patterson Companies, Inc. 346,931 10,279,566 
UnitedHealth Group, Inc. 1,624,404 569,645,995 
  729,876,012 
Health Care Technology - 0.2%   
Change Healthcare, Inc. (a) 24,700 460,655 
Veeva Systems, Inc. Class A (a) 135,678 36,938,336 
  37,398,991 
Life Sciences Tools & Services - 2.0%   
10X Genomics, Inc. (a) 26,726 3,784,402 
Adaptive Biotechnologies Corp. (a) 113,737 6,725,269 
Agilent Technologies, Inc. 12,100 1,433,729 
Bio-Rad Laboratories, Inc. Class A (a) 69,417 40,465,946 
Eurofins Scientific SA (a) 96,620 8,100,798 
IQVIA Holdings, Inc. (a) 88,331 15,826,265 
Lonza Group AG 25 16,104 
Mettler-Toledo International, Inc. (a) 79,677 90,806,283 
PerkinElmer, Inc. 256,500 36,807,750 
Sartorius Stedim Biotech 5,034 1,790,818 
Thermo Fisher Scientific, Inc. 275,661 128,397,381 
WuXi AppTec Co. Ltd. (H Shares) (c) 507,078 9,929,047 
  344,083,792 
Pharmaceuticals - 2.2%   
AstraZeneca PLC sponsored ADR 953,760 47,678,462 
Bristol-Myers Squibb Co. 400,207 24,824,840 
Eli Lilly & Co. 724,806 122,376,245 
Hansoh Pharmaceutical Group Co. Ltd. (a)(c) 1,520,621 7,375,133 
Horizon Therapeutics PLC (a) 463,661 33,916,802 
Jazz Pharmaceuticals PLC (a) 102,047 16,842,857 
Merck & Co., Inc. 251,099 20,539,898 
Roche Holding AG (participation certificate) 4,254 1,481,662 
Royalty Pharma PLC 494,047 24,727,052 
Supernus Pharmaceuticals, Inc. (a) 29,196 734,571 
UCB SA 81,002 8,359,811 
Zoetis, Inc. Class A 526,190 87,084,445 
  395,941,778 
TOTAL HEALTH CARE  2,480,170,128 
INDUSTRIALS - 4.1%   
Aerospace & Defense - 0.1%   
Axon Enterprise, Inc. (a) 12,500 1,531,625 
HEICO Corp. Class A 54,643 6,396,510 
Lockheed Martin Corp. 36,809 13,066,459 
  20,994,594 
Air Freight & Logistics - 0.7%   
C.H. Robinson Worldwide, Inc. 29,500 2,769,165 
United Parcel Service, Inc. Class B 722,931 121,741,580 
  124,510,745 
Airlines - 0.0%   
Ryanair Holdings PLC sponsored ADR (a) 14,100 1,550,718 
Building Products - 0.5%   
Carrier Global Corp. 216,272 8,157,780 
Fortune Brands Home & Security, Inc. 408,220 34,992,618 
The AZEK Co., Inc. 70,282 2,702,343 
Toto Ltd. 365,844 21,967,293 
Trane Technologies PLC 103,359 15,003,592 
  82,823,626 
Commercial Services & Supplies - 0.2%   
Cintas Corp. 91,448 32,323,210 
Clean TeQ Holdings Ltd. (a)(b) 4,340,292 836,537 
TulCo LLC (a)(d)(e)(f) 1,552 862,990 
  34,022,737 
Electrical Equipment - 0.6%   
Acuity Brands, Inc. 60,151 7,283,685 
AMETEK, Inc. 56,844 6,874,713 
Vestas Wind Systems A/S 379,807 89,721,600 
  103,879,998 
Industrial Conglomerates - 0.2%   
General Electric Co. 2,562,965 27,680,022 
Honeywell International, Inc. 6,800 1,446,360 
  29,126,382 
Machinery - 0.5%   
Deere & Co. 131,018 35,250,393 
Fortive Corp. 75,208 5,326,231 
IDEX Corp. 25,877 5,154,698 
Illinois Tool Works, Inc. 64,526 13,155,561 
Ingersoll Rand, Inc. (a) 117,600 5,357,856 
Otis Worldwide Corp. 48,134 3,251,452 
PACCAR, Inc. 171,730 14,816,864 
Pentair PLC 27,700 1,470,593 
  83,783,648 
Professional Services - 0.5%   
Clarivate Analytics PLC (a) 1,204,172 35,775,950 
CoStar Group, Inc. (a) 31,127 28,770,064 
Equifax, Inc. 8,459 1,631,234 
Experian PLC 379,955 14,433,975 
Verisk Analytics, Inc. 29,806 6,187,428 
  86,798,651 
Road & Rail - 0.8%   
Canadian Pacific Railway Ltd. 101,665 35,264,473 
Uber Technologies, Inc. (a) 1,216,900 62,061,900 
Union Pacific Corp. 181,741 37,842,111 
  135,168,484 
Trading Companies & Distributors - 0.0%   
Fastenal Co. 57,258 2,795,908 
W.W. Grainger, Inc. 9,900 4,042,566 
  6,838,474 
TOTAL INDUSTRIALS  709,498,057 
INFORMATION TECHNOLOGY - 32.6%   
Electronic Equipment & Components - 1.3%   
Amphenol Corp. Class A 1,425,352 186,393,281 
Keysight Technologies, Inc. (a) 25,332 3,346,104 
Samsung SDI Co. Ltd. 26,200 15,117,167 
Vontier Corp. (a) 109,123 3,644,708 
Zebra Technologies Corp. Class A (a) 31,014 11,919,611 
  220,420,871 
IT Services - 8.3%   
Accenture PLC Class A 386,564 100,974,382 
Adyen BV (a)(c) 29,354 68,205,245 
MasterCard, Inc. Class A 642,751 229,423,542 
MongoDB, Inc. Class A (a)(b) 193,341 69,417,153 
Okta, Inc. (a) 421,149 107,081,345 
PayPal Holdings, Inc. (a) 1,079,969 252,928,740 
Shopify, Inc. Class A (a) 89,432 100,983,897 
Snowflake Computing, Inc. (b) 53,773 15,131,722 
Snowflake Computing, Inc. Class B 8,969 2,397,683 
Square, Inc. (a) 153,327 33,370,088 
Twilio, Inc. Class A (a) 104,285 35,300,473 
Visa, Inc. Class A 2,011,076 439,882,653 
Wix.com Ltd. (a) 2,600 649,896 
  1,455,746,819 
Semiconductors & Semiconductor Equipment - 5.7%   
Advanced Micro Devices, Inc. (a) 1,223,293 112,188,201 
Analog Devices, Inc. 150,720 22,265,866 
Applied Materials, Inc. 196,410 16,950,183 
ASML Holding NV 43,050 20,996,346 
Enphase Energy, Inc. (a) 138,096 24,231,705 
First Solar, Inc. (a) 40,500 4,006,260 
Inphi Corp. (a) 6,100 978,867 
KLA-Tencor Corp. 25,442 6,587,188 
Lam Research Corp. 181,075 85,516,290 
Lattice Semiconductor Corp. (a)(b) 294,536 13,495,640 
Marvell Technology Group Ltd. 431,565 20,516,600 
MaxLinear, Inc. Class A (a) 11,546 440,942 
Microchip Technology, Inc. 10,600 1,463,966 
Monolithic Power Systems, Inc. 5,500 2,014,265 
NVIDIA Corp. 487,343 254,490,515 
NXP Semiconductors NV 100,078 15,913,403 
Qorvo, Inc. (a) 202,970 33,747,822 
Qualcomm, Inc. 1,782,047 271,477,040 
Semtech Corp. (a) 173,863 12,533,784 
Skyworks Solutions, Inc. 102,230 15,628,922 
Synaptics, Inc. (a) 252,327 24,324,323 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 221,461 24,148,107 
Texas Instruments, Inc. 35,202 5,777,704 
  989,693,939 
Software - 13.8%   
Adobe, Inc. (a) 963,832 482,031,660 
ANSYS, Inc. (a) 4,779 1,738,600 
Atlassian Corp. PLC (a) 287,289 67,188,278 
Autodesk, Inc. (a) 11,100 3,389,274 
C3.Ai, Inc. (b) 11,300 1,567,875 
Cadence Design Systems, Inc. (a) 491,247 67,020,828 
