N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1400

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

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(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:

March 31, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Contrafund®

March 31, 2012 

1.799873.108

CON-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 22.2%

Automobiles - 0.4%

Harley-Davidson, Inc.

504,900

$ 24,780

Hyundai Motor Co.

750,302

154,285

Tesla Motors, Inc. (a)

3,583,141

133,436

 

312,501

Distributors - 0.0%

LKQ Corp. (a)

534,827

16,671

Diversified Consumer Services - 0.2%

Anhanguera Educacional Participacoes SA

864,509

10,416

Coinstar, Inc. (a)(d)

1,117,009

70,986

Kroton Educacional SA unit (a)

1,632,900

23,779

New Oriental Education & Technology Group, Inc. sponsored ADR (a)

443,790

12,186

Weight Watchers International, Inc.

325,980

25,162

 

142,529

Hotels, Restaurants & Leisure - 6.5%

Arcos Dorados Holdings, Inc.

3,336,852

60,364

Buffalo Wild Wings, Inc. (a)

605,667

54,928

Chipotle Mexican Grill, Inc. (a)(e)

2,555,951

1,068,388

Dunkin' Brands Group, Inc. (e)

7,147,490

215,211

Galaxy Entertainment Group Ltd. (a)

31,634,000

87,379

Las Vegas Sands Corp.

5,267,500

303,250

McDonald's Corp.

23,346,932

2,290,334

Paradise Co. Ltd.

1,416,032

10,985

Starbucks Corp.

13,138,454

734,308

Tim Hortons, Inc. (Canada) (e)

11,868,732

634,871

Wyndham Worldwide Corp.

494,000

22,976

 

5,482,994

Household Durables - 0.4%

D.R. Horton, Inc.

4,274,900

64,850

Leggett & Platt, Inc. (d)

325,000

7,478

PulteGroup, Inc. (a)

4,940,900

43,727

Tempur-Pedic International, Inc. (a)

2,763,352

233,310

 

349,365

Internet & Catalog Retail - 2.4%

Amazon.com, Inc. (a)

4,674,837

946,701

Groupon, Inc. (a)(i)

10,503,516

173,749

Liberty Media Corp. Interactive Series A (a)

1,325,200

25,298

Ocado Group PLC (a)(d)

4,236,446

7,759

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Internet & Catalog Retail - continued

Priceline.com, Inc. (a)

1,048,400

$ 752,227

TripAdvisor, Inc. (a)

2,821,710

100,650

 

2,006,384

Leisure Equipment & Products - 0.1%

Mattel, Inc.

1,373,400

46,229

Polaris Industries, Inc.

861,225

62,137

 

108,366

Media - 3.5%

Comcast Corp. Class A

12,726,478

381,922

Discovery Communications, Inc. (a)(e)

15,855,152

802,271

Interpublic Group of Companies, Inc.

3,333,769

38,038

Legend Pictures LLC (a)(h)(i)

38,222

40,864

Liberty Media Corp. Capital Series A (a)

747,375

65,881

Naspers Ltd. Class N

748,300

42,045

Scripps Networks Interactive, Inc. Class A

783,452

38,146

Sirius XM Radio, Inc. (a)(d)

16,056,018

37,089

The Walt Disney Co.

34,059,319

1,491,117

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

41,234

15,463

 

2,952,836

Multiline Retail - 1.4%

Dollar General Corp. (a)

1,173,400

54,211

Dollar Tree, Inc. (a)(e)

8,404,700

794,160

Dollarama, Inc.

1,471,150

68,606

Dollarama, Inc. (a)(f)

1,194,200

55,691

JCPenney Co., Inc.

583,600

20,677

Macy's, Inc.

3,841,430

152,620

 

1,145,965

Specialty Retail - 4.7%

Advance Auto Parts, Inc.

443,602

39,290

AutoZone, Inc. (a)

613,073

227,941

Bed Bath & Beyond, Inc. (a)

8,661,800

569,687

Cia.Hering SA

340,000

8,780

Dick's Sporting Goods, Inc.

1,172,523

56,375

Express, Inc. (a)

2,763,800

69,040

Fast Retailing Co. Ltd.

40,000

9,174

Foschini Ltd.

1,210,000

19,510

Gap, Inc.

634,900

16,596

GNC Holdings, Inc.

2,969,448

103,604

Limited Brands, Inc.

2,874,900

137,995

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Lithia Motors, Inc. Class A (sub. vtg.)

136,941

$ 3,588

O'Reilly Automotive, Inc. (a)

1,234,000

112,726

Penske Automotive Group, Inc.

1,912,124

47,096

PetSmart, Inc.

1,753,119

100,313

Pier 1 Imports, Inc. (a)

500,000

9,090

Ross Stores, Inc.

9,740,788

565,940

Sally Beauty Holdings, Inc. (a)

1,162,409

28,828

TJX Companies, Inc. (e)

38,069,408

1,511,736

Tractor Supply Co.

475,200

43,034

Ulta Salon, Cosmetics & Fragrance, Inc.

1,279,477

118,851

Urban Outfitters, Inc. (a)

851,100

24,776

Vitamin Shoppe, Inc. (a)

972,168

42,980

Workman Co. Ltd.

91,200

2,791

Zumiez, Inc. (a)(d)

1,153,209

41,642

 

3,911,383

Textiles, Apparel & Luxury Goods - 2.6%

Burberry Group PLC

5,067,604

121,341

Coach, Inc.

1,734,900

134,073

lululemon athletica, Inc. (a)

419,158

31,303

Michael Kors Holdings Ltd.

302,072

14,074

NIKE, Inc. Class B

11,172,763

1,211,574

PVH Corp.

100,000

8,933

Ralph Lauren Corp.

1,115,890

194,533

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

2,462,361

231,462

VF Corp.

1,483,571

216,572

 

2,163,865

TOTAL CONSUMER DISCRETIONARY

18,592,859

CONSUMER STAPLES - 7.8%

Beverages - 3.1%

Anheuser-Busch InBev SA NV ADR

3,884,600

282,488

Boston Beer Co., Inc. Class A (a)(d)

170,670

18,226

Diageo PLC sponsored ADR

604,200

58,305

Dr Pepper Snapple Group, Inc.

2,286,400

91,936

Monster Beverage Corp. (a)

352,600

21,893

The Coca-Cola Co.

28,410,291

2,102,646

 

2,575,494

Food & Staples Retailing - 1.3%

Costco Wholesale Corp.

4,722,323

428,787

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

CVS Caremark Corp.

4,856,400

$ 217,567

Drogasil SA

2,587,263

25,151

Roundy's, Inc.

1,903,400

20,366

Wal-Mart Stores, Inc.

5,211,800

318,962

Whole Foods Market, Inc.

1,295,850

107,815

 

1,118,648

Food Products - 0.8%

General Mills, Inc.

535,600

21,129

Kraft Foods, Inc. Class A

5,776,200

219,553

Mead Johnson Nutrition Co. Class A

1,832,100

151,112

Orion Corp.

22,848

16,051

Sara Lee Corp.

385,000

8,289

TreeHouse Foods, Inc. (a)(e)

2,436,676

144,982

Want Want China Holdings Ltd.

74,350,000

83,105

 

644,221

Household Products - 1.4%

Colgate-Palmolive Co.

11,744,607

1,148,388

Kimberly-Clark Corp.

475,400

35,127

Reckitt Benckiser Group PLC

238,648

13,486

 

1,197,001

Personal Products - 1.0%

Estee Lauder Companies, Inc. Class A 

13,103,200

811,612

Tobacco - 0.2%

Philip Morris International, Inc.

1,734,900

153,729

Swedish Match Co. AB

220,000

8,759

 

162,488

TOTAL CONSUMER STAPLES

6,509,464

ENERGY - 7.1%

Energy Equipment & Services - 0.5%

FMC Technologies, Inc. (a)

1,104,200

55,674

Schlumberger Ltd.

5,392,400

377,091

 

432,765

Oil, Gas & Consumable Fuels - 6.6%

Americas Petrogas, Inc. (a)

3,513,200

12,538

Americas Petrogas, Inc. (f)

3,562,500

12,714

Anadarko Petroleum Corp.

12,202,170

955,918

Baytex Energy Corp. (d)

132,800

6,895

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

BG Group PLC

706,786

$ 16,370

Birchcliff Energy Ltd. (a)(e)

4,787,400

34,794

Birchcliff Energy Ltd.

1,900,000

13,809

Canadian Natural Resources Ltd.