Ceridian HCM Holding, Inc. (a) 70,245 7,485,307 
Cloudflare, Inc. (a) 363,150 27,595,769 
Coupa Software, Inc. (a) 127,717 43,284,568 
Crowdstrike Holdings, Inc. (a) 30,152 6,386,797 
Datadog, Inc. Class A (a)(b) 202,104 19,895,118 
DocuSign, Inc. (a) 6,900 1,533,870 
Dropbox, Inc. Class A (a) 498,896 11,070,502 
Dynatrace, Inc. (a) 275,208 11,908,250 
Epic Games, Inc. (d)(e) 14,010 8,055,750 
Fair Isaac Corp. (a) 3,100 1,584,224 
Intuit, Inc. 127,704 48,508,364 
Microsoft Corp. 3,929,309 873,956,908 
Nuance Communications, Inc. (a) 151,900 6,697,271 
Palo Alto Networks, Inc. (a) 10,000 3,553,900 
Paycom Software, Inc. (a) 8,500 3,844,125 
Rapid7, Inc. (a) 16,934 1,526,769 
RingCentral, Inc. (a) 21,140 8,011,426 
Salesforce.com, Inc. (a) 2,666,829 593,449,457 
ServiceNow, Inc. (a) 112,435 61,887,597 
Slack Technologies, Inc. Class A (a) 251,826 10,637,130 
SVMK, Inc. (a) 84,633 2,162,373 
Tanium, Inc. Class B (a)(d)(e) 449,538 5,122,575 
Tenable Holdings, Inc. (a) 38,300 2,001,558 
Workday, Inc. Class A (a) 44,515 10,666,239 
Xero Ltd. (a) 49,281 5,578,160 
Zoom Video Communications, Inc. Class A (a) 3,444 1,161,730 
Zscaler, Inc. (a) 19,200 3,834,432 
  2,404,336,684 
Technology Hardware, Storage & Peripherals - 3.5%   
Apple, Inc. 4,436,223 588,642,430 
Dell Technologies, Inc. (a) 31,507 2,309,148 
Samsung Electronics Co. Ltd. 249,200 18,545,670 
  609,497,248 
TOTAL INFORMATION TECHNOLOGY  5,679,695,561 
MATERIALS - 2.1%   
Chemicals - 0.7%   
Air Products & Chemicals, Inc. 43,128 11,783,432 
Growmax Resources Corp. (a)(c)(e) 233,005 10,068 
LG Chemical Ltd. 5,311 4,020,805 
Sherwin-Williams Co. 137,192 100,823,773 
Westlake Chemical Corp. 23,122 1,886,755 
  118,524,833 
Containers & Packaging - 0.0%   
Silgan Holdings, Inc. 188,742 6,998,553 
WestRock Co. 78,644 3,423,373 
  10,421,926 
Metals & Mining - 1.4%   
Agnico Eagle Mines Ltd. (Canada) 135,924 9,566,683 
B2Gold Corp. 3,885,439 21,763,831 
Barrick Gold Corp. (Canada) 2,480,071 56,502,521 
Franco-Nevada Corp. 512,039 64,200,978 
Freeport-McMoRan, Inc. 713,395 18,562,538 
Gatos Silver, Inc. 358,200 4,667,346 
Ivanhoe Mines Ltd. (a) 3,932,869 21,195,287 
Ivanhoe Mines Ltd. (a)(c) 995,503 5,365,033 
Lundin Gold, Inc. (a) 243,394 2,089,949 
Newmont Corp. 502,962 30,122,394 
Northern Star Resources Ltd. 292,188 2,858,579 
Novagold Resources, Inc. (a) 828,773 8,021,434 
  244,916,573 
TOTAL MATERIALS  373,863,332 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
American Tower Corp. 68,861 15,456,540 
Equity Commonwealth 217,678 5,938,256 
Prologis (REIT), Inc. 71,386 7,114,329 
Simon Property Group, Inc. 40,300 3,436,784 
  31,945,909 
UTILITIES - 0.2%   
Electric Utilities - 0.2%   
Iberdrola SA 243,220 3,476,418 
NextEra Energy, Inc. 83,736 6,460,232 
PG&E Corp. (a) 2,101,468 26,184,291 
  36,120,941 
Independent Power and Renewable Electricity Producers - 0.0%   
The AES Corp. 175,643 4,127,611 
TOTAL UTILITIES  40,248,552 
TOTAL COMMON STOCKS   
(Cost $10,824,672,112)  16,759,916,715 
Preferred Stocks - 0.5%   
Convertible Preferred Stocks - 0.5%   
CONSUMER DISCRETIONARY - 0.0%   
Internet & Direct Marketing Retail - 0.0%   
Zomato Pvt Ltd. Series J7 (d)(e) 396 1,627,458 
Specialty Retail - 0.0%   
Aurora Innovation, Inc. Series B (a)(d)(e) 119,040 1,099,965 
Fanatics, Inc. Series E (d)(e) 192,106 3,321,513 
  4,421,478 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (a)(d)(e) 13,415 155,077 
Series B (a)(d)(e) 2,355 27,224 
Series C (a)(d)(e) 22,525 260,389 
Series Seed (a)(d)(e) 7,210 83,348 
  526,038 
TOTAL CONSUMER DISCRETIONARY  6,574,974 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (a)(d)(e) 1,222 519,741 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
23andMe, Inc.:   
Series F (a)(d)(e) 26,649 462,360 
Series F1 (d)(e) 93,703 1,625,747 
Nuvation Bio, Inc. Series A (a)(d) 2,568,600 5,034,456 
  7,122,563 
INDUSTRIALS - 0.2%   
Aerospace & Defense - 0.1%   
Relativity Space, Inc. Series D (d)(e) 207,384 3,095,642 
Space Exploration Technologies Corp. Series N (d)(e) 49,490 13,362,300 
  16,457,942 
Air Freight & Logistics - 0.1%   
Zipline International, Inc. Series E (d)(e) 178,019 5,808,653 
Commercial Services & Supplies - 0.0%   
ZenPayroll, Inc. Series D (a)(d)(e) 184,203 2,452,184 
TOTAL INDUSTRIALS  24,718,779 
INFORMATION TECHNOLOGY - 0.2%   
IT Services - 0.0%   
ByteDance Ltd. Series E1 (d)(e) 80,736 8,846,581 
Software - 0.2%   
Affirm, Inc.:   
Series F (a)(d) 141,842 6,255,232 
Series G (d) 276,447 12,191,313 
Series G1 (d) 45,878 2,023,220 
Carbon, Inc.:   
Series D (a)(d)(e) 9,678 368,538 
Series E (a)(d)(e) 7,351 283,455 
Nuro, Inc. Series C (d)(e) 405,967 5,299,737 
  26,421,495 
TOTAL INFORMATION TECHNOLOGY  35,268,076 
MATERIALS - 0.0%   
Metals & Mining - 0.0%   
High Power Exploration, Inc. Series A (a)(d)(e) 1,052,269 5,545,458 
TOTAL CONVERTIBLE PREFERRED STOCKS  79,749,591 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Specialty Retail - 0.0%   
Cazoo Holdings Ltd.:   
Series A (d)(e) 2,284 33,186 
Series B (d)(e) 39,995 581,115 
Series C (d)(e) 812 11,798 
Series D (d)(e) 142,876 2,075,944 
  2,702,043 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series G (a)(e) 3,143 1,336,781 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  4,038,824 
TOTAL PREFERRED STOCKS   
(Cost $67,800,689)  83,788,415 
Money Market Funds - 4.5%   
Fidelity Cash Central Fund 0.11% (g) 761,201,551 761,353,791 
Fidelity Securities Lending Cash Central Fund 0.11% (g)(h) 24,571,699 24,574,156 
TOTAL MONEY MARKET FUNDS   
(Cost $785,926,954)  785,927,947 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $11,678,399,755)  17,629,633,077 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (227,524,059) 
NET ASSETS - 100%  $17,402,109,018 

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 $126,594,599 or 0.7% 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 $105,602,303 or 0.6% of net assets.

 (e) Level 3 security

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

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. 12/7/18 $113,887 
23andMe, Inc. Series F 8/31/17 $370,000 
23andMe, Inc. Series F1 12/9/20 $1,625,747 
Affirm, Inc. Series F 3/22/19 $1,869,917 
Affirm, Inc. Series G 9/11/20 $5,508,566 
Affirm, Inc. Series G1 4/29/20 $774,200 
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 
Aurora Innovation, Inc. Series B 3/1/19 $1,099,965 
ByteDance Ltd. Series E1 11/18/20 $8,846,581 
Carbon, Inc. Series D 12/15/17 $225,990 
Carbon, Inc. Series E 3/22/19 $205,787 
Cazoo Holdings Ltd. 9/30/20 $959,341 
Cazoo Holdings Ltd. Series A 9/30/20 $31,314 
Cazoo Holdings Ltd. Series B 9/30/20 $548,330 
Cazoo Holdings Ltd. Series C 9/30/20 $11,132 
Cazoo Holdings Ltd. Series D 9/30/20 $1,958,826 
Coupang unit 6/12/20 $2,109,143 
Epic Games, Inc. 7/13/20 - 7/30/20 $8,055,750 
Fanatics, Inc. Series E 8/13/20 $3,321,513 
High Power Exploration, Inc. Series A 11/15/19 $5,545,458 
Intact Financial Corp. rights 12/31/21 11/13/20 $2,231,091 
Nuro, Inc. Series C 10/30/20 $5,299,737 
Nuvation Bio, Inc. Series A 6/17/19 $1,981,366 
On Holding AG 2/6/20 $2,569,790 
Relativity Space, Inc. Series D 11/20/20 $3,095,642 
Roofoods Ltd. Series F 9/12/17 $432,063 
Space Exploration Technologies Corp. Series N 8/4/20 $13,362,300 
Tanium, Inc. Class B 9/18/20 $5,122,575 
TulCo LLC 8/24/17 - 9/7/18 $651,224 
ZenPayroll, Inc. Series D 7/16/19 $2,452,184 
Zipline International, Inc. Series E 12/21/20 $5,808,653 
Zomato Pvt Ltd. Series J7 12/9/20 $1,612,897 

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 $988,803 
Fidelity Securities Lending Cash Central Fund 203,420 
Total $1,192,223 

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, 2020, 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 $3,075,150,215 $3,050,326,968 $24,823,247 $-- 
Consumer Discretionary 2,377,906,274 2,244,066,490 117,874,508 15,965,276 
Consumer Staples 537,883,633 520,945,116 15,081,995 1,856,522 
Energy 44,447,908 44,447,908 -- -- 
Financials 1,420,240,685 1,417,937,205 -- 2,303,480 
Health Care 2,487,292,691 2,443,954,431 41,132,537 2,205,723 
Industrials 734,216,836 604,479,492 104,155,575 25,581,769 
Information Technology 5,714,963,637 5,595,914,308 91,072,693 27,976,636 
Materials 379,408,790 373,853,264 -- 5,555,526 
Real Estate 31,945,909 31,945,909 -- -- 
Utilities 40,248,552 40,248,552 -- -- 
Money Market Funds 785,927,947 785,927,947 -- -- 
Total Investments in Securities: $17,629,633,077 $17,154,047,590 $394,140,555 $81,444,932 

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2020 
Assets   
Investment in securities, at value (including securities loaned of $22,844,613) — See accompanying schedule:
Unaffiliated issuers (cost $10,892,472,801) 		$16,843,705,130  
Fidelity Central Funds (cost $785,926,954) 785,927,947  
Total Investment in Securities (cost $11,678,399,755)  $17,629,633,077 
Restricted cash  94,995 
Foreign currency held at value (cost $20,758)  22,525 
Receivable for investments sold  3,413,914 
Receivable for fund shares sold  19,921,838 
Dividends receivable  3,658,757 
Distributions receivable from Fidelity Central Funds  79,865 
Other receivables  408,402 
Total assets  17,657,233,373 
Liabilities   
Payable for fund shares redeemed 222,066,338  
Accrued management fee 6,433,402  
Other payables and accrued expenses 2,050,110  
Collateral on securities loaned 24,574,505  
Total liabilities  255,124,355 
Net Assets  $17,402,109,018 
Net Assets consist of:   
Paid in capital  $11,828,731,487 
Total accumulated earnings (loss)  5,573,377,531 
Net Assets  $17,402,109,018 
Net Asset Value, offering price and redemption price per share ($17,402,109,018 ÷ 921,366,598 shares)  $18.89 

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


Statement of Operations

  Year ended December 31, 2020 
Investment Income   
Dividends  $86,137,880 
Income from Fidelity Central Funds (including $203,420 from security lending)  1,192,223 
Total income  87,330,103 
Expenses   
Management fee $62,758,024  
Independent trustees' fees and expenses 75,746  
Miscellaneous 74,358  
Total expenses before reductions 62,908,128  
Expense reductions (371,170)  
Total expenses after reductions  62,536,958 
Net investment income (loss)  24,793,145 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $401,421) 8,948,858  
Fidelity Central Funds (36,204)  
Foreign currency transactions (85,578)  
Total net realized gain (loss)  8,827,076 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $222,262) 3,895,229,979  
Assets and liabilities in foreign currencies 74,884  
Total change in net unrealized appreciation (depreciation)  3,895,304,863 
Net gain (loss)  3,904,131,939 
Net increase (decrease) in net assets resulting from operations  $3,928,925,084 

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


Statement of Changes in Net Assets

 Year ended December 31, 2020 Year ended December 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $24,793,145 $33,503,171 
Net realized gain (loss) 8,827,076 (83,405,982) 
Change in net unrealized appreciation (depreciation) 3,895,304,863 2,179,281,519 
Net increase (decrease) in net assets resulting from operations 3,928,925,084 2,129,378,708 
Distributions to shareholders (35,356,894) (33,955,303) 
Share transactions   
Proceeds from sales of shares 5,631,486,255 6,458,763,019 
Reinvestment of distributions 35,356,894 33,955,303 
Cost of shares redeemed (4,008,180,689) (2,016,350,128) 
Net increase (decrease) in net assets resulting from share transactions 1,658,662,460 4,476,368,194 
Total increase (decrease) in net assets 5,552,230,650 6,571,791,599 
Net Assets   
Beginning of period 11,849,878,368 5,278,086,769 
End of period $17,402,109,018 $11,849,878,368 
Other Information   
Shares   
Sold 351,858,942 492,901,979 
Issued in reinvestment of distributions 1,966,139 2,403,065 
Redeemed (251,666,322) (152,457,426) 
Net increase (decrease) 102,158,759 342,847,618 

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


Financial Highlights

Fidelity Contrafund K6

     
Years ended December 31, 2020 2019 2018 2017 A 
Selected Per–Share Data     
Net asset value, beginning of period $14.47 $11.08 $11.36 $10.00 
Income from Investment Operations     
Net investment income (loss)B .03 .05 .05 .02 
Net realized and unrealized gain (loss) 4.43 3.38 (.29) 1.36 
Total from investment operations 4.46 3.43 (.24) 1.38 
Distributions from net investment income (.04) (.04) (.04) (.02) 
Total distributions (.04) (.04) (.04) (.02) 
Net asset value, end of period $18.89 $14.47 $11.08 $11.36 
Total ReturnC,D 30.83% 31.00% (2.15)% 13.77% 
Ratios to Average Net AssetsE,F     
Expenses before reductions .45% .45% .45% .45%G 
Expenses net of fee waivers, if any .45% .45% .45% .45%G 
Expenses net of all reductions .45% .45% .45% .45%G 
Net investment income (loss) .18% .39% .39% .38%G 
Supplemental Data     
Net assets, end of period (000 omitted) $17,402,109 $11,849,878 $5,278,087 $1,735,754 
Portfolio turnover rateH 45%I 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 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, 2020

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.

Effective January 1, 2020:

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".

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 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 - Investment 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, 2020 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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, 2020, 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), redemptions in-kind, 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 $5,932,268,245 
Gross unrealized depreciation (59,919,758) 
Net unrealized appreciation (depreciation) $5,872,348,487 
Tax Cost $11,757,284,590 

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

Undistributed ordinary income $8,483,503 
Capital loss carryforward $(305,743,254) 
Net unrealized appreciation (depreciation) on securities and other investments $5,872,428,083 

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 $(305,743,254) 
Total capital loss carryforward $(305,743,254) 

The tax character of distributions paid was as follows:

 December 31, 2020 December 31, 2019 
Ordinary Income $35,356,894 $ 33,955,303 

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 Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

 $ Amount % of Net Assets 
Fidelity Contrafund K6 957,984 .01% 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Contrafund K6 6,260,529,810 6,048,235,699 

Unaffiliated Redemptions In-Kind. During the period, 3,490,146 shares of the Fund were redeemed in-kind for investments and cash with a value of $57,936,426. The net realized gain of $26,947,034 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 $1,062,916,308 in exchange for 67,653,810 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 Redemptions In-Kind. During the prior period, 21,758,678 shares of the Fund were redeemed in-kind for investments and cash with a value of $289,664,260. The Fund had a net realized gain of $87,998,269 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. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Unaffiliated Exchanges In-Kind. During the prior 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.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 $118,052 

Interfund Trades. Funds 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, and amounted to $492,580,146 and $491,839,811, respectively.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $44,014.