3,136,312

103,941

Cobalt International Energy, Inc. (a)

3,621,700

108,760

Concho Resources, Inc. (a)

4,858,039

495,909

Concho Resources, Inc.

626,220

63,925

Continental Resources, Inc. (a)(d)

4,411,000

378,552

Encana Corp.

408,700

8,026

Enterprise Products Partners LP

831,000

41,941

EOG Resources, Inc.

3,233,757

359,270

Gulfport Energy Corp. (a)

248,500

7,236

InterOil Corp. (a)(d)

211,966

10,897

Ivanhoe Energy, Inc. (f)

504,900

547

Kosmos Energy Ltd.

1,672,369

22,142

Madalena Ventures, Inc. (a)

6,271,999

5,784

Madalena Ventures, Inc. (f)

9,370,500

8,642

Marathon Petroleum Corp.

200,000

8,672

Noble Energy, Inc. (e)

17,399,109

1,701,285

Occidental Petroleum Corp.

7,241,641

689,621

OGX Petroleo e Gas Participacoes SA (a)

1,030,300

8,520

Plains Exploration & Production Co. (a)

1,450,050

61,845

Tourmaline Oil Corp. (a)

5,253,800

116,131

Tourmaline Oil Corp. (f)

1,363,300

30,135

TransAtlantic Petroleum Ltd. (a)(f)

1,734,051

2,225

Tullow Oil PLC

4,231,300

103,347

Ultrapar Participacoes SA

2,823,900

61,861

Valero Energy Corp.

1,228,700

31,664

World Fuel Services Corp.

1,043,084

42,766

 

5,526,682

TOTAL ENERGY

5,959,447

FINANCIALS - 10.6%

Capital Markets - 0.5%

BlackRock, Inc. Class A

338,594

69,378

Cetip SA

465,600

7,726

State Street Corp.

6,628,800

301,610

 

378,714

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - 3.7%

Bank of Ireland (a)

1,438,824,822

$ 237,921

BB&T Corp.

5,398,700

169,465

BOK Financial Corp.

161,866

9,110

Commerce Bancshares, Inc.

189,259

7,669

Commonwealth Bank of Australia

160,000

8,301

Fifth Third Bancorp

4,328,100

60,810

Itau Unibanco Banco Multiplo SA sponsored ADR

3,168,800

60,809

Metro Bank PLC Class A (a)(e)(i)

1,658,250

12,360

PNC Financial Services Group, Inc.

4,638,192

299,117

Texas Capital Bancshares, Inc. (a)

250,000

8,655

U.S. Bancorp

12,953,729

410,374

UMB Financial Corp.

192,400

8,607

Wells Fargo & Co.

53,010,997

1,809,795

 

3,102,993

Consumer Finance - 0.6%

American Express Co.

5,997,400

347,010

Capital One Financial Corp.

1,904,216

106,141

Credit Acceptance Corp. (a)

289,396

29,232

 

482,383

Diversified Financial Services - 0.6%

Citigroup, Inc.

5,436,602

198,708

JPMorgan Chase & Co.

7,504,232

345,045

 

543,753

Insurance - 4.4%

ACE Ltd.

5,192,900

380,120

Admiral Group PLC

4,424,963

84,013

AIA Group Ltd.

52,027,600

190,608

Berkshire Hathaway, Inc. Class A (a)

20,745

2,528,816

Fairfax Financial Holdings Ltd. (sub. vtg.)

195,422

78,868

The Chubb Corp.

5,393,974

372,778

The Travelers Companies, Inc.

752,828

44,567

 

3,679,770

Real Estate Investment Trusts - 0.5%

American Tower Corp.

7,333,200

462,138

Real Estate Management & Development - 0.3%

BR Malls Participacoes SA

19,179,500

249,887

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - 0.0%

BankUnited, Inc.

1,043,900

$ 26,098

TOTAL FINANCIALS

8,925,736

HEALTH CARE - 9.1%

Biotechnology - 2.9%

Affymax, Inc. (a)

419,647

4,927

Alexion Pharmaceuticals, Inc. (a)

4,370,460

405,841

Amgen, Inc.

3,556,272

241,791

ARIAD Pharmaceuticals, Inc. (a)

3,546,023

56,559

AVEO Pharmaceuticals, Inc. (a)

1,197,970

14,867

Biogen Idec, Inc. (a)

7,613,800

959,110

BioMarin Pharmaceutical, Inc. (a)

1,306,560

44,750

Celgene Corp. (a)

4,472,300

346,693

Cepheid, Inc. (a)

867,144

36,273

Clovis Oncology, Inc.

805,100

20,490

Gilead Sciences, Inc. (a)

5,708,300

278,850

Medivation, Inc. (a)

441,394

32,981

Merrimack Pharmaceuticals, Inc.

1,434,100

8,877

 

2,452,009

Health Care Equipment & Supplies - 0.6%

Covidien PLC

823,500

45,029

Gen-Probe, Inc. (a)

120,000

7,969

Intuitive Surgical, Inc. (a)

742,443

402,218

Mako Surgical Corp. (a)

1,414,918

59,639

superDimension Ltd. warrants 6/16/20 (a)(i)

12,142

260

Wright Medical Group, Inc. (a)

100,380

1,939

 

517,054

Health Care Providers & Services - 1.1%

AmerisourceBergen Corp.

169,600

6,730

Centene Corp. (a)

1,127,400

55,209

CIGNA Corp.

1,903,355

93,740

Henry Schein, Inc. (a)

105,000

7,946

HMS Holdings Corp. (a)

2,131,300

66,518

Humana, Inc.

1,664,400

153,924

McKesson Corp.

941,500

82,635

UnitedHealth Group, Inc.

8,201,300

483,385

 

950,087

Health Care Technology - 0.6%

athenahealth, Inc. (a)

1,437,556

106,552

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Technology - continued

Cerner Corp. (a)

3,962,430

$ 301,779

Quality Systems, Inc. (d)

1,890,434

82,669

 

491,000

Life Sciences Tools & Services - 1.2%

Fluidigm Corp. (a)(i)

1,027,387

16,161

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

3,185,700

588,558

Waters Corp. (a)

3,924,406

363,635

 

968,354

Pharmaceuticals - 2.7%

Abbott Laboratories

10,241,255

627,687

Allergan, Inc.

1,624,993

155,073

Bayer AG

3,054,955

214,875

Bristol-Myers Squibb Co.

5,544,100

187,113

Elan Corp. PLC sponsored ADR (a)

2,177,100

32,678

MAP Pharmaceuticals, Inc. (a)

400,598

5,753

Merck & Co., Inc.

1,000,000

38,400

Novo Nordisk A/S Series B

3,239,781

449,867

Perrigo Co.

2,543,000

262,717

Shire PLC

6,356,400

203,382

Teva Pharmaceutical Industries Ltd. sponsored ADR

357,200

16,095

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

1,409,077

75,557

ViroPharma, Inc. (a)

679,100

20,421

 

2,289,618

TOTAL HEALTH CARE

7,668,122

INDUSTRIALS - 4.5%

Air Freight & Logistics - 0.2%

C.H. Robinson Worldwide, Inc.

1,659,525

108,682

United Parcel Service, Inc. Class B

608,700

49,134

 

157,816

Airlines - 0.0%

Copa Holdings SA Class A

110,000

8,712

Commercial Services & Supplies - 0.5%

Aggreko PLC

2,233,546

80,383

Cintas Corp.

1,033,700

40,438

Edenred

1,643,181

49,439

Stericycle, Inc. (a)

2,972,008

248,579

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Swisher Hygiene, Inc.

6,357,060

$ 15,638

Waste Connections, Inc.

666,152

21,670

 

456,147

Electrical Equipment - 0.4%

Cooper Industries PLC Class A

838,741

53,637

II-VI, Inc. (a)

355,000

8,396

Roper Industries, Inc.

2,370,214

235,030

Sensata Technologies Holding BV (a)

310,599

10,399

 

307,462

Industrial Conglomerates - 1.0%

Danaher Corp.

14,813,627

829,563

Machinery - 0.5%

Chart Industries, Inc. (a)

221,100

16,213

Colfax Corp. (a)

1,176,800

41,470

Cummins, Inc.

219,853

26,391

Deere & Co.

679,300

54,955

Donaldson Co., Inc.

696,880

24,900

Fanuc Corp.

234,900

42,059

Kennametal, Inc.

177,200

7,891

Nordson Corp.

1,378,432

75,138

PACCAR, Inc.

562,941

26,363

Rexnord Holdings, Inc.