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Fidelity Contrafund K6 $28,833 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Income Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Contrafund K6 $17,493 $187 $– 

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 $370,138 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 $1,032.

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.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

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, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2020 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, 2020, 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, 2020 and the financial highlights for each of the three years in the period ended December 31, 2020 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, 2020 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.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2021



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 305 funds. 

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

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

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

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

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting 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. David M. Thomas serves as Lead Independent Trustee 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+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee 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 Advisory Board of certain Fidelity® funds (2020), 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).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee 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 Advisory Board of certain Fidelity® funds (2020), 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).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + 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

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a 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).

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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2020 to December 31, 2020).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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, 2020 		Ending
Account Value
December 31, 2020 		Expenses Paid
During Period-B
July 1, 2020
to December 31, 2020 
Fidelity Contrafund K6 .45%    
Actual  $1,000.00 $1,203.90 $2.49 
Hypothetical-C  $1,000.00 $1,022.87 $2.29 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

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

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

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 		% of
Votes 
Dennis J. Dirks 
Affirmative 72,344,109,590.115 94.971 
Withheld 3,830,453,053.232 5.029 
TOTAL 76,174,562,643.346 100.000 
Donald F. Donahue 
Affirmative 72,379,829,662.975 95.018 
Withheld 3,794,732,980.371 4.982 
TOTAL 76,174,562,643.346 100.000 
Bettina Doulton 
Affirmative 72,672,607,741.197 95.403 
Withheld 3,501,954,902.150 4.597 
TOTAL 76,174,562,643.346 100.000 
Vicki L. Fuller 
Affirmative 76,174,562,643.346 95.665 
Withheld 3,302,170,904.495 4.335 
TOTAL 76,174,562,643.346 100.000 
Patricia L. Kampling 
Affirmative 72,440,745,750.200 95.098 
Withheld 3,733,816,893.146 4.902 
TOTAL 76,174,562,643.346 100.000 
Alan J. Lacy 
Affirmative 71,928,556,631.631 94.426 
Withheld 4,246,006,011.716 5.574 
TOTAL 76,174,562,643.346 100.000 
Ned C. Lautenbach 
Affirmative 71,259,860,753.748 93.548 
Withheld 4,914,701,889.598 6.452 
TOTAL 76,174,562,643.346 100.000 
Robert A. Lawrence 
Affirmative 72,022,885,128.366 94.550 
Withheld 4,151,677,514.980 5.450 
TOTAL 76,174,562,643.346 100.000 
Joseph Mauriello 
Affirmative 71,805,724,118.522 94.265 
Withheld 4,368,838,524.824 5.735 
TOTAL 76,174,562,643.346 100.000 
Cornelia M. Small 
Affirmative 72,193,236,701.205 94.773 
Withheld 3,981,325,942.141 5.227 
TOTAL 76,174,562,643.346 100.000 
Garnett A. Smith 
Affirmative 71,883,892,217.388 94.367 
Withheld 4,290,670,425.958 5.633 
TOTAL 76,174,562,643.346 100.000 
David M. Thomas 
Affirmative 72,052,952,536.197 94.589 
Withheld 4,121,610,107.149 5.411 
TOTAL 76,174,562,643.346 100.000 
Susan Tomasky 
Affirmative 72,505,011,517.089 95.183 
Withheld 3,669,551,126.257 4.817 
TOTAL 76,174,562,643.346 100.000 
Michael E. Wiley 
Affirmative 72,036,408,999.313 94.568 
Withheld 4,138,153,644.034 5.432 
TOTAL 76,174,562,643.346 100.000 
Proposal 1 reflects trust wide proposal and voting results. 





Fidelity Investments

CONK6-ANN-0221
1.9883979.103



Fidelity Flex® Funds

Fidelity Flex® Opportunistic Insights Fund



Annual Report

December 31, 2020

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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

Proxy Voting Results


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. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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, 2020 Past 1 year Life of fundA 
Fidelity Flex® Opportunistic Insights Fund 33.68% 21.38% 

 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
$20,962Fidelity Flex® Opportunistic Insights Fund
$17,236Russell 3000® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 18.40% in 2020, a highly volatile and unpredictable year that will be remembered by most investors for the impact of the coronavirus pandemic. The early-2020 outbreak and spread of COVID-19 resulted in stocks suffering one of the quickest declines on record, through March 23, followed by a historic rebound that culminated with the index closing the year at an all-time high. The crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty and dislocation in financial markets. A rapid and expansive U.S. monetary/fiscal-policy response partially offset the economic disruption and fueled the market surge, as did resilient corporate earnings and the potential for a COVID-19 vaccine breakthrough. The rally slowed in early September, when the S&P 500 began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as concerns about election uncertainty, indications the U.S. economic recovery was stalling and a new wave of COVID-19 cases. November (+11%) was a much different story, however, as investors reacted favorably to election results. The momentum continued in December (+4%), driven by regulatory approvals for two COVID-19 vaccines in the U.S. By sector for the full year, information technology (+44%) and consumer discretionary (+33%) led the way, boosted by a handful of large growth stocks. In contrast, energy shares (-34%) struggled along with global oil demand and pricing.

Comments from Portfolio Manager William Danoff:  For the year, the fund gained 33.68%, outperforming the 20.89% result of the benchmark Russell 3000® Index. The primary contributor to performance versus the benchmark was security selection and an overweighting in the information technology sector, especially within the software & services industry. Security selection in communication services and an underweighting in energy also helped. The biggest individual contributor was an overweight position in Amazon.com (+76%). Amazon.com was among the fund's biggest holdings. Also helping performance was our outsized stake in Adobe, which gained approximately 51%. Adobe was among our largest holdings. Another notable relative contributor was an overweighting in Salesforce.com (+36%), which was one of the fund's biggest holdings. In contrast, the largest detractor from performance versus the benchmark was our stock selection in the financials sector, especially within the diversified financials industry. An underweighting in health care and security selection in materials nicked relative performance. Lastly, the fund's position in cash was a notable detractor. Our lighter-than-benchmark stake in Apple, a position we established this period, was the fund's largest individual relative detractor, as the stock gained roughly 82% in 2020. Another notable relative detractor was our lighter-than-benchmark stake in Tesla, a stake we established this period. Also hindering performance was our outsized stake in Berkshire Hathaway, which gained roughly 3%. Berkshire Hathaway was one of our biggest holdings. Notable changes in positioning include decreased exposure to the financials sector and a higher allocation to consumer discretionary.

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, 2020

 % of fund's net assets 
Facebook, Inc. Class A 8.9 
Amazon.com, Inc. 8.0 
Microsoft Corp. 5.6 
Salesforce.com, Inc. 4.9 
Berkshire Hathaway, Inc. Class A 4.6 
Adobe, Inc. 3.5 
Netflix, Inc. 2.7 
NVIDIA Corp. 2.1 
Alphabet, Inc. Class C 1.9 
Qualcomm, Inc. 1.9 
 44.1 

Top Five Market Sectors as of December 31, 2020

 % of fund's net assets 
Information Technology 34.0 
Communication Services 17.7 
Consumer Discretionary 13.9 
Health Care 11.8 
Financials 7.9 

Asset Allocation (% of fund's net assets)

As of December 31, 2020* 
   Stocks 96.4% 
   Convertible Securities 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.3% 


 * Foreign investments - 11.2%

Schedule of Investments December 31, 2020

Showing Percentage of Net Assets

Common Stocks - 96.4%   
 Shares Value 
COMMUNICATION SERVICES - 17.7%   
Entertainment - 3.4%   
Activision Blizzard, Inc. 250 $23,213 
Netflix, Inc. (a) 1,136 614,269 
Nintendo Co. Ltd. 19 12,197 
Spotify Technology SA (a) 87 27,375 
Take-Two Interactive Software, Inc. (a) 139 28,883 
The Walt Disney Co. 368 66,674 
  772,611 
Interactive Media & Services - 13.0%   
Alphabet, Inc.:   
Class A (a) 231 404,860 
Class C (a) 249 436,218 
Facebook, Inc. Class A (a) 7,382 2,016,461 
Match Group, Inc. (a) 132 19,957 
Pinterest, Inc. Class A (a) 56 3,690 
Snap, Inc. Class A (a) 937 46,916 
Tencent Holdings Ltd. 265 19,068 
  2,947,170 
Media - 0.4%   
Charter Communications, Inc. Class A (a) 110 72,771 
Comcast Corp. Class A 300 15,720 
  88,491 
Wireless Telecommunication Services - 0.9%   
T-Mobile U.S., Inc. 1,632 220,075 
TOTAL COMMUNICATION SERVICES  4,028,347 
CONSUMER DISCRETIONARY - 13.8%   
Automobiles - 0.3%   
BYD Co. Ltd. (H Shares) 329 8,623 
Harley-Davidson, Inc. 85 3,120 
Hyundai Motor Co. 34 5,998 
Tesla, Inc. (a) 20 14,113 
Toyota Motor Corp. 211 16,283 
XPeng, Inc. ADR (a) 196 8,395 
  56,532 
Diversified Consumer Services - 0.0%   
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 41 7,618 
Hotels, Restaurants & Leisure - 1.1%   
Airbnb, Inc. Class A 200 29,360 
Chipotle Mexican Grill, Inc. (a) 69 95,683 
Domino's Pizza, Inc. 36 13,805 
DraftKings, Inc. Class A (a) 112 5,215 
Evolution Gaming Group AB (b) 240 24,128 
Hilton Worldwide Holdings, Inc. 48 5,340 
Marriott International, Inc. Class A 43 5,673 
McDonald's Corp. 230 49,353 
Penn National Gaming, Inc. (a) 100 8,637 
Starbucks Corp. 53 5,670 
  242,864 
Household Durables - 0.5%   
D.R. Horton, Inc. 422 29,084 
Garmin Ltd. 184 22,017 
Lennar Corp. Class A 416 31,712 
Mohawk Industries, Inc. (a) 43 6,061 
Sony Corp. 115 11,588 
Whirlpool Corp. 27 4,873 
  105,335 
Internet & Direct Marketing Retail - 9.1%   
Alibaba Group Holding Ltd. (a) 1,905 55,406 
Alibaba Group Holding Ltd. sponsored ADR (a) 269 62,604 
Amazon.com, Inc. (a) 558 1,817,367 
Doordash, Inc. 70 9,993 
Doordash, Inc. 165 21,198 
eBay, Inc. 1,234 62,009 
JD.com, Inc. Class A 404 17,793 
Meituan Class B (a) 530 20,140 
MercadoLibre, Inc. (a) 5 8,376 
ZOZO, Inc. 100 2,469 
  2,077,355 
Multiline Retail - 0.3%   
B&M European Value Retail SA 1,783 12,586 
Dollar General Corp. 284 59,725 
  72,311 
Specialty Retail - 1.4%   
Bed Bath & Beyond, Inc. 300 5,328 
Best Buy Co., Inc. 246 24,548 
Cazoo Holdings Ltd. (c)(d) 94 1,366 
L Brands, Inc. 180 6,694 
Lowe's Companies, Inc. 236 37,880 
National Vision Holdings, Inc. (a) 100 4,529 
O'Reilly Automotive, Inc. (a) 49 22,176 
The Home Depot, Inc. 840 223,121 
  325,642 
Textiles, Apparel & Luxury Goods - 1.1%   
adidas AG 84 30,560 
Capri Holdings Ltd. (a) 100 4,200 
Deckers Outdoor Corp. (a) 123 35,274 
Kering SA 3 2,178 
lululemon athletica, Inc. (a) 100 34,803 
LVMH Moet Hennessy Louis Vuitton SE 4 2,504 
NIKE, Inc. Class B 949 134,255 
Tapestry, Inc. 100 3,108 
  246,882 
TOTAL CONSUMER DISCRETIONARY  3,134,539 
CONSUMER STAPLES - 3.0%   
Beverages - 0.7%   
Boston Beer Co., Inc. Class A (a) 7 6,960 
Constellation Brands, Inc. Class A (sub. vtg.) 37 8,105 
Monster Beverage Corp. (a) 194 17,941 
PepsiCo, Inc. 570 84,531 
The Coca-Cola Co. 843 46,230 
  163,767 
Food & Staples Retailing - 1.6%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 240 8,179 
Costco Wholesale Corp. 675 254,327 
Walmart, Inc. 661 95,283 
  357,789 
Household Products - 0.1%   
Colgate-Palmolive Co. 104 8,893 
Procter & Gamble Co. 71 9,879 
  18,772 
Personal Products - 0.6%   
Estee Lauder Companies, Inc. Class A 455 121,116 
L'Oreal SA 43 16,407 
  137,523 
TOTAL CONSUMER STAPLES  677,851 
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
Hess Corp. 179 9,449 
Reliance Industries Ltd. 2,261 61,444 
Tamarack Valley Energy Ltd. (a) 3,734 3,725 
  74,618 
FINANCIALS - 7.9%   
Banks - 1.4%   
Bank of America Corp. 7,236 219,323 
HDFC Bank Ltd. sponsored ADR (a) 72 5,203 
JPMorgan Chase & Co. 375 47,651 
Kotak Mahindra Bank Ltd. (a) 1,147 31,332 
M&T Bank Corp. 121 15,403 
Royal Bank of Canada 44 3,615 
  322,527 
Capital Markets - 1.2%   
BlackRock, Inc. Class A 162 116,889 
MarketAxess Holdings, Inc. 19 10,841 
Moody's Corp. 187 54,275 
Morgan Stanley 738 50,575 
MSCI, Inc. 63 28,131 
S&P Global, Inc. 54 17,751 
  278,462 
Diversified Financial Services - 4.6%   
Berkshire Hathaway, Inc. Class A (a) 3 1,043,445 
Insurance - 0.7%   
Admiral Group PLC 1,200 47,687 
American International Group, Inc. 357 13,516 
Chubb Ltd. 52 8,004 
Direct Line Insurance Group PLC 600 2,617 
Fairfax Financial Holdings Ltd. (sub. vtg.) 29 9,884 
GoHealth, Inc. (a) 200 2,732 
Intact Financial Corp. 1 118 
Intact Financial Corp. rights 12/31/21 (a)(c)(d) 100 10,566 
Progressive Corp. 441 43,606 
Selectquote, Inc. 100 2,075 
The Travelers Companies, Inc. 100 14,037 
  154,842 
TOTAL FINANCIALS  1,799,276 
HEALTH CARE - 11.8%   
Biotechnology - 2.3%   
23andMe, Inc. (a)(c)(d) 35 607 
AbbVie, Inc. 668 71,576 
Acceleron Pharma, Inc. (a) 59 7,548 
Allovir, Inc. (a) 37 1,422 
Alnylam Pharmaceuticals, Inc. (a) 43 5,589 
Argenx SE ADR (a) 100 29,409 
BeiGene Ltd. ADR (a) 35 9,044 
Biohaven Pharmaceutical Holding Co. Ltd. (a) 52 4,457 
CSL Ltd. 6 1,310 
Genmab A/S (a) 26 10,543 
Idorsia Ltd. (a) 1,085 31,310 
Innovent Biologics, Inc. (a)(b) 2,043 21,623 
Kymera Therapeutics, Inc. (a) 33 2,046 
Mirati Therapeutics, Inc. (a) 79 17,352 
Regeneron Pharmaceuticals, Inc. (a) 296 143,001 
Relay Therapeutics, Inc. (a) 100 4,156 
Replimune Group, Inc. (a) 98 3,739 
Seagen, Inc. (a) 114 19,966 
Seer, Inc. 24 1,347 
Turning Point Therapeutics, Inc. (a) 116 14,135 
Vertex Pharmaceuticals, Inc. (a) 353 83,428 
Zai Lab Ltd. (a) 111 14,803 
Zai Lab Ltd. ADR (a) 84 11,369 
  509,780 
Health Care Equipment & Supplies - 2.9%   
Abbott Laboratories 656 71,825 
Danaher Corp. 1,190 264,347 
DexCom, Inc. (a) 154 56,937 
Edwards Lifesciences Corp. (a) 794 72,437 
Envista Holdings Corp. (a) 158 5,329 
Hologic, Inc. (a) 470 34,230 
Intuitive Surgical, Inc. (a) 114 93,263 
Masimo Corp. (a) 68 18,250 
Medtronic PLC 93 10,894 
ResMed, Inc. 77 16,367 
Stryker Corp. 32 7,841 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b) 507 5,170 
West Pharmaceutical Services, Inc. 33 9,349 
  666,239 
Health Care Providers & Services - 2.2%   
Anthem, Inc. 42 13,486 
Guardant Health, Inc. (a) 43 5,542 
Henry Schein, Inc. (a) 100 6,686 
Humana, Inc. 133 54,566 
Owens & Minor, Inc. 300 8,115 
Patterson Companies, Inc. 503 14,904 
UnitedHealth Group, Inc. 1,124 394,164 
  497,463 
Health Care Technology - 0.4%   
Change Healthcare, Inc. (a) 100 1,865 
Veeva Systems, Inc. Class A (a) 357 97,193 
  99,058 
Life Sciences Tools & Services - 1.9%   