1,116,700

23,562

Rotork PLC

250,000

8,193

Westport Innovations, Inc. (a)(d)

1,432,552

58,620

 

405,755

Marine - 0.0%

Kirby Corp. (a)

115,000

7,566

Professional Services - 0.5%

Bureau Veritas SA

29,400

2,588

Experian PLC

6,885,802

107,330

IHS, Inc. Class A (a)

2,101,214

196,779

Nielsen Holdings B.V. (a)

1,916,170

57,753

Qualicorp SA

1,575,800

13,506

Verisk Analytics, Inc. (a)

963,700

45,265

 

423,221

Road & Rail - 0.9%

Canadian National Railway Co.

2,367,100

188,101

Canadian Pacific (d)

717,800

54,478

CSX Corp.

2,625,300

56,496

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - continued

J.B. Hunt Transport Services, Inc.

155,300

$ 8,444

Localiza Rent A Car SA

2,409,200

44,333

Union Pacific Corp.

4,008,954

430,882

 

782,734

Trading Companies & Distributors - 0.5%

Air Lease Corp.:

Class A (a)(f)

1,624,500

39,102

Class A

3,482,478

83,823

Fastenal Co.

615,300

33,288

Mills Estruturas e Servicos de Engenharia SA

998,200

12,738

W.W. Grainger, Inc.

1,218,205

261,683

 

430,634

TOTAL INDUSTRIALS

3,809,610

INFORMATION TECHNOLOGY - 30.8%

Communications Equipment - 1.8%

Acme Packet, Inc. (a)

297,800

8,195

Aruba Networks, Inc. (a)(d)

1,984,925

44,224

F5 Networks, Inc. (a)

723,149

97,596

Motorola Solutions, Inc.

2,655,552

134,982

QUALCOMM, Inc.

16,531,343

1,124,462

Riverbed Technology, Inc. (a)

2,476,666

69,545

Ubiquiti Networks, Inc. (d)

696,285

22,023

 

1,501,027

Computers & Peripherals - 10.2%

Apple, Inc. (a)

13,626,447

8,168,640

Dell, Inc. (a)

2,773,300

46,037

EMC Corp. (a)

11,552,500

345,189

 

8,559,866

Electronic Equipment & Components - 0.8%

Amphenol Corp. Class A (e)

10,867,572

649,555

Invensense, Inc. (d)

1,383,799

25,047

National Instruments Corp.

784,045

22,361

 

696,963

Internet Software & Services - 6.0%

Active Network, Inc.

297,500

5,007

Akamai Technologies, Inc. (a)

1,314,600

48,246

Baidu.com, Inc. sponsored ADR (a)

603,802

88,016

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Bankrate, Inc. (d)

2,183,243

$ 54,035

Constant Contact, Inc. (a)(d)(e)

1,989,940

59,280

Cornerstone OnDemand, Inc.

761,795

16,638

Demandware, Inc.

500,000

14,900

eBay, Inc. (a)

10,313,565

380,467

Equinix, Inc. (a)

265,000

41,724

ExactTarget, Inc.

600,400

15,610

Facebook, Inc. Class B (i)

3,464,225

106,596

Google, Inc. Class A (a)

6,024,321

3,863,036

GREE, Inc. (d)

450,000

11,334

LinkedIn Corp. (a)

708,422

72,252

LogMeIn, Inc. (a)

329,010

11,591

MercadoLibre, Inc.

1,869,624

182,831

Rackspace Hosting, Inc. (a)

839,600

48,520

Stamps.com, Inc. (a)

45,406

1,266

 

5,021,349

IT Services - 4.8%

Accenture PLC Class A

12,259,800

790,757

Alliance Data Systems Corp. (a)(d)

2,050,144

258,236

Cognizant Technology Solutions Corp. Class A (a)

4,435,822

341,337

Fidelity National Information Services, Inc.

2,307,939

76,439

Fiserv, Inc. (a)

1,817,600

126,123

IBM Corp.

2,054,436

428,658

MasterCard, Inc. Class A

2,001,662

841,779

ServiceSource International, Inc. (d)

1,283,839

19,874

Total System Services, Inc.

501,105

11,560

Visa, Inc. Class A

9,707,793

1,145,520

 

4,040,283

Semiconductors & Semiconductor Equipment - 2.6%

Altera Corp.

3,892,735

155,009

Analog Devices, Inc.

2,055,854

83,057

ARM Holdings PLC sponsored ADR

17,201,200

486,622

ASML Holding NV

2,807,900

140,788

Avago Technologies Ltd.

6,711,390

261,543

Cirrus Logic, Inc. (a)

2,300,000

54,740

Ezchip Semiconductor Ltd. (a)

420,575

18,224

Imagination Technologies Group PLC (a)

224,543

2,458

Intel Corp.

4,204,500

118,188

KLA-Tencor Corp.

512,100

27,868

Linear Technology Corp.

1,174,300

39,574

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Marvell Technology Group Ltd. (a)

520,500

$ 8,187

Samsung Electronics Co. Ltd.

549,713

618,555

Skyworks Solutions, Inc. (a)

4,989,467

137,959

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

1,507,818

23,039

 

2,175,811

Software - 4.6%

Allot Communications Ltd. (a)

232,080

5,396

ANSYS, Inc. (a)

975,936

63,455

CA, Inc.

901,200

24,837

Check Point Software Technologies Ltd. (a)

8,441,600

538,912

Citrix Systems, Inc. (a)

5,288,800

417,339

CommVault Systems, Inc. (a)

590,717

29,323

Concur Technologies, Inc. (a)

575,000

32,994

Descartes Systems Group, Inc. (a)

515,100

4,492

Fortinet, Inc. (a)

2,789,821

77,139

Guidewire Software, Inc.

1,805,163

55,563

Informatica Corp. (a)(e)

5,806,731

307,176

Intuit, Inc.

6,633,000

398,842

Jive Software, Inc.

1,259,460

34,207

Microsoft Corp.

13,057,093

421,091

NetSuite, Inc. (a)

1,239,421

62,330

Nexon Co. Ltd.

1,738,100

30,603

Oracle Corp.

4,153,892

121,127

QLIK Technologies, Inc. (a)

1,244,306

39,818

Red Hat, Inc. (a)

2,925,225

175,192

salesforce.com, Inc. (a)

2,964,635

458,066

SAP AG sponsored ADR (d)

1,071,600

74,819

SolarWinds, Inc. (a)

2,239,154

86,543

Solera Holdings, Inc.

25,092

1,151

TIBCO Software, Inc. (a)

864,036

26,353

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

124,282

0*

Ultimate Software Group, Inc. (a)

280,905

20,585

VMware, Inc. Class A (a)

1,592,300

178,927

Workday, Inc. (i)

1,223,783

29,983

Zynga, Inc. (d)

3,050,800

40,118

Zynga, Inc. Class B (i)

5,862,380

69,381

 

3,825,762

TOTAL INFORMATION TECHNOLOGY

25,821,061

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 3.9%

Chemicals - 0.9%

CF Industries Holdings, Inc.

611,416

$ 111,675

CVR Partners LP

1,036,452

27,259

Ecolab, Inc.

2,856,263

176,289

Filtrona PLC

3,160,971

24,016

FMC Corp.

248,800

26,338

Monsanto Co.

3,330,900

265,673

PPG Industries, Inc.

448,200

42,938

Sherwin-Williams Co.

645,400

70,136

Valspar Corp.

321,000

15,501

W.R. Grace & Co. (a)

499,039

28,844

 

788,669

Containers & Packaging - 0.1%

Ball Corp.

1,277,230

54,768

Silgan Holdings, Inc.

677,700

29,954

 

84,722

Metals & Mining - 2.9%

Alacer Gold Corp. (a)

3,179,900

27,064

Allied Nevada Gold Corp. (Canada) (a)

457,600

14,867

Altius Minerals Corp. (a)

99,600

1,144

Avion Gold Corp. (a)(e)

35,573,415

36,374

B2Gold Corp. (a)(e)

27,531,333

118,124

B2Gold Corp. (a)(e)(f)

5,850,000

25,099

Dalradian Resources, Inc. (a)

4,126,430

6,122

Dalradian Resources, Inc. (f)

3,000,000

4,451

Eldorado Gold Corp.

13,988,788

192,117

Extorre Gold Mines Ltd. (a)

4,524,349

27,213

Extorre Gold Mines Ltd. (f)

569,000

3,422

Franco-Nevada Corp. (e)

12,165,200

523,047

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

342,250

1,887

Goldcorp, Inc.