10X Genomics, Inc. (a) 206 29,170 
Adaptive Biotechnologies Corp. (a) 105 6,209 
Bio-Rad Laboratories, Inc. Class A (a) 77 44,886 
Eurofins Scientific SA (a) 160 13,415 
IQVIA Holdings, Inc. (a) 130 23,292 
Mettler-Toledo International, Inc. (a) 100 113,968 
PerkinElmer, Inc. 55 7,893 
Sartorius Stedim Biotech 13 4,625 
Thermo Fisher Scientific, Inc. 374 174,202 
WuXi AppTec Co. Ltd. (H Shares) (b) 707 13,844 
  431,504 
Pharmaceuticals - 2.1%   
AstraZeneca PLC sponsored ADR 1,341 67,037 
Bristol-Myers Squibb Co. 479 29,712 
Eli Lilly & Co. 560 94,550 
Hansoh Pharmaceutical Group Co. Ltd. (a)(b) 3,133 15,195 
Horizon Therapeutics PLC (a) 801 58,593 
Jazz Pharmaceuticals PLC (a) 172 28,389 
Merck & Co., Inc. 524 42,863 
Royalty Pharma PLC 703 35,185 
Supernus Pharmaceuticals, Inc. (a) 100 2,516 
UCB SA 126 13,004 
Zoetis, Inc. Class A 514 85,067 
  472,111 
TOTAL HEALTH CARE  2,676,155 
INDUSTRIALS - 4.1%   
Aerospace & Defense - 0.1%   
HEICO Corp. Class A 100 11,706 
Lockheed Martin Corp. 32 11,359 
  23,065 
Air Freight & Logistics - 0.5%   
C.H. Robinson Worldwide, Inc. 71 6,665 
United Parcel Service, Inc. Class B 666 112,154 
  118,819 
Building Products - 0.6%   
Carrier Global Corp. 330 12,448 
Fortune Brands Home & Security, Inc. 582 49,889 
The AZEK Co., Inc. 86 3,307 
Toto Ltd. 739 44,374 
Trane Technologies PLC 129 18,726 
  128,744 
Commercial Services & Supplies - 0.3%   
Cintas Corp. 196 69,278 
Clean TeQ Holdings Ltd. (a) 9,749 1,879 
  71,157 
Electrical Equipment - 0.7%   
Acuity Brands, Inc. 83 10,050 
AMETEK, Inc. 88 10,643 
Vestas Wind Systems A/S 596 140,793 
  161,486 
Industrial Conglomerates - 0.2%   
General Electric Co. 3,458 37,346 
Machinery - 0.5%   
Deere & Co. 185 49,774 
IDEX Corp. 28 5,578 
Illinois Tool Works, Inc. 94 19,165 
Ingersoll Rand, Inc. (a) 122 5,558 
PACCAR, Inc. 284 24,504 
  104,579 
Professional Services - 0.7%   
Clarivate Analytics PLC (a) 2,359 70,086 
CoStar Group, Inc. (a) 73 67,472 
Experian PLC 603 22,907 
Verisk Analytics, Inc. 48 9,964 
  170,429 
Road & Rail - 0.5%   
Canadian Pacific Railway Ltd. 159 55,152 
Uber Technologies, Inc. (a) 115 5,865 
Union Pacific Corp. 246 51,222 
  112,239 
Trading Companies & Distributors - 0.0%   
Fastenal Co. 100 4,883 
W.W. Grainger, Inc. 12 4,900 
  9,783 
TOTAL INDUSTRIALS  937,647 
INFORMATION TECHNOLOGY - 33.9%   
Electronic Equipment & Components - 1.5%   
Amphenol Corp. Class A 2,433 318,163 
Samsung SDI Co. Ltd. 35 20,195 
Vontier Corp. (a) 76 2,538 
Zebra Technologies Corp. Class A (a) 15 5,765 
  346,661 
IT Services - 7.5%   
Accenture PLC Class A 498 130,083 
Adyen BV (a)(b) 50 116,177 
Edenred SA 22 1,247 
MasterCard, Inc. Class A 1,033 368,719 
MongoDB, Inc. Class A (a) 360 129,254 
Okta, Inc. (a) 662 168,320 
PayPal Holdings, Inc. (a) 1,113 260,665 
Shopify, Inc. Class A (a) 201 226,963 
Snowflake Computing, Inc. 48 13,507 
Snowflake Computing, Inc. Class B 47 12,565 
Square, Inc. (a) 237 51,581 
Twilio, Inc. Class A (a) 147 49,760 
Visa, Inc. Class A 800 174,984 
  1,703,825 
Semiconductors & Semiconductor Equipment - 6.9%   
Advanced Micro Devices, Inc. (a) 2,205 202,221 
Analog Devices, Inc. 151 22,307 
ASML Holding NV 68 33,165 
Enphase Energy, Inc. (a) 108 18,951 
First Solar, Inc. (a) 49 4,847 
KLA-Tencor Corp. 34 8,803 
Lam Research Corp. 196 92,565 
Lattice Semiconductor Corp. (a) 432 19,794 
Marvell Technology Group Ltd. 734 34,894 
MaxLinear, Inc. Class A (a) 21 802 
NVIDIA Corp. 918 479,380 
NXP Semiconductors NV 280 44,523 
Qorvo, Inc. (a) 300 49,881 
Qualcomm, Inc. 2,768 421,677 
Semtech Corp. (a) 238 17,157 
Skyworks Solutions, Inc. 162 24,767 
Synaptics, Inc. (a) 390 37,596 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 322 35,111 
Texas Instruments, Inc. 52 8,535 
  1,556,976 
Software - 17.1%   
Adobe, Inc. (a) 1,572 786,189 
Atlassian Corp. PLC(a) 634 148,274 
C3.Ai, Inc. 37 5,134 
Cadence Design Systems, Inc. (a) 90 12,279 
Ceridian HCM Holding, Inc. (a) 39 4,156 
Cloudflare, Inc. (a) 1,202 91,340 
Coupa Software, Inc. (a) 179 60,665 
Crowdstrike Holdings, Inc. (a) 76 16,098 
Datadog, Inc. Class A (a) 273 26,874 
Dropbox, Inc. Class A (a) 889 19,727 
Dynatrace, Inc. (a) 437 18,909 
Epic Games, Inc. (c)(d) 34 19,550 
Intuit, Inc. 330 125,351 
Microsoft Corp. 5,747 1,278,248 
Nuance Communications, Inc. (a) 164 7,231 
Paycom Software, Inc. (a) 14 6,332 
RingCentral, Inc. (a) 46 17,433 
Salesforce.com, Inc. (a) 4,996 1,111,760 
ServiceNow, Inc. (a) 166 91,371 
Slack Technologies, Inc. Class A (a) 233 9,842 
SVMK, Inc. (a) 523 13,363 
Tanium, Inc. Class B (a)(c)(d) 741 8,444 
Tenable Holdings, Inc. (a) 100 5,226 
Xero Ltd. (a) 51 5,773 
  3,889,569 
Technology Hardware, Storage & Peripherals - 0.9%   
Apple, Inc. 1,273 168,914 
Dell Technologies, Inc. (a) 66 4,837 
Samsung Electronics Co. Ltd. 400 29,768 
  203,519 
TOTAL INFORMATION TECHNOLOGY  7,700,550 
MATERIALS - 3.3%   
Chemicals - 1.1%   
Air Products & Chemicals, Inc. 103 28,142 
LG Chemical Ltd. 7 5,300 
Sherwin-Williams Co. 282 207,245 
  240,687 
Containers & Packaging - 0.1%   
Silgan Holdings, Inc. 339 12,570 
WestRock Co. 92 4,005 
  16,575 
Metals & Mining - 2.1%   
Agnico Eagle Mines Ltd. (Canada) 174 12,247 
B2Gold Corp. 4,102 22,977 
Barrick Gold Corp. (Canada) 4,345 98,990 
Franco-Nevada Corp. 1,356 170,019 
Freeport-McMoRan, Inc. 1,153 30,001 
Gatos Silver, Inc. 600 7,818 
Ivanhoe Mines Ltd. (a) 10,385 55,968 
Lundin Gold, Inc. (a) 411 3,529 
Newcrest Mining Ltd. 291 5,784 
Newmont Corp. 786 47,074 
Northern Star Resources Ltd. 500 4,892 
Novagold Resources, Inc. (a) 2,336 22,609 
  481,908 
TOTAL MATERIALS  739,170 
REAL ESTATE - 0.3%   
Equity Real Estate Investment Trusts (REITs) - 0.3%   
American Tower Corp. 156 35,016 
Equity Commonwealth 368 10,039 
Prologis (REIT), Inc. 105 10,464 
Simon Property Group, Inc. 49 4,179 
  59,698 
UTILITIES - 0.3%   
Electric Utilities - 0.3%   
Iberdrola SA 404 5,775 
NextEra Energy, Inc. 298 22,991 
PG&E Corp. (a) 3,195 39,810 
  68,576 
Independent Power and Renewable Electricity Producers - 0.0%   
The AES Corp. 300 7,050 
TOTAL UTILITIES  75,626 
TOTAL COMMON STOCKS   
(Cost $12,132,862)  21,903,477 
Preferred Stocks - 0.3%   
Convertible Preferred Stocks - 0.3%   
CONSUMER DISCRETIONARY - 0.1%   
Internet & Direct Marketing Retail - 0.0%   
Zomato Pvt Ltd. Series J7 (c)(d) 1 4,110 
Specialty Retail - 0.1%   
Fanatics, Inc. Series E (c)(d) 290 5,014 
TOTAL CONSUMER DISCRETIONARY  9,124 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (a)(c)(d) 8 3,403 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc.:   
Series F (a)(c)(d) 144 2,498 
Series F1 (c)(d) 139 2,412 
  4,910 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series N (c)(d) 74 19,980 
Air Freight & Logistics - 0.0%   
Zipline International, Inc. Series E (c)(d) 236 7,701 
TOTAL INDUSTRIALS  27,681 
INFORMATION TECHNOLOGY - 0.1%   
IT Services - 0.1%   
ByteDance Ltd. Series E1 (c)(d) 117 12,820 
Software - 0.0%   
Nuro, Inc. Series C (c)(d) 562 7,337 
TOTAL INFORMATION TECHNOLOGY  20,157 
TOTAL CONVERTIBLE PREFERRED STOCKS  65,275 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Specialty Retail - 0.0%   
Cazoo Holdings Ltd.:   
Series A (c)(d) 3 44 
Series B (c)(d) 54 785 
Series C (c)(d) 1 15 
Series D (c)(d) 192 2,790 
  3,634 
TOTAL PREFERRED STOCKS   
(Cost $67,592)  68,909 
Money Market Funds - 2.3%   
Fidelity Cash Central Fund 0.11% (e)   
(Cost $511,713) 511,611 511,713 
TOTAL INVESTMENT IN SECURITIES - 99.0%   
(Cost $12,712,167)  22,484,099 
NET OTHER ASSETS (LIABILITIES) - 1.0%  225,031 
NET ASSETS - 100%  $22,709,130 

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 $196,137 or 0.9% 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 $109,442 or 0.5% 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 
23andMe, Inc. Series F1 12/9/20 $2,412 
ByteDance Ltd. Series E1 11/18/20 $12,820 
Cazoo Holdings Ltd. 9/30/20 $1,289 
Cazoo Holdings Ltd. Series A 9/30/20 $41 
Cazoo Holdings Ltd. Series B 9/30/20 $740 
Cazoo Holdings Ltd. Series C 9/30/20 $14 
Cazoo Holdings Ltd. Series D 9/30/20 $2,632 
Epic Games, Inc. 7/30/20 $19,550 
Fanatics, Inc. Series E 8/13/20 $5,014 
Intact Financial Corp. rights 12/31/21 11/13/20 $10,234 
Nuro, Inc. Series C 10/30/20 $7,337 
Roofoods Ltd. Series F 9/12/17 $2,829 
Space Exploration Technologies Corp. Series N 8/4/20 $19,980 
Tanium, Inc. Class B 4/21/17 - 9/18/20 $7,801 
Zipline International, Inc. Series E 12/21/20 $7,701 
Zomato Pvt Ltd. Series J7 12/9/20 $4,073 

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 $2,188 
Fidelity Securities Lending Cash Central Fund 15 
Total $2,203 

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, 2020, 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 $4,028,347 $3,997,082 $31,265 $-- 
Consumer Discretionary 3,147,297 2,953,713 179,460 14,124 
Consumer Staples 681,254 661,444 16,407 3,403 
Energy 74,618 74,618 -- -- 
Financials 1,799,276 1,788,710 -- 10,566 
Health Care 2,681,065 2,618,892 56,656 5,517 
Industrials 965,328 773,947 163,700 27,681 
Information Technology 7,720,707 7,543,814 128,742 48,151 
Materials 739,170 739,170 -- -- 
Real Estate 59,698 59,698 -- -- 
Utilities 75,626 75,626 -- -- 
Money Market Funds 511,713 511,713 -- -- 
Total Investments in Securities: $22,484,099 $21,798,427 $576,230 $109,442 

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 88.8% 
Canada 3.3% 
Cayman Islands 1.3% 
Ireland 1.1% 
Others (Individually Less Than 1%) 5.5% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2020 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $12,200,454) 		$21,972,386  
Fidelity Central Funds (cost $511,713) 511,713  
Total Investment in Securities (cost $12,712,167)  $22,484,099 
Cash  8,665 
Foreign currency held at value (cost $9,922)  10,288 
Receivable for investments sold  2,792 
Receivable for fund shares sold  206,937 
Dividends receivable  4,986 
Distributions receivable from Fidelity Central Funds  39 
Other receivables  748 
Total assets  22,718,554 
Liabilities   
Payable for fund shares redeemed $5,163  
Other payables and accrued expenses 4,261  
Total liabilities  9,424 
Net Assets  $22,709,130 
Net Assets consist of:   
Paid in capital  $12,411,731 
Total accumulated earnings (loss)  10,297,399 
Net Assets  $22,709,130 
Net Asset Value, offering price and redemption price per share ($22,709,130 ÷ 1,191,361 shares)  $19.06 

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


Statement of Operations

  Year ended December 31, 2020 
Investment Income   
Dividends  $136,518 
Income from Fidelity Central Funds (including $15 from security lending)  2,203 
Total income  138,721 
Expenses   
Independent trustees' fees and expenses $135  
Miscellaneous 945  
Total expenses before reductions 1,080  
Expense reductions (17)  
Total expenses after reductions  1,063 
Net investment income (loss)  137,658 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,131) 2,208,681  
Fidelity Central Funds 73  
Foreign currency transactions (619)  
Total net realized gain (loss)  2,208,135 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,259) 3,297,417  
Assets and liabilities in foreign currencies (218)  
Total change in net unrealized appreciation (depreciation)  3,297,199 
Net gain (loss)  5,505,334 
Net increase (decrease) in net assets resulting from operations  $5,642,992 