7,893,282

355,754

Ivanhoe Mines Ltd. (a)

4,877,200

76,711

McEwen Mining - Minera Andes Acquisition Corp. (a)

1,024,830

4,520

McEwen Mining, Inc. (a)(d)

2,724,013

12,095

Medusa Mining Ltd. (e)

11,743,444

61,291

New Gold, Inc. (a)

17,231,611

170,148

Newcrest Mining Ltd.

10,765,120

330,867

Novagold Resources, Inc. (a)

9,640,577

69,196

Nucor Corp.

412,100

17,700

Premier Gold Mines Ltd. (a)

1,037,600

5,461

Premier Gold Mines Ltd. (f)

3,850,000

20,262

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Pretium Resources, Inc. (a)(e)

4,524,806

$ 64,682

Randgold Resources Ltd. sponsored ADR

150,692

13,258

Royal Gold, Inc.

1,221,744

79,682

Tahoe Resources, Inc. (a)

863,100

18,187

Tahoe Resources, Inc. (a)(f)

5,376,500

113,292

 

2,394,037

TOTAL MATERIALS

3,267,428

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.1%

Nippon Telegraph & Telephone Corp. sponsored ADR

316,200

7,152

Telefonica Brasil SA sponsored ADR

1,188,930

36,417

 

43,569

Wireless Telecommunication Services - 0.1%

Millicom International Cellular SA (depositary receipt)

345,800

39,199

SBA Communications Corp. Class A (a)

702,900

35,714

TIM Participacoes SA sponsored ADR

1,313,063

42,359

 

117,272

TOTAL TELECOMMUNICATION SERVICES

160,841

UTILITIES - 0.1%

Gas Utilities - 0.1%

ONEOK, Inc.

726,000

59,285

Multi-Utilities - 0.0%

YTL Corp. Bhd

101,387,450

59,274

TOTAL UTILITIES

118,559

TOTAL COMMON STOCKS

(Cost $48,145,662)


80,833,127

Convertible Preferred Stocks - 0.0%

 

 

 

 

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

Glam Media, Inc. Series M-1:

8.00%

1,228,555

6,279

Convertible Preferred Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

Glam Media, Inc. Series M-1: - continued

8.00%

87,753

$ 449

8.00%

87,754

449

 

7,177

HEALTH CARE - 0.0%

Health Care Equipment & Supplies - 0.0%

superDimension Ltd.:

Series D, 6.00% (a)(i)

698,064

18,785

Series E, 6.00% (a)(i)

48,567

2,202

 

20,987

INFORMATION TECHNOLOGY - 0.0%

Internet Software & Services - 0.0%

Digg, Inc. Series C, 8.00% (a)(i)

410,013

1,005

Software - 0.0%

Trion World Network, Inc.:

Series C, 8.00% (a)(i)

3,950,196

16,907

Series C-1, 8.00% (a)(i)

310,705

1,330

 

18,237

TOTAL INFORMATION TECHNOLOGY

19,242

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $69,389)


47,406

Corporate Bonds - 0.1%

 

Principal Amount (000s)

 

Convertible Bonds - 0.1%

MATERIALS - 0.1%

Metals & Mining - 0.1%

Ivanplats Ltd.:

8% 11/10/14 pay-in-kind (g)(i)

$ 40,578

42,083

8% 11/10/14 pay-in-kind (g)(i)

8,008

8,305

 

50,388

Corporate Bonds - continued

 

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - 0.0%

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

Glam Media, Inc.:

9% 11/18/13

$ 192

$ 192

9% 11/18/13

192

192

9% 12/2/13

2,693

2,693

 

3,077

Specialty Retail - 0.0%

J. Crew Group, Inc. 8.125% 3/1/19

8,171

8,314

TOTAL CONSUMER DISCRETIONARY

11,391

TOTAL CORPORATE BONDS

(Cost $59,464)


61,779

Money Market Funds - 4.4%

Shares

 

Fidelity Cash Central Fund, 0.14% (b)

3,249,534,964

3,249,535

Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c)

421,487,580

421,488

TOTAL MONEY MARKET FUNDS

(Cost $3,671,023)


3,671,023

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $51,945,538)

84,613,335

NET OTHER ASSETS (LIABILITIES) - (0.8)%

(641,849)

NET ASSETS - 100%

$ 83,971,486

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(e) Affiliated company

(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 $317,469,000 or 0.4% of net assets.

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

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

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $555,434,000 or 0.7% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Digg, Inc. Series C, 8.00%

9/23/08

$ 4,317

Facebook, Inc. Class B

3/31/11 - 5/19/11

$ 86,629

Fluidigm Corp.

10/9/07 - 1/6/11

$ 18,170

Groupon, Inc.

12/17/10

$ 82,952

Ivanplats Ltd. 8% 11/10/14 pay-in-kind

11/10/11 - 3/28/12

$ 49,129

Legend Pictures LLC

9/23/10 - 3/30/12

$ 31,991

Metro Bank PLC Class A

12/8/09 - 12/1/10

$ 21,310

superDimension Ltd. warrants 6/16/20

6/15/10

$ 0

superDimension Ltd.: Series D, 6.00%

2/27/08 - 5/22/08

$ 14,960

Series E, 6.00%

6/15/10

$ 1,041

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

8/10/10

$ 0*

Trion World Network, Inc.: Series C, 8.00%

8/22/08

$ 21,691

Series C-1, 8.00%

8/10/10

$ 1,706

Security

Acquisition Date

Acquisition Cost (000s)

Weinstein Co. Holdings LLC Class A-1

10/19/05

$ 41,234

Workday, Inc.

10/13/11

$ 16,227

Zynga, Inc. Class B

2/18/11

$ 82,244

* Amounts represents less than $1,000.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 729

Fidelity Securities Lending Cash Central Fund

1,389

Total

$ 2,118

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:

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Amphenol Corp. Class A

$ 506,556

$ 15,785

$ 32,072

$ 1,157

$ 649,555

Avion Gold Corp.

59,448

-

2,424

-

36,374

B2Gold Corp.

83,805

-

-

-

118,124

B2Gold Corp. 144a

17,807

-

-

-

25,099

Birchcliff Energy Ltd.

98,366

-

30,091

-

34,794

Chipotle Mexican Grill, Inc.

949,372

-

95,425

-

1,068,388

Constant Contact, Inc.

43,052

4,177

-

-

59,280

Dalradian Resources, Inc.

7,447

244

-

-

-

Discovery Communications, Inc.

649,586

-

-

-

802,271

Dollar Tree, Inc.

720,888

-

24,196

-

794,160

Dunkin' Brands Group, Inc.

116,194

71,943

-

1,027

215,211

Franco-Nevada Corp.

435,254

30,919

-

1,228

523,047

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Informatica Corp.

$ 202,710

$ 15,818

$ -

$ -

$ 307,176

LogMeIn, Inc.

53,513

7,642

44,202

-

-

Medusa Mining Ltd.

56,958

-

5,083

536

61,291

Metro Bank PLC Class A

11,513

-

-

-

12,360

Mettler-Toledo International, Inc.

470,560

-

-

-

588,558

Noble Energy, Inc.

1,613,053

30,719

-

3,810

1,701,285

Pretium Resources, Inc.

23,735

49,215

6,826

-

64,682

Quality Systems, Inc.

111,601

-

43,465

365

-

Tim Hortons, Inc. (Canada)

589,796

-

14,622

2,141

634,871

TJX Companies, Inc.

1,245,690

7,545

28,169

3,688

1,511,736

TreeHouse Foods, Inc.

232,324

-

62,659

-

144,982

Total

$ 8,299,228

$ 234,007

$ 389,234

$ 13,952

$ 9,353,244

Other Information

The following is a summary of the inputs used, as of March 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 18,600,036

$ 18,350,818

$ 185,714

$ 63,504

Consumer Staples

6,509,464

6,509,464

-

-

Energy

5,959,447

5,959,447

-

-

Financials

8,925,736

8,675,455

237,921

12,360

Health Care

7,689,109

7,014,613

653,249

21,247

Industrials

3,809,610

3,767,551

42,059

-

Information Technology

25,840,303

25,573,164

111,318

155,821

Materials

3,267,428

3,267,428

-

-

Telecommunication Services

160,841

160,841

-

-

Utilities

118,559

118,559

-

-

Corporate Bonds

61,779

-

8,314

53,465

Money Market Funds

3,671,023

3,671,023

-

-

Total Investments in Securities:

$ 84,613,335

$ 83,068,363

$ 1,238,575

$ 306,397

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

$ 250,490

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

36,459

Cost of Purchases

19,448

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 306,397

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2012

$ 36,459

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. 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.