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


Statement of Changes in Net Assets

 Year ended December 31, 2020 Year ended December 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $137,658 $182,206 
Net realized gain (loss) 2,208,135 (44,470) 
Change in net unrealized appreciation (depreciation) 3,297,199 5,247,518 
Net increase (decrease) in net assets resulting from operations 5,642,992 5,385,254 
Distributions to shareholders (1,482,822) (314,958) 
Share transactions   
Proceeds from sales of shares 10,267,922 19,745,275 
Reinvestment of distributions 1,482,822 314,958 
Cost of shares redeemed (21,457,319) (13,598,178) 
Net increase (decrease) in net assets resulting from share transactions (9,706,575) 6,462,055 
Total increase (decrease) in net assets (5,546,405) 11,532,351 
Net Assets   
Beginning of period 28,255,535 16,723,184 
End of period $22,709,130 $28,255,535 
Other Information   
Shares   
Sold 595,451 1,382,903 
Issued in reinvestment of distributions 78,030 20,667 
Redeemed (1,333,136) (967,508) 
Net increase (decrease) (659,655) 436,062 

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


Financial Highlights

Fidelity Flex Opportunistic Insights Fund

     
Years ended December 31, 2020 2019 2018 2017 A 
Selected Per–Share Data     
Net asset value, beginning of period $15.26 $11.82 $12.19 $10.00 
Income from Investment Operations     
Net investment income (loss)B .10 .12 .11 .07 
Net realized and unrealized gain (loss) 5.04 3.49 (.33) 2.17 
Total from investment operations 5.14 3.61 (.22) 2.24 
Distributions from net investment income (.14) (.10) (.15) (.04) 
Distributions from net realized gain (1.20) (.07) – (.01) 
Total distributions (1.34) (.17) (.15) (.05) 
Net asset value, end of period $19.06 $15.26 $11.82 $12.19 
Total ReturnC,D 33.68% 30.56% (1.85)% 22.37% 
Ratios to Average Net AssetsE,F     
Expenses before reductionsG -% -% -% - %H 
Expenses net of fee waivers, if anyG -% -% -% - %H 
Expenses net of all reductionsG -% -% -% - %H 
Net investment income (loss) .61% .82% .81% .78%H 
Supplemental Data     
Net assets, end of period (000 omitted) $22,709 $28,256 $16,723 $14,501 
Portfolio turnover rateI 39% 67% 93% 28%H 

 A For the period March 8, 2017 (commencement of operations) to December 31, 2017.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount represents less than .005%.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Notes to Financial Statements

For the period ended December 31, 2020

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 and advisory programs offered by Fidelity.

Effective January 1, 2020:

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".

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 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 - Investment 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, 2020 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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, 2020, 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) 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 $9,784,821 
Gross unrealized depreciation (75,147) 
Net unrealized appreciation (depreciation) $9,709,674 
Tax Cost $12,774,425 

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

Undistributed ordinary income $17,442 
Undistributed long-term capital gain $573,593 
Net unrealized appreciation (depreciation) on securities and other investments $9,710,089 

The tax character of distributions paid was as follows:

 December 31, 2020 December 31, 2019 
Ordinary Income $157,278 $ 179,453 
Long-term Capital Gains 1,325,544 135,505 
Total $1,482,822 $ 314,958 

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Flex Opportunistic Insights Fund 8,802,852 20,357,626 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 $285 

Interfund Trades. Funds 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, and amounted to $447,577 and $1,519,451, respectively.

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Fidelity Flex Opportunistic Insights Fund $58 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

 Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Flex Opportunistic Insights Fund $– $– 

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 $17.

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, the investment adviser or its affiliates were the owners of record of 47% of the total outstanding shares of the Fund.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

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, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2020 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, 2020, 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, 2020 and the financial highlights for each of the three years in the period ended December 31, 2020 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, 2020 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.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 11, 2021



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 305 funds. 

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

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (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. Robert A. Lawrence is an interested person and currently serves as Acting 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. David M. Thomas serves as Lead Independent Trustee 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+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2013-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * 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 served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (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 Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as 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 currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), 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). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee 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 Advisory Board of certain Fidelity® funds (2020), 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).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. 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). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee 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 Advisory Board of certain Fidelity® funds (2020), 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).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + 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

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Lautenbach also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a Trustee of certain Fidelity® funds (2000-2020) and a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a 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).

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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

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 LLP (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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2020 to December 31, 2020).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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, 2020 		Ending
Account Value
December 31, 2020 		Expenses Paid
During Period-B
July 1, 2020
to December 31, 2020 
Fidelity Flex Opportunistic Insights Fund - %-C    
Actual  $1,000.00 $1,213.90 $--D 
Hypothetical-E  $1,000.00 $1,025.14 $--D 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 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 Flex Opportunistic Insight Fund voted to pay on February 08, 2021, to shareholders of record at the opening of business on February 05, 2021, a distribution of $0.546 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.017 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2020, $1,899,137, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 28% and 80% of the dividends distributed in February and December, respectively, during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 31% and 89% of the dividends distributed in February and December, respectively, 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 designates 1% and 3% of the dividends distributed in February and December, respectively, during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 		% of
Votes 
Dennis J. Dirks 
Affirmative 72,344,109,590.115 94.971 
Withheld 3,830,453,053.232 5.029 
TOTAL 76,174,562,643.346 100.000 
Donald F. Donahue 
Affirmative 72,379,829,662.975 95.018 
Withheld 3,794,732,980.371 4.982 
TOTAL 76,174,562,643.346 100.000 
Bettina Doulton 
Affirmative 72,672,607,741.197 95.403 
Withheld 3,501,954,902.150 4.597 
TOTAL 76,174,562,643.346 100.000 
Vicki L. Fuller 
Affirmative 76,174,562,643.346 95.665 
Withheld 3,302,170,904.495 4.335 
TOTAL 76,174,562,643.346 100.000 
Patricia L. Kampling 
Affirmative 72,440,745,750.200 95.098 
Withheld 3,733,816,893.146 4.902 
TOTAL 76,174,562,643.346 100.000 
Alan J. Lacy 
Affirmative 71,928,556,631.631 94.426 
Withheld 4,246,006,011.716 5.574 
TOTAL 76,174,562,643.346 100.000 
Ned C. Lautenbach 
Affirmative 71,259,860,753.748 93.548 
Withheld 4,914,701,889.598 6.452 
TOTAL 76,174,562,643.346 100.000 
Robert A. Lawrence 
Affirmative 72,022,885,128.366 94.550 
Withheld 4,151,677,514.980 5.450 
TOTAL 76,174,562,643.346 100.000 
Joseph Mauriello 
Affirmative 71,805,724,118.522 94.265 
Withheld 4,368,838,524.824 5.735 
TOTAL 76,174,562,643.346 100.000 
Cornelia M. Small 
Affirmative 72,193,236,701.205 94.773 
Withheld 3,981,325,942.141 5.227 
TOTAL 76,174,562,643.346 100.000 
Garnett A. Smith 
Affirmative 71,883,892,217.388 94.367 
Withheld 4,290,670,425.958 5.633 
TOTAL 76,174,562,643.346 100.000 
David M. Thomas 
Affirmative 72,052,952,536.197 94.589 
Withheld 4,121,610,107.149 5.411 
TOTAL 76,174,562,643.346 100.000 
Susan Tomasky 
Affirmative 72,505,011,517.089 95.183 
Withheld 3,669,551,126.257 4.817 
TOTAL 76,174,562,643.346 100.000 
Michael E. Wiley 
Affirmative 72,036,408,999.313 94.568 
Withheld 4,138,153,644.034 5.432 
TOTAL 76,174,562,643.346 100.000 
Proposal 1 reflects trust wide proposal and voting results. 





Fidelity Investments

ZPI-ANN-0221
1.9881595.103


Item 2.

Code of Ethics


As of the end of the period, December 31, 2020, 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 Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR.  Mr. Donahue 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, 2020 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Advisor New Insights Fund

 $72,800  

$6,200

 $109,600

 $2,500

Fidelity Contrafund

 $192,800  

$7,300

  $14,800

 $3,000

Fidelity Contrafund K6

$99,500

$5,800

$9,600

$2,400

Fidelity Flex Opportunistic Insights Fund

$49,200

$4,700

$12,600

$1,900

Fidelity Series Opportunistic Insights Fund

$66,300  

$5,800

 $11,500

$2,400






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










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 LLC ("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, 2020A

December 31, 2019A

Audit-Related Fees

$9,377,400

 $7,705,000

Tax Fees

$30,000

$10,000

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, 2020A

December 31, 2019A

PwC

$14,682,400

$12,535,000


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 18, 2021


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 18, 2021



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

February 18, 2021