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $52,439,280,000. Net unrealized appreciation aggregated $32,174,055,000, of which $32,630,496,000 related to appreciated investment securities and $456,441,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security 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 value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service 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 significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

March 31, 2012 

1.799846.108

ANIF-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 22.0%

Auto Components - 0.1%

LiqTech International, Inc. (a)

500,000

$ 1,695

TRW Automotive Holdings Corp. (a)

430,900

20,015

 

21,710

Automobiles - 0.4%

Harley-Davidson, Inc.

119,400

5,860

Hyundai Motor Co.

172,223

35,414

Tesla Motors, Inc. (a)(d)

769,500

28,656

 

69,930

Distributors - 0.0%

LKQ Corp. (a)

121,300

3,781

Diversified Consumer Services - 0.2%

Anhanguera Educacional Participacoes SA

99,344

1,197

Coinstar, Inc. (a)(d)

252,100

16,021

Kroton Educacional SA unit (a)

368,900

5,372

New Oriental Education & Technology Group, Inc. sponsored ADR (a)

334,662

9,190

Weight Watchers International, Inc.

97,600

7,534

 

39,314

Hotels, Restaurants & Leisure - 6.3%

Arcos Dorados Holdings, Inc.

705,600

12,764

Buffalo Wild Wings, Inc. (a)

144,367

13,093

Chipotle Mexican Grill, Inc. (a)

512,978

214,425

Dunkin' Brands Group, Inc. (d)

1,709,800

51,482

Galaxy Entertainment Group Ltd. (a)

7,280,000

20,109

Las Vegas Sands Corp.

1,360,122

78,302

McDonald's Corp.

5,511,552

540,683

Paradise Co. Ltd.

310,061

2,405

Starbucks Corp.

3,114,482

174,068

Tim Hortons, Inc. (Canada)

2,705,900

144,741

Wyndham Worldwide Corp.

117,700

5,474

 

1,257,546

Household Durables - 0.4%

D.R. Horton, Inc.

1,061,100

16,097

Leggett & Platt, Inc. (d)

76,500

1,760

PulteGroup, Inc. (a)

1,130,800

10,008

Tempur-Pedic International, Inc. (a)

648,125

54,721

 

82,586

Internet & Catalog Retail - 2.4%

Amazon.com, Inc. (a)

1,106,600

224,098

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Internet & Catalog Retail - continued

Groupon, Inc. (a)(i)

2,158,720

$ 35,710

Liberty Media Corp. Interactive Series A (a)

304,500

5,813

Priceline.com, Inc. (a)

257,600

184,828

TripAdvisor, Inc. (a)

676,900

24,145

 

474,594

Leisure Equipment & Products - 0.1%

Mattel, Inc.

307,600

10,354

Polaris Industries, Inc.

227,000

16,378

 

26,732

Media - 3.4%

Comcast Corp. Class A

3,049,900

91,527

Discovery Communications, Inc. (a)

3,712,500

187,853

Interpublic Group of Companies, Inc.

781,500

8,917

Legend Pictures LLC (a)(h)(i)

7,990

8,542

Liberty Media Corp. Capital Series A (a)

198,132

17,465

Naspers Ltd. Class N

176,100

9,895

Scripps Networks Interactive, Inc. Class A

157,100

7,649

Sirius XM Radio, Inc. (a)(d)

3,766,079

8,700

The Walt Disney Co.

7,405,180

324,199

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

2,267

850

 

665,597

Multiline Retail - 1.3%

Dollar General Corp. (a)

277,000

12,797

Dollar Tree, Inc. (a)

1,905,809

180,080

Dollarama, Inc.

285,400

13,309

Dollarama, Inc. (a)(f)

229,600

10,707

Family Dollar Stores, Inc.

58,700

3,715

JCPenney Co., Inc.

124,500

4,411

Macy's, Inc.

889,700

35,348

 

260,367

Specialty Retail - 4.7%

Advance Auto Parts, Inc.

109,400

9,690

AutoZone, Inc. (a)

147,600

54,878

Bed Bath & Beyond, Inc. (a)

2,094,900

137,782

Cia.Hering SA

77,500

2,001

Dick's Sporting Goods, Inc.

267,300

12,852

Express, Inc. (a)

652,400

16,297

Fast Retailing Co. Ltd.

9,300

2,133

Foschini Ltd.

267,100

4,307

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Gap, Inc.

149,600

$ 3,911

GNC Holdings, Inc.

735,000

25,644

Limited Brands, Inc.

721,800

34,646

Lithia Motors, Inc. Class A (sub. vtg.)

31,900

836

O'Reilly Automotive, Inc. (a)

320,000

29,232

Penske Automotive Group, Inc.

440,700

10,854

PetSmart, Inc.

410,000

23,460

Pier 1 Imports, Inc. (a)

116,900

2,125

Ross Stores, Inc.

2,285,900

132,811

Sally Beauty Holdings, Inc. (a)

229,146

5,683

TJX Companies, Inc.

8,935,900

354,845

Tractor Supply Co.

102,600

9,291

Ulta Salon, Cosmetics & Fragrance, Inc.

340,902

31,666

Urban Outfitters, Inc. (a)

196,400

5,717

Vitamin Shoppe, Inc. (a)

215,835

9,542

Workman Co. Ltd.

40,200

1,230

Zumiez, Inc. (a)(d)

269,600

9,735

 

931,168

Textiles, Apparel & Luxury Goods - 2.7%

Arezzo Industria e Comercio SA

44,000

765

Burberry Group PLC

1,274,300

30,512

China Hongxing Sports Ltd. (a)

6,000,000

549

Coach, Inc.

394,800

30,510

lululemon athletica, Inc. (a)

99,400

7,423

Michael Kors Holdings Ltd.

71,500

3,331

NIKE, Inc. Class B

2,647,900

287,138

PVH Corp.

110,316

9,855

Ralph Lauren Corp.

270,751

47,200

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

623,300

58,590

Vera Bradley, Inc. (a)

19,800

598

VF Corp.

361,300

52,743

 

529,214

TOTAL CONSUMER DISCRETIONARY

4,362,539

CONSUMER STAPLES - 7.8%

Beverages - 3.0%

Anheuser-Busch InBev SA NV ADR (d)

910,900

66,241

Boston Beer Co., Inc. Class A (a)(d)

40,470

4,322

Diageo PLC sponsored ADR

119,400

11,522

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Beverages - continued

Dr Pepper Snapple Group, Inc.

503,300

$ 20,238

Monster Beverage Corp. (a)

74,300

4,613

The Coca-Cola Co.

6,690,687

495,178

 

602,114

Food & Staples Retailing - 1.3%

Costco Wholesale Corp.

1,151,000

104,511

CVS Caremark Corp.

1,137,500

50,960

Drogasil SA

517,382

5,029

Roundy's, Inc.

446,600

4,779

Wal-Mart Stores, Inc.

1,227,500

75,123

Whole Foods Market, Inc.

307,500

25,584

 

265,986

Food Products - 0.8%

General Mills, Inc.

182,600

7,204

Kraft Foods, Inc. Class A

1,366,500

51,941

Mead Johnson Nutrition Co. Class A

395,600

32,629

Orion Corp.

5,138

3,609

Sara Lee Corp.

90,400

1,946

TreeHouse Foods, Inc. (a)

560,210

33,332

Want Want China Holdings Ltd.

18,474,000

20,649

 

151,310

Household Products - 1.5%

Colgate-Palmolive Co.

2,813,800

275,133

Kimberly-Clark Corp.

125,900

9,303

Reckitt Benckiser Group PLC

56,000

3,165

 

287,601

Personal Products - 1.0%

Estee Lauder Companies, Inc. Class A

3,137,600

194,343

Herbalife Ltd.

96,000

6,607

 

200,950

Tobacco - 0.2%

Philip Morris International, Inc.

446,939

39,603

Swedish Match Co. AB

49,600

1,975

 

41,578

TOTAL CONSUMER STAPLES

1,549,539

Common Stocks - continued

Shares

Value (000s)

ENERGY - 7.2%

Energy Equipment & Services - 0.5%

FMC Technologies, Inc. (a)

257,200

$ 12,968

Schlumberger Ltd.

1,231,300

86,105

 

99,073

Oil, Gas & Consumable Fuels - 6.7%

Americas Petrogas, Inc. (a)

824,400

2,942

Americas Petrogas, Inc. (f)

836,000

2,983

Anadarko Petroleum Corp.

3,089,700

242,047

Baytex Energy Corp. (d)

29,600

1,537

BG Group PLC

145,039

3,359

Birchcliff Energy Ltd. (a)

783,700

5,696

Birchcliff Energy Ltd.

900,000

6,541

Canadian Natural Resources Ltd.

721,400

23,908

Cobalt International Energy, Inc. (a)

850,700

25,547

Concho Resources, Inc. (a)

1,154,000

117,800

Concho Resources, Inc.

123,780

12,635

Continental Resources, Inc. (a)(d)

1,115,100

95,698

Encana Corp.

95,900

1,883

Enterprise Products Partners LP

191,300

9,655

EOG Resources, Inc.

746,700

82,958

GoviEx Uranium, Inc. (a)(i)

3,477,000

8,693

Gulfport Energy Corp. (a)

58,300

1,698

InterOil Corp. (a)(d)

53,500

2,750

Ivanhoe Energy, Inc. (f)

95,100

103

Kosmos Energy Ltd.

231,400

3,064

Madalena Ventures, Inc. (a)

1,472,000

1,358

Madalena Ventures, Inc. (f)

2,200,000

2,029

Marathon Petroleum Corp.

46,000

1,995

New World Oil & Gas PLC (e)

23,000,000

3,219

Noble Energy, Inc.

3,973,900

388,568

Occidental Petroleum Corp.

1,718,743

163,676

OGX Petroleo e Gas Participacoes SA (a)

188,200

1,556

Painted Pony Petroleum Ltd. Class A (a)

648,231

5,446

Plains Exploration & Production Co. (a)

337,800

14,407

Skope Energy, Inc. (a)(f)

784,000

369

TAG Oil Ltd. (a)

600,000

5,413

Tourmaline Oil Corp. (a)

1,200,300

26,532

Tourmaline Oil Corp. (f)

303,400

6,706

TransAtlantic Petroleum Ltd. (a)(f)

325,400

418

Tullow Oil PLC

1,068,200

26,090

Ultrapar Participacoes SA

645,900

14,149

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Valero Energy Corp.

294,100

$ 7,579

World Fuel Services Corp.

238,400

9,774

 

1,330,781

TOTAL ENERGY

1,429,854

FINANCIALS - 10.1%

Capital Markets - 0.4%

BlackRock, Inc. Class A

66,800

13,687

Cetip SA

109,300

1,814

State Street Corp.

1,584,500

72,095

 

87,596

Commercial Banks - 3.7%

Bank of Ireland (a)

325,926,928

53,895

BB&T Corp.

1,261,400

39,595

BOK Financial Corp.

37,900

2,133

Commerce Bancshares, Inc.

43,800

1,775

Commonwealth Bank of Australia

33,833

1,755

Fifth Third Bancorp

1,034,500

14,535

Itau Unibanco Banco Multiplo SA sponsored ADR

696,200

13,360

PNC Financial Services Group, Inc.

1,106,900

71,384

Texas Capital Bancshares, Inc. (a)

53,200

1,842

U.S. Bancorp

3,062,200

97,010

UMB Financial Corp.

45,200

2,022

Wells Fargo & Co.

12,546,785

428,347

 

727,653

Consumer Finance - 0.6%

American Express Co.

1,415,600

81,907

Capital One Financial Corp.

446,600

24,893

Credit Acceptance Corp. (a)

48,700

4,919

 

111,719

Diversified Financial Services - 0.6%

Citigroup, Inc.

1,152,970

42,141

JPMorgan Chase & Co.

1,762,514

81,040

 

123,181

Insurance - 3.9%

ACE Ltd.

1,269,900

92,957

Admiral Group PLC

917,000

17,410

AIA Group Ltd.

12,507,400

45,822

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - continued

Berkshire Hathaway, Inc. Class A (a)

4,129

$ 503,325

Fairfax Financial Holdings Ltd. (sub. vtg.)

34,700

14,004

The Chubb Corp.

1,298,800

89,760

The Travelers Companies, Inc.

180,600

10,692

 

773,970

Real Estate Investment Trusts - 0.6%

American Tower Corp.

1,790,700

112,850

Real Estate Management & Development - 0.3%

BR Malls Participacoes SA

4,686,050

61,054

Thrifts & Mortgage Finance - 0.0%

BankUnited, Inc.

190,600

4,765

TOTAL FINANCIALS

2,002,788

HEALTH CARE - 9.7%

Biotechnology - 3.3%

Affymax, Inc. (a)

98,100

1,152

Alexion Pharmaceuticals, Inc. (a)

1,286,800

119,492

Amgen, Inc.

819,842

55,741

ARIAD Pharmaceuticals, Inc. (a)

2,674,872

42,664

ArQule, Inc. (a)

934,336

6,550

AVEO Pharmaceuticals, Inc. (a)

240,900

2,990

Biogen Idec, Inc. (a)

1,876,400

236,370

BioMarin Pharmaceutical, Inc. (a)

278,400

9,535

Celgene Corp. (a)

1,081,900

83,869

Cepheid, Inc. (a)

196,500

8,220

Clovis Oncology, Inc. (d)

187,000

4,759

Gilead Sciences, Inc. (a)

1,331,130

65,026

Light Sciences Oncology, Inc. (a)

2,708,254

160

Medivation, Inc. (a)

107,020

7,997

Merrimack Pharmaceuticals, Inc.

338,100

2,093

Puma Biotechnology, Inc. (i)

422,223

1,583

Puma Biotechnology, Inc. warrants 10/17/21 (a)(i)

422,223

0*

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

228,571

397

Verastem, Inc.

575,000

6,285

 

654,883

Health Care Equipment & Supplies - 0.7%

Covidien PLC

174,700

9,553

Gen-Probe, Inc. (a)

27,500

1,826

High Power Exploration

58,562

94

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Intuitive Surgical, Inc. (a)

188,200

$ 101,957

Mako Surgical Corp. (a)

314,100

13,239

superDimension Ltd. warrants 6/16/20 (a)(i)

1,656

35

Wright Medical Group, Inc. (a)

23,600

456

 

127,160

Health Care Providers & Services - 1.1%

AmerisourceBergen Corp.

60,700

2,409

Centene Corp. (a)

263,400

12,899

CIGNA Corp.

441,800

21,759

Henry Schein, Inc. (a)

24,600

1,862

HMS Holdings Corp. (a)

402,600

12,565

Humana, Inc.

382,800

35,401

McKesson Corp.

203,600

17,870

OvaScience, Inc. (i)

1,090,900

6,000

UnitedHealth Group, Inc.

1,953,800

115,157

 

225,922

Health Care Technology - 0.6%

athenahealth, Inc. (a)

332,890

24,674

Cerner Corp. (a)

1,011,746

77,055

Quality Systems, Inc.

296,878

12,982

 

114,711

Life Sciences Tools & Services - 1.2%

Fluidigm Corp. (a)(i)

112,607

1,771

Mettler-Toledo International, Inc. (a)

748,400

138,267

Waters Corp. (a)

936,600

86,785

 

226,823

Pharmaceuticals - 2.8%

Abbott Laboratories

2,448,228

150,052

Allergan, Inc.

388,300

37,055

Bayer AG

736,905

51,831

Bristol-Myers Squibb Co.

1,407,600

47,507

Elan Corp. PLC sponsored ADR (a)

511,400

7,676

MAP Pharmaceuticals, Inc. (a)

300,800

4,319

Merck & Co., Inc.

251,000

9,638

Novo Nordisk A/S Series B

784,220

108,895

Perrigo Co.

635,000

65,602

Shire PLC

1,513,200

48,417

Teva Pharmaceutical Industries Ltd. sponsored ADR

83,900

3,781

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

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

413,006

$ 22,146

ViroPharma, Inc. (a)

147,100

4,423

 

561,342

TOTAL HEALTH CARE

1,910,841

INDUSTRIALS - 4.5%

Air Freight & Logistics - 0.2%

C.H. Robinson Worldwide, Inc.

422,672

27,681

United Parcel Service, Inc. Class B

142,700

11,519

 

39,200

Airlines - 0.0%

Copa Holdings SA Class A

26,000

2,059

Commercial Services & Supplies - 0.5%

Aggreko PLC

571,712

20,575

Cintas Corp.

239,000

9,350

Edenred

324,000

9,748

Stericycle, Inc. (a)

693,015

57,964

Swisher Hygiene, Inc.

1,395,310

3,432

Waste Connections, Inc.

176,000

5,725

 

106,794

Electrical Equipment - 0.4%

Cooper Industries PLC Class A

178,445

11,412

II-VI, Inc. (a)

79,800

1,887

Roper Industries, Inc.

567,400

56,263

Sensata Technologies Holding BV (a)

73,475

2,460

 

72,022

Industrial Conglomerates - 1.0%

Danaher Corp.

3,582,054

200,595

Machinery - 0.5%

Chart Industries, Inc. (a)

52,800

3,872

Colfax Corp. (a)

277,000

9,761

Cummins, Inc.

90,900

10,912

Deere & Co.

156,600

12,669

Donaldson Co., Inc.

162,480

5,805

Fanuc Corp.

52,800

9,454

Kennametal, Inc.

41,600

1,852

Nordson Corp.

290,900

15,857

PACCAR, Inc.

78,500

3,676

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Rexnord Holdings, Inc.

263,300

$ 5,556

Rotork PLC

60,400

1,980

Westport Innovations, Inc. (a)(d)

375,900

15,382

 

96,776

Marine - 0.0%

Kirby Corp. (a)

26,700

1,757

Professional Services - 0.5%

Bureau Veritas SA

6,900

607

Experian PLC

1,509,300

23,526

IHS, Inc. Class A (a)

478,602

44,821

Nielsen Holdings B.V. (a)

478,000

14,407

Qualicorp SA

355,000

3,043

Verisk Analytics, Inc. (a)

224,200

10,531

 

96,935

Road & Rail - 0.9%

Canadian National Railway Co.

543,800

43,213

Canadian Pacific (d)

164,600

12,492

CSX Corp.

479,400

10,317

J.B. Hunt Transport Services, Inc.

36,600

1,990

Localiza Rent A Car SA

449,600

8,273

Union Pacific Corp.

953,700

102,504

 

178,789

Trading Companies & Distributors - 0.5%

Air Lease Corp.:

Class A (a)(f)

320,800

7,722

Class A (d)

938,878

22,599

Fastenal Co.

142,300

7,698

Mills Estruturas e Servicos de Engenharia SA

92,300

1,178

W.W. Grainger, Inc.

307,600

66,076

 

105,273

TOTAL INDUSTRIALS

900,200

INFORMATION TECHNOLOGY - 30.4%

Communications Equipment - 1.8%

Acme Packet, Inc. (a)

70,100

1,929

Aruba Networks, Inc. (a)(d)

499,049

11,119

F5 Networks, Inc. (a)

163,734

22,098

Motorola Solutions, Inc.

646,000

32,836

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

QUALCOMM, Inc.

4,015,351

$ 273,124

Riverbed Technology, Inc. (a)

556,600

15,629

Ubiquiti Networks, Inc. (d)

163,600

5,175

 

361,910

Computers & Peripherals - 9.7%

Apple, Inc. (a)

3,046,746

1,826,430

Dell, Inc. (a)

593,000

9,844

EMC Corp. (a)

2,725,700

81,444

 

1,917,718

Electronic Equipment & Components - 0.8%

Amphenol Corp. Class A

2,359,385

141,020

Invensense, Inc. (d)

329,100

5,957

National Instruments Corp.

216,200

6,166

 

153,143

Internet Software & Services - 6.2%

Active Network, Inc.

70,000

1,178

Akamai Technologies, Inc. (a)

355,100

13,032

Baidu.com, Inc. sponsored ADR (a)

179,500

26,166

Bankrate, Inc. (d)

511,200

12,652

Constant Contact, Inc. (a)(d)

437,600

13,036

Cornerstone OnDemand, Inc.

166,200

3,630

Demandware, Inc.

200,000

5,960

eBay, Inc. (a)

2,382,461

87,889

Equinix, Inc. (a)

60,200

9,478

ExactTarget, Inc.

141,400

3,676

Facebook, Inc. Class B (i)

763,842

23,504

Google, Inc. Class A (a)

1,412,005

905,434

GREE, Inc. (d)

52,000

1,310

LinkedIn Corp. (a)

166,200

16,951

LogMeIn, Inc. (a)

68,390

2,409

MercadoLibre, Inc.

457,900

44,778

Rackspace Hosting, Inc. (a)

191,200

11,049

Responsys, Inc.

500,000

5,985

SPS Commerce, Inc. (a)(e)

1,000,000

26,880

Stamps.com, Inc. (a)

354,000

9,870

 

1,224,867

IT Services - 4.9%

Accenture PLC Class A

2,879,900

185,754

Alliance Data Systems Corp. (a)(d)

504,530

63,551

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

CACI International, Inc. Class A (a)

135,000

$ 8,409

Cognizant Technology Solutions Corp. Class A (a)

1,085,300

83,514

Fidelity National Information Services, Inc.

542,197

17,958

Fiserv, Inc. (a)

435,881

30,246

IBM Corp.

462,100

96,417

MasterCard, Inc. Class A

481,500

202,490

ServiceSource International, Inc. (d)

277,000

4,288

Total System Services, Inc.

115,943

2,675

Visa, Inc. Class A

2,337,200

275,790

 

971,092

Semiconductors & Semiconductor Equipment - 2.5%

Altera Corp.

815,200

32,461

Analog Devices, Inc.

447,900

18,095

ARM Holdings PLC sponsored ADR

4,290,300

121,373

ASML Holding NV

665,800

33,383

Avago Technologies Ltd.

1,405,000

54,753

Cirrus Logic, Inc. (a)

527,000

12,543

Cymer, Inc. (a)

13,400

670

Ezchip Semiconductor Ltd. (a)

98,700

4,277

Imagination Technologies Group PLC (a)

52,100

570

Intel Corp.

931,600

26,187

KLA-Tencor Corp.

110,700

6,024

Linear Technology Corp.

271,900

9,163

Marvell Technology Group Ltd. (a)

121,900

1,917

Samsung Electronics Co. Ltd.

132,973

149,625

Skyworks Solutions, Inc. (a)

1,062,776

29,386

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

353,900

5,408

 

505,835

Software - 4.5%

Allot Communications Ltd. (a)

54,688

1,271

ANSYS, Inc. (a)

236,224

15,359

BroadSoft, Inc. (a)

28,000

1,071

CA, Inc.

212,100

5,845

Check Point Software Technologies Ltd. (a)

1,957,200

124,948

Citrix Systems, Inc. (a)

1,186,300

93,611

CommVault Systems, Inc. (a)

127,175

6,313

Concur Technologies, Inc. (a)

133,400

7,654

Descartes Systems Group, Inc. (a)

120,600

1,052

Fortinet, Inc. (a)

691,800

19,128

Guidewire Software, Inc.

424,808

13,076

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Informatica Corp. (a)

1,354,279

$ 71,641

Intuit, Inc.

1,567,900

94,278

Jive Software, Inc.

295,600

8,028

Microsoft Corp.

3,128,700

100,901

NetSuite, Inc. (a)

295,600

14,866

Nexon Co. Ltd. (d)

403,100

7,097

Oracle Corp.

751,950

21,927

QLIK Technologies, Inc. (a)

242,900

7,773

Red Hat, Inc. (a)

703,900

42,157

salesforce.com, Inc. (a)

680,133

105,087

SAP AG sponsored ADR (d)

252,500

17,630

SolarWinds, Inc. (a)

511,874

19,784

Solera Holdings, Inc.

3,776

173

TIBCO Software, Inc. (a)

207,700

6,335

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

18,952

0*

Ultimate Software Group, Inc. (a)

61,930

4,538

VMware, Inc. Class A (a)

405,800

45,600

Workday, Inc. (i)

284,512

6,971

Zynga, Inc. (d)

718,600

9,450

Zynga, Inc. Class B (i)

1,265,654

14,979

 

888,543

TOTAL INFORMATION TECHNOLOGY

6,023,108

MATERIALS - 4.0%

Chemicals - 0.9%

CF Industries Holdings, Inc.

150,400

27,471

CVR Partners LP

231,600

6,091

Ecolab, Inc.

710,000

43,821

Filtrona PLC

736,300

5,594

FMC Corp.

56,900

6,023

Monsanto Co.

751,000

59,900

PPG Industries, Inc.

98,000

9,388

Sherwin-Williams Co.

150,500

16,355

Valspar Corp.

75,300

3,636

W.R. Grace & Co. (a)

116,800

6,751

 

185,030

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Containers & Packaging - 0.1%

Ball Corp.

316,100

$ 13,554

Silgan Holdings, Inc.

148,892

6,581

 

20,135

Metals & Mining - 3.0%

Alacer Gold Corp. (a)

726,600

6,184

Allied Nevada Gold Corp. (Canada) (a)

87,600

2,846

Altius Minerals Corp. (a)

23,100

265

Avion Gold Corp. (a)

9,662,300

9,880

B2Gold Corp. (a)

6,288,500

26,981

B2Gold Corp. (a)(f)

660,000

2,832

Dalradian Resources, Inc. (a)

914,800

1,357

Dalradian Resources, Inc. (f)

1,000,000

1,484

Eldorado Gold Corp.

3,586,203

49,252

Extorre Gold Mines Ltd. (a)

919,300

5,529

Extorre Gold Mines Ltd. (f)

128,900

775

Franco-Nevada Corp.

2,948,800

126,785

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

62,150

343

Goldcorp, Inc.

1,800,901

81,167

Ivanhoe Mines Ltd. (a)

1,214,955

19,109

McEwen Mining - Minera Andes Acquisition Corp. (a)

240,345

1,060

McEwen Mining, Inc. (a)(d)

614,400

2,728

Medusa Mining Ltd.

2,464,590

12,863

New Gold, Inc. (a)

3,959,200

39,094

Newcrest Mining Ltd.

2,501,780

76,893

Novagold Resources, Inc. (a)

2,268,500

16,282

Nucor Corp.

113,100

4,858

Premier Gold Mines Ltd. (a)

243,600

1,282

Premier Gold Mines Ltd. (f)

900,000

4,737

Pretium Resources, Inc. (a)

1,251,500

17,890

Randgold Resources Ltd. sponsored ADR

47,722

4,199

Royal Gold, Inc.

506,800

33,053

Sable Mining Africa Ltd. (a)

38,756,373

6,432

Tahoe Resources, Inc. (a)

298,700

6,294

Tahoe Resources, Inc. (a)(f)

1,074,200

22,635

 

585,089

TOTAL MATERIALS

790,254

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.0%

Nippon Telegraph & Telephone Corp. sponsored ADR

61,700

$ 1,396

Telefonica Brasil SA sponsored ADR

180,675

5,534

 

6,930

Wireless Telecommunication Services - 0.2%

Millicom International Cellular SA (depositary receipt)

96,400

10,928

SBA Communications Corp. Class A (a)

164,900

8,379

TIM Participacoes SA sponsored ADR

333,219

10,750

 

30,057

TOTAL TELECOMMUNICATION SERVICES

36,987

UTILITIES - 0.1%

Gas Utilities - 0.1%

ONEOK, Inc.

160,100

13,074

Multi-Utilities - 0.0%

YTL Corp. Bhd

21,554,550

12,602

TOTAL UTILITIES

25,676

TOTAL COMMON STOCKS

(Cost $13,355,785)


19,031,786

Convertible Preferred Stocks - 0.2%

 

 

 

 

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

Glam Media, Inc. Series M-1:

8.00%

165,366

845

8.00%

11,811

60

8.00%

11,812

60

 

965

HEALTH CARE - 0.2%

Health Care Equipment & Supplies - 0.0%

superDimension Ltd.:

Series D, 6.00% (a)(i)

91,600

2,465

Series E, 6.00% (a)(i)

6,622

300

 

2,765

Convertible Preferred Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - 0.2%

Agios Pharmaceuticals, Inc. Series C (i)

3,363,446

$ 16,518

Kythera Biopharmaceuticals, Inc. (i)

3,803,655

22,213

 

38,731

TOTAL HEALTH CARE

41,496

INFORMATION TECHNOLOGY - 0.0%

Internet Software & Services - 0.0%

Digg, Inc. Series C, 8.00% (a)(i)

64,821

159

Software - 0.0%

Trion World Network, Inc.:

Series C, 8.00% (a)(i)

602,295

2,578

Series C-1, 8.00% (a)(i)

47,380

203

 

2,781

TOTAL INFORMATION TECHNOLOGY

2,940

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $46,329)


45,401

Corporate Bonds - 0.1%

 

Principal Amount (000s)

 

Convertible Bonds - 0.1%

MATERIALS - 0.1%

Metals & Mining - 0.1%

Ivanplats Ltd.:

8% 11/10/14 pay-in-kind (g)(i)

$ 11,301

11,721

Nonconvertible Bonds - 0.0%

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

Glam Media, Inc.:

9% 11/18/13

26

26

9% 11/18/13

26

26

9% 12/2/13

362

362

 

414

Corporate Bonds - continued

 

Principal Amount (000s)

Value (000s)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Specialty Retail - 0.0%

J. Crew Group, Inc. 8.125% 3/1/19

$ 1,849

$ 1,881

TOTAL CONSUMER DISCRETIONARY

2,295

TOTAL CORPORATE BONDS

(Cost $13,482)


14,016

Money Market Funds - 5.5%

Shares

 

Fidelity Cash Central Fund, 0.14% (b)

800,980,243

800,980

Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c)

289,023,096

289,023

TOTAL MONEY MARKET FUNDS

(Cost $1,090,003)


1,090,003

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $14,505,599)

20,181,206

NET OTHER ASSETS (LIABILITIES) - (1.8)%

(365,553)

NET ASSETS - 100%

$ 19,815,653

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(e) Affiliated company

(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 $63,843,000 or 0.3% of net assets.

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

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

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $164,794,000 or 0.8% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Agios Pharmaceuticals, Inc. Series C

11/16/11

$ 16,518

Digg, Inc. Series C, 8.00%

9/23/08

$ 683

Facebook, Inc. Class B

3/31/11 - 5/19/11

$ 19,101

Fluidigm Corp.

10/9/07 - 1/6/11

$ 1,992

GoviEx Uranium, Inc.

9/28/07 - 4/6/10

$ 7,499

Groupon, Inc.

12/17/10

$ 17,048

Ivanplats Ltd. 8% 11/10/14 pay-in-kind

11/10/11 - 3/28/12

$ 11,428

Kythera Biopharmaceuticals, Inc.

8/30/11

$ 20,000

Legend Pictures LLC

9/23/10 - 3/30/12

$ 6,776

OvaScience, Inc.

3/29/12

$ 6,000

Puma Biotechnology, Inc.

10/4/11

$ 1,583

Security

Acquisition Date

Acquisition Cost (000s)

Puma Biotechnology, Inc. warrants 10/17/21

10/4/11

$ 0*

superDimension Ltd.:
warrants 6/16/20

6/15/10

$ 0*

Series D, 6.00%

2/27/08 - 5/22/08

$ 1,963

Series E, 6.00%

6/15/10

$ 142

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

8/10/10

$ 0*

Series C, 8.00%

8/22/08

$ 3,307

Series C-1, 8.00%

8/10/10

$ 260

Weinstein Co. Holdings LLC
Class A-1

10/19/05

$ 2,267

Workday, Inc.

10/13/11

$ 3,773

Zynga, Inc.
Class B

2/18/11

$ 17,756

*Amount represents less than $1,000.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 197

Fidelity Securities Lending Cash Central Fund

607

Total

$ 804

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:

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

New World Oil & Gas PLC

$ -

$ 2,884

$ -

$ -

$ 3,219

SPS Commerce, Inc.

25,950

-

-

-

26,880

Total

$ 25,950

$ 2,884

$ -

$ -

$ 30,099

Other Information

The following is a summary of the inputs used, as of March 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 4,363,504

$ 4,313,525

$ 39,073

$ 10,906

Consumer Staples

1,549,539

1,549,539

-

-

Energy

1,429,854

1,421,161

-

8,693

Financials

2,002,788

1,948,893

53,895

-

Health Care

1,952,337

1,745,260

157,709

49,368

Industrials

900,200

890,746

9,454

-

Information Technology

6,026,048

5,969,247

23,386

33,415

Materials

790,254

790,254

-

-

Telecommunication Services

36,987

36,987

-

-

Utilities

25,676

25,676

-

-

Corporate Bonds

14,016

-

1,881

12,135

Money Market Funds

1,090,003

1,090,003

-

-

Total Investments in Securities:

$ 20,181,206

$ 19,781,291

$ 285,398

$ 114,517

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

$ 94,493

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

9,449

Cost of Purchases

34,249

Proceeds of Sales

(23,673)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 114,518

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2012

$ 9,449

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. 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.

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $14,609,619,000. Net unrealized appreciation aggregated $5,571,587,000, of which $5,777,755,000 related to appreciated investment securities and $206,168,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service 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 significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Contrafund

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

May 30, 2012

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

May 30, 2012

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

May 30, 2012